Market Update
Tech Stocks Extended 3-day Rally as Travel Sector Gathers Momentum Worldwide
Barry Adams
15 Feb, 2023
New York City
Stocks pulled ahead and tech stocks advanced for the third day in a row.
Benchmark indexes were under pressure after retail and food services sales in January surpassed expectations set by some economists.
Investors debated the significance of two key reports released back-to-back in two days. Consumer inflation moderated in January but not by much and retail sales soared reflecting the labor market strength.
Travel related stocks were in focus in the U.S., Europe and Asia.
Airbnb soared after the online booking platform company indicated sustained demand for home-sharing on its platform.
Marriott and Hilton also suggested the strength in demand for hotel rooms and underscored their expansion to add new hotel properties.
TUI AG said its tour bookings are running ahead of pre-pandemic levels for summer travel in Europe and the Hong Kong-based Cathay Pacific said it air transported one million passengers in January, the first time in three years.
Investors are anticipating results from at least 250 companies later in the week in the U.S. and Europe.
U.S. Retail Sales advanced 3.0% In January
Seasonally adjusted retail and food services sales in January not adjusted for price increased 3.0% from December and jumped 6.4% from a year ago.
The November and December sales were unrevised at -1.1%. Retail trade sales were up 2.3% from December and 3.9% from last year and food services and drinking places sales soared 25.2% from a year ago.
U.S. Market Indexes
The S&P 500 index increased 0.3% to 4,147.60 and the Nasdaq Composite index advanced 0.9% to 12,070.59.
Crude oil declined 59 cents to $78.48 a barrel and natural gas futures fell 9 cents to $2.47 a thermal unit.
The yield on 2-year Treasury notes increased to 4.63%, the 10-year Treasury notes edged up to 3.80% and 30-year Treasury bonds inched up to 3.84%.
U.S. Movers
Airbnb, Inc increased 14.2% to $138.12 after the online booking platform operator reported a sharp rise in quarterly earnings on the back of a surge in travel.
Airbnb said revenue in the fourth quarter increased 24% to $1.9 billion and net income soared nearly six-fold to $319 million from $55 million and diluted earnings per share increased to 48 cents from 8 cents a year ago.
Airbnb said gross bookings volume rose 20% to $13.5 billion in the fourth quarter and jumped 35% to $63.2 billion in 2022. Nights and experiences soared 20% to 88.2 million and advanced 31% to 393.7 million in 2022.
Akamai Technologies, Inc plunged 10.3% to $78.71 after the content networking and cloud computing company reported a fall in earnings.
Akamai said fourth quarter revenue increased 2% to $927.8 million and net income dropped 19.8% to $128.7 million from $160.5 million and diluted EPS fell to 82 cents from 97 cents a year ago.
The company said in a call with investors that it plans to accelerate its push in cloud computing and shift its focus from security, raising the prospect of direct competitions with larger players Google and Microsoft and Oracle.
Tripadvisor, Inc increased 1.8% to $25.57 after the online travel agency reported a decline in quarterly loss and a rising demand for travel services.
Tripadvisor said total revenue increased 47% to $354 million and net loss shrank to $3 million from $29 million and diluted loss per share dropped to 2 cents from 21 cents a year ago.
Tripadvisor said fourth quarter revenue surpassed the comparable pre-pandemic period in 2019 and full-year 2022 revenue increased to 96% of the 2019 level.
In 2022, total revenue increased 65% to $1.49 billion and the company swung to a profit of $20 million from a loss of $148 million and diluted EPS was 14 cents from a loss of $1.08 a share a year ago.
European Markets Closed at New One-year Highs
Stocks advanced in Europe and benchmark indexes closed at new one-year highs.
Market sentiment was negative after the U.S. inflation moderated in January but remained hotter-than-expected by economists.
However, cooling of inflation in the UK bolstered buyers on European bourses. Market indexes scaled higher despite the higher-than-expected retail sales data in the U.S.
