Market Update
ECB Hiked Rates by 50 Basis Points, Lowered Inflation Estimates
Brian Turner
16 Mar, 2023
New York City
The European Central Bank lifted its key lending rate by 50 basis points and said it is ready to provide more liquidity if banks need it.
"Inflation is projected to remain too high for too long. Therefore, the Governing Council today decided to increase the three key ECB interest rates by 50 basis points,
in line with its determination to ensure the timely return of inflation to the 2% medium-term target," noted the statement released by the European Central Bank.
After the latest rate hike, the deposit rate will increase to 3.0%, the rate on the marginal lending facility will increase to 3.75% and refinancing operation to 3.50%.
The European Central Bank has been raising rates as inflation stays near four-decade high and shows little sign of easing.
The overall inflation in February in the 20-member Euro Area was estimated at 8.5%, significantly higher than the central bank's target level of 2%.
The recent inflation surge was driven by a sharp jump in energy price but now the inflationary forces are fueled by price increase in food, industrial goods and services.
The central bank said inflation in the Euro Area is expected to cool to 5.3% in 2023 and 2.9% in 2024 from 6.3% and 3.4% in December.
and revised higher its baseline estimate of the economic growth from its previous projection in December to 1.0% in 2023.
The economic expansion is expected to gain a slight pace to 1.6% in 2024 and 2025.
President Christine Lagarde was keen to highlight that the recent market turmoil is different from what transpired during the global financial crisis of 2008.
"The euro area banking sector is resilient, with strong capital and liquidity positions.
In any case, the ECB’s policy toolkit is fully equipped to provide liquidity support to the euro area financial system if needed and to preserve the smooth transmission of monetary policy," noted the statement released by the European Central Bank.
Movers: Adobe, Credit Suisse, Dollar General, First Republic Bank, Occidental Petroleum
Barry Adams
16 Mar, 2023
New York City
Adobe Inc increased 5.5% to $351.79 after the software company reported better-than-expected quarterly results and revised higher its 2023 profit outlook.
Revenue in the fiscal first quarter ended on March 3 increased 9% to $4.7 billion from $4.2 billion and net income edged slightly lower to $1.24 billion from $1.26 billion and diluted earnings per share rose to $2.71 from $2.66 a year ago.
The software company guided fiscal second quarter revenue in the range between $4.75 billion and $4.78 billion and GAAP earnings per share between $2.65 and $2.70.
For the fiscal year 2023, the company estimated GAAP earnings per share between $10.85 and $11.15 and digital media net new average revenue rate of $1.70 billion.
Credit Suisse AG jumped 3% to $2.23 after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
Two days ago, Saudi National Bank, the largest shareholder in the bank said it would not inject additional liquidity in the embattled bank.
Dollar General Corp declined 2.3% to $213.51 after the deep discount store chain reported weaker-than-expected same store sales.
Same store sales in the fourth quarter increased 5.7% and in the full-year 2022 rose 4.3%.
Revenue in the fourth quarter ending on February 3 increased to $10.2 billion from $8.6 billion and net income rose to $659.1 million from $597.4 million and diluted earnings per share advanced to $2.96 from $2.57 a year ago.
In the fiscal year 2022, revenue increased to $37.8 billion from $34.2 billion and net income expanded to $2.42 billion from $2.39 billion and diluted earnings per share advanced to $10.68 from $10.17 a year ago.
Five Below Inc declined 5% to $191.08 after the deep discount general merchandise retailer forecasted cautious outlook for the first quarter.
Net sales in the fourth quarter ending on January 28, 2023 increased 12.7% to $1.1 billion from $996.3 million, driven by 1.9% rise in comparable sales.
Net income in the quarter increased to $171.3 million compared to $140.2 million and diluted earnings per share rose to $3.07 compared to $2.49 a year ago.
In the fiscal year 2022, net sales increased to $3.07 billion from $2.85 billion and comparable sales decreased 2.0% from the previous year.
For the first quarter of 2023, the retailer forecasted net sales in the range of $723 million to $735 million, reflecting 25 new stores and assuming an approximate 2.5% to 4% increase in comparable sales.
Net income is expected to be in the range of $33 million to $37 million and diluted income per common share is expected to be in the range of 59 cents to 65 cents.
In 2023, the company said it plans to open a record 200 new stores and convert 400 stores to the new Five Beyond format.
