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22 minutes ago
GameStop surges after fourth quarter earnings announced
GameStop’s stock jumped 43% after the game retailer released its fourth-quarter numbers.
The company adjusted to gain 16 cents per share after losing 47 cents per share in the year-ago quarter. Revenue of $2.23 billion beat StreetAccount’s estimate of his $2.18 billion. GameStop’s gross margin also increased to 22.4% from 16.8% in the same period last year.
“We have a lot of hard work and necessary execution ahead of us, but GameStop is in a much healthier business today than it was when 2021 started. We are thin, we have streamlined inventory and we have a path to full production. Profitability for the year,” CEO Matthew Furlong said on a conference call.
— Fred Imbert
39 minutes ago
Nike wins on revenue, but excess inventory is squeezing margins
Nike shares fell slightly ahead of the market after the company reported lower gross margins each quarter, masking better-than-expected profits and earnings.
The apparel giant’s gross margin fell 3.3 points to 43.3% in the third quarter amid price cuts and promotions used to clear inventory.
But earnings per share were 79 cents. This is well above Refinitiv’s consensus forecast of 55 cents. Earnings, on the other hand, were $12.39 billion for him, while analysts expected him to make $11.47 billion.
—Gabrielle Fonrouge, Fred Imbert
1 hour ago
Lagarde says inflation is still too high, euro rises
The euro rose 0.2% against the dollar on Wednesday after European Central Bank President Christine Lagarde said inflation was “still high”.
“Major policy adjustments have already been completed. We have raised interest rates by 350 basis points since July last year. A strong strategy will be essential,” Lagarde said in a speech Wednesday.
“But there is one thing the public can be sure of: achieving price stability and returning inflation to 2% over the medium term is non-negotiable,” she added.
Lagarde’s comments come ahead of the Federal Reserve’s long-awaited policy announcement.
—Silvia Amaro, Fred Imbert
2 hours ago
European stocks register slight gains on opening
The European Stox 600 Index gained 0.15% after opening flat on Wednesday.
Bank stocks also turned from flat to modest gains after Tuesday’s gains, with gains across the region as concerns about a prolonged crisis subsided.
The financial services sector gained 0.5% in early trade, with retail stocks up 1.1%. Communications stocks fell 0.64%, the biggest loss.
But FTSE 100 in the UK, DAX in Germany and CAC 40 in France were all in the red at 8:15 am in London.
See chart…
Stocks 600 index.
3 hours ago
UK inflation to be higher than expected
Annual inflation in the UK rose to 10.4% in February from 10.1% in January, official figures showed. Economists polled by Refinitiv had expected a rise of 9.9%.
Core inflation, which excludes energy, food, alcohol and tobacco, rose to 6.6% from 5.8%. Monthly inflation rose from 0.7% to 1%.
The main driver of year-on-year inflation was housing and household services, mainly electricity and gas bills, the National Bureau of Statistics said.
The monthly change was driven by restaurants and cafes, food and clothing, but was partially offset by declines in recreational and cultural goods and services and motor fuel.
Details of inflation printing are closely watched by the Bank of England’s Monetary Policy Committee. The committee will meet on Thursday for the latest rate decision after February’s 50 basis point rate hike.
Markets are now pricing in a 61.6% chance of a 25 basis point rate hike from about 57% on Tuesday, Reuters reported.
— Jenny Reed
5 hours ago
Gold Price Reaches $2,600, May Remain at Record High
With global banks struggling and investors awaiting the US Federal Reserve’s interest rate decision, there is room for the gold price to surge, possibly as high as $2,600 an ounce.
Metal prices topped $2,000 on Monday, the highest since March 2022. The highest was his $2,075 in August 2020, according to Refinitiv data.
CMC market analyst Tina Teng, who expects gold prices to hit $2,500 to $2,600 an ounce, told CNBC, “If the Fed turns around on rate hikes sooner, the U.S. dollar and bond yields will fall further. Gold prices are likely to surge again because of the potential.” .
Gold prices are also expected to remain at record highs, Fitch said.
Fitch Solutions said in a report dated March 20, “We believe it is likely that gold prices will approach a record high of $2,075 in the coming weeks due to heightened global financial uncertainty.” “will be at pre-Covid levels for the next few years.”
— Lee Yingxiang
9 hours ago
Nike says sales in China fell 8% over the holiday season
Nike reported an 8% drop in sales in China during the holiday quarter, despite China ending its coronavirus-free policy.
The athletic apparel giant reported total sales in Greater China of $1.99 billion for the quarter ended February 28. That falls short of Wall Street’s forecast of $2.09 billion, according to StreetAccount consensus estimates.
Still, Nike CEO John Donahoe was optimistic that second-quarter growth “really picked up” as coronavirus measures eased.
“The fundamentals of this market are good, aren’t they? It’s a very large market that is growing. Sports and wellness are the main trends and tailwinds. There is a desire for innovation and style. The key to the success is simply: delivering great innovation and connecting with Chinese consumers in ways that are locally relevant,” said Donahoe.
Nike shares fell 2.25% in after-hours trading.
— Christine Wang, Gabrielle Fonrouge
9 hours ago
CNBC Pro: Exxon vs. Chevron? Goldman Sachs reveals its favorites — and other energy picks
12 hours ago
Stocks making the biggest moves after hours
Here are the stocks that made the biggest moves in Tuesday’s long-term trading:
- First Republic Bank — Stocks in the troubled bank plunged 14% hours after a Reuters report said the company was weighing possible downsizing options in case the fundraising failed. .
- Nike — The athletic apparel retailer saw its share price fall more than 2% after it reported that bloated inventories continued to weigh on its margins and sales in China fell short of expectations in the third quarter.
- GameStop — After the game retailer posted its first quarterly profit in two years, Meme shares surged nearly 50%, reporting inventory levels and costs down from the previous year.
— Tanaya Machel
12 hours ago
Stock futures open flat
US stock futures opened flat on Tuesday night.
Dow Jones Industrial Average futures unchanged. S&P 500 futures were up 0.04% and Nasdaq 100 futures were up 0.02%.
Tuesday’s major indices ended a normal trading session higher for a second day in a row. The Dow added 316 points, or nearly 1%. The S&P he rose 1.3% and the Nasdaq Composite rose 1.58%.
— Tanaya Machel
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