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Market Update

Deere & Company increased 3.3% to $382.83 after the agriculture equipment maker reported better-than-expected quarterly results. 

Revenue in the fiscal second quarter ending in April increased 30% to $17.4 billion from $13.4 billion and net income advanced to $2.1 billion from $2.1 billion and diluted earnings per share rose to $9.65 from $6.81 a year ago. 

The company revised higher full-year net income between $9.25 billion and $9.50 billion with cash flow from equipment operations expected to be between $10.0 billion and $10.50 billion.


19 May, 2023

 

Foot Locker Inc plunged 24.1% to $24.55 after the specialty  retailer reported weaker-than-expected sales and earnings in the first quarter. 

The athleticwear maker reported first quarter sales declined 11.4% to $11.9 billion after comparable store sales declined 9.1% on macroeconomic headwinds. 

Gross margin declined 400 basis points from a year ago, driven by a combination of higher markdowns, and store closings, as well as an increase in theft related shrink.

Net income declined to $36 million from $133 million and diluted earnings per share fell to 38 cents from $1.33 a year ago. 

In the quarter, the retailer paid 40 cents a share dividend or $38 million and the company's board approved 40 cents a share dividend payable on July 28 to shareholders on record July 14. 

The company lowered its annual revenue decline forecast between 6.5% and 8.0% from the previous estimate between 3.5% and 5.5% and revised lower comparable sales decrease outlook between 7.5% and 9.0% from 3.5% to 5.5%.  

During the first quarter, the company opened 13 new stores, remodeled, or relocated 18 stores, and closed 35 stores and operated 2,692 stores in 29 countries in North America, Europe, Asia, Australia, and New Zealand. 

In addition, 163  franchised stores were operating in the Middle East and Asia. 


19 May, 2023

 

Walmart Inc increased 1.9% to $151.45 after the retailer said revenue in the first quarter increased 7.6% to $152.3 billion. 

U.S. comparable same store sales increased 7.4%, driven by 2.9% increase in number of transactions and 4.4% rise in average ticket size. 

Net income in the quarter decreased 18.5% to $1.7 billion from $2.1 billion and diluted earnings per share declined to 62 cents from 74 cents a year ago. 

The company forecasted consolidated store sales to increase 4.0% in the second quarter and 3.5% in the fiscal year 2024. 


18 May, 2023

 

Take Two Interactive Software, Inc soared 12.8% to $141.0 after the videogame developer reported higher-than-expected revenue in the fiscal fourth quarter. 

Revenue in the fourth quarter ending in March increased 56% to $1.45 billion from $930 million and the company swung to a net loss of $610.3 million from a profit of $110.9 million and diluted earnings per share was ($3.62) from 96 cents a year ago. 

The company forecasted net revenue in the fiscal year 2024 between $5.37 billion and $5.47 billion and net loss range from $518 million to $477 million and net loss per share between $3.05 and $2.80.   


18 May, 2023

 

Synopsys Inc increased 2.7% to $387.48 after the electronic design automation software developer reported quarterly results that were ahead of expectations. 

Revenue in the fiscal second quarter ending in April increased to $1.40 billion from $1.28 billion a year ago. 

Net income in the quarter decreased to $269.9 million from $293.8 million and diluted earnings per share fell to $1.76 from $1.89 a year ago. 

The company forecasted revenue in the fiscal third quarter ending in July between $1.465 billion and $1.495 billion and earnings per share between $1.88 and $1.99. 


18 May, 2023

 

Cisco Systems Inc declined 4.2% after the networking gear maker reported better-than-expected revenue and earnings in the fiscal third quarter. 

Revenue increased 14% to $14.6 billion and net income increased to $3.2 billion from $2.6 billion and diluted earnings per share rose to 78 cents from 65 cents a year ago.  


18 May, 2023

 

Bath & Body Works Inc soared 12.5% to $38.32 after the specialty retailer reported higher-than-expected revenue and earnings in its latest quarter. 

Revenue in the first quarter declined 4% to $1.39 billion from $1.45 billion and net income declined to $81 million from $155 million and diluted earnings per share fell to 35 cents from 64 cents a year ago. 

The company forecasted fiscal 2023 sales between flat and decrease in mid-single digit decline from $7.5 billion in 2022 and diluted earnings per share between $2.70 and $3.10 compared to $3.40 a year ago. 


18 May, 2023

 

The Container Store Group Inc fell 5.9% to $2.55 after the specialty retailer reported a decline in revenue. 

Revenue in the first quarter declined to $259.7 million from $356.7 million and the company swung to a net loss of $189.3 million from a profit of $23.2 million and diluted earnings per share was ($3.85) compared to 46 cents a year ago.    

The retailer forecasted revenue in the fiscal first quarter ending in June between $200 million and $210 million and comparable sales to fall between 19% and 23%. 

The company also estimated net loss between 16 cents and 10 cents per share. 

For the fiscal year 2024, the retailer forecasted revenue between $885 million and $900 million and net income between 7 cents and 17 cents per share and comparable sales to decline in "mid to high teens."  


17 May, 2023

 

Doximity Inc declined 5.5% to $32.02 after the company reported mixed quarterly results in the fiscal fourth quarter ending in March. 

