Trade balance, Coupa soars, Beige Book and more: Wednesday's 5 things to know
Shares of Cupa Software soared when the company reported that profit and revenue topped expectations and boosted guidance
Adaptiv market technician Ian McMillan provides insight on investing in the stock market on 'Making Money.'
Here are the key events taking place on Wednesday that could impact trading.
BEIGE BOOK: the Fed releases the economic summaries from its district banks known as the Beige Book.
Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District.
The 12 Fed district banks report on manufacturing, services and other business sectors and on consumer behavior.
US HOUSING MARKET DOWNTURN TO WORSEN IN 2023, GOLDMAN SACHS WARNS
Port Long Beach California (iStock / iStock)
TRADE BALANCE: The Commerce Department is out with the U.S. trade balance for July. The monthly deficit in goods and services is expected to narrow sharply to $70.3 billion, the smallest since October.
It would also mark the fourth consecutive month that the deficit has narrowed after hitting a record $107.6 billion in March.
That record gap was mostly to blame for the drop in 1Q GDP.
NEWELL BRANDS: Shares fell more than 4% in extended trading after the company lowered its third quarter and full-year forecasts.
Photo of Newell products such as Yankee Candle and Sharpies (Getty Images / Getty Images)
The consumer products company expects third-quarter net sales of $2.21 to $2.32 billion down from previously guided $2.39 to $2.50 billion.
Core sales are estimated to decline 8% to 12%, larger than the previously forecast decline of 1% to 5%.
Full-year net sales are seen as $9.37 to $9.58 billion compared to the previously guided $9.76 to $9.98 billion.
COUPA SOFTWARE: Shares surged more than 13% in after-hours trading. The business management platform topped Wall Street revenue and profit estimates and increased its fiscal 2023 guidance.
Total revenues are expected to be $838.0 to $844.0 million compared to the previous forecast of $681.0 to $684.0 million. Non-GAAP income from operations is expected to be $62.5 to $68.5 million, up from a non-GAAP loss from operations of $2.0 to $7.0 million.
BED BATH & BEYOND APPOINTS INTERIM CFO
Fiscal second-quarter revenue rose 18% to $211.1 million. Analysts expected $204 million.
The GAAP operating loss for the three months ended July 31 widened to $63.6 million from $54.3 million.
Adjusted earnings per share was 20 cents, topping the estimate of 9 cents.
The board also authorized a share repurchase program of up to $100 million.
A GameStop store on 14th Street at Union Square in the Manhattan borough of New York. (AP Photo/John Minchillo / AP Newsroom)
CLICK HERE TO READ MORE ON FOX BUSINESS
EARNINGS: Kicking off the week for earnings will be John Wiley & Sons, Korn Ferry, NIO and REV Group before the market open and Asana, Casey’s General Stores, Dave & Buster’s Entertainment and GameStop after the bell.