Zumiez (NASDAQ:ZUMZ) Stock, Quote.Headers.trade-ideas

Zumiez

Zumiez Inc is a United-States-based specialty retailer engaged in the sale of apparel, footwear, accessories, and hard goods. The company provides merchandise with cultural elements coming from fashion, music, art from action sports, streetwear, and other lifestyles. The company operates under the brands Zumiez, Fast Times, and Blue Tomato, and through both physical stores and websites. The majority of the company's stores are located in the U.S., with the rest in Canada, Australia, and Europe. The U.S. market contributes to the majority of the company's revenue.

Dollaro in calo e azioni in rialzo: analisi post-IPP

News

Intraday Update

Markets

Movers

Trading Ideas

BOWL

GWRE

PACB

PSNY

SMAR

TVTX

ZUMZ

Quanex Building Products Posts Better-Than-Expected Results, Joins Zumiez, Guidewire Software, Smartsheet And Other Big Stocks Moving Higher On Friday

Wall Street US stocks

Earnings

Equities

Futures

Previews

Economics

Federal Reserve

Pre-Market Outlook

Tech

$BTC

AVGO

PATH

SWBI

The non-farm payrolls data is keeping traders on the tenterhook and the index futures point to a negative opening on Friday.

US Stocks Set For Steep Fall Amid Heightened Anxiety Ahead Jobs Data, VIX Surges: Strategist Flags 2 Reasons Why He Expects More Volatility Ahead

Wall Street

CHPT

DOCU

NVDA

SAIC

SCVL

Wall Street’s mood may continue to be jittery, with the index futures trading narrowly mixed in early trading.

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

Zumiez Inc

B. Riley Securities analyst Jeff Van Sinderen maintains Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) with a Neutral and raises the price target from $20 to $25.

Price Target

Analyst Ratings

B. Riley Securities Maintains Neutral on Zumiez, Raises Price Target to $25

U.S. stocks were mixed, with the Nasdaq Composite falling around 150 points on Friday.
Shares of Quanex Building Products Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NX#NYSE">NX</a>) rose sharply during Friday's session after the company reported better-than-expected third-quarter financial results and issued <a href="https://www.benzinga.com/quote/NX/earnings">FY24 guidance above estimates.</a>
Quanex Building Prods reported quarterly earnings of 73 cents per share which beat the analyst consensus estimate of 70 cents per share. The company reported quarterly sales of $280.300 million which beat the analyst consensus estimate of $278.457 million.
Quanex Building Products shares jumped 19.9% to $29.80 on Friday.
Here are some other big stocks recording gains in today's session.
<ul>
<li>Argan, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AGX#NYSE">AGX</a>) gained 28.4% to $91.64 after the company reported better-than-expected second-quarter financial results.</li>
<li>Travere Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TVTX#NASDAQ">TVTX</a>) shares rose 15.3% to $11.45 after the company announced it that the FDA has granted full approval to FILSPARI to slow kidney function decline in adults with primary IgAN who are at risk of disease progression. Also, HC Wainwright &amp; Co maintained a Buy rating on the stock and raised its price target from $20 to $23.</li>
<li>Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) rose 15.3% to $29.67 following quarterly results.</li>
<li>Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>) gained 15% to $44.58 after the company reported better-than-expected quarterly financial results and raised its FY25 guidance.</li>
<li>Pacific Biosciences of California, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PACB#NASDAQ">PACB</a>) gained 14.6% to $1.6050.</li>
<li>Guidewire Software, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GWRE#NYSE">GWRE</a>) rose 13.9% to $163.94 after the company reported better-than-expected quarterly financial results. Also, Oppenheimer and Baird maintained an Outperform rating on the stock and raised their respective price targets.</li>
<li>Bowlero Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BOWL#NYSE">BOWL</a>) climbed 13.5% to $12.25 after the company reported better-than-expected fourth-quarter sales results and issued FY25 revenue guidance above estimates.</li>
<li>Polestar Automotive Holding UK PLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PSNY#NASDAQ">PSNY</a>) gained 9.7% to $1.4485.</li>
<li>Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>) rose 9.6% to $54.11 following better-than-expected quarterly financial results. The company also raised its FY25 EPS outlook.</li>
<li>Brady Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRC#NYSE">BRC</a>) gained 6.8% to $76.75 after the company reported better-than-expected quarterly adjusted EPS results. Also, the company authorized an additional $100 million of shares for repurchase.</li>
<li>NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) rose 6% to $5.14 after JP Morgan upgraded the stock from Neutral to Overweight and raised its price target from $5.30 to $8.</li>
</ul>
Now Read This: 
<ul>
<li><a href="https://www.benzinga.com/news/24/09/40748814/top-4-financials-stocks-that-may-crash-this-month">Top 4 Financials Stocks That May Crash This Month</a></li>
</ul>

