Tag Archives: American Eagle Outfitters Inc

Ulta Beauty, Big Lots, Autodesk, Workday and more

Ulta Beauty store.

Scott Mlyn | CNBC

Check out the companies making headlines in midday trading Friday.

Ulta Beauty — The beauty retailer surged 10% following better-than-expected quarterly earnings and revenue. Ulta Beauty also shared a better-than-expected outlook for the full year.

American Eagle — The stock dropped 4.2% after the retailer posted weaker-than-expected quarterly revenue. American Eagle reported $1.055 billion in revenue versus the Refinitiv consensus estimate of $1.142 billion.

Autodesk — Shares surged nearly 9% after the software company reported earnings and revenue that beat analyst expectations. Autodesk reported total net revenue of $1.170 billion that was better than Refinitiv consensus estimate of $1.145 billion. The company’s earnings came in at $1.43 per share, beating expectations by 9 cents a share.

Big Lots — Shares dropped 10% after the discounter reported an earnings miss. Big Lots cited inflationary pressures while issuing weaker full-year guidance. The company’s comparable-store sales also fell more than expected.

Pinduoduo — Shares soared 10% after the Chinese e-commerce company reported quarterly results that surpassed expectations. Pinduoduo also reported a 7% in active buyers from the year-earlier period.

Dell — Shares of the IT company surged 12.5% following better-than-expected profit and revenue for the previous quarter. The computer hardware maker said it benefited from a jump in demand for desktop and laptop computers by business customers.

Red Robin — Shares of Red Robin Gourmet Burgers soared 19.6% after the restaurant chain beat on revenue estimates and shared a smaller-than-expected loss in the recent quarter. Comparable-store sales rose 19.7% year over year, beating a StreetAccount forecast of 17%.

Marvell Technology — Shares jumped nearly 5% after the company reported earnings that beat expectations. Marvell Technology reported earnings of 52 cents per share on revenues of $1.447 billion. Analysts polled by Refinitiv were expecting earnings of 51 cents per share on revenues of $1.427 billion.

Workday — Shares dropped more than 6% after the human capital management company reported earnings that came in below expectations. Workday reported earnings of 83 cents per share, which was less than Refinitiv consensus estimates of 86 cents per share.

— CNBC’s Tanaya Macheel, Hannah Miao and Samantha Subin contributed reporting.

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Big Lots, Hibbett, Pinduoduo and others

Check out the companies making headlines before the bell:

Big Lots (BIG) – The discount retailer’s shares tumbled 21.2% in the premarket after missing Wall Street forecasts for quarterly earnings and revenue. The company also reported a larger-than-expected slump in comparable-store sales and issued cautious full-year guidance, saying inflationary pressures reduce discretionary spending.

Hibbett (HIBB) – The sporting goods retailer’s stock slid 6.5% in premarket trading after falling short of analysts’ profit and sales estimates for the latest quarter. Hibbett said its customers had less discretionary income than in the year-earlier quarter when stimulus payments helped boost spending.

Pinduoduo (PDD) – The China-based e-commerce platform operator’s quarterly results were better than expected as China’s Covid-19 lockdowns helped boost online spending. Pinduoduo rallied 8.8% in premarket action.

Canopy Growth (CGC) – The cannabis producer reported a wider-than-expected quarterly loss, with revenue that also fell short of analyst forecasts. The company said it expects to be profitable on an adjusted basis in fiscal 2024. Canopy Growth slid 10.5% in premarket trading.

Costco (COST) – Costco beat top and bottom-line estimates for its most recent quarter, but the warehouse retailer’s profit margins shrank by nearly 1 percentage point due to increased costs for labor and freight. Costco said it was increasing prices for certain food items to offset those increases. Its stock lost 1.3% in the premarket.

Dell Technologies (DELL) – Dell surged 9.8% in premarket trading, following better-than-expected profit and revenue for its latest quarter. The computer hardware maker benefited from a jump in demand from businesses for desktop and laptop computers.

Gap (GPS) – Gap shares slumped 17.8% premarket action after the apparel retailer slashed its full-year earnings forecast and posted a wider-than-expected quarterly loss. Gap’s results were hit by higher costs for shipping and deeper levels of discounting.

Ulta Beauty (ULTA) – Ulta shares jumped 8.4% in premarket trading after the cosmetics retailer beat Street forecasts with its latest quarterly report and issued an upbeat outlook. Ulta was helped by strong demand for beauty products.

