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THO News
THO Events
Dow Falls 620.72 Points, Nasdaq Drops 239.92 Points
The major averages closed broadly lower as investors digested stronger-than-expected employment data from ADP ahead of Friday's official nonfarm payrolls report. In central bank news, the Federal Reserve said in its Beige Book that economic activity inccreased at a "slight to moderate pace," adding that employment showed little to no change across eleven Fed Districts. Meanwhile, oil prices rose once again amid continued tensions in the Middle East.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Elon Musk's SpaceXis targeting a $75B IPO with a $135 per share price,Alphabetis upsizing itsto $84.75B and reported that its Gemini app has 900M monthly users as of MayPalo Alto Networksprovided areport for Q3GameStopreported a year-over-year increase in earnings and revenue andMacy'sprovided areport for Q12. WALL STREET CALLS:Yum! Brandsto Overweight at Morgan StanleyConcurrently, Morgan StanleyChipotleto Equal WeightOppenheimerAT&Tto Perform, sees broadband subscribers at riskBernsteinCampbell's, Conagra Brands, General Mills, and Kraft Heinzto UnderperformRaymond Jamescoverage of FedEx Freightwith an Outperform rating3. AROUND THE WEB:Disneyhas sold a significant portion of Super Bowl LXI ad inventory at around $8M per 30-second spot after initially seeking higher pricing, following advertiser pushback, Variety reportsMetalost its appeal against the EU's designation of Messenger as a "gatekeeper" under the Digital Markets Act, meaning it will remain subject to stricter regulatory obligations, Reuters saysStripe, Visa, and MasterCardare nearing the launch of a stablecoin platform, with Coinbasealso exploring participation, CoinDesk reportsNestleis buying out the founders of yfood Labs for an undisclosed sum, Bloomberg saysThe antitrust division of the New York Attorney General's office is investigating Compass'footprint in the New York market, The Real Deal reports4. MOVERS:Navitasgained afterits 800 V-to-6 V DC-DC power delivery board is being shown at Nvidia'sshowcaseMaxLinearincreased after announcing a collaboration withCognytefell in New York afterand providing guidance for FY27Mineralyswas lower after announcing it willdue to Tanabe Pharma Corporation related to lorundrostatIntuitive Machinesdeclined afterof common stock5. EARNINGS/GUIDANCE:Thor Industriesand cut its guidance for FY26Medtronic, with EPS in-line with consensusOllie's Bargain Outlet, with CEO Eric van der Valk "very pleased" with the first quarter resultsSprinklrand provided its outlook for Q2 and FY27Scotts Miracle-Grobacked itsINDEXES:The Dow fell 620.72, or 1.21%, to 50,687.07, the Nasdaq lost 239.92, or 0.89%, to 26,853.98, and the S&P 500 declined 56.10, or 0.74%, to 7,553.68.
Major Averages Decline as Employment Data Surprises
The major averages were broadly lower near noon as investors digest stronger-than-expected employment data and wait for Friday's official nonfarm payrolls report. According to ADP, private-sector employers added 122,000 jobs in May, above the consensus forecast of 118,000 and up from the prior month's reading.Enthusiasm surrounding data-center spending, cloud infrastructure, semiconductors, and power-demand beneficiaries continues to support the broader indexes. However, investors have become increasingly selective, rewarding companies that can demonstrate tangible AI-related revenue growth while showing less patience for firms that are merely associated with the theme. Meanwhile, oil prices are higher once again amid continued tensions in the Middle East.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:Elon Musk's SpaceXis targeting a $75B IPO with a $135 per share price,Alphabetisto $84.75B and reported that its Gemini app has 900M monthly users as of MayPalo Alto Networksprovided areport for Q3GameStopreported a year-over-year increase in earnings and revenue andMacy'sprovided areport for Q12. WALL STREET CALLS:Yum! Brandsto Overweight at Morgan StanleyConcurrently, Morgan StanleyChipotleto Equal WeightOppenheimerAT&Tto Perform, sees broadband subscribers at riskBernsteinCampbell's, Conagra Brands, General Mills, and Kraft Heinzto UnderperformRaymond Jamesof FedEx Freightwith an Outperform rating3. AROUND THE WEB:Metalost its appeal against the EU's designation of Messenger as a "gatekeeper" under the Digital Markets Act, meaning it will remain subject to stricter regulatory obligations, Reuters saysStripe, Visa, and MasterCardare nearing the launch of a stablecoin platform, with Coinbasealso exploring participation, CoinDesk reportsNestleis buying out the founders of yfood Labs for an undisclosed sum, Bloomberg saysThe antitrust division of the New York Attorney General's office is investigating Compass'footprint in the New York market, The Real Deal reportsDeutsche Bankmay set aside more for loan losses, Bloomberg says4. MOVERS:Navitasgains after reporting its 800 V-to-6 V DC-DCis being shown at Nvidia'sshowcaseMaxLinearincreases afterwith Los Alamos National LaboratoryCognytefalls in New York afterand providing guidance for FY27Mineralyslower after announcing it willdue to Tanabe Pharma Corporation related to lorundrostatIntuitive Machinesdeclines afterof common stock5. EARNINGS/GUIDANCE:Thor Industriesand cut its guidance for FY26Medtronic, with EPS in-line with consensusOllie's Bargain Outlet, with CEO Eric van der Valk "very pleased" with the first quarter resultsSprinklrand provided its outlook for Q2 and FY27Scotts Miracle-Grofor FY26INDEXES:Near midday, the Dow was down 0.88%, or 451.06, to 50,856.73, the Nasdaq was down 0.77%, or 209.30, to 26,884.60, and the S&P 500 was down 0.55%, or 42.14, to 7,567.64.
THOR Lowers FY26 Revenue Guidance to $9B-$9.5B
Consensus $4.09. Backs FY26 revenue view $9B-$9.5B, consensus $9.53B. "Our results through the first three quarters of fiscal 2026 reflect the persistent macroeconomic pressures weighing on the broader RV market, including a challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance. While these external conditions remain outside of our control, we are firmly focused on the conditions that are within our control - measured production management, the strategic realignment of our North American RV operations, continued operational improvements across our European segment and the disciplined capital allocation framework that has guided our decisions throughout the fiscal year. Given the prolonged geopolitical and macroeconomic conditions and the resulting pressure on consumer confidence and retail demand, we believe it is prudent to revise portions of our full-year guidance. Despite this revision, we remain confident in our ability to execute through the remainder of fiscal 2026 and position THOR to outperform when market conditions stabilize," commented Woelfer.
Thor Industries Reports Q3 Revenue of $2.78B, Exceeds Expectations
Reports Q3 revenue $2.78B, consensus $2.65B. "At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up 7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue," stated Bob Martin, president and CEO of Thor Industries. "Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape."
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