McCormick & Co에 대한 매도 수량은 투자자에게 McCormick & Co의 주식 하락에 베팅하는 정도를 알려줍니다. 매도 수량 데이터는 2주마다 업데이트됩니다.

McCormick & Co (NYSE:MKC) 주식, 공매도 수량 보고

McCormick & Co

In its 135-year history, McCormick has grown to become the leading global manufacturer, marketer, and distributor of spices, herbs, extracts, seasonings, and other flavorings. Beyond end consumers, McCormick's customer base also includes top quick-service restaurants, retail grocery chains, and other packaged food and beverage manufacturers. And its reach is global, with nearly 40% of sales generated beyond its home turf to include 150 other countries and territories. In addition to its namesake brand, the firm's portfolio includes Old Bay, Zatarain's, Thai Kitchen, Frank's RedHot, French's, and Cholula, among others.

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화요일 오전 (현지 시간 기준) 미국 주식 선물이 하락세를 보이면서 오늘 투자자들의 관심을 끌 수 있는 주식은 다음과 같다: 1. 월스트리트는 어큐이티 브랜즈(NYSE:AYI)가 분기별 실적을 주당 $4.28, 매출 $10.2억 달러로 예상하고 있으며, 시장 개장 전에 실적을 발표할 것이라고 전했다. 어큐이티 브랜즈의 주식은 애프터 마켓에서 1.7% 상승하여 $279.94에 거래되었다.

화요일 주목해야 할 주식: 어큐이티 브랜즈, 나이키, 리포시트랙 그리고 2종목

McCormick & Company, Incorporated Common Stock

McCormick & Co Inc

Medikit Co Ltd

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McCormick & Co shares are trading lower. Stifel and TD Cowen maintained Hold ratings on the stock.

TD Cowen analyst Robert Moskow maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Hold and raises the price target from $84 to $86.

Price Target

Analyst Ratings

TD Cowen Maintains Hold on McCormick & Co, Raises Price Target to $86

Stifel analyst Matthew Smith maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Hold and raises the price target from $75 to $85.

Stifel Maintains Hold on McCormick & Co, Raises Price Target to $85

On CNBC's &#8220;Mad Money Lightning Round,&#8221; Jim Cramer said NANO Nuclear Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NNE#NASDAQ">NNE</a>) is losing a <a href="https://www.benzinga.com/quote/NNE/news">&#8220;lot of money.&#8221;</a>
On Oct. 1, NANO Nuclear Energy said Carlos O. Maidana has been named as the company&#8217;s head of thermal hydraulics and space program.
Cramer recommended buying McKesson Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>). &#8220;I'm ready to start buying, don't buy all at once.&#8221;
On Sept. 25, Deutsche Bank analyst George Hill maintained McKesson with a Buy and lowered the price target from $623 to $579.
Diamondback Energy, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>) is a &#8220;little too much oil for me," Cramer said.
On Oct 1, Wells Fargo analyst Roger Read maintained Diamondback Energy with an Overweight and lowered the price target from $230 to $219.
&#8220;It's got a huge multiple for its growth rate, and that is worrisome to me. I'm going to have to say we got to come back with something that is less expensive,&#8221; Cramer said when asked about Littelfuse (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LFUS#NASDAQ">LFUS</a>).
On Aug. 29, Baird analyst Luke Junk maintained Littelfuse with an Outperform and raised the price target from $300 to $315.
Archer-Daniels-Midland Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ADM#NYSE">ADM</a>) is a &#8220;value trap,&#8221; Cramer said.
On Sept. 9, UBS analyst Manav Gupta maintained Archer-Daniels Midland with a Neutral and raised the price target from $60 to $64.
Price Action:
<ul>
<li>NANO Nuclear Energy shares gained 14.8% to settle at $16.54 on Tuesday.</li>
<li>McKesson shares gained 0.8% to close at $498.48 during the session.</li>
<li>Diamondback shares gained 3% to close at $177.52 during Tuesday's session.</li>
<li>Littelfuse shares fell 1.7% to settle at $260.64 on Tuesday.</li>
<li>Archer-Daniels-Midland shares fell 0.4% to close at $59.52 on Tuesday.</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>
Image: Shutterstock

Media

FANG

LFUS

Jim Cramer: This Consumer Defensive Stock Is A Buy, Archer-Daniels-Midland Is A 'Value Trap'

B of A Securities analyst Peter Galbo maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Buy and raises the price target from $95 to $96.

