Movers: Adobe, Credit Suisse, Dollar General, First Republic Bank, Occidental Petroleum

Barry Adams
16 Mar, 2023
New York City

Adobe Inc increased 5.5% to $351.79 after the software company reported better-than-expected quarterly results and revised higher its 2023 profit outlook. 

Revenue in the fiscal first quarter ended on March 3 increased 9% to $4.7 billion from $4.2 billion and net income edged slightly lower to $1.24 billion from $1.26 billion and diluted earnings per share rose to $2.71 from $2.66 a year ago. 

The software company guided fiscal second quarter revenue in the range between $4.75 billion and $4.78 billion and GAAP earnings per share between $2.65 and $2.70. 

For the fiscal year 2023, the company estimated GAAP earnings per share between $10.85 and $11.15 and digital media net new average revenue rate of $1.70 billion.    

Credit Suisse AG jumped 3% to $2.23 after the Swiss bank said it will borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank. 

Two days ago, Saudi National Bank, the largest shareholder in the bank said it would not inject additional liquidity in the embattled bank. 

Dollar General Corp declined 2.3% to $213.51 after the deep discount store chain reported weaker-than-expected same store sales. 

Same store sales in the fourth quarter increased 5.7% and in the full-year 2022 rose 4.3%. 

Revenue in the fourth quarter ending on February 3 increased to $10.2 billion from $8.6 billion and net income rose to $659.1 million from $597.4 million and diluted earnings per share advanced to $2.96 from $2.57 a year ago. 

In the fiscal year 2022, revenue increased to $37.8 billion from $34.2 billion and net income expanded to $2.42 billion from $2.39 billion and diluted earnings per share advanced to $10.68 from $10.17 a year ago. 

Five Below Inc declined 5% to $191.08 after the deep discount general merchandise retailer forecasted cautious outlook for the first quarter. 

Net sales in the fourth quarter ending on January 28, 2023 increased 12.7% to $1.1 billion from $996.3 million, driven by 1.9% rise in comparable sales. 

Net income in the quarter increased to $171.3 million compared to $140.2 million and diluted earnings per share rose to $3.07 compared to $2.49 a year ago. 

In the fiscal year 2022, net sales increased to $3.07 billion from $2.85 billion and comparable sales decreased 2.0% from the previous year. 

For the first quarter of 2023, the retailer forecasted net sales in the range of $723 million to $735 million, reflecting 25 new stores and assuming an approximate 2.5% to 4% increase in comparable sales. 

Net income is expected to be in the range of $33 million to $37 million and diluted income per common share is expected to be in the range of 59 cents to 65 cents. 

In 2023, the company said it plans to open a record 200 new stores and convert 400 stores to the new Five Beyond format. 

Regional banks continued their downward slide after the collapse of Silicon Valley Bank. 

Comercia fell 1.5% and Zions Bancorp declined 3.5% but Western Alliance Bancorporation rose 1.4%.  

First Republic Bank dropped 20.2% to $24.87 and 61 million shares changed hands, four times its average daily volume. 

Investors are worried that the Los Angeles-based bank has a high percentage of uninsured deposits. 

Occidental Petroleum Corporation increased 2.0% to $57.93 after Warren Buffett controlled Berkshire Hathaway purchased additional 7.9 million shares for $466.7 million.