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