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    • Breaking News
    Jul 16, 2024
    • UnitedHealth Group rose 5.6% to $544.54 after the health insurance company reported better-than-expected quarterly results. 

      Revenue in the second quarter increased to $98.9 billion from $92.9 billion, net income fell to $4.4 billion from $5.5 billion, and diluted earnings per share advanced to $4.54 from $5.82 a year ago. 

      The company adjusted its full-year earnings per share outlook to between $15.95 and $16.40, reflecting the sale of its remaining stake in its South African unit. The company also completed the sale of its large Brazilian operations in the first quarter. 
      • Jul 12, 2024
      • Producer price inflation was 2.6% from a year ago and 0.2% from the previous month in June, according to the latest data released by the U.S. Bureau of Labor Statistics. 

        Producer price inflation increased at an annual pace of 2.6%, the fastest pace since March 2023, after increasing at an upwardly revised 2.4% in May. 

        Treasury yields continued to look down, and investors overlooked wholesale inflation and focused on Thursday's release of consumer price inflation of 3.0%. 

        Investors are still hoping the Federal Reserve will start cutting rates as early as September, but those hopes may be dashed as policymakers look for more evidence of a downward trajectory in inflation. 

         
        • Citigroup decreased 0.8% to $65.15 after the global bank reported higher-than-expected revenue and earnings in the second quarter. 

          Total revenue in the second quarter increased 4% to $20.1 billion from $19.4 billion, net income advanced 10% to $3.2 billion from $2.9 billion, and diluted earnings per share rose to $1.52 from $1.33 a year earlier. 
          • Wells Fargo declined 6.6% to $56.19, and the financial service company reported weaker-than-expected net interest income in the second quarter. 

            Revenue in the quarter increased to $20.7 billion from $20.5 billion, net income decreased to $4.91 billion from $4.93 billion, and diluted earnings per share rose to $1.33 from $1.25 a year earlier. 

            Wells Fargo stock declined after net interest income declined 9% to $11.9 billion from $13.2 billion a year ago. 
            • JPMorgan Chase declined 1.1% to $205.09 after the New York-based bank reported stronger-than-expected revenue in the second quarter. 

              Revenue increased 22% to $50.2 billion from $41.3 billion, net income advanced 25% to $18.1 billion from $14.5 billion, and diluted earnings per share rose to $6.12 from $4.75 a year ago. 

              The bank took a higher-than-estimated credit loss provision of $3.05 billion, indicating that the bank is looking for higher losses stemming from its credit card business. 
              • Jul 11, 2024
              • Consumer price inflation eased for the third month in a row to 3.0% from 3.3% in May, the lowest since June 2023, the U.S. Bureau of Labor Statistics reported Thursday. 

                Core inflation, which excludes volatile food and energy prices, eased to an annual pace of 3.3% in June from 3.4% in May and extended its decline after peaking at 6.6% in September 2022. 
                • Costco Wholesale declined 3.5% to $853.66 after the warehouse membership club operator raised annual subscription fee in the U.S. and Canada by $5 and premium membership by $10. 
                  • MicroStrategy jumped 7.2% to $1,400.36, and the largest corporate holder of bitcoin announced a 10-to-1 stock split on Thursday. 

                    The company announced two classes of stock, Class A and Class B, to make its stock more accessible to investors and employees. 
                    • PepsiCo decreased 0.6% to $162.16 after the snack and beverage company reported mixed quarterly results. 

                      Revenue increased 0.8% to $22.5 billion from $22.3 billion, net income advanced to $3.1 billion from $2.8 billion, and diluted earnings per share rose to $2.23 from $1.99 a year ago. 
                      • Delta Air Lines declined 5.8% to $44.11, and the international air carrier reported weaker-than-expected quarterly results. 

                        The airline said net income in the second quarter dropped 30%, despite revenue reaching a record high. 

                        The company also estimated a lower-than-expected increase in revenue in the current quarter and estimated earnings per share in the third quarter to range between $1.74 and $2.0.