Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Day Ahead: Top 3 Things to Watch for Feb. 28

Published 28/02/2020, 01:04
Updated 28/02/2020, 01:09
© Reuters.

© Reuters.

By Kim Khan

Investing.com - The market is reeling from the coronavirus headlines and that is expected to continue tomorrow.

Along with that, there will be consumer data, retail earnings and reaction from Thursday’s postmarket movers.

Here are three things that could move markets tomorrow.

1. Personal Income, Spending Seen Rising

Consumer data arrives from Commerce Department at 8:30 AM ET (13:50 GMT) tomorrow.

January personal spending is expected to have risen 0.3%, according to economists’ forecasts compiled by Investing.com. Personal income is expected to have risen 0.3% as well.

Core personal consumption expenditures (PCE), which exclude food and energy, are forecast to have risen 0.2% in January to an annual rate of 1.7%. That’s the Fed’s preferred inflation gauge.

2. Foot Locker (NYSE:FL) at the Starting Line

As earnings season winds down, athleticwear retailer Foot Locker (NYSE:FL) will report quarterly results.

Analysts expect that Foot Locker (NYSE:FL) will report a profit of $1.59 per share and sales of $2.25 billion, according to forecasts compiled by Investing.com.

Last month, Telsey Advisory Group downgraded the stock to market perform from outperform, also lowering the price target to $42 per share from $50.

“While the stock trades at a low P/E multiple of 7.3x 2020 consensus EPS -- a discount to the average of 9.1x in the past year -- it lacks a near-term catalyst to drive the shares materially higher,” the research firm said.

3. Beyond Meat (NASDAQ:BYND) Fails to Meet Expectations

While eyes will be on the overall futures, individual stocks look shaky in postmarket trading.

Beyond Meat (NASDAQ:BYND), up 40% so far this year, plunged after reporting an unexpected loss after the bell.

Beyond Meat (NASDAQ:BYND) reported a fourth-quarter loss of $0.01 per share, missing expectations for earnings of $0.01 per share, while revenue of $98.5 million topped Wall Street estimates for $81.5 million.

Shares fell 9% in postmarket trading.

And retailer Big Lots (NYSE:BIG) dived 29% after missing results on the top and bottom lines and delivering weak guidance.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.