Walmart reported a jump in its third-quarter sales after a surge in e-commerce sales and Cisco shares plunged after its quarterly guidance fell short as product orders slowed. Here’s what investors need to know today.
1. Walmart reports quarterly sales increase thanks to increased e-commerce sales
Walmart (WMT) reported that its third-quarter sales increased 5% from a year ago, driven by a 24% increase in e-commerce sales and more grocery purchases. The retail giant reported adjusted earnings per share of $1.53, better than the $1.52 analysts were expecting, while its revenue of $160.8 billion topped analyst projections of $159.72 billion. of dollars. Walmart shares fell 5% in premarket trading.
2. Cisco Stock Plunges on Lower Revenue and Profit Projections Due to Slower Product Orders
Shares of Cisco Systems (CSCO) fell more than 10% in premarket trading after it reported current-quarter earnings per share projections of between $0.82 and $0.84 on revenue of $12.6 billion. $12.8 billion, below analysts’ projections of $0.99 earnings per share. revenue share of $14.9 billion. Cisco attributed the slowdown to slowing product orders after three strong quarters of deliveries, as it also cut its annual revenue forecast to $53.8 billion to $55 billion, below 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 premarket trading after its forecast for fiscal second-quarter results came in below analyst estimates as customers cut spending in amid persistent inflation and higher borrowing costs. The security software maker reported that it expects second-quarter revenue in the range of $2.34 billion to $2.39 billion, while analysts were expecting revenue guidance of $2.42 billion. Dollars.
4. Federal Reserve officials scheduled to speak
Several Federal Reserve officials will deliver remarks today, beginning with remarks by Federal Reserve Vice Chairman 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, and at 9:25 a.m. ET, Fed Governor Christopher Waller , at 10:30 a.m. ET, and more comments from Barr at 10:35 a.m. I’m ET. Federal Reserve Governor Lisa Cook will speak at 12 pm ET, and Mester will conduct a television interview at 1:30 pm ET.
5. Initial Jobless Claims Expected to Increase
Initial jobless claims for the week ending November 11 are expected to rise to 222,000 from 217,000 the previous week when that data is released at 8:30 a.m. ET. The NAHB/Wells Fargo Housing Market Index for November is projected to reach a reading of 40, the same as the previous month, when it is released at 10 a.m. ET.