L'intérêt à découvert pour Shoe Carnival donne aux investisseurs une idée du degré auquel les investisseurs parient sur la baisse de l'action de Shoe Carnival. Les données sur l'intérêt à découvert sont mises à jour toutes les deux semaines.

Shoe Carnival (NASDAQ:SCVL) Stock, Rapport sur les intérêts à découvert

Shoe Carnival

Shoe Carnival Inc is a family footwear retailer that offers a broad assortment of dress, casual and athletic footwear for men, women, and children with an emphasis on national name brands such as Nike, Skechers, Adidas, Puma, HEYDUDE, Converse, Vans, and Crocs. They operate their business as one reportable segment based on the similar nature of products sold; merchandising, distribution, and marketing processes involved; target customers; and economic characteristics of our stores and e-commerce platforms. Its bricks-first, omnichannel approach provides customers easy access to a wide assortment of branded footwear for work, athletics, daily activities, and special events via a choice of delivery channel.

Shoe Carnival Inc

Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) reported third-quarter adjusted earnings per share of 71 cents, beating the street view of 67 cents.
Quarterly sales of $306.89 million missed<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/b42107205/shoe-carnival-reports-third-quarter-fiscal-2024-results" rel="noreferrer noopener"> the analyst consensus estimate of $316.95 million.</a>
Quarterly sales reflected the impact of the retail calendar shift that resulted in approximately $20 million of net sales moving out of the third quarter of 2024 compared to the prior year.
Without the impact of the retail calendar shift, net sales increased by 2.2% versus the prior year.
&#8220;Our flexible digital-first marketing campaign and great brand assortment drove demand during this peak shopping period and profitability in line with expectations for the third quarter,&#8221; said Mark Worden, President and Chief Executive Officer.
Comparable store net sales dropped 4.1% for the quarter, impacted by two hurricanes disrupting operations and warm weather delaying winter boot sales.
Also Read: <a target="_blank" href="https://www.benzinga.com/24/11/42107863/us-futures-head-lower-as-nvidia-reports-slowdown-in-quarterly-revenue-growth-expert-says-market-weakness-is-perfectly-normal-but-late-november-is-still-possible" rel="noreferrer noopener">US Futures Head Lower As Nvidia Earnings Fail To Impress Investors: Expert Says Market Weakness Is &#8216;Perfectly Normal,&#8217; But Late November Rally Is Still Possible</a>
Gross profit margin for the quarter was 36.0%, marking the 15th consecutive quarter above 35%, but was 80 basis points lower than last year.
The company continues to expect Rogan&#8217;s acquisition to deliver net sales of over $80 million in fiscal 2024, with $22.3 million of net sales in the third quarter of 2024 and $63.9 million year-to-date in 2024.
As of November 21, the company operated 431 stores, with 361 Shoe Carnival stores, 42 Shoe Station stores and the 28 Rogan&#8217;s locations. One new Shoe Station store opened in third quarter was in Tennessee, expanding this banner into a new market.
At the end of third quarter, the company had approximately $91.1 million of cash, cash equivalents and marketable securities.
Outlook: Shoe Carnival lowered its FY24 net sales outlook to $1.20 billion &#8211; $1.23 billion (estimate: $1.23 billion), down from the previously expected $1.23 billion &#8211; $1.25 billion, but maintains adjusted EPS guidance of <a href="https://www.benzinga.com/calendars/guidance">$2.60 &#8211; $2.75 (estimate: $2.63).</a>
Price Action: SCVL shares are trading higher by 1.25% to $33.89 premarket at last check Thursday.
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Earnings

Equities

News

Guidance

Markets

Movers

General

SCVL

Shoe Carnival Q3: EPS Win But Sales Slip Amid Calendar Shifts And Weather Woes

Shoe Carnival Lowers FY24 Net Sales Outlook: Sees Revenues Of $1.20B-$1.23B Vs $1.23B Estimate (Prior View:  $1.23B-$1.25B); Company Reiterates FY24 Adjusted EPS Outlook Of $2.60-$2.75 Vs. $2.63 Estimate

Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) reported quarterly earnings of $0.71 per share which beat the analyst consensus estimate of $0.67 by 5.97 percent. The company reported quarterly sales of $306.885 million which missed the analyst consensus estimate of $316.950 million by 3.18 percent. This is a 4.07 percent decrease over sales of $319.914 million the same period last year.

Earnings Beats

Earnings Misses

Shoe Carnival Q3 2024 Adj. EPS $0.71 Beats $0.67 Estimate, Sales $306.885M Miss $316.950M Estimate

