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Apr 13, 2023

The producer price index in March fell 0.5% from the previous month, the U.S. Bureau of Labor Statistics reported Thursday. Core wholesale prices paid by companies decreased 0.1% on a monthly basis after rising 0.2% in February.

Wholesale prices rose 2.7% on an annual basis in March and core prices, excluding food and energy, increased 3.4%.

Lower cost of energy and higher base also impacted the overall inflation reading. Two-thirds of the decline can be attributable to 1.0% decrease in final demand for goods, namely gasoline or energy materials.

Delta Air Lines, Inc forecasted June quarter earnings per share between $2.0 and $2.25 and full-year earnings per share between $5.0 and $6.0 and free cash flow of $2.0 billion.

"With record advance bookings for the summer, we expect June quarter revenue to be 15% to 17% higher on capacity growth of 17% year over year," said Glen Hauenstein, Delta's president.

Delta said March quarter operating revenue rose 36% to $12.8 billion and net loss shrank 61% to $363 million from $940 million and diluted loss per share fell to 57 cents from $1.48 a year ago.

Delta's strong summer booking lifted United Airlines Holdings by 1.4% and American Airlines Group by 0.6%.

DAL

Infosys Ltd after the India-based global tech services provider reported weaker-than-expected quarterly results.

Revenue in the March quarter increased 6.4% to $4.6 billion and net income declined to $744 million from $752 million and diluted earnings per share held at 18 cents.

For the fiscal year 2023, revenue increased 11.7% to $18.2 billion and net income was stable at $2.9 billion and diluted earnings per share was 71 cents compared to 70 cents a year ago.

The company guided fiscal year 2024 revenue to rise between 4% and 7% in constant currency and operating margin between 20% and 22%.

INFY

Apr 12, 2023

Consumer price index declined to an annual rate of 5% in March, according to the latest report released by the U.S. Bureau of Labor Statistics.

Sharp decline in gasoline prices slowed the headline inflation but core inflation accelerated in the month to 5.6% from a year ago and rose 0.4% from the previous month on higher shelter costs.

Berkshire Hathaway increased its stake in five trading houses in Japan to above 7% and the diversified conglomerate is prepared to add more and hold investment for a decade or two.

Berkshire first acquired stakes in these so called Shogo Shosha in August 2020. Itochu, Marubeni, Mitsui, Mitsubishi and Sumitomo play a crucial role in Japan's import of energy, food, chemicals and other commodities.

BRK-A

Apr 11, 2023

CarMax Inc said revenue in the fiscal fourth quarter ending in February increased 25.6% to $5.6 billion and net income plunged to $69.0 million from $1159.8 million and diluted earnings per share fell to 44 cents from 98 cents a year ago.

Combined retail and wholesale used vehicle unit sales were 290,214, 15.5% lower compared to the previous year. Average selling price for used vehicles declined 9.3% to $26,598 from $29,312 a year ago.

Used vehicle sales unit sales at comparable stores declined 14.1% in the quarter on top of 6.5% fall in the previous year's period. Used vehicle revenue at comparable stores dropped 22.0% compared to 30.5% increase in the quarter a year ago.

During the quarter, the company did not repurchase any of its shares and the stock repurchase program still has $2.45 billion available for buyback.

KMX

Apr 7, 2023

U.S. economy added 236,000 net new jobs as employers slow hiring amid rising costs and interest rates, the U.S. Bureau of Labor Statistics reported Friday.

The unemployment rate declined to 3.5% from 3.6% in February.

Both the unemployment rate, at 3.5%, and the number of unemployed persons, at 5.8 million, changed little in March. These measures have shown little net movement since early 2022.

U.S. economy added downwardly revised 472,000 new jobs in January and upwardly revised 326,000 in February, significantly higher than the long-term monthly average of less than 190,000.

Average hourly earnings rose 0.3% in March to $33.18 and increased 4.2% on an annual basis but the increase dropped to the lowest level since June 2021.

Apr 6, 2023

U.S. based employers cut jobs for the third month in a row, according to a report released by Challenger, Gray & Christmas, Inc on Thursday.

Employers announced 89,703 job cuts in March, 15% higher than 77,770 in February and soared 319% from 21,387 a year ago. The job cuts were higher from a year ago for the third month in a row.

Employers announced 270,416 cuts in the first quarter, a 396% increase from the 55,696 cuts announced a year ago and the highest first quarter total since 2020 when 346,683 were announced.

Apr 5, 2023

The U.S. international trade deficit expanded in February, the Bureau of Economic Analysis reported Wednesday.

Exports in February decreased 2.7% from the previous month to $251.2 billion and imports fell 1.5% to $321.7 billion, resulting in a trade deficit rise of 2.7% to $70.5 billion.

The deficit with China increased $3.2 billion to $25.2 billion in February, driven by $1.4 billion decrease in exports to $13.1 billion and $1.8 billion increase in imports to $38.2 billion.

Apr 3, 2023

Eight OPEC+ oil producing nations - led by Saudi Arabia, UAE and Kuwait - announced to remove 1.16 million barrels per day starting May until the end of the year.

The product cut announced on Sunday was designed to separate the alliance from international pressure. Previously Russia had announced its production cut target of 500,000 barrels per day starting this month, increasing the total production cut by 1.66 million barrels a day.

The Joint Ministerial Monitoring Committee's meeting on Monday acknowledged the voluntary production cuts, but did not announce its own policy change.

Saudi Arabia led the voluntary production cuts with 500,000 barrels per day. Iraq said it plans to cut its production by 211,000, UAE by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000, Oman by 40,000 and Gabon by 8,000.