Scott Peters
14 Apr, 2022
New York City
Ally Financial said first quarter revenues rose 23% to $1.69 billion and net income fell 18% to $627 million from a year ago. Earnings per share declined 11% to $1.86 from $2.11. Net interest margin in the quarter increased 77 basis points to 3.93% Credit loss provision increased to $180 million from $167 million in the prior year period. Retail banking customer base increased to 2.5 million.
Barry Adams
14 Apr, 2022
New York City
Goldman Sachs said total revenues in the March quarter declined 27% to $12.9 billion and net income fell 42% to $3.9 billion from a year ago. Earnings per share fell 42% to $10.87 a share in the period. Investment banking unit fees decreased 36% to $2.4 billion and global markets trading revenues including fixed-income trading rose 4% to $7.8 billion. Asset management unit revenues plunged 88%.
Scott Peters
14 Apr, 2022
New York City
Citigroup Inc said first quart revenues declined 2% to $19.2 billion from $19.7 billion, net income dropped 46% to $4.3 billion from $7.9 billion. Earnings per share fell 44% to $2.02 from $3.67 in the year ago quarter. The global bank repurchased $4 billion of its share in the quarter and now has 6% fewer outstanding shares. Investment banking and corporate lending revenues declined 32%.
Scott Peters
14 Apr, 2022
New York City
Wells Fargo said total revenues in March quarter fell 5% from a year ago to $9.2 billion and net income dropped 21% to $3.67 billion and earnings per share fell 14% t0 88 cents from $1.02. Total deposits rose 5% to $1.464 trillion and net interest margin increased to 2.16% from 2.05%. The bank also repurchased 110.1 million shares for $6 billion in the quarter. Consumer lending fell 8%.
Bridgette Randall
14 Apr, 2022
New York City
UnitedHealth Group reported 14% increase in revenues to $80.1 billion from a year ago and earnings rose slightly to $5.0 billion from $4.8 billion. Earnings per share increased to $5.27 from $5.08. The insurance company added 1.5 million new customers driven by a sustained growth in its Medicare and Medicare plans. UnitedHealth lifted its full-year earnings per share outlook to $20.30 to $20.80.
Barry Adams
14 Apr, 2022
New York City
In a non-binding letter to the SEC, Elon Musk, Tesla CEO offered to buy remaining shares of Twitter Inc for $54.20 a share in cash. The offer values the company at $43 billion. Musk added that the company has extraordinary potential but it can only be realized as a private company. Twitter jumped 4% in trading after the social media platform operator said it will carefully review the offer.
Brian Turner
14 Apr, 2022
New York City
Retail and food services sales in March rose 0.5% from the previous month and 6.9% from a year ago. February sales was revised higher to 0.8% from 0.3%. Total sales in the quarter to March rose 12.9% from the year ago period. March retail sales were up 0.4% from February and were up 5.5% from a year ago and gasoline sales soared 37% and food services sales gained 19.5% from last year.
Brian Turner
14 Apr, 2022
New York City
Initial jobless claims in the last week rose to 185,000 from the revised 167,000 in the previous week, according to the Labor Department. The previous week's claims were revised higher 1,000. Insured unemployment rate was 0.1% in the last week matching the rate in the prior week. Continuing claims for the week ending on April 2 were 1.475 million, 48,000 lower than the prior week.
Barry Adams
14 Apr, 2022
New York City
Bank earnings dominate morning trading sentiment and stock index futures are pointing to flat opening. Citigroup, Morgan Stanley, and Goldman Sachs reported better than expected earnings. Wells Fargo said quarterly profit declined 21% on weaker than expected mortgage lending. Retail spending rose modest 0.5% in March and new weekly jobless claims last week were 185.000.
Sarla Buch
13 Apr, 2022
New York City
Infosys reported revenues of $4.3 billion in the quarter ending in March 2022 and earnings rose 8% to $753 million from a year ago quarter. Earnings per share increased to 18 cents from 16 cents. For the year, the company said revenues rose 19.7% to $16.3 billion and digital revenues comprise 57% of total revenues. Return on equity was 29% and free cash flow rose 2.8% to $3 billion in fiscal 2022.
Scott Peters
13 Apr, 2022
New York City
Hooker Furnishing reported sales fell 13.4% to $134.8 million in the final quarter ending in February 2022. The furniture maker struggled with the Asian factories closure during the resurgent virus pandemic. In the quarter furniture maker lost $4 million compared to profit of $8.5 million a year ago representing 33 cents per share vs 72 respectively. For the year sales rose 10% to $594 million.
Scott Peters
13 Apr, 2022
New York City
Fastenal, the distributor of industrial and construction supplies said March quarter revenues rose 20% to $1.7 billion and earnings rose 28% to $269 million from a year ago. Earnings per share increased 28% to 47 cents from 37 cents. Revenues through electronic interface increased 55.6% and comprised 16% of total sales in the period. The wholesaler added a record 106 new onsite locations.
Barry Adams
13 Apr, 2022
New York City
Benchmark indexes accelerated gains in the final hours of trading as investors remained focused on latest earnings announcements. Travel and airline stocks gained after Delta Air offered an optimistic view for the current quarter. American Airlines, Southwest, Carnival and Expedia led gainers. Tech stocks reversed three days of losses and 10-year bond yield edged down to 2.70%.
Hossain Akhtar
13 Apr, 2022
New York City
The latest consumer prices and supplier price inflation reports showed a surge in food prices in March. Tuesday's report from the Bureau of Labor Statistics said food prices rose 8.8% in the month. Milk prices gained 13.3%, flour rose 14.2%, fruits and vegetables increased 8.5%. However, fertilizer prices are still rising and farmers are limiting planting and fuel prices are still going up.
Scott Peters
13 Apr, 2022
New York City
Bed Bath & Beyond reported revenues declined 22% to $2.05 billion in the fiscal quarter ending in February. The retailer lost $159 million in the quarter compared to $9 million profit on supply chain disruptions and higher shipping costs. Comparable store sales fell 9% from a year ago and 12% from the previous quarter. Retailer guided improvement in sequential sales in the second-half.
