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Dec 19, 2023
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Alphabet Inc. rose 0.4% to $136.30, and the company's Google agreed to settle charges brought by the U.S. states and consumers in a San Francisco federal court.
The settlement was disclosed on Monday and still needs approval from the judge. Google did not admit charges of unnecessary fees for app transactions and unlawful restrictions on apps on Android devices.
Google will pay $70 million in a fund for all 50 states, the District of Columbia, Virgin Island, and Puerto Rico, and $630 million in a fund for consumers.
Eligible customers of the Google Pay store will receive $2 and may receive additional payments depending on their spending between August 16, 2016 and September 30, 2023.
Google is facing other legal challenges regarding its digital advertising practices, search process, and results. -
Accenture declined 0.2% to $341.20 after the management consulting and tech services provider reported better-than-expected quarterly earnings, but the company's guidance fell short of market expectations.
Revenue in the fiscal first quarter ending in November increased 3% to $16.2 billion from $15.74 billion, net income advanced to $2.0 billion from $1.99 billion, and diluted earnings per share rose to $3.10 from $3.08 a year ago.
During the quarter, the company repurchased 3.8 million shares for a total of $1.2 billion, and the company announced a quarterly cash dividend of $1.29 per share to shareholders on record on January 18 and payable on February 15.
The company estimated fiscal second quarter revenue between $15.40 billion and $16.0 billion, a decline of 2% to an increase of 2% in local currency, including a negative 0.5% foreign exchange impact compared to a year ago.
The company estimated its fiscal second quarter GAAP diluted earnings per share to range between $11.41 and $11.76, an increase of 6% to 9% from a year ago. -
IBM declined 0.5% to $161.89 after the company agreed to acquire two divisions focused on AI and enterprise services from Germany-based Software AG for $2.3 billion.
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FactSet Research Systems decreased 0.3% to $457.17 after the financial information integration services provider lowered its annual outlook.
Revenue in the fiscal first quarter ending in November increased 7.4% to $542.2 million from $504.8 million, net income advanced to $148.5 million from $136.8 million, and diluted earnings per share rose to $3.84 from $3.52 a year ago.
FactSet repurchased 135,950 shares of its common stock for $59.9 million at an average price of $440.67 during the first quarter under the Company’s stock repurchase program.
At the end of November, about $240.1 million remained available in the stock repurchase plan.
The company slightly lowered its fiscal 2024 revenue outlook to between $2.2 billion from $2.21 billion from the previous estimate between $2.21 billion and $2.23 billion.
The company lowered its GAAP diluted earnings outlook to between $13.95 to $14.35 from the previous estimated range between $14.20 and $14.70. -
The Producer Price Index was unchanged from the previous month in November after adjusting for seasonal factors, the Bureau of Labor Statistics reported Wednesday.
On an unadjusted basis, the producer price index increased 0.9% from a year ago.
Producer Price Index for final demand, less food, energy, and trade services, edged up 0.1% in November from the previous month and rose 2.5% from a year ago. -
The Federal Reserve left rates unchanged and signaled multiple rate cuts in 2024.
Benchmark indexes rebounded after the Federal Reserve left the fed funds rate range unchanged between 5.25% and 5.50%.
Policymakers noted that economic growth has slowed, job growth has moderated but remains strong, and inflation is on a downward trajectory but remains elevated.
The 22-year high rates were left unchanged for the third time in a row, and policymakers also laid the groundwork for rate cuts in 2024 and beyond.
Eight policymakers estimated fewer than three quarter percentage point rate cuts in 2024, while five projected a larger number of rate cuts next year.
The central bank, in its 'dot plot,' also revised its higher GDP growth estimate by 50 basis points to 2.6% in 2023, but lowered its estimate to 1.4% from 1.5% in 2024.
The projection for the unemployment rate was held steady at 3.8% in 2023 and 4.1% in 2024.
The Personal Consumption Expenditure, or PCE, inflation estimate for 2023 was revised lower to 2.8% from 3.3% estimated in September and for 2024 to 2.4% from 2.5%, respectively. -
The consumer price index in November rose 0.1% from the previous month and increased 3.1% from a year ago, the Bureau of Labor Statistics reported Tuesday.
Core inflation, which excludes food and energy, rose 0.3% in November after rising 0.2% in October.
On an annual basis, core inflation rose 4.0%, matching the expectations set by a group of five economists surveyed by Ticker.com.
Energy prices declined 5.4%, reflecting lower prices for gasoline, while food prices rose 2.9% and shelter costs soared 6.4% from a year ago. -
Nonfarm payrolls increased 199,000 in November, following the 150,000 job gains in October, the U.S. Bureau of Labor Statistics reported Friday.
September job gains were downwardly revised by 35,000 to 262,000, and October job gains were unrevised.
Average hourly earnings, an indicator of wage inflation, rose 12 cents, or 0.4%, in the month and advanced 4% over the last 12 months.
The unemployment rate declined to 3.7%, and the number of unemployed people changed little to 6.3 million.
In November, the number of long-term unemployed, those jobless for 27 weeks or more, edged down to 1.2 million, accounting for 18.3% of all unemployed persons. -
Broadcom decreased 0.3% to $922.0 after the chipmaker reported better-than-expected quarterly results.
Revenue in the fiscal fourth quarter increased to $9.3 billion from $8.93 billion, net income advanced to $3.5 billion from $3.3 billion, and diluted earnings per share rose to $8.25 from $7.83 a year ago.
Semiconductor solution revenue increased 3% to $7.33 billion, and infrastructure revenue rose 7% to $1.97 billion.
The advanced chipmaker guided current fiscal year revenue of $50 billion. -
Luluemlon Athletica decreased 2% to $454.67 after the specialty apparel retailer reported quarterly results and issued a weaker-than-expected holiday sales outlook.
Total revenue in the fiscal third quarter ending in October increased 19% to $2.2 billion, driven by a 12% sales increase in North America and a 49% surge in international markets.
Comparable sales increased by 9%, including comparable store sales of 9%, and direct-to-consumer sales soared by 18% from a year ago.
Net income in the quarter decreased to $248.7 million from $255.5 million, and diluted earnings per share fell to $1.97 from $2.0 a year ago.
During the third quarter, the athletic apparel retailer purchased 0.6 million shares of its own common stock at an average price of $380.88 per share for a cost of $210.8 million.
As of the end of the fiscal third quarter on October 29, the company had $243.2 million available for stock repurchase, and the board of directors approved an additional stock repurchase plan of up to $1.0 billion.
The company offered a cautious sales growth outlook for the upcoming holiday season.
For the fiscal fourth quarter, the retailer expects net revenue to be in the range of $3.135 billion to $3.170 billion, representing growth of 13% to 14%.
Diluted earnings per share are expected to be in the range of $4.85 to $4.93 for the quarter, assuming a tax rate of approximately 30%.
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