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STOCK MARKET NEWS: Stocks mixed, residents in these states lower home prices, oil higher, gas lower

Home sellers dropped asking prices in order to sell in July. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.


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La-Z-Boy tops analyst estimates, shares rise in extended trading

La Z Boy Inc.


La-Z-Boy is higher in after-hours trading. The furniture maker beat Wall Street revenue and profit estimates.

Fiscal first quarter sales increased 15% to $604 million, reflecting pricing and surcharge actions and the positive effects of product and channel mix. The analyst estimate was $524.78 million.

Joybird written sales increased 12%.

The net loss for the three months ended July 30 narrowed to $452 million from $700 million.

Non-GAAP net income attributable to La-Z-Boy per diluted share was 91 cents, topping the estimate of 67 cents.

“Taking all known factors into consideration, we expect delivered sales for the fiscal 2023 second quarter to be up 2% to 5% versus the second quarter of fiscal 2022, in a range of about $590 million to $605 million, and consolidated non-GAAP operating margin to be in a range of about 8.0% to 8.5%," said CFO Bob Lucian.

Posted by FOX Business Team
Breaking News

Stocks close lower, major indexes down for third day

U.S. stocks closed lower on Tuesday, marking the third consecutive day of declines for the major indexes.

The Dow Jones Industrial Average finished the session down 154.02 points, or 0.47%. The S&P 500 fell 0.22% while the Nasdaq Composite was little changed.

Posted by FOX Business Team

Nordstrom lowers full year forecasts, shares fall after-hours

Nordstrom Inc.


Nordstrom Inc cut its annual revenue and profit forecasts on Tuesday, a sign that decades-high inflation was squeezing consumer spending on its high-end clothing and footwear.

Shares of the Seattle-based firm fell about 10% in extended trading.

Runaway inflation has prompted consumers to shift spending away from clothing and other discretionary items to groceries, hitting sales at apparel retailers and driving up inventories.

That has led companies including Kohl's Corp and Macy's Inc to offer steep discounts ahead of the back-to-school season, a crucial period for retailers.

Nordstrom said it expects fiscal 2022 revenue to rise 5% to 7%, lower than its previous expectation of 6% to 8% growth.

The company forecast fiscal 2022 adjusted profit per share between $2.30 and $2.60, compared with $3.20 to $3.50 previously.

Total revenue rose to $4.10 billion in the second quarter ended July 30, from $3.66 billion a year earlier. Analysts on average were expecting a figure of $3.97 billion, according to Refinitiv data.

Nordstrom's net income rose to $126 million, or 77 cents per share, from $80 million, or 49 cents per share, a year earlier.

Posted by Reuters

TurboTax maker Intuit tops Wall Street estimates

Intuit Inc.


Intuit is higher in after-hours trading. The owner of TurboTax, QuickBooks and MailChimp topped Wall Street revenue and profit estimates.

Fiscal fourth quarter revenue fell 6% to $2.4 billion, reflecting the earlier IRS tax filing deadline this year, partially offset by the addition of Mailchimp. Excluding Mailchimp, total revenue declined 16%.

The estimate was $2.34 billion.

Credit Karma revenue grew 17% to $475 million.

The net loss for the three months ended July 31 was $56 million compared to a year ago profit of $380 million.

The non-GAAP diluted net income (loss) per share was $1.10, topped the estimate of 98 cents.

For fiscal 2023, the company expects revenue of $14.485 billion to $14.7 billion, growth of approximately 14% to 16%.

Posted by FOX Business Team

Neptune Wellness Solutions announces deals and kids meal line


Neptune Wellness Solutions is soaring in Tuesday after trading. The health and wellness company focused on plant-based, sustainable and purpose-driven lifestyle brands tweeted that it secured distribution deals for its Sprout brand and is launching a new line of prepared foods.

“Sprout secured several distribution gains with leading retailers, including Target, Walmart, and major supermarket chains. And the largest national pharmacy chain in the United States in 5,000 of their 9,900 doors,” the company tweeted.

“Sprout is launching new Up-Age meal products, Mealz, a line of organic heat and serveables for their older children with a full serving of vegetables. Nielsen Data reviews that Prepared Foods is a $3.6 billion retail category,” Neptune Wellness added.