<h3>Companies Reporting Before The Bell</h3>
• Vestis (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTS#NYSE">VSTS</a>) is likely to report quarterly earnings at $0.13 per share on revenue of $690.99 million. 
• Nano X Imaging (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNOX#NASDAQ">NNOX</a>) is expected to report quarterly loss at $0.15 per share on revenue of $3.53 million. 
• Warner Music Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMG#NASDAQ">WMG</a>) is estimated to report quarterly earnings at $0.31 per share on revenue of $1.60 billion. 
• Construction Partners (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROAD#NASDAQ">ROAD</a>) is estimated to report quarterly earnings at $0.57 per share on revenue of $538.05 million. 
• Cerence (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRNC#NASDAQ">CRNC</a>) is projected to report quarterly loss at $0.38 per share on revenue of $47.65 million. 
• BJ's Wholesale Club (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>) is projected to report quarterly earnings at $0.93 per share on revenue of $5.11 billion. 
• Ituran Location &amp; Control (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITRN#NASDAQ">ITRN</a>) is projected to report quarterly earnings at $0.66 per share on revenue of $85.44 million. 
• Baozun (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BZUN#NASDAQ">BZUN</a>) is projected to report earnings for its third quarter. 
• Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) is likely to report quarterly earnings at $0.65 per share on revenue of $316.23 million. 
• Atkore (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATKR#NYSE">ATKR</a>) is projected to report quarterly earnings at $2.47 per share on revenue of $748.32 million. 
• iQIYI (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IQ#NASDAQ">IQ</a>) is likely to report quarterly earnings at $0.04 per share on revenue of $1.02 billion. 
• GreenTree Hospitality Gr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GHG#NYSE">GHG</a>) is likely to report earnings for its third quarter. 
• PDD Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>) is projected to report quarterly earnings at $2.82 per share on revenue of $14.47 billion. 
• Deere (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DE#NYSE">DE</a>) is projected to report quarterly earnings at $3.87 per share on revenue of $9.35 billion. 
• KE Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BEKE#NYSE">BEKE</a>) is expected to report quarterly earnings at $0.21 per share on revenue of $3.23 billion. 
• Baidu (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BIDU#NASDAQ">BIDU</a>) is expected to report quarterly earnings at $2.35 per share on revenue of $4.69 billion. 
• Yunji (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YJ#NASDAQ">YJ</a>) is likely to report earnings for its third quarter. 
• Evogene (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVGN#NASDAQ">EVGN</a>) is projected to report quarterly loss at $1.01 per share on revenue of $2.85 million. 
• Lotus Technology (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LOT#NASDAQ">LOT</a>) is expected to report earnings for its third quarter. 
• RealReal (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/REAL#NASDAQ">REAL</a>) is projected to report earnings for its fourth quarter. 
<h3>Companies Reporting After The Bell</h3>
• Copart (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPRT#NASDAQ">CPRT</a>) is estimated to report quarterly earnings at $0.37 per share on revenue of $1.10 billion. 
• UGI (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UGI#NYSE">UGI</a>) is likely to report quarterly loss at $0.29 per share on revenue of $1.65 billion. 
• Matthews International (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MATW#NASDAQ">MATW</a>) is likely to report quarterly earnings at $0.38 per share on revenue of $440.46 million. 
• Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) is projected to report quarterly earnings at $0.58 per share on revenue of $3.81 billion. 
• Logility Supply Chain (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGTY#NASDAQ">LGTY</a>) is projected to report quarterly earnings at $0.09 per share on revenue of $25.93 million. 
• Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) is estimated to report quarterly earnings at $0.38 per share on revenue of $354.28 million. 
• Ross Stores (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>) is estimated to report quarterly earnings at $1.40 per share on revenue of $5.15 billion. 
• NetApp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTAP#NASDAQ">NTAP</a>) is estimated to report quarterly earnings at $1.78 per share on revenue of $1.64 billion. 
• Intuit (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>) is estimated to report quarterly earnings at $2.36 per share on revenue of $3.14 billion. 
• Geospace Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEOS#NASDAQ">GEOS</a>) is projected to report earnings for its fourth quarter. 
• Natural Grocers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NGVC#NYSE">NGVC</a>) is expected to report earnings for its fourth quarter. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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Citigourp Global Markets 2% Protected Notes Linked To The Djia

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Earnings Scheduled For November 21, 2024

Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) is gearing up to announce its quarterly earnings on Thursday, 2024-11-21. Here's a quick overview of what investors should know before the release.
Analysts are estimating that Shoe Carnival will report an earnings per share (EPS) of $0.65.
Anticipation surrounds Shoe Carnival's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Historical Earnings Performance</h3>
In the previous earnings release, the company missed EPS by $0.00, leading to a 1.13% drop in the share price the following trading session.
Here's a look at Shoe Carnival's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.83</td>
<td>0.59</td>
<td>0.59</td>
<td>1.01</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.83</td>
<td>0.64</td>
<td>0.59</td>
<td>0.80</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>2.0%</td>
<td>2.0%</td>
<td>8.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1732118496_0.png" alt="eps graph" />
<h3>Performance of Shoe Carnival Shares</h3>
Shares of Shoe Carnival were trading at $33.67 as of November 19. Over the last 52-week period, shares are up 42.29%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analyst Opinions on Shoe Carnival</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on Shoe Carnival.
With 1 analyst ratings, Shoe Carnival has a consensus rating of Buy. The average one-year price target is $51.0, indicating a potential 51.47% upside.
<h3>Peer Ratings Comparison</h3>
The analysis below examines the analyst ratings and average 1-year price targets of Guess and Caleres, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>Guess is maintaining an Buy status according to analysts, with an average 1-year price target of $28.0, indicating a potential 16.84% downside.</li>
<li>Analysts currently favor an Neutral trajectory for Caleres, with an average 1-year price target of $37.5, suggesting a potential 11.38% upside.</li>
</ul>
<h3>Summary of Peers Analysis</h3>
The peer analysis summary outlines pivotal metrics for Guess and Caleres, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Shoe Carnival</td>
<td>Buy</td>
<td>12.93%</td>
<td>$119.94M</td>
<td>3.71%</td>
</tr>
<tr>
<td>Guess</td>
<td>Buy</td>
<td>10.24%</td>
<td>$319.94M</td>
<td>-2.04%</td>
</tr>
<tr>
<td>Caleres</td>
<td>Neutral</td>
<td>-1.76%</td>
<td>$310.88M</td>
<td>4.91%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Shoe Carnival ranks highest in revenue growth among its peers. It has the lowest gross profit margin. Its return on equity is in the middle compared to its peers.
<h3>All You Need to Know About Shoe Carnival</h3>
Shoe Carnival Inc is a family footwear retailer that offers a broad assortment of dress, casual and athletic footwear for men, women, and children with an emphasis on national name brands such as Nike, Skechers, Adidas, Puma, HEYDUDE, Converse, Vans, and Crocs. They operate their business as one reportable segment based on the similar nature of products sold; merchandising, distribution, and marketing processes involved; target customers; and economic characteristics of our stores and e-commerce platforms. Its bricks-first, omnichannel approach provides customers easy access to a wide assortment of branded footwear for work, athletics, daily activities, and special events via a choice of delivery channel.
<h3>Shoe Carnival's Economic Impact: An Analysis</h3>
Market Capitalization: Indicating a reduced size compared to industry averages, the company's market capitalization poses unique challenges.
Revenue Growth: Shoe Carnival's revenue growth over a period of 3 months has been noteworthy. As of 31 July, 2024, the company achieved a revenue growth rate of approximately 12.93%. This indicates a substantial increase in the company's top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Consumer Discretionary sector.
Net Margin: Shoe Carnival's net margin surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 6.78% net margin, the company effectively manages costs and achieves strong profitability.
Return on Equity (ROE): Shoe Carnival's ROE stands out, surpassing industry averages. With an impressive ROE of 3.71%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): The company's ROA is a standout performer, exceeding industry averages. With an impressive ROA of 2.04%, the company showcases effective utilization of assets.
Debt Management: The company maintains a balanced debt approach with a debt-to-equity ratio below industry norms, standing at 0.58.
<a href="https://www.benzinga.com/quote/SCVL/earnings">To track all earnings releases for Shoe Carnival visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insights into Shoe Carnival's Upcoming Earnings

