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    • Breaking News
    Jul 19, 2023
    • J.B. Hunt Transportation Services increased 2.9% to $193..33 after the trucking services provider reported better-than-expected quarterly results. 

      Revenue in the second quarter declined 18% to $3.13 billion from $3.83 billion and net earnings dropped to $189.5 million from $1255.4 million and diluted earnings per share fell to $1.81 from $2.42 a year ago.  

      The decline in revenue was primarily driven by a decrease in revenue per load of 24% in Integrated Capacity Solutions, 13% in Intermodal, and 21% in Truckload, and a 4% decline in productivity in Dedicated Capacity Solutions, as a result of changes in customer rate, freight mix and lower fuel surcharge revenue. 

      Volume declines of 7% in JBI, 26% in ICS, 4% in DCS, and stop count decline of 24% in Final Mile Services also contributed to the year-over-year decline in revenue, partially offset by a 6% increase in JBT volume.

      In the second quarter, the company repurchased 315,000 shares for $53 million and at the end of June $463 million were available for stock repurchase. 

      Total outstanding shares at the end of the second quarter were 103.3 million.  
      • Jul 18, 2023
      • Lockheed Martin Corp fell 0.04% to $469.76 after the defense contractor reported quarterly results met some investors' expectations. 

        Revenue in the second quarter edged up 8% to $16.7 billion from $15.4 billion and net income rose to $1.7 billion from $309 million and diluted earnings per share advanced to $6.63 from $1.16 a year ago. 

        Order backlog increased to record high $158 billion. 

        Free cash flow declined to $771 million from $1.027 billion a year ago. 

        The company revised higher its annual sales range to between $66.25 billion and $66.75 billion from the previous estimate between $65.0 billion and $66.0 billion released in April. 
        • Bank of New York Mellon Corp increased 4.5% to $45.52 after the bank reported better-than-expected quarterly results. 

          Revenue increased 5% to $4.5 billion and net interest income rose 33% to $1.1 billion from $824 million a year ago. Net income rose 24% to $1.06 billion from $864 million and diluted earnings per share advanced to $1.30 from $1.03 a year ago. 

          Provision for credit losses declined to $5 million from $47 million a year ago. 

          Average loans declined 8% to $63.4 billion from $69.0 billion and average deposits fell 11% to $277 billion from $311 billion a year ago. 

          The company returned $745 million to shareholders, including $448 million common stock repurchase. 
          • PNC Financial Services declined 0.6% to $126.25 after the regional bank reported lower-than-expected revenue in its latest quarter.

             Revenue increased to $5.3 billion from $5.1 billion and net income edged up $1.5 billion from $1.49 billion and diluted earnings per share edged down to $3.36 from $3.39 a year ago. 

            Tangible book value per share increased to $77.80 from $74.39 from a year ago. 

            Average loans in the quarter increased to $324.5 billion from $304.8 billion and average deposits declined to $425.7 billion from $446.5 billion from a year ago.  

            Net interest rate margin expanded to 2.79% from 2.5%. 

            The bank lowered its annual net interest income increase range between 5% and 6% from the previous range between 6% and 8%.  
            • Bank of America jumped 2.5% to $30.01 after the bank reported better-than-expected revenue and earnings in its latest quarter results. 

              Revenue, net of interest expense, increased 11% to $25.2 billion from $22.7 billion and net income rose 19% to $7.4 billion from $6.2 billion and diluted earnings per share increased to 88 cents from 72 cents a year ago. 

              Provision of credit losses increased by $602 million to $1.1 billion. average deposit balance declined 7% to $1.9 trillion and average loan and lease balance increased 3% to $1.0 trillion. 
              • 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. 
                    • Jul 14, 2023
                    • 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.