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    • Breaking News
    Jun 23, 2023
    • 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.  
        • Overstock.com Inc increased 7% to $22.66 after the company acquired digital assets and intellectual property of Bed Bath & Beyond at the floor price of $21.5 million in an auction. 
          • Spirit AeroSystems Holdings Inc dropped 9.2% to $26.95 after the company stopped production at its Kansas plant following workers voting to strike from Saturday. 

            Spirit is one of the key parts suppliers to aviation company Boeing. 

            Boeing Co declined 2.7% to $206.25 following the strike news Spirit AeroSystems.  

             
            • Jun 21, 2023
            • FedEx Corp declined 3% to $224.01 after the parcel delivery company grounded additional planes because of lack of demand. 

              FedEx reported weaker-than-expected quarterly revenue but adjusted earnings were ahead of market expectations. 

              Revenue in the fiscal fourth quarter ending in May declined 10% to $21.9 billion from $24.3 billion and net income increased to $1.5 billion from $558 million and diluted earnings per share rose to $6.05 from $2.13 a year ago. 

              For the fiscal year 2023, revenue declined 4% to $90 billion from $93.5 billion and net income increased 8% to $3.9 billion from $3.8 billion and diluted earnings per share increased to $15.48 from $14.33 a year ago. 

              The company forecasted capital spending of $5.7 billion in the fiscal 2024 and estimated diluted earnings per share between $15.0 and $17.0 before accounting for mark-to-market retirement plans adjustments and estimated revenue percentage growth between "flat to low single digit" from the previous year. 
              • 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. 
                • Jun 15, 2023
                • 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%. 
                    • Jun 14, 2023
                    • 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.