This Week: FedEx earns, existing US home sales, CarMax earns
A look at some of the key business events and economic indicators upcoming this week:
TIME TO DELIVER
FedEx delivers its latest quarterly snapshot Tuesday.
Wall Street predicts the package delivery company will report lower earnings and revenue for its fiscal fourth-quarter than in the same period last year. FedEx’s operating expenses have been cutting into its profits. In April, the company announced it would restructure its operations in a $4 billion cost-cutting plan.
HOUSING MARKET BAROMETER
The National Association of Realtors releases its latest monthly tally of existing U.S. home sales Thursday.
Economists project that sales slowed in May to a seasonally adjusted annual rate of 4.17 million. That would mark the third straight decline. Despite home prices easing back this year, many would-be homebuyers remain frustrated by a low supply of homes for sale and elevated borrowing costs.
Existing home sales, in millions, seasonally adjusted annual rate:
Dec. 4.03
Jan. 4.00
Feb. 4.55
March 4.43
April 4.28
May (est.) 4.17
Source: FactSet
ROUGH ROAD
Wall Street expects another downbeat quarterly report card from CarMax.
Analysts project that the used car dealer’s fiscal first-quarter earnings declined compared to the same period last year. That would be in line with its performance for the 12 months that ended in February. High interest rates have inflated monthly loan payments on auto loans, dampening demand. CarMax reports its latest quarterly results Friday.