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Shares of apparel-related stocks are trading lower possibly amid overall market weakness. Also, the sector could be pulling back from Friday's rally after the dockworkers reached a tentative deal to suspend their strike.

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- &quot;buy low and sell high.&quot; Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by &quot;buying high and selling higher.&quot;
Everyone likes betting on fast-moving trending stocks, but it isn&#39;t easy to determine the right entry point. These stocks often lose momentum when their future growth potential fails to justify their swelled-up valuation. In that phase, investors find themselves invested in shares that have limited to no upside or even a downside. So, betting on a stock just by looking at the traditional momentum parameters could be risky at times.
A safer approach could be investing in bargain stocks with recent price momentum. While the Zacks Momentum Style Score&nbsp;helps identify great momentum stocks by paying close attention to trends in a stock&#39;s price or earnings, our &#39;Fast-Paced Momentum at a Bargain&#39; screen comes handy in spotting fast-moving stocks that are still attractively priced.
There are several stocks that currently pass through the screen and Shoe Carnival (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/scvl#NASDAQ">SCVL</a>) is one of them. Here are the key reasons why this stock is a great candidate.
Investors&#39; growing interest in a stock is reflected in its recent price increase. A price change of 0.5% over the past four weeks positions the stock of this footwear retailer well in this regard.
While any stock can see a spike in price for a short period, it takes a real momentum player to deliver positive returns for a longer time frame. SCVL meets this criterion too, as the stock gained 9.9% over the past 12 weeks.
Moreover, the momentum for SCVL is fast paced, as the stock currently has a beta of 1.53. This indicates that the stock moves 53% higher than the market in either direction.
Given this price performance, it is no surprise that SCVL has a Momentum Score of B, which indicates that this is the right time to enter the stock to take advantage of the momentum with the highest probability of success.
In addition to a favorable Momentum Score, an upward trend in earnings estimate revisions has helped SCVL earn a Zacks Rank #2 (Buy). Our research shows that the momentum-effect is quite strong among Zacks Rank #1 and #2 stocks. That&#39;s because as covering analysts raise their earnings estimates for a stock, more and more investors take an interest in it, helping its price race to keep up.
Most importantly, despite possessing fast-paced momentum features, SCVL is trading at a reasonable valuation. In terms of Price-to-Sales ratio, which is considered as one of the best valuation metrics, the stock looks quite cheap now. SCVL is currently trading at 0.89 times its sales. In other words, investors need to pay only 89 cents for each dollar of sales.
So, SCVL appears to have plenty of room to run, and that too at a fast pace.
<a href="https://www.zacks.com/stock/news/2333829/why-fast-paced-mover-shoe-carnival-scvl-is-a-great-choice-for-value-investors?cid=CS-BENZ-FT-tale_of_the_tape|fast_paced_momentum_at_a_bargain-2333829">To read this article on Zacks.com click here.</a>

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Why Fast-Paced Mover Shoe Carnival Is a Great Choice for Value Investors

