by Bank of America CEO Brian Moynihan discusses the pace of the economy as the Fed struggles to contain inflation in Cavuto: Coast to Coast.
Here are the main events taking place on Wednesday that could affect trade.
JUUL LABORATORIES: announced it has reached a settlement that covers more than 5,000 lawsuits and approximately 10,000 individual plaintiffs, ending legal uncertainty for the e-cigarette company.
Financial terms were not disclosed.
Juul said Tuesday it had secured one capital investment to cover the cost of the settlement, according to the Wall Street Journal.
JUUL MONITORING OVER 5,000 VAPING SUITS, MONITORING NOT DISCLOSED
Juul products are on display at a smoke shop in New York. (AP Photo/Seth Little / AP Newsroom)
Juul has held talks with investors, including longtime board members, Hyatt Hotels heir Nick Pritzker, and California investor Riaz Valani, about a financial bailout first reported by the Journal.
GREAT BROTHERS: Reported higher earnings in the fiscal fourth quarter as the homebuilder has delivered more homes of late.
The company said earnings rose to $640.5 million, or $5.63 per share, compared to $374.3 million, or $3.02 per share, a year ago. Analysts polled by FactSet were expecting $4.01 per share.
Revenue rose to $3.71 billion from $3.04 billion last year, beating an expectation of $3.17 billion. Home sales revenue rose 21% to $3.6 billion.
HOME REVIEWS REACH RECORD AS MORTGAGE RATES AND HOME PRICES RISE
A near-completed Toll Brothers home is seen in Broomfield, Colorado. ( REUTERS/Rick Wilking / Reuters Photos)
The company shipped 3,765 units in the quarter, up from 3,341 units a year ago, according to Dow Jones.
According to Toll Brothers, the backlog was $8.9 billion with 8,098 homes at the end of the quarter, down from a year ago.
STITCH FIX: Reported a larger first quarter tax loss on lower sales.
The online personal shopping and styling service’s loss rose to $55.9 million, or 50 cents a share.
That equates to a loss of $1.83 million, or two cents a share, a year ago. Analysts polled by FactSet were expecting a loss of 47 cents per share.
Revenue fell 22% to $455.6 million. According to Dow Jones, analysts expected $459.6 million.
The company reported nearly 3.71 million active customers during the period, down 11% from a year ago. Net revenue per active customer was flat at $525, the company said.
MERITS: Morning reports include Brown-Forman, Campbell’s Soup and United Natural Foods (the largest supplier of whole food).
Storage tanks are seen at Marathon Petroleum’s Los Angeles refinery. (REUTERS/Bing Guan / Reuters Photos)
Oil stocks due: Futures traded higher on Wednesday on hopes of improved Chinese demand amid uncertainty over how a western cap would affect Russian oil prices.
A potential drawdown in US crude inventories of around 6.4 million barrels, according to API figures, also provided some sentiment support on the supply front.
US crude oil futures traded around $74.00 a barrel.
Brent crude futures traded around $79.00 a barrel after falling below $80 in the previous trading session.
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Oil prices have fallen more than 1% in three straight sessions, giving up most of their gains for the year, according to Reuters.