Regional banks continued their downward slide after the collapse of Silicon Valley Bank.
Comercia fell 1.5% and Zions Bancorp declined 3.5% but Western Alliance Bancorporation rose 1.4%.
First Republic Bank dropped 20.2% to $24.87 and 61 million shares changed hands, four times its average daily volume.
Investors are worried that the Los Angeles-based bank has a high percentage of uninsured deposits.
Occidental Petroleum Corporation increased 2.0% to $57.93 after Warren Buffett controlled Berkshire Hathaway purchased additional 7.9 million shares for $466.7 million.
Federal Reserve and Regulators are Powerless In Preventing Bank Runs, U.S. Stocks Rebounded
Barry Adams
16 Mar, 2023
New York City
Stocks rebounded amid lingering worries of the health of the U.S. financial system and lax oversight of banks.
Benchmark indexes advanced 1% but bank stocks traded volatile as investors searched for banks with a higher percentage of uninsured bank deposits.
The rapid collapse of Silicon Valley Bank was initiated by the persistent urging of venture capitalists to their list of companies to yank deposits.
Silicon Valley Bank had as much as 80% of its accounts holding balances above the insured amount of $250,000.
There is a widespread erroneous perception in the regulatory community and on Wall Street that Silicon Valley fallout was a special case and other mid-sized banks are better capitalized with a more diverse deposit base.
Similar deposit concentrations exist in the entire banking landscape across the U.S.
Regional banks in Texas, Colorado and Dakotas have deposits concentrated in the energy patch, banks in the Midwest have farming concentration and large city banks have commercial real estate exposure.
Oil and agriculture prices have been depressed for a long time in the past, but interest rates were not rising at a rapid pace.
When rates are on the rise and certain commodities or product prices plunge, the problem of deposit risks evolves rapidly with a lag of 12 months.
Signature Bank collapsed a year after the Bitcoin and cryptocurrencies boom went bust and Silicon Valley Bank disappeared after the bust of Pandemic-fueled venture funding boom.
If crude oil prices dropped and stayed below $55 a barrel for a year and wheat or corn prices collapsed 50% and stayed depressed for a year, a year later deposit risks could lead to insolvencies at many banks.
The size of the bank will not matter but the nature of allocation of bank's assets between Available-for-Sale and Held-to-Maturity will separate winners from losers.
None of these mini-busts would have mattered if rates were stable or falling, but rates are going higher and the Federal Reserve has managed this economy with negative rates for more than a decade.
Neither the Federal Reserve nor the U.S. Treasury is capable of preventing the deposit runs from happening, because they are equipped to clean up what happens after the bank run.
It is no surprise that all financial and bank regulators missed the problems at Silicon Valley Bank and Signature Bank, because they have no tools to detect or monitor these booms, busts and deposit concentration types.
Now that the decade long boom in the U.S. Treasuries came to an end in 2022, it is wishful thinking to expect the bust not to play on a grander scale in the banking and insurance industry.
Neither the Federal Reserve nor the U.S. Treasury is capable of preventing it from happening again.
Indexes & Yields
The S&P %00 index increased 1% to 3,930.08 and the Nasdaq Composite index advanced 1.6% to 11,618.64.
The yield on 2-year Treasury notes rose to 4.17%, 10-year Treasury notes inched lower to 3.48% and 30-year Treasury bonds inched lower to 3.62%.
Crude oil declined 12 cents to $67.55 a barrel and natural gas prices rose 7 cents to $2.55 a thermal unit.
U.S. Stock Movers
Regional banks continued their downward slide after the collapse of Silicon Valley Bank.
Comercia fell 1.5% and Zions Bancorp declined 3.5% but Western Alliance Bancorporation rose 1.4%.
First Republic Bank dropped 20.2% to $24.87 and 61 million shares changed hands, four times its average daily volume.
Investors are worried that the Los Angeles-based bank has a high percentage of uninsured deposits.
Credit Suisse AG jumped 3% to $2.23 after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank.
Two days ago, Saudi National Bank, the largest shareholder in the bank said it would not inject additional liquidity in the embattled bank.
Occidental Petroleum Corporation increased 2.0% to $57.93 after Warren Buffett controlled Berkshire Hathaway purchased additional 7.9 million shares for $466.7 million.
