Jobless claims, Roku drops, Etsy gains and more: Thursday's 5 things to know
Investors will be watching the stock moves following the latest quarterly results from Roku, Qualcomm and Etsy
Former Treasury Department international economist David Beckworth discusses if the Fed is frustrated about not curbing inflation as much as they would like on 'Cavuto: Coast to Coast.'
Here are the key events taking place on Thursday that could impact trading.
JOBLESS CLAIMS: The Labor Department will release the number of new jobless claims for last week, likely to show that the labor market remains tight.
Expectations are for 220,000, up slightly from 217,000 the prior week.
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to rise for the second week in a row to 1.450 million, the highest since April 2.
US COMPANIES ADDED 239,000 JOBS IN OCTOBER, BETTER THAN EXPECTED: ADP
Labor Department reports jobless claims on Thursdays. (FBN)
Other reports on the docket include the U.S. trade balance for September.The Institute for Supply Management releases its non-manufacturing PMI for October and the Commerce Department is expected to say factory orders edged up in September, after a flat August.
ROKU DROPS: Shares fell more than 16% in extended trading after the streaming platform said it expects fourth-quarter revenue to be lower than last year.
The company expects total revenue to be about $800 million in the fourth quarter, down from $865.33 million a year earlier.
A video sign displays the logo for Roku Inc. in Times Square. (REUTERS/Brendan McDermid / Reuters Photos)
ROKU TO START SELLING SMART HOME PRODUCTS AT NEARLY 3,500 WALMART STORES
"As we enter the holiday season, we expect the macro environment to further pressure consumer discretionary spend and degrade advertising budgets, especially in the TV scatter market," the company said.
The company reported a 12% rise in quarterly revenue.
QUALCOMM FALLS: Shares of the chipmaker fell 7% in extended trading after the company forecast that revenue would come in $2 billion less than Wall Street analysts estimated for the current quarter due to a sharp drop in smartphone sales.
A silicon chip with the Qualcomm logo. (iStock / iStock)
Qualcomm also said profits would be less than expected.
Revenue from Qualcomm's handsets business, which makes up more than half of total sales, rose 40% in the fourth quarter, while revenue from chips that enable WiFi and Bluetooth connections fell 20%.
The company forecast current-quarter revenue in the range of $9.2 billion and $10 billion, compared with analysts' estimates of $12.02 billion, according to Refinitiv data.
It expects adjusted earnings per share to be between $2.25 and $2.45, compared with analysts' expectations of $3.42.
ETSY BEATS: Shares gained10% in extended trading after reporting adjusted earnings of 58 cents a share, which topped Wall Street expectations.
The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 37 cents per share.
The online crafts marketplace posted revenue of $594.5 million in the period, also topping Street forecasts. Nine analysts surveyed by Zacks expected $560.2 million.
EARNINGS REPORTS: A busy day ahead on the earnings calendar, with Cigna, ConocoPhillips, Kellogg, and Marriott International among the morning highlights.
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After the close the focus will tun to News Corporation, Warner Brothers Discovery, Starbucks, Amgen, and Expedia.