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As August is known to be, it's been a rough month-to-date for all three of those stock market benchmarks so far. This past week, the overall market was oversold, according to Jim Cramer's trusted S & P Oscillator. After Friday's strong finish, we'll see if the market's oversold condition abates as two major themes play out in the week ahead: Earnings from two Club names — Salesforce (CRM) and Broadcom (AVGO) — and key economic reports ahead of September's Fed meeting. Outside of the labor market and inflation, we'll also get a look at the housing market with the pending home sales on Wednesday. As we heard from fellow Club name Palo Alto Networks (PANW) last week, companies are growing more cautious and more closely scrutinizing large sales deals.
Persons: Jerome Powell's, Powell, it's, Jim Cramer's, Friday's, , It's, we've, we'll, we're, Salesforce, AVGO, We're, Brown, Forman, Campbell Soup, LULU, Jim Cramer, Jim, Angela Weiss Organizations: Nasdaq, Federal, Nvidia, Dow Jones, Broadcom, Fed, Labor, Club, Palo Alto Networks, VMWare, HEICO Corporation, Bank of Montreal, BMO, Bank of Nova, Hewlett Packard Enterprise, HP, PVH Corp, Patterson Companies, Veeva Systems, UBS, Academy Sports, Hormel, Signet Jewelers, Dell Technologies, Jim Cramer's Charitable, CNBC, Traders, New York Stock Exchange, AFP, Getty Locations: Jackson Hole , Wyoming, China, Bank of Nova Scotia, New York City
Barclays upgrades Grab Holdings to overweight from equal weight Barclays upgraded the Asian ride-hailing and food delivery company after its earnings report earlier this week. " Morgan Stanley upgrades Abercrombie & Fitch to equal weight from underweight Morgan Stanley upgraded the stock after its earnings report on Thursday. Needham reiterates Nvidia as buy After a transfer in analyst coverage, Needham said it's standing by its buy rating on the stock. " Barclays reiterates Ulta as overweight Barclays said Ulta is "best-in-class" after its earnings report on Thursday. Benchmark reiterates Imax as buy Benchmark said it's standing by its buy rating on Imax despite a report of a delay in film releases.
Persons: Baird, Jefferies, Ferrari, Morgan Stanley, Fitch, Piper Sandler, Piper, Needham, it's, Goldman Sachs, Goldman, Ulta, Oppenheimer Organizations: Google, Ferrari, Barclays, JPMorgan, Abercrombie, Citi, Marvel, Western Alliance, Nvidia, NVIDIA, Netflix, Occidental Petroleum, Microsoft, TAM Locations: Southeast Asia, Hollywood, NFLX
Chewy's portraits are popular on social media . We also spoke with four Chewy artists who talked on the condition of anonymity, citing fears of retaliation from Chewy and fellow portrait artists. The mysterious Chewy portrait artistFinding a Chewy artist is a lengthy quest for the most enduring online sleuths. Artists told Insider Chewy had withheld artists' information even when both the customer and the artist mutually requested the company share it. AnonymousThe Chewy artists Insider spoke with estimated that their 6-by-6-inch acrylic paintings would be worth between $50 and $70 each if they sold them independently.
Persons: Chewy, they're, Allison Gray, Gray, , I've, I'm Organizations: Service, Artists Locations: Wall, Silicon, Chewy
Several companies, ranging from under-the-radar biotech names to major software providers, could still rake in major gains this year, according to analysts from Needham. Investors can look to these names for some potential returns after witnessing a series of market losses this month. Analysts at the firm forecast 17% upside to the stock based on Tuesday's closing price. The company reported a beat on second-quarter earnings in July amid negative sentiment on the sector, analyst Ryan Koontz noted. Still, the analyst expects continued upside on revenue and earnings per share, driven by a strong rural fiber access market.
