Breaking News
Jul 25, 2024
-
Chipotle Mexican Grill decreased 2% to $50.77 after the restaurant chain operator reported
Revenue in the quarter increased 18% to $3.0 billion from $2.5 billion, net income advanced to $455.6 million from $341.7 million, and diluted earnings per share rose 32% to 33 cents from 25 cents a year ago.
Comparable same-store sales increased 11.1%, and the company opened 52 new stores in 46 locations and one international licensed restaurant.
The company reiterated full-year comparable restaurant same-store sales to increase in the mid- to high-single-digit range and open between 285 and 315 stores.
During the second quarter, the company repurchased $151.4 million of stock at an average price per share of $63.52.
As of June 30, $647.7 million was available under share repurchase authorizations, including an additional $400 million in authorized repurchases approved by the Board on June 5. -
ServiceNow soared 13.4% to $832.03 after the company reported solid second-quarter results.
Total revenue increased 22% to $2.6 billion from $2.2 billion, net income declined to $262 million from $1.04 billion, and diluted earnings per share fell to $1.26 from $5.08 a year ago.
In the quarter a year ago, the company received a one-time tax benefit of $870 million.
The company reported 88 transactions over $1 million in net new annual contract revenue, or ACV, in Q2 2024, a 26% jump from a year ago, adding to the company's large backlog.
The remaining performance obligations, or RPO, increased 31% from a year ago to $18.6 billion.
The company revised its subscription revenue guidance to a range of $2.66 billion to $2.67 billion, from a prior range of $2.525 billion to $2.530 billion. -
Gross domestic product expanded at an annual rate of 2.8% in the second quarter, adjusted for seasonal factors and inflation, and faster than the annual pace of 1.4% in the first quarter, the U.S. Bureau of Economic Analysis showed Thursday.
Consumer spending accelerated to 2.3% from 1.5%, and the increase in private inventories added 0.82 percentage points to the economic growth in the quarter. Nonresidential fixed investment accelerated to 5.2% from 4.4%.
On the other hand, residential investment contracted for the first time in a year by 1.4% from a rise of 16%, and international trade continued to drag on economic growth after imp76orts accelerated to 6.9% from 6.1%, faster than the increase in exports to 2% from 1.6%.
Investor expectations are high that the Federal Reserve will slow inflation towards its target rate of 2% without causing a recession, despite multiple interest rate hikes over 2022 and 2023.
A separate economic report showed, new orders for durable goods declined 6.6% from the previous month in June to $264.5 billion, after rising for four months in a row, the U.S. Census Bureau reported Thursday.
-
Tesla plunged 12.2% to $216.18, and the company reported a drop in its automotive unit sales declined for the second quarter in a row.
Moreover, the company's discounts and financial incentives lowered its profitability.
Revenue in the second quarter increased 2% to $25.5 billion from $24.9 billion, net income attributable to shareholders plunged 45% to $1.5 billion from $2.7 billion, and diluted earnings per share plunged to 52 cents from 91 cents a year ago. -
Alphabet dropped 3.9% to $176.49 after the parent company of Google reported better-than-expected quarterly results, but YouTube's revenue disappointed investors.
Revenue in the second quarter increased 14% to $84.7 billion from $74.6 billion, net income rose to $24.6 billion from $18.4 billion, and diluted earnings per share increased to $1.89 from $1.44 a year ago.
YouTube revenue increased to $8.6 billion from $7.6 billion, Google cloud revenue rose to $10.3 billion from $8.0 billion, and Google search revenue jumped to $48.5 billion from $42.6 billion a year ago, respectively. -
Visa dropped 4.3% to $253.55 after the electronic payment network operator reported lower-than-expected revenue in the June quarter.
Revenue in fiscal third quarter ending in June increased 10% to $8.9 billion from $8.1 billion, net income soared 17% to $4.9 billion from $4.2 billion, and diluted earnings per Class A share advanced to $2.40 from $2.0 a year ago.
Payment volume jumped 7% and cross border volume rose 14% from a year ago, respectively.
During the quarter, Visa repurchased 17.2 million shares of class A common stock at an average cost of $276.75 per share for $4.8 billion, and about $18.9 billion are available for share repurchases as of June 30, 2024.
The board of directors declared a quarterly cash dividend of $0.520 per share of class A common stock payable on September 3, to all holders of record as of August 9. -
Lamb Weston plunged 27% to $57.44 after the french fry maker reported a decline in revenue and earnings in its latest quarter.
Revenue in the fiscal fourth quarter ending in May declined 5% to $1.61 billion from $1.69 billion, net income plunged 74% to $129.6 million from $498.8 million, and diluted earnings per share dropped to 89 cents from $3.40 a year ago.
The food processing company estimated fiscal 2025 revenue between $6.6 billion and $6.8 billion, net income between $630 million and $685 million, and diluted earnings per share between $4.35 and $4.85.
"The operating environment has changed rapidly over the past twelve months as global restaurant traffic and frozen potato demand softened due to menu price inflation continuing to negatively affect global restaurant traffic.
This has resulted in an increase in available capacity in North America and Europe. We believe this supply-demand imbalance will persist through much, if not all, of fiscal 2025," said chief executive Tom Werner in a statement released to investors. -
Existing home sales in June declined for the fourth month in a row, but median home prices rose to a record high for the second consecutive month.
Existing home sales declined 5.4% from the previous month and from a year ago to 3.89 million, the National Association of Realtors reported Tuesday.
“We're seeing a slow shift from a seller's market to a buyer's market,” said NAR Chief Economist Lawrence Yun.
“Homes are sitting on the market a bit longer, and sellers are receiving fewer offers. More buyers are insisting on home inspections and appraisals, and inventory is definitively rising on a national basis.”
Median sales price for all housing types increased 4.1% to a record high of $426,900, and total housing inventory at the end of June increased 23.4% from a year ago to 1.32 million. -
Crown Holdings soared 9.8% to $85.06 after the packaging company lifted its annual earnings outlook.
Revenue in the second quarter edged lower to $3.04 billion from $3.1 billion, net income increased to $174 million from $157 million, and diluted earnings per share rose to $1.45 from $1.31 a year ago.
The company estimated full-year diluted earnings per share in the range of $6.00 to $6.25 compared to previous guidance of $5.80 to $6.20 and free cash flow to be at least $750 million.
Third quarter adjusted earnings per share are expected to be in the range of $1.75 to $1.85. -
General Motors declined 5.8% to $46.67, despite the automaker reporting better-than-expected second quarter results.
Revenue increased 7% to $47.9 billion from $44.7 billion, net income rose to 14.3% to $2.9 billion from $2.6 billion, and diluted earnings per share advanced to $2.55 from $1.83 a year ago.
The vehicle maker also revised its full-year earnings per share outlook to between $8.93 and $9.93 from the previous estimate between $8.94 and $9.94.
The company also declared a quarterly cash dividend of 12 cents payable on September 19 to shareholders on record on September 9.
Jul 24, 2024
Jul 23, 2024