B of A Securities Maintains Buy on McCormick & Co, Raises Price Target to $96

McCormick &amp; Company, Incorporated (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mkc#NYSE">MKC</a>) reported solid third-quarter fiscal 2024 results, wherein the top and bottom lines beat the Zacks Consensus Estimate, and earnings increased year over year.
The company achieved a significant milestone by delivering overall global positive volume growth in the quarter, indicating improving trends across both business segments. The momentum is expected to carry into the fourth quarter. In the Consumer segment, MKC recorded solid volume growth despite facing a challenging macroeconomic environment in China. Meanwhile, in the Flavor Solutions segment, sequential volume improvements were realized, driven by strong growth in Branded Foodservice.
Management continues to bolster its position across major markets and core categories by focusing on growth levers such as brand marketing, product and packaging innovation, category management and proprietary technology. The company expects its cost-saving initiatives to help fund future investments and drive operating margin expansion. The year-to-date results, combined with strategic growth plans, reinforce confidence in achieving the mid-to-high range of projected sales growth for 2024.
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<h3>McCormick &amp; Company, Incorporated Price, Consensus and EPS Surprise 
<img alt="McCormick &amp; Company, Incorporated Price, Consensus and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/ae/1727790166.png" style="height:265px; width:576px" title="" /></h3>
McCormick &amp; Company, Incorporated price-consensus-eps-surprise-chart | McCormick &amp; Company, Incorporated Quote
</div>
<h2>MKC&#39;s Quarterly Performance: Key Metrics and Insights</h2>
Adjusted earnings of 83 cents per share increased from 65 cents reported in the year-ago quarter. The metric came above the Zacks Consensus Estimate of 68 cents per share, representing a surprise of 22.1%. The year-over-year upside can be attributed to greater operating profit, the timing of a specific tax benefit and increased income from unconsolidated operations, fueled by robust performance from McCormick de Mexico, the company&#39;s largest joint venture.
This global leader in flavor generated sales of $1,679.8 million, flat year over year, including minimum impacts from currency movements. Impacts from the company&#39;s strategic decision to divest its canning business were offset by a 1% increase in volume backed by the Consumer segment, somewhat negated by pricing. The top line exceeded the Zacks Consensus Estimate of $1,664 million.
McCormick&#39;s gross profit margin expanded 170 basis points. The upside can be attributed to improved mix and cost savings from the Comprehensive Continuous Improvement&nbsp;program.
The adjusted operating income came in at $288 million, up 15% year over year, reflecting gross margin expansion and reduced SG&amp;A expenses.
<h2>Decoding MKC&#39;s Segmental Performance</h2>
Consumer: Sales remained flat year over year at $937.4 million, with a negligible impact on currency movements. Sales were hurt by a 1% decline from pricing actions, offset by 1% volume growth. Volume growth in the Americas and the Europe, Middle East, and Africa (&quot;EMEA&quot;) regions was partly negated by declines in the Asia-Pacific region (APAC). Sales remained flat year over year in the Americas while moving up 3% in the EMEA region. Segment sales dipped 1% in the APAC.
Flavor Solutions: Sales in the segment inched down 1% to $742.4 million. On a constant-currency basis, sales were flat year over year as a 1% rise in pricing was countered by the company&#39;s strategic move to sell off its canning business. Flavor Solutions&#39; sales in the Americas grew 2%. Flavor Solutions&#39; sales in the EMEA fell by 8%. Sales in the APAC market fell 1% year over year.
<h2>MKC&#39;s Financial Health Snapshot</h2>
McCormick exited the quarter with cash and cash equivalents of $200.8 million, long-term debt of $3,343.1 million and total shareholders&#39; equity of $5,451 million. In the nine months ended Aug. 31, 2024, net cash provided by operating activities was $463.2 million.
<h2>What to Expect From MKC in 2024?</h2>
For fiscal 2024, McCormick is focused on strengthening its volume trends and prioritizing investments to fuel profits. The company&#39;s CCI and Global Operating Effectiveness programs are driving growth investments and operating margin expansion. Management anticipates currency movements to have a minimal impact on 2024 results.
For 2024, management expects sales to range between a 1% decline and 1% growth, including minimal currency impacts. The company anticipates witnessing a favorable impact of pricing actions undertaken in the prior year. Volume trends are likely to improve due to solid brands and targeted investments. However, its decision to discontinue the low-margin business and sell the canning business is likely to put some pressure on volume during 2024.
Management expects adjusted operating income to grow 4-6%, including minimal currency impacts. This is likely to be driven by gross margin expansion, somewhat offset by a major rise in brand marketing investments.
Management envisions 2024 adjusted EPS in the band of $2.85-$2.90, which suggests a 5-7% increase from the year-ago period, including minimal currency impacts. On a GAAP basis, McCormick projects 2024 earnings in the range of $2.81- $2.86 per share compared with the year-ago period figure of $2.52.
This Zacks Rank #2 (Buy) stock has rallied 17.2% in the past three months compared with the industry&#39;s growth of 8.8%.
<h2>Other Top Staple Stocks</h2>
Here, we have highlighted three other top-ranked consumer staple stocks &mdash; The Chef&#39;s Warehouse (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/chef#NASDAQ">CHEF</a>), Flowers Foods (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/flo#NYSE">FLO</a>) and Kimberly-Clark Corporation&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kmb#NYSE">KMB</a>).
The Chef&#39;s Warehouse, which engages in the distribution of specialty food products, currently sports a Zacks Rank #1 (Strong Buy).
CHEF has a trailing four-quarter earnings surprise of 33.7%, on average. The Zacks Consensus Estimate for The Chef&#39;s Warehouse&#39;s current fiscal year sales and earnings indicates growth of 9.7% and 12.6%, respectively, from the year-ago reported numbers.
Flowers Foods, one of the largest producers of packaged bakery foods in the United States, currently carries a Zacks Rank #2. FLO has a trailing four-quarter earnings surprise of 1.9%, on average.
The Zacks Consensus Estimate for Flowers Foods&#39; current financial-year sales and earnings implies growth of around 1% and 5%, respectively, from the year-ago reported numbers.
Kimberly-Clark is a personal care and consumer tissue product company that currently carries a Zacks Rank of 2.
The Zacks Consensus Estimate for Kimberly-Clark&#39;s current fiscal-year earnings indicates an advancement of 10.4% from the year-ago reported figure. KMB has a trailing four-quarter earnings surprise of 12.6%, on average.
<a href="https://www.zacks.com/stock/news/2344136/mccormick-q3-earnings-top-estimates-mkc-volumes-improve-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2344136">To read this article on Zacks.com click here.</a>