American Eagle Outfitters (AEO) – American Eagle tumbled 13.4% in premarket trading after its quarterly profit and revenue fell short of Wall Street estimates. The apparel retailer’s CEO, Jay Schottenstein, said the quarter was a challenging one with demand well below the company’s expectations.

Red Robin Gourmet Burgers (RRGB) – The restaurant chain’s shares surged 12.9% in premarket action after it reported a smaller-than-expected quarterly loss and revenue that exceeded analyst forecasts. Red Robin also updated its commodity cost guidance for the full year, due to the effects of inflation.

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Ulta, Gap, Dell and more

Bloomberg | Bloomberg | Getty Images

Check out the companies making headlines after the bell

Ulta Beauty — Shares surged more than 6% after hours as the beauty retailer’s quarterly report beat Wall Street estimates on the top and bottom lines. Ulta Beauty posted adjusted first-quarter earnings of $6.30 per share on revenue of $2.346 billion. Analysts had expected a profit of $4.46 per share on revenue of $2.122 billion, according to Refinitiv. The company also issued better-than-expected forward guidance for the full year.

Gap — The retail stock sank about 13% in extended trading after Gap slashed its profit outlook for the year. Old Navy weighed on results as Gap management said the segment’s lower-income customers are feeling the pressure of inflation.

Costco — Shares fell more than 2% post market despite the wholesale retailer posting better-than-expected quarterly sales. Costco saw revenue of $52.596 billion versus the Refinitiv consensus estimate of $51.707 billion.

Dell — The laptop maker rose more than 5% in extended trading after Dell reported a revenue beat in the first quarter. Dell posted $26.12 billion in revenue versus the Refinitiv consensus estimate of $25.043 billion

Marvell Technology — Shares ticked up 2.2% after hours as the semiconductor company reported strong quarterly results. Marvell reported adjusted first-quarter earnings of $50.52 per share on revenue of $1.447 billion. Analysts had expected a profit of $0.51 per share on revenue of $1.427 billion, according to Refinitv.

American Eagle — The stock dropped more than 10% after the retailer posted weaker-than-expected quarterly revenue. American Eagle reported $1.055 billion in revenue versus the Refinitiv consensus estimate of $1.142 billion.

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Abercrombie & Fitch (ANF) reports Q1 2022 loss

A person carries a bag from the Abercrombie & Fitch store on Fifth Avenue in New York City, February 27, 2017.

Andrew Kelly | Reuters

Abercrombie & Fitch shares fell more than 25% in premarket trading Tuesday after the retailer reported an unexpected loss in its fiscal first quarter, with freight and product costs weighing on sales.

Abercrombie also slashed its sales outlook for fiscal 2022, anticipating that economic headwinds will remain at least through the end of the year. The news sent shares of apparel retailers American Eagle Outfitters and Urban Outfitters both down about 7% in premarket trading.

Abercrombie now sees revenue flat to up 2%, compared with a prior forecast of a 2% to 4% growth. Analysts had been looking for a year-over-year increase of 3.5%, according to Refinitiv consensus estimates.

Chief Executive Officer Fran Horowitz said in a statement that the retailer will manage its expenses tightly and search for opportunities to offset the higher logistics costs in the near term. She also said Abercrombie plans to protect investments in marketing, technology and customer experiences.

Abercrombie joins a growing list of retailers, including Walmart, Target and Kohl’s, that are seeing profits take a hit as inflation hovers at a 40-year high. There are also concerns that inventories are beginning to pile up, following months of supply chain backlogs, right as consumer demand for certain products is waning. Businesses like Abercrombie could be forced to discount items to move them off shelves.

Here’s how Abercrombie did for the three-month period ended April 30, compared with what Wall Street was anticipating, based on Refinitiv estimates:

  • Loss per share: 27 cents adjusted vs. earnings of 8 cents expected
  • Revenue: $813 million vs. $799 million expected

Abercrombie reported a net loss in its fiscal first quarter of $14.8 million, or 32 cents per share, compared with net income of $42.7 million, or 64 cents a share, a year earlier.

Excluding one-time items, Abercrombie lost 27 cents per share. Analysts had expected the company to earn 8 cents a share during the quarter.

Sales grew 4% to $812.8 million from $781.4 million a year earlier. That was ahead of expectations for $799 million.

Within that figure, sales at Abercrombie’s Hollister banner fell 3% year over year, while those of its namesake label rose 13%.