The <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">non-farm payrolls data is keeping traders on the tenterhook</a> and the index futures point to a negative opening on Friday. The caveat here is the the market mood could quickly pivot to positivity if the job gain comes in line with expectations. Following the data, traders get to hear from two Federal Reserve officials, possibly the last ones ahead of the Sept. 17-18 Federal Open Market Committee Meeting, given the blackout period starts on Saturday. 
The market direction depends on which worries the traders the most &#8211; a slowdown or the rate trajectory. If the job gains grossly disappoint just as its ADP counterpart did, the odds of a 50 basis-point could be in play. But it remains to be seen whether a weak job market would be considered a reason good enough to liquidate risky bets. The CBOE Volatility Index, commonly called the VIX, spiked by over 13%.
On the corporate front, Broadcom Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVGO#NASDAQ">AVGO</a>) soft guidance is weighing down on the chipmaker&#8217;s stock and that of its peers as well. 
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-1.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.63%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.33%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.51%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) plunged 0.61% to $546.24 and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) slumped 1.05% to $456.21, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Session:
U.S. stocks went about in a listless manner on Thursday as traders digested a weak ADP private payrolls number, fairly in-line initial jobless claims data and better-than-expected service sector activity readings. After a negative open, the major indices recovered and rose in the morning session. Lingering worries about Friday&#8217;s payroll numbers dragged the market lower yet again and the indices began to move in a lackluster manner before closing mixed. 
Gains in some heavy-weighted tech stocks lifted the Nasdaq to a higher close, as it snapped a two-session losing streak, while the S&amp;P 500 Index finished with a modest loss. The 30-stock Dow Jones Industrial Average and the small-cap Russell 2,000 Index settled moderately lower.
Eight of the 11 S&amp;P 500 sectors finished in the red, with industrial, material healthcare and financial stocks seeing marked weakness. On the other hand, consumer discretionary, communication services and IT stocks found some buying interest.
<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>+0.25%</td>
<td>17,127.66</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.30%</td>
<td>5,503.41</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.54%</td>
<td>40,755.75</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.61%</td>
<td>2,132.05</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
After August proved to be a wild month for stocks, September has so far lived up to expectations of being a seasonally weak month, and an analyst cautioned that the near term does not hold out much promise. LPL Financial Chief Technical Strategist Adam Turnquist said the S&amp;P 500&#8217;s recovery has stalled just under its record highs hit in mid-July. 
The index stalled just around its 20- and 50-day simple moving averages. Turnquist noted that there is a price gap at 5,455 and further down, it has support around its August low of 5,119. In the event of a rally August and July highs of 5,648 and 5,667, respectively, will serve as resistances, he added.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="536" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06044452/image-1-11-1024x536.png" alt="" class="wp-image-533772" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06044452/image-1-11-1024x536.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06044452/image-1-11-300x157.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06044452/image-1-11-768x402.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/06044452/image-1-11.png 1461w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Source: TradingView
&#8220;Momentum indicators have turned bearish, and signs of defensive leadership have begun to emerge, pointing to more volatility ahead,&#8221; Turnquist said, adding that &#8220;breakdowns in longer-duration Treasury yields, crude oil, and copper, along with a simultaneous breakout in gold, provide a warning sign of rising risks to an economic soft landing.&#8221;
Upcoming Economic Data:
<ul>
<li>The August non-farm payrolls report, due to be released by the Bureau of Labor Statistics at 8:30 a.m. EDT, is widely expected to show that 161,000 jobs were added during the month, an increase from 114,000 jobs added in July. The jobless rate is expected to tick down from 4.2% to 4.3%. The average hourly wages, an inflation measure, may have increased by 3.7%, slightly up from the 3.6% growth in July.</li>
<li>New York Fed President John Williams is due to speak at 8:45 a.m. EDT and Fed Governor Christopher Waller at 11 a.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>Broadcom fell about 8%<a href="https://www.benzinga.com/premarket"> in premarket trading</a> as traders reacted negatively to the chipmaker&#8217;s fourth-quarter revenue guidance. </li>
<li>Other stocks moving on earnings are Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>) (up about 4%), Smith &amp; Wesson Brands, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWBI#NASDAQ">SWBI</a>) (down over 7%), UiPath Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PATH#NYSE">PATH</a>) (over 9%) and Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) (up over 4%).</li>
<li>ABM Industries Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>) and Genesco Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GCO#NYSE">GCO</a>) are among the companies reporting <a href="https://www.benzinga.com/earnings">quarterly results ahead of the market opening.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures moved sideways under the $70 level and gold futures are modestly higher, approaching the $2,550 level, while Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded below $56K level and were lower. The 10-year Treasury note yield slid 3.4 points to 3.699%. 
Most Asian markets fell sharply ahead of the U.S. jobs data, while Hong Kong did not trade due to Super Typhoon Yagi threat. European stocks also pulled back sharply in early trading.
Read Next:
<ul>
<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>

Guidance

Zumiez Sees Q3 Net Sales $221M-$225M, EPS $(0.04)-$0.06

Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) reported quarterly losses of $(0.04) per share which beat the analyst consensus estimate of $(0.24) by 83.33 percent. The company reported quarterly sales of $210.200 million which beat the analyst consensus estimate of $201.965 million by 4.08 percent. This is a 8.11 percent increase over sales of $194.438 million the same period last year.

Earnings Beats

Zumiez Q2 2024 GAAP EPS $(0.04) Beats $(0.24) Estimate, Sales $210.2M Beat $201.965M Estimate

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.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.06%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.04%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.09%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.06%</td>
</tr>
</tbody>
</table>
</figure>
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.
<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>-0.30%</td>
<td>17,084.30</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.16%</td>
<td>5,520.07</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.09%</td>
<td>40,974.97</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.19%</td>
<td>2,145.22</td>
</tr>
</tbody>
</table>
</figure>
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:
<ul>
<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

