{"id":68188,"date":"2023-05-24T09:03:43","date_gmt":"2023-05-24T13:03:43","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=68188"},"modified":"2023-05-24T09:03:43","modified_gmt":"2023-05-24T13:03:43","slug":"coffee-with-greta-debt-ceiling-drag","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2023\/05\/24\/coffee-with-greta-debt-ceiling-drag\/","title":{"rendered":"Coffee With Greta: Debt Ceiling Drag"},"content":{"rendered":"<p><b>DJIA Futures: <\/b><span style=\"font-weight: 400;\">-115 (-0.4%)<\/span><\/p>\n<p><b>SPX Futures: <\/b><span style=\"font-weight: 400;\">-18 (-0.4%)<\/span><\/p>\n<p><b>NASDAQ Futures: <\/b><span style=\"font-weight: 400;\">-76 (-0.6%)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Good morning friends!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Futures are falling as traders continue to monitor ongoing debt ceiling talks in Washington.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s get right to it!<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Debt Ceiling Drag<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Negotiators are expected to meet again today for talks on a debt ceiling deal.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The meeting comes after little progress was made during talks on Tuesday after House Speaker Kevin McCarthy\u2019s \u201cproductive\u201d meeting with the President on Monday.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lawmakers are facing a June 1 deadline to raise the debt limit or risk a default.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Intuit Drops As Tax Filings Slow<\/span><\/h2>\n<p><b>Intuit <\/b><span style=\"font-weight: 400;\">(INTU) shares are falling 5.5% ahead of the open after missing fiscal Q3 revenue expectations as its tax filing business slowed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the company\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjusted EPS: $8.91 vs $8.48 expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $6.02 billion vs $6.09 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Intuit blamed the slowdown in its Turbo Tax business on people who chose not to file this year after filing in previous years to receive pandemic-era stimulus and credits.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the company hiked its full-year guidance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Intuit expects revenue growth of 12% to 13% in fiscal 2023 up from 10% to 12% previously.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company also expects full-year adjusted EPS between $14.20 and $14.25, which would represent growth of 20% vs 15% to 17% previously forecast.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Abercrombie & Fitch Surges On Surprise Profit<\/span><\/h2>\n<p><b>Abercrombie & Fitch <\/b><span style=\"font-weight: 400;\">(ANF) shares are surging 17.0% in premarket trade after reporting a surprise Q1 profit and hiking its outlook.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Adjusted EPS: $0.39 vs $0.05 loss expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $836 million vs $815 million expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Same-store sales rose 3% year over year vs the 1% decline analysts were anticipating.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Abercrombie hiked its full-year guidance after the beat.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company now expects fiscal 2023 sales growth of 2% to 4% vs 1% to 3% previously.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Abercrombie forecast net sales growth of 4% to 6% in Q2.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Kohl\u2019s Jumps On Surprise Profit<\/span><\/h2>\n<p><b>Kohl\u2019s <\/b><span style=\"font-weight: 400;\">(KSS) shares are rallying 13.1% ahead of the open after reporting a surprise Q1 profit and reiterating its full-year outlook.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates:\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">EPS: $0.13 vs $0.42 loss expected<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Revenue: $3.36 billion vs $3.34 billion expected<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Comparable sales fell 4.3% year over year, in line with expectations.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Kohl\u2019s expects full-year net sales to decline between 2% and 4% with EPS between $2.10 to $2.70.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Meta Begins Latest Round of Layoffs<\/span><\/h2>\n<p><b>Meta Platforms <\/b><span style=\"font-weight: 400;\">(META) shares are slipping 0.8% in premarket trade as the company reportedly begins its latest round of layoffs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">About 10,000 total workers will lose their jobs between this month\u2019s cuts and the ones enacted in April.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.reuters.com\/technology\/facebook-owner-meta-starts-final-round-layoffs-2023-05-24\/\"><span style=\"font-weight: 400;\">Reuters<\/span><\/a><span style=\"font-weight: 400;\"> first reported the latest round of cuts had started this morning.