Stocks making the biggest moves premarket: Home Depot, Kohl's, Disney, Broadcom & more - CNBC

Check out the companies making headlines in the premarket Tuesday:

Home Depot — Home Depot shares dropped more than 5% in the premarket after the home improvement retailer reported disappointing same-store sales. The company said global same-store sales rose 3.6% in the previous quarter. Analysts polled by Refinitiv expected growth of 4.7%.

Kohl's — Shares of the retailer tanked more than 10% on the back of disappointing quarterly results. Kohl's reported earnings per share of 74 cents on revenue of $4.358 billion. Analysts polled by Refinitiv expected a profit of 86 cents per share on revenue of $4.399 billion. Same-store sales, a key metric for retailers, also missed expectations.

Boeing — The aerospace giant wrangled up 50 bids for its embattled 737 Max jet at the Dubai Air show. Air Astana, a carrier based in Kazakhstan, announced a letter of intent for 30 of the planes while an undisclosed buyer ordered 20 more.

MSG Networks — An analyst at Guggenheim downgraded MSG Networks to "sell" from "neutral," citing a "challenged negotiating position as it approaches contract renewals covering ~40% of its subscriber base." The stock fell more than 3% in light trading before the bell.

Broadcom — The chipmaker was upgraded to "overweight" from "equal weight" by an analyst at Morgan Stanley. The analyst also raised his price target on Broadcom to $367 per share from $298 a share, and noted he sees "possible value creation as it extends into software and builds on a current strong position in semis."

Disney — Multiple reports said hackers have stolen thousands of Disney+ accounts and put them up for sale on the dark web. News site ZDNet said prices for those accounts ranged from $3 to $11.

PG&E — The embattled California electric company is nearing a settlement of more than $1.7 billion with state regulators for maintenance failure of equipment involved in the 2017 wildfires, Bloomberg News reported, citing people familiar with the matter.

Alibaba — Alibaba will stop taking orders for its Hong Kong initial public offering earlier than expected amid strong demand, sources with direct knowledge of the matter told CNBC.

Medtronic — Medtronic shares gained 2% in the premarket on the back of better-than-expected quarterly numbers. The company posted earnings per share of $1.31 on revenue of $7.706 billion. Wall Street expected a profit of $1.28 per share on sales of $7.657 billion. The company also raised its fiscal 2020 earnings outlook.

—CNBC's Michael Bloom contributed to this report.

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2019-11-19 12:50:00Z
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Kohl's shares tank on earnings miss, retailer cuts fiscal 2019 earnings outlook - CNBC

Kohl's earnings and sales for the latest quarter fell short of analysts' estimates, the company reported on Tuesday. It also cut its profit outlook for the full year.

Its shares tumbled more than 12% in premarket trading on the news.

Here's how Kohl's did for its fiscal third quarter compared with what analysts were expecting, based on Refinitiv data:

• Earnings per share: 74 cents, adjusted, vs. 86 cents expected
• Revenue: $4.36 billion vs. $4.40 billion expected
• Same-store sales: up 0.4% vs. growth of 0.8% expected

Kohl's said it now expects to earn an adjusted $4.75 to $4.95 per share for fiscal 2019, compared with a prior range of $5.15 to $5.45. Analysts had been calling for $5.19 a share.

Net income during the period ended Nov. 2 fell to $123 million, or 78 cents per share, compared with $161 million, or 98 cents a share, a year ago. Excluding one-time items, Kohl's earned 74 cents per share, short of expectations for 86 cents, based on Refinitiv data.

Net sales fell to $4.36 billion from $4.37 billion a year ago, missing expectations for $4.4 billion.

Sales at Kohl's store open for at least 12 months and from its website were up 0.4%, short of expected growth of 0.8%.

"The quarter started off positive in August with another successful back-to-school season and ended strong in October," CEO Michelle Gass said in a statement. "We enter the holiday period with momentum and are strategically increasing our investments."

Gass said "investing in the short-term" should help the company "drive profitable growth over the long-term."

The entire department store sector has been hit with heightened pressure this year and especially heading into the holiday season. Brands like Nike are investing more in their own stores and website to sell merchandise, moving away from middlemen. Companies like Kohl's, Macy's and J.C. Penney are having to look for new ways to win shoppers. Sears and Barneys New York fell victim to bankruptcy.