Zumiez Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zumz#NASDAQ">ZUMZ</a>) reported better-than-expected results in first-quarter fiscal 2024. Also, sales beat the Zacks Consensus Estimate. The bottom line compared favorably with the respective year-ago fiscal quarter&#39;s reported figure, while the top line dipped year over year. 
Over the past three months, shares of this Zacks Rank #3 (Hold) company have gained 19.3% compared with the industry&#39;s 13% growth.
<h3>Results in Detail</h3>
Zumiez posted a quarterly loss of 86 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.14 per share. The bottom line improved from a loss of 96 cents per share reported in the year-earlier quarter. 
Total net sales of $177.4 million surpassed the consensus estimate of $174 million but dipped 3% from the year-ago period&#39;s reading. Comparable sales also dropped 2.4%, affected by lower transactions, somewhat offset by growth in dollars per transaction. Dollars per transaction were up on increased average unit retail and rise in units per transaction.
<div class="chart_embed">
<h3>Zumiez Inc. Price, Consensus and EPS Surprise</h3>
<a href="https://www.zacks.com/stock/chart/ZUMZ/price-consensus-eps-surprise-chart?icid=chart-ZUMZ-price-consensus-eps-surprise-chart"><img alt="Zumiez Inc. Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/8c/1717767211.png" style="height:265px; width:580px" title="" /> </a>
Zumiez Inc. price-consensus-eps-surprise-chart | Zumiez Inc. Quote
</div>
We note that results were driven by North America as comparable sales for the region were positive for the first time since 2021, led by the men&#39;s business. The men&#39;s business was up year over year for the second straight quarter. The company&#39;s women&#39;s business performed well while hardgoods was under pressure. Zumiez witnessed higher average unit retail and units per transaction, offset by a decline in transactions. Merchandise margins were higher year over year. Growth in North America was offset by lower sales across the international markets. 
From a regional perspective, North America&#39;s net sales were $142.7 million, down 0.9% from the year-ago fiscal quarter&#39;s tally. Other international sales, comprising Europe and Australia, were $34.7 million, down 10.8% from the year-ago quarter&#39;s level. We had anticipated North America&#39;s net sales to be $140.1 million and the other International sales to be $31.6 million. 
Excluding the impacts of foreign currency translations, North America&#39;s net sales fell 0.9%, while other International net sales slipped 10.6% from the fiscal 2023 readings. Comparable sales for North America inched up 0.3%, while the metric for other international tumbled 13%. 
Regarding sales by category, men&#39;s was the largest segment to report positive comparable sales, followed by women&#39;s. However, hardgoods was the negative comping category, followed by accessories and footwear.
<h3>Margins &amp; Costs</h3>
Gross profit jumped 5.1% year over year to $51.9 million from $49.4 million reported in the year-ago quarter. The gross margin expanded 230 basis points (bps) to 29.3%. The improvement in the gross margin stemmed from several factors. These factors included an increase of 70 bps in product margin, 20 bps of leveraged distribution center costs and 70 bps of lower shipping costs. Further, a 20-bps fall in store occupancy costs and gains of 60 bps from a mix shift away from service and related shipping revenues in the year-ago results aided the gross margin. We anticipated the gross margin to remain flat year over year at 27%. 
Selling, general and administrative (SG&amp;A) expenses rose nearly 2% from the year-ago fiscal quarter&#39;s tally to $72.1 million. As a percentage of sales, SG&amp;A expenses increased 190 bps to 40.6% from the year-ago quarter, owing to a 60-bps increase in annual incentive compensation and 50 bps rise related to the timing of employee training, which is likely to be favorable in the fiscal second quarter. Further, wage rate increases coupled with 50 bps of non-store wages and 40 bps of store wages lead to higher SG&amp;A as a rate of sales. We anticipated SG&amp;A expenses to rise 6.9% to $75.6 million and the metric, as a rate of sales, to increase 530 bps year over year to 44%. 
Zumiez reported an operating loss of $20.2 million, which is narrower than the operating loss of $21.4 million recorded in the year-ago fiscal quarter. Our model expected an operating loss of $29.2 million.
<h3>Financial Updates</h3>
As of May 4, ZUMZ had cash and current marketable securities of $146.6 million compared with $155.3 million as of Apr 29, 2023. The decline was due to capital expenditures of $17.5 million, somewhat offset by cash flow from operations of $9.1 million. It had no debt at the end of the quarter. 
Total shareholders&#39; equity was $337.3 million. The company ended the fiscal first quarter with $146.8 million in inventory, down 0.7% from the year-ago quarter&#39;s figure. 
On Jun 5, the company approved repurchases of up to a total of $25 million of common stock. This program is likely to continue through Jun 30, 2025, unless the period is extended or shortened by the company&#39;s board. 
As of Jun 1, Zumiez operated 751 stores, including 593 in the United States, 47 in Canada, 86 in Europe and 25 in Australia. Management intends to open roughly 10 stores in fiscal 2024, comprising up to three stores in North America, three in Europe and four in Australia. The company anticipates closing 20-25 underperforming stores.
<h3>Other Updates</h3>
For the fiscal second quarter spanning four weeks and concluding on Jun 1, 2024, net sales rose 1.8% compared with the same four-week period ending May 27, 2023. When examining comparable sales for the four weeks ending Jun 1, there was a drop of 0.2% from the comparable four-week period ending May 27, 2023. 
Regionally, net sales in North America for the same period climbed 2.5%, while sales in other International regions fell 1.1% year over year. Excluding the foreign currency translation impacts, North America sales for the four weeks ended Jun 1, 2024, rose 2.6% while other International sales dipped 0.4% compared with 2023. Comparable sales for North America increased 1.5% for the four weeks ended Jun 1 while the metric for International business decreased 7.3%. 
In terms of category, the men&#39;s category exhibited the highest growth in comparable sales, with women&#39;s coming in next for fiscal May 2024. On the other end of the spectrum, the accessory category reported the company&#39;s largest decline in comparable sales, followed by hardgoods and footwear. The comparable sales were hurt by a fall in transactions, partly offset by a rise in dollars per transaction. Dollars per transaction increased for the four-week period on higher average unit retail and units per transaction. 
The company launched more than 100 brands in 2022 and more than 150 brands in 2023, with plans to launch similar levels this year. It has also been expanding its Private Label brand portfolio in 2024.
<h3>Outlook</h3>
Zumiez provided guidance for the fiscal second quarter. The quarter will gain from the calendar shift, pulling a week of huge back-to-school volumes into the quarter and out of the fiscal third quarter. Adjusting this shift, management estimates sales to be negative low single digits to flat compared with the same week in the earlier year. 
The company anticipates net sales to be between $199 million and $204 million, reflecting an increase in the range of 2.5-5% year over year. It expects consolidated operating loss, as a rate of sales, to be between negative 4.5% and negative 3%, with product margins to be slightly positive. It envisions a loss per share of 30-40 cents compared with a loss of 44 cents a share in the year-ago quarter. 
Regarding the fiscal year outlook, management believes that there will be uncertainty and volatility in the macro landscape. Considering this, it has refrained from providing any specific financial guidance. The company has been witnessing multiple negative sales trends in the past two years, owing to the pandemic, inflation, competition for discretionary spending, negative brand trends and general global instability. 
However, management believes that such negative business trends have started to moderate. Impressively, the company&#39;s men&#39;s category has been positive in the last two quarters, while the women&#39;s category has turned positive this quarter. As a result, it projects total sales growth and expects an increase in product margin for the fiscal year. It further anticipates leveraging SG&amp;A costs year over year and returning to positive operating margins. The effective tax rate is likely to be around 47%. 
Management forecasts capital expenditures in the range of $14-$16 million compared with $20.4 million in fiscal 2023 and $25.6 million in fiscal 2022. The reduction will be mainly due to lower planned store openings. Depreciation and amortization, excluding non-cash lease expenses, are expected to be $23 million, which is consistent with the preceding year. Management projects the company&#39;s diluted share count to be roughly 19.8 million.
<h3>Key Picks</h3>
We have highlighted three better-ranked stocks, namely Abercrombie (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/anf#NYSE">ANF</a>), Gap (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gps#NYSE">GPS</a>) and Deckers (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/deck#NYSE">DECK</a>). 
Abercrombie, a leading apparel retailer, currently sports a Zacks Rank #1 (Strong Buy). ANF delivered an earnings surprise of 210.3% in the trailing four quarters. 
The Zacks Consensus Estimate for Abercrombie&#39;s financial-year sales indicates growth of 10.5% from the year-ago reported figure. 
Gap, a clothing and accessories retailer, currently sports a Zacks Rank of 1. GPS delivered an average earnings surprise of 202.7% in the last four quarters. 
The consensus estimate for Gap&#39;s current financial-year earnings per share implies growth of 17.5% from the year-ago reported figure. 
Deckers, a footwear and accessories dealer, currently carries a Zacks Rank #2 (Buy). DECK delivered an earnings surprise of 42.8% in the trailing four quarters. 
The Zacks Consensus Estimate for Deckers&#39; current financial-year sales indicates growth of 10.8% from the year-ago reported figure.
<a href="https://www.zacks.com/stock/news/2285408/zumiez-s-zumz-q1-loss-narrows-comparable-sales-down-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2285408">To read this article on Zacks.com click here.</a>

