Market Update
Movers: Abercrombie & Fitch, Compass, Eventbrite, GoodRx, LL Flooring, Lowe's, ODP
Scott Peters
01 Mar, 2023
New York City
Abercrombie & Fitch Co decreased 1.8% to $28.90 after the apparel retailer reported a decline in net income and forecasted slower growth.
Abercrombie & Fitch Co said revenue in the fourth quarter increased 3% to $1.2 billion from $1.1 billion and net income declined to $38.3 million from $65.5 million and diluted earnings per share fell to 75 cents from $1.12 a year ago.
In full-year 2022, revenue was flat at $3.7 billion and net income dropped to $2.8 million from $263 million and diluted earnings per share plunged to 5 cents from $4.20 a year ago.
The apparel retailer guided net sales growth in the range of 1% to 3% from $3.7 billion in 2022 with the expectation that Abercrombie will continue to outperform Hollister and the U.S. sales will continue to outperform international sales.
Compass, Inc plunged 16.7% to $3.01 after the real estate brokerage service provider reported a sharp decline in fourth quarter revenue after industry wide home sales transactions plunged 18% in the period.
Compass, Inc said revenue in the fourth quarter declined 31% to $1.1 billion after real estate transactions fell 25%.
Net loss improved to $158 million from $175 million and diluted loss per share shrank to 36 cents from 43 cents in the previous year.
Revenue in 2022 declined 6% to $6 billion following a decline in transactions by the same amount.
Net loss in the year expanded to $601.5 million from $494.1 million and diluted loss per share fell to $1.40 from $1.51 a year ago.
Eventbrite, Inc soared 14.9% to $10.08 after the event ticketing and marketing platform operator reported profit in its latest quarter after in-person events rebounded led by music and food and wine events.
Eventbrite, Inc said fourth quarter revenue increased 20% to $71.5 million and the event and ticketing platform operator swung to a net income of $4.0 million from a loss of $16.8 million in the previous year.
In the fourth quarter, about 389,000 event planners created 1.5 million events and sold 77 million event tickets on the platform. Net revenue per paid ticket improved to $2.85 from $2.70 and paid ticket volume was 25.1 million on 14% increase in paid events from the previous year.
In the full-year 2022, a total of $3.3 billion of gross ticket sales and 284 million paid and free tickets were transacted on the platform.
Net revenue in the full-year 2022 increased 39% to $260.9 million and net loss shrank to $55.4 million from $137.6 million and diluted loss per share fell to 56 cents from $1.47 in the previous year.
The company forecasted first quarter 2023 revenue in the range of $73 million to $76 million, and full year 2023 revenue between $312 million to $330 million.
The company said it plans to eliminate 8% of roles (about 70 staff) immediately and over the next 10 months relocate 30% of roles to India and Spain as part of the company restructuring.
GoodRx Holdings Inc increased 6% to $5.61 after the online discount pharmacy reported a smaller-than-expected loss in its latest quarter.
GoodRx Holdings said revenue in the fourth quarter declined to $184 million from $213 million and net loss shrank to $1.9 million from $39.9 million and diluted earnings per share was breakeven compared to a loss of 10 cents from a year ago.
In 2022, revenue increased to $766.5 million from $745.4 million and net loss rose to $32.8 million from $25.2 million and diluted loss per share rose to 8 cents from 6 cents in the previous year.
Kohl's Corporation declined 2.5% to $27.34 after the apparel retailer reported a decrease in total and comparable store revenue and swung to a quarterly loss.
Kohl's Corporation said revenue in the fourth quarter decreased 7.2% to $5.8 billion and the retailer swung to a net loss of $273 million from a profit of $299 million and diluted earnings per share was ($.2.49) compared to $2.20 a year ago.
Comparable sales in the quarter fell 6.6%.
In full-year 2022, revenue fell 7.1% to $17.2 billion and the apparel retailer swung to a net loss of $19 million compared to a profit of $938 million and diluted earnings per share was ($0.15) compared to $6.32 a year ago. Comparable sales in the year declined 6.6%.