Persons: Needham, Biopharmaceuticals, Ami Fadia, MongoDB, Mike Cikos, Cikos, Ryan Koontz, — CNBC's Michael Bloom Organizations: Needham, Dow Jones, Nasdaq, Management, Education Locations: 2H23
CNBC Special Podcast: Making of the Meme King
  + stars: | 2023-07-26 | by ( ) www.cnbc.com   time to read: 1 min
When Ryan Cohen tweets, people react. His posts fuel frenzies among his fervent followers, sending retail investors on Twitter and Reddit searching for hidden messages and clues. He's also earned the titles of "Papa Cohen" and "Meme-Stock King" after word of his investments in both GameStop and Bed Bath & Beyond helped send those stock prices soaring. Cohen—a Canadian high school graduate turned entrepreneur and billionaire— co-founded the successful online pet supply company, Chewy, before becoming a new type of activist investor harnessing the power of technology and social media. CNBC Documentaries' Making of the Meme King delves into the mysteries surrounding Cohen—including questions about his rapid exit from Bed Bath & Beyond-- and explores how he might be changing the landscape of business and investing.
Persons: Ryan Cohen, He's, Papa Cohen, Cohen —, , Cohen Organizations: Twitter, GameStop, CNBC
A Lesson in Tender, Tangy Lemon Bars
  + stars: | 2023-07-24 | by ( Genevieve Ko | More About Genevieve Ko | ) www.nytimes.com   time to read: +1 min
I had no idea what lemon bars were. My classmates said that my new school would turn my Chinese American self into a banana or a Twinkie — yellow on the outside, white within. Because the lemon bars didn’t taste like a loss of identity, but an expansion of it. But from-scratch treats from midcentury Americana were foreign to me — and lemon bars tasted especially mysterious, at once sour and sweet, rich and sharp. The next year, Betty Crocker’s “Cooky Book” included a recipe for Lemon Squares, which extended its popularity beyond local community cookbooks.
Persons: Eleanore Mickelson, Betty Crocker’s “ Organizations: Chicago Tribune Locations: East Asia, Mexico, Eden, Los Angeles
Amy Siewe participated in the 2019 Florida Python Challenge and it inspired her to change her life. After my first python hunt in Florida in 2019, I knew I'd found my calling. Why I hunt pythonsMy fascination with snakes started when I was very young. People don't always understand why I hunt pythons when I love snakes. I'm all signed up and ready for the annual Florida Python Challenge, too.
Persons: Amy Siewe, I'd, I'm, Hurricane Andrew, they'll, It's, who've, I've, there's Organizations: Service, Hurricane, . People, American Veterinary Association Locations: Florida, Indiana, Wall, Silicon, Naples , Florida, Southeast Asia
Chewy — Shares jumped more than 5% after Goldman Sachs upgraded them to buy from neutral. Paramount Global — Shares of the entertainment company fell 2.8% in premarket trading after the latest installment in the "Mission: Impossible" franchise underperformed expectations at the box office. State Street — The financial giant slipped about 2% in premarket trading. The stock was downgraded by JPMorgan to underweight from neutral following State Street's earnings release Friday. Figs — Shares of the apparel company fell 4.6% in premarket trading after Raymond James downgraded Figs to market perform from outperform.
Persons: Goldman Sachs, Morgan Stanley, Yelp, Goldman, Tesla, Raymond James, , Jesse Pound, Hakyung Kim, Michael Bloom Organizations: Activision, Warfare, Microsoft, Sony, PlayStation, Activision Blizzard, PepsiCo, Paramount, Variety, Citi, JPMorgan, State Street's
"We are initiating coverage with an ONON with an Outperform rating and $38 price target. Citi opens a positive catalyst watch on Valvoline Citi opened a positive catalyst watch on Valvoline and says it has robust fundamentals. "We open a 30-day upside catalyst watch based on strong fundamentals and the stock's relative under-performance post completion of the Dutch tender offer on 6/8." Citi opens a positive catalyst watch on Bank of New York Mellon Citi opened a positive catalyst watch on the investment bank ahead of earnings Tuesday. Morgan Stanley reiterates Apple as overweight Morgan Stanley raised its price target on Apple to $220 from $190 and says India is the company's "next frontier."