Bank Sector Chaos Highlights Deeper Regulatory Shortfalls, Crude Oil at New 15-month Low
Barry Adams
15 Mar, 2023
New York City
Financial markets tumbled and investors sought safety in government bonds after banking woes spread to Europe, adding to market jitters.
Saudi National Bank, the largest investor in Credit Suisse, declined to inject additional liquidity to the troubled Swiss bank.
The news drove European banks down as much as 15% and raised the prospect of a government bailout of the Swiss bank.
Several bank stocks in Milan and Paris were halted after sellers overwhelmed buyers.
Bank stocks have been under pressure over the concern of interest rate risks leading to deposit risks and forcing many institutions to raise capital at the time when stock prices are falling.
The Federal Reserve has increased rates eight times over the last 12 months, upending the near zero-rate policy for more than a decade.
Treasury securities held by banks have declined in value following the sustained increase in interest rates, and total unrealized losses at the yearend 2022 were about $620 billion across all U.S. banks.
Rates are still rising in the U.S. and have a long way to go in the Euro Area, raising concerns that interest rate risks may lead to deposit risks or spark wider bank runs that could turn even well capitalized banks insolvent.
In New York, regional banks accelerated declines on Wednesday reversing the gains of the previous day as investors grappled to understand management actions separating capital held for the longer duration and the amount available to cover deposit outflows.
Investors are also worried about the widening deficit in regulatory capacity in detecting fast emerging stresses in the banking system.
Silicon Valley Bank would have passed the latest stress test conducted by the Federal Reserve that is required by the largest top tier banks.
Bank runs enabled by online banking and fueled by social media messaging can overwhelm any bank regardless of its size.
Silicon Valley Bank lost 25% of its deposit or $42 billion in less than 24 hours, the swift rate of deposit departure not possible in the pre-Internet and mobile banking era.
Wholesale Inflation Eased In February
Producer Price Index, a measure of wholesale inflation, seasonally adjusted declined 0.1% in February from the previous month, the U.S. Bureau of Labor Statistics said Wednesday.
The core wholesale inflation, less foods, energy, and trade services, increased 0.2% in February after rising 0.5% in January.
On an unadjusted basis, wholesale inflation rose 4.6% and core wholesale inflation increased 4.4% from a year ago.
Retail Sales In February Edged Lower
February retail and food services sales declined 0.4% from the previous month, the U.S. Census Bureau reported Wednesday.
Retail and food services in the month rose 5.4% from the year ago and January sales data were revised to 3.2% increase.
The monthly data are adjusted for seasonal variation and holiday and trading-day differences, but not for price changes.
Retail trade sales were down 0.1% from January but increased 4.0% from a year ago. Food services and drinking places were up 15.3% while general merchandise stores were up 10.5% from last year.
Banks Dragged Stock Indexes Lower
The S&P 500 index fell 0.7% to 3,891.93 and the Nasdaq Composite index increased 5.90 points to 11,434.05.
Treasury Yields Inched Lower On Flight to Safety
The yield on 2-year Treasury notes declined 33 basis points to 3.89%, 10-year Treasury notes eased 17 basis points to 3.46% and 30-year Treasury bonds dropped 11 basis points to 3.64%.
U.S. Stock Movers
Regional banks led the decliners today after rebounding in the previous session.
PacWest Bancorp dropped 16% to $10.28, KeyCorp declined 2.8% to $11.82 and First Republic Bank fell 7.8% to $36.38 and Western Alliance Bancorporation increased 6.10% to $31.64.
Credit Suisse Group AG plunged 23.5% to $2.08 after its largest investors Saudi National Bank refused to provide additional support to the troubled Swiss bank.
Credit Suisse's woes added more pressure to already weak bank stocks and dragged down leading banks in Germany, France and Italy.
BNP Paribas, Soicete Generale, Deutsche Bank and UniCredit declined between 7% and 10%.
In New York, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup fell between 3% and 5%.
European Markets Dropped to One-year Lows
European markets sank after banks plunged on the interest rate risks worries.
The latest market selloff was sparked by a 25% plunge in Credit Suisse after its largest shareholder declined to inject more liquidity into the troubled bank.
A day ago the Swiss-bank confirmed "material weakness" in its financial reporting system and the bank is still struggling to complete its annual report.
Several banks in France and Italy were halted after the morning selloff knocked many banks down as much as 12%.
