Updated from 7:42 a.m. ET, Tuesday, Aug. 8.
Stock futures were trading lower on Tuesday, Aug. 8, with the Dow Jones Industrial Average's record-breaking streak under threat for the second day in a row.
Dow futures were dow 0.11%, S&P 500 futures fell 0.14%, and Nasdaq futures slipped 0.15%.
The Dow ended Monday, Aug. 7, with tiny gains that still pushed it to its ninth closing record in a row. The Dow was up 0.12%, securing a new record close of 22,118 on Monday. Like Monday, any gain on Tuesday will push the blue-chip index to records, potentially for the 10th day in a row.
At the beginning of its record run, the Dow managed to secure new records on the back of positive earnings from the likes of Apple Inc. (AAPL - Get Report) , Boeing Co. (BA - Get Report) and Caterpillar Inc. (CAT - Get Report) . Small gains and general upward momentum have kept the record-breaking streak alive since then but with little energy.
Monday's gains marked the 35th time the Dow has ended at a records so far in 2017, a streak not seen since the 38 record closes in 2014. August looks like another month in the green for the Dow, its fifth monthly gain in a row and its ninth in the past 12 months.
CBS Corp. (CBS - Get Report) moved slightly higher in premarket trading after quarterly revenue came in stronger than anticipated. The media network reported just over 9% sales growth to $3.26 billion in a quarter with content such as the NCAA basketball tournament. An eagerly awaited "Twin Peaks" reboot also boosted over-the-top subscriptions. Analysts anticipated sales of $3.1 billion. Adjusted earnings of 97 cents a share were in line with consensus.
Ralph Lauren Corp. (RL - Get Report) increased 5% after swinging to a net profit from a year earlier. The fashion brand earned 72 cents a share over its fiscal first quarter compared to a loss of 27 cents a year earlier. Adjusted earnings of $1.11 a share came in higher than consensus of 95 cents a share. Revenue slid 13% to $1.3 billion, though matched estimates. Ralph Lauren anticipates a second-quarter decline of 9% to 10% and an 8% to 9% drop for the full year.
Dean Foods Co. (DF - Get Report) stumbled 8% before the bell Tuesday after an earnings miss. Net income fell to 19 cents a share from 36 cents in the year-ago quarter. Adjusted earnings of 21 cents a share fell short of consensus by a dime. Revenue of $1.93 billion came in below estimates of $1.94 billion. CEO Ralph Scozzfava said the company "faced a challenging and rapidly evolving retail environment" over the quarter, including volume pressure from a "macro and competitive perspective." The company anticipates these challenges to continue through the rest of the year.
Michael Kors Holdings Ltd. (KORS) surged 13.5% in premarket trading after posting a narrower decline in earnings and same-store sales than expected. First-quarter earnings of 80 cents a share fell by 3 cents from the year-ago quarter, though came in higher than an estimate 62 cents. Revenue declined 3.6% to $952.4 million, exceeding consensus of $918.7 million. Same-store sales dropped 5.9%, narrower than projections of a 9.2% fall.
For the second quarter, Michael Kors anticipates earnings between 80 cents and 84 cents a share on sales of at least $1.035 billion. Analysts anticipated earnings of 78 cents a share on sales of $1.01 billion. The company targets same-store sales to drop in the "mid-single digits" compared to consensus of an 8.7% decline.
Shares of Avis Budget Group Inc. (CAR - Get Report) were down 8.8% in premarket trading on Tuesday after the company's second-quarter earnings and sales came in below Wall Street forecasts. Adjusted for one-time items, Avis said it earned 30 cents a share in the quarter, well shy of forecasts that called for profit of 52 cents. For the full year, Avis said it now sees earnings of $2.40 to $2.85 a share, largely below analysts' estimates of $2.85. Rival Hertz Global Holdings Inc. (HTZ - Get Report) , which reports its earnings on Tuesday, fell 1.8% in premarket trading.
It's a quiet day on the economic calendar with just the Job Openings and Labor Turnover Survey for June out at 10 a.m. ET.
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