This Week: Dell earns, Best Buy earns, new home sales
Nov 20, 2022, 11:00 PM | Updated: 11:38 pm
A look at some of the key business events and economic indicators upcoming this week:
SPOTLIGHT ON DELL
Dell Technologies reports its latest quarterly snapshot Monday.
Wall Street predicts the computer and technology services -company’s fiscal third-quarter earnings fell compared with the same period last year. That would echo the company’s results in its previous two quarters. Investors will be listening for an update on how Dell’s personal computer sales trends are faring heading into the holiday shopping season.
ANOTHER DOWNBEAT QUARTER?
Best Buy has been struggling this year amid weakening consumer demand and rising costs due to supply chain disruptions.
The nation’s consumer electronics chain has posted lower quarterly profits and revenue through the first half of its current fiscal year, which began in February, as consumers have reined in spending on electronics amid sharply higher prices for necessities like food and gas. Wall Street expects the economic trends continued to weigh on Best Buy in the third quarter. The company serves up its quarterly results Tuesday.
HOUSING BAROMETER
The Commerce Department releases its October tally of new U.S. home sales Wednesday.
Economists project that sales slowed last month to a seasonally adjusted annual rate of 572,500 homes. Sales were running at an annual rate of 603,000 homes in September. The housing market has cooled after a strong start to the year as sharply higher mortgage rates have made homeownership less affordable for many would-be buyers.
New home sales, seasonally adjusted annual rate, by month:
May 636,000
June 571,000
July 543,000
Aug. 677,000
Sept. 603,000
Oct. (est.) 572,500
Source: FactSet
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