Breaking News
Jun 21, 2023
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Winnebago Industries, Inc declined 8.1% to $59.01 after the maker of RVs reported sales declined 38% in its latest quarter because of heavier discounting and macroeconomic headwinds.
Revenue in the fiscal third quarter ending in May declined 38.2% to $900.8 million from $1.5 billion and net income declined 49% to $59.6 million from $117.2 million and diluted earnings per share fell to $1.71 from $3.57 a year ago.
On May 17 the company declared a quarterly cash dividend of 27 cents per share payable on June 28 to shareholders on record June 14.
The company completed repurchases of $20 million shares during the third quarter. -
Kroger Co declined 2.8% to $45.88 after the company reiterated its same store sales excluding gasoline sales for the year.
Sales in the first quarter increased to $45.1 billion from $44.6 billion and net income increased $962 million and diluted earnings per share increased to $1.32 from 90 cents a year ago.
The company reaffirmed Identical sales excluding gasoline sales to grow between 1.0% and 2.0%, with underlying growth between 2.5% and 3.5% after adjusting for the effect of Express Scripts.
Adjusted net earnings per diluted share between $4.45 and $4.60, including an estimated benefit from the 53rd week of approximately $0.15. -
Lennar Corp advanced 3.5% to $118.78 after the home builder reported better-than-expected fiscal fourth quarter results and the company lifted its unit sales outlook for the year.
Total revenue increased 21% to $10.2 billion from $8.4 billion and net income edged up to $1.3 billion from $1.2 billion and diluted earnings per share advanced to $4.55 from $3.91 a year ago.
Homes delivered increased 13% to 20,064 and order backlog dropped 21% to 18,869 and backlog order value dropped 23% to $8.7 billion.
The company guided new orders and home deliveries in the quarter between 12,000 and 13,500 and average sales price between $440,000 and $450,000 and gross margin of 21%. -
The Federal Reserve in an unanimous decision agreed to leave the target range for the federal funds unchanged at 5% to 5.25%.
The Federal Open Market Committee paused rates for the first time after lifting rates for ten times in a row since March 2022, when rates were revised higher by 500 basis points over the last fifteen months.
The Fed left the door open for future rate hikes and added that the central bank will continue to reduce its holding of Treasury securities and agency debt and agency mortgage-backed securities. -
Logitech International SA plunged 11.9% to $56.26 after the company said its chief executive officer Bracken Darrell plans to leave the company.
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Shell PLC increased 2.5% to $59.85 after the UK-based energy company said it plans to increase dividend and accelerate stock buybacks.
The company announced its plan to buy back at least $5 billion of its in the second half, 15% increase in dividend from the second quarter and shareholder distribution increased to 30% to 40% of cash flow from operations. -
Consumer price index for May eased to 4.0% in May on a seasonally adjusted basis, the U.S. Bureau of Labor Statistics reported Tuesday.
The inflation rate dropped to the slowest pace since March 2021, but prices are still rising at a faster pace than preferred by the Federal Reserve.
On a monthly basis prices rose 0.1% in May, slower than 0.4% rise in April.
Core inflation, which excludes food and energy, declined to 5.3%, the slowest pace since November 2021.
The shelter index increased 8.0% over the last year, accounting for over 60% of the total increase in all items less food and energy.
Other indexes with notable increases over the last year include motor vehicle insurance up 17.1%, recreation 4.5%, household furnishings and operations 4.2%, and new vehicles 4.7%.
On a monthly basis, the index for all items less food and energy or core inflation, rose 0.4% in May, as it did in April and March.
The shelter index increased 0.6% over the month after rising 0.4% in April and the index for rent rose 0.5% in May, as did the index for owners' equivalent rent.
On a monthly basis, food prices rose 0.2%, energy prices declined 3.6% and gasoline prices plunged 5.6%.
New car prices decreased 0.1% but used cars and trucks prices rose 4.4%.
Elevated home and rental prices were main drivers of inflation and shelter cost increased 0.6% from the previous month in May.
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HashiCorp Inc plunged 21.4% to $27.40 after the cloud computing company reported weaker than expected earnings.
Revenue in the first quarter ending in April increased 37% to $138.0 million and net loss shrank to $53.2 million from $82.2 million and diluted loss per share fell to 28 cents from 43 cents a year ago.
The company estimated fiscal second quarter revenue between $137 million and $139 million and non-GAAP loss per share between 14 cents and 16 cents.
The company estimated full-year revenue between $564 million and $570 million and non-GAPP loss per share between 24 cents and 27 cents.
In addition, the company announced its plan to reduce its workforce by 8% citing macroeconomic headwinds. -
Signet Jewelers Limited dropped 9% to $63.01 after the specialty retailer lowered its revenue and earnings estimate for the full-year and forecasted weaker-than-expected second quarter revenue and operating income.
Sales in the fiscal first quarter ending in April declined 9.3% to $1.7 billion and same store sales declined 13.9% from a year ago.
Sales in North America declined 8.4% to $1.6 billion and same store sales fell 14.2% from a year ago.
The company swung net income attributable to shareholders to $88.8 million from a loss of $92.1 million and diluted earnings per share was $1.79 compared to ($1.89).
The company declared quarterly dividend per share of 23 cents to shareholders on record July 28 and payable on August 25.
The company repurchased $39.1 million of its shares in the first quarter. -
GameStop Corp declined 21.6% to $20.46 after the company ousted chief executive Matthew Furlong and said Ryan Cohen will take over as executive chairman.
Net sales in the first quarter ending in April declined to $1.237 billion from $1.378 billion and net loss shrank to $50.5 million from $157.9 million and diluted loss per share fell to 17 cents from 52 cents a year ago.
The company ousted chief executive Matthew Furlong and said Ryan Cohen will take over as executive chairman.
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