S&P futures are down 0.8% in Wednesday morning trading, near their worst levels. This comes after most US equities closed higher in yesterday's session:
Dow: +1.34%
S&P 500: +2.02%
NASDAQ:+2.76%
Russell 2000: +3.19%
Oil up, gold down and Bitcoin (BTC) down.
Here are some of today's trending stocks:
Penn National Gaming (NASDAQ: PENN)
Penn National Gaming (NASDAQ: PENN) is up 3.8% in pre-market trading. PENN stock has endured a volatile five days as bearish market sentiment mixed with a positive outlook for sports betting and gaming stocks create conflicting opinions among retail investors.
During the past year, Penn National Gaming, Inc (PENN) has traded between $28.30 and $86.40. Today the PENN share price sits around $32.
PENN is an omnichannel gambling platform providing a mix of conventional casino gaming, online gambling, horse racing, sports betting, and related services.
Over the past six months, Penn National Gaming, Inc (PENN) 's stock is down by -41.15%, while the S&P 500 is down -13.09% over the same period.
Target Corp (NYSE: TGT)
American big-box department store chain Target Corp (NYSE: TGT) is seeing its share price plummet after disappointing Q1 earnings. TGT stock is down more than 22% in pre-market trading.
Target is the second-largest discount chain in the United States, and analysts expected its share price to trade higher with an earnings beat.
FactSet analyst estimates expected EPS at $3.07, but this missed by -28.6% coming in at $2.19. Meanwhile, they expected sales to arrive at $24.4bn, which beat estimates by 2.8% at $25.17bn.
Target's annual sales grew 35% to $106bn last year, compared to $78bn in 2020.
Over 95% of Target's Q1 sales were fulfilled by its stores.
Sales growth was led by frequently purchased categories, including Food & Beverage, Beauty, and Household Essentials.
The operating margin rate of 5.3% came in far below expectations, driven primarily by gross margin pressure reflecting actions to reduce excess inventory and higher freight and transportation costs.
TJX Companies Inc (NYSE: TJX)
TJX Companies Inc (NYSE: TJX) is up 6.5% in early trading after announcing sales and operating results for Q1 ended April 30, 2022.
Net sales: $11.4bn (up 13% Y/Y)
U.S. comp store sales were flat
Net income: $587m
GAAP diluted EPS: $0.49 (up 11% Y/Y)
Returned $907m to shareholders in Q1 FY23 through share repurchases and dividends
Marmaxx delivered a comp store sales increase of 3% over 12% open-only comp growth last year (driven by an increase in customer traffic).
HomeGoods delivered a comp store sales decrease of -7% over 40% open-only comp growth last year.
CEO and President Ernie Herrman, stated,
I am very pleased with our first quarter performance. I am particularly pleased that our first quarter pretax profit margin and earnings per share, each on an adjusted basis, exceeded our plans even though our sales were slightly below our planned range.
We believe our value proposition is as appealing as ever for consumers in today's retail environment, and we are excited about our initiatives to drive customer traffic and sales. We remain focused on our long-term vision to become an increasingly profitable, $60-billion-plus company.
Doximity Inc (NYSE: DOCS)
Doximity Inc (NYSE: DOCS), an online networking service for medical professionals, is down 13.8% in pre-market trading due to a decline in Q1 guidance. The company delivered $93.7m in Q4 revenue, up 40% Y/Y and 5% above the midpoint of its guidance. However, it projects a decline in Q1 revenue to come in between $88.6m and $89.6m.
For Doximity's full fiscal year ended March 31, it delivered $344m in revenue or 66% growth Y/Y.
The company is raising its fiscal 2023 annual guidance by $6m to a midpoint of $456m or 33% growth Y/Y. 60% of its yearly subscription-based guidance was already under contract as of March 31, and it expects another 35% to come from renewals and upsells with existing clients. It is also guiding to $194m in EBITDA with free cash flow close to that.
The board has authorized a $70m one-year share repurchase program.
Fiscal Year earnings ending March 2022 delivered EPS of $0.82, beating FactSet consensus estimates of $0.77. It also beat on sales with revenues of $343.55m over the consensus of $339.84m.
National CineMedia, Inc (NASDAQ: NCMI)
National CineMedia, Inc (NASDAQ: NCMI) is up 19.3% in pre-market trading. This is an upbeat response to a regulatory filing showing that movie theater chain AMC Entertainment (NYSE: AMC) owns a 6.8% stake in National CineMedia.
The firm owns and operates the digital in-theatre network, which is used to distribute content for its advertising promotions, Fathom Events. NCMI runs the largest cinema advertising network in the US.
Over the past year, National CineMedia, Inc. (NCMI) has traded between $1.37 and $5.37. Today it sits around $1.79.
Year-to-date, NCMI stock is down by -53.53%, while the S&P 500 is down -14.75% over the same period.