The retailer announced a dividend of 50 cents per share payable March 29 to shareholders of record on March 15.
LL Flooring Holdings, Inc dropped 10% to $4.55 after the retailer reported a loss in its latest quarter.
LL Flooring Holdings, Inc said revenue in the fourth quarter declined 7.5% to $263.9 million after comparable sales declined 9.5% from the previous year.
The flooring products retailer swung to a net loss of $15 million from a profit of $10.3 million and diluted earnings per share was ($0.53) compared to 35 cents in the previous year.
Revenue in the full-year 2022 declined 3.6% to $1.1 billion and comparable store sales fell 5.8%. Net income declined to $41.7 million from $61.4 million and diluted earnings per share fell to $1.41 from $2.10 in the previous year.
Lowe's Companies Inc fell 7% to $191.58 after the home improvement retailer reported a decline in comparable sales and net income.
Lowe's Companies said revenue in the fourth quarter rose to $22.4 billion from $21.3 billion and net income declined to $957 million from $1.2 billion and diluted earnings per share fell to $1.58 from $1.78 in the previous year.
Comparable sales in the quarter declined 1.5%.
In full-year 2022, revenue rose to $97 billion from $96.3 billion and net income fell to $6.4 billion from $8.4 billion and diluted earnings per share decreased to $10.17 from $12.04 a year ago.
During the quarter, the retailer repurchased approximately 10 million shares for $2.0 billion and it repurchased 71 million shares for $14.1 billion for the year.
The company also paid $643 million in dividends in the fourth quarter and $2.4 billion in dividends for the year. In total, the company returned $16.5 billion to shareholders through share repurchases and dividends in 2022.
The ODP Corporation increased 7.3% to $48.59 after the office supply retailer increased its stock repurchase plan.
The ODP Corporation, parent of Office Depot, said sales in the fourth quarter increased 3% to $2.1 billion and the retailer swung to a net income of $17 million from a loss of $274 million from the previous year.
Diluted earnings per share was 38 cents compared to a loss of $5.44 in the previous year.
Sales in the full-year 2022 was flat at $8.5 billion and the retailer swung to a profit of $166 million from a loss of $208 million and diluted earnings per share was $3.37 from {$3.79) a year ago.
The company announced a new stock repurchase program of $1 billion replacing the current $600 million plan. In 2022, the company repurchased 6.4 million shares for $266 million, which included the repurchase of over 4.5 million shares for approximately $197 million in the fourth quarter,
Stocks Turned Lower As Treasury Yields Extended Gains
Barry Adams
01 Mar, 2023
New York City
U.S. stocks lacked direction in trading and Treasury yields hovered near 3-month highs.
Stocks got an early boost after China's official data on the manufacturing sector was much stronger-than-anticipated.
Bond yields advanced and the yields on 1-year Treasury notes and six-month Treasury notes pulled further above 5% level.
Recent reports on the economy, inflation and employment are signaling that inflation is not likely to cool as fast as previously expected, which continues to put upward pressure on rates.
China's Manufacturing Expanded at 11-year High Rate
China's PMI in February rose to 52.6 from 50.1 in January, the high not seen since April 2012, the National Bureau of Statistics reported Thursday.
Manufacturing sector expanded for the second month in a row after Beijing ended its three-year old zero-Covid policy.
China's service sector accelerated its expansion, according to the data released by the NBS.
Non-manufacturing PMI rose to 56.3 in February from 54.4 in the previous month after new orders expanded at a faster pace.
Higher Mortgage Rates Crimp Applications to 28-year Low
Mortgage applications declined 5.7% from the previous week, according to data released by the Mortgage Bankers Associations for the week ending February 24.
The index measuring application volume dropped near the 28-year low after the 30-year fixed-rate mortgage increased to 6.71% last week.
"There has now been three straight weeks of declines in applications as mortgage rates have jumped 50 basis points over the past month,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
"Purchase applications were 44% lower than a year ago and refinance applications accounted for less than a third of all applications and remained more than 70 percent behind last year’s pace, as a majority of homeowners are already locked into lower rates,” added Kan.
