Funding & Business
Petco Jumps After Hiking Profit View as Turnaround Gains Steam
Petco Health & Wellness Co Inc. surged as much as 31% after raising its earnings targets for the year as the company’s turnaround starts showing signs of progress.
Earnings before interest, tax, amortization and depreciation, less some items, are expected to be $385 million to $395 million this year, the company said in a statement Thursday, up from its previous view for as much as $390 million. Analysts estimated $385 million.
ETF investors have been piling into gold more than any other asset class as the precious metal hits a record.
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The Institute for Supply Management’s index of services rose 1.9 points to 52. The figure topped all but one estimate in a Bloomberg survey of economists. Mike McKee reports on “Bloomberg Open Interest.”
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US stocks opened slightly in the green on Thursday as data signaled a softening labor market, supporting interest-rate cuts. Tech stocks climbed, even after a string of disappointing earnings, with yields on 10-year Treasuries falling to the lowest since early May.
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