STOCK MARKET NEWS: Nasdaq hits correction, Nvidia shares tank, jobs report on tap

PagerDuty Inc. on Thursday reported a loss of $38.5 million in its fiscal second quarter.

The San Francisco-based company said it had a loss of 44 cents per share. Losses, adjusted for stock option expense and amortization costs, were 4 cents per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 9 cents per share.

The software developer posted revenue of $90.3 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $87.7 million.

For the current quarter ending in October, PagerDuty expects its results to range from a loss of 4 cents per share to a loss of 3 cents per share.

The company said it expects revenue in the range of $92 million to $94 million for the fiscal third quarter.

PagerDuty expects full-year results to range from a loss of 12 cents per share to a loss of 10 cents per share, with revenue ranging from $365 million to $370 million.

Broadcom Inc. on Thursday reported fiscal third-quarter profit of $3.07 billion.

The San Jose, California-based company said it had net income of $7.15 per share. Earnings, adjusted for one-time gains and costs, were $9.73 per share.

The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $9.62 per share.

The chipmaker posted revenue of $8.46 billion in the period, also beating Street forecasts. Ten analysts surveyed by Zacks expected $8.41 billion.

For the current quarter ending in October, Broadcom Inc. said it expects revenue in the range of $8.9 billion. Analysts surveyed by Zacks had expected revenue of $8.76 billion.

Broadcom Inc. shares have dropped 26% since the beginning of the year, while the S&P's 500 index has declined 17%. In the final minutes of trading on Thursday, shares hit $492.01, decreasing slightly in the last 12 months.

Lululemon Athletica Inc. on Thursday reported fiscal second-quarter net income of $289.5 million.

On a per-share basis, the Vancouver, British Columbia-based company said it had net income of $2.26. Earnings, adjusted for non-recurring gains, came to $2.20 per share.

The results topped Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of $1.86 per share.

The athletic apparel maker posted revenue of $1.87 billion in the period, also topping Street forecasts. Thirteen analysts surveyed by Zacks expected $1.77 billion.

For the current quarter ending in October, Lululemon said it expects revenue in the range of $1.78 billion to $1.81 billion. Analysts surveyed by Zacks had expected revenue of $1.73 billion.

The company expects full-year earnings in the range of $9.75 to $9.90 per share, with revenue ranging from $7.87 billion to $7.94 billion.

Laxman Narasimhan (Photo: Business Wire)

Starbucks has a new chief executive officer.  Laxman Narasimhan will join the coffee chain as incoming CEO on October 1, after relocating from London to the Seattle area.

He'll work closely with interim CEO Howard Schultz before assuming the role and joining the Board on April 1, 2023.

Narasimhanm most recently served as chief executive officer of Reckitt, a multinational consumer health, hygiene and nutrition company, where he led the company through a major strategic transformation and a return to sustainable growth.

Schultz will remain in the role of interim CEO during this transition period, following which he will continue as a member of the Starbucks Board of Directors.

Nvidia shares took a beating after the company disclosed that the government has put some export restrictions on articificial intelligence chips it sends to China.

The stock is heading to the lowest close since May 2021 when it closed at $136.65 and today's session marks five consecutive down days = 22.26% over this period, as tracked by the Dow Jones Market Data Group.

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LIFESTYLE

Delta pilots protest at Atlanta airport ahead of Labor Day weekend

Delta pilots kicked off another week of protests with picket lines at the Atlanta airport on Thursday. Pilots are demanding better pay and schedules ahead of Labor Day.

Delta pilots protested outside of the Atlanta airport Thursday, complaining of exhaustion and long hours ahead of Labor Day weekend.

Delta suggested its current contract with pilots is among the best in the industry in a July statement. Nevertheless, renegotiation talks are ongoing.

Footwear and accessory maker Genesco dropped more than 17% Thursday before cutting losses. The owner of Journeys and Johnston & Murphy slashed its full year guidance.

Fiscal 2023 sales are expected to be down 3% to flat, compared to FY22, versus prior guidance of up 1% to 3%. The sales decrease compared to last year was driven by a 2% drop in comparable sales.

Adjusted diluted earnings per share from continuing operations should fall in the range of $6.25 to $7.00, lower than the previous expectation of $7.00 to $7.75.

The company beat Wall Street’s fiscal second quarter earning estimate but missed on profit. Revenue fell 3.6% to $535.3 million from a year ago. Analysts expected $539.9 million.

Net earnings for the three months ended July 30 were $7.6 million compared to $10.9 million a year ago.

Adjusted earnings were 59 cents​​ per share, topping the estimate of 26 cents.

Former Reagan Economic Adviser Art Laffer discusses the rent crisis and Biden touting his American Rescue Plan while claiming the spending package put the U.S. on the road to recovery.

Signet Jewelers is down more than 10% Thursday. The world's largest retailer of diamond jewelry cut its fiscal 2023 guidance.

The owner of brands including Kay Jewelers, Zales and Jared expects total revenue of $7.60 to $7.70 billion, down from $8.03 to $8.25 billion.

Operating income is seen at $787 to $828 million, down from $921 to $974 million.