Indexes & Yields
The S&P 500 index decreased 0.2% to 3,964.36 and the Nasdaq Composite index fell 0.2% to 11,438.60.
The yield on 2-year Treasury notes inched higher to 4.85%, 10-year Treasury notes rose to 3.95% and 30-year Treasury bonds held steady at 3.94%.
Crude oil increased 13 cents to $77.81 a barrel and natural gas fell 4 cents to $2.40 a thermal unit.
U.S. Movers
Lowe's Companies said revenue in the fourth quarter rose to $22.4 billion from $21.3 billion and net income declined to $957 million from $1.2 billion and diluted earnings per share fell to $1.58 from $1.78 in the previous year.
Comparable sales in the quarter declined 1.5%.
In full-year 2022, revenue rose to $97 billion from $96.3 billion and net income fell to $6.4 billion from $8.4 billion and diluted earnings per share decreased to $10.17 from $12.04 a year ago.
During the quarter, the retailer repurchased approximately 10 million shares for $2.0 billion and it repurchased 71 million shares for $14.1 billion for the year.
The company also paid $643 million in dividends in the fourth quarter and $2.4 billion in dividends for the year.
In total, the company returned $16.5 billion to shareholders through share repurchases and dividends in 2022.
Kohl's Corporation said revenue in the fourth quarter decreased 7.2% to $5.8 billion and the retailer swung to a net loss of $273 million from $299 million and diluted earnings per share was ($.2.49) compared to $2.20 a year ago.
Comparable sales in the quarter fell 6.6%.
In full-year 2022, revenue fell 7.1% to $17.2 billion and the apparel retailer swung to a net loss of $19 million compared to a profit of $938 million and diluted earnings per share was ($0.15) compared to $6.32 a year ago.
Comparable sales in the year declined 6.6%. The retailer announced a dividend of 50 cents per share payable March 29 to shareholders of record on March 15.
Indexes Registered Losses in February On Rate-Path and Recession Worries
Barry Adams
28 Feb, 2023
New York City
Market indexes closed down after bond yields advanced and 10-year Treasury notes closed at a 3-month high.
Investors reacted to the latest batch of earnings from retailers, restaurants and tech companies and reviewed the rising bond yields.
Retailer Target Corp struggled to control costs but higher discounts lured customers back in search of bargains as prices of essential goods continue to rise but at a slower pace.
Zoom Video reported a sharp plunge in earnings and sales growth after the pandemic-era boom began to fade but the number of companies paying more than $100,000 a year continued to rise.
Movement in Treasury yields also impacted stock market sentiment after the yields on six-month and one-year Treasury notes traded above 5% and 10-year Treasury touched a 3-month high.
Investors are also looking ahead to earnings from Kohl's and Lowe's before the opening bell on Wednesday.
Indexes and Yields
The S&P 500 index decreased 0.3% to 3,970.51 and the Nasdaq Composite index fell 0.7% to 11,455.54.
In February, the S&P 500 declined 2.6% and the Nasdaq Composite decreased 1.1%.
U.S. Treasury yields increased and extended gains in February as traders come to terms with the prospects of higher rates staying longer and recalibrate expectations.
The yields on 10-year Treasury notes traded at a 3-month high and shorter term debts of six months or one-year duration stayed firmly above 5%.
The yield on 2-year Treasury notes increased to 4.83%, 10-year Treasury notes edged higher to 3.94% and 30-year Treasury bonds hovered near 3.93%.
Energy Prices Extend Annual Losses
Crude oil traded higher and the commodity rose 0.5% in February and dropped 28% over the last twelve months.
Traders are looking for a demand surge from China as refiners accelerate reopening to meet the rising demand for transportation fuel.
Natural gas futures edged higher but the fuel is set to fall more than 2.5% in February and extend loss to 41% over the last twelve months.
Demand for natural gas has been weak amid warm weather conditions and the LNG export terminal in Freeport, Louisiana is not expected to reopen before mid-March.
Crude oil increased 86 cents to $76.56 a barrel and natural gas rose 1 cent to $2.64 a thermal unit.