U.S. stocks were mostly lower, with the Dow Jones index falling around 300 points on Thursday.
Shares of G-III Apparel Group, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NASDAQ">GIII</a>) rose sharply during Thursday's session after the company reported better-than-expected second-quarter adjusted EPS results and issued its FY25 guidance above estimates.
G-III Apparel Group reported second-quarter adjusted earnings per share of 52 cents, beating the analyst consensus of 27 cents. Quarterly revenues of $644.75 million (down 2%) missed the street view of $649.44 million.
G-III Apparel Group shares surged 23.6% to $30.95 on Thursday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Applied Digital Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APLD#NASDAQ">APLD</a>) shares jumped 68.1% to $5.45 after the company entered agreements for a $160 million private placement financing priced at market, from a group of institutional and accredited investors including NVIDIA and Related Companies.</li>
<li>EchoStar Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SATS#NASDAQ">SATS</a>) gained 14.9% to $21.15.</li>
<li>Larimar Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRMR#NASDAQ">LRMR</a>) climbed 13.5% to $8.81.</li>
<li>Uniti Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/UNIT#NASDAQ">UNIT</a>) rose 13.3% to $5.32.</li>
<li>Yext, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YEXT#NYSE">YEXT</a>) climbed 13% to $5.56 after the company reported better-than-expected second-quarter adjusted EPS results and issued FY25 revenue guidance above estimates. Also, Needham upgraded the stock from Hold to Buy and announced an $8 price target.</li>
<li>Perpetua Resources Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PPTA#NASDAQ">PPTA</a>) rose 11.8% to $9.05 after the company announced the U.S. forest service has completed the final environmental impact statement and issued a draft record of decision authorizing the Stibnite gold project.</li>
<li>Vestis Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VSTS#NYSE">VSTS</a>) gained 11.7% to $15.28 following a report suggesting Elis SA made an offer to buy the company.</li>
<li>WK Kellogg Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KLG#NYSE">KLG</a>) climbed 10.7% to $18.63.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) gained 10.4% to $4.6850 after the company reported second-quarter financial results and issued better-than-expected third-quarter outlook..</li>
<li>Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) rose 10% to $41.32 after the company reported better-than-expected second-quarter revenue results. Also, the company raised its FY24 guidance.</li>
<li>Primo Water Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PRMW#NASDAQ">PRMW</a>) gained 9.4% to $23.92.</li>
<li>QuidelOrtho Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QDEL#NASDAQ">QDEL</a>) gained 8.5% to $43.79. Craig-Hallum analyst Alexander Nowak upgraded QuidelOrtho from Hold to Buy and raised the price target from $40 to $57.</li>
<li>Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) gained 8.3% to $1.3095.</li>
<li>Myriad Genetics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYGN#NASDAQ">MYGN</a>) gained 7.9% to $27.36.</li>
<li>Zeta Global Holdings Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZETA#NYSE">ZETA</a>) gained 7.8% to $26.83. Zeta Global priced $204.9 million public offering of 13.2 million class A common shares at $23.50 per share.</li>
<li>Sotera Health Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SHC#NASDAQ">SHC</a>) gained 7.7% to $16.59. The company announced a secondary offering of 25 million shares.</li>
<li>Dollar Tree, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DLTR#NASDAQ">DLTR</a>) rose 6.2% to $67.52. Dollar Tree, on Wednesday, reported worse-than-expected second-quarter 2024 earnings.</li>
</ul>
Now Read This: 
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<li><a href="https://www.benzinga.com/news/earnings/24/09/40728954/how-to-earn-500-a-month-from-smith-wesson-brands-stock-ahead-of-q1-earnings-report">How To Earn $500 A Month From Smith &amp; Wesson Brands Stock Ahead Of Q1 Earnings Report</a></li>
</ul>

Intraday Update

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G-III Apparel Posts Upbeat Results, Joins NIO, Yext, Shoe Carnival And Other Big Stocks Moving Higher On Thursday

Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) shares are<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener"> trading higher on Thursday.</a>
The company reported that the second quarter adjusted earnings per share was 83 cents,<a href="https://www.benzinga.com/pressreleases/24/09/b40725518/shoe-carnival-reports-second-quarter-fiscal-2024-results" target="_blank" rel="noreferrer noopener"> in line with the street view</a>. Quarterly sales of $332.696 million (+12.9%) beat the analyst <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">consensus of $330.05 million.</a>
&#8220;Our Back-to-School results were very strong with comparable sales growth achieved in August, driven by the children&#8217;s and athletic categories,&#8221; said Mark Worden, President and Chief Executive Officer.
Also Read: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/24/09/40728795/private-employment-grows-by-99-000-in-august-sharply-misses-forecasts-of-140-000-" rel="noreferrer noopener">Private Employment Grows By 99,000 In August, Sharply Misses Forecasts Of 140,000: &#8216;The Labor Market Overall Is Softening&#8217;</a>
In the second quarter of 2024, the company reported a 23.7% increase in adjusted operating income to $30.5 million, with net sales exceeding expectations due to double-digit growth at Shoe Station, improved trends at Shoe Carnival, and increased ecommerce sales.
Gross profit margin rose to 36.1%, marking the 14th consecutive quarter above 35%. Comparable store sales declined 2.1% but showed improvement from the first quarter.
Inventory increased to $425.5 million, influenced by Rogan&#8217;s acquisition but expected to be lower by 5% year-over-year by the fiscal year-end.
The company operated 430 stores as of September 5, and aims to surpass 500 stores by 2028 through organic growth and acquisitions.
Outlook: For the third quarter, Shoe Carnival expects net sales of approximately $320 million, slightly below the $321.5 million consensus, and GAAP EPS of 70 cents.
Shoe Carnival has revised its 2024 outlook, now expecting net sales of $1.23 billion to $1.25 billion versus the previous outlook of $1.21 billion to $1.25 billion <a href="https://www.benzinga.com/calendars/guidance">and against the $1.243 billion consensus.</a>
The company anticipates adjusted EPS of $2.60 to $2.75 in 2024, compared to the prior range of $2.55 to $2.75 and against the $2.74 consensus.
Comparable store sales are now expected to range from a decrease of 1.5 percent to an increase of 1 percent.
&#8220;Our long-term strategies to increase sales and drive profitability are working, and we are well positioned to further increase shareholder value and execute on our vision to be the nation&#8217;s leading family footwear retailer,&#8221; Worden added.
Price Action: SCVL shares are trading higher by 12.9% to $42.38 at last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40718185/could-august-jobs-numbers-keep-recession-fears-at-bay-this-time-is-different-analys" target="_blank" rel="noreferrer noopener">Could August Jobs Numbers Keep Recession Fears At Bay? ‘This Time Is Different,' Analyst Says</a></li>
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Shoe Carnival Kicks Up Strong Q2 Sales, Beats Expectations Amid Retail Rollercoaster

Shoe Carnival shares are trading higher after the company reported better-than-expected Q2 revenue results. Also, the company raised its FY24 guidance and issued Q3 net sales guidance above estimates.

