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Market Update

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%. 


20 Sep, 2023

 

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. 


21 Sep, 2023

 

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. 


21 Sep, 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. 


21 Sep, 2023

 

Starbucks Corp decreased 25 cents to $94.94 after the company said announced to hike its quarterly dividend by 7.5% to 57 cents a share from 53 cents payable on November 24 to shareholders on record November 10. 

The coffee retailer opened a $220 million distribution and manufacturing facility in China, second largest market for the company. 


21 Sep, 2023

 

KB Home declined 4% to $46.10 despite the home builder reporting quarterly results that met investor expectations. 

Revenue in the fiscal third quarter ending in August fell to $1.59 billion from $1.84 billion and the delivered homes declined 7% to 3,375 from a year ago. 

Higher mortgage rates negatively impacted home prices and average selling price in the quarter declined to $466,300 compared to $508,700 a year ago. 

The home building operating income margin declined to 11.3% from 17.7% and housing gross profit margin fell 520 basis points to 21.5%. 

Net income declined to $149.9 million from $255.3 million and diluted earnings per share and diluted earnings per share fell to $1.80 from $2.86 a year ago. 


21 Sep, 2023

 

Klaviyo Inc decreased 1.7% to $32.21 after the company completed its initial public offering and sold 19.2 million shares at $30 each, 

The stock of the marketing software automation company opened at $36.75 and closed at $32.76, about 9% higher than its price.


21 Sep, 2023

 

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%. 


20 Sep, 2023

 

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. 


20 Sep, 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. 


20 Sep, 2023

 

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.  


19 Sep, 2023

 

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. 


19 Sep, 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. 


19 Sep, 2023

 

General Motors, Ford Motor Company and Stellantis NV were in focus after 12,700 United Auto Workers decided to strike at three key assembly plants asking for higher wages and other benefits. 

The union workers decided to strike at General Motors midsize truck manufacturing plan and full-size van production facility in Wentzville, Missouri. 

Workers also walked out at Jeep manufacturing plant in Toledo, Ohio and Ford Ranger midsize pickup and Bronco SUV manufacturing plant in Wayne, Michigan.

Workers also went on strike at Ford Ranger midsize pickup and Ford Bronco SUV plant in Wayne, Michigan and the Jeep assembly plant in Toledo, Ohio.

 


15 Sep, 2023

 

Arm Holdings increased 3.6% to $65.89 and extended gains for the second day in a row after the advanced chip design company priced its initial public offer at $51 a share and raised $4.9 billion. 


15 Sep, 2023