U.S. Movers
Target Corporation increased 1.1% to $168.46 after the retailer reported a weak sales increase and earnings fell on higher costs and the company issued a cautious outlook.
Target Corporation said revenue in the fourth quarter increased 1.2% to $30.9 billion but net income plunged 43% to $876 million and diluted earnings per share dropped to $1.89 from $3.21 a year ago.
In full-year 2022, revenue increased 2.8% to $107.6 billion and net income plunged 60% to $2.8 billion from $6.9 billion and diluted earnings per share dropped to $5.98 from $14.10 a year ago.
Comparable sales in the quarter increased 0.7% on top of 8.9% and advanced 2.2% on top of 12.7% in 2021. Comparable traffic in 2022 increased 2.1% on top of 12.3% in the previous year.
Zoom Video Communications increased 1.1% to $74.59 after the company reported better-than-expected earnings and sharp decline in sales growth.
Zoom Video Communications said revenue in the fourth quarter increased 4% to $1.1 billion and the company swung to a net loss of $104.4 million from a profit of $490.5 million.
The earnings per share was a loss of 36 cents compared to a profit of $1.60 a year ago.
Revenue in the fiscal year ending in January increased 7.0% to $4.4 billion and net income dropped to $103.7 million from $1.4 billion and diluted earnings per share dropped to 34 cents from $4.50 a year ago.
European Markets Erased Previous Day's Gains
European markets opened lower but managed to cross flat line by midday and turned lower in the afternoon trading.
Market sentiment was negative at the opening after inflation accelerated in France and Spain.
But by midday investors were able to shake off lingering worries of higher rates and indexes stayed firmly in the positive zone for two hours.
In the late afternoon stocks turned lower after bond yields advanced in the Euro Area, denting the market sentiment on the worries of higher interest rates.
Crude oil rebounded on the hopes that Chinese refineries will soon drive the demand higher as social mobility picks up in the second-largest economy after three-years of Covid-linked lockdowns.
However, natural gas fell towards the Є45 price level amid warm weather conditions and elevated supply.
France's Consumer Inflation Accelerated
France's consumer price inflation accelerated to 6.2% in February from 6.0% in January, the statistical office INSEE reported Tuesday.
Sustained increase in food and energy prices drove the bulk of inflation in the month.
Food prices increased 14.5% but energy price inflation slowed to 14.0% from 16.3% in January.
Consumer prices increased 0.9% in February after rising at 0.4% in January.
A separate report from the statistical office showed that household consumption on a monthly basis increased 1.5% in January after falling 1.6% in December.
Household consumption rose after the government withdrew support for household energy bills.
Spain's Inflation Accelerated in January
Spain's consumer price inflation increased to 6.1% in February from 5.9% in January, the statistical office INE said in a preliminary report Tuesday.
The recent bout of inflation was driven by the price increases in electric utility bills and rising cost of food.
Core inflation, excluding unprocessed food and energy, accelerated to 7.7% in February from 7.5% in January.
Overall consumer inflation rose 0.1% in February from the previous month when the prices dropped 0.2%
Indexes Looked Down and Yields Advanced
The DAX index decreased 0.1% to 15,365.14, the CAC-40 index dropped 0.4% to 7,267.93 and the FTSE 100 index fell 0.7% to 7,876.28.
The yield on 10-year German Bunds rose to 2.63%, French bonds increased to 3.1%, UK gilts to 3.84% and Italian bonds to 4.47%.
The euro edged lower to 1.056%, the British pound inched lower to $1.203 and the Swiss franc to 94.14 cents.
Oil Advanced On China Optimism, Gas Weakened
Brent crude fell 1.3% in February and plunged 28% and TTF natural gas price dropped 5% in February and plunged 61% from a year ago.
Brent crude oil increased to $1.23 to $83.27 a barrel and the Dutch TTF natural gas fell 63 cents to Є46.67 per MWh.