Deutsche Bank, UniCredit, BNP Paribas, Societe Generale and Banca Monte dei Paschi dropped between 8% and 11%.
Silicon Valley Bank, once the 16th largest bank in the U.S. with $175 billion in deposits, would have passed the U.S. Federal Reserve's stress test determining financial fitness for the largest banks.
“Our capital, our liquidity basis is very, very strong” and CEO Ulrich Koerner added in an interview with Reuters that “we fulfill and overshoot basically all regulatory requirements.”
Not knowing what is ailing banks and what risks are lurking in balance sheets is adding to market anxieties.
Woes of Credit Suisse are not new but the rising stress in bank stocks after the collapse of the Silicon Valley Bank and higher-rates-for-longer scenario is adding to the market anxieties.
Markets were not convinced and Credit Suisse plunged as much as 30%.
European Indexes Closed at One-year Lows
Stock market indexes dropped the most in a year as banking sector worries drove the market sentiment. After two hours of trading in Paris and Frankfurt benchmark indexes dropped to the low and struggled to rebound.
The European Central Bank is set to lift its lending rate by 25 basis points after the policy meeting on Thursday.
Higher rates are going to increase losses in government securities held by banks, stoking fears of the need to raise capital to bolster balance sheets.
The DAX index dropped 3.3% to 14,735.26, the CAC-40 index declined 3.6% to 6,885.71 and the FTSE 100 index fell 3.8% to 7,344.45.
European Government Bond Yields Turned Lower
European government bonds inched higher after investors sought safety of sovereign bonds on the rising risks of the banking crisis.
The yield on 10-year German Bunds declined to 2.2%, French bonds eased to 2.73%, the UK gilts to 3.33% and Italian bonds to 4.13%.
The euro declined 1.9% against the dollar, its worst one-day decline since March 19, 2020 when the currency fell 2.04%.
The euro edged lower to $1.0508, the British pound fell to $1.207 and the Swiss franc eased to 92.80 cents.
Crude Oil Traded at New 15-month Lows
Crude oil traded at a new 15-month low on rising stress in the banking sector and worries spilled over to Europe.
Prices fell despite OPEC and the International Energy Agency revised higher their estimates of demand growth from China.
Saudi Arabia energy minister Prince Abdulaziz bin Salman said OPEC would stick to its production cuts agreed in October till the yearend.
Brent crude oil prices declined 4.4% to $74.11 a barrel and the Dutch TTF natural gas spot price fell 3% to Є42.90 per MWh.
In New York, crude oil declined 4.1% to $68.25 a barrel and natural gas fell 10 cents to $2.46 a thermal unit.
Europe Movers
Ferrexpo Plc declined 7% to 122.0 pence after the Swiss commodities trading and mining company reported a decline in profit in 2022.
IG Group Holdings plc dropped 9.9% to 695.50 pence after the online trading company reported third quarter revenue fell 7% on lower market volatility.
Industria de Diseno Textil SA, parent of Zara, declined 5.1% to €27.68 despite the fashion and apparel retailer reporting record net income in 2022.
Burberry Group Plc declined 3.7% to 2,245.46 and the luxury fashion group appointed Kate Ferry as chief financial officer, replacing Julie Brown who had announced her decision to step down in September 2022.
Kate Ferry currently serves as chief financial officer of McLaren Group.
Lanxess AG plunged 11.3% to €34.85 after the German specialty chemical company swung to a loss in fourth quarter €21 million compared to a profit of €29 million a year ago.
E.ON increased 0.5% to €10.38 after the Germany-based utility company said sales and adjusted profit increased in full-year 2022.
BMW AG declined 1% to €94.69 and the vehicle maker estimated operating earnings margin between 8% and 10% in 2023.
The company also confirmed its 2022 results and said vehicle sales declined 4.8% to 2.4 million from 2.5 million a year ago.
Europe Movers: BMW, Burberry, E.ON, Ferrexpo, IG Group, Lanxess
Bridgette Randall
15 Mar, 2023
New York City
Ferrexpo Plc declined 7% to 122.0 pence after the Swiss commodities trading and mining company reported a decline in profit in 2022.
IG Group Holdings plc dropped 9.9% to 695.50 pence after the online trading company reported third quarter revenue fell 7% on lower market volatility.
