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    Mar 28, 2023
    • Walgreens Boots Alliance Inc, the pharmacy operator, reported better-than-expected fiscal second quarter earnings. 

      Sales in the fiscal second quarter ending in February increased 3.3% to $34.8 billion from $33.7 billion and net income fell to $703 million from $883 million and diluted earnings per share declined to 81 cents from $1.02 a year ago. 

      The company retained its full-year adjusted earnings per share outlook between $4.45 and $4.65 a share, reflecting acceleration in business in February. 
      • Mar 27, 2023
      • First Citizens BancShares agreed to pay $16.5 billion for $72 billion of assets (or loan portfolio), own and operate 17 branches of the former bank, the FDIC said in a statement.

        The FDIC will retain $90 billion of assets of the now defunct Silicon Valley Bank and the agency received stock appreciation rights potentially worth $500 million in the First Citizens Bancshares, Inc.  

        The FDIC estimated the cost of the failure of Silicon Valley Bank to be approximately $20 billion and the exact cost will be determined once the receivership is terminated.

        The FDIC and First–Citizens Bank & Trust Company entered into a loss–share transaction on the commercial loans it purchased from the former Silicon Valley Bridge Bank, National Association.  
        • Mar 22, 2023
        • Carvana Co announced a debt restructuring plan for some of its $9 billion outstanding debt and pre-released quarterly metrics. 

          The embattled retailer proposed to exchange its unsecured notes worth about $5.72 billion for secured notes paying 9.0% cash annual interest.

          If the debt exchange is fully subscribed, the unsecured debt may decrease between $1 billion and  $1.2 billion and lower annual interest expenses by as much as $90 million.     

          The used car retailer estimated adjusted operating loss in the first quarter to shrink to between $50 million and $100 million from $348 million a year ago. 

          The company estimated total vehicle sales in the first quarter ending in the range of 76,000 to 79,000, compared to 105,185 units sold in the year ago. 

          Net operating revenues are expected in the range between $2.6 billion and $2.9 billion compared to $3.5 billion in the year ago, driven by lower units sold. Non-GAAP gross profit per vehicle is estimated in the range of $4,100 and $4,400 compared to $2,985 in the prior year's quarter. 

          Finance receivables are estimated to increase to $1.6 billion at the end of the quarter from $1.3 billion at the end of the previous quarter after the recent market volatility negatively impacted the receivable sales. 
          • GameStop Corp, the specialty retailer, swung to a profit and posted a surge in gross margin in its latest quarter. 

            Revenue in the fourth quarter ending on January 28 declined to $2.22 billion from $2.25 billion and the retailer swung to a net income of $48.2 million from a loss of $147.5 million and diluted earnings per share was 16 cents compared to ($0.49) a year ago. 

            In the full-year revenue decreased to $5.9 billion from $6.0 billion and net loss shrank to $313.1 million from $381.3 million and diluted loss per share fell to $1.103 from $1.33 a year ago. 
            • Nike Inc, the athletic footwear and apparel company, reported higher revenue and earnings in its latest quarter. 

              However, gross margin suffered 330 basis points to 43.3% after the company used markdowns and promotion to liquidate inventories.  

              Revenue in the fiscal third quarter ending in February increased 14% to $12.4 billion and net income declined 11% to $1.2 billion from $1.4 billion and diluted earnings per share fell to 79 cents from 87 cents a year ago. 

              Nike increased its quarterly dividend to 34.0 cents from 30.5 cents a share or $528 million and repurchased 12.9 million shares for $1.5 billion. 

              The company has repurchased 32.0 million shares for $3.4 billion as of the end of February under the stock repurchase program of $18 billion approved in June 2020.
              • PacWest Bancorp, the parent of Pacific Western Bank, in focus said it has "solid liquidity and stabilized deposit balances" in its latest update to investors. 

                The bank's holding company said total available cash is $11.4 billion, which exceeds $9.5 billion in uninsured deposits. The bank said deposit withdrawals were $6.8 billion in the current quarter to March 20. 

                The bank also confirmed it borrowed $3.7 billion from the FHLB, $10.5 billion from the Federal Reserve Discount Window, and $2.1 billion in Bank Term Funding Program,

                The bank said it will pursue other "liquidity enhancing measures" and decided not raise capital in the "current depressed market conditions."
                • The Federal Reserve revised the fed funds target range by 25 basis points to between 4.75% and 5.0%, matching the expectations set by most investors. 

                  The central bank, in a node to the rising stresses in the U.S. banking system, said "the U.S. banking system is sound and resilient" and added that "some additional policy firming may be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time."
                  • Mar 20, 2023
                  • After weeks of struggle to shore up  its rapidly deteriorating capital base, Credit Suisse agreed to be acquired by UBS in a forced merger engineered by Switzerland. 

                    In a deal negotiated by the Swiss regulators and the Swiss National Bank, UBS Group AG agreed to pay 50 Swiss cents per share or 3 billion Swiss francs ($3.25 billion), significantly less than the expected price for shareholders. 

                    The Swiss National Bank agreed to provide up to 100 billion Swiss francs in liquidity and the Swiss government will offer a loss guarantee of up to 9 billion Swiss francs. However, UBS will be responsible for the first 5 billion Swiss francs of potential losses linked to the impairment of acquired assets from the bank. 
                    • Foot Locker Inc said sales in the fourth quarter ending on January 28 decreased 0.3% to $2.33 billion and net income plunged to $19 million from $103 million and diluted earnings per share dropped to 19 cents from $1.02 a year ago.

                      Comparable sales in the quarter increased 4.2%.  

                      During the fourth quarter, the company paid a quarterly dividend of 40 cents per share and repurchased 4.1 million  shares for a total of $129 million and paid a total of $150 million in dividends.  

                      The Board of Directors declared a quarterly cash dividend of 40 cents per share payable on April 28 to shareholders of record on April 14.

                      In the full-year 2022, total sales fell to $8.6 billion from $9.0 billion and net income dropped to $342 million from $893 million and diluted earnings per share fell to $3.58 from $8.61.   
                      • Mar 17, 2023
                      • FedEx Corp said revenue in the fiscal third quarter ending in February declined to $22.2 billion from $23.6 billion and net income fell to $771 million from $1.1 billion and diluted earnings per share dropped to $3.05 from $4.20 a year ago.  

                        The parcel delivery company completed a repurchase of 9.2 million shares in the fiscal third quarter. 

                        The company lifted its fiscal year 2023 diluted earnings per share forecast in the range of  $13.80 to $14.40 before the mark-to-market retirement  plans accounting adjustments, compared to the prior forecast of $12.50 to  $13.50 a share. 

                        The company estimated fiscal year capital spending of $5.9 billion.