A Boeing 767-332(ER) from Delta Air Lines takes off from Barcelona El Prat Airport in Barcelona on Oct. 8, 2024.
Joan Valls | Nurphoto | Getty Images
My top 10 things to watch Tuesday, March 11
1. Wall Street is on track for a muted open today after a brutal sell-off yesterday that was fueled by growing recession concerns. President Donald Trump, whose tariffs are creating uncertainty for businesses and investors, has said he “can’t really watch the stock market” while implementing his policies.
2. Delta cuts its first-quarter earnings outlook so dramatically that I wonder if the resilient travel theme is finally busted over uncertainty. The airline now expects to earn 30 cents to 50 cents a share instead of 70 cents to $1. A pair of safety incidents earlier this year exacerbated the impact of consumers and businesses pulling back on macro worries, CEO Ed Bastian told CNBC yesterday.
3. American Airlines cut its forecast on both revenue and profits this morning, citing the impacts of the fatal crash in Washington, D.C., in late January and “softness in the domestic leisure segment, primarily in March.” It now sees a loss of 60 cents to 80 cents a share versus a loss of 20 cents to 40 cents previously.
4. Oracle shares are down sharply this morning after missing on the top and bottom lines. Still, its cloud unit saw tremendous growth in the quarter, and Chair Larry Ellison said customer demand is at record levels. Monumental data center buildout continues.
5. Asana shares are plunging more than 25% this morning. The work management software provider issued a light revenue forecast last night. CEO and founder Dustin Moskovitz also is retiring, though he’s planning to stay around as chair once his replacement takes over.
6. Mizuho Securities called the 30% sell-off in Coinbase shares overdone, but analysts kept their hold-equivalent rating on the stock. Coinbase is down in sympathy with the bitcoin pullback. Bitcoin is back above $80,000 this morning.
7. Shares of Kohl’s are down 15% after the retailer’s full-year guidance was a huge miss. It sees revenue down 5% to 7% versus consensus minus 1.6%, and same-store sales declining 4% to 6% versus consensus of down 0.9%.
8. Add Dick’s Sporting Goods to the list of retailers giving light guidance. Shares are down near 2% this morning. The quarter itself looked fine, though, with both revenue and earnings per share coming in above expectations.
9. Wells Fargo cut its price target on natural gas exporter Venture Global to $11 a share from $18. Mizuho went to $18 from $25. It’s been a shocking decline for the stock, which went public in late January and has already lost around two-thirds of its value.
10. HSBC upgraded On Holding to a buy from hold. Love this call. Shares of the up-and-coming Swiss shoemaker have tumbled roughly 30% from their high in late January.
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