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.
STARBUCKS ACCUSED BY UNION OF RETALIATION OVER CLOSURE OF TWO LOCATIONS
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.
WARREN BUFFETT PORTRAIT: BIDS FOR HIGH-TECH ART SIGNED BY BILLIONAIRE ALREADY TOP $30K
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 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.
Economists surveyed by Refinitiv are looking for a decline of 4%, as buyers struggle with high borrowing costs and surging prices.
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