Stock Futures Dip as S&P 500 Nears Record High
Despite stock futures dipping on Wednesday, the S&P 500 is inching closer to its all-time high, which was last seen almost two years ago. The Dow Jones Industrial Average concluded Tuesday on a high note, marking a record-breaking fifth consecutive session.
FedEx Reports Weaker-Than-Expected Earnings and Lowers Sales Forecast
FedEx delivered disappointing fiscal second-quarter earnings results and lowered its sales forecast for the fiscal year. The shipping giant now foresees a "low-single-digit percentage decline" in sales for fiscal 2024, compared to their previous prediction of "approximately flat" sales growth. However, their earnings guidance remains unchanged at $17 to $18.50 per share for fiscal 2024. As a result, shares of FedEx were down 9.5% in premarket trading.
Steelcase Exceeds Analysts' Estimates but Revenue Falls
Steelcase reported an increase in fiscal third-quarter earnings compared to the previous year, surpassing analysts' estimates. However, the furniture company experienced a 6% drop in revenue, amounting to $777.9 million, which fell short of expectations. Looking ahead, Steelcase projects fourth-quarter revenue to be between $765 million and $790 million, lower than the $801.7 million recorded in the same period last year. Consequently, Steelcase shares declined by 9.5%.
Worthington Enterprises Sees Decline in Revenue for Second Quarter
Industrial manufacturing company Worthington Enterprises announced a 7.5% decrease in revenue for its fiscal second quarter, primarily due to declining steel processing operations.
Lowe's Receives Downgrade from Stifel; Price Target Raised
Home-improvement retailer Lowe's had its rating downgraded from Buy to Hold by Stifel. However, the price target was raised to $240 from $235. Consequently, Lowe's shares saw a 1% decline, settling at $223.19.
Earnings Reports Expected from Micron Technology, General Mills, Toro, BlackBerry, and Winnebago Industries
Today, we anticipate the release of quarterly earnings reports from various companies, including Micron Technology, General Mills, Toro, BlackBerry, and Winnebago Industries.
All Rights Reserved © 2024
Post a comment