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McCormick Q3 Earnings Top Estimates, MKC Volumes Improve Y/Y

McCormick &amp; Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) shares are trading higher after the company reported its third-quarter results and<a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/n41112901/mccormick-reports-third-quarter-performance-and-reaffirms-2024-outlook" rel="noreferrer noopener"> raised its full-year EPS outlook.</a>
The company registered quarterly adjusted earnings per share of 83 cents,<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> beating the street view of 67 cents</a>. Quarterly sales total $1.679 billion, outpacing the analyst consensus of $1.668 billion. Sales in the third quarter were comparable to the year-ago period, reflecting volume growth of 1%, partially offset by price.
Gross profit margin expanded by 170 basis points compared to the third quarter of last year. This expansion was driven by favorable mix as well as cost savings led by the company&#8217;s Comprehensive Continuous Improvement (CCI) program.
Also Read:<a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41113340/us-stocks-set-for-shaky-start-ahead-of-jolts-data-nike-earnings-strategist-says-these-3-structural-" rel="noreferrer noopener"> US Stocks Set For Shaky Start Ahead Of JOLTS Data, Nike Earnings: Strategist Says These 3 Structural Drivers Support &#8216;Buying The Dip&#8217;</a>
&#8220;This quarter we reached a meaningful milestone by delivering total global positive volume growth, reflecting improved trends across both segments, and we expect this momentum to continue into the fourth quarter,&#8221; said Brendan M. Foley, President and CEO.
McCormick&#8217;s quarterly dividend of&nbsp;$0.42&nbsp;per share on its common stocks is payable&nbsp;October 21 <a target="_blank" href="https://www.benzinga.com//node/41014659" rel="noreferrer noopener">to shareholders of record&nbsp;October 7.</a>
Outlook: McCormick has raised its fiscal year 2024 earnings per share (EPS) outlook to a range of $2.85 to $2.90,<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener"> compared to the previous estimate of $2.80 to $2.85</a>, which was in line with the consensus estimate of $2.86. The company expects its sales to range between a decline of 1% to an increase of 1%, with minimal impact from currency.
For fiscal 2024, the company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.
Price Action: MKC shares are trading higher by 2.07% to $84.00 premarket at last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/24/10/41111098/if-you-invested-1-000-in-peter-thiel-co-founded-palantir-when-it-ipoed-4-years-ago-heres-how-muc" target="_blank" rel="noreferrer noopener">If You Invested $1,000 In Peter Thiel Co-founded Palantir When It IPOed 4 Years Ago, Here's How Much You Would Have Now</a></li>
</ul>

Equities

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McCormick Stock Gains After Q3 Earnings Beat, Raised EPS Outlook

