Nordstrom's sales fell 53% in Q2.
Nordstrom (NYSE: JWN) sales fell 53% in Q2 because of the closure of stores during the Covid-19 pandemic. Its stores were shut for about half of the days in Q2. Revenue fell to $1.86 billion vs $2.38 billion expected. The company did not offer an outlook for the remainder of the year but expressed confidence that it would improve sales in the second half of the year and beyond. Shares were down about 6% on the news. Click here to read more.
Just one day after the news broke that Salesforce (NYSE: CRM) will replace ExxonMobil on the Dow Jones Index, the software company reported Q2 results that surpassed analysts’ expectations. Salesforce’s overall revenue grew 29% year over year and Q2 revenue came to $5.15 billion vs $4.90 billion expected. In terms of Q3 forecast, the company expects revenue to reach an amount between $5.24 to $5.25 billion. Shares jumped as much as 14% after the results. Click here to read more.
On Tuesday, Best Buy (NYSE: BBY) reported strong sales growth in Q2 fueled by its biggest-ever quarterly increase in online sales, but the company was not too enthusiastic about the future as it said the unemployment and other factors could change how much customers spend. Its online sales shot up 242% and its revenue rose to $9.91 billion from $9.54 billion in Q2 2019 and $9.71 billion expected. Shares were down 4% on the news because the company declined to provide an outlook for the rest of the year. Click here to read more.
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Here are the biggest movers in pre-market trading
1. Nasdaq files with SEC for IPO alternative to raise funds. Click here to read more.
2. Novavax shares are down 40% from early August peak. Click here to read more.
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