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Market Update

American Express declined 5% to $271.68 after the financial service company reported weaker-than-expected quarterly results. 

Total revenue net of interest expenses in the third quarter increased 8% to $16.6 billion from $15.4 billion, net income advanced 2% to $2.50 from $2.45 billion, and diluted earnings per share rose 6% to $3.49 from $3.30 a year ago. 

The company reiterated its full-year revenue growth at around 9% and lifted its annual earnings per share outlook to between $13.75 and $14.05 from the previous range between $13.30 and $13.80. 


18 Oct, 2024

 

CVS Healthcare declined 7.5% to $58.90 after the drugstore chain announced preliminary third quarter earnings and replaced its chief executive. 

The company estimated diluted earnings per share to range between 3 cents and 8 cents and adjusted earnings per share between $1.05 and $1.10. 

The company appointed longtime executive David Joyner as the new chief executive and president, replacing Karen Lynch effective October 17. 

The drug retailer said it plans to take a restructuring charge of $1.2 billion in the third quarter, related to incremental store closure costs and previously disclosed cost reduction actions. 


18 Oct, 2024

 

Netflix increased 10.2% to $759.70 after the streaming services provider reported better-than-expected quarterly results. 

Revenue in the third quarter increased 15% to $9.8 billion from $8.5 billion, net income rose 26% to $2.3 billion from $1.7 billion, and diluted earnings per share advanced 45% to $5.40 from $3.73 a year ago. 

Global streaming paid net members increased 14.4% to 282.7 million, and the company added 5.07 million new net paid members. 


18 Oct, 2024

 

Procter & Gamble declined 1.8% to $168.53 after the consumer products company reported quarterly results. 

Revenue in the fiscal first quarter ending in September declined 1% to $21.7 billion from $21.9 billion, net income decreased 12% to $3.9 billion from $4.5 billion, and diluted earnings per share dropped 12% to $1.81 from $1.61 from $1.83 a year ago. 

The company reiterated its full-year revenue growth to range between 2% and 4% and diluted earnings per share to increase between 10% and 12% from $6.02 in 2024, or between $6.91 and $7.05. 


18 Oct, 2024

 

Discover Financial Services increased 1.4% to $149.64 after the company reported higher-than-expected third quarter results. 

Total revenue net of interest expense increased 10% to $4.5 billion from $4.0 billion, net income rose 41% to $965 million from $683 million, and diluted earnings per share advanced 42% to $3.69 from $2.59 a year ago. 

The total net charge-off rate was 4.86%, up 134 basis points from a year ago and up 3 basis points from the previous quarter "reflecting continued seasoning of recent vintages and the student loan accounting classification change." 

The credit card net charge-off rate was 5.28%, up 125 basis points from a year ago and down 27 basis points from the previous quarter.


22 Oct, 2024

 

CSX Corp. declined 5% to $33.71 after the railroad transportation company reported weaker-than-expected quarterly results. 

Revenue in the third quarter increased 1% to $3.62 billion from $3.57 billion, net income increased 8% to $894 million from $828 million, and diluted earnings per share rose to 46 cents from 41 cents a year ago. 

Total volume of 1.59 million units for the quarter was 3% higher from a year ago, but lower fuel surcharges and a reduction in other revenue negatively impacted overall revenue.


17 Oct, 2024

 

Taiwan Semiconductor Manufacturing Company increased 12% to $210.36 after the company reported sharply higher sales and earnings in the third quarter. 

Revenue increased 36% to $23.5 billion, and gross margin expanded to 57.8% from 54.3% a year ago. 

Net income in the quarter jumped to NT 325.08 billion, or $10.05 billion, from NT 210.8 billion a year ago. 

Gross margin for the quarter was 57.8%, operating margin was 47.5%, and net profit margin was 42.8%. 

In the third quarter, shipments of 3-nanometer accounted for 20% of total wafer revenue; 5-nanometer accounted for 32%; 7-nanometer accounted for 17%. 

Advanced technologies, defined as 7-nanometer and smaller chip technologies, accounted for 69% of total wafer revenue. 

The company guided fourth-quarter revenue to fall between $26.1 billion and $26.9 billion. 


17 Oct, 2024

 

Lucid Group dropped 14.9% to $2.80 after the electric vehicle company announced a stock offering to sell 262.5 million. 