Stocks are gearing up for another nervy start on Tuesday after they scrapped through in the previous session to<a href="https://www.benzinga.com/news/earnings/24/10/41110228/s-p-records-first-positive-september-since-2019-amid-improving-investor-sentiment-fear-index-moves-"> finish a seasonally weak September on a high.</a> Some strategists point to the unusual September gains as a testament to the market&#8217;s resilience. The unequivocal belief is the gains could continue into the fourth quarter and beyond only if the economy can skirt a recession.
Each incoming economic data, including the job opening and manufacturing activity data due Tuesday, would offer evidence regarding the economy&#8217;s strength or lack thereof. This being the presidential election year, traders brace for more volatility at least until Nov. 5. The market may also have to contend with earnings as they begin to roll out in the second half of the month.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>+0.07%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.09%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.27%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.23%</td>
</tr>
</tbody>
</table>
</figure>
In premarket trading on Tuesday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) eased 0.02% to $573.63 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.09% to $488.50, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>.
Cues From Last Week:
U.S. stocks survived a bout of selling pressure and closed Monday&#8217;s session higher. The overbought levels and a slump in some major global markets introduced caution right at the start of the session, and the major indices moved mostly below the unchanged line for much of the session. The selling intensified after Fed Chair Jerome Powell poured cold water on hopes of rapid downward adjustment of rates during his speech.
The major indices staged a late-hour recovery to end September firmly in the green, with the S&amp;P 500 and Dow Industrials closing at fresh highs. Nine of the 11 S&amp;P 500 sector classes closed in the green, with communication services, energy and real estate stocks seeing strong buying interest. On the other hand, material and consumer discretionary stocks pulled back.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Day&#8217;s Performance (+/)</td>
<td>Value</td>
<td>September Performance</td>
<td>Q3 Performance</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.38%</td>
<td>18,189.17</td>
<td>+2.69%</td>
<td>+2.58%</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.42%</td>
<td>5,762.48</td>
<td>+2.02%</td>
<td>+5.53%</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.04%</td>
<td>42,330.15</td>
<td>+1.85%</td>
<td>+8.21%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>+0.24%</td>
<td>2,229.97</td>
<td>+0.56%</td>
<td>+8.90%</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Fed&#8217;s larger-than-expected rate cut can buy more time for high-quality stocks to remain expensive and even help lower-quality cyclical stocks, especially after recent China actions, said Morgan Stanley&#8217;s US Equity Strategist Mike Wilson. &#8220;However, I believe labor data and other growth indicators need to improve to justify these conditions continuing into year-end and beyond – i.e., a soft landing with growth reaccelerating, inflation stabilizing above 2%, and the Fed continuing to cut rates, &#8221; the strategist said.
The market is entering a seasonally strong period after being up for eight of the nine months. Fund Strat&#8217;s Head of Research Tom Lee said in the firm&#8217;s weekly commentary that the following three favorable structural drivers for equities support &#8220;buy the dip:&#8221;
<ul>
<li>Fed launches easing cycle + &#8220;no landing&#8221;</li>
<li>China PBOC bazooka</li>
<li>Post-election and cash on sidelines dynamics</li>
</ul>
He noted that when the Fed cuts rate and the US economy is not in recession, the S&amp;P 500 Index has risen seven out of seven times both three and six months later.
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Upcoming Economic Data:
<ul>
<li>S&amp;P Global is due to release the final manufacturing purchasing managers&#8217; index for September at 9:45 a.m. EDT. Economists, on average, expect the final manufacturing PMI to come in at 47, down from 47.9 in August.</li>
<li>The Institute for Supply Management will release its national manufacturing PMI at 10 a.m. EDT, with the consensus calling for a reading of 47.5 for September, slightly up from 47.2 in August.</li>
<li>The Labor Department is scheduled to release the results of its August Job Openings and Labor Turnover Survey at 10 a.m. EDT. Economists, on average, estimate job openings to remain unchanged with the July level, at 7.7 million.</li>
<li>The Commerce Department&#8217;s construction spending report for August, due at 10 a.m. EDT, will likely show flattish spending relative to July, which saw a 0.3% month-over-month drop.</li>
<li>Federal Reserve Governor Lisa Cook will make a public appearance at 11:10 a.m. EDT.</li>
<li>Richmond Fed President Tom Barkin, Atlanta Fed President Raphael Bostic and Boston Fed President Susan Collins are scheduled to participate in a joint panel discussion about technology-enabled&nbsp;disruption at 6:15 p.m. EDT.</li>
</ul>
Stocks In Focus:
<ul>
<li>Trump Media &amp; Technology Group Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DJT#NASDAQ">DJT</a>) rallied nearly 7.50% <a href="https://www.benzinga.com/premarket">in premarket trading </a>after the company said it has expanded its TV streaming delivery network to multi-site operation.</li>
<li>Ford Motor Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) climbed over 2% on a positive analyst action.</li>
<li>Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), McCormick &amp; Company, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), Paychex, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PAYX#NASDAQ">PAYX</a>) and United Natural Foods, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNFI#NYSE">UNFI</a>) are among the notable <a href="https://www.benzinga.com/calendars/earnings">companies due to report their quarterly results before the market open.</a></li>
<li>Those reporting after the close are NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>), Resources Connection, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGP#NASDAQ">RGP</a>) and Cal-Maine Foods, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CALM#NASDAQ">CALM</a>).</li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil futures pulled back sharply, while gold futures advanced moderately. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) traded slightly higher under the $64K level. The yield on the 10-year benchmark Treasury note fell 5.7 basis points to 3.745%.
In Asia, the Japanese market rebounded, although sentiment elsewhere remained muted. The Chinese, Hong Kong and South Korean markets remained closed for public holidays. European stocks showed tentativeness in early trading ad traders digested the preliminary September consumer price inflation data for the eurozone.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/10/41111098/if-you-invested-1-000-in-peter-thiel-co-founded-palantir-when-it-ipoed-4-years-ago-heres-how-muc">If You Invested $1,000 In Peter Thiel Co-founded Palantir When It IPOed 4 Years Ago, Here&#8217;s How Much You Would Have Now</a></li>
</ul>
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Economics

Federal Reserve

$BTC

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PAYX

UNFI

US Stocks Set For Shaky Start Ahead Of JOLTS Data, Nike Earnings: Strategist Says These 3 Structural Drivers Support 'Buying The Dip'

McCormick Raises FY24 EPS Outlook To $2.85-$2.90 Vs. $2.86 Estimate (Prior View: $2.80-$2.85);  Expects Sales To Range Between (1)% To 1%

McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) reported quarterly earnings of $0.83 per share which beat the analyst consensus estimate of $0.67 by 23.88 percent. This is a 27.69 percent increase over earnings of $0.65 per share from the same period last year. The company reported quarterly sales of $1.68 billion which beat the analyst consensus estimate of $1.67 billion by 0.54 percent. This is a 0.36 percent decrease over sales of $1.69 billion the same period last year.

McCormick & Co Q3 Adj $0.83 Beats $0.67 Estimate, Sales $1.68B Beat $1.67B Estimate

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, with the index moving to the &#8220;Extreme Greed&#8221; zone on Monday.
U.S. stocks settled higher on Monday, with the S&amp;P 500 recording its first positive September month since 2019. In the month, the Dow Jones gained 1.9%, while the Nasdaq rose 2.7%. The S&amp;P 500 jumped 2%, recording its first positive September month since 2019.
Carnival Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCL#NYSE">CCL</a>) posted better-than-expected quarterly earnings. EMCORE Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EMKR#NASDAQ">EMKR</a>) shares jumped around 83% on Monday after Mobix Labs submitted an all-cash offer to acquire the company for $3.80 per share.
On the economic data front, the Chicago PMI rose to 46.6 in September from 46.1 in August versus market estimates of 46.2.
Most sectors on the S&amp;P 500 closed on a positive note, with energy, real estate, and communication services stocks recording the biggest gains on Monday. However, consumer discretionary and materials stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 17 points to 42,330.15 on Monday. The S&amp;P 500 rose 0.42% to 5,762.48, while the Nasdaq Composite climbed 0.38% at 18,189.17 during Monday's session.
Investors are awaiting earnings results from Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), and NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 75.5, the index moved to the &#8220;Extreme Greed&#8221; zone on Monday, versus a prior reading of 72.8.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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</ul>