Persons: TD Cowen, Cowen, Goldman Sachs, it's, Wells, Tesla, Wells Fargo, Morgan Stanley, Apple, Morgan Stanley downgrades Conagra, Morgan Stanley downgrades Pepsi, Raymond James downgrades, Raymond James, Bernstein, Aramark, Oppenheimer Organizations: Citi downgrades AT, Citi, Valvoline Citi, Bank of New York Mellon Citi, BK, Nvidia, Deutsche Bank, Netflix, Baidu, Apple, Pepsi, Barclays, LT, JPMorgan, Bank of America, Zynga, NXP Semiconductors, Intel Citi, Intel, AMD, Meta, Suisse, Arista Networks, ISI Locations: eCommerce, China, India, Apple India
Investors should buy shares of underperforming Chewy as the pandemic-driven consumer base matures and the company's earnings outlook improves, according to Goldman Sachs. Analyst Eric Sheridan upgraded pet supplies e-commerce stock Chewy to buy from neutral and raised his price target by $8 to $50. With this target, Sheridan thinks the stock can rally 31.6% over the next year from where it ended Friday. The stock has underperformed the S & P 500 this year, up just 2.5%. Margins should also get a boost as the company improves its supply chain and increases automation at fulfillment centers.
Persons: Goldman Sachs, Eric Sheridan, Sheridan, Chewy, — CNBC's Michael Bloom Locations: Monday's premarket
A freshly ground masa tortilla, as it cooks on a comal, inflates as the steam inside pushes apart the sides and releases an intoxicating toasted corn aroma. It actually tastes like nutty, earthy corn, with a soft, chewy texture and almost custardy center. And its role is not just to transport a taco filling and salsas from your plate to your mouth, but to complement and ground the bright, acidic and spicy flavors with something rich and soothing, familiar and homey. The chef Fermín Núñez of Suerte, in Austin, Texas, considers masa “the canvas of what Mexican cooking is all about.”“Without masa,” he said, “there’s no tortillas, and, without tortillas, there’s no tacos!”When it opened in 2018, Suerte was one of the few restaurants in the country making masa from heirloom varieties of corn and using it to make tortillas, tlacoyos, tlayudas, tamales and taquitos. “I wanted to create a restaurant that was obsessed with creating the best masa from corn that was grown in Texas,” he said, adding he hoped to make “a tortilla that was unique to us but reminded you of the best ones you’ve had in Mexico.”
Persons: Fermín, masa, , , Suerte, you’ve Locations: Austin , Texas, Texas, Mexico
Her elegantly narrow sliver of torte plays a dark-chocolate filling against a darker chocolate glaze. More surprisingly, she has finally figured out what to do with white chocolate: It is caramelized and made into a dense pudding that looks a bit like a cappuccino, and tastes more like one than whatever it is white chocolate usually tastes like. The kitchen is at the end of the room, where cooks slide pans in and out of the mouth of the oven in a gleaming wall of white tile. Follow New York Times Cooking on Instagram, Facebook, YouTube, TikTok and Pinterest. Get regular updates from New York Times Cooking, with recipe suggestions, cooking tips and shopping advice.
Persons: Mick Organizations: New York Times, Facebook, YouTube
Petco collaborates with Snoop Dogg in new pet-care campaign
  + stars: | 2023-06-14 | by ( Yuheng Zhan | ) www.cnbc.com   time to read: +2 min
Petco teams up with hip-hop icon Snoop Dogg for an innovative pet-care campaign. Petco has partnered with hip-hop icon Snoop Dogg for a new pet-care campaign, the company said Wednesday. The collaboration features Petco Picks by Snoop, which include toys, treats and grooming supplies, and offers social content showcasing behind-the-scenes footage of Snoop Dogg with pets, including his reflections on being a devoted dog owner, Petco said in a press release. "My pets gotta look good, feel good, smell good," Snoop Dogg said. The campaign's first ad showcases Snoop Dogg as the human form of a Doberman Pinscher, a nod to the rapper's 1993 hit "Who Am I?
Persons: Snoop, Petco, Snoop Dogg, Katie Nauman, Ron Coughlin, Chewy Organizations: American Pet Products Association, U.S . Department of Labor, Vital Care
June 8 (Reuters) - GameStop (GME.N) sank nearly 20% on Thursday and was set for its worst session in two years after the surprise exit of a CEO handpicked to lead its online expansion fanned concerns about the videogame retailer's ailing business. The ousting of former Amazon.com executive Matt Furlong came alongside top shareholder Ryan Cohen's appointment as the executive chairman of a company that he turned into a favorite of meme-stock traders with promises of a digital pivot. Over the last 5 years, GameStop has had 5 CEOs and 3 CFOs." The company's shares have dropped nearly 80% from the $120.75 peak they hit during that meme-stock saga of 2021. "The lack of a clear direction and the callous termination of Furlong all but ensures Cohen will have difficulty attracting a qualified replacement."
