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    • Breaking News
    Mar 22, 2023
    • 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. 
              • The Children's Place Inc said revenue in the fourth quarter ending in January declined 10.2% to $456.1 million from $507.8 million a year ago. The retailer swung to a loss of $50.5 million from a profit of $39.0 million and diluted earnings per share was ($4.10) from $2.68 a year ago. 

                In the full-year 2022 revenue dropped 10.8% to $1.71 billion compared to $1.92 billion in the previous year. Net loss in the year was $1.1 million compared to a profit of $187.2 million and diluted earnings per share was ($0.09) compared to $12.59 in the previous year.   

                The retailer ended the quarter with 613 stores and square footage of 2.9 million, a decrease of 8.3% compared to the prior year. The company permanently closed 59 stores in fiscal 2022 and permanently closed 586 stores, since the announcement of its optimization plan in 2013
                • Signet Jewelers Ltd said revenue in the fourth quarter ending in January declined 5.2% to $2.66 billion from $2.81 billion and net income fell to $268.7 million from $305.7 million and diluted earnings per share increased to $5.02 from $4.91 in the previous year. 

                  Same store sales declined 9.15% from the previous year but rose 16.4% from the comparable period in fiscal year 2020.

                  Total sales in the fiscal year 2023 decreased 0.2% to $7.8 billion and net income dropped  to 342.2 million from 735.4 million and diluted earnings per share fell to $6.64 from $12.22 a year ago. 

                  Same store sales in the year fell 6.1% from the previous year but rose 18.1% from the fiscal year 2020. 
                  • Mar 16, 2023
                  • Adobe Inc said revenue in the fiscal first quarter ended on March 3 increased 9% to $4.7 billion from $4.2 billion and net income edged slightly lower to $1.24 billion from $1.26 billion and diluted earnings per share rose to $2.71 from $2.66 a year ago. 

                    The software company guided fiscal second quarter revenue in the range between $4.75 billion and $4.78 billion and GAAP earnings per share between $2.65 and $2.70. 

                    For the fiscal year 2023, the company estimated GAAP earnings per share between $10.85 and $11.15 and digital media net new average revenue rate of $1.70 billion.    
                    • Dollar General Corp said same store sales in the fourth quarter increased 5.7% and in the full-year 2022 rose 4.3%. 

                      Revenue in the fourth quarter ending on February 3 increased to $10.2 billion from $8.6 billion and net income rose to $659.1 million from $597.4 million and diluted earnings per share advanced to $2.96 from $2.57 a year ago. 

                      In the fiscal year 2022, revenue increased to $37.8 billion from $34.2 billion and net income expanded to $2.42 billion from $2.39 billion and diluted earnings per share advanced to $10.68 from $10.17 a year ago. 
                      • Five Below Inc said net sales in the fourth quarter ending on January 28, 2023 increased 12.7% to $1.1 billion from $996.3 million, driven by 1.9% rise in comparable sales. Net income in the quarter increased to $171.3 million compared to $140.2 million and diluted earnings per share rose to $3.07 compared to $2.49 a year ago. 

                        In the fiscal year 2022, net sales increased 8% to $3.07 billion from $2.85 billion and comparable sales decreased 2.0% from the previous year. Net income decreased to $261.5 million from $278.8 million and diluted earnings per share fell to $4.69 from $4.95 in the previous year.  

                        For the first quarter of 2023, the retailer forecasted net sales in the range of $723 million to $735 million, reflecting 25 new stores and assuming an approximate 2.5% to 4% increase in comparable sales. Net income is expected to be in the range of $33 million to $37 million and diluted income per common share is expected to be in the range of 59 cents to 65 cents. 

                        In 2023, the company said it plans to open a record 200 new stores and convert 400 stores to the new Five Beyond format.