Abercrombie’s inventories totaled $563 million as of April 30, up 45% from year-ago levels.

The retailer cut its outlook for full-year operating margins to a range of 5% to 6%, down from a prior range of 7% to 8%. Abercrombie said the adjustment takes into account higher freight and raw material costs, foreign currency and lower sales due to an assumed inflationary impact on consumers.

Beginning in the second quarter, Abercrombie said it will no longer provide full-year or quarterly outlooks on gross profit rate or operating expenses, “in response to volatility in freight and other costs.”

Abercrombie shares have fallen 23% year to date, as of Monday’s market close.

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Best Buy, BJ’s, Snowflake and more

Take a look at some of the biggest movers in the premarket:

Best Buy — Shares of the retailer climbed 5% in premarket trading after the company announced it was raising its quarterly dividend by 26%. The move comes despite an underwhelming fourth-quarter report from Best Buy, with adjusted earnings just matching analyst expectations, according to Refinitiv.

BJ’s Wholesale — The wholesale retailer saw shares sink 13.8% premarket after missing Wall Street expectations for quarterly revenue. BJ’s reported revenue of $4.36 billion, compared with $4.4 billion expected by analysts, according to StreetAccount.

Big Lots — Big Lots shares fell 6.4% in premarket trading after a weaker-than-expected earnings report. The retailer posted earnings of $1.75 per share versus the Refinitiv consensus estimate of $1.89 per share.

Burlington Stores — Shares of the off-price retailer sunk 12.1% premarket after Burlington missed Wall Street estimates on the top and bottom line. Burlington reported quarterly adjusted earnings of $2.53 per share on revenue of $2.60 billion. The Refinitiv consensus estimate was $3.25 per share earned on $2.78 billion in sales.

Kroger — Kroger shares gained 5.8% in premarket trading after the grocery chain beat on earnings. The company reported fourth-quarter adjusted earnings of 91 cents per share on revenue of $33.05 billion. Analysts had expected a profit of 74 cents per share on revenue of $32.86 billion, according to Refinitiv.

Snowflake — Shares of Snowflake are down more than 18% premarket after the data-analytics software company forecasted slowing product revenue growth. The company reported an adjusted loss of 43 cents per share. Revenue came in at $383.8 million, beating analyst estimates of $372.6 million.

Box Inc. — Shares of Box gained 5.7% premarket after the company reported better-than-expected quarterly results. The company earned 24 cents per share excluding items on $233 million in revenue. Analysts surveyed by Refinitiv were expecting the company to earn 23 cents on $229 million in revenue.

American Eagle Outfitters — Shares of the retailer declined 4.6% premarket after American Eagle’s quarterly report. The company warned higher freight costs would weigh on earnings in the first half of 2022.

Intel — Shares of Intel fell 1.3% in early morning trading after Morgan Stanley downgraded the stock from equal-weight to underweight. “Downgrades of value stocks … will let us focus on more actionable situations that offer relatively more attractive risk-reward going forward,” Morgan Stanley’s Ethan Puritz said.

Southwest — Southwest shares gained 1.9% premarket after Evercore ISI upgraded the airline stock to outperform from in-line. “Greater relative financial strength + margin focused planning lead us to raise our rating on Southwest,” the firm said.

—CNBC’s Jesse Pound and Samantha Subin contributed to this report.

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Four takeaways as child tax credit kicks off this month

A woman wears a face mask while shopping for a baby shower gift during the Covid-19 pandemic, at Madison’s Niche boutique in Huntington, New York on April 21, 2021.

Alejandra Villa Loarca | Newsday | Getty Images

Child tax credit payments are an “underappreciated stimulus” that could lift sales across the retail, restaurant and travel industries — especially as shoppers emerge from the pandemic and get ready for back-to-school season, according to a research note published Tuesday by Cowen analysts.

The monthly payments, which begin Thursday, could benefit a wide range of companies, from grocers including Walmart to fast food chains such as Jack in the Box, according to the note.

Families have gotten child tax credits for years, but the American Rescue Plan made several key changes. It increased the amount per child from $2,000 to $3,000 for those between the ages of 6 and 17, and to $3,600 for each child under age 6. It qualified low-income families who have little or no taxable income. And it changed the way it is paid out, so that families receive half the money through direct deposits that run from July to December. Families will receive the other half after filing taxes.