Posted by FOX Business Team

US has 'huge dependency' on Russian uranium: Uranium Energy Corp. CEO

Uranium Energy Corporation CEO Amir Adnani explains how Russia cornered the uranium market on 'Cavuto: Coast to Coast.'

Posted by FOX Business Team

Market panel: Stocks pricing in 'a lot of bad news'

Payne Capital Management president Ryan Payne, former Gartman Letter editor Dennis Gartman and VettaFi vice chairman Tom Lydon analyze the state of the stock market ahead of the Fed's Jackson Hole symposium.

Posted by FOX Business Team

Canada inks green deals with Volkswagen and Mercedes-Benz


Canada has signed memoranda of understanding with German automakers Volkswagen and Mercedes-Benz.

The Volkswagen agreement focuses on deepening cooperation on sustainable battery manufacturing, cathode active material production and critical mineral supply, among others, and on setting up a Canadian office for Volkswagen's newly formed battery company.

The Mercedes-Benz agreement focuses on enhancing collaboration with Canadian companies along the electric vehicle and battery supply chains; supporting the development of a sustainable critical mineral supply chain in Canada; collaborating in research and development; and identifying potential investments in Canada.

“Canada is committed to building a strong and reliable automotive and battery supply chain here in North America to help the world meet global climate goals," said François-Philippe Champagne, Minister of Innovation, Science and Industry.

Posted by FOX Business Team
Breaking News

Stocks open mixed as Fed rate hike fears continue

U.S. stocks opened mixed but little changed on Tuesday as fears about aggressive rate hikes from the Federal Reserve continue ahead of an expected update from the agency on inflation.

The Dow Jones Industrial Average is down 0.01%, while the Nasdaq and S&P 500 are up 0.5% and 0.2%, respectively.

Fed chairman Jerome Powell is expected to deliver remarks on the agency's efforts to combat inflation on Friday during an annual economic symposium in Jackson Hole, Wyoming.

Posted by FOX Business Team

Intel and Brookfield invest $30B to expand chip-making in Arizona


Intel and Brookfield Asset Management are investing up to $30 billion to expand manufacturing at Intel’s Ocotillo campus in Chandler, Arizona.

The semiconductor maker will contribute 51%; the alternative asset management company will contribute 49%. Intel will retain majority ownership and operating control of the two new leading-edge chip factories in Chandler.

The plants will support long-term demand for Intel’s products and provide capacity for Intel Foundry Services (IFS) customers.

The transaction is expected to close by the end of 2022, subject to customary closing conditions.

Posted by FOX Business Team

Alcon buying Aerie Pharmaceuticals in $753 million deal


Alcon AG said on Tuesday it would acquire Aerie Pharmaceuticals in a deal valued at about $753 million, as the Swiss eye-care company looks to bolster its pipeline of opthalmic treatments.

Alcon has offered $15.25 per share, a premium of 37% to Aerie's last closing price. The transaction value was calculated based on Aerie's 49.36 million shares outstanding as of Aug. 22.The deal will add Aerie's Rocklatan and Rhopressa eye drops, along with a pipeline of many clinical and preclinical ophthalmic pharma product candidates, to Alcon's portfolio.

"Aerie is a natural fit with on-market and pipeline products, and R&D capabilities that offer the infrastructure needed to expand our ophthalmic pharmaceutical presence," Alcon Chief Executive Officer David Endicott said in a statement.

The Swiss company, which was spun off from Novartis in 2019, said the deal was expected to add to its core diluted earnings per share in 2024 and close in the fourth quarter.

In November last year, Alcon acquired U.S. eye-surgery company Ivantis for an initial consideration of $475 million. 

Posted by Reuters
Breaking News

Macy's reports quarterly results


Macy's Inc cut its full-year sales and profit forecasts on Tuesday as decades-high inflation saps consumer spending power for apparel and other discretionary products, especially among lower-income shoppers.

Posted by FOX Business Team

Crypto prices mixed early Tuesday morning

Cryptocurrency prices were mixed early Tuesday, with Bitcoin and Dogecoin edging higher, while the Ethereum was moving lower.

