From Forbes: 2024-05-29 15:51:44

Stock indexes wrap up with stocks declining in a broad sell-off. The Dow Salesforce, UnitedHealth led the Dow lower. S&P 500 saw Marathon Oil jump after ConocoPhillips acquisition, while Nvidia hit another record high. American Airlines tumbled. Abercrombie & Fitch stock rose on booming sales. Dick’s Sporting Goods soars with increased shoppers.

Abercrombie & Fitch stock hits record high after exceeding first-quarter estimates and raising outlook. Quarterly net income nearly seven times greater than last year. Revenue jumped 22% to a first-quarter record. Full-year sales expected to rise about 10%. Operating margin projected at 14%. Stock more than doubled this year.

Dick’s Sporting Goods stock surges after better-than-anticipated results and raised guidance. Comparable store sales jump 5.3%. Q1 EPS at $3.30 on net sales of $3.02 billion. EBT margin at 11.3%. Stock up more than 50% in 2024. Forecast now sees EPS at $13.75.

Marathon Oil stock rises on $22.5B acquisition by ConocoPhillips. Deal valued at $22.5 billion. Acquisition to be immediately accretive to earnings and cash flow. Expect at least $500 million of cost and capital savings in first year. Marathon shares up 18% for the year.

American Airlines stock drops after company lowers outlook and key executive departs. Forecast sees Q2 unit revenue decline between 5-6%. Adjusted earnings expected at $1 to $1.15 per share. Shares down over 14% today.

Chewy stock soars on earnings beat as auto delivery sales jump. Q1 revenue at $2.88 billion, up 3.1% YoY. Net income triples from year-ago period. Adjusted EBITDA at record $162.9 million. Active customers down 2.1% to 20 million. Autoship customer sales increase 6.4% to $2.23 billion. Stocks making moves early include Marathon Oil, Dick’s Sporting Goods, Robinhood, Abercrombie & Fitch, American Airlines, Cava Group.

US stock futures decline, with Dow, S&P, and Nasdaq futures all down 0.6% in premarket trading Wednesday.



Read more at Forbes: Dow Sheds 400 Points as Treasury Yields Rise; Marathon Oil Gains