Wall Street&#8217;s mood may continue to be jittery, with the index futures trading narrowly mixed in early trading. The uncertainty ahead of <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40718185/could-august-jobs-numbers-keep-recession-fears-at-bay-this-time-is-different-analys">Friday&#8217;s non-farm payrolls report </a>has proved to be the dampener much of the week. The weekly jobless claims and a duo of service sector readings due for the day could nudge the major indices in either of the directions depending on how they pan out.
Companies with exposure to artificial technology could come under pressure amid negative reactions to earnings from C3.ai, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AI#NYSE">AI</a>). Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), though, is modestly higher. Crude oil futures rebounded and gold futures are also firmer. The CBOE Volatility Index, aka VIX, is settling down after its recent spike. Traders may also prefer to keep an eye on the bond yields amid rising recession worries.
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<td>Performance (+/-)</td>
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<td>Nasdaq 100</td>
<td>-0.06%</td>
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<td>S&amp;P 500</td>
<td>+0.04%</td>
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<td>Dow</td>
<td>+0.09%</td>
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<td>R2K</td>
<td>-0.06%</td>
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In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.03% to $551.10 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) edged down 0.07% to $460.31, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks closed Wednesday on a mixed note as economic worries countered any upward bounce generated by bargain hunting that followed the recent declines. Stocks started off on a notably weaker note after the July job openings came in at the lowest since early 2021. The major averages cut their losses and moved higher in late-morning trading before reversing course and languishing in the red for much of the remainder of the session.
A late-session buying surge lifted the Dow Industrials into positive territory, while the S&amp;P 500 and the Nasdaq Composite indices closed modestly lower, but off the lows of the session.
Energy stocks fell by the most, and communication services and IT stocks also declined, while consumer staples, real estate and utility stocks gained ground.
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<td>Performance (+/)</td>
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<td>Nasdaq Composite</td>
<td>-0.30%</td>
<td>17,084.30</td>
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<td>S&amp;P 500 Index</td>
<td>-0.16%</td>
<td>5,520.07</td>
</tr>
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<td>Dow Industrials</td>
<td>+0.09%</td>
<td>40,974.97</td>
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<td>Russell 2000</td>
<td>-0.19%</td>
<td>2,145.22</td>
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Insights From Analysts:
Amid the fluid market condition, a fund manager is upbeat about the equity market performance. &#8220;September is off to a tough start, and uncertainty may remain high until the reaction to the Fed cut is in the bank,&#8221; said Louis Navellier, adding that, &#8220;history says that any month that starts with a +1% correction is higher by the end of the month, and no one would be surprised to see that, especially with the Fed cuts motivating all the cash on the sidelines to find a new home.&#8221;
&nbsp;LPL Financial Portfolio Strategist&nbsp;George Smith also commented on the September seasonality, stating it is not favorable to stocks with poor performance typically backloaded. That said the strategist sees some mitigating factors, including the interest rate trajectory. He noted that the September Federal Open Market Committee meeting takes place right at the start of the historically weak period for stocks in September. 
&#8220;We don't rule out the possibility of short-term weakness as markets could readjust having gotten slightly over their skis on the pace and number of rate cuts that the Fed will deliver,&#8221; Smith said. &#8220;Scanning out further, both post-election and fourth-quarter seasonality become more favorable stocks,&#8221; he added.
Upcoming Economic Data:
<ul>
<li>The Labor Department&#8217;s weekly jobless claims data due at 8:30 a.m. EDT will likely show that the number of individuals claiming unemployment benefits has dipped from 231,000 in the week ended Aug. 24 to 225,000 in the week ended Aug. 31. </li>
<li>The Labor Department&#8217;s revised second-quarter non-farm productivity and costs report is scheduled to be released, also at 8:30 a.m. EDT. The final second-quarter non-farm productivity growth is expected to be revised from a seasonally adjusted annualized quarter-over-quarter pace of 2.3% to 2.5%, up from 0.2% in the first quarter. Unit labor costs may have increased by 0.8% compared to the 0.9% preliminary estimate and a 4% increase in the first quarter.</li>
<li>S&amp;P Global will release its final service sector purchasing managers&#8217; index at 9:45 a.m. EDT. The consensus estimate calls for a reading of 55.1 for August, slightly lower than the flash estimate of 55.2, but from July&#8217;s 55.</li>
<li>The Institute for Supply Management is due to release its non-manufacturing PMI at 10 a.m. EDT. The non-manufacturing PMI, based on a nationwide survey, is expected at 51 compared to the July reading of 51.4.</li>
<li>The Energy Information Administration will release its weekly petroleum status report at 11 p.m. EDT.</li>
<li>The Treasury will auction four- and eight-week bills at 11 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>C3.ai plunged over 20% <a href="https://www.benzinga.com/premarket">in premarket trading </a>on the company&#8217;s quarterly results, and ChargePoint Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) fell over 8% and Hewlett Packard Enterprise Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPE#NYSE">HPE</a>) moved down a more modest 2.66%.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>), Science Applications International Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIC#NASDAQ">SAIC</a>) and Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) are among the companies reporting <a href="https://www.benzinga.com/earnings">quarterly results ahead of the market opening.</a></li>
<li>Those reporting after the close include Broadcom Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>), DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>), Smith &amp; Wesson Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>), Ubiquiti Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UI#NYSE">UI</a>) and Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets
Crude oil futures rebounded on Thursday and yet traded below $70-a-barrel and gold futures advanced. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose modestly toward the $57K level. The yield on the 10-year Treasury note remained unchanged at 3.768%. The yield curve, which represents the relationship between the 10- and 2-year Treasury yield, briefly reversed due to rising expectations of rate cuts, and the dis-inversion typically happens at the start of the resurrection. 
The Asian markets had a mixed outing on Thursday, as the yen&#8217;s continued strength exerted downward pressure on the Japanese markets, while some major markets in the region took encouragement from Wall Street closing off the lows of the session.
European stocks traded mostly lower in early trading.
Read Next:
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<li><a href="https://www.benzinga.com/news/24/09/40724455/peter-schiff-says-illusion-of-a-strong-labor-market-fading-faster-than-kamala-harris-post-convention">Peter Schiff Says &#8216;Illusion Of A Strong Labor Market&#8217; Fading Faster Than Kamala Harris&#8217; Post-Convention Popularity Spike As Job Openings Slide To Lowest In 3.5 Years</a></li>
</ul>
Lucky Photographer via Shutterstock