Europe Stock Movers
Credit Suisse Group AG increased 0.6% to sfr 2.85 and recovered from the loss of 2% and the Swiss financial regulator FINMA said the bank "seriously breached its supervisory obligations" in its transactions with Australian businessman Lex Greensill.
Greensill filed for financial bankruptcy protection after the supply chain financial products provider's subsidiary in Germany was shuttered for financial irregularities.
Adecco Group declined 2.9% to sfr 33.46 after the Swiss-French recruitment services provider reported fourth quarter net income plunged 65% to Є65 million from Є185 million a year ago.
Bayer AG declined 3.9% to €56.29 after the German pharmaceutical firm reported a sharp decline in earnings.
Fourth quarter earnings fell 47% to €611 million from €1.16 billion a year ago and revenue increased 4% to €12 billion from €11.1 billion in the period.
Diluted earnings per share declined to 62 cents from €1.18 a year ago.
Full-year revenue increased 8.7% to €50.7 billion and net income increased to 4.1 billion from 1.0 billion and diluted earnings per share rose to €4.22 from €1.02 a year ago.
Aitron SE increased 12.1% to €29.13 after the maker of advanced semiconductor chip equipment reported an improvement in sales and earnings.
Revenue in the fourth quarter slightly improved to €183.2 million from €180.9 million and in the full-year 2022 increased 8% to €463.2 million.
Consolidated net profit for the year 2022 grew by 6% to €100.5 million from €94.8 million and earnings per share improved to €0.89 from €0.85 in 2021.
Europe Movers: Adecco, Aixtron, Bayer, Credit Suisse
Bridgette Randall
28 Feb, 2023
Frankfurt
Credit Suisse Group AG increased 0.6% to sfr 2.85 and recovered from the loss of 2% and the Swiss financial regulator FINMA said the bank "seriously breached its supervisory obligations" in its transactions with Australian businessman Lex Greensill.
Greensill filed for financial bankruptcy protection after the supply chain financial products provider's subsidiary in Germany was shuttered for financial irregularities.
Adecco Group declined 2.9% to sfr 33.46 after the Swiss-French recruitment services provider reported fourth quarter net income plunged 65% to Є65 million from Є185 million a year ago.
Bayer AG declined 3.9% to €56.29 after the German pharmaceutical firm reported a sharp decline in earnings.
Fourth quarter earnings fell 47% to €611 million from €1.16 billion a year ago and revenue increased 4% to €12 billion from €11.1 billion in the period.
Diluted earnings per share declined to 62 cents from €1.18 a year ago.
Full-year revenue increased 8.7% to €50.7 billion and net income increased to 4.1 billion from 1.0 billion and diluted earnings per share rose to €4.22 from €1.02 a year ago.
Aitron SE increased 12.1% to €29.13 after the maker of advanced semiconductor chip equipment reported an improvement in sales and earnings.
Revenue in the fourth quarter slightly improved to €183.2 million from €180.9 million and in the full-year 2022 increased 8% to €463.2 million.
Consolidated net profit for the year 2022 grew by 6% to €100.5 million from €94.8 million and earnings per share improved to €0.89 from €0.85 in 2021.
European Markets Traded Lower After Inflation Worries Resurfaced
Bridgette Randall
28 Feb, 2023
Frankfurt
European markets opened lower but managed to cross flat line by midday and turned lower in the afternoon trading.
Market sentiment was negative at the opening after inflation accelerated in France and Spain.
But by midday investors were able to shake off lingering worries of higher rates and indexes stayed firmly in the positive zone for two hours.
In the late afternoon stocks turned lower after bond yields advanced in the Euro Area, denting the market sentiment on the worries of higher interest rates.
Crude oil rebounded on the hopes that Chinese refineries will soon drive the demand higher as social mobility picks up in the second-largest economy after three-years of Covid-linked lockdowns.
However, natural gas fell towards the Є45 price level amid warm weather conditions and elevated supply.
France's Consumer Inflation Accelerated
France's consumer price inflation accelerated to 6.2% in February from 6.0% in January, the statistical office INSEE reported Tuesday.
Sustained increase in food and energy prices drove the bulk of inflation in the month.