The company did beat fiscal second quarter estimates.

Fiscal second quarter sales fell 1.9% to $1.8 billion. The estimate was $1.75 billion.

Net income for the three months ended July 30 was $136.8 million, down from $216 million last year.

Adjusted earnings were $2.68 per share. The estimate was $2.59.

Cans of Campbell's Soup in New York City, February 15, 2017. (REUTERS/Brendan McDermid)

Campbell Soup Co on Thursday warned it expects customers to feel a bigger pinch from price rises in the coming year and that its older consumers were shunning its soups and broths for cheaper store-brand alternatives amid a rise in cost of living.

Shares of the more than 150-year-old U.S. company fell about 6% after it also forecast full-year profit largely below estimates on supply chain snags and soaring costs.

Demand had held up so far in the face of multiple price increases on everything from cookies to beef jerky by packaged food makers looking to insulate their margins from higher costs of labor, ingredients and transportation.

The increasing prices, along with higher borrowing costs, have now squashed household budgets and forced a shift to more affordable private-label alternatives.

Campbell, which reported fourth-quarter net sales and adjusted profit in line with estimates, has ramped up promotions to better compete with cheaper rivals.

The maker of Prego pasta sauces and Pepperidge Farm cookies expects fiscal 2023 adjusted earnings per share between $2.85 and $2.95, compared to expectations of $2.92, according to Refinitiv IBES data.

Net sales for the period is projected to grow between 4% and 6%, higher than estimate of a 2.7% rise.

Twin Disc surged more than 20% in Thursday trading. The maker and distributor of power transmission equipment topped Wall Street revenue and profit estimates.

Fiscal fourth quarter revenue rose 14.8% to $76.0 million from a year ago. Analysts expected $72.6 million.

Net income for the three months ended June 30 was $7.8 million compared to a year ago net loss of $21.5 million.

Adjusted earnings per share was 58 cents compared to the estimate of 17 cents.

Twin Disc said it expects to benefit throughout fiscal 2023 from renewed investments from North American pressure pumping operators.

“We believe the 44.0% increase in our six-month backlog over the past 12 months indicates a significant improvement in underlying trends across our global markets. Improving oil and gas market conditions are supporting strong aftermarket component sales, as well as growing demand for new oil and gas transmission systems from pressure pumping customers in North America,” said president and CEO John Batten.

Lands’ End plunged as much as 18% in Thursday morning trading after the retailer cut guidance.

The uni-channel retailer of casual clothing, accessories, footwear and home products sees fiscal 2022 revenue of $1.60 billion and $1.64 billion. The previous outlook was for net revenue between $1.62 billion and $1.68 billion.

Net income is expected to be between $16.5 million and $23.5 million compared to $20.0 million and $29.0 million.

Land’s End did top Wall Street's fiscal second quarter sales and profit expectations.

Second quarter net revenue decreased 8.6% to $351.2 million, beating the estimate of $343.3 million.

The net loss for the three months ended July 29 was $2.2 million compared to a year ago net profit of $16.2 million.

The net loss per diluted share was 7 cents compared to the estimate of 14 cents.

Sears Holdings spun off Lands' End in April 2014.

Nvidia shares fell, along with other chipmakers, after trading after U.S. officials ordered the company to cease exporting two of its top computing chips for artificial intelligence work to China, hampering a business that accounted for $400 million in sales in the current quarter.

Nvidia said the ban, which affects its A100 and H100 chips designed to speed up machine learning tasks, could interfere with the completion of developing the H100, the company's flagship chip announced earlier this year. 

The announcement signals a major escalation of the technology tensions between the United States and China. 

Hawaii Gov. David Ice speaks at the AES Corporation's coal-fired power plant in Kapolei, Hawaii during a ceremony to mark the closure of the facility, Thursday, Aug. 18, 2022. AP Photo/Caleb Jones

Hawaii closed its final coal-powered power plant Thursday as the state pushes to become exclusively powered via renewable energy by the year 2045.

In a statement, Gov. David Ige said he was encouraged to take the AES Corporation coal plant offline to reduce his state’s greenhouse gas emissions.

"It really is about reducing greenhouse gases," Ige told The Associated Press. "And this coal facility is one of the largest emitters. Taking it offline means that we'll stop the 1.5 million metric tons of greenhouse gases that were emitted annually."

Hawaii's Chief Energy Officer Scott Glenn described the situation as dire: "We are already feeling the effects of climate change. It’s not fair or right to ask other nations or states to act on our behalf if we are not willing and able to do it ourselves. If we don’t, we drown."

Read more here: Hawaii closes final coal-powered plant in push to be 100 percent renewable

In this photo released by the Taiwan Presidential Office, Arizona Gov. Doug Ducey, left, and Taiwan's President Tsai Ing-wen exchange gifts during a meeting in Taipei, Taiwan on Friday, Aug. 26, 2022. Taiwan Presidential Office via AP

Taiwan President Tsai Ing-wen joined Arizona Gov. Doug Ducey in the capital city of Taipei on Thursday to celebrate their tech partnership. The event was highlighted by the announcement of a $12 billion chip manufacturing plant a Taiwan company intends to build in Arizona.

