Clorox goes down, eBay goes up and more: Thursday’s 5 things to know
Here are the key events taking place on Thursday this could have an impact on trade.
CLOROX: Shares fell 6% in after-hours trading as quarterly revenue and earnings fell short of Wall Street expectations.
Fiscal fourth-quarter sales were flat at $1.8 billion, missing the $1.86 billion estimate. Organic sales increased by 1%. Lower shipments were offset by prices.
Earnings rose 4% to $101 million, or 81 cents per share. Adjusted earnings were 93 cents, lower than analysts’ estimate of 95 cents.
FORD SALES RISE IN JULY AS OTHER AUTOMAKERS CRUSH
eBay: The shares rose in after-hours trading. The online market has exceeded Wall Street’s earnings estimates. Second-quarter revenue fell 9% to $2.4 billion, but was still above analysts’ estimate of $2.37 billion. Gross merchandise volume (GMV) fell 18% to $18.5 billion. Net income fell 18% to $554 million.
eBay expects negative organic growth in the third quarter and for the full year.
EARNINGS: Another busy day ahead for Q2 earnings season. The morning will kick off with results from health insurer Cigna, media and entertainment conglomerate Paramount Global, oil and gas giant ConocoPhillips, pharmaceutical giant Eli Lilly and Chinese e-commerce powerhouse Alibaba.
FED OFFICIALS SIGN MORE INTEREST RATE HIKES TO COME
In the afternoon, the focus will be on another entertainment/mass media piece, Warner Brothers Discovery. Also watch for numbers from digital payments pioneer Block, entertainment company Live Nation and online travel agency Expedia to name a few.
APPLICATIONS FOR UNEMPLOYMENT BENEFITS: The Labor Department will release its tally of new jobless claims for the past week, which is expected to show a tight and cooling job market. Expectations are for 259,000, up slightly from the previous week and close to the eight-month high of 261,000 in mid-July. Continuing claims, which track the total number of workers collecting unemployment benefits, are expected to rise slightly to 1.370 million.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
TRADE BALANCE: The Commerce Department came out with the US trade balance for June. The monthly goods and services deficit is expected to narrow for a third consecutive month to $80.1 billion. That compares to a record deficit of $107.6 billion in March.