Food prices increased 14.5% but energy price inflation slowed to 14.0% from 16.3% in January.
Consumer prices increased 0.9% in February after rising at 0.4% in January.
A separate report from the statistical office showed that household consumption on a monthly basis increased 1.5% in January after falling 1.6% in December.
Household consumption rose after the government withdrew support for household energy bills.
Spain's Inflation Accelerated in January
Spain's consumer price inflation increased to 6.1% in February from 5.9% in January, the statistical office INE said in a preliminary report Tuesday.
The recent bout of inflation was driven by the price increases in electric utility bills and rising cost of food.
Core inflation, excluding unprocessed food and energy, accelerated to 7.7% in February from 7.5% in January.
Overall consumer inflation rose 0.1% in February from the previous month when the prices dropped 0.2%
Indexes Looked Down and Yields Advanced
The DAX index decreased 0.1% to 15,365.14, the CAC-40 index dropped 0.4% to 7,267.93 and the FTSE 100 index fell 0.7% to 7,876.28.
The yield on 10-year German Bunds rose to 2.63%, French bonds increased to 3.1%, UK gilts to 3.84% and Italian bonds to 4.47%.
The euro edged lower to 1.056%, the British pound inched lower to $1.203 and the Swiss franc to 94.14 cents.
Oil Advanced On China Optimism, Gas Weakened
Brent crude oil increased to $1.23 to $83.27 a barrel and the Dutch TTF natural gas fell 63 cents to Є46.67 per MWh.
Europe Stock Movers
Credit Suisse Group AG increased 0.6% to sfr 2.85 and recovered from the loss of 2% and the Swiss financial regulator FINMA said the bank "seriously breached its supervisory obligations" in its transactions with Australian businessman Lex Greensill.
Greensill filed for financial bankruptcy protection after the supply chain financial products provider's subsidiary in Germany was shuttered for financial irregularities.
Adecco Group declined 2.9% to sfr 33.46 after the Swiss-French recruitment services provider reported fourth quarter net income plunged 65% to Є65 million from Є185 million a year ago.
Bayer AG declined 3.9% to €56.29 after the German pharmaceutical firm reported a sharp decline in earnings.
Fourth quarter earnings fell 47% to €611 million from €1.16 billion a year ago and revenue increased 4% to €12 billion from €11.1 billion in the period.
Diluted earnings per share declined to 62 cents from €1.18 a year ago.
Full-year revenue increased 8.7% to €50.7 billion and net income increased to 4.1 billion from 1.0 billion and diluted earnings per share rose to €4.22 from €1.02 a year ago.
Aitron SE increased 12.1% to €29.13 after the maker of advanced semiconductor chip equipment reported an improvement in sales and earnings.
Revenue in the fourth quarter slightly improved to €183.2 million from €180.9 million and in the full-year 2022 increased 8% to €463.2 million.
Consolidated net profit for the year 2022 grew by 6% to €100.5 million from €94.8 million and earnings per share improved to €0.89 from €0.85 in 2021.
Stock Indexes Traded Higher, Bond Yields Jumped to 3-month Highs
Barry Adams
28 Feb, 2023
New York City
Market indexes extended day's gains as Treasury yields inched higher and crude oil was in focus.
Investors reacted to the latest batch of earnings from retailers, restaurants and tech companies and reviewed the rising bond yields.
Retailer Target Corp struggled to control costs but higher discounts lured customers back in search of bargains as prices of essential goods continue to rise but at a slower pace.
Zoom Video reported a sharp plunge in earnings and sales growth after the pandemic-era boom began to fade but the number of companies paying more than $100,000 a year continued to rise.
Movement in Treasury yields also impacted stock market sentiment after shorter term debt traded above 5% and 10-year Treasury yield also touched a 3-month high.
Indexes and Yields
The S&P 500 index increased 0.4% to 3,996.91 and the Nasdaq Composite index added 0.7% to 11,541.80.
U.S. Treasury yields increased and extended gains in February as traders come to terms with the prospects of higher rates staying longer and recalibrate expectations.
