Breaking News
Jul 18, 2023
-
U.S. retail sales rose 0.2% in June following an upwardly revised 0.5% increase in May, the U.S. Census Bureau reported Tuesday.
From a year ago, retail sales increased 1.5%.
Retail sales data are not adjusted for inflation and consumer spending continues to remain resilient in the face of inflation falling to a two-year low.
Core retail sales, which excludes automobiles, gasoline, food services and building materials rose 0.6%.
Furniture sales rose 1.4%, electronic appliance sales increased 1.1% and sales at non-store retailers and miscellaneous stores jumped 1.9% and 2.0% respectively.
Apparel store sales increased 0.6% and motor vehicle parts sales inched higher 0.3%.
However, gasoline station sales declined 1..1%, building materials and garden equipment sales fell 1.2%, food and beverage store sales decreased 0.7% and sports, music and book store sales eased 1.0%.
-
Morgan Stanley gained 3% to $88.88 after the financial services provider reported a smaller-than-expected decline in earnings in its latest quarter.
Net revenues in the second quarter increased 2% to $13.5 billion and net income declined 13% to $2.2 billion from $2.5 billion and diluted earnings per share dropped to $1.24 from $1.39 a year ago.
Revenue in the wealth management segment revenue increased 16% to $6.6 billion from $5.7 billion, institutional securities segment declined 8% to $5.6 billion from $6.1 billion and investment management dropped 9% to $1.3 billion from $1.4 billion.
Return on average tangible common equity decreased to 12.1% from 13.8% and tangible book value edged up to $40.79 from $40.07.
The company increased its quarterly dividend by 7.5% to 85 cents a common share. payable to shareholders on record on July 31 on August 15. -
Charles Schwab Corp soared 12.5% to $65.95 after the online broker reported a decline in earnings and revenues but quarterly results were ahead of market expectations.
Revenue declined 9% to $4.6 billion from $5.09 billion and net income fell 28% to $1.3 billion from $1.8 billion and diluted earnings per share decreased to 64 cents from 87 cents a year ago.
The company completed the transition of 5 million Ameritrade accounts to Charles Schwab platform in late May and all of the remaining 70% Ameritrade accounts are expected to transition over the year's end. -
JPMorgan Chase gained 0.5% to $149.70 and the New York-based bank reported higher earnings on bond trading income.
Revenue in the second quarter increased 34% to $41.3 billion from $30.7 billion and net income soared 67% to $14.4 billion from $8.6 billion and diluted earnings per share rose to $4.75 from 2.76 a year ago.
Return on common equity surged to 20% from 13% a year ago and provision of credit losses surged to $2.9 billion from $1.1 billion respectively. -
BlackRock Inc declined 2.1% to $724.51 after the asset management company reported earnings ahead of market expectation and robust fund inflows.
Revenue in the second quarter declined 1% to $4.46 billion from $4.52 billion and net income soared 27% to $1.36 billion from $1.07 billion and diluted earnings per share expanded to $9.06 from $7.06 a year ago.
Assets under management increased 11% to $9.4 trillion from $8.4 trillion a year ago and quarterly inflow of assets was $80 billion with positive asset flows across client types and regions. -
UnitedHealth Group soared 6.8% to $478.29 after the insurance company reported better-than-expected earnings on lower-than-expected costs and rising premiums.
Net income in the quarter increased to $5.47 billion from $5.07 billion and diluted earnings per share rose to $5.82 from $5.34 a year ago.
Medical care ratio in the quarter increased to 83.2% from 81.5% a year ago
The insurance company lifted its adjusted annual earnings estimate to between $24.70 and $25.0 from the previous estimate between $24.0 and $25.0. -
Wells Fargo & Company gained 0.6% to $43.95 after the bank reported better-than-expected quarterly results.
Total revenue in the second quarter ending in June rose to $20.5 billion from $17.1 billion and net income advanced to $4.9 billion from $3.1 billion and diluted earnings per share expanded to $1.25 from 75 cents a year ago.
In the quarter, average loans increased to $945.9 billion from $926.6 billion and average deposit decreased to $1.35 trillion from $1.45 trillion from a year ago.
Provision for credit losses rose sharply to $1.7 billion from $580 million a year ago, indicating growing worries about commercial real estate loans and higher credit card balances.
The company repurchased 100.2 million shares for $4.0 billion in the second quarter.
The company proposed to increase its quarterly dividend per share to 35 cents per from 30 cents a year ago. -
Citigroup declined 2.1% to $46.68 despite the company reporting better-than-expected quarterly earnings.
Total revenues, net of interest expenses, declined 1% to $19.4 billion from $19.6 billion and net income declined 36% to $2.9 billion from $4.5 billion and diluted earnings per share fell to $1.33 from $2.19 a year ago.
Total assets at the end of the quarter increased 2% to $2.43 trillion from $2.38 trillion and deposits were stable at $1.3 trillion from a year ago.
Citigroup's allowance for credit losses at the end of the quarter increased to $17.5 billion from the previous year.
During the quarter, the company returned a total of $2.0 billion to shareholders in the form of $1.04 billion in dividends and $1.0 billion in share repurchases. -
Delta Air Lines rose 3.5% to $49.75 after the international air carrier reported record quarterly earnings and sales and also lifted its 2023 earnings estimate.
Revenue in the June quarter increased 13% to $15.6 billion from $13.8 billion and net income soared to $1.8 billion from $735 million and diluted earnings per share advanced to $2.84 from $1.15 a year ago. -
MillerKnoll Inc increased 1.1% to $16.65 after the furniture maker reported better-than-expected earnings.
Revenue in the June quarter declined 13% to $956.7 million from $1.1 billion and net income declined to $0.1 million from $23.2 million and diluted earnings per share dropped to zero from 28 cents a year ago.
Jul 14, 2023
Jul 13, 2023