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    Jun 28, 2023
    • General Mills Inc declined 4.4% to $77.16 after the food company reported weaker than expected quarterly results. 

      Net sales in the fiscal fourth quarter ending in May increased 3% to $5.03 billion and sales rose on organic basis 5%. 

      Net earnings in the quarter declined 25% to $615 million from $822.8 million and diluted earnings per share fell to $1.04 from $1.36 a year ago. 

      For the full-year revenue increased to $20 billion from $19 billion and net income edged lower to $2.6 billion from $2.7 billion and diluted earnings per share to $4.31 from $4.42 a year ago. 

      In the year, the company hiked dividend per share to $2.16 from $2.04 in the previous year.  

      The company forecasted fiscal 2024 organic sales to increase between 3% and 4% and adjusted operating profit to increase between 4% and 6% from the base of $3.5 billion reported in fiscal 2023. 

      The company guided adjusted diluted EPS to increase 4% to 6% in constant currency from the base of $4.30 in fiscal 2023 and free cash flow conversion is expected to be at least 95% of adjusted after-tax earnings.  
      • AeroVironment, Inc jumped 5.4% to $95.20 after the military drone maker reported better-than-expected quarterly results and forecasted higher-than-expected full-year revenue. 

        Revenue in the fiscal fourth quarter increased 40% to $186.0 million from $132.6 million and the company swung to a net loss of $160.5 million from a profit of $7.3 million and diluted earnings per share was ($6.31) from 29 cents a year ago. 

        At the end of April, funded backlog increased to $424.1 million from $210.8 million a year ago. 

        For fiscal year 2024, the company expects revenue between $630 million and $660 million, net income of between $50 and $58 million. 

        The company estimated non-GAAP adjusted EBITDA of between $110 million and $120 million, earnings per diluted share of between $1.91 and $2.21. 

        Non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.30 and $2.60.
        • Jun 27, 2023
        • Walgreens Boots Alliance Inc dropped 8.9% to $28.97 after the pharmacy retail chain reported lower-than-expected fiscal third quarter earnings. 

          The company  also lowered its full-year earnings outlook.  

          Revenue in the fiscal third quarter ending in May increased to $35.2 billion from $32.6 billion and net earnings attributable to shareholders plunged to $118 million from $289 million and diluted earnings per share dropped to 14 cents from 33 cents a year ago. 

          For the full fiscal year 2023, Walgreens Boots Alliance now expects adjusted earnings per share between $4.00 and $4.05 from the previous estimate of $4.45 to $4.65, reflecting challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes.

          For the fiscal year 2024, the company is forecasting "low- to mid-single digit adjusted operating income growth, with the U.S. Healthcare and U.S. Retail Pharmacy performance more than offsetting headwinds from lower sale and leaseback program benefits, lower COVID-19 contribution, and the sale of holdings in AmerisourceBergen."
          • Jun 26, 2023
          • Carnival Corp increased 1.9% to $16.10 ahead of the release of the company's quarterly results. 

            Revenue in the quarter ending in May increased to $4.9 billion from $2.4 billion and net loss shrank to $407 million from $1.8 billion and diluted loss per share dropped to 32 cents from $1.61 a year ago. 

            For the full year 2023, the company forecasted adjusted EBITDA of $4.10 billion to $4.25 billion, above March guidance's range and with a midpoint increase of $175 million. 

            Cruise stocks have been on upswing since April on the expectations of a rebound in reservations after travel demand recovered following the Covid-19 pandemic. 
            • Lucid Group jumped 9.4% to $5.47 after the company signed an agreement with the UK-based Aston Martin to supply power train and battery systems. 

              Aston also agreed to sell 3.7% stake in the company to Lucid for $232 million. 
              • PacWest Bancorp jumped 7% to $7.71 after the company sold a $3.5 billion specialty finance portfolio of senior and secured maturities to Ares Management. 
                • Amedisys agreed to merge with a subsidiary of UnitedHealth Group, upending its plan to just six weeks ago. 