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Wall Street Futures Narrowly Mixed As Uncertainty Looms Ahead Of Jobless Claims Data, VIX Pulls Back: Analysts See Near-Term Weakness, But Calls For Post-Election Bump

Fiscal 2024&nbsp;Outlook
Based on year-to-date results and the comparable store sales growth achieved during Back-to-School, the Company is increasing&nbsp;guidance&nbsp;ranges as follows:
Net Sales:&nbsp;Increased range to&nbsp;$1.23 billion&nbsp;to&nbsp;$1.25 billion, representing growth of&nbsp;5 percent&nbsp;to&nbsp;6 percent&nbsp;versus Fiscal 2023. (Prior&nbsp;guidance&nbsp;range&nbsp;$1.21 billion&nbsp;to&nbsp;$1.25 billion)
Comparable Store Sales:&nbsp;Increased range to down&nbsp;1.5 percent&nbsp;to up&nbsp;1 percent&nbsp;versus Fiscal 2023 with expected growth of flat to up&nbsp;5 percent&nbsp;for combined&nbsp;Q3&nbsp;and&nbsp;Q4&nbsp;of Fiscal 2024 compared to prior year. (Prior&nbsp;guidance&nbsp;range down&nbsp;3 percent&nbsp;to up&nbsp;1 percent)
GAAP EPS:&nbsp;Increased range to&nbsp;$2.55&nbsp;to&nbsp;$2.70. (Prior&nbsp;guidance&nbsp;range&nbsp;$2.50&nbsp;to&nbsp;$2.70)
Non-GAAP EPS (&quot;Adjusted EPS&quot;):&nbsp;Increased range to&nbsp;$2.60&nbsp;to&nbsp;$2.75. (Prior&nbsp;guidance&nbsp;range&nbsp;$2.55&nbsp;to&nbsp;$2.75)
The Company notes that its Fiscal 2024 is a 52-week year and compares to a 53-week year in Fiscal 2023 and, combined with the impact of the retail calendar shift versus prior year, results in the loss of approximately&nbsp;$20 million&nbsp;in net sales in&nbsp;fourth quarter&nbsp;2024 compared to&nbsp;fourth quarter&nbsp;2023 with an estimated negative impact of approximately&nbsp;$0.10&nbsp;on EPS.

Shoe Carnival 2024 Outlook, Raised: Expects Net Sales $1.23B-$1.25B (Prior $1.21B-$1.25B) Vs. $1.243B Consensus; Sees Adj. EPS Of $2.60 -$2.75. (Prior $2.55-$2.75) Vs. $2.74 Consensus

Third Quarter&nbsp;2024 Update
Sales accelerated during the peak Back-to-School season and continued through the month of August. The Company achieved low-single digit comparable store sales growth for Fiscal August 2024, driven by growth of the children&#39;s and athletics categories.
The Company currently expects&nbsp;third quarter&nbsp;2024 net sales to be approximately&nbsp;$320 million. This expectation includes the impact of the retail calendar shift, which resulted in approximately&nbsp;$20 million&nbsp;in net sales moving out of&nbsp;third quarter&nbsp;2024 and into&nbsp;second quarter&nbsp;2024 as compared to prior year.
The Company currently expects GAAP EPS to be approximately&nbsp;$0.70&nbsp;in&nbsp;third quarter&nbsp;2024, with an income tax rate of approximately&nbsp;25 percent.

Shoe Carnival For Q3 Expects Net Sales Of~ $320M Vs. $321.5M Consensus, And GAAP EPS Of $0.70 Vs. $0.65 Consensus

Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) reported quarterly earnings of $0.83 per share which met the analyst consensus estimate. This is a 16.9 percent increase over earnings of $0.71 per share from the same period last year. The company reported quarterly sales of $332.696 million which beat the analyst consensus estimate of $330.050 million by 0.80 percent. This is a 12.93 percent increase over sales of $294.615 million the same period last year.

Shoe Carnival Q2 2024 Adj. EPS $0.83, Inline, Sales $332.696M Beat $330.050M Estimate

