Seaport Securities Founder Teddy Weisberg and Former Federal Reserve Governor Larry Meyer React to Fed Chairman Jerome Powell Signaling Smaller Rate Hikes May Begin in December on ‘The Claman Countdown’ .
Here are the key events taking place on Thursday this could have an impact on trade.
FIVE WINNINGS BELOW: Shares rose 8% in extended trading as selling sharply outpaced market and management sentiment.
Profit declined for the fiscal third quarter amid higher costs.
The discount chain said its net profit fell to $16.1 million, or 29 cents per share, from $24.2 million, or 43 cents, for the year-ago period, according to Dow Jones. .
FED’S POWELL SIGNALS THAT SMALLEST INTEREST RATE HIKES MAY START IN DECEMBER
Five Below store location. (iStock/iStock)
Revenue increased 6.2% to $645.0 million. Analysts polled by FactSet had forecast revenue of $614.1 million, while the company had forecast sales between $600 million and $619 million.
Comparable sales were down 2.7% from a year earlier, but the company had previously forecast a decline in the 7% to 9% range.
SALES FORCE CHANGE: Shares traded down 6% in extended trading as the company announced a CEO change. Co-CEO Bret Taylor is leaving a year after being promoted alongside chairman Marc Benioff.
Benioff will once again become the sole managing director and continue to serve as the company’s president.
Revenue rose to $7.84 billion during the period, slightly above the $7.83 billion expected by analysts, according to FactSet.
ACTIVIST INVESTOR STARBOARD TAKES STAKE IN SALESFORCE
The company maintained its revenue forecast for the fiscal year between $30.9 billion and $31 billion, according to the Wall Street Journal.
Salesforce missed analysts’ expectations for billings, a measure of deals actually processed during the period, by about 8%.
Adjusted earnings per share came in at $1.40, beating analysts’ expectations, according to FactSet.
PROFIT REPORTS: Thursday’s reports kick off in the morning with Big Lots, Designer Brands, Dollar General, Duluth Holdings, Kroger and Lands’ End.
After the bell, American Outdoor Brands (including Smith & Wesson) and Ulta Beauty will dominate investor interests.
The Labor Department reports unemployment claims on Thursday. (NBF)
US COMPANIES ADDED JUST 127,000 JOBS IN NOVEMBER AS HIRING SLOWS
APPLICATIONS FOR UNEMPLOYMENT BENEFITS: The Labor Department will release the number of new unemployment insurance claims for the past week. Expectations are for 235,000, up slightly from the previous week and signaling a labor market that remains tight.
“The recent spike seen in new jobless claims at 240,000 is consistent with the rise in job cut announcements centered on the tech sector,” said Mark Hamrick, senior economic analyst at Bankrate.com. . “The latest level of new claims is close to what was seen a year ago, although the total number of people receiving unemployment assistance remains below the level of a year ago.”
Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to rise for the seventh straight week to 1.573 million.
Shoppers search for clothes at Uniqlo Retail Clothing Company in New York. (Photo by Robert Nickelsberg/Getty Images/Getty Images)
INCOME AND EXPENSES: Economists polled by Refinitiv forecast spending to rise 0.8% month-over-month in October, above September’s 0.6% growth. Personal income, meanwhile, is expected to rise 0.4% for the fourth consecutive month.
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The PCE price index rose 0.3% month-over-month in September and rose 6.2% year-on-year (the Fed bases its 2% inflation target on the annual change in the PCE price index). The Core PCE price index, which takes into account volatile food and energy costs, is expected to rise 0.3% in October, following September’s 0.5% rise. The year-over-year change in the Core PCE price index, which is the Fed’s preferred measure of inflation, is expected to slow to 5.0%.
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