Hot Stocks: JWD, TOL, and INTU rise on forward guidance while BBY gets downgraded
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Nordstrom (NYSE:JWN), Toll Brothers (NYSE:TOL), and Intuit (NASDAQ:INTU) each rise in early market trading as all three the organizations produced strong earnings and forward guidance reports. At the other end of the spectrum Best Buy (NYSE:BBY) has drifted lower to start the day after it was downgraded by Barclays.
Gainers
Nordstrom (JWN) is on the move in premarket trading as the stock climbed 4.9% after separating itself from its retail peers by raising full-year guidance. Furthermore, sales for JWN were amplified by 18.7% during Q4 and gross merchandise value increased 19.6% versus the same period a year ago.
Toll Brothers (TOL) also jumped in early market action
+1.6%, as the firm beat Q2 GAAP EPS of $1.85 by $0.25. TOL also surpassed forecasts with regards to revenues of $2.2B (+14.0% Y/Y), which beat estimates by $80M.
Intuit (INTU) is up 1.5% on Wednesday morning as the tax software organization posted fiscal Q3 results that topped Wall Streetâs forecasts. INTU also raised its full-year guidance for both the top and bottom lines which has lent additional support.
Decliner
Best Buy (BBY) has declined early on by 4% as Barclays cut its rating on BBY to Equal-Weight from Overweight. Moreover, the financial institution slashed its price target on Best Buy to $135 from $80.
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