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    • Breaking News
    Jul 14, 2023
    • BlackRock Inc declined 2.1% to $724.51 after the asset management company reported earnings ahead of market expectation and robust fund inflows. 

      Revenue in the second quarter declined 1% to $4.46 billion from $4.52 billion and net income soared 27% to $1.36 billion from $1.07 billion and diluted earnings per share expanded to $9.06 from $7.06 a year ago. 

      Assets under management increased 11% to $9.4 trillion from $8.4 trillion a year ago and quarterly inflow of assets was $80 billion with positive asset flows across client types and regions. 
      • UnitedHealth Group soared 6.8% to $478.29 after the insurance company reported  better-than-expected earnings on lower-than-expected costs and rising premiums. 

        Net income in the quarter increased to $5.47 billion from $5.07 billion and diluted earnings per share rose to $5.82 from $5.34 a year ago. 

        Medical care ratio in the quarter increased to 83.2% from 81.5% a year ago  

        The insurance company lifted its adjusted annual earnings estimate to between $24.70 and $25.0 from the previous estimate between $24.0 and $25.0. 
        • Wells Fargo & Company gained 0.6% to $43.95 after the bank reported better-than-expected quarterly results.  

          Total revenue in the second quarter ending in June rose to $20.5 billion from $17.1 billion and net income advanced to $4.9 billion from $3.1 billion and diluted earnings per share expanded to $1.25 from 75 cents a year ago. 

          In the quarter, average loans increased to $945.9 billion from $926.6 billion and average deposit decreased to $1.35 trillion from $1.45 trillion from a year ago. 

          Provision for credit losses rose sharply to $1.7 billion from $580 million a year ago, indicating growing worries about commercial real estate loans and higher credit card balances. 

          The company repurchased 100.2 million shares for $4.0 billion in the second quarter. 

          The company proposed to increase its quarterly dividend per share to 35 cents per from 30 cents a year ago. 
          • Citigroup declined 2.1% to $46.68 despite the company reporting better-than-expected quarterly earnings.  

            Total revenues, net of interest expenses, declined 1% to $19.4 billion from $19.6 billion and net income declined 36% to $2.9 billion from $4.5 billion and diluted earnings per share fell to $1.33 from $2.19 a year ago. 

            Total assets at the end of the quarter increased 2% to $2.43 trillion from $2.38 trillion and deposits were stable at $1.3 trillion from a year ago. 

            Citigroup's allowance for credit losses at the end of the quarter increased to $17.5 billion from the previous year. 

            During the quarter, the company returned a total of $2.0 billion to shareholders in the form of $1.04 billion in dividends and $1.0 billion in share repurchases.    
            • Jul 13, 2023
            • Delta Air Lines rose 3.5% to $49.75 after the international air carrier reported record  quarterly earnings and sales and also lifted its 2023 earnings estimate. 

              Revenue in the June quarter increased 13% to $15.6 billion from $13.8 billion and net income soared to $1.8 billion from $735 million and diluted earnings per share advanced to $2.84 from $1.15 a year ago. 
              • MillerKnoll Inc increased 1.1% to $16.65 after the furniture maker reported better-than-expected earnings. 

                Revenue in the June quarter declined 13% to $956.7 million from $1.1 billion and net income declined to $0.1 million from $23.2 million and diluted earnings per share dropped to zero from 28 cents a year ago.    
                • 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%.