The yields on 10-year Treasury notes traded at a 3-month high and shorter term debts of six months or one-year duration stayed firmly above 5%.
The yield on 2-year Treasury notes increased to 4.70%, 10-year Treasury notes edged higher to 3.93% and 30-year Treasury bonds hovered near 3.94%.
Energy Prices Extend Annual Losses
Crude oil traded higher and the commodity is set to decline less than 1.5% in February and fall 23% over the last twelve months.
Traders are looking for a demand surge from China as refiners accelerate reopening to meet the rising demand for transportation fuel.
Natural gas futures edged higher but the fuel is set to fall more than 2.5% in February and extend loss to 41% over the last twelve months.
Demand for natural gas has been weak amid warm weather conditions and the LNG export terminal in Freeport, Louisiana is not expected to reopen before mid-March.
Crude oil increased $1.60 to $77.29 a barrel and natural gas fell 9 cents to $2.63 a thermal unit.
U.S. Movers
Target Corporation increased 2.8% to $171.46 after the retailer reported a weak sales increase and earnings fell on higher costs and the company issued a cautious outlook.
Target Corporation said revenue in the fourth quarter increased 1.2% to $30.9 billion but net income plunged 43% to $876 million and diluted earnings per share dropped to $1.89 from $3.21 a year ago.
In full-year 2022, revenue increased 2.8% to $107.6 billion and net income plunged 60% to $2.8 billion from $6.9 billion and diluted earnings per share dropped to $5.98 from $14.10 a year ago.
Comparable sales in the quarter increased 0.7% on top of 8.9% and advanced 2.2% on top of 12.7% in 2021. Comparable traffic in 2022 increased 2.1% on top of 12.3% in the previous year.
Zoom Video Communications increased 1.8% to $75.03 after the company reported better-than-expected earnings and sharp decline in sales growth.
Zoom Video Communications said revenue in the fourth quarter increased 4% to $1.1 billion and the company swung to a net loss of $104.4 million from a profit of $490.5 million.
The earnings per share was a loss of 36 cents compared to a profit of $1.60 a year ago.
Revenue in the fiscal year ending in January increased 7.0% to $4.4 billion and net income dropped to $103.7 million from $1.4 billion and diluted earnings per share dropped to 34 cents from $4.50 a year ago.
Movers: Advance Auto Parts, AutoZone, Cracker Barrel, Itron, Occidental Petroleum, Target, Zoom Video
Scott Peters
28 Feb, 2023
New York City
Advance Auto Parts, Inc increased 3.5% to $145.12 after the retailing company exceeded earnings expectations and announced leadership change.
Advance Auto Parts said revenue in the fourth quarter increased 3.2% to $2.5 billion and comparable store sales rose 2.1%.
Net income in the quarter decreased to $106.7 million from $81.7 million and diluted earnings per share rose to $1.79 from $1.30 a year ago.
Full- year 2022 revenue increased 1.4% to $11.2 billion and comparable sales rose 0.3% from a year ago.
Net income decreased to $501.8 million from $616.1 million and diluted earnings per share declined to $8.27 from $9.55 a year ago.
President and chief executive Tom Greco announced his retirement at the end of the year.
AutoZone, Inc decreased 3% to $2,494.08 after the auto parts retailer reported better-than-expected same store sales but earnings were below expectations.
AutoZone, Inc said revenue in the fiscal second quarter ending on February 11 increased 9.5% to $3.7 billion from $3.4 billion and net income rose to $476.5 million from $471.7 million and diluted earnings per share increased to $24.64 from $22.30 a year ago.
Domestic same store comparable sales rose 5.3% from the previous year.
The aftermarket automotive parts retailer repurchased 372,000 shares of its common stock for $906.0 million during the second quarter, at an average price of $2,434 per share and $1.8 billion were still remaining under its current share repurchase authorization at the end of the fiscal second quarter.
Cracker Barrel Old Country Store, Inc increased 1.8% to $109.71 after the restaurant chain reported a rise in sales and maintained its quarterly dividend.
