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Market Update

Meituan surged 3.09% to $20.83 after the Hong Kong-based e-commerce platform operator reported increased revenue in 2024.

Revenue jumped to 337.59 billion yuan from 276.74 billion yuan, profit soared to 35.81 billion yuan from 13.85 billion yuan, and diluted earnings per share jumped to 5.66 yuan from 2.11 yuan a year ago.


25 Mar, 2025

 

KB Home dropped 7.2% to $57.34 after the homebuilder missed earnings expectations for the fiscal first quarter of 2025.

Housing revenue declined 5% to $1.39 billion from $1.47 billion, net income edged down to $109.5 million from $138.7 million, and diluted earnings per share fell to $1.49 from $1.76 a year ago.

New orders edged down 17% to 2,772 from 3,323, and deliveries fell 9% to 2,770 from 3,037 a year ago.

The average selling price increased 4% to $500,700 from $480,100, and the backlog of homes decreased 23% to 4,436 from 5,796 a year earlier.

During the quarter, the company repurchased 753,939 shares at a total cost of $50.0 million, or $66.32 per share.

As of February 28, KB Home had $650.0 million remaining under its current stock repurchase authorization.

The home builder guided for the full year housing revenue to be between $6.60 billion and $7.00 billion, compared to $6.93 billion a year ago.

The average home selling price is estimated to be between $480,000 and $495,000, compared to $486,900 in 2024.


25 Mar, 2025

 

Nike Inc. gained 0.1% to $68.00 after the sporting goods company reported results for the third quarter of fiscal 2025 ending in February.

Revenue declined to $11.27 billion from $12.43 billion, net income edged down to $794 million from $1.17 billion, and diluted earnings per share dropped to 54 cents from 77 cents a year ago.

Selling and administrative expense decreased 8% to $3.9 billion in the quarter.

The company proposed a dividend of 40 cents per share, compared to 37 cents a year earlier.

“Nike is consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts,” the company said in a release to investors.

In the third quarter, Nike returned approximately $1.1 billion to shareholders, including dividends of $594 million, up 6% from the prior year.

In addition, the company completed share repurchases of $499 million, reflecting 6.5 million shares retired as part of the company’s four-year, $18 billion program approved in June 2022.

As of February 28, a total of 119.3 million shares have been repurchased under the program for a total of approximately $11.8 billion.


24 Mar, 2025

 

Accenture Plc. gained 1.5% to $305.32 after the consulting services company reported results for the second quarter of fiscal 2025 ending in February.

Revenue increased to $16.66 billion from $15.80 billion, net income jumped to $1.79 billion from $1.67 billion, and diluted earnings per share rose to $2.82 from $2.63 a year ago.

The company narrowed its full-year revenue growth forecast to 5% to 7%, and expects foreign exchange impact of approximately negative 0.5%.

The operating margin is seen between 15.6% and 15.7%, an expansion of 10 to 20 basis points over the adjusted operating margin.

Accenture estimated diluted earnings per share in 2025 to be between $12.55 and $12.79, compared to $11.57 a year ago.

During the second quarter, new bookings were $20.91 billion, down 3% in U.S. dollars and flat in local currency compared to the same quarter in 2024.

Consulting new bookings in the quarter were $10.47 billion and managed services new bookings were $10.44 billion.


24 Mar, 2025

 

FedEx Corp. dropped 0.1% to $230.00 after the parcel delivery company reported increased revenue in the fiscal third quarter of 2025 ending in February.

Revenue increased to $22.16 billion from $21.74 billion, net income jumped to $909 million from $879 million, and diluted earnings per share rose to $3.76 from $3.51 a year ago.

The company guided for 2025 revenue to be slightly down from a year earlier and diluted earnings per share between $15.15 and $15.75, compared to $17.21 in 2024.

Capital spending is expected at $4.9 billion, compared to the prior forecast of $5.2 billion, with a priority on “investments in network optimization and efficiency improvement, including fleet and facility modernization and automation,” the company said in a release to investors.

FedEx is reaffirming its forecast of permanent cost reductions from the DRIVE transformation program of $2.2 billion; and effective tax rate of approximately 24.0% prior to the mark-to-market retirement plans accounting adjustments.

