Economic experts Kenny Polcari, Bob Doll and Ann Miletti provide insight into the Fed’s response to record inflation and unemployment claims on ‘Making Money’.
These are the main events that take place on Friday that may affect trade.
COST: Shares traded more than 3% lower in premarket trading as operating expenses rose on the back of higher labor and freight costs.
The big-box retailer beat Wall Street’s revenue and earnings estimates.
Fiscal fourth total revenue increased 15% to $72.10 billion. The analysts’ average estimate was $72.04 billion. Comparable store sales grew by 13.7%, while e-commerce grew by 7.1%. Sales in the US amounted to 15.8%.
CAN YOU SHOPPING AT COSTCO WITHOUT A MEMBERSHIP?
A Costco Wholesale location. (iStock/iStock)
Net income for the three months ended August 28 was $1.87 billion, up from $1.67 billion.
Diluted earnings per share cost $4.20. The estimate was $4.17.
FRESH PET: Shares rose 21% in late trading Thursday. The Wall Street Journal reported that activist investor Jana Partners acquired a stake in the company to boost stock prices and investigate a sale.
Famous people say that Jana has acquired almost 10% of the company that specializes in high-quality refrigerated pet food.
The company has a market cap of approximately $2.1 billion, up from $8 billion at its peak.
APPLE MUSIC: The company will be the new sponsor of this season’s Super Bowl halftime show.
The National Football League announced the new partnership on Thursday.
The multi-year deal begins with Super Bowl LVII, to be played on Sunday, February 12, 2023, in Glendale, Arizona.
In this photo illustration, the logo of the music streaming platform Apple Music is displayed on the screen of a computer. (Chesnot/Getty Images/Getty Images)
Pepsi had been the halftime show sponsor for the past ten years and announced in May not to return as a sponsor, according to Variety.
UNEMPLOYED CLAIMS INCREASE TO 213,000 AFTER FIVE WEEKS OF DIRECT DECREASE
S&P GLOBAL REPORTS: September manufacturing and services purchasing managers’ indices will be reported Friday morning.
Refinitiv’s estimates are 51.1 for the manufacturing component and 45.0 for services. As with the broader and more closely monitored ISM PMIs, 50 is the dividing line between a growing and contracting sector.
OIL DOWN WEEK: Oil prices fell amid fears of a recession and a stronger US dollar on Friday, although losses were limited by supply concerns.
West Texas Intermediate (WTI) crude futures traded around $83.00.
Storage tanks can be seen at Marathon Petroleum’s Los Angeles Refiner. (REUTERS/Bing Guan/Reuters Photos)
Brent oil futures traded around $89.00 a barrel.
For the week, WTI and Brent contracts were down 2.3% and 1.5% respectively.
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Central banks around the world raised interest rates this week, increasing the risk of economic slowdowns.