Early Look

Friday, June 7, 2024

The Dow managed a small gain Thursday, but other major indices couldn’t muster another up day. After trending higher overnight, futures are softer this morning with Nasdaq bucking the trend for a small gain thus far. We get payrolls data later, so that is likely to be the driver of the day as another data point for Fed watchers. In Asian markets, The Shanghai Index gained a couple points to 3,051 and the Hang Seng Index slipped 109 to 18,367. In Europe, the German DAX is softer by 178 to 18,474 while the FTSE 100 is also off by 48 to 8,238. 

• The Dow Jones Industrial Average gained 78.84 points, or 0.20%, to 38,886.17.
• The Nasdaq Composite slipped 14.78 points, or 0.09%, to 17,173.12.
• The Russell 2000 Index declined 14.43 points, or 0.70% to 2,049.44.

• 8:30 AM ET                  Private Payrolls for May
• 8:30 AM ET                  Manufacturing Payrolls for May
• 8:30 AM ET                  Unemployment Rate for May
• 8:30 AM ET                  Average Hourly Earnings M/M for May
• 10:00 AM ET                Wholesale Inventory M/M for April
• 1:00 PM ET                   Baker Hughes Weekly rig count data
• 3:00 PM ET                   Consumer Credit for April

• TD Cowen Financials, Payments & Fintech Summit, 6/5-6/7, in Miami, FL

• MTN Q3 EPS $9.54 fell short vs est $9.97, resort EBITDA $654.4Mm, total EBITDA $653.282Mm vs est $653.07Mm on revs $1.283B vs est $1.304B; sees FY total EBITDA $825-845Mm shy of est $859.11Mm; company also said pass product sales through May 28, 2024 for the upcoming North American ski season decreased approximately 5% in units and increased approximately 1% in sales dollars as compared to the period in the prior year through May 30, 2023, despite benefiting from the 8% price increase relative to the 2023/2024 season; shares dipped 5.65% after hours
• AVO Q2 adj EBITDA $20.2Mm beat est $10.15Mm on revs $297.6Mm also ahead of est $214.85Mm; guides Q3 industry volumes down 10-15%, exportable owned-farm volumes down more than 50% versus recent seasons, flat pricing sequentially (about -15% yr/yr); shares gained 7.5% after hours on the beat
• DOCU Q1 mixed as adj EPS $0.82 beat est $0.80 on revs $709.6Mm short of est $726.3Mm, adj gr mgn 82%; sees Q2 revs $725-729Mm vs est $739.59Mm, adj gr mgn 80.5-81.5%, adj op mgn 27-28%; sees FY revs $2.92-2.932B vs est $2.926B, adj gr mgn 81-82%, adj op mgn 26.5-28%; shares dipped 4.4% after hours on the guide
• TLYS Q1 adj EPS ($0.48) vs est ($0.46) on revs $115.856Mm vs est $115.58Mm; guides Q2 sales $160-165Mm vs est $162.74Mm and EPS ($0.13)-($0.03) vs est ($0.01); shares sank 6.7% after hours on the weaker EPS guide
• ZUMZ Q1 EPS ($0.86) beat vs est ($1.15) on revs $177.388Mm stronger est $171.47Mm; sees Q2 sales $199-204Mm vs est $190.6Mm and EPS ($0.40)-($0.30) vs est ($0.16); shares dipped 3.4% after hours on soft EPS guide
• NX Q2 adj EPS $0.66 beat est $0.53, adj EBITDA $40Mm also beat est $33.7Mm on sales $266.2Mm vs est $262.95Mm, gr mgn 24.9%; reaffirms prior FY guidance of sales approx $1.1B vs est $1.09B and approx $145-150Mm EBITDA vs est $145.21Mm; shares gained 8.3% after hours on the beat