Stock Indexes Wra⛄p: Discount Retailers Slump and AI Stocks Retreat

The Dow

Salesforce (CRM) led the index higher, rising 2.7%. It was followed by Amazon (AMZN), up 2.1%

Boeing (BA) rose 0.8% as its Starliner spacecraft successfully docked with the International Space Station for the first time. 

The S&P 500

Illumina (ILMN) addedಞ 7.4% two days after the company’s board approved the spin-off of Grail, which the company had faced pressure from regulators to split off after it acquired the cancer test maker in 2021.

Uber (UBER) climbed 4.7% after competitor Lyft (LYFT) 澳洲幸运5官方开奖结果体彩网:offered an optimistic forecast for future bookings at its first♑ investor day. 

J.M. Smucker (SJM) rose 4.6% after 澳洲幸运5官方开奖结果体彩网:topping quarter𒁏ly earnings estimates despite disappointing sales. 

High-flying utilities stocks continued to slump, led by Vistra (VST), down 6.1%. NRG Energy (NRG) and Constellation Energy Corp (CEG) fell 4.5% and 3.2%, respectively. 

Super Micro Computer (SMCI), another stock that has 澳洲幸运5官方开奖结果体彩网:ridden the AI wave higher, slid 3.1%. 

Dollar General (DG) shed 3.6% after competitor Five Below (FIVE) 澳洲幸运5官方开奖结果体彩网:lowered its full-year guidance as low-income consumers felt the pinch of high interest rates and inflation. Dollar Tree (DLTR) lost 1.8%. 

Nvidia (NVDA) slid 1.1% following reports it could face an investigation by federal regulators into its dominance in the AI semiconductor market. Microsoft (MSFT) was also named as a potential target; its shares ticked up 0.1%. 

The Nasdaq 100

Lululemon athletica (LULU) gained 4.8% after reporting 澳洲幸运5官方开奖结果体彩网:better-than-expected earnings and raising its full-year guidance. 

Semiconductor stocks slipped after rallying yesterday. Micron (MU) fell 2.7%, while Marvell Technology (MRVL) lost 2.4% and Qualcomm (QCOM) shed 1.2%. 

Lyft Sees Bookings, Ad Business Jumping Over t👍he Next Few Years; Stock Gains

Lyft (LYFT) shares g🌟ained Thursday as the ridesharing company gav🍌e an optimistic long-term outlook at its first investor day.

The company said it expects gross bookings to increase 15% each year through 2027. It sees adjusted earnings before interest, taxes, depreciation, and amortizatio♊n (EBITDA) margin, as a percentage of gross bookings, of about 4% in 2027, and 澳洲幸运5官方开奖结果体彩网:free cash flow conversion, as a percentage of adjusted EBITDA, of more than 90% each year between 2025 and 2027.

CFO Erin Brewer explained that these financial targets “reflect our expectations of healthy top-line growth and margin expansion as wꦑe deliver on our strategic prioritie♒s.”

Lyft did not chang🌠e its current-quarter or ful✱l-year guidance. 

Shares of Lyft were up 1.8% Thursday 𝔉afternoon. The stock has gained about 5% this year.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

GameStop Soars After Ro𝕴aring Kitty Schedules First๊ Livestream in 3 Years

Shares of GameStop (GME) surged as much as 40% in intraday trading Thursday after 澳洲幸运5官方开奖结果体彩网:meme stock trader 澳洲幸运5官方开奖结果体彩网:Keith Gill, who disclosed a more than 澳洲幸运5官方开奖结果体彩网:$200 million position in the vide𓆏o game retailer on Sunday, scheduled his first livestream in more than 3 years.

Gill will begin live-streaming on his YouTube channel, @RoaringKitty, at noon on Friday.

Gill’s last꧅ livestream took place on January 22, 2021, when he discussed his investment in GameStop. Shares surged 50% that day alone and went on to increase fivefold in theꦉ following days. 

Five Below Stock Slumps as Inf🍬lation Pinches Customers

Shares of Five Below (FIVE) plunged Thursday after the discount retailer posted worse-than-expected quarterly res🔴ults and lowered its guidance as inflation hurt༺ its low-income customers.

The store chain reported first-quarter fiscal 2024 adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $0.60, with net sales rising 11.8% to $811.9 million. Both were shy of estimates.

澳洲幸运5官方开奖结果体彩网:Comparable store sales declined 2.3% from the first quarter of fiscal 2023, while 澳洲幸运5官方开奖结果体彩网:operating income slumped 14.6% to $36.2 million. The company note𝔉d that excluding expenses for employment-related litigation, the figure would have been $38.2 million, although still below 2023 levels.

The company now sees full-year revenue in a range of $3.79 billion to $3.87 billion, down from the previous forecast of $3.97 billion to $4.07 billion. It anticipates comparable store sales to drop 3% to 5%, down from its prior estimate of flat to a 3% increas🎀e. 

Five Below shares were down💎 more than 12% e💎arly in the afternoon on Thursday. They have lost about 45% of their value in 2024.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

J.M. Smucꦬker Stock Rises a🍎s It Gets a Lift From Hostess Brands Acquisition

Shares of The J.M. Smucker Co. (SJM) advanced after the food producer 澳洲幸运5官方开奖结果体彩网:beat profit estimates as it cut💦 costs, raised prices, and benefited from its purchase of Hostess Brands.

