Breaking News
Oct 6, 2023
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Nonfarm payroll additions in all levels of government and private sector soared 336,000 in September, the U.S. Bureau of Labor Statistics reported Friday.
Moreover, employment in July and August were revised higher by a combined 119,000.
The July employment change was revised higher by 79,000, from 157,000 to 236,000, and for August was revised up by 40,000, from 187,000 to 227,000.
The surge in employment reflected the widening demand for employees in the service sector.
Jobless rate in the month increased to 3.8% and average hourly wages rose 0.2% from the previous month and jumped 4.2% from a year ago. -
Rivian Automotive Inc dropped 16.5% to $19.78 after the company said it plans to raise $1.5 billion through the sale of convertible bonds.
The electric vehicle maker also estimated third quarter sales between $1.29 billion and $1.31 billion and reported decline in cash and cash equivalent. -
Clorox Co dropped 7.6% to $121.69 after the company forecasted weaker-than-expected fiscal first quarter outlook.
The consumer products maker said that the recent cyber attack costs outweighed benefits achieved through better pricing and supply chain improvements.
On September 25, Clorox began the process of transitioning back to automated order processing, helping the company to increase its shipment and rebuild inventories for retailers.
Net sales in the fiscal first quarter is expected to decline between 28% and 23% from a year ago and diluted loss per share between 75 cents and 35 cents. -
Intel Corporation declined 0.4% to $35.57 after the advanced chipmaker said it plans to operate its programmable chip division as a standalone unit in preparation of a public offering in the next two years.
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Cal-Maine Foods Inc plunged 7.7% to $44.05 after the egg producer reported sharply lower sales in its latest quarter after prices declined.
Revenue in the fiscal first quarter ending in September decreased to $459.3 million from $658.3 million and net income plunged to $926,000 from $125.1 million and diluted earnings per share plunged to 2 cents from 2 cents from $2.57 a year ago.
Dozens eggs sold declined to 273.1 million from 275.3 million and net average selling price per dozen plunged to $1.58 from $2.27 a year ago. -
Macy's Inc declined 0.5% to $11.49 after the department store operator said it plans to open 30 smaller stores in strip malls over the next two years.
The retailer hopes that smaller stores with limited merchandise and modern look will appeal to younger customers who do not frequent large malls. -
Point Biopharma Inc soared 84% to $12.23 after the company agreed to be acquired by Eli Lilly for $12.50 a share in cash or $1.4 billion.
Eli Lilly & Company decreased 1.1% to $532.39. -
McCormick & Company Inc dropped 7.8% to $68.86 after the spice maker reported quarterly results.
Revenue in the third quarter ending in August increased 6% to $1.7 billion from $1.6 billion and net income dropped to $170 million from $222.9 million and diluted earnings per share dropped to 63 cents from 83 cents a year ago.
The company reiterated its sales and operating earnings outlook for 2023.
Revenue in 2023 is expected to increase between 5% and 7%, primarily driven by price increases and operating income is expected to increase between 11% and 13% from $864 million and diluted earnings per share between $2.46 and $2.51 compared to $2.52 in 2022. -
Tesla Inc dropped 1.9% to $245.43 after the company said production in the third quarter declined because of the planned production shutdown.
Electric vehicle deliveries in the third quarter increased to 466,140 units from 365,923 units and production rose to 365,923 from 343,820 a year ago.
The company reiterated its full-year production outlook of 1.8 million units. -
Nike Inc jumped 7.9% to $96.70 after the athletic shoes and sportswear maker reported mixed quarterly results and guided sales to rise in mid-single digit in the current fiscal year.
Revenue in the fiscal first quarter ending in August increased 2% to $12.9 billion from $12.7 billion and net income edged down 1% to $1.45 billion from $1.47 billion from a year ago.
Sales in North America declined 2% to $5.4 billion, rose 8% in Europe to $3.6 billion in Greater China jumped 5% to $1.7 billion and advanced 2% in Asia Pacific to $1.6 billion.
Footwear sales increased 4% to $8.4 billion from $8.1billion and apparel sales declined 1% to $3.38 billion from $3.43 billion and equipment sales jumped 9% to $531 million from $486 million a year ago.
Diluted earnings per share edged up 1% to 94 cents from 93 cents a year ago and the company declared a dividend of 34 cents per share compared to 30.5 cents a year ago. ,
In the fiscal first quarter, Nike returned shareholders $1.7 billion, including $524 million in dividends and stock repurchase of 10.5 million or $1.1 billion as a part of the company's $18 billion buyback plan.
At the end of August, the company has repurchased a total of $5.9 billion of its own stock.
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