These are the main events taking place on Thursday that may affect trade.
BED, BATH & AFTER: Shareholders of the retailer have been on a roller coaster in recent days. Shares are down 12% in premarket trading after a previous 45% gain. At the root of the wild swings is investor and GameStop chairman Ryan Cohen, who has filed for a proposed sale of his stake in the struggling household goods retailer.
Cohen’s venture capital firm RC Ventures, the second-largest investor, said it plans to sell 9.45 million shares, including options.
His venture capital firm on Tuesday bought call options expiring in January 2023 on 1.67 million shares with strike prices ranging from $60 to $80.
BED BATH & BEYOND SLIDES AFTER RYAN COHEN FILES FOR SALE OF INTEREST
On Wednesday, shares rose to $30 and closed at $23.08. The stock lost more than 60% of its value in June and July.
WOLF SPEED: The chipmaker’s shares gain 22% in premarket trading. The wide bandgap semiconductor developer, focused on silicon carbide and gallium nitride materials, surpassed Wall Street’s revenue and profit estimates. Revenue increased 57% to $228.5 million in the fiscal fourth quarter ended June 26. Analysts’ estimate was $207.8 million.
The non-GAAP diluted net loss per share was 2 cents versus the estimate of 10 cents. For the first quarter of fiscal 2023, Wolfspeed targets revenue of $232.5 million to $247.5 million.
TARGET CEO ON RETAILER INFLATION, INVENTORY PROBLEMS
REVENUE: The parade of retail-related earnings continues on Thursday, with BJ’s Wholesale Club, Kohl’s, Estee Lauder, Coach and Kate Spade, parent company Tapestry, reporting ahead of the opening bell. In the afternoon, check out the results of department store chain Ross Stores, along with semiconductor device manufacturer Applied Materials.
UNEMPLOYED CLAIMS: The Department of Labor will release its tally of new jobless claims for last week, which is expected to show a tight job market that continues to cool. Expectations are 265,000, a slight increase from the previous week and the highest in more than nine months.
Continuing claims, which track the total number of workers receiving unemployment benefits, are expected to climb for a third month to 1,438 million.
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HOUSE SALES: The National Association of Realtors is expected to say that sales of previously owned homes fell 4.5% in July to a seasonally adjusted annual rate of 4.89 million units.
That would be the sixth monthly decline in a row and the lowest in more than two years. It would also mark a 24.6% drop from January when sales buzzed at an annual rate of 6.49 million.
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