Macy’s shares jump after earnings and revenue beat, guidance raise
Shares of Macy’s spiked more than 14% in premarket trading Wednesday after the retailer posted better-than-expected second-quarter results and raised its full-year outlook.
Macy’s reported adjusted earnings of 41 cents per share on $4.81 billion in revenue for the period, while analysts surveyed by LSEG had penciled in 18 cents per share and $4.76 billion in revenue.
For the full year, the company now anticipates between $1.70 and $2.05 in adjusted earnings per share and revenue of $21.15 billion to $21.45 billion. That’s up from its prior guidance of between $1.60 and $2 per share and revenue of $21 billion to $21.4 billion.
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Asia markets close mixed as tariff concerns weigh
Asia-Pacific markets traded mixed Wednesday as investors assessed rising global bond yields and the latest developments on the trade front.
Hong Kong’s Hang Seng index fell 0.6% to close at 25,343.43, while mainland China’s CSI 300 declined by 0.68% to close at 4,459.83.
RatingDog’s China General Services purchasing managers’ index — which captures the country’s services activity — hit a 15-month high thanks to stronger domestic demand and a rebound in foreign orders.
The index, which is compiled by S&P Global, rose to 53.0 in August from 52.6 in July. The 50-point mark separates an expansion from contraction.
Meanwhile, authorities in Hong Kong are investigating if regulatory staff at Hong Kong Exchanges & Clearing and the Securities and Futures Commission disclosed information to individuals on upcoming announcements from several listed companies over a few years. At least two individuals were involved in the alleged insider dealings, Bloomberg reported, citing comments from people familiar with the matter.
Over in Australia, the S&P/ASX 200 benchmark logged its biggest one-day drop since Apr. 7. The 200-stock benchmark closed 1.82% lower at 8,738.80, dragged by declines in tech, real estate and property stocks.
The country’s second-quarter GDP grew 1.8% year over year, marking the fastest pace of growth since September 2023. The latest reading beat the 1.6% growth expected by economists polled by Reuters, and was higher than the 1.3% seen in the previous quarter.
Japan’s Nikkei 225 fell 0.88% to close at 41,938.89, while the broader Topix index dropped by 1.07% to 3,048.89.
Over in South Korea, the Kospi index added 0.38% choppy trade to end the day at 3,184.42, while the small-cap Kosdaq moved up 0.35% to 796.81.
Elsewhere in India, the benchmark Nifty 50 increased by 0.23%, while the BSE Sensex index ticked up 0.12% as of 1:50 a.m. Indian Standard Time (4:20 a.m. ET.)
— Amala Balakrishner
Stocks moving in after-hours trading Tuesday
Shares of a couple companies made moves after the bell on their earnings releases. Take a look:
Zscaler shares rose about 3% after the cloud security company solidly beat expectations on top and bottom lines. Zscaler reported fourth-quarter adjusted earnings of 89 cents per share on revenue of $719 million, exceeding analysts’ profit forecast of 80 cents per share on $707 million in revenue, per LSEG. The company also gave better-than-expected guidance for its upcoming quarter.Shares of HealthEquity jumped 4% on strong second-quarter results. The company earned $1.08 per share, excluding items, on revenue of $326 million for the period, while analysts polled by LSEG expected earnings of 92 cents per share on revenue of $321 million.
— Pia Singh
Bessent to start interviews for potential Fed chairs on Friday, WSJ reports
Treasury Secretary Scott Bessent is planning to start interviews on Friday to determine the next Federal Reserve chair, the Wall Street Journal reported, citing people familiar with the matter.
According to the WSJ report, the interview process — which is being conducted in an effort to replace current chair Jerome Powell — will continue next week and be done either in person or by video conference. Bessent earlier confirmed to CNBC in mid-August that there are 11 potential candidates for the job. He plans to recommend a final list of candidates to President Donald Trump after the interviews.
— Pia Singh
Alphabet, Apple shares pop after judge rules that Google gets to keep Chrome
Shares of Google parent Alphabet jumped about 8% in after-hours trading after a federal judge ruled Tuesday that Google can keep its Chrome browser, but will be barred from exclusive search deals and must share search data.
The ruling from U.S. District Judge Amit Mehta comes nearly one year after he ruled that Google illegally held a monopoly in internet search. In a landmark case filed in 2020, the U.S. Department of Justice alleged that Google kept its share of the general search market by creating strong barriers to entry and a feedback loop that sustained its dominance.
Apple shares also rose 3% on the news, as the iPhone maker also faces antitrust scrutiny around its alleged smartphone monopoly. Google pays Apple billions of dollars per year to be the default search engine on iPhones.
Dan Ives, Wedbush Securities global head of tech research, said in a note that Mehta’s ruling is a “massive win” for both Google and Apple.
“This was a black cloud [of] worry over Apple’s stock as investors worried a Google Chrome breakup and/or forced to extinguish the search deal with Apple was potentially on the docket,” Ives wrote. “While in theory Google is barred from ‘exclusive deals’ for search this now lays the groundwork for Apple to continue its deal and ultimately likely double down on more AI-related partnership with Google Gemini down the road. We now see a green light for a bigger Gemini AI partnership between Apple and Google with this DOJ case now in the rear view mirror.”
— Pia Singh
Stock futures open slightly higher Tuesday