Stocks closed modestly higher yesterday, after better-than-expected jobless claims and renewed stimulus hopes boosted investor sentiment. However, all three benchmarks brake-checked their gains in the final hour of trading when Pfizer (PFE) reported supply chain issues with its vaccine. Yesterday's choppy price action comes amid the gridlock in D.C. over a second stimulus bill. House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer issued a joint statement calling on Republicans to cooperate on a new bipartisan proposal. Meanwhile, Senate Majority Leader Mitch McConnell said signs point to a possible deal before the end of the year. As if all of that wasn't enough, traders are also monitoring the rising number of coronavirus infections in the U.S., with 100,000 patients hospitalized and deaths topping 2,800 on Wednesday -- the highest single-day death toll reported to date in the United States.
The Dow Jones Industrial Average (DJI - 29,969.52) gained 85.7 points yesteday. The S&P 500 Index (SPX - 3,666.72) dropped 2.3 points and the Nasdaq Composite (IXIC - 12,377.18) was up 27.8 points on Thursday. The Cboe Volatility Index (VIX - 21.28) fell 0.1 point for the day yesterday.
The trading week will close out today with the nonfarm payrolls and the latest unemployment rate. Average hourly earnings, trade deficit and factory orders data are on the docket for today as well. This data will be joined by a handful of earnings reports including HD Supply (HDS) and Big Lots (BIG).
For your convenience, we have rounded up the companies slated to release earnings today, December 4:
Big Lots, Inc. (NYSE:BIG -- $52.85) operates as a retailer in the United States. Big Lots will report its third-quarter earnings before the bell today.
Genesco, Inc. (NYSE:GCO -- $30.75) operates as a retailer and wholesaler of footwear, apparel, and accessories. Genesco will report its fourth-quarter earnings before the bell today.
HD Supply Holdings, Inc. (NASDAQ:HDS -- $55.93) operates as an industrial distributor in North America. HD Supply Holdings will report its fourth-quarter earnings before the bell today.
Here is a quick recap of how yesterday’s earning calls played out:
Canadian Imperial Bank of Commerce (NYSE:CM -- $85.10) provides various financial products and services. Earnings per share were down 2.31% year over year to $2.11, which missed the estimate of $2.23. Revenue of $3,479,000,000 declined by 4.08% from the same period last year, which beat the estimate of $3,400,000,000.
Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL -- $141.66) develops and operates the Cracker Barrel Old Country Store concept in the United States. Earnings per share fell 87.89% year over year to $0.23, which missed the estimate of $0.35. Revenue of $646,454,000 declined by 13.70% year over year, which beat the estimate of $637,230,000.
Donaldson Company, Inc. (NYSE:DCI -- $53.14) manufactures and sells filtration systems and replacement parts worldwide. Earnings per share were down 5.88% year over year to $0.48, which beat the estimate of $0.44. Revenue of $636,600,000 decreased by 5.37% year over year, which beat the estimate of $614,990,000.
GMS, Inc. (NYSE:GMS -- $30.24) distributes wallboards, suspended ceilings systems, and complementary building products. Earnings per share decreased 7.00% year over year to $0.93, which beat the estimate of $0.91. Revenue of $812,856,000 declined by 5.69% from the same period last year, which beat the estimate of $809,390,000.
The Kroger Co. (NYSE:KR -- $32.29) operates as a retailer in the United States. Earnings per share rose 51.06% over the past year to $0.71, which beat the estimate of $0.67. Revenue of $29,723,000,000 up by 6.25% year over year, which missed the estimate of $29,970,000,000.
The Michaels Companies, Inc. (NASDAQ:MIK -- $10.25) owns and operates arts and crafts specialty retail stores. Earnings per share increased 115.00% over the past year to $0.86, which beat the estimate of $0.59. Revenue of $1,406,000,000 higher by 15.06% year over year, which beat the estimate of $1,390,000,000.
SecureWorks Corp. (NASDAQ:SCWX -- $12.15) provides technology-driven information security solutions. Earnings per share increased 700.00% over the past year to $0.08, which beat the estimate of $0.05. Revenue of $141,641,000 rose by 0.22% year over year, which beat the estimate of $138,210,000.
Signet Jewelers Limited (NYSE:SIG -- $29.81) engages in the retail sale of diamond jewelry, watches, and other products. Earnings per share rose 114.47% over the past year to $0.11, which may not compare to the estimate of ($0.66). Revenue of $1,300,000,000 higher by 9.43% year over year, which beat the estimate of $1,140,000,000.
The Toronto-Dominion Bank (NYSE:TD -- $54.77) provides various personal and commercial banking products and services. Earnings per share were unchanged 0.00% year over year to $1.21, which beat the estimate of $1.16. Revenue of $7,880,000,000 up by 0.28% from the same period last year, which beat the estimate of $6,860,000,000.