                  The home-healthcare, hospice and high-acuity care provider accepted an all-cash $101 a share or $3.29 billion offer from Optum. 

                  The merger agreement is conditional based on regulatory approval and shareholder approval and customary closing conditions. 

                  On May 3, Amedisys and Option Care Health agreed to combine in an all-stock deal that valued Amedisys at $3.6 billion or $97.38 a share. 

                  On June 5, Optum made an unsolicited offer to acquire Amedisys for $100 a share.

                  Amedisys board of directors accepted a slightly lower but all-cash deal. 

                  Compensation committee approved one-time equity award grants of time-based restricted stock units that vest ratably over three years. 

                  Amedisys CEO Richard Ashworth will receive $2.5 million grant date value, and CFO Scott Ginn will receive $1.5 million grant date value, effective from the date of merger in exchange for not agreeing to leave the company for six months after the completion of the merger. 

                   
                  • Jun 23, 2023
                  • CarMax, Inc increased 9% to $85.37 after the used car retailer reported better-than-expected quarterly results. 

                    Revenue in the fiscal first quarter 2024 ending in May decreased 17.4% to $7.7 billion after retail unit sales fell 9.6% and same store unit sales dropped 11.4% and wholesale unit eased 13.6% from a year ago. 

                    Net earnings declined to $228.3 million from $252.2 million and diluted earnings per share fell to $1.44 from $1.56 a year  ago. 

                    Average selling retail price of a used car decreased 5.5% to $27,258 from $28,844 and wholesale price fell 17.9% to $9,024 from $10,996 a year ago. 

                    During the first quarter, the company did not repurchase its common stock and still had $2.45 billion available in its stock repurchase plan.    
                    • Accenture Plc declined 1.9% to 301.38 a day after the information technology services provider reported better-than-expected sales and earnings but trimmed its annual revenue growth outlook slightly.  

                      Revenue in the fiscal third quarter ending in May increased 3% to $16.6 billion and 5% in local currency. 

                      New bookings in the quarter totaled $17.2 billion, including consulting bookings of $8.9 billion and  managed services bookings of $8.3 billion.

                      Net income increased to $2.0 billion from $1.78 billion and diluted earnings per share rose to $3.15 from $2.79 a year ago. 

                      The company forecasted fiscal fourth quarter revenue between $15.75 billion and $16.35 billion, an increase between 2% and 6% in local currency. 

                      The company trimmed its full-year revenue growth estimate to a new range between 8% and 9%, from the previous range between 8% and 10%. 

                      The company increased its quarterly dividend by 15% to $1.12 a share to holders of stock on July 13 payable on August 15. 

                      Accenture repurchased 2.8 million of its own shares for $789 million during the fiscal third quarter and about $3.5 billion are still available for its stock repurchase at the end of May. 
                      • Jun 22, 2023
                      • Darden Restaurants, Inc declined 3.8% to $160.0 after the parent of Olive Garden and Longhorn Steakhouse reported better-than-expected quarterly results but forecasted mixed annual outlook. 

                        Revenue in the fiscal fourth quarter ending in May increased 6.4% to $2.8 billion, driven by same-store sales increase of 4.0% and sales from 47 net new restaurants. 

                        Same store sales at Olive Garden restaurants increased 4.0% and Longhorn Steakhouse surged 7.1%. 

                        Net income in the quarter increased to $315.1 million from 281.7 million and diluted earnings per share advanced to $2.58 from $2.44 a year ago. 

                        Total sales in the fiscal year 2023 increased to $10.5 billion from $9.6 billion and net income soared to $981.9 million from $952.8 million and diluted earnings per share increased to $7.99 from $7.39 a year ago. 

                        The company increased its quarterly dividend by 8% to $1.31 a share payable on August 1 to shareholders on record on July 10. 

                        During the quarter, Darden repurchased 0.2 million shares for a total of $35.2 million and at the end of the quarter the company had $652 million available under its $1.0 billion stock repurchase program.