Home Depot reported its results for the quarter, and net profit was $ 2.27 per share, up 9 cents from analysts’ forecasts. Revenues slightly exceeded forecasts. Sales from identical stores rose 2.5% in the first quarter.
Tesla shares are down about 3% in pre-trading and are expected to post a third consecutive day of declines. Morgan Stanley cut its “extreme scenario” for Tesla’s share from $ 97 to $ 10 on the back of rising debt and exposure to geopolitical risks. The target price remained at $ 230 a share in the ‘Market Weight’ recommendation. At the same time, Baird cut the target price to Tesla by 15% to $ 340 per share, on the grounds that concern about low demand, the media and questions about reliability around the company’s cost cutting created a negative narrative.
Boeing shares rise 2% in pre-trade A report by The Wall Street Journal that US aviation officials believe the crash of the 373-MAX plane in Ethiopia is attributed to a collision with birds.
Kohl’s company is down 10% in European trading after the company reported Q1 results. The company missed earnings per share by 7 cents, posting a profit of 61 cents per share. Revenues were higher than forecast, but same-store sales fell 3.4% from the year earlier quarter, down from a mere 0.2%. The company cut the forecast for the whole year.
JC Penny posted a loss of 46 cents per share in the first quarter of the year, 8 cents above analyst forecasts. The stock falls about 9% in response to the reports. Revenue was up to market analysts ‘forecasts, but same-store sales fell 5.5% from analysts’ forecasts of a 4.2% decline in identical store sales.
Futures on Wall Street’s leading indexes are trading at green territory, after falling 1% yesterday. Investors are headed for headlines on the trade war.
In the foreign currency market, the British pound weakened against the dollar by 0.3% to a 4-month low.
In Europe, the DAX index is up 1%, the FTSE is up 0.7% and the KAC is up 0.6%.
This morning in Asia, the Shenzhen Stock Exchange surged 3.75%, Shanghai rose 1.2% and Japan’s Nikkei shed 0.14%.
Trading in Europe is being conducted at this time in increases. DAX is up 0.8%, FTSE adds 0.5% and DAX is climbing 0.3%. Stokes 600 rises by 0.5%. The Hang Seng Index closed down 0.5%. Wall Street futures are signaling a positive opening.