Movers: American Airlines, CSX, Chevron, Levi Strauss, Las Vegas Sands, Southwest Air, Tesla

Scott Peters
26 Jan, 2023
New York City

American Airlines advanced 1.6% in pre-market trading after the company reported better-than-expected earnings on higher holiday travel demand and rising prices for travel services. 

American Airlines said the December quarter revenue soared 40% to $13.2 billion and swung to net income of $803 million from a loss of $931 million. 

Diluted earnings per share in the latest quarter was $1.14 from a loss of $1.44 in the previous year. 

CSX Corp fell 1% to $31.05 after the railroad operators reported mixed quarterly results and said price increase and higher storage revenue supported the increase in quarterly results. 

CSX Corp said fourth quarter revenue increased 9% to $3.73 billion and net income increased 9% to $1.0 billion from $934 million and earnings per share rose 17% to 49 cents from 42 cents a year ago.

Chevron Corp rose 3.5% to $185.40 after the oil explorer and refiner increased its quarterly dividends and expanded its stock repurchase program. 

Chevron Corp said its board authorized a new $75 billion stock repurchase program with no expiry date from April 1 after the ending of the $25 billion plan that will be completed at the end of March.

Chevron Corp increased quarterly dividend by 6% to $1.51 a share payable on March 10 to shareholders on record February 16, 36th consecutive year of increase in annual dividend payout per share.

Las Vegas Sands soared 4% after the operator of casinos in Las Vegas, Singapore and Macao reported a rebound in activities in Singapore. 

Revenue in the December quarter increased to $1.1 billion from $1.0 billion and net loss widened to $274 million from $194 million and diluted loss per share expanded to 22 cents from 17 cents a year ago. 

Levi Strauss soared 5.5% after the maker of denim apparel reported better-than-expected quarterly results. 

Fiscal fourth quarter revenue ending in November decreased 6% to $1.6 billion and net income fell 1% to $151 million and diluted earnings per share 38 cents from 37 cents a year ago. 

Southwest Airlines fell 2.4% to $25.98 after the company swung to a quarterly loss following the cancellation of 1,6700 flights during the holiday period. 

Southwest Airlines said revenue in the December quarter increased 22% to $6.2 billion and swung to a net loss of $220 million or 37 cents from a profit of $68 million or 11 cents a share.

Tesla Inc soared 8.5% to $156.49 after the electric vehicle maker reported record quarterly revenues and profit and record production and deliveries of vehicles despite the market struggles in China. 

Tesla Inc said electric vehicles production surged 44% from a year ago to 439,701 in the December quarter and deliveries rose 31% to 405,278.

Tesla Inc said revenue in the December quarter increased 37% to $24.3 billion and net income soared 59% to $3.7 billion and diluted earnings per share rose to $1.07 from 68 cents a year ago.