Breaking News
Jul 27, 2023
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BJ's Restaurants Inc jumped nearly 10% to $36.39 from $33.34 after the company reported better-than-expected quarterly results.
Revenue in the second quarter increased 6.1% to $349.7 million from $329.7 million and comparable restaurant sales increased 4.7% from a year ago.
Net income increased to $11.9 million from $3.0 million and diluted earnings per share rose to 50 cents from 1 cent a year ago.
The company opened its second new restaurant this quarter in San Antonio, Texas and plans to open five in the year and remodel between 35 and 40 restaurants of which 20 remodels have been completed.
Restaurant level operating margin increased to 14.5% from 11.9% a year ago. -
CBRE Group Inc declined about 8% to $82. 88 after the real estate leasing and advisory services provider reported on the worries of looming slowdown in commercial real estate market.
Revenue in the second quarter revenue declined 0.7% to $7.7 billion and net income plunged 58.7% to $201 million from $487 million and diluted earnings per share fell to 64 cents from $1.48 a year ago.
The company said comparison with the quarter last year was difficult because of "exceptional development earnings" in the quarter exceeded development operating profit in any year except 2021.
The company said because of delayed recovery in capital markets core earnings per share in 2023 is expected to decline between 20% and 25% from the previous year.
Advisory services revenue fell 21% to $2.04 billion, workspace solution, which includes office leases, rose 10.6% to $5.4 billion and real estate investment segment revenue fell 7.8% to $256 million.
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Microsoft Corp declined 3.3% to $339.58 after the company said revenue in the fiscal fourth quarter ending in June increased 8% to $56 b.2illion and net income soared to $20.08 billion from $16.74 billion a year ago.
Microsoft stock declined after Azure revenue growth slowed to 26% from 27% in the previous quarter and 40% from a year ago.
Cloud segment revenue increased 15% to $23.99 billion. -
Alphabet Inc soared 6.2% to $130.73 after the company reported better-than-expected earnings and revenue.
Second quarter revenue increased 7% to $74.6 billion and ad revenue rose 3.3% to $58.1 billion and net income rose to $18.37 billion from $16 billion and diluted earnings per share increased to $1.44 from $1.21 a year ago.
Revenue from the cloud segment which includes its Workspace segment jumped 26%. -
Boeing Company increased 4.9% to $224.75 after the aircraft maker reported better-than-expected second quarter earnings and aircraft deliveries rose
Revenue increased 18% to $19.7 billion and the company swung to a let loss of $149 million from $193 million and diluted earnings per share was ($0.25) from 32 cents a year ago.
Aircraft deliveries increased to 136 from 121 in the quarter a year ago and aircraft backlog at the end of the quarter was 4,800 worth $440 billion.
The company reaffirmed operating cash flow guidance between $4.5 and $6.5 billion and free cash flow estimate between $3.0 and $5.0 billion. -
Coca-Cola Company increased 0.6% to $62.62 after the company reported quarterly results.
Net revenue in the second quarter ending in June increased 11% to $11.9 billion and consolidated net income soared 33% to $2.5 billion from $1.9 billion and diluted earnings per share 59 cents from 44 cents a year ago.
Cash flow from operations increased by $83 million to $4.6 billion for the six months ending in June but free cash flow declined $45 million to $4.0 billion in the respective period.
Unit case volumes declined 1% in North America and fell 5% in Europe, Middle East and Africa but rose 4% in Latin America.
The company revised its full-year organic revenue growth outlook to a new range between 8% and 9% and the company estimated commodity inflation in mid single-digit on a comparable basis including hedged position. -
Union Pacific Corp soared 10.3% to $237.23 despite the company reporting a decline in revenue in its latest quarter.
Revenue in the second quarter declined 5% to $6 billion from $6.3 billion and net income fell 14% to $1.6 billion from $1.8 billion and diluted earnings per share dropped to $2.57 from $2.93 a year ago.
The company proposed a dividend payment of $1.30 a share, same as previous quarter and no share repurchases are planned for the remainder of the year.
The company appointed Jim Vena as chief executive as of August 14 and also appointed Doyle Simons and Doyle Wiehoff to its Board of Directors, effective immediately. -
Teladoc Health Inc soared 25.5% to $28.60 after the online healthcare provider reported better-than-expected quarterly results.
Revenue in the second quarter increased 10% to $652.4 million and net loss shrank to $65 million from $3.1 billion and diluted loss per share fell to 40 cents from $19.22 a year ago.
The prior year's quarter included a non-cash goodwill charge of $3.03 billion or $18.78 a share.
The company guided revenue in the third quarter between $650 million and $675 million and net loss per share between 50 cents and 40 cents and membership level at about 86 million.
The online healthcare provider estimated revenue for the full-year 2023 between $2.6 billion and $2.675 billion and diluted loss per share between $1.25 and $1.60. -
General Motors declined 3.2% to $38.09 despite the automaker lifting its full-year earnings outlook.
Second quarter revenue increased 25.1% to $44.7 billion and net income soared 51.7% to $2.6 billion from $1.7 billion and diluted earnings per share increased to $1.83 from $1.14 a year ago.
The company forecasted annual net income attributable to stockholders between $9.3 billion and $10.7 billion, compared to the previous outlook between $8.4 billion and $9.9 billion. -
3M Company rose 4.6% to $109.26 after the diversified company reported better-than-expected quarterly earnings and the company reiterated its annual sales outlook and revised higher its annual earnings estimate.
Second quarter revenue declined 4.5% to $8.3 billion and the company swung to a net loss of $6.8 billion from a profit of $78 million and diluted earnings per share of ($12.35) from 14 cents a year ago.
The current quarter results included the settlement charge related to the public water system of $14.19 billion.
The settlement still needs approval from a judge and the payment will be made over 13 years.
The company said it will halt production of PFAS chemicals by the end of 2025.
Per- and polyfluorinated substances, known collectively as PFAS or "forever chemicals" were used by firefighters in training sessions around the country at airports, military bases and other facilities.
The training exercises used foams laced with high concentration of PFAS, said one of the lead attorneys, Scott Summy, suing 3M and other companies to Associated Press.
3M raised its full-year 2023 adjusted earnings per share expectations to $8.60 to $9.10 from the previous estimate between $8.50 and $9.00.
The company said adjusted total sales growth in the range of -5% to -1%, reflecting adjusted organic sales growth of -3% to flat, which remains unchanged.
3M forecasted adjusted operating cash flow for the year 2023 between $5.9 billion to $6.3 billion contributing to 90% to 100% adjusted free cash flow conversion, which remains unchanged.
Jul 26, 2023
Jul 25, 2023