Nordstrom (JWN): Shares fell after the retailer lowered its full-year guidance due to falling demand. CEO Erik Nordstrom wrote in the earnings release “customer traffic and demand decelerated significantly beginning late June, predominantly at Nordstrom Rack. We are adjusting our plans and taking action to navigate this dynamic in the short term.” For the second quarter, Nordstrom beat on both the top and bottom lines, posting adjusted earnings per share of 81 cents on revenue of $4.1 billion.
Urban Outfitters (URBN): Shares dropped after Urban Outfitters missed Wall Street’s earnings expectations. The retailer reported earnings of 64 cents on revenue of $1.18 billion. Total Retail segment net sales increased 1%, with comparable Retail segment net sales also rising 1%, short of the Street’s expectations. By brand, comp sales at Urban Outfitters fell -9% while Free People and Anthropologies rose 8% and 7% respectively.
Intuit (INTU): The stock jumped more than 5% after authorizing a $3.5 billion share buyback and raising its quarterly dividend. Intuit reported revenue of $2.4 billion for the quarter on adjusted EPS of $1.10. Q1 Adjusted EPS guidance of $1.14 to $1.20 per share fell short of the Street’s $1.86 estimate.
Toll Brothers (TOL): Shares fell after the homebuilder cut its deliveries outlook as the housing market cools. Toll Brothers expects to deliver between 10,000 and 10,300 homes in FY 2022, noting ‘continued labor shortages and supply chain disruptions, as well as a softer demand environment.’
AMC (AMC), APE (APE): APE shares rose 2% in after-hours, building on the stock’s earlier momentum, as AMC believers talked up the stock on Reddit message boards. Shares of AMC’s preferred stock closed Tuesday up 17% after dropping 13.6% in its trading debut on Monday. AMC shares closed Tuesday’s session down -8.6%.