Nordstrom down, Intuit up, pending home sales and more: Wednesday’s 5 things to know

Here are the main events taking place on Wednesday this could have an impact on trade.

NORDSTROM: Shares fell 13% in premarket trading after the company cut its full-year revenue and profit forecast, a sign that decades-high inflation was suppressing consumer spending on its high-end clothes and shoes.

Nordstrom said he expects FY2022 revenue is expected to grow 5% to 7%, lower than its previous expectation of 6% to 8% growth.

The company expects adjusted earnings per share for fiscal 2022 to be between $2.30 and $2.60, compared to $3.20 to $3.50 previously.

STARBUCKS ACCUSED BY UNION OF RETALIATION FOR CLOSING TWO SITES

Exterior of a Nordstrom location

This image shows a Nordstrom retail store in a suburban mall. (iStock-Nordstrom/iStock)

LA-Z-BOY: Shares rose 7% in premarket trading as the furniture maker beat Wall Street revenue and profit estimates.

First fiscal quarter sales increased 15% to $604 million, reflecting pricing and surcharge actions and positive product mix and channel effects. Analysts’ estimate was $524.78 million.

The net loss for the three months ended July 30 was reduced to $452 million versus $700 million.

Portrait of Warren Buffett

Non-GAAP net income attributable to La-Z-Boy per diluted share was 91 cents, beating the estimate of 67 cents.

INTUIT: Shares rose 5% in premarket trading after the owner of TurboTax, QuickBooks and MailChimp beat Wall Street revenue and profit estimates.

Revenue in the fourth fiscal quarter fell 6% to $2.4 billion, reflecting the IRS Tax Return Filing Deadline this year, partially offset by the addition of Mailchimp. Excluding Mailchimp, total revenue was down 16%.

The estimate was $2.34 billion.

Intuit TurboTax Product

Intuit Inc.’s TurboTax application shown on an Apple Inc. iPhone 6s. (Michael Nagle/Bloomberg via Getty Images/Getty Images)

The net loss was $56 million compared to a profit of $380 million a year ago.

Non-GAAP diluted net income (loss) per share was $1.10, beating the estimate by 98 cents.

For fiscal 2023, the company expects revenue of $14.485 billion to $14.7 billion, representing growth of approximately 14% to 16%.

US NEW HOME SALES DIP FOR SIXTH CONSECUTIVE MONTH TO LOWEST LEVEL SINCE 2016

DURABLE GOODS: The Census Bureau should say that new orders for manufactured goods expensive items increased by a seasonally adjusted 0.6% in July, after a surprise rise of 2.0% in June.

Excluding the transportation component, orders are expected to edge up 0.2%, slightly lagging June’s 0.4% increase. Core capital goods orders, a closely watched indicator of business spending, are expected to climb 0.3% in July, less than half of June’s 0.7% rise.

PENDING HOME SALES: The National Association of Realtors has released its pending business index home sales for July.

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A pending sale sign outside a home in New Hampshire

A pending sale sign is displayed outside a residential home for sale in East Derry, New Hampshire. (AP Photo/Charles Krupa, File/AP Newsroom)

Economists polled by Refinitiv expect a 4% decline as buyers grapple with high borrowing costs and soaring prices.

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