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    • Breaking News
    Jul 13, 2023
    • PepsiCo increased 1.1% to $185.22 after the food and beverage company reported better-than-expected revenue of $22.32 billion and adjusted net income of $1.96 a share.  

      Revenue in the second quarter increased 10.4% to $22.3 billion from $20.2 billion and net income rose to $2.7 billion from $1.4 billion and diluted earnings per share advanced to $1.99 from $1.03 a year ago. 
      • Denbury Inc declined 0.6% to $87.20 after the company agreed to be acquired in an all-stock deal of $4.5 billion from ExxonMobil. 

        The company agreed to be acquired for $89.45 a share. 
        • DEN
        • Progressive Corp declined 12.4% to $133.77 after the automobile insurance company reported net premium in the quarter increased 14% to $14.7 billion from $12.4 billion and combined ratio increased to 100.4 from 95.6 a yar ago. 

          The company swung to a profit of $345.4 million from a loss of $542.9 million and total pretax realized gain on securities increased to $126.9 million from a loss of $1.17 billion a year ago.  

           
          • Cirrus Logic, Inc declined 1.8% to $81.32 after the company said in a regulatory filing that it plans to reduce its global workforce by 5%. 
            • Jun 29, 2023
            • Micron Technology Inc decreased 1.8% to $65.94 after the company reported quarterly results. 

              Revenue in the fiscal third quarter ending on June 1 dropped to $3.7 billion from $8.7 billion and the company swung to a net loss of $1.9 billion from a profit of $2.6 billion and diluted earnings per share was ($1.73) compared to $2.34 a year ago. 

              The company forecasted revenue in the fiscal fourth quarter of $3.9 billion with a band of $200 million and gross margin of (12.5%) with a band of 2.5% and diluted loss per share of $1.34 with a band of 7 cents. 

              The company's board of directors declared a quarterly cash dividend of 11.5 cents a share payable on July 25 to shareholders on record on July 10. 
              • Occidental Petroleum increased 1.6% to $58.37 after Berkshire Hathaway acquired 2.1 million more shares in the company between June 26 and 28, according to a regulatory filing. 

                After the purchase, Berkshire Hathaway's stake in the company rose to 25%. 
                • In the third estimate, real U.S. economic growth was revised sharply higher to 2.0% from 1.3% in the previous estimate, the U.S. Census Bureau reported Thursday.  

                  In the fourth quarter of 2022, real GDP increased 2.6%. 

                  Higher consumer and public spending and exports contributed to the upward revision. 

                  Consumer spending growth was revised higher to 4.2% from 3.8% in the previous estimate and exports increased 7.8% and imports advanced at a slower pace of 2%, resulting in higher net contribution of 0.58 percentage points. 

                  Nonresidential fixed investment growth was revised lower to 0.6% from the previous estimate of 1.4%.
                  • Jun 28, 2023
                  • General Mills Inc declined 4.4% to $77.16 after the food company reported weaker than expected quarterly results. 

                    Net sales in the fiscal fourth quarter ending in May increased 3% to $5.03 billion and sales rose on organic basis 5%. 

                    Net earnings in the quarter declined 25% to $615 million from $822.8 million and diluted earnings per share fell to $1.04 from $1.36 a year ago. 

                    For the full-year revenue increased to $20 billion from $19 billion and net income edged lower to $2.6 billion from $2.7 billion and diluted earnings per share to $4.31 from $4.42 a year ago. 

                    In the year, the company hiked dividend per share to $2.16 from $2.04 in the previous year.  

                    The company forecasted fiscal 2024 organic sales to increase between 3% and 4% and adjusted operating profit to increase between 4% and 6% from the base of $3.5 billion reported in fiscal 2023. 

                    The company guided adjusted diluted EPS to increase 4% to 6% in constant currency from the base of $4.30 in fiscal 2023 and free cash flow conversion is expected to be at least 95% of adjusted after-tax earnings.  
                    • AeroVironment, Inc jumped 5.4% to $95.20 after the military drone maker reported better-than-expected quarterly results and forecasted higher-than-expected full-year revenue. 

                      Revenue in the fiscal fourth quarter increased 40% to $186.0 million from $132.6 million and the company swung to a net loss of $160.5 million from a profit of $7.3 million and diluted earnings per share was ($6.31) from 29 cents a year ago. 

                      At the end of April, funded backlog increased to $424.1 million from $210.8 million a year ago. 

                      For fiscal year 2024, the company expects revenue between $630 million and $660 million, net income of between $50 and $58 million. 

                      The company estimated non-GAAP adjusted EBITDA of between $110 million and $120 million, earnings per diluted share of between $1.91 and $2.21. 

                      Non-GAAP earnings per diluted share, which excludes amortization of intangible assets, other non-cash purchase accounting expenses and equity securities investments gains or losses, of between $2.30 and $2.60.
                      • Jun 27, 2023
                      • Walgreens Boots Alliance Inc dropped 8.9% to $28.97 after the pharmacy retail chain reported lower-than-expected fiscal third quarter earnings. 

                        The company  also lowered its full-year earnings outlook.  

                        Revenue in the fiscal third quarter ending in May increased to $35.2 billion from $32.6 billion and net earnings attributable to shareholders plunged to $118 million from $289 million and diluted earnings per share dropped to 14 cents from 33 cents a year ago. 

                        For the full fiscal year 2023, Walgreens Boots Alliance now expects adjusted earnings per share between $4.00 and $4.05 from the previous estimate of $4.45 to $4.65, reflecting challenging consumer and macroeconomic conditions, and lower COVID-19 vaccine and testing volumes.

                        For the fiscal year 2024, the company is forecasting "low- to mid-single digit adjusted operating income growth, with the U.S. Healthcare and U.S. Retail Pharmacy performance more than offsetting headwinds from lower sale and leaseback program benefits, lower COVID-19 contribution, and the sale of holdings in AmerisourceBergen."