At approximately 4:30 a.m. ET, Bitcoin was trading at nearly $21,450 (+0.42%), or higher by about $90.

For the week, Bitcoin was trading lower by more than 11.5%. For the month, the cryptocurrency was lower, losing almost 5.9%.

Ethereum was trading at approximately $1,600 (-0.75%), or lower by more than $8.40.

For the week, Ethereum was trading lower by about 15.25%. However, for the month, it was trading higher by nearly 5.35%.

Dogecoin was trading at $0.06837 (+0.19%), or higher by approximately $0.000133. 

For the week, Dogecoin was lower by more than 11.3%. For the month, the crypto was higher by nearly 1.5%.

Posted by FOX Business Team

States where sellers are lowering home-asking prices

A significant number of sellers — particularly in pandemic hot spots — dropped their asking prices in July as more buyers backed out of the market, according to a new report. 

In Boise, Idaho, nearly 70% of homes for sale fell in price, as owners "struggled to match their expectations with the reality of the cooling housing market," according to technology-powered real estate brokerage Redfin. 

Boise had the highest shared of price drops in 97 markets analyzed by Redfin in July. However, it was far from the only market that saw numerous homeowners slash their asking price.  Overall, more than 15% of home sellers in every major U.S. metro dropped their asking price in July, according to Redfin. 

Industry economists have warned that increasing number of homeowners have been backing out of the market in part because of elevated mortgage rates taking a bigger bite out of their budgets. 

Although 30-year fixed mortgage rates fell 0.09% to 5.13% last week, it's still well above 2.27% which is where the 30-year fixed mortgage rate stood at this time last year, according to mortgage buyer Freddie Mac. 

Last month, nearly 60% of homes in Denver, Colorado dropped their asking price. In Salt Lake City, Utah, 56.4% of homes fell in price, according to the data. In Tacoma, Washington just over 54% of homes dropped in asking price. 

The data is similar to what Redfin economists saw in June when Boise led the price drops at 61.5%. Tacoma, Denver and Salt Lake City also faced the highest number of sellers dropping prices in June. 

Other areas with a fair share of sellers dropping their prices in July were Tampa, Florida, as well as San Diego and Sacramento, California. 

Many of the aforementioned metros are among the top areas that cooled the fastest after nabbing tons of eager homebuyers during the COVID-19 pandemic.

Posted by Daniella Genovese

Gasoline, diesel prices fall yet again overnight

The average price of a gallon of gasoline slipped on Tuesday to $3.892. On Monday, that same gallon of gasoline sold for $3.901 nationwide, according to AAA. 

A week ago, a gallon of gasoline cost $3.949 nationwide. A month ago, that price was $4.382. A year ago, that same gallon of gasoline sold for $3.162 nationwide. 

The price dropped below $4 for the first time since March more than a week ago, when the price fell to $3.99. 

Gasoline has been on the decline since hitting a high of $5.016 on June 14, exactly 10 weeks ago. 

Meanwhile, diesel slipped slightly to $4.973 a gallon early Tuesday morning. On Monday, diesel was selling for $4.977. 

A week ago, a gallon of diesel cost $5.021 nationwide. A month ago, that price was $5.432. One year ago, a gallon of diesel cost $3.285 nationwide, AAA reported.

Posted by FOX Business Team

US stocks mixed as investors continue to fear Fed rate hikes


U.S. stocks were mixed early Tuesday morning with the Dow in positive territory, while the Nasdaq and S&P 500 were significantly lower as investors continue to express fear of additional sharp interest-rate increases by the Federal Reserve.

Those fears are taking some of the wind out of this summer's stock-market rally. 

The Dow Jones Industrial Average tumbled more than 600 points on Monday as investors looked ahead to a Friday speech by Fed Chairman Jerome Powell in Jackson Hole, Wyo., in which he is expected to give an update on the central bank's efforts to combat inflation. 

Monday's selloff came after U.S. stocks snapped a four-week stretch of gains for the S&P 500 on Friday. The market climbed from July to mid-August on hopes that inflation has started to peak, which would allow the Fed to soften its stance, as well as on generally strong corporate earnings. 