EMKR

S&P Records First Positive September Since 2019 Amid Improving Investor Sentiment: Fear Index Moves To 'Extreme Greed' Zone

With U.S. stock futures trading lower this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) to report quarterly earnings at $4.28 per share on revenue of $1.02 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Acuity Brands shares gained 1.7% to $279.94 in after-hours trading.</li>
<li>ReposiTrak, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRAK#NYSE">TRAK</a>) reported better-than-expected fourth-quarter financial results and increased its quarterly dividend by 10%. ReposiTrak shares gained 4.6% to $19.32 in the after-hours trading session.</li>
<li>Analysts expect McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) to post earnings at 67 cents per share on revenue of $1.67 million for the latest quarter. The company will release earnings before the markets open. McCormick shares gained 0.4% to $82.60 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Biohaven Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHVN#NYSE">BHVN</a>) reported a proposed $250 million public offering of common shares. Biohaven shares fell 1.9% to $49.00 in the after-hours trading session.</li>
<li>Analysts expect NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) to post quarterly earnings at 52 cents per share on revenue of $11.65 million after the closing bell. Nike shares fell 0.1% to $88.31 in after-hours trading.</li>
</ul>
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<li><a href="https://www.benzinga.com/markets/24/09/41102060/jim-cramer-hand-picks-these-3-stocks-to-ride-the-crest-of-the-chinese-stimulus-frenzy">Jim Cramer Hand Picks These 3 Stocks To Ride The Crest Of The Chinese Stimulus Frenzy</a></li>
</ul>
Photo courtesy: Shutterstock

Acuity Brands, Nike And 3 Stocks To Watch Heading Into Tuesday

McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/MKC/earnings">opening bell on Tuesday, Oct. 1.</a>
Analysts expect the Hunt Valley, Maryland-based company to report quarterly earnings at 67 cents per share, up from 65 cents per share in the year-ago period. McCormick is projected to post quarterly revenue of $1.67 billion, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
With the recent buzz around McCormick, some investors may be eyeing potential gains from the company's dividends. As of now, McCormick has a dividend yield of 2.02%. That&#8217;s a quarterly dividend of 42 cents a share ($1.68 a year).
To earn $500 monthly from McCormick, start with the yearly target of $6,000 ($500 x 12 months).
Next, we take this amount and divide it by McCormick's $1.68 dividend: $6,000 / $1.68 = 3,571 shares
So, an investor would need to own approximately $297,250 worth of McCormick, or 3,571 shares to generate a monthly dividend income of $500.
Assuming a more conservative goal of $100 monthly ($1,200 annually), we do the same calculation: $1,200 / $1.68 = 714 shares, or $59,433 to generate a monthly dividend income of $100.
Note that dividend yield can change on a rolling basis, as the dividend payment and the stock price both fluctuate over time.
The dividend yield is calculated by dividing the annual dividend payment by the current stock price. As the stock price changes, the dividend yield will also change.
For example, if a stock pays an annual dividend of $2 and its current price is $50, its dividend yield would be 4%. However, if the stock price increases to $60, the dividend yield would decrease to 3.33% ($2/$60).
Conversely, if the stock price decreases to $40, the dividend yield would increase to 5% ($2/$40).
Further, the dividend payment itself can also change over time, which can also impact the dividend yield. If a company increases its dividend payment, the dividend yield will increase even if the stock price remains the same. Similarly, if a company decreases its dividend payment, the dividend yield will decrease.
Price Action: Shares of McCormick edged lower by 0.01% to close at $83.24 on Friday.
On Sept. 17, Bank of America Securities analyst Peter Galbo maintained McCormick with a Buy rating and raised the price target from $86 to $95.
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
<div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="How to Find Dividend Stocks: Scan, Analyze, and Capture with Benzinga Pro" width="500" height="281" src="https://www.youtube.com/embed/pVF0O2lsEH4?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div>
</figure>
Read More: 
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<li><a href="https://www.benzinga.com/markets/24/09/41075978/top-4-materials-stocks-that-may-implode-in-q3">Top 4 Materials Stocks That May Implode In Q3</a></li>
</ul>

How To Earn $500 A Month From McCormick Stock Ahead Of Q3 Earnings

McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) will release earnings results for its third quarter, before the <a href="https://www.benzinga.com/quote/MKC/earnings">opening bell on Tuesday, Oct. 1.</a>
Analysts expect the Hunt Valley, Maryland-based company to report quarterly earnings at 67 cents per share, up from 65 cents per share in the year-ago period. McCormick is projected to post quarterly revenue of $1.67 billion, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>.
On Sept. 24, the company's board declared a quarterly dividend of 42 cents per share.
McCormick shares fell 0.2% to close at $83.25 on Thursday.
Benzinga readers can access the latest analyst ratings on the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/22/09/28888638/exclusive-study-finds-benzinga-analyst-ratings-data-yields-market-beating-strategie">Analyst Stock Ratings</a> page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate <a href="https://www.benzinga.com/quote/TCOM/analyst-ratings">analysts have rated the company</a> in the recent period.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/580f253b846faa000139ba71/robert-moskow">TD Cowen analyst Robert Moskow</a> maintained a Hold rating and cut the price target from $75 to $73 on June 24. This analyst has an accuracy rate of 68%.</li>
<li>Argus Research analyst John Staszak upgraded the stock from Hold to Buy with a price target of $88 on April 2. This analyst has an accuracy rate of 68%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/60a26db838c1fd0001800f03/matthew-smith">Stifel analyst Matthew Smith</a> maintained a Hold rating and boosted the price target from $70 to $75 on March 27. This analyst has an accuracy rate of 70%.</li>
<li>JP Morgan analyst Ken Goldman maintained an Underweight rating and cut the price target from $59 to $57 on Jan. 26. This analyst has an accuracy rate of 83%.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6388ac9b8d677d0001aee596/connor-rattigan">Consumer Edge Research analyst Connor Rattigan</a> downgraded the stock from Overweight to Equal-Weight on Jan. 22. This analyst has an accuracy rate of 70%.</li>
</ul>
Considering buying MKC stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="512" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-1024x512.png" alt="" class="wp-image-569119" style="width:632px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-1024x512.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-300x150.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217-768x384.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/09/27031307/image-217.png 1330w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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</ul>