Small Cap

DECK

Zumiez's Q1 Loss Narrows, Comparable Sales Down Y/Y

Jefferies analyst Corey Tarlowe maintains Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) with a Hold and raises the price target from $14 to $19.

Jefferies Maintains Hold on Zumiez, Raises Price Target to $19

B. Riley Securities analyst Jeff Van Sinderen maintains Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) with a Neutral and raises the price target from $16 to $20.

B. Riley Securities Maintains Neutral on Zumiez, Raises Price Target to $20

U.S. stocks are priming for a narrowly mixed start ahead of the <a href="https://www.benzinga.com/top-stories/24/06/39189878/are-more-americans-looking-for-a-job-heres-what-the-next-employment-report-might-show">all-important non-farm payrolls data, </a> an important piece of economic evidence the Federal Open Market Committee would consider while deliberating on the Fed funds rate next week. The May consumer price inflation report is due only Tuesday just ahead of the rate decision.
Tamer-than-expected job numbers and benign average hourly earnings could give hopes for at least a dovish message from the central bank and a benign dot-plot curve. The futures market currently prices in a 97.7% probability of a pause decision next week. Meme stock volatility could also create some volatility in the market.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.04%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.05%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.02%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.30%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Friday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.06% to $534.32, while the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) traded up 0.03% at $463.50, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Previous Session:
Wall Street ended narrowly mixed as traders digested the previous session&#8217;s advance that took the S&amp;P 500 and the Nasdaq Composite to record highs. Traders also exercised restraint ahead of the non-farm payroll data. The 30-stock Dow Jones Industrial Average ended modestly higher, while the Nasdaq Composite and the S&amp;P 500 Index edged down.
Small-cap stocks underperformed despite a pick up in buying interest in meme stocks following GameStop Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) news. 
<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>-0.09%</td>
<td>17,173.12</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.02%</td>
<td>5,352.96</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.20%</td>
<td>38,886.17</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.70%</td>
<td>2,049.44</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts: Fund manager Louis Navellier lamented the concentration of the market rally. &#8220;Momentum remains positive, but concentration is high,&#8221; he said. The Equal-Weighted S&amp;P 500 Index has underperformed its market cap-weighted compatriot, he noted.
Carson Group&#8217;s Ryan Detrick, meanwhile, is upbeat about the near term. He noted that in an election year, June, July, and August are typically the best-performing months.
<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">You Are Here June/July/Aug are the best three months during an election year. <a href="https://t.co/TRT0Ne7cXv">pic.twitter.com/TRT0Ne7cXv</a>
&mdash; Ryan Detrick, CMT (@RyanDetrick) <a href="https://twitter.com/RyanDetrick/status/1798762012933231097?ref_src=twsrc%5Etfw">June 6, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Upcoming Economic Data:
<ul>
<li>The Bureau of Labor Statistics is due to release the non-farm payrolls report for May at 8:30 a.m. The non-farm sector is widely expected to add 190,000 jobs in May, up from 175,000 in April. The jobless rate may have remained unchanged at 3.9% and the annual change in the average hourly wages, an inflation measure, is expected at 3.9%, flat with a month ago.</li>
<li>The Commerce Department will release its wholesale inventories report at 10 a.m. EDT. Economists, on average, expect month-over-month wholesale inventories growth of 0.2%, reversing the 0.4% drop in March.</li>
<li>The Federal Reserve&#8217;s consumer credit report for April, due at 3 p.m. EDT, is expected to show a $10.2 billion increase in outstanding consumer credit compared to a $6.3 billion increase in March.</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>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) fell over 7.55% in pre-market trading following the company&#8217;s earnings announcement. Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) slumped about 8.5%, Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</a>) plunged over 7.70% and Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) moved down about 3.50%.</li>
<li>GameStop slid about 8% after the video game retailer&#8217;s surprise early earnings announcement, which showed a top- and bottom-line miss. The company also said it wouldn&#8217;t hold an earnings call. Fellow meme stock AMC Entertainment Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) also pulled back sharply.</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures climbed for a third straight session, while gold futures retreated sharply. The U.S. benchmark 10-year Treasury note rose 1.4 basis points to 4.295% after rising modestly on Thursday. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) was in the green above the $71K mark.
The Asian markets closed on a mixed note, with Japan, Hong Kong, Taiwan, Indonesia, and New Zealand retreating, while the rest of the major markets advanced. The Chinese market rose slightly as traders digested mixed trade data for May. While imports fell sharply in May, a sharp rise in exports helped the country record a bigger trade surplus for the month.
European stocks fell sharply in early trading amid profit-taking following the gains seen in the previous two sessions amid the region&#8217;s central bank&#8217;s decision to lower rates for the first time in about five years.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39223423/strategist-explains-how-nvidia-options-traders-should-position-themselves-ahead-of-"> Strategist Explains How Nvidia Options Traders Should Position Themselves Ahead Of Friday&#8217;s Stock Split</a>
Photo via Shutterstock

