ULTA BEAUTY, INC.

(ULTA)
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Delayed Nasdaq  -  04:00 2022-07-06 pm EDT
381.76 USD   +0.87%
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Wall Street surges, on course to snap longest weekly losing streak in decades

05/27/2022 | 02:34pm EDT

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* PCE price index decelerates in April

* Dell climbs on strong Q1 results

* Gap, American Eagle Outfitters cut profit forecasts

* Indexes up: Dow 1.05%, S&P 1.72%, Nasdaq 2.56%

NEW YORK, May 27 (Reuters) - Wall Street extended its rally on Friday as signs of peaking inflation and consumer resiliency sent investors into the long holiday weekend with growing optimism that the Federal Reserve's policy tightening can avoid tipping the economy into recession.

All three major U.S. stock indexes were sharply higher and on track to snap their longest weekly losing streaks in decades.

"We’re in one of those rebound periods," said Tim Ghriskey, senior portfolio strategist Ingalls & Snyder in New York. "Does that mean that the market has found its bottom? We’ll have to see how much staying power this advance has."

"It feels good but something tells me that the selling is not over," Ghriskey added.

The S&P and the Nasdaq suffered seven consecutive weekly declines, the longest since the end of the dot-com bust, while the blue-chip Dow's eight-week selloff was its longest since 1932.

During the S&P's seven weeks of consecutive losses, the bellwether index shed 14.2% of its value, from its April 1 to May 20 Friday closes, during which it threatened to confirm it has been in a bear market since its Jan. 3 record closing high.

"It was inevitable that the losing streak would end," Ghriskey said. "Corrections and bear markets are followed by up markets."

Generally upbeat earnings guidance and solid economic indicators have fueled hopes that the Fed's hawkish maneuvers to contain decades-high inflation will not cool the economy into contraction.

Data released on Friday showed better-than-expected consumer spending and appeared to confirm that inflation, which has dampened corporate earnings guidance and weighed on investor sentiment, has peaked.

This, combined with the minutes from the central bank's most recent policy meeting, which reaffirmed its commitment to rein in spiking prices while remaining responsive to economic data, helped boost risk appetite.

The Dow Jones Industrial Average rose 342.23 points, or 1.05%, to 32,979.42, the S&P 500 gained 69.97 points, or 1.72%, to 4,127.81 and the Nasdaq Composite added 300.70 points, or 2.56%, to 12,041.35.

All 11 major sectors of the S&P 500 were in positive territory amid light trading, with real estate and tech enjoying the largest percentage gains.

Shares of Apple Inc, Microsoft Corp and Tesla Inc provided the strongest lift.

First-quarter earnings season is largely in the bag, with 488 of the companies in the S&P 500 having reported. Of those, 77% have beaten consensus expectations, according to Refinitiv.

Ulta Beauty gained 10.4% following its upbeat quarterly earnings report.

Computer hardware company Dell Technologies Inc surged 12.1% after beating quarterly profit and revenue estimates.

Apparel retailers Gap Inc and American Eagle Outfitters trimmed their annual profit forecasts. The latter dropped 5.5%, while the former rebounded and was last up 2.9%.

Trading volumes are expected to be light ahead of the long weekend, with U.S. stock markets closed on Monday in observance of Memorial Day.

Advancing issues outnumbered declining ones on the NYSE by a 5.96-to-1 ratio; on Nasdaq, a 3.77-to-1 ratio favored advancers.

The S&P 500 posted 3 new 52-week highs and 29 new lows; the Nasdaq Composite recorded 36 new highs and 75 new lows. (Reporting by Stephen Culp in New York Additional reporting by Devik Jain and Anisha Sircar in Bengaluru Editing by Vinay Dwivedi and Matthew Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN EAGLE OUTFITTERS, INC. -0.26% 11.61 Delayed Quote.-54.03%
APPLE INC. 0.96% 142.92 Delayed Quote.-20.28%
DELL TECHNOLOGIES INC. -2.18% 42.2 Delayed Quote.-24.87%
DOW JONES INDUSTRIAL 0.23% 31037.68 Real-time Quote.-14.78%
MICROSOFT CORPORATION 1.28% 266.21 Delayed Quote.-20.85%
NASDAQ COMPOSITE 0.35% 11361.85 Real-time Quote.-28.87%
S&P 500 0.36% 3845.08 Real-time Quote.-19.61%
TESLA, INC. -0.57% 695.2 Delayed Quote.-34.22%
THE GAP, INC. -1.72% 8.57 Delayed Quote.-50.59%
ULTA BEAUTY, INC. 0.87% 381.76 Delayed Quote.-7.42%
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Analyst Recommendations on ULTA BEAUTY, INC.
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Financials (USD)
Sales 2023 9 522 M - -
Net income 2023 1 049 M - -
Net cash 2023 442 M - -
P/E ratio 2023 18,8x
Yield 2023 -
Capitalization 19 782 M 19 782 M -
EV / Sales 2023 2,03x
EV / Sales 2024 1,90x
Nbr of Employees 28 500
Free-Float 97,2%
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Technical analysis trends ULTA BEAUTY, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 31
Last Close Price 381,76 $
Average target price 453,77 $
Spread / Average Target 18,9%
EPS Revisions
Managers and Directors
David C. Kimbell President, Chief Executive Officer & Director
Scott M. Settersten Director-Financial Reporting
Mani Suri Chief Information Officer
Kecia Steelman Chief Operating Officer
Jodi Jodi Caro Secretary, Chief Risk & Compliance Officer
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