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    • Breaking News
    Jul 14, 2023
    • Citigroup declined 2.1% to $46.68 despite the company reporting better-than-expected quarterly earnings.  

      Total revenues, net of interest expenses, declined 1% to $19.4 billion from $19.6 billion and net income declined 36% to $2.9 billion from $4.5 billion and diluted earnings per share fell to $1.33 from $2.19 a year ago. 

      Total assets at the end of the quarter increased 2% to $2.43 trillion from $2.38 trillion and deposits were stable at $1.3 trillion from a year ago. 

      Citigroup's allowance for credit losses at the end of the quarter increased to $17.5 billion from the previous year. 

      During the quarter, the company returned a total of $2.0 billion to shareholders in the form of $1.04 billion in dividends and $1.0 billion in share repurchases.    
      • Jul 13, 2023
      • Delta Air Lines rose 3.5% to $49.75 after the international air carrier reported record  quarterly earnings and sales and also lifted its 2023 earnings estimate. 

        Revenue in the June quarter increased 13% to $15.6 billion from $13.8 billion and net income soared to $1.8 billion from $735 million and diluted earnings per share advanced to $2.84 from $1.15 a year ago. 
        • MillerKnoll Inc increased 1.1% to $16.65 after the furniture maker reported better-than-expected earnings. 

          Revenue in the June quarter declined 13% to $956.7 million from $1.1 billion and net income declined to $0.1 million from $23.2 million and diluted earnings per share dropped to zero from 28 cents a year ago.    
          • PepsiCo increased 1.1% to $185.22 after the food and beverage company reported better-than-expected revenue of $22.32 billion and adjusted net income of $1.96 a share.  

            Revenue in the second quarter increased 10.4% to $22.3 billion from $20.2 billion and net income rose to $2.7 billion from $1.4 billion and diluted earnings per share advanced to $1.99 from $1.03 a year ago. 
            • Denbury Inc declined 0.6% to $87.20 after the company agreed to be acquired in an all-stock deal of $4.5 billion from ExxonMobil. 

              The company agreed to be acquired for $89.45 a share. 
              • DEN
              • Progressive Corp declined 12.4% to $133.77 after the automobile insurance company reported net premium in the quarter increased 14% to $14.7 billion from $12.4 billion and combined ratio increased to 100.4 from 95.6 a yar ago. 

                The company swung to a profit of $345.4 million from a loss of $542.9 million and total pretax realized gain on securities increased to $126.9 million from a loss of $1.17 billion a year ago.  

                 
                • Cirrus Logic, Inc declined 1.8% to $81.32 after the company said in a regulatory filing that it plans to reduce its global workforce by 5%. 
                  • Jun 29, 2023
                  • Micron Technology Inc decreased 1.8% to $65.94 after the company reported quarterly results. 

                    Revenue in the fiscal third quarter ending on June 1 dropped to $3.7 billion from $8.7 billion and the company swung to a net loss of $1.9 billion from a profit of $2.6 billion and diluted earnings per share was ($1.73) compared to $2.34 a year ago. 

                    The company forecasted revenue in the fiscal fourth quarter of $3.9 billion with a band of $200 million and gross margin of (12.5%) with a band of 2.5% and diluted loss per share of $1.34 with a band of 7 cents. 

                    The company's board of directors declared a quarterly cash dividend of 11.5 cents a share payable on July 25 to shareholders on record on July 10. 
                    • Occidental Petroleum increased 1.6% to $58.37 after Berkshire Hathaway acquired 2.1 million more shares in the company between June 26 and 28, according to a regulatory filing. 

                      After the purchase, Berkshire Hathaway's stake in the company rose to 25%. 
                      • In the third estimate, real U.S. economic growth was revised sharply higher to 2.0% from 1.3% in the previous estimate, the U.S. Census Bureau reported Thursday.  

                        In the fourth quarter of 2022, real GDP increased 2.6%. 

                        Higher consumer and public spending and exports contributed to the upward revision. 

                        Consumer spending growth was revised higher to 4.2% from 3.8% in the previous estimate and exports increased 7.8% and imports advanced at a slower pace of 2%, resulting in higher net contribution of 0.58 percentage points. 

                        Nonresidential fixed investment growth was revised lower to 0.6% from the previous estimate of 1.4%.