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page.</a>
<ul>
<li>B of A Securities cut the price target for PVH Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PVH#NYSE">PVH</a>) from $133 to $130. B of A Securities analyst Heather Balsky maintained a Buy rating. PVH shares fell 6.4% to close at $97.75 on Wednesday. <a href="https://www.benzinga.com/quote/PVH/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Rosenblatt lowered the price target for CrowdStrike Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRWD#NASDAQ">CRWD</a>) from $330 to $325. Rosenblatt analyst Catharine Trebnick maintained a Buy rating. CrowdStrike shares fell 2.1% to close at $264.20 on Wednesday. <a href="https://www.benzinga.com/quote/CRWD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Loop Capital raised Salesforce, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NYSE">CRM</a>) price target from $240 to $270. Loop Capital analyst Yun Kim maintained a Hold rating. Salesforce shares fell 2% to close at $258.90 on Wednesday. <a href="https://www.benzinga.com/quote/CRM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird boosted the price target for Veeva Systems Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VEEV#NYSE">VEEV</a>) from $245 to $251. Baird analyst Joe Vruwink maintained an Outperform rating. Veeva shares fell 0.5% to close at $199.35 on Wednesday. <a href="https://www.benzinga.com/quote/VEEV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Wells Fargo raised NVIDIA Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) price target from $155 to $165. Wells Fargo analyst Aaron Rakers maintained an Overweight rating. NVIDIA shares fell 2.1% to close at $125.61 on Wednesday. <a href="https://www.benzinga.com/quote/NVDA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Williams Trading raised Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) price target from $42 to $51. Williams Trading analyst Sam Poser maintained a Buy rating. Shoe Carnival shares fell 6.1% to close at $40.47 on Wednesday.<a href="https://www.benzinga.com/quote/SCVL/analyst-ratings"> See how other analysts view this stock.</a></li>
<li>Evercore ISI Group increased the price target for Spotify Technology S.A. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPOT#NYSE">SPOT</a>) from $420 to $460. Evercore ISI Group analyst Mark Mahaney maintained an Outperform rating. Spotify shares fell 0.6% to close at $337.56 on Wednesday. <a href="https://www.benzinga.com/quote/SPOT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley cut Equinor ASA (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQNR#NYSE">EQNR</a>) price target from $30.5 to $25.8. Morgan Stanley analyst Martijn Rats downgraded the stock from Equal-Weight to Underweight. Equinor shares closed at $27.10 on Wednesday. <a href="https://www.benzinga.com/quote/EQNR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Piper Sandler boosted Neurocrine Biosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NBIX#NASDAQ">NBIX</a>) price target from $131 to $159. Piper Sandler analyst David Amsellem upgraded the stock from Neutral to Overweight. Neurocrine Biosciences shares fell 18.9% to close at $123.76 on Wednesday. <a href="https://www.benzinga.com/quote/NBIX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>UBS raised HP Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HPQ#NYSE">HPQ</a>) price target from $34 to $37. UBS analyst David Vogt maintained a Neutral rating. HP shares fell 2.4% to close at $34.76 on Wednesday. <a href="https://www.benzinga.com/quote/HPQ/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying NVDA stock? Here&#8217;s what analysts think:
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="519" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29084447/image-297-1024x519.png" alt="" class="wp-image-520687" style="width:612px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29084447/image-297-1024x519.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29084447/image-297-300x152.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29084447/image-297-768x390.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/29084447/image-297.png 1301w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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NVIDIA To Rally Over 31%? Here Are 10 Top Analyst Forecasts For Thursday

Williams Trading analyst Sam Poser maintains Shoe Carnival (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) with a Buy and raises the price target from $42 to $51.

Williams Trading Maintains Buy on Shoe Carnival, Raises Price Target to $51

BNED

CHWY

CRMT

URBN

VSCO

WOOF

Shares of specialty retail companies are trading higher following recent CPI data.

Shoe Carnival, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) shares are trading<a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">&nbsp;higher after reporting first-quarter results.</a>
Net sales in first quarter results were $300.4 million,&nbsp;increasing 6.8%&nbsp;year over year.&nbsp;Revenues beat the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/b38981225/shoe-carnival-reports-first-quarter-fiscal-2024-results" rel="noreferrer noopener">street view of $294.54 million.</a>
Shoe Carnival&#8217;s inventory&nbsp;totaled&nbsp;$411.6 million in the quarter under review, an increase of&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">approximately $22.1 million year over year.</a>
Gross profit margin increased to 35.6% in the first quarter&nbsp;due to&nbsp;higher merchandise margins and leverage in buying, distribution, and occupancy on higher sales.
Operating income totaled $22.5 million and increased 7.5% year over year.
Shoe Carnival reported adjusted earnings per share of 64 cents, beating the street view of 59 cents.&nbsp;EPS growth in first quarter 2024 compared to prior year was primarily driven by&nbsp;the&nbsp;net sales performance and higher gross profit margin.
As of May 4, the company had grown to&nbsp;an all-time high of&nbsp;430 stores, with 371 Shoe Carnival stores, 31 Shoe Station stores, and the 28&nbsp;Rogan&#8217;s&nbsp;locations acquired in February 2024.
Shoe Carnival said&nbsp;it has&nbsp;its strategic growth roadmap&nbsp;to surpass 500 stores in 2028, including&nbsp;organic growth and strategic M&amp;A activity.
The company continues to expect total capital expenditures of&nbsp;$25 million&nbsp;to $35&nbsp;million in fiscal 2024 as the store modernization program nears completion.
Outlook:&nbsp;Shoe Carnival reiterated&nbsp;its FY24 adjusted EPS outlook of&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$2.55 &#8211; $2.75 versus the $2.63 estimate,</a>&nbsp;with net sales growth forecast of 4% to 6%.
Price Action: SCVL shares are trading higher by 5.5% to $36.29 at last check Thursday. 
Photo via Wikimedia Commons

Shoe Carnival +5% After Q1 Earnings - What's Going On?