McCormick Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call

B of A Securities analyst Peter Galbo maintains McCormick &amp; Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) with a Buy and raises the price target from $86 to $95.

B of A Securities Maintains Buy on McCormick & Co, Raises Price Target to $95

Wall Street experienced a subdued trading day on Thursday, as traders likely chose to remain on the sidelines in anticipation of Friday&#8217;s release of the Federal <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">Reserve&#8217;s preferred inflation gauge.</a>
In regulatory news, U.S. banks successfully passed the Federal Reserve&#8217;s 2024 stress tests. The results demonstrated that all analyzed institutions could maintain minimum capital requirements even in the face of a severe economic shock. Notably, regional banks, as tracked by the SPDR S&amp;P Regional Banking ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KRE#NYSE">KRE</a>), performed relatively better overall compared to their larger counterparts. 
As of midday trading in New York, major indices showed marginal gains, with small caps outperforming large-cap indices. 
The semiconductor sector continued to face headwinds, with the iShares Semiconductor ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SOXX#NASDAQ">SOXX</a>) down 0.7%, eyeing its fifth negative session in the last six. Nvidia Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) declined almost 2%.
Treasury yields moved lower, reflecting increased demand for bonds ahead of the key inflation report. The yield on the 10-year Treasury bond fell by 4 basis points to 4.29%, following an 8 basis-point increase on Wednesday. The iShares 20+ Year Treasury ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLT#NASDAQ">TLT</a>) rose 0.5%.
In the commodities market, lower yields and a slightly weaker dollar spurred rebounds. Gold, tracked by the SPDR Gold Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLD#NYSE">GLD</a>), gained 1.2%, erasing Wednesday&#8217;s losses, while crude inched 0.7% higher. 
Cryptocurrencies also saw gains, with Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) up 1.3% and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) surging over 8% following VanEck&#8217;s filing for <a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39528468/vaneck-files-solana-etf-application-sol-rallies-6">a Solana ETF application.</a>
<h3 class="wp-block-heading">Thursday&#8217;s Performance In Major US Indices, ETFs</h3>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day %chg</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,020.84</td>
<td>0.4%</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>19,802.54</td>
<td>0.3%</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>39,220.82</td>
<td>0.2%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,481.94</td>
<td>0.1 %</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:51 p.m. ET</figcaption></figure>
According to&nbsp;<a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent062824&amp;t=be2bearmibe3na1">Benzinga Pro&nbsp;data</a>:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>)&nbsp;was 0.1% higher to $545.95.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;was 0.2% higher to $391.94.</li>
<li>The tech-heavy&nbsp;Invesco QQQ Trust&nbsp;(ARCA:&nbsp;<a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a><a href="https://www.benzinga.com/quote/qqq" target="_blank" rel="noreferrer noopener"></a>QQQ) was 0.2% higher to $481.55.</li>
<li>Sector-wise, the&nbsp;Consumer Discretionary&nbsp;Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLY#NYSE">XLY</a>)&nbsp;outperformed, up by 0.5%, while the&nbsp;Consumer Staples Select Sector SPDR Fund&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLP#NYSE">XLP</a>) lagged, falling 0.5%.</li>
</ul>
<h3 class="wp-block-heading">Thursday&#8217;s Stock Movers</h3>
<ul>
<li>Salesforce Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRM#NASDAQ">CRM</a>) rallied 6%, marking the best performance within the S&amp;P 500. </li>
<li>Goldman Sachs Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GS#NYSE">GS</a>) fell 2.3%, in reaction to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39525918/major-banks-fall-short-in-feds-2024-stress-test-results-the-market-will-view-the-re">the Fed&#8217;s stress tests.</a> </li>
<li>Among regional banks First Foundations Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FFWM#NYSE">FFWM</a>) and Dime Community Bancshares Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DCOM#NASDAQ">DCOM</a>) topped gains, up 5.9% and 4%, respectively. </li>
<li>Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) increased by 2.2% after unveiling a new section on its website focused on budget-friendly fashion and lifestyle products, facilitating direct shipping from Chinese sellers to U.S. consumers. Chinese e-commerce platforms&nbsp;PDD Holdings Inc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PDD#NASDAQ">PDD</a>), JD.com (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JD#NASDAQ">JD</a>) and Alibaba Group Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BABA#NASDAQ">BABA</a>) fell 4%, 3.8% and 1.9%, respectively. </li>
<li>Walgreens Boots Alliance Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) tumbled 25%, in reaction to quarterly earnings. </li>
<li>Other stocks reacting to company earnings were Micron Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>), down 6.4%, Jefferies Financial Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JEF#NYSE">JEF</a>), up 6.7%, Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>), down 16.5%, McCormick &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), up 4.6%, Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>) up 0.9%, The Simply Good Foods Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMPL#NASDAQ">SMPL</a>), down 1.7%.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/06/39530805/microns-q3-earnings-8-analysts-optimistic-about-ai-growth-predict-success-in-advanc">Micron&#8217;s Q3 Earnings: 8 Analysts Optimistic About AI Growth, Predict Success In Advanced Memory Technology</a></li>
</ul>
Photo: Shutterstock