Consumer price inflation in the UK eased to 10.1% in January from 10.5% in December, the Office for National Statistics reported Wednesday.
Inflation fell for the third month in a row and dropped to the lowest level since September 2022.
On a monthly basis, inflation fell 0.6%, the first decline in a year and the largest since January 2019.
Separately, the U.S. retail sales rose 3.0% in January from December, the U.S. Census Bureau of Statistics reported Wednesday.
U.S. retail sales are adjusted for seasonal variations but not for price changes and over the last twelve months increased 6.4% in January.
The retail and food services sales strength showed the resilient consumer spending and may provide another signal to the Federal Reserve in support of aggressive rate hikes.
Euro Area Recorded Trade Deficit In 2022
The Euro Area trade balance swung to deficit in 2022 after imports rose faster than exports, Eurostat reported Wednesday.
International goods trade deficit was 8.8 billion, matching the level in 2021.
Goods exports increased 9.0% from the previous year to €238.7 billion and imports rose 8.7% to €247.5 billion.
The euro area exports of goods to the rest of the world rose 18.0% to €2.8 billion and imports jumped 37.5% to €3.19 billion, resulting in a deficit of €314.7 billion compared to a surplus of €116.4 billion.
Exports to the United States in 2022 increased 27.5% to €509.3 billion, China edged up 3% to €230.3 billion and the UK increased 15.9% to €328 billion.
Higher energy sourcing from Norway shot up imports by 115% to €160.7 billion.
Imports from the U.S. soared 53% to €358 billion and China surged 32% to €626 billion.
European Markets
The DAX index increased 0.8% to 15,506.34, the CAC-40 index advanced 1.2% to 7,300.86 and the FTSE 100 index closed up 0.6% to 7,997.83.
The euro inched lower $1.068, the British pound decreased to $1.202 and the Swiss franc increased to 92.43 U.S. cents.
The yield on 10-year German Bunds inched higher to 2.47%, French bonds advanced to 2.93%, the UK Gilts edged lower to 3.43% and Italian bonds to 4.32%.
Brent crude oil declined 49 cents to $85.08 a barrel and the Dutch TTF spot price rose 4% to Є54.75 per MWh.
Europe Movers
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
Asian Markets Dropped On Fed Fears
Asian markets closed down after the latest U.S. inflation data raised fears of the Federal Reserve continuing its campaign of rate hikes longer.
The yen edged lower and currencies in the region were under pressure on the worries of rising rates.
BoJ Yield Curve Policy Debates Rages On
Market indexes in Tokyo opened higher but drifted down after the yen weakened and the fears of higher rates in the U.S. overshadowed the market sentiment.
Investors also debated whether the Bank of Japan's next governor will embark on a policy to change the yield curve control and exit from its ultra-loose monetary policy stance.
The Nikkei index decreased 0.4% to 27,501.86 and the yen dropped 0.8% to 134.16 against the U.S. dollar.
In Tokyo trading, Rakuten Group Inc. soared 7.7% to ¥713.0. Sumitomo Osaka Cement advanced 6.1% to ¥3,605.0, Mitsubishi Chemical Holdings Corp rose 4.3% to ¥780.0 and Taiheiyo Cement Corp. advanced 4.1% to ¥2,347.0.
Citizen Watch Co Ltd soared 9.2% to ¥784.0 after the company reported its latest financial results.
Revenue in the nine-month period increased 16% to 230.2 billion yen and net income attributable to shareholders rose 14.6% to 19.7 billion yen.
Earnings per share rose to 67.26 yen from 55.03 a year ago.
Stocks in China closed lower and the spy balloon saga showed no signs of abating after officials from Japan and Korea stepped up efforts to shoot down future aerial objects in its airspace.
Hong Kong Tourists Arrival Soared In January
In business news, Hong Kong tourist arrivals soared three-fold to 498,689 in January from 160,578 in December, the Hong Kong Tourism Board said in a statement Wednesday.
