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    • Breaking News
    Sep 21, 2023
    • Darden Restaurants, Inc fell 1.5% to $147.72 after the company said same store sales at its comparable fine dining locations declined 2.8% in the fiscal first quarter ending on August 27. 

      Consolidated comparable sales increased 5% driven by rise of 6.0% at Olive Garden stores and 8.1% jump at Long Horn Steak House locations.  

      Revenue in the quarter increased to $2.7 billion from $2.4 billion and net income rose to $194.5 million from $193 million and diluted earnings per share rose to $1.59 from $1.56 a year ago. 

      The company declared a dividend of $1.31 a share payable on November to shareholders on record on October 10. 

      During the quarter, the company repurchased 0.9 million shares for a total of $143 million, and at the end of the quarter $509 million were still available in its $1 billion stock repurchase program. 
      • FedEx Corp increased 4.6% to $262.09 after the parcel delivery company reported better-than-expected quarterly results and earnings rose despite the decline in revenue. 

        Revenue in the fiscal first quarter ending in August declined 7% to $21.6 billion from $23.6 billion and net income jumped 23% to $1.0 billion from $875 million and diluted earnings per share rose 27% to $4.23 from $3.33 from a year ago. 
        • Cisco Systems Inc decreased 4% to $53.26 after the company agreed to acquire cybersecurity company Splunk Inc for $157 a share or $28 billion in cash. 

          Splunk jumped 21.1% to $144.82 after the deal announcement. 
          • Sep 20, 2023
          • Instacart declined 4.3% to $32.65 on the second day of trading after the grocery delivery company priced its initial public offering at $30 a share and struggled to hold its early gains on the first day. 

            The company sold 30 million shares in the public offering but all shares changed hands on the first day of trading, suggesting that stock may face more headwinds in the next few weeks. 
            • Pinterest Inc rose 4.3% to $27.34 after the company forecasted annual revenue growth to accelerate following the slowdown in 2022 and 2023.

              The company laid out its future plans in its first investor day On Tuesday. 
              • Coty Inc increased 5.7% to $12.12 after the cosmetic company lifted its full-year 2024 outlook and said comparable sales to grow in the range between 8% and 10% from its previous estimate between 6% and 8%. 
                • The Federal Reserve said it will hold the fed funds target range at 22-year high between 5.25% and 5.50% but also held out for another rate hike later in the year, after the conclusion of two-day meeting. 

                  Policymakers appeared divided after mixed economic signals, but committee members prefer more restrictive interest rate policy in future. 

                  The Fed's projection released showed that policymakers are likely to increase rates higher one more time at the next meeting in November, but are also estimating fewer rate cuts in 2024. 

                  Policymakers now estimate the fed funds rate at 5.6% by the year's end, the same as in the June forecast, while rates are expected to be higher at 5.1% in 2024, compared to 4.6% estimated at the end of June meeting.

                  Committee members sharply revised higher economic growth outlook to 2.1% from the previous estimate of 1.0% released in June, and 2024 GDP rate of 1.5% compared to 1.1%. 
                  • Sep 19, 2023
                  • Rocket Lab USA Inc dropped 18% to $4.12 after the company's uncrewed launched failed in the early hours of Tuesday morning. 

                    The company confirmed that its 41st Electron rocket launch off the coast of New Zealand failed after two minutes and 30 seconds in flight carrying the Acadia 2 satellite for Capella Space based in San Francisco. 

                    The company also said it plans to postpone its next space launch and will revise lower its third quarter revenue outlook. 

                    Rocket Lab had 19 successful launches in a row since May 2021 and is now the second most active rocket launch company in the U.S., trailing only to Space X owned by Elon Musk. 
                    • Maplebear Inc, parent of the delivery service provider Instacart, priced its initial public offering at $30 a share, at the upper end of its price range, and raise about $600 million.

                      The offering valued the company at $9.9 billion and and just days before PepsiCo agreed to invest $175 million in the delivery service company with an annual revenue of $2.5 billion in 2022 and net profit of $428 million. 
                      • Walt Disney Co decreased 3.2% to $82.23 after the company said in a SEC filing that it plans to double its investment in theme parks and cruise business to $60 billion over the next decade.