That will translate to $250 or $300 per child each month. Families who make up to $150,000 for a couple or $112,500 for a family with a single parent, called a head of household; or $75,000 as an individual taxpayer will get the full amount. The payments will be phased out above that amount — but even those who get less money will receive advance payments.

Parents and caretakers of nearly 90% of children in the U.S. will receive the payments, according to the Internal Revenue Service.

Here are four major takeaways from the analysts:

More dollars mean more spending

The child tax credit will amount to an estimated $150 billion in stimulus over the next year, according to Cowen. Analysts at the equity research firm say the extra dollars may surprise both Americans and the economy at large, calling it “an underappreciated catalyst for discretionary consumer spend.”

As families get the money, Cowen predicts, they will spend it on food for the home, dining out and shopping online. The analysts named retailers and restaurants that are best-positioned to attract those dollars. On the grocery side, they pointed to Walmart, Target and Grocery Outlet. Among fast-food chains, they named Jack in the Box, Wingstop, Papa John’s and Darden, based on a survey of consumers that looked at their incomes and what places they frequent. And among e-commerce companies, they named Amazon.

Coinciding with ‘pent up demand’

Many families have already ramped up spending on new shoes and clothes as they emerge from their homes after getting Covid-19 vaccinations. Analysts from Cowen said that child tax credit dollars will likely feed into that spending spree.

Already, some retail industry watchers have predicted an usually hot back-to-school season as families crave a new start and a sense of more normalcy — and potentially channel that toward fresh notebooks and first-day-of-school outfits.

Cowen analysts expect that retailers that cater to back-to-school or team sports are positioned well to attract child tax credit dollars, including Walmart, Kohl’s, Foot Locker, Dick’s Sporting Goods and Nike. They also said retailers that focus on value, such as off-price retailers Burlington, Ross and T.J. Maxx, could get a boost since they cater to low-income families that are receiving child tax credit payments. They also said American Eagle Outfitters is in a good spot to attract the payments, as it caters to styles that teens crave, such as looser-fitting denim and casualwear.

Spilling over into adult categories

Parents, grandparents and other caretakers may spend some of the child tax credit dollars on themselves in the form of beer, cigarettes and plane tickets, according to Cowen.

Analysts estimated that the tobacco industry could pick up about $1.2 billion and alcoholic beverages could pick up roughly $2.7 billion of the estimated $150 billion impact of the child tax credit. That could mean good news for tobacco company Turning Point Brands and beer industry players, Constellation Brands and Boston Beer.

Cowen estimated air travel will get an approximately $1.15 billion bump from child tax credits, as the July payments arrive just in time for vacation season. That will be most noticeable for airlines that cater to leisure travel and lower prices, such as Allegiant, Frontier and Spirit, the analysts predicted.

A renewal looks likely

The monthly payments will end in December — but Cowen analysts are betting that they will be renewed. In the note, they said they expect the one-year program will be extended through 2025 through a reconciliation bill.

In the note, the analysts cited the size and scope of the government program, which is intended to fight childhood poverty. They called it a “huge policy change” that acts as “universal basic income for low-middle income parents.”

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Americans ready to restock wardrobe, but shipping snafus may plague retailers

An employee at Anthropologie at Fashion Island greets customers at the store in Newport Beach, CA on Tuesday, May 26, 2020.

Paul Bersebach | MediaNews Group | Orange County Register via Getty Images

Some of us are saying “so long” to sweat pants.

In the final week of February, seven of the top 10 selling items on Anthropologie’s website were dresses, the company, a unit of Urban Outfitters, said this week during an earnings conference call. Until that point, it said, it was lucky to see just one or two dresses break into the top-10 list.

Urban Outfitters CEO Richard Hayne called the change a striking and very positive one.

“Up until recently, the fashion predominantly has been … casual and home-comfortable,” Hayne said. “We’re beginning to see — what I’m calling ‘go-out fashion’ start to take hold. The apparel business will be in for a change in terms of what categories we sell.”

Apparel sales dropped 19% last year, according to market researcher The NPD Group, as Americans stayed home and focused their spending on groceries and other household essentials.

When shoppers bought clothing, comfort was the theme: Sweatpants sales surged 17% year over year, and sleepwear was up 6%, NPD said. Within fashion footwear, which dropped 27% for the year, sales of slippers increased 21%, as consumers shuffled from cooking in the kitchen, to holding video conference calls from the bedroom, to streaming the latest series from the living-room sofa.