Cathay Pacific said it carried one million passengers a month in January, the first time since the Covid-19 pandemic erupted.
Foxconn Leased Land In Vietnam
The Shanghai Composite index fell 0.4% to 3,280.49 and the Hang Seng index declined 1.4% to 20,812.17.
Foxconn Technology Group signed a lease for 45 hectares of land in Vietnam for $62.5 million, the company said in a filing with the stock exchange in Taiwan.
In December, Foxconn said it plans to quadruple its staff in India and increase its investment to $500 million and expand production of various Apple computer devices.
India Stocks Extended Gains for Second Day
In Mumbai trading, markets rebounded for the second day in a row after the U.S dollar turned lower and two reports provided mixed views on inflation.
Tech services providers soared and Infosys, Tech Mahindra, HCL and TCS advanced between 1% and 2%.
Adani Enterprises advanced after the company swung to a profit in the fiscal third quarter ending in December.
The Sensex index increased 0.4% or 242.83 to 61,275.09 and the Nifty index rose 0.5% or 86.0 to 18,015.85.
The Indian rupee rebounded to 82.78 against the U.S. dollar.
Europe Movers: Gucci Parent Kering, Carrefour, MTU Aero Engines
Bridgette Randall
15 Feb, 2023
Frankfurt
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
Euro Area Trade Swung to Deficit After Energy and China Imports Soared In 2022
Bridgette Randall
15 Feb, 2023
Frankfurt
Stocks advanced in Europe and benchmark indexes closed at new one-year highs.
Market sentiment was negative after the U.S. inflation moderated in January but remained hotter-than-expected by economists.
However, cooling of inflation in the UK bolstered buyers on European bourses. Market indexes scaled higher despite the higher-than-expected retail sales data in the U.S.
Consumer price inflation in the UK eased to 10.1% in January from 10.5% in December, the Office for National Statistics reported Wednesday.
Inflation fell for the third month in a row and dropped to the lowest level since September 2022.
On a monthly basis, inflation fell 0.6%, the first decline in a year and the largest since January 2019.
Separately, the U.S. retail sales rose 3.0% in January from December, the U.S. Census Bureau of Statistics reported Wednesday.
U.S. retail sales are adjusted for seasonal variations but not for price changes and over the last twelve months increased 6.4% in January.
The retail and food services sales strength showed the resilient consumer spending and may provide another signal to the Federal Reserve in support of aggressive rate hikes.
Euro Area Recorded Trade Deficit In 2022
The Euro Area trade balance swung to deficit in 2022 after imports rose faster than exports, Eurostat reported Wednesday.
International goods trade deficit was 8.8 billion, matching the level in 2021.
Goods exports increased 9.0% from the previous year to €238.7 billion and imports rose 8.7% to €247.5 billion.
The euro area exports of goods to the rest of the world rose 18.0% to €2.8 billion and imports jumped 37.5% to €3.19 billion, resulting in a deficit of €314.7 billion compared to a surplus of €116.4 billion.
Exports to the United States in 2022 increased 27.5% to €509.3 billion, China edged up 3% to €230.3 billion and the UK increased 15.9% to €328 billion.
Higher energy sourcing from Norway shot up imports by 115% to €160.7 billion.
Imports from the U.S. soared 53% to €358 billion and China surged 32% to €626 billion.
European Markets
The DAX index increased 0.8% to 15,506.34, the CAC-40 index advanced 1.2% to 7,300.86 and the FTSE 100 index closed up 0.6% to 7,997.83.
The euro inched lower $1.068, the British pound decreased to $1.202 and the Swiss franc increased to 92.43 U.S. cents.
The yield on 10-year German Bunds inched higher to 2.47%, French bonds advanced to 2.93%, the UK Gilts edged lower to 3.43% and Italian bonds to 4.32%.
Brent crude oil declined 49 cents to $85.08 a barrel and the Dutch TTF spot price rose 4% to Є54.75 per MWh.
