Adaptiv market tech Ian McMillan provides insight into stock market investing on “Making Money”.
Here are the main events taking place on Wednesday this could have an impact on trade.
BEIGE BOOK: The Fed publishes the economic summaries of its district banks known as the Beige Book.
Each Federal Reserve Bank collects anecdotal information about current economic conditions in its district.
The Fed’s 12 district banks report on manufacturing, services, and other business sectors as well as consumer behavior.
US HOUSING MARKET DOWNTURN WILL DEEPER IN 2023, GOLDMAN SACHS WARNS
Port Long Beach California (iStock/iStock)
TRADE BALANCE: The Commerce Department came out with the US trade balance for July. The monthly goods and services deficit is expected to narrow sharply to $70.3 billion, the lowest since October.
It would also mark the fourth consecutive month of deficit reduction after hitting a record $107.6 billion in March.
This record gap was mainly to blame for the drop in GDP in the first quarter.
NEWELL BRANDS: Shares fell more than 4% in extended trading after the company lowered its guidance for the third quarter and full year.
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 billion to $2.32 billion, down from the $2.39 billion to $2.50 billion previously forecast.
Core sales are expected to decline 8% to 12%, higher than the 1% to 5% decline previously forecast.
Net sales for the full year are estimated at $9.37-9.58 billion, down from $9.76-9.98 billion previously.
COUPA SOFTWARE: Shares jumped more than 13% in after-hours trading. The business management platform beat Wall Street revenue and earnings estimates and raised its forecast for fiscal 2023.
Total revenue is expected to be between $838.0 and $844.0 million, compared to the previous guidance of $681.0 and $684.0 million. Non-GAAP operating income is expected to be between $62.5 and $68.5 million, up from a non-GAAP operating loss of $2.0 to $7.0 million.
BED BATH & BEYOND APPOINTS INTERIM CFO
Revenue for the second fiscal quarter increased 18% to $211.1 million. Analysts were expecting $204 million.
GAAP operating loss for the three months ended July 31 widened to $63.6 million from $54.3 million.
Adjusted earnings per share were 20 cents, beating the estimate by 9 cents.
The board also authorized a share buyback program of up to $100 million.
A GameStop store on 14th Street in Union Square in the Manhattan borough of New York City. (AP Photo/John Minchillo/AP Newsroom)
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EARNINGS: Kicking off the week for earnings will be John Wiley & Sons, Korn Ferry, NIO and REV Group before the market opens and Asana, Casey’s General Stores, Dave & Buster’s Entertainment and GameStop after the bell.
