Nordstrom down, Intuit up, pending home sales and more: Wednesday's 5 things to know
On the heels of a disappointing report on new home sales, traders will be watching the release of pending home sales numbers
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TJM institutional director Jim Iuorio and Mayflower Advisors managing partner Lawrence Glazer provide insight on the Fed's response to inflation on 'Making Money.'
Here are the key events taking place on Wednesday that could impact trading.
NORDSTROM: Shares fell 13% in premarket trading after the company cut its annual revenue and profit forecasts, a sign that decades-high inflation was squeezing consumer spending on its high-end clothing and footwear.
Nordstrom said it expects fiscal 2022 revenue to rise 5% to 7%, lower than its previous expectation of 6% to 8% growth.
The company forecast fiscal 2022 adjusted profit per share between $2.30 and $2.60, compared with $3.20 to $3.50 previously.
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This image shows a Nordstrom retail store at a suburban shopping mall. (iStock-Nordstrom / iStock)
LA-Z-BOY: Shares rose 7% in premarket trading as the furniture maker beat Wall Street revenue and profit estimates.
Fiscal first quarter sales increased 15% to $604 million, reflecting pricing and surcharge actions and the positive effects of product and channel mix. The analyst estimate was $524.78 million.
The net loss for the three months ended July 30 narrowed to $452 million from $700 million.
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Non-GAAP net income attributable to La-Z-Boy per diluted share was 91 cents, topping the estimate of 67 cents.
INTUIT: Shares rose 5% in premarket trading after the owner of TurboTax, QuickBooks and MailChimp topped Wall Street revenue and profit estimates.
Fiscal fourth quarter revenue fell 6% to $2.4 billion, reflecting the earlier IRS tax filing deadline this year, partially offset by the addition of Mailchimp. Excluding Mailchimp, total revenue declined 16%.
The estimate was $2.34 billion.
The Intuit Inc. TurboTax application is demonstrated on an Apple Inc. iPhone 6s. (Michael Nagle/Bloomberg via Getty Images / Getty Images)
The net loss was $56 million compared to a year ago profit of $380 million.
The non-GAAP diluted net income (loss) per share was $1.10, topped the estimate of 98 cents.
For fiscal 2023, the company expects revenue of $14.485 billion to $14.7 billion, growth of approximately 14% to 16%.
US NEW HOME SALES PLUNGE FOR SIXTH STRAIGHT MONTH TO LOWEST LEVEL SINCE 2016
DURABLE GOODS: The Census Bureau is expected to say that new orders for manufactured big-ticket items rose 0.6% seasonally adjusted in July, after a surprise 2.0% surge in June.
If you factor out the transportation component, orders are anticipated to edge up 0.2%, slightly trailing June’s increase of 0.4%. Orders for core capital goods, a closely watched proxy for business spending, are seen climbing 0.3% in July, less than half June’s 0.7% rise.
PENDING HOME SALES: The National Association of Realtors is out with its index of pending home sales for July.
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A sale pending sign is displayed outside a residential home for sale in East Derry, New Hampshire. (AP Photo/Charles Krupa, File / AP Newsroom)
Economists surveyed by Refinitiv are looking for a decline of 4%, as buyers struggle with high borrowing costs and surging prices.