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meta employees in user experience, marketing, recruiting, and engineering later announced they had been let go on LinkedIn. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The company has not confirmed the reports but the cuts were announced earlier this year as part of CEO Mark Zuckerberg\u2019s \u201cyear of efficiency\u201d.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">In Case You Missed It<\/span><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">New home sales jumped unexpectedly in April as buyers struggle with low existing inventory. The Census Bureau reported new home sales rose 4.1% last month to a seasonally adjusted annual rate of 683,000 units vs 669,000 expected. March sales were revised lower to a rate of 656,000 units. But prices pulled back as rates remain high, the median price of a new home sold in April fell to $420,800.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>DJIA Futures: -115 (-0.4%) SPX Futures: -18 (-0.4%) NASDAQ Futures: -76 (-0.6%) Good morning friends! Futures are falling as traders continue to monitor ongoing debt ceiling talks in Washington. Let\u2019s get right to it! Debt Ceiling Drag Negotiators are expected to meet again today for talks on a debt ceiling deal.\u00a0 The meeting comes after little progress was made during talks on Tuesday after House Speaker Kevin McCarthy\u2019s \u201cproductive\u201d meeting with the President on Monday.\u00a0 Lawmakers are facing a June 1 deadline to raise the debt limit or risk a default.\u00a0 Intuit Drops As Tax Filings Slow Intuit (INTU) shares are falling 5.5% ahead of the open after missing fiscal Q3 revenue expectations as its tax filing business slowed.\u00a0 Here\u2019s how the company\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $8.91 vs $8.48 expected Revenue: $6.02 billion vs $6.09 billion expected Intuit blamed the slowdown in its Turbo Tax business on people who chose not to file this year after filing in previous years to receive pandemic-era stimulus and credits.\u00a0 But the company hiked its full-year guidance.\u00a0 Intuit expects revenue growth of 12% to 13% in fiscal 2023 up from 10% to 12% previously.\u00a0 The company also expects full-year adjusted EPS between $14.20 and $14.25, which would represent growth of 20% vs 15% to 17% previously forecast. Abercrombie &#038; Fitch Surges On Surprise Profit Abercrombie &#038; Fitch (ANF) shares are surging 17.0% in premarket trade after reporting a surprise Q1 profit and hiking its outlook. Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates: Adjusted EPS: $0.39 vs $0.05 loss expected Revenue: $836 million vs $815 million expected Same-store sales rose 3% year over year vs the 1% decline analysts were anticipating.\u00a0 Abercrombie hiked its full-year guidance after the beat.\u00a0 The company now expects fiscal 2023 sales growth of 2% to 4% vs 1% to 3% previously.\u00a0 Abercrombie forecast net sales growth of 4% to 6% in Q2. Kohl\u2019s Jumps On Surprise Profit Kohl\u2019s (KSS) shares are rallying 13.1% ahead of the open after reporting a surprise Q1 profit and reiterating its full-year outlook.\u00a0 Here\u2019s how the retailer\u2019s results compared to analysts\u2019 estimates:\u00a0 EPS: $0.13 vs $0.42 loss expected Revenue: $3.36 billion vs $3.34 billion expected Comparable sales fell 4.3% year over year, in line with expectations.\u00a0 Kohl\u2019s expects full-year net sales to decline between 2% and 4% with EPS between $2.10 to $2.70. Meta Begins Latest Round of Layoffs Meta Platforms (META) shares are slipping 0.8% in premarket trade as the company reportedly begins its latest round of layoffs.\u00a0 About 10,000 total workers will lose their jobs between this month\u2019s cuts and the ones enacted in April.\u00a0 Reuters first reported the latest round of cuts had started this morning.\u00a0 Meta employees in user experience, marketing, recruiting, and engineering later announced they had been let go on LinkedIn. The company has not confirmed the reports but the cuts were announced earlier this year as part of CEO Mark Zuckerberg\u2019s \u201cyear of efficiency\u201d. In Case You Missed It New home sales jumped unexpectedly in April as buyers struggle with low existing inventory. The Census Bureau reported new home sales rose 4.1% last month to a seasonally adjusted annual rate of 683,000 units vs 669,000 expected. March sales were revised lower to a rate of 656,000 units. But prices pulled back as rates remain high, the median price of a new home sold in April fell to $420,800.<\/p>\n","protected":false},"author":41,"featured_media":68190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-68188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=68188"}],"version-history":[{"count":1,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68188\/revisions"}],"predecessor-version":[{"id":68191,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/68188\/revisions\/68191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/68190"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=68188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=68188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=68188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}