TJM Institutional Head Jim Iuorio and Mayflower Advisors Managing Partner Lawrence Glazer provide insight into the Fed’s response to inflation in “Making Money.”
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
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.
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 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 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.