Revenue in the quartet increased 18% to $111.0 million from $97.0 million and net income dropped to $30.7 million from $36.7 million and diluted earnings per share declined to 14 cents from 20 cents a year ago. 

The company forecasted revenue in the fiscal first quarter ending in June between $106.5 million and $107.5 million and for the full-year between $500 million and $506 million. 

The company forecasted adjusted EBITDA in the June quarter between $39 million and $40.0 million and for the fiscal year 2024 between $216 million and $222 million. 


17 May, 2023

 

Target Corp increased 1.7% to $159.62 after the retailer reported only 0.6% increase in revenue to $25.32 billion. Store traffic increased 0.9% on top of 3.9% in the quarter a year ago. 

Net income declined 5.8% to $950 million from $1.0 billion and diluted earnings per share fell to $2.05 from $2.16 a year ago. 


17 May, 2023

 

Nu Holdings Ltd increased 5.7% to $6.42 after the fintech company reported first-quarter revenue of $1.6 billion and adjusted earnings of $182.4 million. 

Brazil-based online bank said revenue in the first quarter increased 85% to $1.6 billion from $877.2 million and the company swung to a net income of $141.8 million from a loss of $45.1 million a year ago. 

The company added 4.5 million customers on its digital platform in the quarter and reached a total of 79.1 million. In Brazil, the company added 1.5 million net new customers on its digital platform. 

Deposits in the quarter increased 34% on currency neutral basis to $15.8 billion and total loans surged 54% to $12.8 billion. 

Net interest margin increased 2.2 percentage points and 7.2 percentage points from the previous year to a record high of 15.7%. 

Nu's customers in Brazil now account for 46% of the country’s adult population, versus 44%  in the previous quarter and in Mexico increased 52% to 3.2 million and in Colombia soared 200% to 635,000. 


16 May, 2023

 

Home Depot Inc decreased 2.2% to $282.54 after the home improvement retailer said fiscal year revenue is expected to decline. 

The home improvement chain blamed the sale decline on softening of lumber prices and poor weather conditions in several parts of the U.S. 

Home Depot forecasted same store and comparable sales in 2023 to decrease  between 2% and 5%. 

Sales in the first quarter decreased 4.2% to $37.3 billion and comparable sales declined 4.5% and in the U.S. store fell 4.6%, operating margin rate between 14.0% and 14.3% and diluted earnings per share to fall between 7.0% and 13.0% a year ago. 


16 May, 2023

 

Magellan Midstream Partners LP jumped 13.6% to $63.04 after the company agreed to be acquired by OneOk, Inc for about $18.8 billion. 

OneOk, Inc declined 8.5% to  $58.18. 

OneOk agreed to pay $25.0 in cash and 0.6670 shares of ONEOK common stock for  each outstanding Magellan common unit, representing a current implied value to each Magellan unitholder of $67.50 per unit, a 22% premium, based on May 12 closing prices. 

 The transaction is expected to  be earnings per share accretive beginning in 2024 with EPS accretion of 3% to 7%  per year from 2025 through 2027, and free cash flow per share accretion averaging more  than 20% from 2024 through 2027.

The combined company is estimated to generate an average annual $1.0 billion in free cash flow in the first four years following the close of the transaction. 


15 May, 2023

 

Newmont Corporation increased 1.4% to $46.60 after the company and Australia-based Newcrest Mining Ltd reached a binding agreement to proceed with the proposal to acquire 100% of Newcrest. 

Newmont agreed to pay 0.4 Newmont share for each Newcrest share held and shareholders will be entitled to receive a special dividend of up to US$1.0 a share just ahead of the completion of the deal. 

After considering the full amount of the special dividend, the deal value Newcrest Mining at A$29.27 a share an implied equity value of A$26.2 billion and enterprise value for Newcrest of A$28.8 billion

Newcrest shareholders will own 31% of the combined group and value the company at a 30.4% premium to Newcrest’s closing price of A$22.45 per share on February 3, before the first announcement of the deal. 


15 May, 2023

 

News Corp increased 6.0% to $17.75 after the media company reported higher-than-expected quarterly revenue. 

Revenue in the March quarter declined 2% to $2.45 billion from $2.49 billion, reflecting 4% negative impact from foreign currency fluctuations. 

Net income in the quarter declined to $59 million from $104 million and diluted earnings per share dropped to 9 cents from 14 cents a year ago. 

Revenue in the Dow Jones segment increased 9% to $529 million, digital real estate services which includes Realtor.com declined 13% to $363 million and book publishing which includes Harper Collins was flat at $515 million. 

Broadcast media residential subscribers declined to 1.37 million from 1.52 million and commercial subscribers fell to 233,000 from 240,000 a year ago. 

During the third quarter, total average subscriptions to Dow Jones’ consumer products increased 6% to 5.1 million and digital-only subscriptions to Dow Jones’ consumer products grew 10%. 

Total subscriptions to The Wall Street Journal rose 5% compared to the prior year, to nearly 3.9 million average subscriptions in the quarter.

Digital-only subscriptions to The Wall Street Journal increased 9% to 3.3 million average subscriptions in the quarter, and represented 85% of total Wall Street Journal subscriptions.

 


26 May, 2023