The company completed its $2.5 billion fiscal 2025 share repurchase plan with $0.5 billion in share repurchases via open market transactions during the quarter.

Approximately 1.8 million shares were repurchased, with the decrease in outstanding shares benefiting third quarter results by 12 cents per diluted share.

As of February 28, $2.6 billion remained available for repurchases under the company's 2024 stock repurchase authorization.

Cash on-hand as of February 28 was $5.1 billion.

The company is planning to spin off its freight segment, as its operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, and fewer shipments, partially offset by higher base yield.


24 Mar, 2025

 

Micron Technology Inc. eased 0.2% to $94.56 after the memory and storage solutions provider reported sharply higher sales and earnings for the second quarter of fiscal 2025 ending in February.

Revenue jumped to $8.05 billion from $5.82 billion, net income surged to $1.58 billion from $793 million, and diluted earnings per share edged up to $1.41 from 71 cents a year ago.

“We expect record quarterly revenue in fiscal third quarter, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025,” the company said in a release to investors.

GAAP revenue in the third quarter is estimated to be $8.80 billion, plus or minus $200 million, compared to $6.81 billion a year ago, and GAAP diluted earnings per share is expected at $1.37, plus or minus 10 cents, compared to 30 cents in the same quarter in 2024.

Gross margin in the third quarter is expected to be 35.5%, plus or minus 1%, compared to 26.9% a year ago, and operating expenses at $1.27 billion, plus or minus $15 million, compared to $1.11 billion in the same quarter last year.


24 Mar, 2025

 

Lennar Corp. traded flat at $115.22 after the home builder reported results for the first quarter of fiscal 2025 ending in February.

Revenue increased to $7.63 billion from $7.31 billion, net income dropped to $519.5 million from $719.3 million, and diluted earnings per share fell to $1.96 from $2.57 a year ago.

The company completed the quarter with a backlog of 13,145 homes with a dollar value of $5.8 billion, and home deliveries increased 6% to 17,834 homes.

New orders increased 1% to 18,355 homes, as new orders dollar value decreased 4% to $7.4 billion.

During the quarter, the company repurchased 5.2 million shares for $703 million at an average share price of $134.40.

In February, Lennar completed the taxable spin-off of Millrose Properties Inc. from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders.

The company guided for the second quarter of 2025 new orders to be between 22,500 and 23,500 homes, deliveries between 19,500 and 20,500 homes, and the average sales price between $390,000 and $400,000.

The gross margin on home sales is estimated at approximately 18%.

The company expects operating earnings in the financial services segment to be between $135 million and $145 million in the second quarter of 2025, compared to $146 million a year ago.

During the first quarter, operating earnings for the financial services segment were $143 million, compared to $131 million a year ago, helped by increased deliveries.


24 Mar, 2025

 

FactSet Research Systems Inc. eased 0.4% to $431.12 after the enterprise solutions provider to investment managers reported results for fiscal second quarter 2025 ending in February.

Revenue increased 4.5% to $570.66 million from $545.94 million, net income jumped 2.8% to $144.86 million from $140.94 million, and diluted earnings per share rose 1.4% to $4.28 from $4.22 a year ago.

“Client count as of February 28 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition,” the company said in a release to investors.

The count includes clients with annual subscription value of $10,000 and more and does not reflect the LiquidityBook acquisition.

User count was 219,141 as of February 28, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users, and not reflecting the Irwin and LiquidityBook acquisitions.

FactSet had proposed a dividend of $39.5 million, or $1.04 per share, paid on March 20 to shareholders on record as of February 28.

In addition, the workflow solutions company repurchased 136,714 shares for $64.4 million at an average price of $470.70 during the second quarter, and $186.9 million remained available as of February 28.

The company guided for fiscal 2025 GAAP revenue to be between $2.30 billion to $2.32 billion, up from its previous forecast between $2.28 billion and $2.30 billion.

GAAP diluted earnings per share are estimated to be between $14.80 and $15.40, compared to the previous guidance between $15.10 and $15.70.

Adjusted diluted earnings per share are seen unchanged between $16.80 and $17.40.

GAAP operating margin is expected to be in the range of 32% and 33%, down from 32.5% and 33.5% previously announced.

