Stocks extended their torrid rally with another day of gains yesterday. The S&P 500 and DJIA both picked up 1.5%, while the NASDAQ gained 1.0%.
Unfortunately, it looks like the rally might take a breather today. Futures are wobbly in the pre-market, and they’re currently pointing towards a lower open.
Asian stocks were mostly down overnight, but Japan’s Nikkei 225 posted a 0.9% gain. In Europe, markets are looking good with most of the major indices in the green. The Eurozone Stoxx 600 is up a full 1.0%.
Today’s featured earnings reports include Campbell’s Soup (CBP) before the bell. After the close, we”ll hear from DocuSign (DOCU), BroadCom (AVGO), and Smith & Wesson (SWBI)
Here’s what’s moving the market this morning.
PVH Corp. (PVH)
The parent company of apparel brands like Tommy Hilfiger and Calvin Klein released it’s Q2 earnings report after yesterday’s close, and the numbers went over well with investors. The company posted a slimmer-than-expected loss of $0.13 per share. Analysts were expecting much, much worse with consensus estimates of $2.43 per share loss.
PVH’s strong Q2 performance is generating some extended-hours buzz. It’s currently the top-gaining S&P 500 stock with a 7.5% jump.
Costco Wholesale (COST)
The big box retailer is shaking up the pre-market after releasing strong sales figures for August. Comp store sales grew 14.5% last month to a total of almost $14 billion. On a quarterly basis, Costco comp sales were up 14.1% for its fiscal fourth quarter, easily crushing analyst estimates of 9.8%.
Costco isn’t just a pandemic play, it’s one of the top retailers in the business. Today, it’s the NASDAQ 100’s number-one pre-market stock with a 1.13% gain.
Shiloh Industries (SHLO)
Shiloh shareholders struck gold today when the firm received approval “”first day motions” from a U.S. Bankruptcy Court in Delaware.
The company submitted a Chapter 11 petition to the court on Aug. 30. The court gave Shiloh approval to access up to $18.1 million of the $123.5 million in in debtor-in-possession financing from its existing lenders.
The news is prompting a pop for this bankrupt stock. It’s one of the pre-market’s top movers with a 49.1% gain.
Tesla Motors (TSLA)
Tesla is pumping its brakes after its post-split spike. Share prices were down 5.8% yesterday, and the selling is continuing through the extended hours trading session.
There company hasn’t made any announcements in the past few days, nor has it been involved with any substantial headlines. However, shares are moving the past few days nonetheless. If we had to guess, we’d say some investors are taking some profits after taking one hell of a ride on the the TSLA bandwagon.
TSLA is one of today’s most active stocks in the pre-market, but shares are down 6.3% from yesterday’s close. All and all, the stock is down more than 11% from Tuesday’s close.