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    • Breaking News
    Apr 27, 2023
    • American Airlines Group increased 1.5% to $12.93 after the international airline reported mixed quarterly results. Revenue in the first quarter increased 37% to $12.2 billion and the company swung to a net income of $10 million from a loss of $1.6 billion and diluted earnings per share was 2 cents compared to ($2.52) a year ago. 

      Revenue passenger miles increased 17.4% to 52.04 million, available seat miles rose 9.2% to 65 million and load factor improved 5.6 percentage points to 80.0%. 

      Total revenue per available seat mile soared 25.4% to 18.75 cents from 14.95 cents a year ago. Operating cost per available seat mile increased 13% to 18.08 cents.  

      The company expects its second quarter adjusted earnings per diluted share between $1.20 and $1.40 and full-year 2023 between $2.50 and $3.50. The company’s forecasts include the estimated impact of anticipated new labor agreements. 
      • Meta Platforms Inc increased 13.5% to $209.30 after the parent of Facebook reported better-than-expected revenue. 

        Revenue in the March quarter increased 3% to $28.6 billion and net income dropped 24% to $5.7 billion from $7.5 billion and diluted earnings per share fell to $2.20 from $2.72 a year ago. 

        Facebook daily active users increased 4% to 2.04 billion and across all sites including Instagram and WhatsApp rose 5% to 3.02 billion. In the first quarter, ad impressions delivered across all apps  increased 26% and the average price per ad decreased 17% from a year ago.

        Meta Platforms repurchased $9.22 billion of Class A common stock in the first quarter and the company had $41.73 billion available and authorized for repurchases. 

        Total staff at the end of March decreased 1% from a year ago to 77,114, reflecting the layoff announced in November 2022 but not counting the staff that will be impacted from the 2023 layoffs.  
        • CBRE Group, Inc soared 9.4% to $76.60 after the commercial real estate company reported first quarter results. 

          Revenue in the quarter increased 1.1% to $7.4 billion from $7.3 billion and net income dropped 70.2% to $117 million from $392 million and diluted earnings per share fell to 37 cents from $1.16 a year ago. 

          The company retained its full-year 2023 outlook and "with core earnings per share expected to decline by low-to-mid double  digits this year, but then exceed the prior peak in 2024."

          Global leasing revenue declined 8% and capital markets revenue plunged 43%, loan servicing revenue increased 5%, property management net revenue increased 1%, valuations revenue declined 9% and investment management revenue rose 3%. 

          Asset under management declined $0.4 billion to $148.9 billion. 

          The company repurchased approximately 1.4 million shares for $114 million for an average price of $83.48 per share in the first quarter, and $2.0 billion of capital available in the stock repurchase program as of March 31.
          • Ride-hailing company Lyft Inc confirmed its plan to lay off 1,072 corporate employees, about 26% of its total 4,000 staff, the company said in an SEC filing Thursday. 

            The company has also decided to scale back hiring and eliminated  over 250 open positions. 

            In connection with the plan, the company estimated a cost of approximately $41 million to $47 million related to  severance and employee benefits in the second quarter of 2023, all of which will be future cash expenditures. 

            In the second quarter, the company also expects to  incur an additional cost related to stock-based compensation and the corresponding payroll tax expense related to employees who were impacted by this  restructuring, the estimated charges will be reported once available in an amended regulatory filing. 
            • Apr 26, 2023
            • Ameriprise Financial, Inc declined 5.6% to $295.27 after the company released its latest quarterly results. 

              Revenue in the first quarter increased 3% to $3.7 billion from $3.6 billion and net income dropped 49% to $417 million from $825 million and diluted earnings per share to $3.79 from $7.10 a year ago. 

              Total assets under management declined 9% to $1.0 trillion from $1.1 trillion a year ago. 
              • Cadence Design Systems Inc declined 5.1% to $202.09 after the semiconductor design software developer reported its quarterly results. 

                Revenue in the first quarter increased to $1.02 billion from $901 million and net income rose to $241.8 million from $235.3 million and diluted earnings per share increased to 89 cents from 85 cents a year ago. 

                For the second quarter, the company estimated total revenue in the range of $960 million to $980 million and operating margin in the range of 29% to 30% and diluted earnings per share in the range of $0.73 to $0.77.
                • PepsiCo Inc rose 2.4% to $189.99 after the food and beverage maker reported better-than-expected quarterly results. 

                  The company said first quarter revenue increased 10.2% to $17.8 billion and net income of $1.3 billion. 

                  The company lifted its full-year 2023 growth estimate of organic revenue to 8% from the previous estimate of 6% and  core constant currency earnings per share to 9% from 8%. 
                  • United Parcel Service, Inc dropped 8.9% to $178.40 after the company reported weaker-than-expected quarterly results. 

                    Ameriprise Financial, Inc decreased 5.8% to $294.47 despite the financial services provider reported better-than-expected earnings. 

                    Consolidated revenue in the first quarter declined 6% to $22.9 billion and net income declined 28.8% of $1.9 billion from $2.6 billion and diluted earnings per share fell to $2.19 from $3.03 a year ago. 

                    The parcel delivery company said the full-year 2023 revenue is likely to be near the low end of its previously released revenue and earnings range. 

                    The company estimated full-year consolidated revenue of $97 billion and adjusted operating margin of 12.8% and capital expenditure of $5.3 billion. 

                    The company estimated a dividend of $5.4 billion and set the share repurchase target of $3.0 billion. 
                    • Alphabet Inc said revenue in the first quarter ending in March rose 3% to $69.8 billion, sharply slower than the 23% increase in the quarter a year ago. 

                      Net income in the quarter fell to $15.1 billion from $16.4 billion and diluted earnings per share eased $1.17 from $1.23 a year ago.  

                      Google advertising, which includes Google search, network ad YouTube ads, edged slightly lower to $54.5 billion from $54.7 billion and cloud ads increased to $7.4 billion from $5.8 billion a year ago. 
                      • Microsoft Corp said revenue in the March quarter increased 7% to $52.9 billion, driven by the jump in cloud segment revenue. 

                        Cloud segment revenue increased $22.1 billion, productivity and business processes increased 11% to $17.5 billion and personal computing segment decreased 9% to $13.3 billion. Microsoft search and news advertising revenue excluding traffic acquisition costs increased 10% but Windows OEM revenue plunged 28%. 

                        Net income increased to $18.3 billion from $16.7 billion and diluted earnings per share advanced to $2.45 from $2.22 a year ago. 

                        Microsoft returned $9.7 billion to shareholders in the form of share repurchases and dividends in the third quarter of fiscal year 2023.