Kohl's (KSS) shares are sinking 10% in premarket trading after reporting dismal earnings, which included a decline in first-quarter sales and cutting its full-year outlook:
What's moving markets today: May 21, 2019
By CNN Business
Updated 8:30 p.m. ET, May 21, 2019
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Kohl's stock hits the skids after sour earnings
From CNN Business' Jordan Valinsky
Snap makes exec changes, including a new CFO
From CNN Business' Kaya Yurieff
Snap (SNAP), the parent company of messaging app Snapchat, has promoted two executives amid a wider shakeup of its leadership team.
The company announced late Monday that Derek Andersen will be its new chief financial officer. He was previously the company's vice president of finance.
Lara Sweet, who was interim CFO, will become the company's first chief people officer. Both will report to CEO Evan Spiegel and begin their new roles immediately.
Sweet will oversee hiring, management strategies and human resources functions. She will continue to be the company's chief accounting officer until a replacement is chosen.
The stock has exploded since the beginning of the year with shares climbing more than 100%.
Tesla shares slip after another bearish analyst note
From CNN Business' Jordan Valinsky
Tesla (TSLA) is facing another down day.
Shares are slipping 3.5% in premarket trading after Morgan Stanley released a note cutting its worst-case scenario for Tesla's stock to $10.
The potential steep decline in the stock's value could be prompted by slowing Chinese demand for Tesla's vehicles, the note said:
"Our revised bear case assumes Tesla misses our current Chinese volume forecast by roughly half to account for the highly volatile trade situation in the region, particularly around areas of technology, which we believe run a high and increasing risk of government/regulatory attention."
The firm previously predicted the worst-case scenario for Tesla's stock to be $97 per share.
Yesterday, Wedbush Securities analyst Daniel Ives said he has "major concerns" about Tesla's future. The stock closed 2.7% lower Monday.
Slack tweaks its stock symbol
From CNN Business' Jordan Valinsky
Slack is already making changes before it goes public.
The workplace messaging service changed its stock ticker from SK to WORK, the company revealed in an updated regulatory filing. It will still trade on the New York Stock Exchange.
Slack also updated the number of shares of its direct listing its offering to 117 million. The company's shares will list directly on a stock exchange without relying on underwriters to help assess demand and set a price.
Home Depot's profit jumps 9%
From CNN Business' Paul R. La Monica
Home Depot (HD) continues to benefit from low interest rates and a solid housing market.
The home improvement retail giant reported first quarter earnings of $2.5 billion, or $2.27 a share — an increase of more than 9% from a year ago and topping forecasts.
Revenue increased to $26.4 billion, up nearly 6% from last year. Sales at US stores open at least a year rose 3%.
Home Depot chairman and CEO Craig Menear said the company was pleased with the results, despite poor weather in February and "significant deflation in lumber prices."
The company reaffirmed its outlook for the year as well. Shares rose slightly in premarket trading.
What to expect from retail earnings today
From CNN Business' Julia Horowitz
Earnings from US retailers kick into high gear Tuesday.
Walmart (WMT) set a high bar for stores last week. America's largest retailer said sales last quarter at stores open at least a year increased 3.4% from a year earlier. Its online sales growth clocked in at 37% last quarter.
But Walmart warned it will raise prices on some products as a result of the Trump administration's tariffs on Chinese goods.
"Increased tariffs will lead to increased prices, we believe, for our customers," Walmart's chief financial officer said.
Nike (NKE), Adidas (ADDDF) and other sneaker brands said in a letter to President Trump Monday that proposed tariffs on imported shoes from China would be "catastrophic" for American consumers.
Expect analysts to press the retailers on how they plan to deal with tariffs and their exposure to China.
Checking in on global markets
From CNN Business' Julia Horowitz
Markets appear to be in a holding pattern as uncertainty over trade lingers.
- 🌎 US stock futures on Tuesday point to modest gains. The Dow is set to rise about 80 points, or 0.3%, when US markets open. The Nasdaq is poised to jump 0.6%, and the S&P 500 could climb 0.4%.
- 🌍 European markets opened in the green, with Britain's FTSE 100 index adding 0.6% and Germany's DAX index rising 0.7% higher.
- 🌏 Those increases follow a mixed trading session for stocks in Asia. Hong Kong's Hang Seng index fell 0.5%, while the Shanghai Composite index swung the other way and rose 1.2%. Japan's Nikkei shed about 0.1%.
The Dow closed down 0.3% on Monday. The S&P 500 fell 0.7%, and the Nasdaq lost 1.5%.
Chinese yuan is on the decline
From CNN Business' Julia Horowitz
Investors are on high alert for China's yuan to fall to the symbolically important level of 7 to the US dollar.
A move below that threshold, last breached during the 2008 financial crisis, could ripple through markets and further complicate trade talks between Washington and Beijing.
The yuan continued to fall Tuesday despite the US moving to temporarily ease restrictions on Huawei.
But selling pressure remains. In trading outside China, one US dollar now buys roughly 6.94 yuan.
In mainland China, where the yuan fluctuates around a reference rate set daily by the People's Bank of China, the currency stands at 6.91 to the dollar.
To many market watchers, it's a question of when, and not if, the yuan weakens below the 7 level in offshore trading, Jameel Ahmad, global head of currency strategy at FXTM, said in a note on Tuesday.