Stock futures are on the rise as investors eagerly await the release of U.S. consumer inflation data, which will provide valuable insights into the Federal Reserve’s next move on interest rates.
Walt Disney Exceeds Earnings Expectations, Explores Password Sharing Crackdown
Capri Holdings Sees Significant Gain Amidst Talks with Tapestry
Capri Holdings (CPRI) has witnessed an impressive 19% surge in its stock price, reaching $41.22. The uptick follows reports from The Wall Street Journal, suggesting that Tapestry (TPR), the parent company of Coach, is engaging in discussions to acquire Capri. As the parent company of renowned brands such as Michael Kors, Jimmy Choo, and Versace, Capri could potentially be valued at a significant amount in the high single-digit billions. An official announcement regarding this potential deal may be imminent, according to sources familiar with the matter cited by The Journal.
Applovin Reports Strong Q2 Performance, Stock Soars
Applovin (APP), a leading software company, has observed a remarkable 23% surge in its stock value. This surge comes as the company reports a profitable second quarter and surpasses revenue forecasts. Applovin has projected third-quarter revenue in the range of $780 million to $800 million, surpassing the Wall Street consensus of $741 million.
Plug Power (PLUG)
Plug Power (PLUG) saw a decline of 8.5% in premarket trading following the announcement of its second-quarter results. The company reported a loss of 40 cents per share, which was wider than analysts’ expectations. However, there was some positive news as revenue for the period increased to $260.2 million, surpassing the predicted $237.7 million and marking a significant rise from the $151.3 million the company earned during the same period last year.
Trade Desk (TTD)
Trade Desk (TTD) announced its second-quarter adjusted earnings of 28 cents per share, beating expectations of 26 cents. Additionally, the company reported revenue of $464 million, exceeding forecasts. Despite this positive news, shares of the internet advertising platform company dropped 3%.
Wynn Resorts (WYNN)
Shares of casino operator Wynn Resorts (WYNN) experienced a 1.9% increase after reporting that its second-quarter profit and sales had exceeded expectations. Wynn Chief Executive Craig Billings stated that the post-Covid recovery in Macau had “accelerated during the quarter.”
Sonos (SONO) witnessed a jump of 8.7% after reporting better-than-expected fiscal third-quarter revenue. The company also provided an optimistic outlook, stating that it expects fiscal-year revenue to fall between $1.64 billion and $1.66 billion, surpassing its previous guidance. The revised numbers reflect an increase from the initial estimate of $1.625 billion to $1.675 billion.
Analysts are anticipating that Alibaba (BABA) will report a profit of $2.02 per share in its fiscal first quarter, with revenue reaching $31.2 billion. If these numbers are achieved, it would mark the e-commerce and cloud computing giant’s best quarter in approximately two years, excluding the typically strong December quarters driven by holiday shopping activity.
Other Earnings Reports
In addition to the companies mentioned above, earnings reports are also expected on Thursday from Ralph Lauren (RL), CyberArk Software (CYBR), Utz Brands (UTZ), and Yeti Holdings (YETI).