Industria de Diseno Textil SA, parent of Zara, declined 5.1% to €27.68 despite the fashion and apparel retailer reporting record net income in 2022.
Revenue in the full-year 2022 increased 17.5% to €32.5 billion from €27.7 billion and net income soared 27% to €4.1 billion from €3.2 billion a year ago.
The company proposed to increased dividend 29% to €1.20 a share, ordinary dividend of 79.60 euro cents and a bonus dividend of 40.4 cents.
Burberry Group Plc declined 3.7% to 2,245.46 and the luxury fashion group appointed Kate Ferry as chief financial officer, replacing Julie Brown who had announced her decision to step down in September 2022.
Kate Ferry currently serves as chief financial officer of McLaren Group.
Lanxess AG plunged 11.3% to €34.85 after the German specialty chemical company swung to a loss in fourth quarter €21 million compared to a profit of €29 million a year ago.
E.ON increased 0.5% to €10.38 after the Germany-based utility company said sales and adjusted profit increased in full-year 2022.
BMW AG declined 1% to €94.69 and the vehicle maker estimated operating earnings margin between 8% and 10% in 2023.
The company also confirmed its 2022 results and said vehicle sales declined 4.8% to 2.4 million from 2.5 million a year ago.
Revenue in the full-year 2022 increased 28% to € 142.6 billion and net income rose 49.1% to €18.5 billion.
The company proposed a dividend of €8.50 per share of common stock compared to €5.80 in the previous year, representing 30.6% payout ratio.
The company repurchased around 15.3 million common shares for €1.17 billion and around 1.4 million preferred shares for €106 million, by the end of 2022.
European Markets Closed at One-year Lows On Rising Bank Sector Worries
Bridgette Randall
15 Mar, 2023
New York City
European markets sank after banks plunged on the interest rate risks worries.
The latest market selloff was sparked by a 25% plunge in Credit Suisse after its largest shareholder declined to inject more liquidity into the troubled bank.
A day ago the Swiss-bank confirmed "material weakness" in its financial reporting system and the bank is still struggling to complete its annual report.
Several banks in France and Italy were halted after the morning selloff knocked many banks down as much as 12%.
Deutsche Bank, UniCredit, BNP Paribas, Societe Generale and Banca Monte dei Paschi dropped between 8% and 11%.
Silicon Valley Bank, once the 16th largest bank in the U.S. with $175 billion in deposits, would have passed the U.S. Federal Reserve's stress test determining financial fitness for the largest banks.
“Our capital, our liquidity basis is very, very strong” and CEO Ulrich Koerner added in an interview with Reuters that “we fulfill and overshoot basically all regulatory requirements.”
Not knowing what is ailing banks and what risks are lurking in balance sheets is adding to market anxieties.
Woes of Credit Suisse are not new but the rising stress in bank stocks after the collapse of the Silicon Valley Bank and higher-rates-for-longer scenario is adding to the market anxieties.
Markets were not convinced and Credit Suisse plunged as much as 30% forcing a statement from the Swiss National Bank.
The central bank said in a statement that it is prepared to inject liquidity if needed because the "systematically important bank" meets the capital and other lending requirements.
The central bank also added that the failure of two U.S. banks does not pose "direct risk of contagion" to Swiss banks.
The move calmed broader financial markets and bank stocks pared losses across Europe.
European Indexes Closed at One-year Lows
Stock market indexes dropped the most in a year as banking sector worries drove the market sentiment. After two hours of trading in Paris and Frankfurt benchmark indexes dropped to the low and struggled to rebound.
The European Central Bank is set to lift its lending rate by 25 basis points after the policy meeting on Thursday.
Higher rates are going to increase losses in government securities held by banks, stoking fears of the need to raise capital to bolster balance sheets.
The DAX index dropped 3.3% to 14,735.26, the CAC-40 index declined 3.6% to 6,885.71 and the FTSE 100 index fell 3.8% to 7,344.45.
European Government Bond Yields Turned Lower
European government bonds inched higher after investors sought safety of sovereign bonds on the rising risks of the banking crisis.
The yield on 10-year German Bunds declined to 2.2%, French bonds eased to 2.73%, the UK gilts to 3.33% and Italian bonds to 4.13%.
The euro declined 1.9% against the dollar, its worst one-day decline since March 19, 2020 when the currency fell 2.04%.
The euro edged lower to $1.0508, the British pound fell to $1.207 and the Swiss franc eased to 92.80 cents.
