Movers: Citigroup, Fluor, Home Depot, Take Two Interactive, United Air, Walmart
- Barry Adams
- U.S.A. New York City
-
United revised higher its second quarter outlook. Home Depot quarterly sales and earnings rose. Walmart lowered quarterly and annual earnings outlook citing inflation pressures.
Citigroup increased 6.6% to $50.63 after Warren Buffett controlled Berkshire Hathaway in a regulatory filing revealed a stake of $3 billion in the bank.
Wells Fargo, JPMorgan, PNC Financial Services gained more than 2%.
Berkshire Hathaway Chairman Buffett criticized investment bankers for turning the stock market into a casino during the latest and previous annual general meeting of shareholders but at the same time continues to invest in banks and investment brokerage companies.
Fluor Corp fell 4.8% to $25.84 after the government agency canceled its 10-year contract to manage nuclear weapons production sites.
The National Nuclear Security Administration canceled a 10-year $28 billion controversial contract to take "voluntary corrective action" and to assess the alleged conflict of interests.
The Department of Energy's agency awarded the contract in November 2021 and terminated the management and operations contract of Y-12 National Security Complex in Tennessee and Pantex Plant in Texas.
Bechtel and BWXT led teams filed complaints with the Government Accountability Office and alleged conflicts of interests and appearance of bidding process improprieties.
Home Depot gained 0.2% to $296.71 after the home improvement retailer reported first quarter revenues increased 3.8% to $39 billion and net income rose slightly to $4.2 billion from $4.1 billion a year ago.
Comparable same store sales at the U.S. locations increased 1.7%.
The retailer lifted annual sales growth outlook to 3% and diluted earnings per share to increase in "mid-single digits."
Take Two Interactive advanced 9.2% to $120.99 after the company reported fiscal fourth quarter revenues increased 4% to $3.5 billion and net income dropped nearly 50% to $110.1 million.
The online revenues or digital bookings increased 9% from a year ago to $833.3 million.
United Airlines Holdings increased 5.9% to $46.09 after the company in a regulatory filing said "the demand environment has continued to improve, resulting in a higher unit revenue outlook for the second quarter 2022. The price of oil has also continued to increase, resulting in a higher expected fuel price for the second quarter 2022."
The airline said average cost of fuel per gallon is now expected at $4.03 from the previous estimate of $3.43 a gallon in the second quarter.
Total available revenues per seat mile is expected to increase between 23% and 25% from the previous estimate of 17% compared to 2019.
Walmart Inc declined 8.2% to $136.15 after the retail giant said first quarter revenues increased 2.4% from a year ago to $141.6 billion and net income declined 24.8% to $2.1 billion.
The retailer also guided full-year fiscal year earnings per share to decline 1% compared to previous guidance of an increase in mid-single digits and in the second quarter increase "flat to slightly" from the previous estimate of increase in "low to single digits."
Annual Returns
Company | Ticker | 2024 | 2023 | 2022 |
---|---|---|---|---|
Citigroup Inc | C | 26% | 12% | -24% |
Home Depot Inc The | HD | 16% | 7% | -21% |
Take Two Interactive Software Inc | TTWO | -7% | 57% | -43% |
United Airlines Holdings Inc | UAL | 11% | -7% | 1% |
Walmart Inc | WMT | -47% | 10% | -1% |