Stocks slid for the fourth time in five sessions on
Wednesday as investors continued to weigh the prospect of tax reform.
Today after the close the following companies are scheduled to report earnings/already reported: SFS, EZPW, FGL, HI, NTES, ANW, CSCO, LB, NTAP, SMRT, EDAP.
Futures are slightly higher after hours: S&P 500 futures are +1.00 from the fair value of 2,563 and Nasdaq100 futures are +1.76 from fair value of 6,262.
Tomorrow morning, economic reports scheduled to be released include Index: Initial Claims (08:30am ET, Consensus 234K), Continuing Claims (08:30am ET, Consensus NA), Philadelphia Fed (08:30am ET, Consensus 24.6), Import Prices ex-oil (08:30am ET, Consensus NA), Export Prices ex-ag. (08:30am ET, Consensus NA), Industrial Production (09:15am ET, Consensus 0.5%), Capacity Utilization (09:15am ET, Consensus 76.3%).
Tomorrow before the open the following companies are scheduled to report earnings: SPB, BERY, SPH, VIAB, QIWI, SSI, CATO, WMT, SJM, BBY, BRC, STNG, MANU, BSTI, SECO.
In other news...
Shares of Restoration Hardware (RH) have rallied after hours after the company raised its guidance. Shares are now 12.3% higher at $93.55/share.
The company raised its adjusted third quarter EPS guidance to $1.02-1.04 from $0.68-0.80, which comes in easily above current expectations. Revenue +8% to approximately $592.5 million from $585-590 million, despite an approximate 1% negative impact from Hurricanes Harvey and Irma.
The company is increasing its fourth quarter adjusted net income guidance to a range of $37 million to $41 million, from a range of $33 million to $37 million, despite an approximate $1.5 million negative impact as a result of the Company's decision to delay the opening of its New York Design Gallery to Spring-Summer 2018. This outlook reflects the benefits of improved business performance and assumes an ~$2 million tax benefit which corresponds to an expected 35% tax rate.
Adjusted net revenues for the fourth quarter are now expected to be in the range of $655-680 million due to a $9 million negative impact due to the company's decision to delay the opening of its New York Design Gallery. This compares to the company's prior adjusted net revenue guidance range of $664 million to $689 million.
Preliminary Fiscal 2018 Outlook:
The company sees net revenue falling in the range of $2.58-2.62 billion, which falls in-line with expectations, representing growth of 6% to 7% on a 52-week vs 53-week basis. On a comparable 52-week vs. 52-week basis, net revenue growth is expected to be in the range of 8% to 9%. Adjusted operating margin in the range of 9% to 10%.
Separately, shares of SMART Global (SGH) rallied as well after boosting guidance.
As a result of continued strength in the global memory market, combined with favorable dynamics in the company's Brazil business, as well as continuing demand for SMART's Specialty Memory solutions, SGH is now expecting to report stronger first fiscal quarter net sales with demand levels continuing into the second fiscal quarter.
The company sees first quarter EPS of $0.90-0.93 (Prior $0.79-0.83), which now comes in above current expectations. The company expects revenue to be $250-260 million (Prior $225-240 million) and is now also above current expectations.
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