Kohl's has been launching some of its own brands and relying on celebrity partners to generate buzz. Last month, it rolled out a home goods line designed by HGTV's 'Property Brothers' stars Drew and Jonathan Scott, called Scott Living. It has also started selling a new pet brand, in a partnership with celebrity comedian and TV host Ellen DeGeneres, called ED Ellen DeGeneres Pets collection, for pet costumes and play toys.

In 50 stores, it is testing pop-up marketplaces, where younger brands will rotate in and out. In 200 stores, it has been adding "beauty impulse" areas, showcasing 20 top beauty brands.

In 2017, Kohl's started working with Amazon to accept Amazon returns at some of its stores, and that option has now grown to be available at all of Kohl's more than 1,000 locations in the U.S. It remains to be seen if this can prove to be a profitable sales driver for the retailer, however.

The dismal report from Kohl's on Tuesday sent other peers' stocks falling. Macy's shares dropped nearly 6%. Nordstrom's stock was falling about 5%.

Kohl's shares, as of Monday's market close, have fallen roughly 12% this year. The department store chain has a market cap of about $9.3 billion.

Read the full press release here.

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2019-11-19 12:07:00Z
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Home Depot cuts 2019 forecast after sales miss, shares crater - CNBC

Home Depot shares tumbled Tuesday after the company once again cut its 2019 forecast, and also reported same-store sales well below estimates.

The company said revenue, which also missed analysts' targets, was hurt by investments it is making in its business. Earnings came in a penny better than expected.

Shares of Home Depot were down about 5% in premarket trading, putting it on pace for its worst day since Feb. 5, 2018, when the company lost 5.6%. Shares of rival Lowe's, which reports its earnings before the bell on Wednesday, were down nearly 2% before the market's open. 

Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

• Earnings per share: $2.53, adjusted, vs. $2.52 expected
• Revenue: $27.22 billion vs. $27.53 billion expected
• Same-store sales growth, global: 3.6% vs. 4.7% expected

The company said the investments it's making in its business have hurt the timing of its sales. Home Depot has been spending money updating its stores and digital platform while also improving its supply chain.

"We are largely on track with these investments and have seen positive results, but some of the benefits anticipated for fiscal 2019 will take longer to realize than our initial assumptions," CEO Craig Menear said in the release.

Home Depot said earnings fell to $2.8 billion, or $2.53 per share, from $2.9 billion, or $2.51 per share, a year ago. Analysts had expected the company to earn $2.52 per share.

Sales increased 3.5% to $27.22 billion, just shy of analysts estimates of $27.53 billion.

Sales at U.S. stores open at least 12 months rose 3.8%. Analysts were expecting a 4.7% gain.

Home Depot also cut its sales forecast for the year. It said it now expects sales to grow by 1.8%, down from a prior estimate of 2.3%. The company also cut its same-store sales forecast for the fiscal year. It now expects growth of 3.5%, compared with an earlier forecast of 4%.

Home Depot said its average customer ticket in the third quarter was $66.36, which was higher than it saw in the year ago quarter. Sales per square foot also rose to $449.17 from the year-ago period.

Last quarter, the Atlanta-based company trimmed its full-year revenue outlook, partially due to potential tariff impacts. It estimated the Dec. 15 tariffs and the 25% tariffs already in place could raise its cost of sales by about $2 billion, or about 2% of annual sales.

Home Depot CEO Craig Menear also cited continued lumber deflation for the lower sales forecast.

Rival Lowe's is slated to . Shares of Home Depot hit a 52-week high on Monday of $239.31. The stock, which is valued at $262 billion, has risen 39% as of Monday's close. Rival Lowe's, which has a market value of nearly $89 billion, has gained 24% year to date.

Read the full press release here.

Correction: An earlier version of this story misstated the forecast for global same-store sales. Analysts were predicting a gain of 4.7%.

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2019-11-19 10:55:00Z
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Stocks point to a continued record run on Wall Street - Fox Business

The week closes with all three major averages at record highs.

U.S. equity futures are indicating a higher open to trading on Tuesday, the day after another trio of records.

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The three major futures indexes are pointing to a gain of 0.4 percent, with the Dow adding 100 points..

