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Kohl’s soars after major Q2 earnings beat, better-than-expected full-year guidance

Kohl’s shares surged 20% in premarket trading after the retailer posted blowout second-quarter earnings.

Adjusted diluted earnings per share landed at $0.56, nearly double Wall Street’s $0.30 estimate, according to FactSet. Revenue came in at $3.3 billion, essentially in line with expectations. Same-store sales fell 4.2%, much better than the 5.2% decline analysts projected.

Looking ahead, Kohl’s tightened and improved its full-year forecast. The company now expects net sales to fall 5% to 6%, compared with its prior outlook for a 5% to 7% drop. Adjusted diluted EPS are now projected to be between $0.50 and $0.80, up from earlier guidance of $0.10 to $0.60. This bottom-line guidance may not be directly comparable with Kohl’s previous outlook, but in any event it’s still far better than the full-year adjusted diluted EPS consensus estimate of $0.49, per analysts polled by Bloomberg.

Prior to the earnings pop, the stock was down about 7% year to date.

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SpaceX gets a wave of bullish ratings from Wall Street analysts

SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.

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