"In the face of authoritarian expansionism and the challenges of the post-pandemic era, Taiwan seeks to bolster cooperation with the United States in the semiconductor and other high-tech industries," Tsai said in the presidential palace, Reuters reported.

Ducey’s visit comes as Taiwan Semiconductor Manufacturing Co Ltd. (TSMC), the world’s largest contract chipmaker and a major supplier to Apple Inc., announced the construction of a $12 billion chip plant in Arizona.

"This will help build more secure and more resilient supply chains. We look forward to jointly producing democracy chips to safeguard the interests of our democratic partners and create greater prosperity," Tsai added at the presidential palace, per the report.

Read more on the visit by clicking here: Arizona Gov. Doug Ducey visits Taiwan for announcement of $12 billion semiconductor plant for his state

Danish jewelry manufacturer Pandora says it's trying to make the U.S. diamond jewelry market more accessible for the average consumer by launching its first collection of lab-created diamonds in the U.S. 

Diamonds by Pandora hit the United States and Canadian market this month, offering more cost-effective diamond products for consumers who don't have the means of doling out thousands of dollars on fine jewelry. 

Affordable diamonds is the natural next step for the company whose mission has long been to "democratize the jewelry market," Pandora CEO Alexander Lacik told FOX Business. 

Click here for more on the story: Pandora trying to 'democratize' diamond jewelry market

NYSE traders (Reuters)

U.S. equity futures were poised to start the new month the way the old month ended, with losses.

The major futures indexes suggest a decline of 0.8% when the opening bell rings.

U.S. West Texas Intermediate (WTI) crude futures traded around $89.00 a barrel. Brent crude futures were around $95.00 a barrel.

Stocks finished the month on a four-session losing streak. For August, the Dow finished down nearly 4.1%, while the S&P and Nasdaq lost 4.2% and 4.6%, respectively.

Traders will be watching a crowded economic docket featuring reports on jobless claims, productivity, manufacturing and construction spending.

In Asia, Japan's benchmark Nikkei 225 declined 1.5%, Hong Kong's Hang Seng lost 1.8% and China's Shanghai Composite edged down 0.5%.

On Wall Street, the S&P 500 fell 31.16 points, 0r 0.8%, to 3,955. The index is down 17% so far this year. 

The Nasdaq lost 66.93 points, or 0.6%, to 11,816.20, while the Dow gave up 280.44 points, or 0.9%, to close at 31,510.43. 

The latest pullback for stocks came as Treasury yields rose broadly. The yield on the 10-year Treasury, which influences interest rates on mortgages and other consumer loans, rose to 3.20% on Thursday morning.

Bitcoin was trading around $19,000, after gaining in two of the last three days. For the week, Bitcoin was down more than 6%.

For the month, the cryptocurrency was down 15%. Bitcoin is also down more than 56% year-to-date.

Ethereum was trading around $1,500. For the week, Ethereum was off more than 6%.

Dogecoin was trading at 6 cents.

Telexistence CEO Jin Tomioka, left, and FamilyMart Executive Officer Tomohiro Kano in a FamilyMart convenience store in Tokyo, Friday, Aug. 26, 2022. (AP Photo/Yuri Kageyama / AP Newsroom)

A robot is looking to put "convenience" back in convenience stores as it stocks shelves and learns which products are more desired by customers, placing those in easier-to-reach locations.

The robot, named TX SCARA, currently operates behind refrigerated shelves in FamilyMarts located in Tokyo, Japan, but the Tokyo-based Telexistence, who created the robot, is hoping to push the innovation into other jobs.

"We want to automate all the repetitive jobs and boring jobs done by humans. That is the direction we are going. And the best way to do that is to use the robots," said Chief Executive Jin Tomioka.

TX SCARA and its artificial intelligence system, called "GORDON," knows when and where products need to be placed to better assist customers, according to Telexistence. The hardware uses Nvidia GPUs and allows for remote control over Azure, Microsofts’ cloud computing service.

Read more on the story here: Robots that stock drinks at convenience stores aim to automate all 'boring jobs done by humans'

The GMC HUMMER EV SUV completes the HUMMER EV family and features a 126.7-inch wheelbase for tight proportions and a maneuverable body, providing remarkable on- and off-road capability. (GMC / Fox News)

General Motors' new electric vehicle battery plant in Ohio has started producing cells, which could help customers get federal tax credits.

The plant in Warren, Ohio is part of a joint-venture with LG Energy Solution.

The joint-venture plant is focused on training as it prepares to ramp up manufacturing. A spokeswoman for the venture said it is producing cells but they are not yet being shipped. 

They will go into vehicles with GM's Ultium batteries, which currently include Hummer EVs, Chevrolet Silverado EV pickups and the Cadillac Lyriq electric SUV.

Eventually, though, the plant should help GM's EVs meet requirements to qualify for a $7,500-per-vehicle federal tax credit.

For more on the story, click here: GM venture begins battery cell production at new Ohio factory