5 Things to Know Before Markets Open

News of the day for November 16, 2023

Walmart

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Walmart reported an increase in its third-quarter sales after a jump in e-commerce sales and Cisco shares plunged after its quarterly guidance came up short as product orders slowed. Here’s what investors need to know today.

1. Walmart Reports Quarterly Sales Increase on Jump in E-commerce Sales

Walmart (WMT) reported that its third-quarter sales rose 5% from a year ago, boosted by a 24% jump in e-commerce sales and more grocery purchases. The retail giant reported adjusted earnings per share of $1.53, better than the $1.52 that analysts expected, while its revenue of $160.8 billion beat analyst projections of $159.72 billion. Shares of Walmart were 5% lower in pre-market trading.

2. Cisco Shares Dive on Lower Revenue, Earnings Projections from Slower Product Orders

Shares of Cisco Systems (CSCO) fell more than 10% in pre-market trading after it reported current-quarter projections for earnings per share of between $0.82 and $0.84 on revenue of $12.6 billion to $12.8 billion, lower than analyst projections of $0.99 earnings per share on revenue of $14.9 billion. Cisco attributed the downturn to slower product orders after three strong quarters of deliveries, as it also trimmed its annual revenue forecast to $53.8 billion to $55.0 billion, down from its projections of $57 billion to $58.2 billion in August.

3. Palo Alto Networks Shares Fall as Billing Projections Fall Short

Palo Alto Networks (PANW) shares fell 5% in pre-market trading after its forecast for fiscal second-quarter results were below analyst estimates as clients cut back amid persistent inflation and higher borrowing costs. The security software maker reported that it expects second quarter billings in the range of $2.34 billion to $2.39 billion, where analysts were expecting a revenue guidance of $2.42 billion.

4. Federal Reserve Officials Scheduled to Speak

Several Federal Reserve officials are set to give remarks today, starting with remarks from Fed Vice Chair Michael Barr at 7:10 a.m. ET.  At 8:30 a.m. ET,  Cleveland Fed President Loretta Mester will speak, followed by New York Fed President John Williams at 9:25 a.m. ET, Fed Governor Christopher Waller at 10:30 a.m. ET, and more remarks from Barr at 10:35 a.m. ET. Fed Governor Lisa Cook will speak at 12 p.m. ET and Mester will conduct a TV interview at 1:30 p.m. ET.

5. Initial Jobless Claims Projected to Move Higher

Initial jobless claims for the week ending Nov. 11 are expected to increase to 222,000 from 217,000 the prior week when that data is released at 8:30 a.m. ET. The NAHB/Wells Fargo Housing Market Index for November is projected to come in at a reading of 40, the same figure from the prior month, when it is released at 10 a.m. ET.

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  1. CNBC. “Walmart will report earnings before the bell. Here's what to expect.

  2. CNBC. “Cisco stock plunges on light guidance after product order slowdown.”

  3. Retuers. “Palo Alto projects downbeat second-quarter billings, shares fall.”

  4. MarketWatch. “U.S. Economic Calendar.”

  5. MarketWatch. “U.S. Economic Calendar.”

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