5 minutes ago
Dollar General Rises on Strong Earnings and Guidance
Dollar General climbed nearly 3% in premarket trading Thursday as investors analyzed a better-than-expected financial report and the latest forecast update.
The budget retailer exceeded the consensus forecasts of analysts surveyed by FactSet in both divisions in the third quarter. Dollar General also reiterated its guidance for full-year earnings, sales growth and comparable sales, with ranges for each measure broadly in line with Wall Street expectations.
Despite the pre-market offering, it’s been a difficult year for the stock. Since the start of 2023, shares have fallen more than 45%.
—Alex Harring
An hour ago
Chewy shares fall on disappointing Q3 results
Pet care provider Chewy was under pressure, falling 10% after the company reported weaker-than-expected third-quarter results.
Chewy lost 8 cents per share on revenue of $2.74 billion. Analysts polled by LSEG expected a loss of 6 cents per share on revenue of $2.75 billion. The company’s fourth-quarter revenue forecast was also disappointing.
—Fred Imbert
8 hours ago
China’s November exports exceeded expectations, trade surplus widens
China’s exports rose 0.5% year-on-year in November after falling 6.4% in October, beating expectations in a Portal poll of a 1.1% decline.
However, imports into the world’s second-largest economy fell 0.6% compared to the same period last year, surprising forecasts of a 3.3% increase.
China’s trade balance expanded to $68.39 billion in November, up from $56.53 billion in October and beating estimates of $58 billion.
—Lim Hui Jie
11 hours ago
Australia’s trade surplus widened in October but fell short of estimates
Australia’s trade balance widened to A$7.13 billion in October from A$6.79 billion ($4.45 billion) the previous month, but fell short of the A$7.5 billion recorded in a Portal poll economists estimated.
The country’s statistics office said exports rose 0.4%, or AU$182 million, from the previous month, driven by metal ores and minerals.
On the other hand, imports fell by 1.9% or A$763 million compared to the previous month, mainly due to declines in imports of industrial transport equipment.
—Lim Hui Jie
12 hours ago
Markets could offer the “best of both worlds” in 2024
The current rally may be overblown, but markets could still get the best of both worlds in 2024 – a slowing inflation while rising profits, according to Barclays.
“FOMO has pushed up stock prices strong and fast and may face a reality check at some point, but we believe the path of least resistance continues to be higher,” analyst Emmanuel Cau wrote in a note Wednesday.
Cau expressed his belief that central banks could successfully curb inflation next year without hurting growth too much. “That means some interest rate cuts are likely in 2024 even if earnings remain stable, providing a good foundation for further equity gains,” he said.
—Lisa Kailai Han, Michael Bloom
13 hours ago
These are the stocks that see the biggest moves after the closing bell
Here are some of the stocks that move the most during extended trading hours:
- ChargePoint Holdings – Shares of the electric vehicle infrastructure company fell 1% after the company missed third-quarter revenue expectations, posting revenue of $110 million compared to analysts’ expectations of $122 million, according to LSEG.
- Verint Systems – Shares of the customer loyalty company rose nearly 10% on a third-quarter increase in profit and revenue. Verint reported adjusted earnings of 65 cents per share, while analysts surveyed by FactSet had expected 57 cents per share. Revenue was $218.5 million, above analysts’ expectations of $215.9 million. The company also reiterated its full-year 2024 guidance.
- Chewy – The online pet products retailer fell 9.3% in after-hours trading on Wednesday after Chewy gave weak guidance for fourth-quarter net sales. The company forecast net sales of $2.78 billion to $2.8 billion, while analysts forecast $2.93 billion, per LSEG. Chewy also posted a bigger loss than expected and revenue fell short of estimates.
Read the full list of stock moves here.
—Pia Singh
13 hours ago