Workers at Chevron’s Australian liquefied natural gas (LNG) plants went on strike and luxury furniture retailer RH cut its revenue forecast due to the recession caused by high mortgage rates. Here’s what investors need to know today.
1. Chevron workers strike at Australian LNG plants
Workers at Chevron (CVX) LNG projects in Australia went on strike after talks between the two broke down, potentially disrupting production from facilities that make up more than 5% of global supply. Gas prices in Europe rose 12% following the shutdown in Australia, the world’s biggest LNG exporter. Chevron shares fell 0.1% in pre-market trading.
2. Luxury furniture retailer RH cuts revenue estimates due to housing market slowdown
Luxury furniture retailer RH (RH), formerly known as Restoration Hardware, cut its revenue estimates for the third quarter to $740 million to $760 million, down from $869.1 million in the same period a year earlier. , and less than the $778.6 million expected by analysts. RH cited a challenging luxury home market for the slowdown, which is under pressure due to mortgage rates at 20-year highs, which the company predicted will last through the second quarter of next year. RH shares fell more than 7% in pre-market trading.
3. DocuSign shares rise after earnings, revenue decline on company restructuring
Shares of DocuSign (DOCU) were up 3% in pre-market trading as its adjusted quarterly earnings of $0.72 per share were better than the $0.44 earnings per share it produced during the same period last year, and up from $0.66 per share , as analysts said. Hope. The e-signature company forecast full-year revenue of between $2.73 billion and $2.74 billion, better than the $2.72 billion analysts had forecast, as the company said it would respond to economic pressures through a two-year restructuring. It was able to avert this, leading to a reduction in its workforce. 16%.
4. Goldman set to resume expiring after pandemic pause
After a pause on dismissals during the pandemic, Goldman Sachs (GS) is reportedly set to launch a staff review, with poor performers potentially being fired as soon as next month. The staff cuts will likely be at the lower level of 1% to 5% of the workforce that investment banks typically make after performance reviews, as the bank has spent $15.1 billion on compensation to maintain its workforce of 48,500. Goldman shares were unchanged in pre-market trading.
5. Estimate of decline in consumer credit levels
Consumer debt levels are expected to fall to $16 billion in July, down from $17.9 billion the previous month, when the data is released at 3 p.m. ET. Earlier, according to a report issued at 10 am, wholesale inventories were estimated to have declined 0.1% in July, widening from a 0.5% loss in June. San Francisco Fed Chair Mary Daley is scheduled to speak at 11 a.m. ET.
Source: www.investopedia.com