Nasdaq, S&P 500 Futures Teeter As Markets Brace For May Jobs Data Amid GameStop Frenzy: Why This Analyst Sees Bright Spot In Near Future

With U.S. stock futures trading higher this morning on Friday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects J.Jill, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JILL#NYSE">JILL</a>) to report quarterly earnings at 99 cents per share on revenue of $154.92 million before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. J.Jill shares rose 0.8% to $35.50 in after-hours trading.</li>
<li>Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>) reported weaker-than-expected results for its third quarter on Thursday. The company posted quarterly earnings of $9.54 per share, missing market estimates of $10.03 per share. The company's sales came in at $1.28 billion versus expectations of $1.30 billion. Vail Resorts shares fell 6.2% to $182.00 in the after-hours trading session.</li>
<li>Analysts are expecting Graham Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GHM#NYSE">GHM</a>) to post quarterly earnings at 4 cents per share on revenue of $44.50 million. The company will release earnings before the markets open. Graham shares gained 7.4% to $27.99 in after-hours trading.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) reported better-than-expected earnings for its first quarter and the company's board also authorized a $1 billion increase to its existing stock repurchase program. The company said it sees second-quarter billings in the range of $715 million to $725 million. DocuSign shares fell 6.2% to $51.20 in the after-hours trading session.</li>
<li>Zumiez Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) posted upbeat results for its first quarter on Thursday. The company also said it sees second-quarter net sales of $199 million to $204 million and loss of 30 cents to 40 cents per share. Zumiez shares declined 3.6% to $18.61 in after-hours trading.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/06/39205452/over-12m-bet-on-pbf-energy-check-out-these-3-stocks-insiders-are-buying">Over $12M Bet On PBF Energy? Check Out These 3 Stocks Insiders Are Buying</a>

JILL

Vail Resorts, DocuSign And 3 Stocks To Watch Heading Into Friday

Zumiez Reports May Comparable Sales Decrease Of 0.2%; Net Sales For Four-Week Period Ended June 1, 2024, Increase 1.8%

The repurchase program is expected to continue through June 30, 2025 unless the time period is extended or shortened by the Board of Directors.

Buybacks

Zumiez Plans Repurchase Of Up To An Aggregate Of $25M Of Common Stock

Zumiez Expects Q2 Net Sales Of $199M - $204M, Est $190.6M; Loss Per Share Of $(0.30) - $(0.40), Est $(0.16)

WIIM

Zumiez shares are trading higher following better-than-expected Q1 earnings.

Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) reported quarterly losses of $(0.86) per share which beat the analyst consensus estimate of $(1.14) by 24.56 percent. This is a 10.42 percent increase over losses of $(0.96) per share from the same period last year. The company reported quarterly sales of $177.388 million which beat the analyst consensus estimate of $171.468 million by 3.45 percent. This is a 3.01 percent decrease over sales of $182.887 million the same period last year.

