Campbell Soup Boosts FY23 Outlook – Update

Our Favorite International Home Listings of 2022

This year, the International Real Estate column led readers around the world to visit dozens of available homes in every possible style, from a restored 17th-century flour mill in Spain to an ultramodern house with a built-in water slide in the Maldives. Here are some of our favorites.

German Unemployment Increases More Than Expected

Germany’s unemployment increased more than expected in November as energy crisis and weaker demand dampened activity particularly in the manufacturing sector.

The number of people out of work increased by 17,000, which was larger than economists’ forecast of 13,000 and also October’s rise of 9,000, data from the Federal Labor Agency revealed Wednesday.

The jobless rate rose to 5.6 percent in November, while the rate was forecast to remain unchanged at 5.5 percent.

Unemployment and underemployment increased again after seasonal adjustment and short-time work is increasing again, but employment is growing significantly, said Daniel Terzenbach, Regional Director of the Federal Labor Agency.

The labor force survey results from the statistical office released earlier on the day showed that the jobless rate held steady at seasonally adjusted 3.0 percent in October. The number of unemployed totaled 1.33 million, down 1,700, or 0.1 percent from September.

The latest Purchasing Managers’ survey revealed that Germany’s private sector continued to remain in contraction zone in November.

Employment increased at a slightly faster rate which contributed to a steep decline in backlogs of work, S&P Global survey suggested. Nonetheless, the pace of job creation was among the weakest since the recovery in workforce numbers began at the start of 2021.

European Economics Preview: Germany Industrial Output Data Due

Industrial production from Germany and revised quarterly national accounts from the euro area are the top economic news due on Wednesday.

At 2.00 am ET, Destatis is scheduled to issue Germany’s industrial production for October. Economists forecast output to fall 0.6 percent on month, offsetting the 0.6 percent increase in September.

In the meantime, UK Halifax house price figures are due. House prices are forecast to fall 0.2 percent on month in November, slower than the 0.4 percent decrease in October.

Also, industrial output from Norway and GDP data from Sweden are due.

At 2.45 am ET, the Bank of France releases current account figures for October. The foreign trade data is also due.

At 3.00 am ET, the Czech Statistical Office publishes industrial output and external trade data. Production is seen rising 7.2 percent annually in October after rising 8.3 percent in September.

At 4.00 am ET, Italy’s Istat is set to release retail sales data for October. Sales are expected to drop 0.6 percent on month, in contrast to the 0.5 percent rise in September.

At 5.00 am ET, Eurostat is slated to release euro area revised GDP data. The statistical office is expected to confirm 0.2 percent sequential growth for the third quarter.

Brown-Forman Corp. Announces Drop In Q2 Bottom Line, misses estimates

Brown-Forman Corp. (BFB) revealed a profit for second quarter that decreased from the same period last year and missed the Street estimates.

The company’s earnings came in at $227 million, or $0.47 per share. This compares with $236 million, or $0.49 per share, in last year’s second quarter.

Analysts on average had expected the company to earn $0.55 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 10.1% to $1.09 billion from $0.99 billion last year.

Brown-Forman Corp. earnings at a glance (GAAP) :

-Earnings (Q2): $227 Mln. vs. $236 Mln. last year.
-EPS (Q2): $0.47 vs. $0.49 last year.
-Analyst Estimates: $0.55
-Revenue (Q2): $1.09 Bln vs. $0.99 Bln last year.

Pre-market Movers: MDB, LE, SAI, HTOO, MMAT…

The following are some of the stocks making big moves in Wednesday’s pre-market trading (as of 07.10 A.M. ET).

In the Green

MongoDB, Inc. (MDB) is up over 27% at $184.53
Lands’ End, Inc. (LE) is up over 17% at $9.70
SAI.TECH Global Corporation (SAI) is up over 15% at $3.49
Fusion Fuel Green PLC (HTOO) is up over 13% at $5.75
Meta Materials Inc. (MMAT) is up over 12% at $2.19
AAON, Inc. (AAON) is up over 5% at $81.98

In the Red

TDH Holdings, Inc. (PETZ) is down over 10% at $2.01
Clearfield, Inc. (CLFD) is down over 7% at $102.50
MINISO Group Holding Limited (MNSO) is down over 7% at $10.73
Sunlands Technology Group (STG) is down over 6% at $6.50
Grindr Inc. (GRND) is down over 6% at $5.96
Ra Medical Systems, Inc. (RMED) is down over 6% at $5.17
RLX Technology Inc. (RLX) is down over 6% at $2.42
JD.com, Inc. (JD) is down over 5% at $57.05
Vipshop Holdings Limited (VIPS) is down over 5% at $12.03
XPeng Inc. (XPEV) is down over 5% at $11.04

Campbell Soup Boosts FY23 Outlook – Update

While reporting financial results for the first quarter on Wednesday, Campbell Soup Co. (CPB) raised its adjusted earnings and net sales guidance for the full-year 2023, to reflect strong first-quarter results, sustained brand momentum and strengthened supply chain.

For fiscal 2023, the company now projects adjusted earnings in a range of $2.90 to $3.00 per share on net sales growth of 7 to 9 percent from last year’s net sales of $8.56 billion, implying sales between $9.16 billion and $9.33 billion, with organic net sales growth of 7 to 9 percent.

Previously, the company expected adjusted earnings in the range of $2.85 to $2.95 per share on net sales growth of 4 to 6 percent, with organic net sales growth of 4 to 6 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.91 per share on net sales of $9.0 billion for the year. Analysts’ estimates typically exclude special items.

Campbell also said it remains on track to deliver savings of $1 billion by the end of fiscal 2025.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com