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Home Markets

Home Depot, Target and Walmart earnings; retail sales, oil inventories in week ahead

by Tradinghow
August 13, 2023
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Home Depot, Target and Walmart earnings; retail sales, oil inventories in week ahead
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ESGI Financial President and CIO Ed Siddell discusses the nation’s consumer debt predicament and analyzes the gold trade on ‘Varney & Co.’

Investors will keep a close eye on key earnings reports from Home Depot, Target and Walmart this week and await the release of retail sales data.

Monday, Aug. 14

The Federal Reserve Bank of New York will release its consumer inflation expectations data Monday. In July, the New York Federal Reserve’s Survey of Consumer Expectations showed Americans expected inflation to remain higher over the next few years.

It will be a relatively quiet day on the economic data front, and no big-name companies will report quarterly results Monday.

TARGET MARKET CAP LOSSES HIT $15.7 BILLION, SHARES APPROACH 52-WEEK LOW AMID WOKE BACKLASH

Tuesday, Aug. 15

Home Depot will be the first major retailer to report earnings this week. The company missed revenue expectations in the first quarter and lowered its profit and sales outlook for the year.

Last week, the home improvement chain’s stock was downgraded by Telsey Advisory Group amid a housing market weakened by falling home sales and mortgage increases.

Retail sales data as well as import and export prices are also scheduled to be released Tuesday morning.

A Home Depot store (Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images / Getty Images)

Wednesday, Aug. 16

Target will lead the day’s earnings as investors keep an eye on the company’s guidance following the retail giant’s sales and revenue slump surrounding the store’s LGBTQ Pride merchandise.

In June, Target saw its market cap lose $15.7 billion as shares approached a 52-week low.

target

The outside of a Target store (iStock / iStock)

TJX, the parent company of TJ Maxx, Marshalls and Home Goods, will also report earnings before the bell on Tuesday. Cisco Systems is scheduled to report after the market close.

Meanwhile, crude oil inventories, housing starts and building permits and mortgage application data will also be released Wednesday.

Thursday, Aug. 17

Walmart is scheduled to report its quarterly results Thursday morning before the opening bell on Wall Street. The company in May raised its sales and profit outlook for the year after seeing a boost in its grocery and e-commerce business.

Walmart in Atlanta, Georgia

A Walmart in Atlanta Feb. 19, 2023. (Dustin Chambers/Bloomberg via Getty Images / Getty Images)

Ross Stores and Tapestry will also report quarterly results Thursday. Tapestry, the parent company of Coach, announced Thursday it will buy Capri Holdings for $8.5 billion in cash to create a U.S. fashion house that can compete with its larger contemporaries in Europe. Capri brands include Versace and Michael Kors.

The Labor Department will release the latest jobless claims data.

Coach shopping bag

A shopping bag from the luxury brand Coach along Rodeo Drive in Beverly Hills, Calif., May 21, 2013. (Reuters/Fred Prouser//File Photo / Reuters Photos)

Friday, Aug. 18

Farm equipment and heavy machine manufacturer Deere is slated to report its quarterly results Friday. The Illinois-based company raised its 2023 net income outlook in May.

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Estée Lauder and Palo Alto Networks also post quarterly results Friday, and Baker Hughes will release its latest oil and gas rig count.



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