Zumiez Q1 2024 GAAP EPS $(0.86) Beats $(1.14) Estimate, Sales $177.388M Beat $171.468M Estimate

Early indications from the futures market suggest caution <a href="https://www.benzinga.com/news/large-cap/24/06/39193854/s-p-500-nasdaq-100-jointly-hit-all-time-highs-nvidia-overtakes-apple-as-second-most-valuable-us-co">after Wednesday&#8217;s exhilarating run.</a> Earnings news continues to be positive, reinforcing the strength in corporate profit growth. The rate-cut premise based on which the market has been rallying could be put to the test with a couple of labor market readings due Thursday. 
After the Bank of Canada became the first G-7 central bank to cut rates, the first one in about four years, all eyes would be on its counterpart from across the Atlantic. The European Central Bank is widely expected to begin lowering rates despite inflation remaining an irritant. A cut by the bank could provide a further thrust to Wall Street ahead of next week&#8217;s Federal Open Market Committee meeting.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.05%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.01%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.07%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.43%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Thursday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.01% to $534,61, while the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) traded up 0.09% at $463.93, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Previous Session:
U.S. stocks advanced strongly on Wednesday, with the smaller-than-expected private jobs added in May and the stronger-than-expected service sector activity data providing a big thrust to the market. These data allayed both inflation and growth concerns. The increase in risk appetite manifested well and truly in growth-focused tech stocks.
Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) rallied over 5%, leading the gains in the tech space.
The Nasdaq Composite and the S&amp;P 500 Index hit fresh intraday and closing highs during the session.
<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>+1.96%</td>
<td>17,187.90</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+1.18%</td>
<td>5,354.03</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.25%</td>
<td>38,807.33</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+1.47%</td>
<td>2,063.87</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
While the market hovered in record territory, an analyst sounded a note of caution. Morgan Stanley Chief Investment Officer Lisa Shalett said the summer months could bring more uncertainty and volatility much against investors&#8217; expectations of the market grinding higher.
Among the risks to the rally are mixed economic data, likely tightening of financial conditions as bank reserves and balances in a key Fed lending facility dwindle and uncertainty surrounding the outcome of a U.S. presidential election with major economic implications.
Greg Branch, founder &amp; managing partner of Branch Global Capital Advisors, <a href="https://x.com/CNBCClosingBell/status/1798437740213600597">said </a>in a CNBC interview a 10-15% pullback from here is warranted, as he is wary of higher corporate profit growth and potential acceleration in GDP growth keeping inflation above the Fed&#8217;s 2% target, he said. The analyst says further market downside is likely if not for the techs becoming an important component of indices.
Upcoming Economic Data:
<ul>
<li>The Labor Department is due to release a duo of reports at 8:30 a.m. EDT. The customary jobless claims report is likely to show that the number of individuals claiming unemployment benefits may have come in at 220,000 in the week ended June 1, up slightly from the 219,000 in the previous reporting week.</li>
<li>The revised first-quarter productivity and costs report will also be released at 8:30 a.m. EDT. A preliminary report released in early May showed a 0.3% quarter-over-quarter increase in first-quarter non-farm productivity, down from 3.2% in the fourth quarter of 2023. Unit labor costs climbed 4.7%, faster than the previous quarter&#8217;s 0.4% increase.</li>
<li>The Commerce Department is scheduled to release its trade balance report, also at 8:30 a.m. EDT. The consensus estimate calls for a widening of the deficit from $69.4 billion in March to $76.2 billion in April.</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>ChargePoint Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHPT#NYSE">CHPT</a>) fell over 4% in premarket trading following the company&#8217;s earnings announcement.</li>
<li>Among the other stocks reacting to earnings were Lululemon Athletica Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LULU#NASDAQ">LULU</a>) (up 7.40%), Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) (down over 16.50%), Semtech Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMTC#NASDAQ">SMTC</a>) (up nearly 9%) and Smartsheet Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>) (up over 18%).</li>
<li>ABM Industries Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABM#NYSE">ABM</a>), G-III Apparel Group, Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GIII#NASDAQ">GIII</a>), Ciena Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIEN#NYSE">CIEN</a>), Big Lots, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BIG#NYSE">BIG</a>), J. M. Smucker Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SJM#NYSE">SJM</a>) and Nio, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) are among the notable companies reporting their quarterly results before the market open.</li>
<li>Those reporting after the close include DocuSign, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>), Vail Resorts, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTN#NYSE">MTN</a>), Samsara Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IOT#NYSE">IOT</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 and gold futures rose for a second straight session, while the benchmark 10-year Treasury note yield is marginally up after settling Wednesday&#8217;s session below the 4.3% level for the first time since early April. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded slightly higher and was shy of the $71K level.
Asian stocks closed mostly higher, tracking Wall Street&#8217;s gains overnight, although the Chinese and New Zealand markets retreated. The South Korean market remained closed for a public holiday. The European markets were firm in early trading ahead of the ECB&#8217;s rate decision, with economists modeling a quarter-point rate cut by the central bank. The rate decision is due at 8:15 a.m. EDT followed by a press conference hosted by President Christine Lagarde at 8:45 a.m. EDT.
Read Next:<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39199680/wall-streets-dean-of-valuation-still-thinks-nvidias-market-cap-is-too-high-but-says"> Wall Street&#8217;s &#8216;Dean Of Valuation&#8217; Still Thinks Nvidia&#8217;s Market Cap Is Too High But Says This Is A Story &#8216;We Could Find Plausible Paths To Get To $3 Trillion&#8217;</a>
Photo via Shutterstock

CIEN

FIVE

GIII

LULU

SMTC

US Stock Futures Tread Water As Indices Perch At Record Highs: Amid Nvidia Spike And ECB Rate-Cut Hopes, Analyst Sees More Volatility In Summer

