Markets
markets
Nia Warfield & Millie Giles

Retailers on the move as Q3 results roll in ahead of Black Friday

Mall retailers have been making moves this week as Q3 earnings pour in ahead of Black Friday, with several chains lifting their full-year guidance on stronger consumer demand into the holiday season. Black Friday traffic is projected to hit record levels this week as deal-hungry shoppers hunt for bargains.

  • Urban Outfitters rocketed over 18% in early trading on Wednesday after posting strong Q3 earnings, with revenue 3% ahead of expectations and adjusted EPS beating by 7%. Shares had already rallied 9% the day before the print. The company’s CEO said that customers were “lively” during the quarter, but did note that they were “waiting a bit longer this year to make their purchases until seasonal promotions began.”

  • Kohl’s soared after hiking its full-year outlook again, and now expects a sales decline of 3.5% to 4%, versus previous estimates of a 5% to 6% decline, as the retailer rolls out more coupons.

  • Abercrombie & Fitch jumped after raising its full-year revenue outlook, helped by stronger sales at Hollister that are expected to last through the holiday season.

  • Best Buy also topped Q3 expectations and raised its 2026 earnings-per-share and revenue outlook, as management expects holiday discounts to drive big tech upgrades.

  • Burlington Stores was a weak spot among the group despite also posting an EPS beat, as revenue narrowly missed expectations and management pointed to early-quarter softness due to “unseasonably warm temperatures.”

  • Macy’s also popped on the back of the strong results from peers.

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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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