Persons: Matt Furlong, Ryan Cohen's, Andrew Uerkwitz, Jefferies, Michael Pachter, Furlong, Cohen, Akash Sriram, Devika Organizations: GameStop, Wedbush Securities, Thomson Locations: Bengaluru
GameStop terminates Matt Furlong as CEO
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: 1 min
June 7 (Reuters) - GameStop (GME.N) said on Wednesday Matt Furlong has been terminated as CEO and the board has appointed billionaire Ryan Cohen as Executive Chairman, effective immediately. Shares of the company fell over 5% in extended trading. Billionaire investor Cohen, who co-founded online pet products retailer Chewy, has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Matt Furlong, Ryan Cohen, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Billionaire, Thomson Locations: Texas
GameStop terminates Matt Furlong as CEO; shares plummet
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: +1 min
June 7 (Reuters) - GameStop (GME.N) fired CEO Matt Furlong two years after hiring him and appointed billionaire Ryan Cohen as executive chairman, sending the company's shares down 18% in extended trading..A former executive at Amazon.com (AMZN.O), Furlong joined GameStop in 2021, just months after the company was at the center of a "meme-stock" trading frenzy where a bunch of social media-armed traders talked up the value of the stock. The company also posted its fourth consecutive fall in quarterly revenue and missed market estimates, as consumers dialed back non-essential spending in an uncertain economy. The videogame retailer reported revenue of $1.24 billion for the quarter ended April 29, compared with analysts' average estimate of $1.36 billion, according to Refinitiv. Billionaire investor Cohen, who co-founded online pet products retailer Chewy (CHWY.N) , has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Matt Furlong, Ryan Cohen, Furlong, Refinitiv, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Thomson Locations: Texas
Gamestop fires CEO as Q1 earnings released
  + stars: | 2023-06-07 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +2 min
CNN —GameStop fired its CEO, Matt Furlong, and elevated Ryan Cohen to executive chairman, the company announced on Wednesday. GameStop (GME) also reported a net loss of $50.5 million, compared to a net loss of $157.9 million in the first quarter of 2022. The loss comes just a few months after GameStop (GME) reported its first quarterly profit in two years. Shares of GameStop tumbled nearly 20% in after-hours trading on the news of the company’s financial results and C-suite shakeup. During this period, GameStop’s stock surged to an all-time intraday high of $483, before falling.
Persons: Matt Furlong, Ryan Cohen, Furlong, Dean Lewins, Chewy, , Organizations: CNN, GameStop, Securities and Exchange Commission, GameStop’s, Bed, AMC Entertainment
How GameStop's Ryan Cohen became the 'meme king'
  + stars: | 2023-06-07 | by ( Amanda Winograd | ) www.cnbc.com   time to read: +2 min
"I'm worried that when they see someone talking about how Ryan Cohen isn't god and their conspiracy theories aren't correct, they will see a target that needs to be taken down for the better good. And on this spectrum of delusion — because you must be delusional to believe in these conspiracy theories — there will be people on the extreme end of that delusion." The conspiracy theories Evan refers to can be traced to the beginning of the meme-stock movement in 2021 and to GameStop, the original meme stock. Prior to jumping into GameStop, Cohen had co-founded pet food retailer Chewy and then became an activist investor. Cohen "came across that he was on the side of retail investors," said Arfan, a Reddit user who invested in GameStop at the time.
Persons: Chewy, Ryan Cohen, Evan, I'm, Brandon, Cohen Organizations: GameStop, CNBC
Crowning the Meme King
  + stars: | 2023-06-02 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCrowning the Meme KingUnconventional entrepreneur Ryan Cohen, best known for co-founding online pet supply retailer, Chewy, makes his first foray into activist investing with GameStop. The results are unprecedented and remarkable. Watch Making of the Meme King Tuesday, June 6 at 10pm ET on CNBC.
Persons: Ryan Cohen Organizations: GameStop, CNBC
A Buy Buy Baby store in the Brooklyn borough of New York, US, on Monday, Feb. 6, 2023. That's where Buy Buy Baby – and its long-held name recognition – would come in. "We have tremendous trust with new and expecting parents but Buy Buy Baby is much better known with kind of that older generation," she said. The crown jewel of Bed Bath & BeyondThis is not the first time Buy Buy Baby has seen sale interest. Buy Buy Baby has remained a bright spot in Bed Bath & Beyond's otherwise dismal earnings reports in recent years.