Major U.S. index futures jumped early Thursday as Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) <a href="https://www.benzinga.com/news/earnings/24/05/38974130/nvidia-reports-beat-and-raise-q1-announces-150-dividend-hike-10-for-1-stock-split">earnings provided a shot in the arm for the market.</a> A couple of market-moving economic data on the job market and the manufacturing sector and a Federal Reserve official&#8217;s speech could also affect the day&#8217;s trading. Given the confounding rate outlook, the focus is likely to be squarely on these numbers to understand their implications for the Fed funds rate. A market strategist pointed to historical seasonal strength around May-end through early July.
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<tbody>
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<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.95%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.59%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.14%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.18%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a>&nbsp;trading on Thursday, the&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) climbed 0.56% to $532.82 and the&nbsp;Invesco QQQ ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) traded up 0.91% at $459.95 according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.</figcaption></figure>
Cues From Previous Session
U.S. stocks ended Wednesday&#8217;s session weaker, dragged by the minutes of the May Federal Open Market Committee meeting that suggested the central bank is resigned to the idea of staying &#8220;higher for longer.&#8221; As rate-cut bets unraveled, bond yields nudged up, creating additional selling pressure. Investors also preferred to remain cautious ahead of Nvidia&#8217;s earnings.
The averages opened on a narrowly mixed note and hugged the unchanged line until the afternoon. After declining sharply following the release of the minutes, they made good some of their losses by late trading and yet ended lower for the day.
Barring healthcare, industrial, and IT stocks, all other S&amp;P 500 sector classes ended in the red.
The major indices all settled off their all-time highs, although the Nasdaq Composite managed to hit an intraday high.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>-0.18%</td>
<td>16,801.54</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.27%</td>
<td> 5,307.01</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.51%</td>
<td>39,671.04</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.79%</td>
<td>2,081.71</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption"> Insights From Analysts:</figcaption></figure>
Carson Group&#8217;s Ryan Detrick on Wednesday shared a chart to suggest the market could go another leg up in the near term. Citing historical data, the strategist said, &#8220;The last week or so of May and early June tends to be a bullish time for stocks historically,&#8221; he said.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
<div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">The last week or so of May and early June tends to be a bullish time for stocks historically. <a href="https://t.co/GSfxuyrEaV">pic.twitter.com/GSfxuyrEaV</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1793272553680638202?ref_src=twsrc%5Etfw">May 22, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<figcaption class="wp-element-caption">While the market is cheering each piece of weak data, in the hope that it would prompt the Fed to lean toward a rate cut, too much bad news will ultimately be bad for the market, said Morgan Stanley&#8217;s Lisa Shalett. &#8220;History suggests that too much bad news eventually becomes just that — bad news — and investors risk being caught unprepared when the tide turns,&#8221; she said.</figcaption></figure>
&#8220;Our current focus is on U.S. consumers, whose spending powers more than two-thirds of the national economy. Data here paints an increasingly fragile backdrop,&#8221; she said, citing the recent sub-par University of Michigan consumer sentiment reading and weak April retail sales data.
Shalett mentioned the following as better bets during the fluid environment:
<ul>
<li> Companies with high-quality cash flows and achievable earnings targets.</li>
<li> investment-grade credit and a form of &#8220;insurance&#8221; via options on the VIX or puts on the S&amp;P 500</li>
<li>international equities and real assets, such as gold, real estate investment trusts, master limited partnerships, and commodities</li>
</ul>
Upcoming Economic Data:
<ul>
<li>The Labor Department is due to release its customary weekly jobless claims data at 8:30 a.m. EDT. Economists, on average, expect the number of individuals claiming unemployment benefits to come in at 220,000 for the week ended May 18, down slightly from 222,000 in the previous week.</li>
<li>S&amp;P Global will release its flash U.S. manufacturing and services purchasing managers&#8217; indices for May at 9:45 a.m. EDT. The consensus estimates call for the flash manufacturing PMI to remain unchanged at 50, a level that demarcates expansion and contraction, and the services PMI to edge up from 51.3 in April to 51.6 in May.</li>
<li>A Commerce Department report due at 10 a.m. EDT is expected to show new home sales coming in at a seasonally adjusted annual rate of 675,000 in April, down from the March reading of 693,000.</li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and 10-year TIPS at 1 p.m. EDT.</li>
<li>Atlanta Fed President Raphael Bostic is scheduled to speak at 3 p.m. EDT.</li>
</ul>
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>Nvidia rallied over 6.6% <a href="https://www.benzinga.com/premarket">in premarket trading</a> following its beat-and-raise quarter and copious shareholder returns. </li>
<li>Other stocks moving on earnings are Snowflake Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNOW#NYSE">SNOW</a>) (over 3%), V.F. Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VFC#NYSE">VFC</a>) (down over 14.50%) and Zuora, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ZUO#NYSE">ZUO</a>) (up over 10%).</li>
<li>Bilibili Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BILI#NASDAQ">BILI</a>), BJ&#8217;s Wholesale Club Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BJ#NYSE">BJ</a>), Medtronic plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MDT#NYSE">MDT</a>), NetEase, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTES#NASDAQ">NTES</a>) and Weibo Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WB#NASDAQ">WB</a>), Ralph Lauren Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RL#NYSE">RL</a>), Shoe Carnival, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SCVL#NASDAQ">SCVL</a>) are among the other <a href="https://www.benzinga.com/calendars/earnings">notable companies reporting before the market opens.</a></li>
<li>Those reporting after the close include Intuit Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/INTU#NASDAQ">INTU</a>), Ross Stores, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ROST#NASDAQ">ROST</a>), Workday, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDAY#NASDAQ">WDAY</a>) and Lions Gate Entertainment Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LGF#NYSE">LGF</a>).</li>
<li>News Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NWSA#NASDAQ">NWSA</a>) rallied over 7% on the news of an OpenAI partnership.</li>
</ul>
Commodities, Bonds, and Global Equity Markets:
Crude oil futures snapped a three-session losing streak and rose solidly, while gold futures pulled further back below the $2,400 level. The U.S. 10-year note yield fell 1.2 basis points to 4.422% and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) retreated below the $70,000 mark.
In Asia, Chinese and Hong Kong stocks fell sharply following recent gains, orchestrated by hopes of stimulus measures. The Australian and South Korean markets experienced more modest weakness, while most other major markets rallied, led by Japan.
European stocks saw tentative gains in early trading following the sharp pullback in the previous two sessions.
Read Next: <a href="https://www.benzinga.com/government/24/05/38978431/most-americans-think-economy-is-in-recession-under-biden-despite-hard-data-telling-different-story-w">Most Americans Think Economy Is In Recession Under Biden Despite Hard Data Telling Different Story: &#8216;We&#8217;re Not Feeling It Where I Live&#8217;</a>
Image via Shutterstock

BILI

NTES

NWSA

SNOW

WDAY

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