Diamonds and Dogs
Dick's Sporting Goods (DKS) jumps to new record high. Dicks is up 13% following strong earnings. The company easily beat as revenue rose 20.8% to $3.28 billion. Dicks announced a special dividend of $5.50 per share payable Sept. 24 to stockholders of record at the close of business on Sept. 10. The company also increased its quarterly dividend by 21% to $0.4375 per share and now expects to repurchase a minimum of $400 million in shares during 2021, up from previous guidance of $200 million.
Profit-taking in Nordstrom (JWN). Nordstrom is down 17% following strong earnings. Nordstrom easily beat as revenues rose 96.4% to $3.66 billion. The company is struggling with supply chain concerns that will persist coupled with higher freight costs. JPMorgan also cut their price target to $34 a share from $39.
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