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Dec 22, 2023
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Karuna Therapeutics soared 47.4% to $317.22 after Bristol Myers agreed to pay $330 per share, or $14 billion, to acquire the maker of the schizophrenia drug KarXT.
The U.S. Food and Drug Administration has accepted KarXT for a review.
Bristol-Myers declined 1.7% to $50.36. -
Personal income increased 0.4% from the previous month to $81.6 billion in November, according to estimates released Friday by the Bureau of Economic Analysis.
Disposable personal income, or personal income less personal current taxes, increased by 0.4% to $71.9 billion, and personal consumption expenditures (PCE) increased by 0.2% to $46.7 billion.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $47.8 billion in November.
Personal saving was $839.8 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1%.
The PCE price index, an alternative measure of inflation preferred by policymakers, cooled more than expected.
The PCE price index decreased by 0.1%, and excluding food and energy, the PCE price index increased by 0.1% from the previous month, respectively.
The PCE price index declined to the lowest level since February 2021, to 2.6% from 2.9% in October, and the core PCE price index eased to 3.2% from 3.4% in the previous month, the lowest since mid-2021.
Real DPI increased 0.4% in November, and real PCE increased 0.3%; goods increased 0.5%, and services increased 0.2%.
The Federal Reserve, in its latest assessment on December 13, estimated the PCE price index at 2.8% and the core PCE price index at 3.2% in 2023. -
Real gross domestic product increased at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis.
The economic growth estimate was downwardly revised from 5.2%, but ahead of the 2.1% increase in the second quarter.
The U.S. economy expanded at the fastest pace since the fourth quarter of 2021, and the latest revision was driven by the downward revision to consumer spending and imports.
Consumer spending rose at a slower pace of 3.1% from the previous estimate of 3.6%, and the increase in imports was revised lower to 4.2% from 5.2% estimated in the second quarter.
However, residential investment growth was revised higher to 6.7% from 6.2%, and government spending increase was revised higher to 5.8% from 5.5%. -
Micron Technology advanced 7.4% to $84.47 after the advanced semiconductor chipmaker reported better-than-estimated revenue and a smaller-than-expected loss in its latest quarter.
Revenue in the fiscal first quarter ending in November increased to $4.7 billion from $4.1 billion; net loss expanded to $1.2 billion from $195 million; and diluted loss per share expanded to $1.12 from 18 cents a year ago.
The company's forward-looking quarterly revenue outlook was also ahead of some investors' estimates.
The company guided fiscal second quarter revenue around $5.3 billion and diluted loss per share around 45 cents. -
CarMax jumped 8.5% to $80.98 after the used car retailer reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in November declined 5.5% to $6.1 billion, net earnings advanced to $82 million from $37.6 million, and diluted earnings per share rose to 52 cents from 24 cents a year ago.
Total retail used vehicle unit sales declined 2.9% to 174,766 and comparable store used unit sales declined 4.1% from the prior year’s third quarter, respectively.
Higher car prices and elevated interest rates continue to make vehicle affordability challenging.
Total retail used vehicle revenues decreased 7.2% compared with the prior year’s third quarter, driven by the decrease in average retail selling price, which declined approximately $1,300 per unit, or 4.6%, as well as the decrease in retail used units sold.
The company repurchased 648,500 shares of common stock for $41.9 million in the quarter, and as of the end of November, about $2.41 billion were available for stock repurchase under the stock repurchase authorization. -
General Mills declined 4% to $64.0 after the food products maker reported quarterly earnings were ahead of expectations but revenue fell short of estimates, and the company lowered its annual outlook.
Revenue in the fiscal second quarter ending on November 26 declined 2% to $5.1 billion from $5.2 billion, net income declined 2% to $595.5 million from $605.9 million, and diluted earnings per share rose to $1.02 from $1.01 a year ago.
North American organic net and reported sales declined 2% after organic volume fell 5 percentage points, offset by a 4 percentage point increase in price.
The company revised its annual sales growth outlook for full-year fiscal 2024.
Organic net sales are estimated to range between a decrease of 1% and flat from the previous estimate of growth between 3% and 4%, reflecting a slower volume recovery in the year.
The company reiterated its free cash flow conversion to be at least 95% of adjusted after-tax earnings. -
Toro Company jumped 9.7% to $97.83 after the lawn mover maker reported better-than-expected quarterly results.
Revenue in the fiscal fourth quarter ending in October declined to $983 million from $1.2 billion, net income dropped to $70.3 million from $117.6 million, and diluted earnings per share eased to 67 cents from $1.12 a year ago.
The company estimated fiscal 2024 sales to advance in a low single-digit range and adjusted diluted earnings per share in the range of $4.25 to $4.35. -
Winnebago Industries decreased 4.5% to $71.80 after the company issued a cautious outlook, citing macroeconomic headwinds.
Revenue in the fiscal first quarter ending on November 25 declined 19.9% to $763.3 million from $952.2 million, net income declined from $25.8 million to $60.2 million, and diluted earnings per share eased to 78 cents from $1.73 a year ago.
Towable RV segment revenue decreased 4.8% to $330.8 million, primarily driven by a decline in average selling price related to product mix and targeted price reductions.
Motorhome RV segment revenue plunged 28% to $334.4 million, reflecting a decline in unit volume and a higher level of discounts.
Marine segment revenue dropped 33.5% to $87.3 million because of fewer unit sales and higher-than-normal discounts. -
FedEx dropped 11.1% to $248.85 after the parcel delivery company reported mixed quarterly results and an estimated annual revenue outlook that fell short of investors' expectations.
Revenue in the fiscal second quarter ending in November decreased to $22.2 billion from $22.8 billion. Net income edged up to $900 million from $788 million, and diluted earnings per share rose to $3.55 from $3.07 a year ago.
The company estimated full-year revenue to decline by a "low-single-digit" percentage compared to the prior estimate of flat revenue growth.
The company estimated full-year diluted earnings per share to range between $15.35 and $16.85 before mark-to-market retirement plans accounting adjustment and between $17.0 and $18.50 excluding costs related to business optimization initiatives. -
Seasonally adjusted housing starts in November rose 14.8% from the previous month to an annual rate of 1.56 million homes, the U.S. Census Bureau reported Tuesday.
October housing starts were revised to 1.359 million.
November housing starts rose 9.3% from the annual rate of 1,427,000 in the month a year ago.
Single-family housing starts in November were at a rate of 1,143,000, an increase of 18% above the revised October annual pace of 0.969 million.
The November rate for units in buildings with five units or more was 404,000.
Building permits decreased 2.5% from the previous month but rose 4.1% from a year ago in November to 1.46 million, and housing completions rose 5.0% from October but fell 6.2% from a year ago in the month to 1.447 million.
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