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 A team of analysts at JPMorgan told clients to expect a near-term rally in stocks as corporations regain their appetite for buying back their own shares
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Asia shares join global rebound on easing of Fed hike fears, China tech boost By Reuters Investing.comStock Market Today: Dow, S&P Live Updates for May. 27, 2022 BloombergWorld stocks eye first weekly gain in eight weeks, dollar hits 1-mth low ReutersAsian shares' rise broadly cheered by US earnings, rally The Associated PressAsian markets rise, encouraged by earnings and Wall Street's rally MarketWatchView Full Coverage on Google News
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U.S. stocks rise Friday, after the Federal Reserve's preferred measure of inflation continued to run hot in April, but cooled from March.
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 Canopy Growth Corp. shares fell 11% in premarket trades Friday after it said its fourth-quarter loss narrowed to C$574.6 million, or $1.46 a share, from C$700 million, or $1.85 a share in the year-ago quarter. Revenue for the three months ended March 31 fell to C$126.1 million from C$167.4 million in the year-ago period. Analysts expected Constellation Brands Inc.-backed backed Canopy Growth to report a loss of 30 cents a share on revenue of C$129.9 million, according to FactSet. Looking ahead, Canopy Growth expects to generate positive adjusted Ebitda in fiscal year 2024, excluding investments in BioSteel drinks and its U.S. THC businesses. "Achieving profitability is critical and we have undertaken additional initiatives to streamline and drive efficiencies for our global cannabis business," said CEO David Klein. "In FY2023, we are focused on executing our path to profitability in Canada, while we continue to invest in high potential opportunities -- particularly in BioSteel, and further developing our U.S. THC ecosystem, which we believe remains significantly under-appreciated by the market." Prior to Friday's trades, shares of Canopy Growth are down 35.5% in 2022 compared to a drop of 25% by the Nasdaq and a loss of 41.9% by the Cannabis ETF .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Here's what Memorial Day means for U.S. financial markets.
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Credit Suisse analysts Susan Roth Katzke and Jill Shea on Friday downgraded shares of Citigroup Inc. to neutral from outperform after the stock has risen 15% from its recent lows and climbed to within 10% of their $58 a share target price. "We realize that the downside to C shares may prove more limited given a valuation within reach of prior cyclical troughs; but we believe the upside, relative to peers, will also prove more limited given the long road ahead in Citi's transformation process," analysts said. Credit Suisse reiterated its 2022 earnings target of $6.25 a share and its 2023 earnings target of $6.95 a share for Citi. The targets do not include net gains on sales or incremental restructuring costs. The 2024 earnings target of $8.55 a share, if achieved by Citi, will translate to a return on tangible equity (ROTE) of about 8%. Citigroup shares fell 1.3% on Friday. The stock is down 11.6% so far in 2022 compared to a 9.9% loss by the Financial Select Sector SPDR ETF .
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Stock Market Moves Higher as S&P 500, Nasdaq Rise The Wall Street JournalStock market news live updates: Stocks surge as relief rally gains steam on upbeat earnings Yahoo FinanceWall Street climbs, on track to break 7-week losing streak The Associated PressGap, Workday, Big Lots Fall Premarket; Ulta Beauty, Dell Rise By Investing.com Investing.comBoeing, Goldman Sachs share gains contribute to Dow's nearly 450-point rally MarketWatchView Full Coverage on Google News
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The vaccine stock is benefiting from an overall market bounce.
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With the Dow Jones Industrial Average on track Friday to snap the longest losing streak of weekly losses in nearly a century, data from a handful of sources show that investors around the world have been piling back into stocks, prompting the first net inflows into global equities in 10 weeks.
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The effect of a 99-basis point year-over-year drop in profits to 10.19% missing Street estimates of 11.5%, drove Friday morning's opening stock price down, only to recover by noon. A far more forgiving market than last weeks that saw both discount brethren Target and Walmart get walloped.
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Also, dividend stocks, signals of better times for housing and an investing mistake to avoid.
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Hibbett Inc. shares slid 4% in premarket trade Friday, after the sporting goods retailer missed profit estimates for its fiscal first quarter amid rising costs. The company posed net income of $39.3 million, or $2.89 a share, for the quarter to April 30, down from $84.8 million, or $5.00 a share, in the year-earlier period. Sales fell to $424.1 million from $506.9 million a year ago. The FactSet consensus was for EPS of $3.05 and sales of $418.0 million. Gross margin fell to 37% of net sales from 41.4% a year ago. The roughly 440 basis point decline was due to the deleverage of store occupancy, higher product costs and higher freight and transportation costs. SG&A costs were 22.5% of net sales compared with 18.1% a year ago. "Our customers spending habits were affected by lower discretionary income due to the absence of stimulus payments received in the first quarter of last year," CEO Mike Longo said in a statement. "We are pleased to report that the supply chain disruption we experienced at the end of last year has improved and our current inventory position is strong and consistent with our forecast." Inventories rose by about $94 million in the quarter, much of it arriving late in the period. That helped the company replace high demand products that leave it well placed to meet its sales targets for the year. "Looking ahead, we remain on track to achieve the Fiscal 2023 guidance we outlined last quarter," said Longo. That guidance is for sales to be relatively flat versus fiscal 2022 and for EPS to range from $9.75 to $10.50, compared with a FactSet consensus of $9.75. Shares have fallen 29% in the year to date, while the S&P 500 has fallen 15%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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‘The stock market is my problem. My 401(k) is my problem.'
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