Crude Oil Traded at New 15-month Lows
Crude oil traded at a new 15-month low on rising stress in the banking sector and worries spilled over to Europe.
Prices fell despite OPEC and the International Energy Agency revised higher their estimates of demand growth from China.
Saudi Arabia energy minister Prince Abdulaziz bin Salman said OPEC would stick to its production cuts agreed in October till the yearend.
Brent crude oil prices declined 4.4% to $74.11 a barrel and the Dutch TTF natural gas spot price fell 3% to Є42.90 per MWh.
Europe Movers
Ferrexpo Plc declined 7% to 122.0 pence after the Swiss commodities trading and mining company reported a decline in profit in 2022.
IG Group Holdings plc dropped 9.9% to 695.50 pence after the online trading company reported third quarter revenue fell 7% on lower market volatility.
Industria de Diseno Textil SA, parent of Zara, declined 5.1% to €27.68 despite the fashion and apparel retailer reporting record net income in 2022.
Burberry Group Plc declined 3.7% to 2,245.46 and the luxury fashion group appointed Kate Ferry as chief financial officer, replacing Julie Brown who had announced her decision to step down in September 2022.
Kate Ferry currently serves as chief financial officer of McLaren Group.
Lanxess AG plunged 11.3% to €34.85 after the German specialty chemical company swung to a loss in fourth quarter €21 million compared to a profit of €29 million a year ago.
E.ON increased 0.5% to €10.38 after the Germany-based utility company said sales and adjusted profit increased in full-year 2022.
BMW AG declined 1% to €94.69 and the vehicle maker estimated operating earnings margin between 8% and 10% in 2023.
The company also confirmed its 2022 results and said vehicle sales declined 4.8% to 2.4 million from 2.5 million a year ago.
Movers: Cvent, Lennar, PacWest Bancorp, Royal Caribbean, Wells Fargo
Scott Peters
15 Mar, 2023
New York City
Regional banks led the decliners today after rebounding in the previous session.
PacWest Bancorp dropped 16% to $10.28, KeyCorp declined 2.8% to $11.82 and First Republic Bank fell 7.8% to $36.38 and Western Alliance Bancorporation increased 6.10% to $31.64.
Credit Suisse Group AG plunged 23.5% to $2.08 after its largest investors Saudi National Bank refused to provide additional support to the troubled Swiss bank.
Credit Suisse's woes added more pressure to already weak bank stocks and dragged down leading banks in Germany, France and Italy.
BNP Paribas, Soicete Generale, Deutsche Bank and UniCredit declined between 7% and 10%.
In New York, JPMorgan Chase, Bank of America, Wells Fargo and Citigroup fell between 3% and 5%.
Lennar Corp declined 0.4% to $100.52 after the home builder said home deliveries increased but gross margins and new orders decreased in its latest quarter.
Revenue in the fiscal first quarter ending in February increased 5% to $6.4 billion from $6.2 billion and net income rose 18% to $596.5 million from $503.6 million a year ago.
Diluted earnings per share increased to $2.06 from $1.69 a year ago.
Home deliveries in the quarter increased 9% to 13,659 homes but new orders decreased 10% to 14,194 homes and new orders value decreased 18% to $6.4 billion.
Order backlog decreased 29% to 19,403 homes and backlog value plunged 33% to $9.0 billion.
Royal Caribbean Cruises Ltd declined 4.8% to $61.48 amid a decline in cruise industry stocks.
Last month the cruise company completed the private offering of $700 million aggregate of 7.250% senior notes due 2030.
Wells Fargo & Company declined 4.4% to $38.39 after the bank filed a shelf registration with the SEC to sell as much as $9.5 billion of securities including warrants, purchase contracts, debt securities.
The S-3 registration allows the filer to sell securities of any amount less than the maximum over the next three years.
Cvent Holding Corp declined 0.3% to $8.30 after the event management technology company reported its quarterly results.
Revenue in the fourth quarter increased to $107.8 million from $93.7 million and net loss shrank to $19.1 million from $22 billion and diluted loss per share fell to 4 cents from 5 cents a year ago.
Revenue in the full-year 2022 increased to $630.6 million from $518.8 million and net loss increased to $100.2 million from $86.0 million and diluted loss per share rose to 21cents from 20 cents a year ago.