Volatile oil prices turned lower after reports suggested that the U.S. is preparing to release at least one million barrels of oil a day for the next six months to stem the rising prices. OPEC and its allies agreed to a small increase of output by 432,000 barrels a day and reminded that the prices are decided by markets in New York and London.
XOM CVX HES
XOM CVX HES
Stock rally fizzled after 4 days of gains in the U.S. and Europe and crude oil prices rebounded $2 a barrel on both coasts of Atlantic. European Union is preparing to impose additional stringent sanctions on Russian individuals and corporations and emergency arrangements for natural gas supply interruptions. Bond market yields also signal more economic pain ahead.
Citigroup agreed to sell its retail banking, wealth management unit, credit card business, and back office operations for $1.6 billion. The lender will continue its institutional business as a part of plan to exit from 13 countries announced previously. Axis Bank will acquire 3 million new customers, 21 branches, and 3,600 employees in a deal that is expected to close in a year.
C
C
lululemon athletica reported fourth quarter total revenues increased 23% to $2.1 billion on growth of 21% in North America and 35% in international sales. Total comparable store sales increased 32%. The retailer added 22 new stores in the quarter totaling 574. Net income increased to $434 million from $329.8 million and earnings per share rose to $3.36 from $2.52.
LULU
LULU
U.S. stock indexes traded sideways and tech stocks rebounded from the morning doldrums. U.S. bond yields were in focus after 5-year bonds traded at 2.56%, 10-year at 2.46%, and 30-year yield at 2.54%. The ever tightening and rising yields are reflecting growing acceptance of larger rate increases in the coming months.
U.S. indexes turned lower and gave up early gains on the growing worries that the fast rising crude oil and commodities prices are contributing to the latest bout of inflation. Fed is lagging considerably as real rates expands further in negative territory.
Darden Restaurants, the parent of Olive Garden, said quarter sales rose 41.3% from a year ago quarter to $2.45 billion and earnings jumped 90% to $247 million or $1.93 a share. The restaurant operator plans to pass 3% price hike after commodities prices rose 11% in the quarter.
DRI
DRI
KB Home said fiscal quarter revenues rose 23% to $1.49 billion and earnings increased 38% to $134.3 million and earnings per share rose 44% to $1.47. The home builder delivered 2,868 new homes, an increase of 22% but said labor shortage and supply chain issues intensified in the quarter.
KBH
KBH
Nike said February quarter sales rose 5% to $10.87 billion from a year ago and earnings edged lower to $1.4 billion from $1.45 billion in the previous quarter. Earnings per share fell to 87 cents from 90 cents. The athletic goods maker has increasingly shifted from wholesale to selling direct.
NKE
NKE
FedEx said revenues in fiscal third-quarter ending on Feb 28 gained 10% to $23.6 billion from $21.5 billion a year ago. Net income in the period rose to $1.1 billion or $4.20 a share from $892 million or $3.30 a share. The additional fuel surcharge helped to offset reduced customer demand, higher wages, and staff sickouts.
FDX
FDX