Europe Movers
MTU Aero Engines AG increased 4.1% to €227.0 after the company reported its financial results for 2022 and lowered its 2023 revenue outlook.
Revenue in the full-year 2022 increased 27% to €5.3 billion from €4.2 billion in the previous year.
The operating profit increased 40% to €655 million and net income rose 39% to €476 million in 2022 from €342 million a year ago.
The company also lowered its 2023 revenue outlook largely on the account of foreign exchange adjustments.
MTU revised 2023 lower to between €6.1 billion and €6.3 billion from its November 2022 forecast between €6.4 billion and €6.6 billion, based on the revised euro-dollar exchange rate estimate of 1.10 compared to previous estimate of $1.05 in November.
The company won new orders worth $3.6 billion in 2022 and ended the year with an order backlog of $22.3 billion compared to $22.2 billion at the end of 2021.
Carrefour SA soared 8.5% to €17.82 after the hypermarket operator reported gains in market share in all key regions.
Revenue in 2022 including VAT rose to €90.8 billion from €78.6 billion and comparable sales increased 8.5%.
Sales in the fourth quarter increased 18% to €25.4 billion and comparable sales rose 10.9% following 11.3% in the third quarter.
Comparable sales in Europe rose 6.2% and in France increased 5.6% and in Latin America advanced 28.2%.
The company said the board of directors approved a new stock repurchase program of €800 million with no expiry date.
Net income adjusted for exceptional items increased to €1.2 billion from €1.1 billion in 2021 and earnings per share advanced to €1.63 from €1.43 a year ago.
Kering SA increased 3% to €578.40 after the parent of YSL and Gucci reported better-than-expected annual results.
Revenue in 2022 increased 15% or 9% on a comparable basis to €20.3 billion.
Net income attributable to shareholders increased 145 to €3.6 billion from 3.1 billion and earnings per share increased to €29.34 from €25.49 in the previous year.
The luxury goods company reported a dividend of €14 per share.
Gucci revenue increased 8% to €10.5 billion from €9.7 billion and YSL revenue soared 33% to €3.1 billion from €2.5 billion a year ago.
Of the total sales in 2022, Asia Pacific including China, India and Australia accounted for 33%, North America 27% and Western Europe 27%.
Foxconn's Lease Suggests Vietnam Expansion, Citizen Watch Soared On Earnings
Arjun Pandit
15 Feb, 2023
Mumbai
Asian markets closed down after the latest U.S. inflation data raised fears of the Federal Reserve continuing its campaign of rate hikes longer.
The yen edged lower and currencies in the region were under pressure on the worries of rising rates.
BoJ Yield Curve Policy Debates Rages On
Market indexes in Tokyo opened higher but drifted down after the yen weakened and the fears of higher rates in the U.S. overshadowed the market sentiment.
Investors also debated whether the Bank of Japan's next governor will embark on a policy to change the yield curve control and exit from its ultra-loose monetary policy stance.
The Nikkei index decreased 0.4% to 27,501.86 and the yen dropped 0.8% to 134.16 against the U.S. dollar.
In Tokyo trading, Rakuten Group Inc. soared 7.7% to ¥713.0. Sumitomo Osaka Cement advanced 6.1% to ¥3,605.0, Mitsubishi Chemical Holdings Corp rose 4.3% to ¥780.0 and Taiheiyo Cement Corp. advanced 4.1% to ¥2,347.0.
Citizen Watch Co Ltd soared 9.2% to ¥784.0 after the company reported its latest financial results.
Revenue in the nine-month period increased 16% to 230.2 billion yen and net income attributable to shareholders rose 14.6% to 19.7 billion yen.
Earnings per share rose to 67.26 yen from 55.03 a year ago.
Stocks in China closed lower and the spy balloon saga showed no signs of abating after officials from Japan and Korea stepped up efforts to shoot down future aerial objects in its airspace.
