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Retail stocks are trading lower in sympathy with Macy's and Dick's, following their disappointing quarterly earnings reports.

Portfolio Pulse from Benzinga Newsdesk

August 22, 2023 | 2:24 pm

C

A significant bearish stance has been taken on Citigroup (NYSE:C) as indicated by unusual options activity. Benzinga's options scanner spotted 11 uncommon options trades for Citigroup, with the sentiment of these big-money traders being split between 36% bullish and 63% bearish. Whales have been targeting a price range from $23.0 to $65.0 for Citigroup over the last 3 months. Oppenheimer has maintained their Outperform rating on Citigroup, with a price target of $85.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 2:16 pm

SCHW

A significant bearish stance has been taken on Charles Schwab (NYSE:SCHW) by a large investor or institution, as indicated by unusual options activity. The sentiment among these big-money traders is 75% bearish and 25% bullish. The whales have been targeting a price range from $50.0 to $60.0 for Charles Schwab over the last 3 months. Piper Sandler and Morgan Stanley have maintained their Overweight and Equal-Weight ratings on Charles Schwab, with price targets of $86 and $71 respectively.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 2:16 pm

CMG

A significant investor has taken a bearish stance on Chipotle Mexican Grill (NYSE:CMG), with 69% of the spotted trades being bearish. The whales have been targeting a price range from $1835.0 to $2200.0 for Chipotle over the last 3 months. The price of CMG is up 0.18% at $1869.51. TD Cowen, Keybanc, BMO Capital, Oppenheimer, and Truist Securities have maintained their ratings on Chipotle, with price targets ranging from $1925 to $2300.

Portfolio Pulse from Benzinga Insights

August 22, 2023 | 2:16 pm

LOW

Lowe's Cos executive has expressed modest concerns about H2 due to a pullback on big-ticket DIY items. However, they believe they can outperform the market by 100-200 basis points and that home improvement will be down mid-single digits.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 2:10 pm

BHP

BHP Group Ltd reported a 17% YoY decline in FY23 revenue to $53.8 billion due to lower iron ore, metallurgical coal, and copper prices. Copper production rose 9% YoY, but the average realized price was down 12%. Iron ore production was up 1% YoY, but the average realized price fell 18%. Underlying EBITDA fell 31% YoY to $28.0 billion, and underlying profit declined 37% YoY to $13.4 billion. The company declared a final dividend per share of $0.80, to be paid on September 28, 2023.

Portfolio Pulse from Lekha Gupta

August 22, 2023 | 2:08 pm

AMC

Trading of AMC Entertainment Holdings shares has resumed.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 2:06 pm

AMC

Shares of AMC Entertainment Holdings were halted on a circuit breaker to the upside, but the stock is now down by 14.7%.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 2:05 pm

JWN

Nordstrom Inc's shares fell by 7.55% after Macy's reported disappointing Q2 results. Macy's brick-and-mortar sales decreased by 8%, and digital sales dropped by 10% year over year. The poor performance of Macy's, a company in the same retail sector as Nordstrom, has led to concerns about the overall health of the retail industry.

Portfolio Pulse from Henry Khederian

August 22, 2023 | 2:04 pm

SPY

USA Existing Home Sales for the month of July have decreased by 2.2%, which is less than the previous month's decrease of 3.3%.

Portfolio Pulse from Happy Mohamed

August 22, 2023 | 2:02 pm