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.
Barry Adams
13 Apr, 2022
New York City
JPMorgan Chase revenues decreased 5% to $30.8 billion in the March quarter from a year ago and net income fell 42% to $8.2 billion. Earnings per share in the quarter declined to $2.63 from $4.50 in the quarter a year ago. Credit loss provision was $1.5 billion including $902 million of reserves for losses linked to higher inflation, Ukraine war, and Russian assets and bond exposure.
Barry Adams
13 Apr, 2022
New York City
Delta Air Lines revenues declined 11% to $9.4 billion in the quarter ending in March and net loss was $940 million compared to $730 million a year ago. In the quarter, the airline lost $1.48 a share compare to profit of $1.09. The airlines said it turned to profitability in March and guided higher revenues in June quarter approaching at least 93% of revenues two years ago.
Bridgette Randall
13 Apr, 2022
New York City
BlackRock said first quarter revenues increased 7% to $4.7 billion from a year ago and net income rose less than 2% to $1.43 billion. Earnings per share rose 20% to $9.35 from $7.77 a year ago on lower share count and effective tax rate offset by lower non-operating income. Total net asset flow fell to $85 billion from $172 billion in a year ago period. Quarterly dividend was hiked 18% to $4.88.
Brian Turner
13 Apr, 2022
New York City
The producer price index in March rose 1.4% adjusted for seasonality following 0.9% gain in February and 1.2% rise in January. The index rose 11.2% from a year ago and the largest increase since the series began in November 2010. Core PPI which excludes food, energy, and trade services rose 0.9% in the month and 7% from a year ago. Over half of the increase was driven by a surge in energy.
Barry Adams
13 Apr, 2022
New York City
Bed Bath & Beyond fell after the houseware retailer reported quarterly loss of 92 cents and said the recent price hikes failed to cover higher shipping charges.
BlackRock said revenues in the first quarter increased 7% and diluted earnings per share rose 11% and assets under management jumped 6% to $9.57 trillion.
JPMorgan Chase said profit declined on lower trading revenues and deal fees.
Barry Adams
13 Apr, 2022
New York City
Stocks are looking up ahead of regular session as earnings season kicks off and investors grapple with accelerating inflation. JP Morgan profit fell 42% after the bank said deal volume fell and raised its loan loss reserves linked to market dislocation stemming from Russian invasion of Ukraine. Delta Air reported smaller than expected quarterly loss but estimated profitable current quarter.
Hossain Akhtar
12 Apr, 2022
New York City
Lumber prices fell to a new 2022 low and extended 5-week drop to 40% as demand for renovation plunges. Supply also improved from saw mills after railcar bottlenecks were solved in western regions. The price fell 6% to $829 per thousand board feet following 8.4% fall a day ago. The DIY market, about 40% of the lumber demand, has been struggling as home owners are battling higher energy prices.
Barry Adams
12 Apr, 2022
New York City
Stocks turned lower and gave up early gains after the tech sector lost momentum and traders reviewed latest inflation data showing home price increase of only 5% setting the stage for elevated core inflation data in the months to follow. Oil prices jumped 5% above $100 a barrel after China relaxed lockdown measures. 10-year bond yield eased to 2.72% as investors await bank earnings on Thursday.
Scott Peters
12 Apr, 2022
New York City
Albertsons's fourth quarter sales increased 10% to $17.4 billion and net income to $455 million compared to a loss of $144 million a year ago. Earnings per share increased to 79 cents from a loss of 37 cents a year ago. Gross margin edged down to 28.7%. For fiscal 2022 the retailer estimated adjusted earnings between $2.70 and $2.85 a share and capex between $2.0 and $2.1 billion.
Scott Peters
12 Apr, 2022
New York City
CarMax's fourth quarter total revenues rose 48% to $7.7 billion but net income fell 24% to $159 million and earnings per share dropped 23% to 98 cents. Total retail used vehicle unit sales declined 5.2% to 194,318 and comparable store used unit sales declined 6.5% from a year ago quarter. Average used car prices rose 40% to $29,312 and gross profit rose 7.4% to $2,195.
Barry Adams
12 Apr, 2022
New York City
CarMax fell 9% and extended YTD loss to 26% after the used-car retailer missed sales estimates. Average car price jumped 40%. PG&E rose after it agreed to a $55 million settlement for two fires in Northern California. Albertsons sank 7% despite beating earnings estimates. Chipotle rose but Chegg, HP Enterprise, Starbucks, and Cisco fell on negative broker comments.
Hossain Akhtar
12 Apr, 2022
New York City
U.S. ceramic tile consumption in 2021 increased 9,9% in a year after falling for two years in a row. The 3.1 billion square feet of demand was driven by gains in the U.S. housing and construction markets and overall robust economic growth, according to the tile industry association. U.S. imports reached their highest level in fifteen years comprising 74% of total with 22% share held by Spain.
Brian Turner
12 Apr, 2022
New York City
Farmers are bracing for another round of price hikes in fertilizers, diesel, and natural gas. Fertilizer prices rose 60% in 2021. Nitrogen fertilizers rose 95% and potash fertilizer prices surged 70%. Additionally, only two U.S. companies supply fertilizer potash and four supply 75% of fertilizer nitrogen. Moreover, the latest sanctions on Russia and Belarus have hampered potash imports.