Although U.S. stocks closed little changed on Monday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Semtech </h3>
<ul>
<li>The Trade: Semtech Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smtc#NASDAQ">SMTC</a>) EVP and CFO Mark Lin <a href="https://www.benzinga.com/quote/SMTC/analyst-ratings"> acquired a total of 1,000 shares </a> an average price of $33.23. To acquire these shares, it cost around $33,232.</li>
<li>What&rsquo;s Happening: On March 28, Semtech posted a loss for the fourth quarter.</li>
<li>What Semtech Does: Semtech Corp is engaged in designing, developing, manufacturing and marketing analog and mixed-signal semiconductors, algorithms and wireless semiconductors, connectivity modules, gateways, routers and connected services for IoT.</li>
</ul>
<h3>Greif </h3>
<ul>
<li>The Trade: Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) Executive VP &amp; General Counsel Gary R Martz acquired a total of 10,082 shares at an average price of $68.23. To acquire these shares, it cost around $687,932.</li>
<li>What&rsquo;s Happening: On Feb. 28, Greif posted upbeat quarterly earnings.</li>
<li>What Greif Does: Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Zumiez </h3>
<ul>
<li>The Trade: Zumiez Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zumz#NASDAQ">ZUMZ</a>) President International Adam Christopher Ellis <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 10,000 shares </a> at an average price of $14.31. To acquire these shares, it cost around $143,100.</li>
<li>What&rsquo;s Happening: On March 20, B. Riley Securities analyst Jeff Van Sinderen maintained Zumiez with a Neutral and lowered the price target from $19 to $16.</li>
<li>What Zumiez Does: Zumiez Inc is a United-States-based specialty retailer engaged in the sale of apparel, footwear, accessories, and hard goods.</li>
</ul>
<h3>AngioDynamics </h3>
<ul>
<li>The Trade: AngioDynamics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ango#NASDAQ">ANGO</a>) President and CEO James C Clemmer <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 10,000 shares </a> at an average price of $6.70. The insider spent around $67,000 to buy those shares.</li>
<li>What&rsquo;s Happening: On April 4, AngioDynamics received FDA 510(k) clearance For AlphaVac F1885 System For Pulmonary Embolism.</li>
<li>What AngioDynamics Does: AngioDynamics Inc designs manufactures, and sells medical, surgical, and diagnostic devices used by professional healthcare providers for the treatment of peripheral vascular disease and for use in oncology and surgical settings.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/04/38154721/investor-optimism-improves-fear-greed-index-remains-in-greed-zone"> Investor Optimism Improves; Fear &amp; Greed Index Remains In &#39;Greed&#39; Zone </a>
&nbsp;

Long Ideas

Insider Trades

ANGO

Insiders Buying Zumiez And 3 Other Stocks

B. Riley Securities analyst Jeff Van Sinderen maintains Zumiez (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) with a Neutral and lowers the price target from $19 to $16.

B. Riley Securities Maintains Neutral on Zumiez, Lowers Price Target to $16

The market mood appears to have improved after <a href="https://www.benzinga.com/markets/cryptocurrency/24/03/37713349/stocks-fall-as-hot-inflation-data-derails-fed-cut-bets-bonds-tumble-vix-rallies-oil-tops-8">Thursday&#8217;s inflation-induced sell-off</a>, with stock futures rising modestly early Friday. Earnings news has been largely negative, potentially acting as a pushback. Bond yields are slipping as traders continue to harbor hopes that the Federal Reserve, led by Jerome Powell, would lean toward a dovish stance and signal rate cuts at the upcoming meetings.
Traders may also sift through a few key economic reports due for the day with an eye on the upcoming week&#8217;s Fed meeting.
Cues From Previous Session:
The much hotter-than-expected February producer price inflation report spooked traders on Thursday, with small-caps bearing the brunt of the selling. The weakness in the small-cap space could be explained by the fact that they are very sensitive to interest rates, given that the bulk of their financing would be in the form of bank loans. 
The major averages opened higher but returned their gains immediately after and spent the rest of the session below the unchanged line. On a positive note, the key indices snapped back some of their losses in late trading before closing off the session&#8217;s lows. 
The tech-Nasdaq Composite and the broader S&amp;P 500 Index ended lower for a second straight session, pulling further away from their all-time highs.
Nine of the 11 S&amp;P 500 sectors closed lower, with only energy and communication services stocks bucking the downtrend. Real-estate, financial, and utility stocks were among the worst decliners.
<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>-0.30%</td>
<td>16,128.53</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>-0.29%</td>
<td>5,150.48</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>-0.35%</td>
<td>38,905.66</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-1.96%</td>
<td>2,031.18</td>
</tr>
</tbody>
</table>
</figure>
Analyst Color:
Following Thursday&#8217;s &#8220;disastrous&#8221; PPI report, fund manager Louis Navellier said the Fed will unlikely cut interest rates until June or later. According to the fund manager, retail sales were underwhelming, pointing to lackluster GDP growth. 
Despite the muted outlook, Navelier said the new market leadership remains intact. &#8220;AI hardware and weight loss drugs remain the strongest investment themes,&#8221; he said.
Futures Today
 Futures Performance On Friday ( as of 6: 45 a.m. EDT)
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.29%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>+0.25%</td>
</tr>
<tr>
<td>Dow</td>
<td>+0.13%</td>
</tr>
<tr>
<td>R2K</td>
<td>+0.25%</td>
</tr>
</tbody>
</table>
</figure>
In <a href="https://www.benzinga.com/premarket/" target="_blank" rel="noreferrer noopener">premarket</a> trading on Friday, the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) rose 0.21% to $514.44, and the Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) climbed 0.25% to $440.23, according to <a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Upcoming Economic Data:
The New York Fed is due to release the results of its Empire State manufacturing survey for March at 8:30 a.m. EDT. On average, economists expect the business conditions index to come in at -7, suggesting contracting activity. However, the index is likely to improve from the February reading of -2.4.
The Bureau of Labor Statistics will release its February import and export prices report at 8:30 a.m. EDT. Import and export prices may have increased 0.3% and 0.2% month-over-month, respectively, slower than the 0.8% increases each in the previous month.
The Fed is scheduled to release its industrial production report for February at 9:15 a.m. ET. The consensus estimate calls for industrial output to remain unchanged from the previous month despite a 0.3% increase in manufacturing production. These metrics fell 0.1% and 0.5%, respectively, in January.
The University of Michigan&#8217;s preliminary consumer sentiment index is due at 10 a.m. ET and is expected to come in at 77.1 for March, up slightly from 76.9 in February. Traders may also focus on the survey&#8217;s inflation expectations readings.
See Also: <a href="https://www.benzinga.com/money/how-to-trade-futures">How To Trade Futures</a>
Stocks In Focus:
<ul>
<li>&nbsp;Adobe Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ADBE#NASDAQ">ADBE</a>) fell over 11.5% <a href="https://www.benzinga.com/premarket">in premarket trading </a>following the company&#8217;s earnings announcement.</li>
<li>Other stocks reacting to earnings released after the market close Thursday are Blink Charging Co.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLNK#NASDAQ">BLNK</a>) (down about 8.50%),&nbsp;Smartsheet Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SMAR#NYSE">SMAR</a>) (down about 12%),&nbsp;PagerDuty, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PD#NYSE">PD</a>) (down over 7.50%),&nbsp;Cardlytics, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CDLX#NASDAQ">CDLX</a>) (up over 38.50%),&nbsp;Ulta Beauty, Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ULTA#NASDAQ">ULTA</a>) (down about 6.50%) and&nbsp;Zumiez Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZUMZ#NASDAQ">ZUMZ</a>) (down over 6%).</li>
<li>Hibbett, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HIBB#NASDAQ">HIBB</a>), Jabil Inc. (NYS: JBL) and Buckle, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BKE#NYSE">BKE</a>) are among the notable <a href="https://www.benzinga.com/calendars/earnings">companies that report ahead of the market open.</a></li>
<li>Coinbase Global, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>) fell over 5% following the crypto sell-off.</li>
<li>Rivian Automotive, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) climbed about 4% after Piper Sandler upgraded the stock to Overweight.</li>
</ul>
Commodities, Bonds, Other Global Equity Markets:
Crude oil futures fell 0.63% to $80.75 in premarket trading, reversing some of the 1.93% gain they made on Thursday. Gold futures edged up, although they still trade off the record highs. The yield on the 10-year Treasury bond, which spiked on Thursday in the aftermath of the inflation data, edged down 0.019 points to 4.279%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) fell nearly 8% and traded below the $67,500 level.
Most Asian markets retreated on Friday, tackling Wall Street&#8217;s overnight negative lead, although the Chinese market advanced moderately after weak house prices and money stock and loan growth data released from the country raised hopes of more government stimulus.
European stocks rose modestly in late-morning deals, with the Euro STOXX 50 Index up about 0.40%.
Read Next: <a href="https://www.benzinga.com/markets/equities/24/03/37723955/cathie-wood-to-teslas-rescue-ark-invest-scoops-up-35m-of-ev-giants-sliding-stock">Cathie Wood To Tesla&#8217;s Rescue? Ark Invest Scoops Up $35M Of EV Giant&#8217;s Sliding Stock</a>

