Business

Best Buy, BJ’s, Snowflake, etc


Take a look at some of the biggest drivers in the currency markets:

Best buy – Retailer’s stock rose 5% in pre-market trading after the company announced they will raise their quarterly dividend up 26%. According to Refinitiv, the move comes despite a disappointing fourth-quarter report from Best Buy, with earnings adjusted in line with analyst expectations.

Wholesale of BJ – The wholesale retailer saw shares fall 13.8 percent in money markets after missing Wall Street expectations for quarterly revenue. BJ’s reported revenue was $4.36 billion, compared with the $4.4 billion expected by analysts, according to StreetAccount.

Big number Shares of Big Lots fell 6.4% in pre-market trading after a worse-than-expected earnings report. The retailer posted earnings of $1.75 per share versus Refinitiv’s consensus estimate of $1.89 per share.

Burlington Store – Shares of the retailer fell 12.1% after Burlington ignored Wall Street estimates for top and bottom returns. Burlington reported quarterly adjusted earnings of $2.53 per share on revenue of $2.60 billion. The Refinitiv consensus estimate is $3.25 per share earned on revenue of $2.78 billion.

Kroger – Shares of Kroger rose 5.8% in pre-market trading after the grocery chain beat on earnings. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. According to Refinitiv, analysts had expected a profit of 74 cents per share on revenue of $32.86 billion.

Snowflakes – Shares of Snowflake drop more than 18% after the data analytics software company predicts Product revenue growth slows down. The company reported an adjusted loss of 43 cents per share. Revenue came in at $383.8 million, beating analyst estimates of $372.6 million.

Box Inc. – Shares of Box jumped 5.7% before the company reported better-than-expected quarterly results. The company earned 24 cents per share excluding items on revenue of $233 million. Analysts surveyed by Refinitiv expect the company to earn 23 cents on $229 million in revenue.

American Eagle Outfitters – The retailer’s stock fell 4.6% after American Eagle’s report of precious goods. The company warns higher shipping costs will hit earnings in the first half of 2022.

Intel – Intel shares fell 1.3% in early morning trading the following morning Morgan Stanley downgraded stocks from heavy to underweight. “The downgrade in value stocks…will allow us to focus on more actionable scenarios that offer a more attractive relative risk reward going forward,” said Ethan Puritz of Morgan Stanley.

Southwest – Southwest shares rose 1.9% before Evercore ISI upgraded the airline stock to better-than-industry rating. “Relatively greater financial strength + a plan to focus on margins lead us to upgrade our rating to Southwest,” the company said.

—John’s Jesse Pound and Samantha Subin contributed to this report.



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