Major stock market indexes were mixed on Tuesday. The S&P 500 (SNPINDEX: ^GSPC) posted a modest gain, while the Dow Jones Industrial Average (DJINDICES: ^DJI) dropped about 0.4%, driven by continued pressure on Boeing amid the fallout of a tragic plane crash over the weekend.
Today's stock market
Oil stocks led today's gainers as the price of crude hit its highest level so far this month, helped by a fresh pledge from Saudi Arabia to cut production in an effort to rebalance the market. The SPDR S&P Oil & Gas Exploration & Production ETF (NYSEMKT: XOP) jumped 2.6%. Industrial stocks slipped, however, with the Industrial Select Sector SPDR Fund (NYSEMKT: XLI) losing 0.8%.
As for individual stocks, earnings news sent Stitch Fix (NASDAQ: SFIX) and Dick's Sporting Goods (NYSE: DKS) in different directions.
Stitch Fix posts a solid beat and raise
Shares of Stitch Fix skyrocketed 25.2% after the online personal styling service announced exceptional fiscal second-quarter 2019 results and increased its full-year outlook.
Stitch Fix's revenue rose 25% year over year to $370.3 million -- its sixth straight quarter of at least 20% growth -- which translated into adjusted net income of $12 million, or $0.12 per share, up from $0.07 per share in the year-ago period. By comparison, Stitch Fix's guidance (provided in December) called for revenue in the range of $360 million to $368 million, while most analysts were modeling earnings of $0.05 per share.
CEO Katrina Lake noted the company reached 3 million active clients during the quarter, up 18% year over year. Stitch Fix hopes to sustain that growth after launching its first integrated brand campaign last month.
During the subsequent conference call, Stitch Fix management also raised their full-year guidance to call for revenue of $1.53 billion to $1.56 billion, up from $1.49 billion to $1.53 billion and good for 26% growth at the midpoint.
Dick's Sporting Goods tumbles despite ending 2018 strong
Dick's Sporting Goods stock fell 11% after the company announced encouraging fourth-quarter 2018 results but followed with tepid guidance.
Dick's quarterly sales dropped 6.5% to $2.49 billion, hurt by a 3.7% decline in same-store sales, though the latter metric would have fallen a more modest 2.2% if it weren't for an extra week in last year's fourth quarter. Net income arrived at $102.6 million, or $1.07 per share, including a roughly $0.08-per-share negative impact from the calendar shift. Still, these results were slightly above consensus estimates for earnings of $1.06 per share on revenue of $2.48 billion.
Chairman and CEO Edward Stack said the company was "pleased" with the quarter, adding that the "core business performed quite well."
However, Dick's also told investors to expect fiscal 2019 earnings per share in the range of $3.15 to $3.35, up $0.01 per share at the midpoint from $3.24 in 2018. Analysts, on average, were anticipating 2019 earnings near the high end of that range.
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