ADBE

BLNK

CDLX

COIN

HIBB

RIVN

ULTA

US Stock Futures Show Resilience As Traders Anticipate Relief From Upcoming Fed Meeting: Analyst Highlights 2 Key Investment Themes For The Year

Zumiez Business Is Improving And Reasonably Priced, But Still A Conservative Hold

In a report released today, Mitch Kummetz from Seaport Global maintained a Hold rating on Zumiez (ZUMZ – Research Report). The company's shares clo...

Seaport Global Reaffirms Their Hold Rating on Zumiez (ZUMZ)

Zumiez Q2 2025 Earnings Preview

Zumiez GAAP EPS of -$0.04 beats by $0.29, revenue of $210.18M beats by $8.21M

Here's the major earnings after the close today

Zumiez Inc. (ZUMZ) Q2 2024 Earnings Call Transcript

Zumiez (ZUMZ – Research Report) received a Hold rating and price target from Seaport Global analyst Mitch Kummetz today. The company's shares close...

Seaport Global Initiates a Hold Rating on Zumiez (ZUMZ)

Zumiez upbeat results, Q3 outlook snaps 8-day losing streak

Zumiez snaps 8-day losing streak on upbeat results, Q3 outlook

Zumiez reverses post-earnings gains after CEO sells shares

LTRX

Press Releases

Zumiez Inc. to Report Fiscal 2023 Third Quarter Results

Zumiez Inc. Announces Fiscal 2023 Third Quarter Results

Zumiez Inc. Reports Holiday 2023 Sales Results

Zumiez Inc. to Report Fiscal 2023 Fourth Quarter and Full Year Results

Zumiez Inc. Announces Fiscal 2023 Fourth Quarter Results

Zumiez Inc. to Report Fiscal 2024 First Quarter Results

Zumiez Inc. Announces Fiscal 2024 First Quarter Results

Zumiez Inc. to Report Fiscal 2024 Second Quarter Results

Zumiez Inc. Announces Fiscal 2024 Second Quarter Results

American Eagle Outfitters, Inc. Common Stock

American Eagle Outfitters

a.k.a. Brands Holding

Abercrombie & Fitch

Buckle

Boot Barn Holdings

Burlington Stores

Caleres

Torrid Holdings

Designer Brands Inc. Class A Common Stock

Designer Brands

Foot Locker

Genesco

Guess

J.Jill

Lands' End

MYT Netherlands Parent B.V. American Depositary Shares, each representing one Ordinary Share

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Get Our Top Trade Ideas Delivered Daily - 65% Off Now

Comments

Zumiez

Zumiez (ZUMZ) Forecast

Zumiez (NASDAQ:ZUMZ) Stock, Quote.Headers.trade-ideas