Citi Trends Holiday Season Sales Fall In Line With Expectations

U.S. Factory Orders Tumble Much More Than Expected In November

A report released by the Commerce Department on Friday showed a much steeper than expected drop in new orders for U.S. manufactured goods in the month of November.

The Commerce Department said factory orders tumbled by 1.8 percent in November after climbing by a downwardly revised 0.4 percent in October.

Economists had expected factory orders to slump by 0.9 percent compared to the 1.0 percent jump originally reported for the previous month.

The sharp pullback in factory orders came as new orders for durable goods plunged by 2.1 percent, led by a 6.3 percent nosedive in orders for transportation equipment. Orders for non-durable goods also dove by 1.4 percent.

The report also said shipments of manufactured goods fell by 0.6 percent in November after inching up by 0.2 percent in October.

Meanwhile, inventories of manufactured goods showed a slight increase in November after rising by 0.4 percent in the previous month.

The inventories-to-shipments ratio subsequently crept up to 1.47 in November from 1.46 in October.

Pre-market Movers: CINC, AMYT, ALBO, MLEC, DAWN…

The following are some of the stocks making big moves in Monday’s pre-market trading (as of 07.35 A.M. ET).

In the Green

CinCor Pharma, Inc. (CINC) is up over 135% at $27.73
Amryt Pharma plc (AMYT) is up over 106% at $14.50
Albireo Pharma, Inc. (ALBO) is up over 84% at $42.03
Day One Biopharmaceuticals, Inc. (DAWN) is up over 25% at $26.68
CureVac N.V. (CVAC) is up over 25% at $10.40
Viracta Therapeutics, Inc. (VIRX) is up over 22% at $2.01
ReShape Lifesciences Inc. (RSLS) is up over 11% at $8.11
Amprius Technologies, Inc. (AMPX) is up over 8% at $6.99
CEL-SCI Corporation (CVM) is up over 8% at $2.70
Brandywine Realty Trust (BDN) is up over 7% at $6.64
MariaDB plc (MRDB) is up over 7% at $4
Indonesia Energy Corporation Limited (INDO) is up over 6% at $5.34
Gaotu Techedu Inc. (GOTU) is up over 5% at $3.72

In the Red

Moolec Science SA (MLEC) is down over 28% at $13.78
POINT Biopharma Global Inc. (PNT) is down over 20% at $5.74
IMARA Inc. (IMRA) is down over 14% at $4.00
Lululemon Athletica Inc. (LULU) is down over 12% at $288.51
Spruce Biosciences, Inc. (SPRB) is down over 9% at $2.19
MicroCloud Hologram Inc. (HOLO) is down over 6% at $4.24
Alpine Income Property Trust, Inc. (PINE) is down over 5% at $18.00
MultiMetaVerse Holdings Limited (MMV) is down over 5% at $11.03

Surgery Partners Re-affirms 2022 Outlook

Surgery Partners, Inc. (SGRY) said, based on results through November 2022, the company is re-affirming its 2022 adjusted EBITDA guidance of $375 million to $385 million and its 2022 revenue guidance of $2.50 billion to $2.55 billion. The Members of management of Surgery Partners, Inc. will be meeting with investors on Monday, as part of the 41st Annual J.P. Morgan Healthcare Conference.

Headquartered in Brentwood, Tennessee, Surgery Partners is a healthcare services company. Surgery Partners has more than 180 locations in 31 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities.

For More Such Health News, visit rttnews.com.

Vista Equity Partners To Acquire Duck Creek Technologies

Duck Creek Technologies (DCT) has entered into a definitive agreement to be acquired by Vista Equity Partners for $19.00 per share, in an all-cash deal valued at approximately $2.6 billion. Upon completion, Duck Creek’s common stock will no longer be publicly listed, and Duck Creek will become a privately held company. The agreement includes a go-shop period expiring on February 7, 2023.

Following the recommendation of the Special Committee, the Duck Creek Board approved the merger agreement with Vista Equity Partners. The deal is expected to close in the second calendar quarter of 2023.

PHOTOS: Mexican Rodeo Extravaganza 2023 at the National Western Stock Show

This year’s annual Mexican Rodeo Extravaganza was performed on Sunday, Jan. 8, 2023, at the National Western Stock Show in Denver.

The event featured dancers, trick riders and other performers. The stock show runs Jan. 7-22 at the National Western Complex, 4655 Humboldt St. in Denver.

Click here to see full coverage of this year’s stock show.

Genesco Quarter-to-Date Comps. Up 3%; Sees FY23 Adj. EPS At Low End Of Guidance Range

Genesco Inc. (GCO) reported that comparable sales, including both stores and direct sales, increased by 3% for the quarter-to-date period ended December 24, 2022. Same store sales decreased 2% and sales for the e-commerce businesses increased 22% on a comparable basis. Looking forward, the company now expects total year adjusted EPS to be at the low end of most recent range of $5.50 to $5.90. The prior guidance was adjusted EPS would be near the midpoint.

Mimi Vaughn, CEO, said, “While fourth quarter sales are trending towards the higher-end of our projections, more than expected shipping and warehouse expense is pressuring gross margins and December store performance in the U.S. has resulted in store expense deleverage.”

Citi Trends Holiday Season Sales Fall In Line With Expectations

Citi Trends, Inc. (CTRN), a retailer of apparel, accessories, and home trends, said on Monday that it posted a decline in sales for the nine-week holiday period to December 31, 2022. However, the company noted that the results were in line with its expectations.

For the nine-week period, the retailer reported sales of $171.9 million, compared to $204.8 million in the same period a year ago. The comparable store sales also moved down by 17.5 percent from last year period.

For the fourth quarter, the firm expects earnings per share of $0.78 to $0.86, while four analysts, on average, polled by Thomson-Reuters project earnings per share of $0.76, for the quarter.

For the second-half, the company expects earnings per share of $3.80 to $3.88, or $1.02 to $1.10 on adjusted basis.

Citi Trends still expects its sales to increase in low-single digits in the second half compared with first half. For the first-half, the firm had recorded sales of $393.2 million.