Organic annual subscription value is expected to grow in the range of $100 million to $130 million, narrowing from $90 million to $140 million previously estimated.

Annual subscription value (ASV) was $2.31 billion as of February 28, compared to $2.18 billion a year ago.

Organic ASV was $2.28 billion as of February 28, up 4.1% or $90.7 million, year-over-year, and it increased $19.6 million over the last three months.


24 Mar, 2025

 

Carnival Corp. gained 0.05% to $20.95 after the cruise lines operator reported higher revenue in the first quarter of fiscal 2025 ending in February.

Revenue surged to $5.81 billion from $5.41 billion, net loss shrank to $78 million from a loss of $214 million, and diluted loss per share narrowed to 6 cents from a loss of 17 cents a year ago.

The company expects “to achieve both 2026 sea change financial targets one year in advance, with adjusted return on invested capital and adjusted EBITDA per available lower berth for 2025 reaching the highest levels in nearly two decades,” Carnival said in a release to investors.

“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year.”

The company guided for the second quarter of 2025 adjusted EBITDA of approximately $1.3 billion, up 10% compared to the same quarter of 2024.

For the full year, Carnival estimated adjusted net income to be up over 30% compared to 2024 and better than December guidance by $185 million.

Adjusted EBITDA for the full year is expected at approximately $6.7 billion, up nearly 10% compared to 2024 and better than the December guidance.

Diluted earnings per share are estimated at 22 cents in the second quarter and $1.83 for the full year, compared to 7 cents and $1.44 a year ago, respectively.

Adjusted net income is seen at $285 million in the second quarter and $2.49 billion for the full year, compared to $92 million and $1.92 billion a year ago, respectively.


24 Mar, 2025

 

Williams Sonoma Inc. plunged 5.9% to $162.09 after the specialty retailer of products for the home reported a comparable brand revenue increase of 3.1% in the fourth quarter of 2024.

Net revenue declined to $2.46 billion from $2.28 billion, net income jumped 16.7% to $410.72 million from $354.44 million, and diluted earnings per share rose to $3.28 from $2.72 a year ago.

Net revenue in the full year dropped to $7.71 billion from $7.75 billion, net income climbed 14.6% to $1.12 billion from $949.76 million, and diluted earnings per share rose to $8.79 from $7.28 a year ago.

Comparable brand revenue jumped 3.1% in the quarter and was down 1.6% for the full year.

The company increased its quarterly dividend by 16%, or 9 cents, to 66 cents per share, payable on May 24 to stockholders on record as of April 17.

Williams Sonoma guided for 2025 net revenues in the range of -1.5% to up 1.5%, comparable sales between flat to up 3%, and an operating margin between 17.4% and 17.8%.

“Over the long term, we continue to expect mid-to-high single-digit annual net revenue growth with an operating margin in the mid-to-high teens,” the company said in a release to investors.


20 Mar, 2025

 

Ping An Insurance (Group) Co. of China Ltd. dropped 4.3% to $49.65 after the Chinese insurance company reported results for 2024.

Revenue increased to 1.14 trillion yuan from 1.03 trillion yuan, profit jumped to 126.61 billion yuan from 85.66 billion yuan, and diluted earnings per share rose to 6.99 yuan from 4.74 yuan a year ago.

The sharp rise in net profit is driven by growth in the company’s life and health insurance business as demand recovered.

The new business value of the life and health insurance business, which measures the profitability of new policies sold, grew by 28.8% to 28.53 billion yuan last year.

The group's number of new customers rose 9.8% from a year earlier to 32.07 million.


20 Mar, 2025

 

Tencent Holdings Ltd. dropped 3.4% to $521.50 despite the China-based Internet and technology company reporting strong results in the fourth quarter of 2024, driven by a surge in gaming and advertising revenue.

Revenue increased to 172.45 billion yuan from 155.20 billion yuan, net income jumped to 51.32 billion yuan from 27.02 billion yuan, and diluted earnings per share rose to 5.485 yuan from 2.807 yuan a year ago.

The company more than doubled its share repurchase program to approximately HK $112 billion, as it steps up with AI investments for growth and ramps up spending on chips and servers.