Macro Notification

Broad U.S. Equity ETFs

Tech

ETFs

$SOL

AMZN

BABA

DCOM

SPDR Dow Jones Industrial Average ETF Trust

FFWM

LEVI

NVDA

Citigourp Global Markets 2% Protected Notes Linked To The Djia

SMPL

iShares PHLX SOX Semiconductor Sector Index Fund

SOXX

iShares Trust Barclays 20+ Year Treasury Bond Fund

Select Sector SPDR-Consumer Discretionary

Stocks Show Modest Gains Ahead Of Fed's Inflation Report; Chipmakers Struggle, While Gold And Bitcoin Rebound: What's Driving Markets Thursday?

Shares of McCormick &amp; Co Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>) are trading higher after the company reported better-than-expected second-quarter FY24 earnings.
The company reported a second-quarter FY24 sales decline of 1% year-on-year to $1.643 billion, <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/n39520091/mccormick-reports-second-quarter-performance-reaffirms-2024-outlook-and-announces-2024-investor-da" rel="noreferrer noopener">beating the analyst consensus estimate of $1.637 billion.</a>
Flavor Solutions segment sales declined by 1%, reflecting a&nbsp;1%&nbsp;increase from pricing offset by a&nbsp;2%&nbsp;decline in volume and product mix as well as the strategic decision to divest its canning business.
Consumer segment sales decreased&nbsp;1%, with minimal currency impact, reflecting a&nbsp;1%&nbsp;decrease from pricing partially offset by modest volume growth.
Gross profit was $619.6 million, with the margin expanding 60 basis points Y/Y to 37.7%.
Adjusted operating margin expanded 20 basis points to 14.2%. Adjusted EPS of $0.69 <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">beat the consensus estimate of $0.59</a>.
McCormick held $166.3 million in cash and equivalents as of May-end. The company generated an operating cash flow of $302 million in the quarter.
&#8220;The investments we made in our Consumer segment drove substantial sequential volume improvement in the second quarter, leading to volume growth, and we expect continued momentum for the second half of the year,&#8221; said President and CEO Brendan M. Foley.
Outlook Reaffirmed: McCormick sees FY24 sales growth of (2)% &#8211; 0%. The company expects an adjusted EPS of $2.80 &#8211; $2.85 versus an estimate of $2.87.
The company plans to host its Investor Day on&nbsp;October 22, 2024,&nbsp;in&nbsp;Hunt Valley, Maryland, and discuss its long-term strategy and financial&nbsp;outlook.
Price Action: MKC shares are trading higher by 3.81% at $70.25 in premarket at last check Thursday.
Photo by Mike Mozart via Flickr

