Consumer sentiment, Legalzoom shares soar and more: Friday's 5 things to know
Investors get another report measuring the economy when the University of Michigan reports on consumer sentiment
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Here are the key events taking place on Friday that could impact trading.
INFLATION EASES: The Dow Jones Industrial Average posted its best day since April 2020.
The Dow soared over 1,201 points after October's inflation data eased slightly a sign that could suggest rising prices are peaking.
In response, the 10-year Treasury yield fell below 4% in the sharpest reversal since March 2009.
INFLATION HOLDS GRIP ON US ECONOMY IN OCTOBER AS PRICES REMAIN STUBBORNLY HIGH
Traders work on the floor of the New York Stock Exchange. (REUTERS/Brendan McDermid / Reuters Photos)
Salesforce.com, Home Depot and Nike topped the leader board, while Amgen and Nike lagged.
CONSUMER SENTIMENT: The University of Michigan releases its preliminary index of consumer sentiment for November.
It’s expected to edge down slightly for the first time in five months to a reading off 59.5. For context, consumer sentiment tumbled to an all-time low of 50.0 in June when record-high gasoline prices had consumers panicked about inflation.
High gas prices are seen in Milwaukee. (AP Photo/Morry Gash / AP Newsroom)
BIDEN SAYS HIS ECONOMIC PLAN 'IS SHOWING RESULTS,' VOWS TO FIGHT INFLATION
LEGALZOOM.COM: Shares gained more than 15% in after-hours trading. The online platform for legal and compliance solutions topped Wall Street revenue and profit expectations.
Third quarter revenue rose 4% to $154.4 million, higher than the estimate of $149.9 million. Subscription revenue was $91.4 million, compared to $73.3 million in 2021, an increase of 25% year-over-year.
The basic and diluted non-GAAP net income per share was $0.05 for the quarter in 2022, better than the estimate of $0.04.
A sign stands outside a Beazer home in Sunnyvale, Texas. (nited States. (Photo by Mike Fuentes/Bloomberg via Getty Images) / Getty Images)
BEAZER HOMES: Shares traded 2% higher in extended trading, after the homebuilder beat Wall Street revenue and profit estimates.
Third quarter revenue rose to $827.67 million, up from $590.94 million a year ago.
Net income for the three months ended September 30 was $86.82 million, up from $48.36 million.
Diluted income per share came in at $2.82, topping the estimate of $2.06.
Chair and CEO Allan Merrill said the company is responding to a challenging homebuilding environment by increasing incentives and reduced base prices in most communities.
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SUMMIT MEETINGS: President Biden will attend the COP27 climate summit in Cairo, Egypt, and Treasury Secretary Janet Yellen will visit India to attend the US-India economic and financial partnership ahead of the G20 meeting.