The company behind the eponymous jelly, Jif peanut butter, and Folgers coffee posted fourth-quarter fiscal 2024 adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) of $2.66, above the $2.32 consensus of analysts compiled by Visible Alpha. Revenue fell 1.3% to $2.21 billion, missing forecasts.

Smucker noted gros🐻s profit jumped 15.3% to $913.3 million, which it attributed primarily to “a favorable impact from the acquisition of Hostess Brands, lower costs, higher net price realization, and favorable volume/mix.”

The company sees fiscal 2025 adjusted EPS of $9.80 to $10.20, with revenue up 9.5% to꧒ 10.5%. In 2024 the figures were $9.94 and a decrease of 4.1%, respectively.

Smucker shares surged 6%💯 but are still nearly 8% loꦉwer for 2024.

-澳洲幸运5官方开奖结果体彩网:Bill McColl

Robinhood Buys Bitstamp To Expand Crypto,ꦡ Interna🅷tional Business

Online trading platform Robinhood Markets (HOOD) 澳洲幸运5官方开奖结果体彩网:agreed to buy European cryptocurrency exchange Bitstamp for about $200 ♎million, in a deal that will expand Robinhood's cryptocurrency and international business, according to a release Thursday.

"Acquiring a global exchange will significantly accelerate Robinhood Crypto’s expansion worldwide," Robinhood said, noting that Bitstamp has over 50 active licenses and registrations across the globe, and will bring customers from across Europe and Asia along with the U.S. to its platform.

The deal will help grow Robinhood's presence outside of the U.S., as well as 澳洲幸运5官方开奖结果体彩网:its Robinhood Crypto business. The company also recently moved to expand with 澳洲幸运5官方开奖结果体彩网:products like credit cards, and by offering its 澳洲幸运5官方开奖结果体彩网:app in the United Kingdom.

R𝔍obinhood shares jumped over 5% contributing to their 78% gain since the start of the year.

-澳洲幸运5官方开奖结果体彩网:Aaron McDade

Lululemon S𝐆tock Jumps After Company Raises Full-Year Earnings Guidance

Lululemon Athletica (LULU) shares gained after the 澳洲幸运5官方开奖结果体彩网:activewear retailer posted 澳洲幸运5官方开奖结果体彩网:better-th🍌an-expected quarteඣrly results, raised its full-year 澳洲幸运5官方开奖结果体彩网:earnings guidance amid an improved second-half 澳洲幸运5官方开奖结果体彩网:inventory outlook, and boosted its stock buyback program.

In the first quarter ending April 28, the athletic apparel retailer posted earnings of $2.54 🌼per share, comfortably ahead of the $2.38-a-share figure expected by analysts. Revenue in the period of $2.21 billion rose 10% from a year earlier to edge past the $2.19 billion Street estimate.

Lululemon forecast EPS of $14.27 to $14.47 for the full fiscal year, versu♐s its earlier forecast of $14 to $14.20.

In addition, the company, which repurchased $296.9 million of its shares in the first quarter, authorized an additional $1 billion to its stock buyback program, indicating managꦜement’s confidence of the company’s strategy and execution moving forward.

Lululemon shares have traded within a falling wedge since late March, a bullish 澳洲幸运5官方开奖结果体彩网:chart pattern that signals a potential upward price movement𒆙. Indeed, the stock sits poised to break above the wedge’s top trendline.

Looking ahead, investors should monitor if the price can reclaim the key $335 level, an area where the shares may encounter selling pressure from a 澳洲幸运5官方开奖结果体彩网:horizontal line linking a series of price action over the past 21 months. A close above this closely-watched level opens the door for a move up to higher 澳洲幸运5官方开奖结果体彩网:resistance around $387.

Lululemon shares 💯rose 4% but are still down around 35% this year.

-澳洲幸运5官方开奖结果体彩网:Tim Smith

Stocks Making the Biggest Moves in Early Trading

Gains:

Nvidia (NVDA): Shares rose 1.2% in premarket trading after surging yesterday to a market capitalization of澳洲幸运5官方开奖结果体彩网: more than $3 trillion, overtaking Apple (AAPL) and trailing only Microsoft (MSFT) to be the world’s second-largest company byꦗ market value,

Taiwan Semiconductor Manufacturing Company (TSM): ADRs in the world'ꦰs largest contract chip maker gained 1.6% amid the ๊AI-fuelled enthusiasm for Nvidia shares.

Lululemon Athletica (LULU): Shares jumped 9% after the athletic-wear maker 澳洲幸运5官方开奖结果体彩网:raised its ful🅷l-year🅺 profit guidance and upped its buyback program by $1 billion after🦂 a quarterly ♚earnings beat. 

Losses:

Five Below (FIVE): Shares tumbled 19% after the discount retailer 澳洲幸运5官方开奖结果体彩网:cut its sales outlook for the year.  

Nio (NIO): Shares fell 5% after the Chinese EV maker posted a 澳洲幸运5官方开奖结果体彩网:wider first-quarter loss t🌳han analysts had expected and also fell short of revenue forecasts.

Stock Futures Steady

Dow futures were little changed in premarket ဣtrading Thursday.

S&P futures little changed.

Nasdaq futures were up 0.1%.