Movers: Eastman Chemical, Intel, Mastercard, Sherwin-Williams, T Rowe Price, Valero, Visa

Barry Adams
27 Jan, 2023
New York City

Eastman Chemical Company declined 3.8% to $91.75 after the company reported a decline in sales and earnings. 

Eastman Chemical said the December quarter revenue declined 12% to $2.37 billion and net income dropped to $2 million from $380 million and diluted EPS plunged to 1 cent from $2.81 a year ago.

Intel Corporation dropped 10% to $30.09 after the chipmaker reported a sharp fall in revenues and a loss and demand in the PC market is likely to persist in the current quarter.  

Intel said fourth quarter revenue plunged 32% to $14.0 billion and swung to a net loss of $0.7 billion from a profit of $4.6 billion. 

Diluted EPS was a loss of 16 cents compared to $1.13 a year ago.

Mastercard Inc edged slightly lower to $376.91 and the payment processor said cross border volume soared on the back of resilient consumer spending. 

Mastercard said in local currencies cross border volume soared 31% and gross dollar volume increased 8% and repurchased 7.4 million shares at a cost of $2.4 billion and paid $473 million in dividends.

Mastercard said fourth quarter revenue increased 12% to $5.8 billion and net income rose 6% to $2.5 billion and diluted earnings per share increased to $2.62 from $2.41 a year ago.

Visa Inc increased 2.2% to $229.65 after the payment processor said resilient consumer spending in the face of higher prices drove the increase in quarterly transactions. 

Visa Inc said revenue in the December quarter increased 12% to $7.9 billion and net income rose 6% to $4.2 billion and diluted earnings per share jumped to $1.99 from $1.84 a year ago.

Visa Inc said in the December quarter payment volumes rose 7%, number of transactions processed increased 10% and cross border volume advanced 22%.

The Sherwin-Williams Company increased 1.1% to $228.40 and the paints and chemicals retailer said higher retail prices drove the revenue increase in the quarter. 

Sherwin-Williams said revenue in the December quarter increased 9.8% to $5.2 billion and net income increased 10% to $386 million. 

Diluted earnings per share rose to $1.48 from $1.15 a year ago.

Diluted net income per share increased to $7.72 per share in 2022 compared to $6.98 per share in the full-year 2021. 

T Rowe Price Group decreased 2.2% to $112.14 after the company reported a sharp decline in revenue and earnings and net asset outflow. 

T. Rowe Price Group said the December quarter revenue dropped 22% to $1.5 billion and net income plunged 64% to $266 million and diluted earnings per share fell to $1.16 from $3.18 a year ago.

Net asset outflow in the quarter declined to $17.1 billion from $24.5 billion in the third quarter and surged to  $61.7 billion in the full-year 2022. 

Valero Energy Corporation declined 0.5% to $149.30 after the energy company reported a surge in earnings on higher prices for crude oil and gasoline. 

Valero Energy said revenue in the December quarter rose 16.2%to $41.7 billion and net income increased three-fold to $3.2 billion and diluted earnings per share soared to $8.15 from $2.47 a year ago.