All three major indexes opened the week by rising above the all-time highs they set on Friday. The S&P 500 rose 0.1 percent to 3,122.03. The Dow Jones Industrial Average also gained 0.1 percent to 28,036.22, and the Nasdaq composite climbed 0.1 percent to 8,549.94.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	28036.22	+31.33	+0.11%
SP500	S&P 500	3122.03	+1.57	+0.05%
I:COMP	NASDAQ COMPOSITE INDEX	8549.93773	+9.11	+0.11%

Asian shares are mixed as investors remain cautious over prospects for an agreement in trade talks between the United States and China.

Japan’s benchmark Nikkei 225 edged 0.1 percent lower, Hong Kong’s Hang Seng gained 0.8 percent, while the Shanghai Composite was up 0.4 percent.

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The Chinese Central Bank cut the seven-day reverse repurchase rate to 2.50 percent from 2.55 percent fueling expectations that Beijing will continue to ease monetary policies, accoridng to Reuters.

Chinese indexes were rising moderately despite the continuing unrest in Hong Kong. Police have tightened their blockade over Hong Kong Polytechnic University, where some protesters are trapped and hundreds who left have been arrested.

Police in riot gear move through a cloud of smoke as they detain a protester at the Hong Kong Polytechnic University in Hong Kong, Monday, Nov. 18, 2019. Hong Kong police fought off protesters with tear gas and batons Monday as they tried to break th

The U.S. market has been on a tear since early October, and indexes have been on a nearly uninterrupted run as worries about a possible recession have faded. Solid economic data, better corporate earnings than analysts expected and interest-rate cuts by the Federal Reserve have all helped.

That leaves negotiations in the U.S.-China trade war as the remaining wild card for the market. President Trump had earlier hoped to have signatures on the first phase of a trade deal by now, at a major international summit that was scheduled for this past weekend. But the president of the summit’s host nation, Chile, canceled the meeting last month amid nationwide protests.

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The two sides are continuing to negotiate, with stock markets around the world swinging on every hint of progress or tension.

The Associated Press contributed to this article.

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2019-11-19 09:24:09Z
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Boeing attracts bids for 50 of its embattled 737 Max jets at Dubai Air Show - CNBC

An aerial photo shows Boeing 737 MAX aircraft at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019.

Lindsey Wasson | Reuters

DUBAI, United Arab Emirates — Boeing managed to reach day three of the Dubai Air Show with bids for 50 of its embattled 737 Max jets, a day after getting a firm order for 10 of the jets from leisure airline SunExpress.

Kazakhstan carrier Air Astana announced Tuesday a letter of intent for 30 of the Max jets, which have been grounded globally since March following two devastating crashes in the span of five months that killed 346 people.

The bid, which comes on top of a reported firm order from a mystery buyer for 20 of the Max jets, represents a vote of confidence for a plane whose dangerous defects triggered the largest crisis in the aviation industry this year.

Air Astana's commitment, valued at $3.6 billion, is not a firm order, and all of the deals of the last week remain subject to the aircraft receiving regulatory approval to return to service. The Kazakh airline is also a customer of Boeing's French rival Airbus, which has raked in massive deals this week and so far overshadowing those of the American plane-maker.

The Wall Street Journal on Tuesday reported 10 orders for Boeing's 737 MAX 7 and 10 for its 737 MAX 10 from an undisclosed buyer, citing people familiar with the matter.

Tuesday's news follows an increased order for the Max 737 8 jets from Turkey-based airline SunExpress, which added a firm order for 10 of the planes, worth $1.2 billion at list prices, in addition to a previous order of 32. A steep discount is typically negotiated by airlines.

The announcements mark a win for Boeing, but its total of $5.6 billion in orders so far pales in comparison to the tally of Airbus, which has so far inked around $30 billion in orders at list prices. Europe's largest aerospace company on Monday won orders for 120 of its A320neo jets from Air Arabia and 50 of its A350s from Dubai flagship carrier Emirates, valued at approximately $14 billion and $16 billion, respectively.

Ahead of the confirmation of its Airbus order, Air Arabia was reportedly in talks with Boeing as recently as two weeks before the show.

The Dubai Air Show, known for record-breaking mega deals, typically sees fierce competition for deals from rivals Airbus and Boeing, who each own approximately half of the market for large commercial airliners. But the American plane-maker's presence has been subdued thus far, weighed down by the crashes, ensuing safety concerns and the grounding of its fleet of roughly 400 jets around the world.