Tencent paid a cash dividend of HK $3.40 per share in 2024, equivalent to approximately HK $32 billion.

For 2025, the company proposed an increase of the annual dividend by 32% to HK $4.50 per share, equivalent to approximately HK $41 billion, and the company plans to repurchase at least HK $80 billion worth of shares.


20 Mar, 2025

 

J.Jill Inc. gained 1% to $18.79 after the apparel and accessories retailer reported lower sales in the fourth quarter of 2024.

Net sales decreased to $142.84 million from $150.26 million, net income slumped to $2.25 million from $4.77 million, and diluted earnings per share fell to 14 cents from 33 cents a year ago.

Comparable store sales increased by 1.9% in the quarter and were up 1.5% in the full year compared to 2023.

Net sales for the full year jumped to $610.86 million from $608.04 million, net income climbed to $39.48 million from $36.20 million, and diluted earnings per share rose to $2.61 from $2.51 a year earlier.

The company opened five new stores in the fourth quarter and nine new stores during the year, bringing the total count to 525 stores.

J.Jill guided for the first quarter of 2025 net sales to decline between 1% and 4%, with comparable sales down between 2% and 5% compared to 2024.

Adjusted EBITDA is expected to be between $25.0 million and $27.0 million, compared to $35.6 million in the first quarter last year.

For the full year, the apparel retailer estimated sales growth to be up between 1% and 3%, comparable sales flat to up 2% compared to 2024, and new net store growth of 5 to 10 stores.

Adjusted EBITDA is expected to be between $101.0 million and $106.0 million, compared to $107.1 million in 2024.

In December, the company authorized a share repurchase program for up to $25.0 million over the next two years.

In the fourth quarter, J.Jill purchased 19,831 shares and has $24.5 million of remaining authorization.

The company increased its quarterly dividend by 14.3% to 8 cents per share from the previous dividend of 7 cents per share, equal to an annualized dividend of 32 cents per share, and payable on April 16 to stockholders on record as of April 2.


20 Mar, 2025

 

Signet Jewelers Ltd. surged 17.8% to $56.91 after the diamond jewelry retailer reported lower sales in the fourth quarter of 2024.

Sales declined to $2.35 billion from $2.50 billion, net income slumped to $100.6 million from $617.6 million, and diluted earnings per share fell to $2.30 from $11.75 a year ago.

Sales in the full year decreased to $6.70 billion from $7.17 billion, net income swung to a loss of $35.6 million compared to a profit of $775.9 million, and diluted loss per share was 81 cents compared to a profit of $15.01 a year ago.

“Signet delivered more than $400 million of free cash flow, our 5th year in a row of strong cash conversion to adjusted operating income. 

This enabled a reduction in our diluted share count by nearly 20% in FY25 by returning approximately $1 billion to shareholders, including the convertible preferred redemptions,” the company said in a release to investors.

“We are focused on real estate optimization and expect to transition over 10% of mall locations to off-mall and the e-commerce channel over the next three years, leveraging our average mall lease term of just over 2 years.”


20 Mar, 2025

 

General Mills Inc. eased 1.9% to $59.31 after the food provider and parent company of Cheerios reported lower sales in the third quarter of fiscal 2025 ending in February.

Net sales dropped 5% to $4.84 billion from $5.10 billion, net income declined 7% to $625.6 million from $670.1 million, and diluted earnings per share edged down to $1.12 from $1.17 a year ago.

The North America retail segment accounted for the highest percentage of total sales, down 7% to $3.01 billion from $3.24 billion a year earlier.

“The company expects macroeconomic uncertainty to continue to impact consumers in the fourth quarter. Its fourth-quarter plans include investments in consumer value, media support, and in-store visibility,” the company said in a release to investors.

Excluding new tariff threats, General Mills estimated net sales in the fourth quarter to be down between 2% and 1.5%, compared to the previous guidance of the lower end in the range between flat and up 1%.

Adjusted operating profit and adjusted diluted earnings per share are expected to be down between 8% and 7% in constant currency, compared to the previous guidance range of between down 4% and down 2%.

Free cash flow conversion is still expected to be at least 95% of adjusted after-tax earnings.


20 Mar, 2025