On this episode of the Zacks Friday Finish Line, Associate Stock Strategist Ryan McQueeney and Editor Maddy Johnson recap the week’s Brexit drama and major earnings results from the retail sector. The hosts also chat about Nvidia’s sluggish guidance and what it could mean for tech stocks.
It was another uncertain week for global investors—thanks in large part to renewed Brexit drama and mixed earnings reports.
British Prime Minister Theresa May’s government was thrust into turmoil this week after May announced a tentative “withdrawal agreement” with the European Union. That deal was apparently unpopular with several top Brexit officials, and May saw a number of her fellow government leaders resign in protest. If the deal is ultimately rejected, May will be forced back to the drawing board ahead of the March 29 deadline.
For more on Brexit, watch our handy guide:
Here in the States, investors were struggling to find direction from retail stocks. Walmart WMT largely impressed, beating earnings estimates and raising guidance on the back of remarkable e-commerce growth.
However, department store retailers saw mixed reactions to their reports. Macy’s M and Nordstrom JWN posted beat-and-raise quarters, but high expectations caused investors to ditch the stocks after the fact. J. C. Penney JCP, on the other hand, reported another sluggish quarter yet inspired investors on the conference call.
This all led up to one of the last major tech companies to report, Nvidia NVDA. The GPU pioneer disappointed tech investors, issuing a rare earnings miss and guidance that was well below expectations. Nvidia struggled in its Gaming segment and missed estimates in the Datacenter division, which has been a key growth driver recently.
For more on all of these stories, make sure to check out this week’s Friday Finish Line.