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    Jul 20, 2023
    • Tesla Inc declined 5.7% to $274.92 after the electric vehicle maker reported quarterly results and executives indicated lower sales volume in the current quarter because of plant maintenance. 

      Total revenue jumped 47% to $24.9 billion from $16.9 billion and net income attributable to common stockholders increased 20% to $2.7 billion from $2.3 billion and diluted earnings per share rose 91 cents from 76 cents a year ago. 

      Quarterly revenue and earnings were ahead of market expectations and operating margin fell to a low of at least five quarters to 9.6% from the high of 17.2% in third quarter of 2022 on higher discounting.  

      Free cash flow jumped 62% to $1.0 billion from $621 million a year ago. 
      • Jul 19, 2023
      • Goldman Sachs Group Inc declined 0.3% to $336.85 after the company reported lower-than-expected adjusted quarterly earnings because of losses in real estate and GreenSky. 

        Net revenue declined 8% to $10.9 billion from $11.9 billion and net earnings plunged to $1.2 billion from $2.8 billion and diluted earnings per share dropped to $3.08 from $7.73 a year ago.

        Investment banking fees declined 20% to $1.4 billion from $1.8 billion after merger advisory fees plunged 46% to $647 million from $1.2 billion. 

        Fixed-income bonds, currencies and commodities trading revenue plunged 28% to $2.7 billion from $3.6 billion and equities trading revenue increased 1% to $2.9 billion. 

        Asset and wealth management revenue decreased 4% to $3.04 billion from $3.2 billion a year ago.  

        Book value increased 1.9% to $309.33 a share. 
        • Ally Financial Inc increased 3.0% to $29.0 after the company reported a decline in earnings but ahead of market expectations. 

          Total revenue in the quarter was unchanged at $2.07 billion and net financing revenue declined to $1.6 billion from $1.8 billion and net income attributable to shareholders declined to $301 million from $454 million and diluted earnings per share fell to 99 cents from $1.40 a year ago. 

          The company has about 2.9 million retail deposit customers with an average balance of $50,000 and 92% of retail deposit balances are FDIC insured. 

          Net interest margin was 3.4%, indicating that the bank is passing on higher interest rates to its customers but not to depositors. 

          Total deposits increased by $13.9 billion from a year ago to $154.3 billion at the end of the second quarter. 

           
          • Western Alliance Bancorp extended gains for the second day in a row by 8% to $46.42 despite the company reporting weak quarterly results. 

            Net revenue increased 21.3% to $669.3 million and net income decreased 17.1% to $215.7 million from $260.2 million and diluted earnings per share fell to $1.96 from $2.39 a year ago. 

            Total deposits declined 5% from a year ago and rose 7.3% from the previous quarter to $51.0 billion. 

            The rise in deposits from the previous quarter showed that the bank is attracting more customers, a key driver indicator of the customer confidence. 

            Net interest margin decreased to 3.42% from 3.54% a year ago and from 3.79% in the previous quarter. 
            • 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%.