Diamonds and Dogs

8/24/18

Autodesk (ADSK) on cruise control.  The software maker is up 14% to new highs following better than expected earnings. Revenues rose 21.9% year over year to $612 million ahead of estimates. The analysts seemed excited.  J.P. Morgan raised its price target to $175 from $150 saying the company "hit the trifecta," by beating expectations for accelerated annualized recurring revenue (ARR). KeyBanc Capital's Monika Garg boosted their stock price target to $168 from $150, saying strong growth in ARPS "increases their confidence in Autodesk's medium- and long-term targets." The stock has rocketed 50% year to date.

A down day for some retailers. While many retailers are reporting strong number ahead of the back to school season, a few are missing expectations. Hibbett Sports (HIBB) is down 28% back near the lows for the year following disappointing earnings. Revenues rose 12.3% year over year to $211.1 million missing expectations. The company issued downside guidance for 2019. Retailer, Buckle (BKE) is down 5% following earnings while Foot Locker (FL) is down 12% following earnings.