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Oct 24, 2023
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PacWest Bancorp declined 6.2% to $6.85 after the regional bank reported mixed quarterly results.
Total interest income increased to $446 million from $410 million, the company swung to a net loss of $33.3 million from a profit of $122 million, and diluted earnings per share dropped to ($0.28) from $1.02 a year ago.
Interest-bearing deposits increased 1% to 79%, or $26.6 billion, and cost-on-average deposits increased to 2.98% from 2.62% in the previous quarter, respectively.
At the end of the quarter, FDIC-insured deposits represented 81% of total deposits.
Total borrowings at the end of the quarter were $6.29 billion with a weighted average rate of 5.43%, reflecting $4.9 billion borrowed under the Bank Term Funding Program with a rate of 4.38%.
Securities held-for-sale declined to $4.48 billion from $5.89 billion, and securities held-to-maturity edged up to $2.28 billion from $2.26 billion a year ago. -
Halliburton Company fell 2.4% to $40.67 after the company reported strong quarter results driven by higher demand for oil drilling services.
Revenue in the third quarter increased to $5.8 billion from $5.3 billion, net income advanced to $724 million from $549 million, and diluted earnings per share rose to 79 cents from 60 cents a year ago.
Oil well completion and production revenue in the quarter was sequentially flat at $3.5 billion, and drilling and evaluation service revenue was sequentially flat at $2.3 billion.
North American revenue sequentially declined 3% to $2.6 billion, but international revenue sequentially rose 3% to $3.2 billion. -
Pool Corporation declined 2.3% to $329.03 after the pool supplies company reported mixed quarterly results.
Revenue in the third quarter declined 9% to $1.5 billion from $1.6 billion and net income fell 27% to $137.8 million from $190 million and diluted earnings per share fell to $3.51 from $4.78 a year ago.
The pool supplies wholesaler guided its annual earnings per share in the range between $13.15 and $13.65, compared to pre-pandemic $6.14 per share in 2019. -
Ally Financial Inc declined 1.2% to $25.31 after the automobile loans provider reported weaker-than-expected revenue growth.
Revenue in the third quarter declined 2% to $1.96 billion from $2.06 billion and net income dropped 1% to $269 million from $272 million and earnings per share was unchanged at 88 cents.
In the vehicle financing business, the core driver of the company's revenue, net interest margin declined 57 basis points from a year ago to 3.24% and loan loss provision increased by $70 million to $508 million from a year ago.
In the quarter, the company originated $10.6 billion of auto loans, including $6.9 billion of used retail volume, or 66% of total originations, $2.9 billion of new retail volume, and $0.7 billion of leases.
Estimated retail auto loans are estimated to yield 10.7% in the quarter, an increase of 193 basis points from a year ago.
In the quarter the company added 95,000 new retail bank customers, increasing the total to 3 million with a total deposit of $140 billion and 92% of balances are FDIC insured. -
Las Vegas Sands Corp added 3.7% to $46.26 after the casino operator reported a rebound in revenue at its international locations.
Revenue in the third quarter soared to $2.7 billion from $1.0 billion and swung to a net income of $380 million from a loss of $239 million and diluted earnings per share rose to 50 cents from ($0.30).
The company increased its stock repurchase program to $2 billion and extended expiry to 2025 from the current $916 million and announced a quarterly dividend of 20 cents, matching the rate in the previous quarter. -
American Airlines Group Inc increased 2.8% to $11.67 after the company reported record quarterly revenue but swung to a loss.
Revenue in the third quarter edged up 0.1% to $13.5 billion and net income swung to a loss of $545 million from a profit of $483 million and diluted earnings per share was ($0.89) compared to 69 cents a year ago.
The airline is focused on lowering its debt from record high during the height of pandemic disruptions and using the rebound in cash flow to pay down its debt.
American reduced total debt by $1.4 billion in the third quarter and the company is more than 70% of the way to its goal of reducing total debt by $15 billion by the end of 2025.
As of Sept. 30, 2023, American had reduced its total debt by approximately $10.9 billion from peak levels in mid-2021.
The company estimated a fourth quarter adjusted operating margin between 2% and 4% and full-year 2023 margin of 7%. -
Tesla Inc decreased 7.5% to $224.30 after the electric vehicle maker reported a sharp decline in its quarterly profits and weaker margins.
Revenue in the third quarter increased 9% to $23.4 billion from $21.5 billion and net income attributable to shareholders plunged 44% to $1.9 billion from $3.3 billion and diluted earnings per share dropped to 53 cents from 95 cents a year ago.
Moreover, free cash flow plunged to $848 million from $3.3 billion as the company continued its investment in Artificial Intelligence based products, autonomous vehicles and its much delayed Cybertruck vehicle. -
Netflix Inc soared 15% to $397.60 after the video streaming platform operator reported sharply higher revenue and earnings growth and added that the company is likely to exceed its annual free cash flow estimate.
Revenue in the third quarter increased 7.8% to $8.5 billion from $7.9 billion and net income surged to $1.7 billion from $1.4 billion and diluted earnings per share advanced to $3.73 from $3.10 a year ago.
Global streaming paid members increased by 8.76 million to 247.15 million, an increase of 10.8% from a year ago.
Free cash flow soared to $1.9 billion from $472 million a year earlier.
The streaming platform estimated revenue in the fourth quarter to jump 11% to $8.7 billion and paid net additions to match the increase in the third quarter. -
J B Hunt Transport Services Inc declined 3.6% to $188.80 after the logistics and transportation services provider reported quarterly earnings that fell short of market expectations.
Revenue in the third quarter declined 18% to $3.16 billion from $3.83 billion and net income fell to $187.4 million from $269.4 million and diluted earnings per share dropped to $1.80 from $2.57 a year ago.
Current quarter total operating revenue, excluding fuel surcharge revenue, decreased 15% from the comparable quarter 2022.
This decrease was primarily driven by a 14% and 22% decrease in Intermodal and truckload revenue per load (excluding fuel surcharge revenue) respectively, a 38% decrease in volume in Integrated Capacity Solutions, a 20% decrease in final mile services, and a 1% decline in average revenue producing trucks in dedicated contract services, partially offset by a 1% increase in intermodal volumes and a 6% increase in truckload loads compared to a year ago. -
Morgan Stanley decreased 4.6% to $77.60 despite the financial services provider reporting higher-than-expected quarterly sales and earnings but revenue in wealth management unit disappointed investors.
Revenue in the third quarter increased to $13.2 billion from $12.98 billion and net income rose to $2.40 billion from $2.63 billion and diluted earnings per share dropped to $1.38 from $1.47 a year ago.
Net revenue in the wealth management unit rose to $6.4 billion from $6..1 billion but net new assets inflow dropped to $35.7 billion from $64.7 billion a year ago.
The company repurchased 17 million of its own shares at an average price of $87.59 or $1.5 billion and the board of directors declared 85 cents a share dividend payable on November 15 to shareholders on record on October 31.
Oct 19, 2023
Oct 18, 2023