Stock Movers: Macy's Earnings, Stellantis CEO Change, Honeywell & Elliott Agreement

Macy's Financial Performance

• 💡 Despite a 1% pre-market drop, Macy's reported better-than-expected adjusted net profit ($46 million vs. $40 million estimate) and net sales ($4.6 billion vs. $4.5 billion estimate) for the fiscal quarter ended May 3.
• ⚠️ The company is cutting its full-year profit outlook, citing tariff volatility and promotional impacts on its bottom line, with adjusted EPS forecast lowered to a range of $1.60-$2.00 from $2.25-$2.50.
• 📈 Macy's shares are trading around $11.90, showing a continued decline on the negative outlook despite in-line gross margins.

Stellantis Leadership Transition

• 🎯 Stellantis has appointed Antonio Filosa, head of its Americas business, as its new CEO, succeeding Carlos Tavares who stepped down in December.
• 🧠 Filosa's extensive experience within the company, particularly in the US market, is expected to help navigate current tariff volatility and sales challenges.
• 📉 The automaker's shares (STLA) are down slightly, reflecting a mixed reaction after a 15% slump in US shares last quarter.

Honeywell and Elliott Investment Management

• 🤝 Honeywell International Inc. has agreed to cooperate with activist shareholder Elliott Investment Management, with an Elliott executive joining the Honeywell board.
• 🧩 This cooperation pact, reported by the Wall Street Journal, comes as Honeywell prepares to split into three companies.
• 📊 While Honeywell's ticker (HON) shows no movement currently, the market will be watching its reception at the open, as the split was a key demand from Elliott.

Market Overview and Nvidia

• 🚀 Nvidia (NVDA) is a highlight this morning, trading up 7.10% ahead of its earnings report, with shares priced around $136.
• 🌍 A general tariff theme is impacting the broader market sentiment today.