The aerospace giant has struggled this year, with new orders all but drying up as a result. British Airways parent, International Consolidated Airline Group, said during the Paris Air Show in June that it intends to buy 200 of the 737 Max planes, but that order has not been firmed up.

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2019-11-19 09:16:00Z
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Sales of grounded Boeing 737 MAX pick up steam at Dubai Airshow - Reuters

DUBAI (Reuters) - Boeing’s 737 MAX took center stage at the Dubai Airshow on Tuesday as the U.S. planemaker prepared to announce orders for dozens of aircraft as it seeks to restore confidence in the jet amid a worldwide grounding, people familiar with the matter said.

FILE PHOTO: An aerial photo shows Boeing 737 MAX aircraft at Boeing facilities at the Grant County International Airport in Moses Lake, Washington, September 16, 2019. REUTERS/Lindsey Wasson /File Photo

Boeing was expected to announce the orders, which could be worth $5-6 billion, a day after securing the first firm order for the aircraft since the grounding from Turkey’s SunExpress.

Global regulators banned commercial flights of Boeing’s fastest-selling jet in March after two fatal accidents.

Boeing is in the process of modifying software and pilot training which will require regulatory approvals.

In other news, budget airline easyJet exercised the purchase rights to order 12 more Airbus A320neo aircraft, Airbus said on Tuesday.

Airbus is also prepared to unveil an order for 8 of its small A220 jets from Air Senegal, delegates said.

Also coinciding with the show, leasing giant GECAS was expected to confirm an order for 25 Airbus jets including 12 A330neo powered by engines from Rolls-Royce, a competitor to GECAS parent company General Electric.

However, there were no immediate signs that Dubai’s Emirates was ready to finalize a provisional order for 40 Boeing 787 Dreamliners, part of a complex set of interlocking deals driving fleet changes at the world’s largest international airline.

The fate of the order hinges on negotiations over the larger Boeing 777X for which Emirates is the largest customer. Emirates has indicted it wants to restructure the order following delays and sources say it could use the pending 787 deal as leverage.

(This story has been refiled to add missing word “said”, paragraph 1)

Reporting by Tim Hepher; editing by Shri Navaratnam and Jason Neely

Our Standards:The Thomson Reuters Trust Principles.

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2019-11-19 06:19:00Z
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Airbus wins $30bn of orders for 170 aircraft - BBC News

Airbus has won $30bn (£23bn) worth of orders for 170 aircraft in another sign of the continued expansion of Middle East airlines.

On the second day of the Dubai Air Show, Emirates announced the purchase of 50 Airbus A350-900 XWBs - extra wide body - planes at a list price of $16bn.

That was closely followed by fast-growing low-cost carrier Air Arabia ordering 170 Airbus A320s worth $14bn.

The European aircraft manufacturer makes its wings in the UK.

Both airlines are likely to get a discount on the catalogue price, given the size of the orders.

Air Arabia chief executive Adel Ali told reporters the aircraft order was a "game-changer" for the airline. He said it would allow Air Arabia to expand in southeast Asia and Africa.

Meanwhile, Emirates said its order, announced at a hastily-convened news conference after last-minute negotiations, will be used to help re-shape its fleet as the airline adjusts to a slowing regional market and the early end to production of the A380 super-jumbo jet.

Emirates is the biggest operator of the A380, with more than 100 of the aircraft in its fleet.

The airline's chairman and chief executive, Sheikh Ahmed bin Saeed Al Maktoum, said the A350s would allow Emirates to expand its long-haul network. The first of the A350 aircraft, which flies up to 15 hours and carries 350 passengers, will be delivered in 2023.

• Dubai Air Show cleared for take off

"It is very good news for Airbus," the European aerospace giant's chief executive, Guillaume Faury, told the news conference. He added that there would be no reversal of the decision earlier this year to end production of the A380.

Emirates said the airline was still in talks with Airbus rival Boeing about buying more aircraft from the US manufacturer.

Sheikh Ahmed said talks were continuing with Boeing at the air show, with everything up for discussion, including when the US aerospace giant might resolve issues around its 737 Max, currently grounded after two crashes.

Emirates has previously said it could buy 40 of Boeing's 787 Dreamliners, but has yet to firm up the order.

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2019-11-18 12:56:15Z
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