But Fed officials have remained publicly hawkish, leading some investors to conclude that the rebound was premature. The market's outlook also remains highly uncertain as investors weigh positive news -- such as strong job growth -- against worries that Fed tightening could tip the economy into recession. 

"The market wants the Fed to sound off on the dovish standpoint, but the Fed's not there yet," said Philip Blancato, chief executive of Ladenburg Thalmann Asset Management. "The market got a little ahead of itself." 

The Dow fell 643.13 points on Monday, or 1.9%, to close at 33063.61. The S&P 500 dropped 90.49, or 2.1%, to 4137.99. The technology-focused Nasdaq Composite slid 323.64, or 2.5%, to 12381.57. 

Even with the recent pullback, all three major indexes are up at least 5.8% over the past three months. Futures markets show traders are split as to whether the central bank will raise interest rates by half a percentage point or three-quarters of a point at its next meeting in September. 

Aggressive increases could cause businesses and consumers to cut back on spending, potentially hurting corporate earnings and economic growth. 

"Jackson Hole is something the market is starting to get nervous about," said Hani Redha, a portfolio manager at PineBridge Investments. After the last Fed meeting, some investors expected it to ease up on rate hikes, he said. "There is chatter that perhaps Powell will try to reverse that perception," he added. 

Investors are also concerned about a key number set to be released Friday: The Commerce Department's personal-consumption-expenditures index, a measure of core inflation that excludes volatile food and energy costs. The index is seen as the Fed's preferred measure of inflation and could impact Powell's calculations. 

Meanwhile, Asian shares were mostly lower Tuesday. 

Benchmarks in Asia slid in Tokyo, Sydney, Seoul and Hong Kong, but shares were little changed in Shanghai.

The latest market slide comes as investors grapple with uncertainty over when the highest inflation in decades will ease significantly, how much the Fed will have to raise interest rates in order to get it under control and how much the rate hikes will slow the economy. 

Japan's benchmark Nikkei 225 lost 1.2% in afternoon trading to 28,454.45. Australia's S&P/ASX 200 slid 1.1% to 6,971.10. South Korea's Kospi dipped 1.1% to 2,435.26. Hong Kong's Hang Seng shed 0.8% to 19,509.56, while the Shanghai Composite was little changed, inching up less than 0.1% at 3,278.64.

Posted by Associated Press

Oil climbs as Saudi Arabia warns of OPEC output cuts


Oil rose on Tuesday as renewed concerns over tight supply dominated market sentiment after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. 

Brent crude gained 42 cents, or 0.4%, to $96.90 a barrel by 0630 GMT, after a choppy session on Monday when they dropped by more than $4 before paring losses to trade near flat. It advanced by $1 a barrel in early Asia trading hours. 

U.S. West Texas Intermediate crude futures rose 40 cents, or 0.4%, to $90.76 a barrel. 

The benchmarks are down about 12% and 8% this month, respectively, amid fears about a global recession and fuel demand. 

The Organization of the Petroleum Exporting Countries stands ready to reduce production to correct the recent oil price fall driven by poor futures market liquidity and macro-economic fears, which has ignored extremely tight physical crude supply, OPEC's leader Saudi Arabia said on Monday. 

Saudi state news agency SPA cited Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman as telling Bloomberg that OPEC+ has the means and flexibility to deal with challenges. 

With Saudi Arabia standing out to defend prices, the market is likely to take the chance to build long positions, said analysts from Haitong Futures, adding that the outcome of the Iranian nuclear deal remains a big uncertainty. 

Meanwhile, Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia, adding to concerns over a plunge in gas supplies. 

The current tight demand-supply is underscored by U.S. crude inventory in the Strategic Petroleum Reserve (SPR) at its lowest level in more than 35 years, Yeap Jun Rong, market strategist from IG Group, said in a note. 

On U.S. supply, market participants are awaiting industry data due at 4:30 p.m. ET on Tuesday. U.S. crude oil and gasoline stockpiles likely dropped last week, while distillate inventories edged up, a preliminary Reuters poll showed on Monday.

Posted by Reuters

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