Movers: Charles Schwab, Fastenal, KeyCorp, Netflix, P&G, PPG, WNS

Scott Peters
19 Jan, 2023
New York City

Charles Schwab dropped 6.9% to $75.73 after the financial services provider reported quarterly results in-line with expectations. 

Stock was under pressure after negative comments and double-downgrade from Bank of America on the worries that the rising interest rate environment is a double-edged sword for the online broker. 

Charles Schwab Corp said fourth quarter revenue increased 17% to $5.5 billion and net income rose 25% to $1.96 billion and diluted earnings per share increased to 97 cents from 76 cents a year ago.

Fastenal Company decreased 1.4% to $46.80 despite the industrial products distributor reporting better-than-expected quarterly results. 

Fastenal Company said revenue in the December quarter increased 10.7% to $1.70 billion and earnings rose 6.2% to $245.2 million and diluted EPS advanced to 43 cents from 40 cents a year ago.

KeyCorp declined 4.7% to $16.41 after the regional bank reported a sharp fall in earnings on stable revenue in its latest quarter. 

KeyCorp said revenue in December quarter fell 2.5% to $1.89 billion and net income dropped 41% to $356 million or diluted earnings per share fell to 38 cents from 64 cents a year ago.

Netflix Inc declined 3.2% to $315.78 in regular trading and gained 6% to $335.85 in after-hours trading after the company reported fourth quarter results. 

Revenue increased 1.9% to $7.85 billion from $7.7 billion a year ago and net income plunged to $55 million from $607 million and diluted earnings per share fell to 12 cents from $1.33 a year ago. 

Founder Reed Hastings is stepping down from the co-CEO role and will assume Executive Chairman position on the board.  

The streaming services provider added 7.6 million net new subscribers in the fourth quarter, substantially ahead of 4.5 million estimates by analysts on the Wall Street. 

Procter & Gamble & Co fell 2.1% to $142.42 after the consumer products maker said profit fell after higher prices impacted sales volume. 

P&G said revenue in the December quarter declined 1% to $20.7 billion and net income fell 7% to $3.9 billion and diluted earnings per share dropped to $1.59 from $1.77 a year ago.

PPG Industries, Inc decreased 3.2% to $123.60 after the paint and chemicals company reported weak quarterly results after higher prices negatively impacted operating and net income.  

PPG said revenue in December quarter increased 2% to $4.5 billion and net income declined 4% to $329 million and diluted earnings per share fell to $1.39 from $1.43 a year ago.

WNS (Holdings) Limited was nearly unchanged at $83.37 after the India-based business services provider reported flat earnings on rising cost of providing outsourcing services. 

WNS said revenue in the December quarter increased 8% to $306.9 million and net income edged slightly up to $34.7 million or diluted earnings per share rose to 69 cents from 68 cents a year ago.