Retailers like Urban, Gap, Abercrombie & Fitch, Macy’s and Nordstrom had to quickly pivot their merchandise when lifestyles abruptly shifted last spring. They pulled blazers, skirts and slim-fitting pants from mannequins, to be replaced by stretchy joggers and roomy pajamas.

But the Covid vaccine rollout has quickly ramped up in recent weeks, with the U.S. now averaging 2 million vaccine doses daily. At the same time, the number of reported cases is on the decline. Encouraged by the positive trends, a wave of states has eased Covid restrictions — opening up the possibility of people venturing out to restaurants or a night at the movies. That means many Americans are going to be digging into their closets looking for something new to wear.

It’s time for retailers to pivot — again. That won’t come easily, though. Businesses continue to face congested U.S. ports and container shortages, backlogging merchandise, which will make stocking shelves with fresh outfits all the more complicated. Management teams said shipment delays range anywhere from three to four weeks, and are coupled with higher transportation costs.

“Historic volumes, social distancing measures for workers, plus driver shortages to truck goods away is causing congestion and significant delays in processing times,” Wells Fargo analyst Ike Boruchow said.

‘Sick of sameness’

The department store chain Macy’s has said it has a plan in place to quickly restock work and formal wear, as its customers begin to resume more normal activities. Many analysts are betting on a brisk turnaround in shopping behavior.

“People have got money in their pockets, they’re sick of the sameness, and you’re going to see an explosion of feel-good purchasing,” said Stacey Widlitz, president of SW Retail Advisors. “The weather’s turning, and people are feeling positive about going out again — or even sitting in the park in a dress.”

“The nature of human beings is that they want to feel good,” she added. “They want to feel fresh — especially for the younger generations. It’s your price of entry for socializing again.”

Retailers are already seizing on this messaging. Kohl’s website proclaims “The Great Refresh,” while Banana Republic touts a “Spring Awakening.” The men’s suit maker Suit Supply’s new ad campaign alluding to a “New Normal” went viral on social media this week.

Others are still hedging their bets, though, anticipating continued momentum with comfortable, lounge wear in 2021. Some consumers will likely desire sticking to a more casual wardrobe — one that they’ve grown accustomed to over the past 12 months. Businesses, in turn, might choose to relax office dress codes as their workforces return.

Nordstrom is still marketing “Work-from-Anywhere Style” on its website’s homepage. Rent the Runway keeps a section of its mobile app for outfits for “Entertaining at Home.”

The tween-and-teen apparel retailer American Eagle earlier this week said it expects its current-quarter sales will be the strongest in three years, hinging on the growth of its Aerie brand, which sells work-from-home options like yoga pants, sports bras, pajamas and lingerie.

Kontoor Brands CEO Scott Baxter, meantime, told CNBC that jeans are staging a comeback, as Americans look for a way to dress up, only slightly more so than they’ve been doing at home. Kontoor’s brands include the denim-focused labels Wrangler and Lee.

“Denim is casual, it’s easy … you can dress it up, you can dress it down,” Baxter said in an interview earlier in the week. “As people go back to the office, people are thinking about how they’re going to dress, and denim seems to be the choice.”

Logistics headaches linger

But retailers don’t simply have to worry about gauging demand for apparel bouncing back. They’ve had logistics headaches for much of the pandemic. And those don’t appear to be abating, making planning for the spring, summer and back-to-school seasons even more difficult.

Nordstrom noted shipping delays held up some of its holiday merchandise from getting to shelves and stockrooms on time, hurting its fourth-quarter results. It’s still working through selling that inventory, the company told analysts earlier this week, and hopes to be back to normal inventory levels by the second quarter.

Gap also noted Thursday, when it reported mixed fourth-quarter results, that port congestion is expected to continue through the first half of the year. That’ll result in elevated inventory levels into the second quarter, Gap said.

For Urban, the bigger issue at play today is getting access to containers to ship goods, Chief Operating Officer Frank Conforti explained earlier in the week.

“While, yes, the ports are absolutely experiencing congestion, especially on the West Coast … and we’re seeing anywhere from two to seven days of delays in the ports, the bigger challenge is actually on the inbound vessels, having enough containers over in Asia to bring product in,” Conforti said.

The limited availability of truck drivers to haul retailers’ goods cross-country remains another issue, Telsey Advisory Group CEO and Chief Research Officer Dana Telsey said in an interview Thursday with CNBC’s Sara Eisen.

Companies likely won’t sort out their inventories to match up with shopper demand until closer to the back-to-school season, she said. But, like Widlitz, Telsey doesn’t think that’s going to shop shoppers from soon heading back to stores for a new look.

