Maybe sell in May will prove accurate this year. Stocks closed lower again Friday, sending the S&P 500 to its first three-week losing streak since January. The benchmark U.S. equity index shed 0.85% while the Dow Jones Industrial Average lost 1.05%. The Nasdaq Composite continued struggling with a Friday loss of 0.41%.
Oil and the dollar weakened as investors boosted favored safe-havens, such as gold and U.S. government debt. Ten-year Treasury yields lost nearly 3%.
Friday the 13th can be scary, but it was anything but scary for Kohl’s Corporation (NYSE:KSS), Nvidia Corporation (NASDAQ:NVDA) and Shake Shack Inc (NYSE:SHAK).
Kohl’s Corporation (KSS)
Retailer Kohl’s fought off a disappointing earnings report to close higher by 1.7% on more than triple the average daily volume. Wisconsin-based KSS said profits in its most recently completed quarter were 31 cents a share, six cents under estimates.
Retail stocks have been getting drubbed in recent days, but strong April retail sales data and a dividend increase were likely the catalysts that boosted shares of KSS today.
Nvidia Corporation (NVDA)
Shares of semiconductor maker Nvidia surged 15.2% on volume that was more than six times the daily average after the company’s first-quarter earnings topped estimates. NVDA earned 33 cents a share during the quarter. Wall Street expected NVDA to earn 32 cents.
NVDA forecast revenue of $1.35 billion for the current quarter, ahead of the $1.28 billion analysts are expecting. NVDA’s first-quarter revenue was up 13%.
Shake Shack Inc (SHAK)
Shares of burger joint operator Shake Shack climbed 8.8% on more than six times the usual turnover after the company reported an adjusted first-quarter profit of 8 cents a share. That easily beat the 5 cents a share analysts expected SHAK to earn.
SHAK posted revenue of $54.2 million on same-store sales growth of 10%. Analysts expected SHAK to report same-store sales growth of 5.3%.
SHAK also boosted full-year revenue and same-store sales growth forecasts.
At the time of this writing, Todd Shriber did not own any of the aforementioned securities.