Persons: Stephanie Keith, Natalie Gordon, It's, Gordon, Babylist, it's, , Ryan Cohen, Chewy, Cohen Organizations: Bloomberg, Getty, Bed, CNBC, Capital Advisors, GameStop, & $ Locations: Brooklyn, New York, Bed Bath, Beverly Hills , California, Bath
June 1 (Reuters) - Shares of Chewy Inc (CHWY.N) rose nearly 20% in premarket trading on Thursday after the online pet supplies retailer raised its annual revenue forecast and said it would enter the Canadian market. The company posted a surprise profit for the first quarter as its sales benefited from strong customer loyalty, prompting at least two brokerages to raise their price target. "Canadian marketplace represents upwards of $15 billion in annual pet sales and is ~10% points underpenetrated online vs. the U.S.," said Roth MKM in a note. The company now expects its full-year revenue between $11.15 billion and $11.35 billion, compared with its prior forecast range of $11.10 billion to $11.30 billion. Excluding items, the company posted net income per share of $0.20 for the first quarter, compared with analysts' expectations of a loss of $0.04 per share.
Persons: Chewy, Roth, Ryan Cohen, Sumit Singh, Vansh Agarwal, Shweta Agarwal Organizations: Chewy Inc, Thomson Locations: Canada, U.S, Bengaluru
Dollar General — Shares sank nearly 20% after the company reported an earnings and revenue miss for the first quarter. Its second-quarter revenue guidance also beat expectations, per StreetAccount. The company also reduced its full-year revenue guidance in the low single-digits range from the prior midsingle-digit range estimates. The drop in shares came as cost concerns and dwindling demand for consulting deals overshadowed better-than-expected results and an improved full-year earnings outlook. The company also raised its full-year earnings per share guidance.
Persons: Chewy, Hormel, Wednesday's, CrowdStrike, Salesforce, Okta, JPMorgan Chase, Veeva, Samantha Subin, Yun Li, Alex Harring, Tanaya Macheel Organizations: StreetAccount, Revenue, Refinitiv, JPMorgan, Veeva Systems, Saudi Arabia's Public Investment Fund, Barclays Locations: Vallejo , California
Macy's also slashed its full-year earnings and sales guidance, after "demand trends weakened" for discretionary items in March. Dollar General — Shares tumbled 9% after the company reported an earnings and revenue miss for the first quarter. The lingerie retailer reduced its full-year revenue guidance in the low-single digits range from the prior mid-single digit range estimates. Veeva also raised its full-year earnings per share guidance by 26 cents. The company's full-year revenue guidance also topped analysts' estimates.
Persons: Nordstrom, Nordstrom's, Salesforce, Okta, Okta's, Macy's, CrowdStrike's, Refinitiv, Veeva, Macheel, Samantha Subin, Jesse Pound, Michelle Fox Organizations: BMO Capital, Saudi Arabia's Public Investment Fund, Chewy, , JPMorgan, CSX, UBS, Systems Locations: New York City, Canada
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe're seeing tremendous consumer resilience in the pet sector, says Chewy CEO Sumit SinghSumit Singh, Chewy CEO, joins 'Closing Bell Overtime' to discuss the company's Q1 results, the resulting stock reaction, and its move into pet healthcare.
Persons: Sumit Singh Sumit Singh
A dog sits in front of the New York Stock Exchange during Chewy Inc.'s initial public offering, June 14, 2019. Shares of Chewy surged more than 13% in extended trading Wednesday after the pet retailer posted earnings that beat Wall Street's estimates. Sales rose to $2.78 billion, up 14.7% from $2.43 billion a year earlier. Net sales per active customer and sales from autoship customers reached record highs in the quarter, Chewy said in a press release. The earnings beat comes after the retailer posted its first annual profit at the close of fiscal 2022 earlier this year, but noted the pet industry was seeing softness in discretionary and hard goods categories, which carry higher margins than consumables such as pet food.
Persons: Chewy Organizations: New York Stock Exchange, Chewy Inc, Refinitiv
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