Cloudera, Inc. (NYSE:CLDR -- $11.20) provides a suite of data analytics and management products. Earnings per share rose 600.00% over the past year to $0.15, which beat the estimate of $0.09. Revenue of $217,899,000 rose by 9.89% year over year, which beat the estimate of $209,160,000.
The Cooper Companies, Inc. (NYSE:COO -- $334.61) operates as a medical device company worldwide. Earnings per share fell 4.24% year over year to $3.16, which beat the estimate of $3.09. Revenue of $681,600,000 decreased by 1.45% from the same period last year, which beat the estimate of $676,200,000.
DocuSign, Inc. (NASDAQ:DOCU -- $217.70) provides cloud based software in the United States and internationally. Earnings per share rose 100.00% over the past year to $0.22, which beat the estimate of $0.13. Revenue of $382,923,000 higher by 53.47% from the same period last year, which beat the estimate of $361,150,000.
Domo, Inc. (NASDAQ:DOMO -- $36.91) operates a cloud-based platform in the United States. Earnings per share increased 52.94% over the past year to ($0.40), which beat the estimate of ($0.44). Revenue of $53,645,000 rose by 19.83% from the same period last year, which beat the estimate of $51,760,000.
Marvell Technology Group Ltd. (NASDAQ:MRVL -- $45.62) designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. Earnings per share rose 47.06% year over year to $0.25, which were in line with the estimate of $0.25. Revenue of $750,143,000 higher by 13.23% year over year, which missed the estimate of $750,970,000.
Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI -- $86.78) operates as a retailer of brand name merchandise. Earnings per share were up 58.54% over the past year to $0.65, which beat the estimate of $0.58. Revenue of $414,382,000 higher by 26.70% year over year, which beat the estimate of $406,060,000.
PagerDuty, Inc. (NYSE:PD -- $34.28) operates a platform for real-time operations. Earnings per share rose 10.00% year over year to ($0.09), which beat the estimate of ($0.10). Revenue of $53,772,000 rose by 25.78% year over year, which beat the estimate of $52,540,000.
Science Applications International Corporation (NYSE:SAIC -- $94.16) operates as a retailer in the United States. Earnings per share were up 16.55% year over year to $1.62, which beat the estimate of $1.53. Revenue of $1,818,000,000 up by 11.53% year over year, which missed the estimate of $1,830,000,000.
Smith & Wesson Brands, Inc. (NASDAQ:SWBI -- $15.47) designs, manufactures, and sells firearms worldwide. Earnings per share rose 933.33% over the past year to $0.93, which beat the estimate of $0.63. Revenue of $248,729,000 up by 61.11% year over year, which beat the estimate of $222,990,000.
Ulta Beauty, Inc. (NASDAQ:ULTA -- $282.00) operates as a beauty retailer in the United States. Earnings per share fell 26.46% over the past year to $1.64, which beat the estimate of $1.49. Revenue of $1,552,000,000 declined by 7.76% from the same period last year, which missed the estimate of $1,560,000,000.
Yext, Inc. (NYSE:YEXT -- $18.71) is a search experience cloud company. Earnings per share rose 89.47% over the past year to ($0.02), which beat the estimate of ($0.08). Revenue of $89,061,000 rose by 16.62% from the same period last year, which beat the estimate of $87,190,000.
Zumiez, Inc. (NASDAQ:ZUMZ -- $38.08) operates as a specialty retailer of apparel, footwear, accessories, and hardgoods. Earnings per share increased 54.67% year over year to $1.16, which beat the estimate of $0.76. Revenue of $270,952,000 rose by 2.62% year over year, which beat the estimate of $246,200,000.
Zuora, Inc. (NYSE:ZUO -- $11.58) provides cloud-based software on a subscription basis. Earnings per share rose 83.33% year over year to ($0.01), which beat the estimate of ($0.05). Revenue of $77,246,000 rose by 7.55% from the same period last year, which beat the estimate of $73,920,000.
Looking ahead to next week, the market will show no signs of slowing down, with peak holiday season well underway and plenty of economic data for investors to unpack each day. The week will start off on a quiet note, though consumer credit, jobs opening and wholesale inventories data is scheduled to come out. And by the end of next week, Wall Street will also be digesting a federal budget update, as well as jobless claims and consumer sentiment data. Household names such as JinkoSolar (JKS), Stitch Fix (SFIX), and Chewy (CHWY) will report right at the beginning of the week next week, while Adobe (ADBE), Lululemon (LULU) and Oracle (ORCL) will all jump into the earnings confessional later on in first full trading week of December 2020.