The company also said its major stockholder, Ayar Third Investment, and an affiliate of the Saudi Arabia-controlled sovereign wealth fund have agreed to purchase 374.7 million shares in a concurrent private placement. 


17 Oct, 2024

 

Retail and food services sales increased at an annual rate of 1.7% in September, but the pace of increase was the slowest in eight months, according to the U.S. Census Bureau. 

Sales are adjusted for seasonal factors but not adjusted for inflation. 

Preliminary retail and food services sales increased 0.4% from the previous month to $714.4 billion. 

Sales at food services and drinking places increased 1% from the previous month; miscellaneous stores advanced 4%, but declined 3.3% at electronic and appliance stores and fell 1.6% at gasoline stations. 

Sales at auto dealers were flat. 

However, sales excluding food services, auto dealers, building materials stores, and gasoline stations, which are used to calculate gross domestic product, jumped 0.7%. 


17 Oct, 2024

 

Morgan Stanley increased 7.5% to $120.50 after the financial services company reported better-than-expected revenue and earnings in the third quarter. 

Revenue increased to $15.4 billion from $13.3 billion, net income advanced to $3.2 billion from $2.4 billion, and diluted earnings per share rose to $1.88 from $1.38 a year ago. 

Revenue in the institutional securities division increased to $6.8 billion from $5.7 billion, wealth management jumped to $7.2 billion from $6.4 billion, and investment management advanced to $1.5 billion from $1.3 billion a year ago. 

The wealth management unit attracted $64 billion in new assets, increasing total client assets to $6 trillion. 

Investment management unit received a net long-term asset flow of $7 billion, and assets at the end of the quarter increased to $1.6 trillion. 


16 Oct, 2024

 

United Airlines rose 7.5% to $68.90 after the company announced a stock repurchase plan as part of its quarterly earnings update. 

The airline said it plans to buyback up to $1.5 billion of its stock and warrants originally issued to the U.S. Treasury, the first such purchase since before the COVID-19 pandemic. 

In the quarter, the company repurchased in the open market just over 2 million shares of its common stock in connection with the exercise of roughly 6.4 million warrants issued to the U.S. Treasury under the CARES Act and Payroll Support Program.

The company repurchased shares at an average price of $39.99. 

The repurchase of these shares eliminated the dilution associated with the warrants exercised and are separate from the new stock repurchase plan of $1.5 billion. 

Revenue in the third quarter increased 2.5% to $14.8 billion from $14.5 billion, net income declined 15.1% to $965 million, and diluted earnings per share dropped to $2.90 from $3.42 a year ago. 


16 Oct, 2024

 

UnitedHealth Group declined 9.1% to $549.99 after the health insurer reported higher-than-expected medical costs. 

Revenue in the third quarter increased to $100.8 billion from $92.4 billion, net income attributable to shareholders advanced to $6.1 billion from $5.8 billion, and diluted earnings per share rose to $7.15 from $6.56 a year ago. 

Medical costs jumped to $66 billion from $59.6 billion, and total operating costs rose to $92.1 billion from $83.8 billion a year ago. 

The company lowered its full-year net income per share outlook to between $15.50 and $15.75. 


15 Oct, 2024

 

Citigroup decreased 1.5% to $65.01 after the global bank reported third quarter results that fell short of investor expectations. 

Revenue increased 1% to $20.3 billion from $20.1 billion, net income fell 9% to $3.2 billion from $3.5 billion, and diluted earnings per share fell to $1.51 from $1.63 a year ago. 

 


15 Oct, 2024

 

Bank of America advanced 2.7% to $43.06 after the financial service provider reported better-than-expected earnings. 

Revenue in the third quarter increased to $25.3 billion from $25.2 billion, net income eased to $6.9 billion from $7.8 billion, and diluted earnings per share fell to 81 cents from 90 cents a year ago. 

Provision for credit losses was flat at $1.5 billion from the previous quarter and higher than $1.2 billion a year ago. 


15 Oct, 2024

 

Goldman Sachs increased 2.6% to $536.55 after the investment banker reported better-than-expected quarterly results. 

Revenue in the third quarter increased 7% to $12.7 billion from $11.8 billion, net income advanced 45% to $2.99 billion from $2.06 billion, and diluted earnings per share rose 54% to $8.40 from $5.47 a year ago. 


15 Oct, 2024