Closing Bell: TJX Soars, Constellation Energy Gains, Lowe's Falls

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Katie Greifeld, Emily Graffeo and Tim Stenovec.

- TJX (TJX) raised its sales growth expectations for the year as cautious shoppers spend on the lower priced goods at the company’s discount chains. Comparable sales from its stores and e-commerce sites operating at least two years are now seen expanding as much as 4%, the company said in a statement Wednesday, up from previous guidance for an increase of as much as 3%. Analysts had forecast 3.3% growth.

-Constellation Energy (CEG) shares rise 2.2% as analysts see PJM’s accelerated timeline and streamlined reforms for power load growth as beneficial. Constellation's (CEG) and Vistra's (VST) stocks jumped more than 6%, while gains for NRG's stock (NRG) topped 5%. A close around current levels would be the highest in four months for NRG and the highest in a week for Constellation and Vistra.

- Lowe’s (LOW) shares are down 2.1% ahead of the bell after the home improvement retailer reported a slight miss in comp. sales and operating margin, but a small beat in adjusted EPS, a similar result to Home Depot on Tuesday. RBC says reiterated guidance may present concerning targets given a weakening consumer environment. Morgan Stanley does note that Lowe’s has recently narrowed its valuation gap vs Home Depot, but after these 1Q reports, the “gap narrowing may pause.”

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