Seaport Securities founder Teddy Weisberg and former Federal Reserve Governor Larry Meyer reacted to Fed Chairman Jerome Powell’s announcement that smaller interest rate hikes could begin in December.
Here are the highlights from Thursday may affect trade.
FIVE WINNER BELOW: Shares rose 8% in extended trading as sales rose well ahead of market and management views.
Profits declined in the fiscal third quarter amid higher costs.
Discount chain Its net income fell to $16.1 million, or 29 cents a share, from $24.2 million, or 43 cents, a year earlier, according to Dow Jones.
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Five store locations below. (iStock/iStock)
Revenue increased 6.2% to $645.0 million. Analysts polled by FactSet had forecast revenue of $614.1 million, while the company guided for sales of $600 million to $619 million.
Comparable sales fell 2.7% from a year earlier, but the company previously guided for a decline in the 7% to 9% range.
SALES FORCE CHANGE: Shares fell 6% in extended trading after the company announced a change in CEO. Co-CEO Bret Taylor is leaving a year after being promoted to work alongside Chairman Marc Benioff.
Benioff will once again become the sole executive director and continue as company chairman.
Income increased It came in at $7.84 billion for the period, slightly higher than the $7.83 billion analysts were expecting, according to FactSet.
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According to the Wall Street Journal, the company forecast fiscal year revenue of $30.9 billion to $31 billion.
Salesforce missed analysts’ expectations on billings by about 8%.
Adjusted earnings per share beat analysts’ expectations to $1.40, according to FactSet.
EARNINGS REPORTS: Thursday’s reports kick off the morning with Big Lots, Designer Brands, Dollar General, Duluth Holdings, Kroger and Lands’ End.
After the call, American Outdoor Brands (which includes Smith & Wesson) and Ulta Beauty will dominate investor interest.
The Labor Department reports jobless claims on Thursday. (FBN)
US COMPANIES HIRED A TOTAL OF 127,000 IN NOVEMBER
UNEMPLOYED CLAIMS: The Department of Labor will announce the number new unemployment claims for last week. Expectations are for 235,000, up slightly from the previous week and indicating the labor market remains tight.
Mark Hamrick, chief economic analyst at Bankrate.com, said: “The recent increase in new claims for unemployment benefits to 240,000 is consistent with an increase in layoff announcements centered in the technology sector.” that the total number of people receiving unemployment benefits remains lower than the previous year’s level.”
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to rise for the seventh week in a row to 1.573 million.
Shoppers browse for clothing at Uniqlo Retail Clothing Company in New York City. (Photo by Robert Nickelsberg/Getty Images/Getty Images)
INCOME AND EXPENSES: Economists polled by Refinitiv expect spending to rise 0.8% in October, beating September’s 0.6% increase. Personal income is expected to increase by 0.4% for the fourth consecutive month.
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The PCE Price Index rose 0.3% month-over-month in September and rose 6.2% year-over-year (the Fed bases its 2% inflation target on the annual change in the PCE Price Index). The Core PCE Price Index, which factors in volatile food and energy costs, is expected to rise 0.3% in October, eclipsing September’s 0.5% increase. The annual change in the Core PCE Price Index, the Fed’s preferred measure of inflation, is expected to slow to 5.0%.
