Nordstrom’s Customer Traffic
Plus, Ethereum beats Bitcoin.
Today is Wednesday, August 24, 2022.
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Nordstrom’s Customer Traffic
Shares of Nordstrom (NYSE: JWN) dropped 13.58% in after-hours trading on Tuesday after the luxury department store posted disappointing financial earnings.
Financials: Nordstrom reported earnings of 81 cents per share and revenue of $4.1 billion; both were better than expected.
The Good: Total sales increased 12% and Nordstrom had $1.3 billion in liquidity at the end of the quarter.
The Bad: Nordstrom lowered its annual sales increase from the range between 6% and 8% down to 5% to 7%.
Quote: “Customer traffic and demand decelerated significantly beginning in late June, predominantly at Nordstrom Rack. - CEO Erik Nordstrom.
Final Thoughts: Shares of Nordstrom are down only 3% this year. Can the company handle this tough period?
Notable Earnings Today: Salesforce (NYSE: CRM), Snowflake (NYSE: SNOW), Petco Health and Wellness (Nasdaq: WOOF), Nvidia (Nasdaq: NVDA), Dycom (NYSE: DY), Royal Bank of Canada (NYSE: RY), iMedia Brands (Nasdaq: IMBI), Autodesk (Nasdaq: ADSK), II-VI (Nasdaq: IIVI), Splunk (Nasdaq: SPLK), Citi Trends (Nasdaq: CTRN), Williams-Sonoma (NYSE: WSM), Brinker (NYSE: EAT), Box (NYSE: BOX), Ucloudlink Group (Nasdaq: UCL), Victoria's Secret (NYSE: VSCO), NetApp (Nasdaq: NTAP), Guess? (NYSE: GES).
Notable IPOs Today: Ascent Solar Technologies, Inc. Common Stock (Nasdaq: ASTI)
Notable Equity Crowdfunding Campaigns Ending Today: Evva Health (Wefunder), West Coast Pretzels (SMBX).
Notable Economic Events Today: Core Durable Goods Orders (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Crude Oil Inventories (10:30 a.m. ET).
Ethereum is Rolling While Bitcoin Fades
After a rough start to the year, Ethereum appears to have turned things around. We can’t say the same about Bitcoin.
Numbers: In the past two months, the price of Ethereum is up 50%. Bitcoin is up about 10%, which is better than the losses we saw in the first half of the year.
Catalyst: Ethereum’s future upgrade, which will make it more carbon neutral, has boosted the price.
Final Thoughts: With all of the problems that crypto platforms experienced this year, it’s hard to trust any digital currency right now. Ethereum will try to continue this momentum until the upgrade, which is coming soon. Bitcoin might see better days in the future, but probably not until Ethereum’s upgrade is complete.
Equity Crowdfunding Spotlight: Active Safety System Technologies Inc
Briefly describe your business. ASST has the exclusive US & Canada license from ABBS in the UK to market innovative safety systems for eVTOL (electric) aircraft and armored vehicles to protect both civilians and the armed forces from crashes and mine blasts / IEDs.
What are the terms of the investment for your campaign? We are raising up to $250,000 preferred stock in ASST, based on a valuation of $6 million, with a 15% reduction for the first $150,000 raised. See Wefunder for details.
What makes your startup special? The VTOL market is growing rapidly as new aircraft and delivery drones are launched. Our systems protect people and property in the event of something going wrong. Our vehicle system is already tested by the US & UK Armies and in talks with the Pentagon.
Trends to Watch
Summer Time: Crypto Winter ‘Could Be Over’ as Investors Add to Positions, Says Market Analyst (CoinDesk)
Next Booster: Biden Administration Plans for New Booster Campaign Soon After Labor Day (The New York Times)
Big Jump: Financial Software Firm Intuit Rings Up Quarterly Earnings Beat (Investor’s Business Daily)
Bitcoin’s Future: Bitcoin price eyes $22K as US PMI data hits lowest since May 2020 (Cointelegraph)
Welcome Back: Investors Return to Stock Funds, Starting to Reverse Recent Exodus (The Wall Street Journal)
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