Why Food Company McCormick Shares Are Shooting Higher Today

The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of <a href="https://www.benzinga.com/economics/macro-economic-events/24/06/39513292/feds-preferred-inflation-gauge-set-to-drop-to-38-month-low-this-could-provide-the">a string of economic catalysts. </a>The negative reaction to Micron Technology, Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MU#NASDAQ">MU</a>) earnings could generate weakness in the tech space. AI stalwart Nvidia Corp.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) two-day rally is cooling off following its annual shareholder meeting. Bond yields have ticked up, with the 10-year-old Treasury yield holding above the 4.3% mark.
Traders may bide their time amid the fluid situation in a bid to see off late Thursday&#8217;s presidential debate and Federal Reserve&#8217;s preferred inflation gauge due on Friday.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Futures</td>
<td>Performance (+/-)</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>-0.12%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>-0.11%</td>
</tr>
<tr>
<td>Dow</td>
<td>-0.16%</td>
</tr>
<tr>
<td>R2K</td>
<td>-0.12%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">In premarket trading on Thursday,&nbsp;the SPDR S&amp;P 500 ETF Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) edged down 0.05% at $545.25 and the&nbsp;Invesco QQQ ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) fell 0.08% to $479.98, according to&nbsp;<a href="https://benzinga.grsm.io/lxquj26b2sag" target="_blank" rel="noreferrer noopener">Benzinga Pro data</a>. Cues From Last Session:</figcaption></figure>
Stocks closed higher on Wednesday although sentiment remained lackluster throughout the session amid caution. The major averages opened lower and the tech strength kept the Nasdaq Composite Index mostly above the unchanged line but the S&amp;P 500 Index and the Dow Jones Industrial Average traded mostly below the flat line before recovering by the close of the session.
Most S&amp;P 500 sector stocks ended weaker, while consumer discretionary stocks found strong buying interest. IT and communications stocks rose modestly.
On the Main Street front, new home sales came in weaker than expected, although one could take comfort from the fact that previous months&#8217; readings were upwardly revised. House prices remained weak.
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Index</td>
<td>Performance (+/-)</td>
<td>Value</td>
</tr>
<tr>
<td>Nasdaq Composite</td>
<td>+0.49%</td>
<td>17,805.16</td>
</tr>
<tr>
<td>S&amp;P 500 Index</td>
<td>+0.16%</td>
<td>5,477.90</td>
</tr>
<tr>
<td>Dow Industrials</td>
<td>+0.04%</td>
<td>39,127.80</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>-0.21%</td>
<td>2,018.12</td>
</tr>
</tbody>
</table>
</figure>
Insights From Analysts:
Morgan Stanley&#8217;s Chief U.S. Equity Strategist Matt Wilson advised against the temptation to play for a true broadening out until the macro environment makes a meaningful shift. &#8220;The ongoing policy mix of heavy fiscal spending and tight interest rate policy is crowding out many companies and consumers in a way that is unsustainable in our view,&#8221; he said.
Investors are therefore bidding up the few stocks of the companies that are doing well in this environment, Wilson said. &#8220;Until the bond market pushes back via higher term premium or growth slows down in a more meaningful way, we expect this narrow market performance to persist,&#8221; he added.
The strategist said he continues to recommend a &#8220;barbell of large-cap quality growth with defensives while fading cyclicals.&#8221;
On the other hand, Fund Strat&#8217;s Tom Lee expects the momentum to continue for multiple years. The S&amp;P 500 Index can compound at more than 15% annually over the next seven years and hit 15,000 by 2030, <a href="https://www.benzinga.com/markets/equities/24/06/39519696/fundstrats-tom-lee-predicts-s-p-500-will-hit-15-000-by-2030-driven-by-gen-z-and-ai-wave">he said in an interview </a>with CNBC. His optimism is predicated on favorable demographics, ie millennials and Gen X driving growth in prime-age works, and AI driving a surge in demand for U.S. technology.
Upcoming Economic Data:
<ul>
<li>The Bureau of Economic Analysis is scheduled to release its final first-quarter GDP estimate at 8:30 a.m. EDT. Economists, on average, expect quarter-over-quarter GDP growth to be revised up from 1.3% to 1.4%. Traders may also keep an eye on the inflation components of the report.</li>
<li>The Census Bureau will release the durable goods orders report for May at 8:30 a.m. EDT. The consensus estimate calls for a 1% month-over-month drop in durable goods orders, reversing all of the 0.6% growth in April. Core durable goods orders that strip off transportation orders may have increased by 0.2%, half as much as the growth seen in the previous month.</li>
<li>The National Association of Realtors&#8217; pending home sales index, due at 10 a.m. EDT, is expected to show a 0.4% month-over-month drop for May versus April&#8217;s 7.7% fall. </li>
<li>The Treasury will auction four- and eight-week notes at 11:30 a.m. EDT and seven-year notes at 1 p.m. EDT.</li>
</ul>
See also: <a href="https://www.benzinga.com/money/best-futures-trading-software">Best Futures Trading Software</a>
Stocks In Focus:
<ul>
<li>Micron fell nearly 4.75% <a href="https://www.benzinga.com/markets/equities/24/06/39520174/micron-technology-stock-drops-over-5-in-pre-market-despite-beating-q3-revenue-estimates-heres-wh">in premarket trading </a>in reaction to the memory chipmaker&#8217;s results.</li>
<li>H.B. Fuller Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FUL#NYSE">FUL</a>) rose nearly 3%, Worthington Steel, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WS#NYSE">WS</a>) climbed over 3% and Levi Strauss &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LEVI#NYSE">LEVI</a>) plunged over 15%, also on earnings.</li>
<li>Acuity Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AYI#NYSE">AYI</a>), Apogee Enterprises, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APOG#NASDAQ">APOG</a>), McCormick &amp; Company, Incorporated (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MKC#NYSE">MKC</a>), Walgreens Boots Alliance, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBA#NASDAQ">WBA</a>) and NIKE, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) are among the companies due to <a href="https://www.benzinga.com/calendars/earnings">release their quarterly results.</a></li>
<li>International Paper Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IP#NYSE">IP</a>) fell nearly 15% on a <a href="https://www.benzinga.com/markets/equities/24/06/39519611/international-paper-shares-dip-15-in-pre-market-after-suzano-drops-acquisition-pursuit">scuttled buyout deal.</a></li>
</ul>
Commodities, Bonds And Global Equity Markets:
Crude oil and futures firmed up, and the benchmark 10-year U.S. Treasury note rose 1.1 basis points to 4.327%. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) continued to flatline around the $61K mark.
Micron&#8217;s earnings and caution ahead of key U.S. data dragged the Asian stocks lower, as the major averages in the region, with the exception of those in India, Indonesia and Singapore, closed lower. The yen plunged to a 38-year low against the dollar amid worries concerning domestic growth. European stocks also showed tentativeness in early trading. 
Read Next: <a href="https://www.benzinga.com/markets/equities/24/06/39513681/fed-stress-test-2024-large-banks-face-greater-losses-but-maintain-strong-capital-positions-in-se">Fed Stress Test 2024: Large Banks Face Greater Losses But Maintain Strong Capital Positions In Severe Recession Scenario</a>
Image Via Shutterstock

Futures

APOG

Wall Street Set For Weak Opening As Tech Rally Falters With Micron, Nvidia Edging Lower: Analyst Says Narrow Market Performance To Persists Unless One Of These Materializes

McCormick shares are trading higher following better-than-expected Q2 financial results.

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The Company&#39;s strategic decisions in 2023 to discontinue low margin business and divest a small canning business will impact volume growth in 2024.
For fiscal 2024, the Company expects strong cash flow driven by profit and working capital initiatives and anticipates returning a significant portion of cash flow to shareholders through dividends.

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