Stock Futures Lower With Dow's Record Streak Under Threat Again
New York (Aug 8) Stock futures were trading lower on Tuesday, Aug. 8, with the Dow Jones Industrial Average's record-breaking streak under threat for the second day in a row.
Dow futures were dow 0.09%, S&P 500 futures fell 0.15%, and Nasdaq futures slipped 0.13%.
The Dow ended Monday, Aug. 7, with tiny gains that still pushed it to its ninth closing record in a row. The Dow was up 0.12%, securing a new record close of 22,118 on Monday. Like Monday, any gain on Tuesday will push the blue-chip index to records, potentially for the 10th day in a row.
At the beginning of its record run, the Dow managed to secure new records on the back of positive earnings from the likes of Apple Inc. (AAPL) , Boeing Co. (BA) and Caterpillar Inc. (CAT) . Small gains and general upward momentum have kept the record-breaking streak alive since then but with little energy.
Monday's gains marked the 35th time the Dow has ended at a records so far in 2017, a streak not seen since the 38 record closes in 2014. August looks like another month in the green for the Dow, its fifth monthly gain in a row and its ninth in the past 12 months.
CBS Corp. (CBS) moved slightly higher in premarket trading after quarterly revenue came in stronger than anticipated. The media network reported just over 9% sales growth to $3.26 billion in a quarter with content such as the NCAA basketball tournament. An eagerly awaited "Twin Peaks" reboot also boosted over-the-top subscriptions. Analysts anticipated sales of $3.1 billion. Adjusted earnings of 97 cents a share were in line with consensus.
Michael Kors Holdings Ltd. (KORS) surged 12% in premarket trading after posting a narrower decline in earnings and same-store sales than expected. First-quarter earnings of 80 cents a share fell by 3 cents from the year-ago quarter, though came in higher than an estimate 62 cents. Revenue declined 3.6% to $952.4 million, exceeding consensus of $918.7 million. Same-store sales dropped 5.9%, narrower than projections of a 9.2% fall.
For the second quarter, Michael Kors anticipates earnings between 80 cents and 84 cents a share on sales of at least $1.035 billion. Analysts anticipated earnings of 78 cents a share on sales of $1.01 billion. The company targets same-store sales to drop in the "mid-single digits" compared to consensus of an 8.7% decline.
Shares of Avis Budget Group Inc. (CAR) were down 8.7% in premarket trading on Tuesday after the company's second-quarter earnings and sales came in below Wall Street forecasts. Adjusted for one-time items, Avis said it earned 30 cents a share in the quarter, well shy of forecasts that called for profit of 52 cents. For the full year, Avis said it now sees earnings of $2.40 to $2.85 a share, largely below analysts' estimates of $2.85. Rival Hertz Global Holdings Inc. (HTZ) , which reports its earnings on Tuesday, fell 4.2% in premarket trading.
•Avis Shares Just Got Run Over Again After a Brutal Earnings Whiff
It's a quiet day on the economic calendar with just the Job Openings and Labor Turnover Survey for June out at 10 a.m. ET.
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