Hong Kong Tourists Arrival Soared In January
In business news, Hong Kong tourist arrivals soared three-fold to 498,689 in January from 160,578 in December, the Hong Kong Tourism Board said in a statement Wednesday.
Cathay Pacific said it carried one million passengers a month in January, the first time since the Covid-19 pandemic erupted.
Foxconn Leased Land In Vietnam
The Shanghai Composite index fell 0.4% to 3,280.49 and the Hang Seng index declined 1.4% to 20,812.17.
Foxconn Technology Group signed a lease for 45 hectares of land in Vietnam for $62.5 million, the company said in a filing with the stock exchange in Taiwan.
In December, Foxconn said it plans to quadruple its staff in India and increase its investment to $500 million and expand production of various Apple computer devices.
India Stocks Extended Gains for Second Day
In Mumbai trading, markets rebounded for the second day in a row after the U.S dollar turned lower and two reports provided mixed views on inflation.
Tech services providers soared and Infosys, Tech Mahindra, HCL and TCS advanced between 1% and 2%.
Adani Enterprises advanced after the company swung to a profit in the fiscal third quarter ending in December.
The Sensex index increased 0.4% or 242.83 to 61,275.09 and the Nifty index rose 0.5% or 86.0 to 18,015.85.
The Indian rupee rebounded to 82.78 against the U.S. dollar.
Movers: Airbnb, Akamai, Fannie Mae, GoDaddy, NerdWallet, SimilarWeb, Tripadvisor
Scott Peters
15 Feb, 2023
New York City
Airbnb, Inc increased 14.2% to $138.12 after the online booking platform operator reported a sharp rise in quarterly earnings on the back of a surge in travel.
Airbnb said revenue in the fourth quarter increased 24% to $1.9 billion and net income soared nearly six-fold to $319 million from $55 million and diluted earnings per share increased to 48 cents from 8 cents a year ago.
Airbnb said gross bookings volume rose 20% to $13.5 billion in the fourth quarter and jumped 35% to $63.2 billion in 2022. Nights and experiences soared 20% to 88.2 million and advanced 31% to 393.7 million in 2022.
Akamai Technologies, Inc plunged 10.3% to $78.71 after the content networking and cloud computing company reported a fall in earnings.
Akamai said fourth quarter revenue increased 2% to $927.8 million and net income dropped 19.8% to $128.7 million from $160.5 million and diluted EPS fell to 82 cents from 97 cents a year ago.
The company said in a call with investors that it plans to accelerate its push in cloud computing and shift its focus from security, raising the prospect of direct competitions with larger players Google and Microsoft and Oracle.
In 2022, revenue increased 4% to $3.6 billion from $3.4 billion and net income fell 19.6% to $523.6 million from $651.6 million and diluted EPS fell to $3.26 from $3.93 a year ago.
Akamai spent $178 million in the fourth quarter of 2022 to repurchase 2.1 million shares of its common stock at an average price of $86.50 per share and in full-year 2022 spent $608 million to repurchase 6.4 million shares at an average price of $94.96 per share.
The company had 156 million shares of common stock outstanding as of December 31, 2022.
Federal National Mortgage Association or Fannie Mae increased 1.5% to 48 cents after the government-controlled housing lender reported a sharp decline in earnings but an increase in net worth.
Fannie Mae said revenue in 2022 declined 1% to $29.7 billion and net income plunged 42% to $12.9 billion from $22.2 billion and diluted earnings per share was zero compared to 1 cent a year ago.
Revenue in the fourth quarter declined 1% to $7.1 billion and net income fell 41% to $1.4 billion from $2.4 billion in the previous year.
GoDaddy Inc decreased 0.3% to $80.80 after the company forecasted weak revenue outlook for 2023.
GoDaddy said revenue in the fourth quarter increased 2% to $1.04 billion and net income rose 7.3% to $93.8 million from $87.4 million and diluted EPS rose to 60 cents from 52 cents a year ago.