“We haven’t had apparel spending in over a year,” Telsey said. “I think [people] want to refresh their wardrobes.”

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Okta, Marvell Technology, Vroom & more

Take a look at some of the biggest movers in the premarket:

Okta (OKTA) – Okta tanked 10.5% in premarket trading after announcing it is buying customer management software provider Auth0 for $6.5 billion in stock. The provider of identity management software also reported quarterly earnings of 6 cents per share, compared to consensus forecasts of a 1 cent per share loss. Okta also gave a weaker-than-expected current-quarter earnings forecast.

Marvell Technology (MRVL) – Marvell shares fell 5.9% in the premarket after the chipmaker issued a disappointing outlook and said chip supplies could remain tight throughout the fiscal year. Marvell matched estimates with its latest quarterly earnings, with revenue coming in above analysts’ forecasts.

Vroom (VRM) – Vroom tumbled 14.9% in premarket action after it reported a wider-than-expected loss for its latest quarter, although the online used-car seller’s revenue came in above estimates.

BJ’s Wholesale (BJ) – The warehouse retailer earned 70 cents per share for its latest quarter, beating the 67 cents a share consensus estimate. Revenue topped forecasts as well, and an ex-fuel comparable-store sales increase of 15.9% beat the 15.5% increase anticipated by analysts polled by FactSet. BJ’s declined to provide guidance for 2021 due to pandemic-related uncertainty. Its shares lost 1.6% in premarket trading.

Burlington Stores (BURL) – The retailer of apparel and other merchandise reported quarterly earnings of $2.44 per share, 32 cents a share above estimates. Revenue also exceeded Wall Street forecasts. Comparable-store sales were flat for the quarter versus expectations of a 10% drop.

Ciena (CIEN) – The networking equipment maker beat estimates by 7 cents a share, with quarterly profit of 52 cents per share. Revenue also topped analysts’ projections. Ciena shares fell 3.1% in the premarket, despite beating forecasts.

Rocket Companies (RKT) – Rocket shares moved between gains and losses in premarket trading, following the wide swings of the past few days. The Quicken Loans parent’s stock plunged 33% Wednesday after surging 71% the day before, amid increased attention in online financial forums. The shares were up 1.8% in the premarket.

CureVac (CVAC) – The German drugmaker’s shares rose 4.1% in the premarket after Novartis (NVS) said it would help CureVac manufacture its Covid-19 vaccine once the drug is approved by regulators.

Walt Disney (DIS) – Disney plans to close about 60 of its brick-and-mortar Disney Store locations in North America by the end of the year, as it shifts its focus to its e-commerce operations. There are currently about 300 of the stores worldwide. Disney shares fell 1% in premarket action.

General Electric (GE) – GE shares gained 2.2% in the premarket after Morgan Stanley raised its price target on the stock to a Street-high of $17 per share from $13 a share, based in part on a possibly significant recovery in GE’s aviation segment.

Amazon.com (AMZN) – Amazon is in talks with the National Football League to carry a significant number of games exclusively on its Prime video service, according to people familiar with the matter who spoke to The Wall Street Journal. The deal could see Amazon pay $1 billion for exclusive rights to most Thursday games.

Snowflake (SNOW) – Snowflake lost nearly $199 million in the fourth quarter, more than double the year-ago loss for the cloud database software company. Revenue more than doubled as well during the quarter, topping consensus forecasts. Following a record initial public offering for a software company last year, the lockup on the sale of insider shares will expire tomorrow.

American Eagle (AEO) – American Eagle beat estimates by 3 cents a share, with quarterly profit of 39 cents per share. The apparel retailer’s revenue came in slightly above Wall Street forecasts. American Eagle is also forecasting its best first-quarter sales in three years, driven by growth in its Aerie loungewear and lingerie brand. American Eagle rose 2.2% in the premarket.

Walmart (WMT) – Walmart’s Flipkart unit is exploring the idea of a U.S. listing, possibly through a special purpose acquisition company (SPAC) merger, according to people familiar with the matter who spoke to Bloomberg. Walmart bought a majority stake in the India-based e-commerce company in 2018.

Splunk (SPLK) – The analytics software company reported quarterly profit of 38 cents per share, well above the consensus estimate of 4 cents a share. Splunk also delivered better-than-expected revenue. Its shares gained 3.4% in premarket trading.

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