Cracker Barrel said revenue in the fiscal second quarter ending on January 27 increased 8.3% to $933.9 million from a year ago.
Comparable store restaurant sales increased 8.4% and retail store sales rose 4.1%.
Net income decreased 19% to $30.5 million from $37.6 million and diluted earnings per share fell to $1.37 from $1.60 in the previous year. The restaurant chain announced a quarterly dividend of $1.30 per share payable on May 9 to shareholders of record as of April 14.
Itron Inc increased 6.2% to $54.94 after the metering equipment maker for utilities companies swung to a quarterly profit.
Itron Inc said revenue in the fourth quarter declined to $467.5 million from $485.6 million and measuring equipment maker for utilities swung to a net profit of $22.2 million from a loss of $58.9 million in the previous year.
Diluted earnings per share was 49 cents from a loss of $1.30 in the previous year.
Revenue in the full-year 2022 increased to $1.80 billion from $1.98 billion and net loss declined to $9.7 million from $81.7 million and diluted loss per share fell to 22 cents from $1.83 a year ago.
Norwegian Cruise Line Holdings declined 11.3% to $14.64 after the travel company forecasted weak annual profit on rising cost of fuel and wages.
Norwegian Cruise said revenue in the fourth quarter increased to $1.5 billion from $487.4 million and net loss shrank to $484 million from $1.5 billion and diluted loss per share fell to $1.14 from $4.01 in the previous year.
Total revenue per passenger day increased 23% on a reported basis and rose 24% in constant currency from the comparable period in 2019.
In full-year 2022, revenue increased to $4.8 billion from $647 million and net loss fell to $2.2 billion from $4.5 billion and diluted loss per share decreased to $5.41 from $12.33 a year ago.
"Full year 2023 cumulative booked position is ahead of 2019 levels inclusive of the Company’s approximately 19% increase in capacity, at continued higher pricing," said the company in its earnings statement.
Occidental Petroleum Corporation increased 0.6% to $59.30 after the energy company reported weaker-than-expected earnings and increased its quarterly dividend.
Occidental Petroleum said revenue in the fourth quarter increased to $8.2 billion from $4.2 billion and net income rose to $1.7 billion from $1.3 billion and diluted earnings per share rose to $1.74 from $1.37 a year ago.
In full-year 2022, revenue increased to $37 billion from $16.2 billion and net income surged to $12.5 billion from $1.5 billion and diluted earnings per share soared to $12.40 from $1.58 a year ago.
Average worldwide realized crude oil prices decreased 12% from the previous quarter to $83.64 a barrel and realized natural gas liquids prices fell 25% to $26.35 per barrel and average domestic realized gas prices plunged 37% to $4.45 per Mcf.
The company announced a new $3.0 billion stock repurchase program and increased its dividend by 38%.
Target Corporation increased 2.8% to $171.46 after the retailer reported a weak sales increase and earnings fell on higher costs and the company issued a cautious outlook.
Target Corporation said revenue in the fourth quarter increased 1.2% to $30.9 billion but net income plunged 43% to $876 million and diluted earnings per share dropped to $1.89 from $3.21 a year ago.
In full-year 2022, revenue increased 2.8% to $107.6 billion and net income plunged 60% to $2.8 billion from $6.9 billion and diluted earnings per share dropped to $5.98 from $14.10 a year ago.
Comparable sales in the quarter increased 0.7% on top of 8.9% and advanced 2.2% on top of 12.7% in 2021. Comparable traffic in 2022 increased 2.1% on top of 12.3% in the previous year.
Zoom Video Communications increased 1.8% to $75.03 after the company reported better-than-expected earnings and sharp decline in sales growth.
Zoom Video Communications said revenue in the fourth quarter increased 4% to $1.1 billion and the company swung to a net loss of $104.4 million from a profit of $490.5 million.
The earnings per share was a loss of 36 cents compared to a profit of $1.60 a year ago.
Revenue in the fiscal year ending in January increased 7.0% to $4.4 billion and net income dropped to $103.7 million from $1.4 billion and diluted earnings per share dropped to 34 cents from $4.50 a year ago.