In 2022, revenue increased to $4.09 billion from $3.8 billion and net income increased to $352.9 million from $242.8 million and diluted EPS rose to $2.19 from $1.42 a year ago.
GoDaddy forecasted revenue in the first quarter 2023 to increase in the range of $1.030 billion to $1.050 billion, representing a growth of 4% at the midpoint from 2021 and full-year revenue in the range of $4.250 billion to $4.325 billion, representing a growth of 5% at the midpoint, versus the $4.09 billion in 2022.
NerdWallet Inc soared 20.6% to $17.23 after the consumer finance company reported higher-than-expected revenue in its latest quarter.
NerdWallet said revenue in the fourth quarter increased 43% to $142 million and the company swung to a net income of $8.9 million from a loss of $7.9 million and diluted EPS was 12 cents compared to a loss of 13 cents a year ago.
In 2022, revenue increased 42% to $538.9 million and net loss shrank 76% to $10.2 million from $42.5 million or 14 cents from 82 cents a year ago.
SimilarWeb Ltd was unchanged at $6.75 after the web analytics company reported a smaller loss in its latest quarter.
SimilarWeb said revenue in the fourth quarter increased 28% to $51.3 million and net income loss shrank to $15 million from $23.8 million or 20 cents from 32 cents a year ago.
In 2022, revenue increased 40% to $193.2 million and net loss rose to $83.7 million from $68.9 million or from $1.10 from $1.30 a year ago.
The web analytics company forecasted 2023 revenue to increase 15% between $221 million and $222 million and first quarter revenue to increase 19% to between $52.5 million and $53 million.
Tripadvisor, Inc increased 1.8% to $25.57 after the online travel agency reported a decline in quarterly loss and a rising demand for travel services.
Tripadvisor said total revenue increased 47% to $354 million and net loss shrank to $3 million from $29 million and diluted loss per share dropped to 2 cents from 21 cents a year ago.
Tripadvisor said fourth quarter revenue surpassed the comparable pre-pandemic period in 2019 and full-year 2022 revenue increased to 96% of the 2019 level.
In 2022, total revenue increased 65% to $1.49 billion and the company swung to a profit of $20 million from a loss of $148 million and diluted EPS was 14 cents from a loss of $1.08 a share a year ago.
Consumer Inflation In January Advanced 0.5%
Brian Turner
14 Feb, 2023
New York City
The Consumer Price index increased 0.5% in January from the previous month and rose 6.4% from a year ago.
The data were released in a monthly report by the U.S. Bureau of Labor Statistics Tuesday.
Core inflation, excluding food and energy, rose 0.4% from the previous month and advanced 5.6% over the year ending in January.
The overall inflation was the smallest since October 2021 and core inflation rose at a slower pace since December 2021.
The index for shelter was the largest contributor to the monthly inflation and the indexes for food, gasoline, and natural gas also showed significant increases.
The food index increased 0.5% over the month while the food at home index rose 0.4%.
The energy index increased 2.0% from the month as all major energy component indexes rose after crude oil and natural gas prices traded higher.
Despite the moderating inflation, price increases are widening to services from the goods sector of the economy and inflation is still significantly higher than the target set by the policymakers at the Federal Reserve.
The Federal Reserve has increased rates by eight times in the last one year but inflation is still above 2%.
January Retail Sales Jumped 3.0%
Brian Turner
15 Feb, 2023
New York City
Seasonally adjusted retail and food services sales in January not adjusted for price increased 3.0% from December and jumped 6.4% from a year ago.
Total sales for the November 2022 through January 2023 period were up 6.1% from the same period a year ago.
The November and December sales were unrevised at -1.1%, according to the report released by the U.S. Census Bureau in its preliminary report Wednesday.
Retail trade sales were up 2.3% from December and 3.9% from last year and food services and drinking places sales soared 25.2% and general merchandise sales increased 4.5% from the previous year.