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    • Breaking News
    Apr 19, 2023
    • Baker Hughes Co increased 1.7% to $30.01 after the oilfield services provider said new orders and revenue rose in double digits in the first quarter. 

      Revenue increased 19% to $5.7 billion and net income soared to $576 million from $72 million and diluted earnings per share increased to 57 cents from 8 cents a year ago. 

      North America revenue increased 20% to $992 million and international revenue rose 18% to $2.58 billion. In the quarter, well construction revenue increased 20% to $1.06 billion, completions, interventions and measurements advanced 16% to $909 million, production solutions gained 14% and subsea and surface pressure systems jumped 27% to $670 million. 

      New orders increased 12% to $7.6 billion from $6.8 billion a year ago and decreased 5% from $8 billion in the fourth quarter. 
      • Nasdaq, Inc, the stock exchange operator, reported revenue in the first quarter increased 2% to $914 million and net income rose to $302 million from $284 million and diluted earnings per share advanced to 61 cents from 57 cents a year ago. 

        The company repurchased $159 million in shares of its common stock during the first quarter of 2023 and as of the end of the first quarter there was $491 million still available for repurchase. 

        The company returned $257 million to shareholders in the first quarter, including $159 million in share repurchases and $98 million in dividends.

        Nasdaq increased its quarterly dividend by 10% to 22 cents payable on June 30 to shareholders of record at the close of business on June 16.
        • United Airlines Holdings Inc said revenue in the first quarter soared 51% to $11.4 billion from $7.5 billion after capacity increased 23.4% from a year ago. 

          Net loss in the quarter shrank to $194 million from $1.38 billion and diluted loss per share declined to 59 cents from $4.24 a year ago. Total revenue per available seat mile increased 22.5% and cost per available seat mile rose 4.0%. 

          Average fuel price per gallon was $3.33 in the first quarter, lower than the $3.54 price in the fourth quarter and higher than the $2.88 price per gallon in the quarter a year ago. 
          • Intuitive Surgical Inc said revenue in the first quarter increased 14% to $1.7 billion from $1.5 billion and worldwide da Vinci procedures rose 26% from a year ago.  

            Net income declined to $355.3 million from $365.6 million and diluted earnings per share was unchanged at $1.0. 

            The company installed 312 da Vinci surgical systems in the first quarter compared to 311 in the period a year ago, increasing its installed base 12% to 7,779 from 6,920 at the end of the first quarter of 2022. 
            • Western Alliance Bancorporation soared 25% to $40.59 after the regional bank reported earnings ahead of expectations and deposits stabilized. 

              Net interest income rose 35.7% to $609.9 million but net income plunged 40.8% to $142.2 million from $240.1 million and diluted earnings per share declined to $1.28 from $2.22 a year ago. 

              Total deposits declined 8.8% to $47.6 billion from $52.1 billion, total assets rose 17.3% to $71 billion and loans held-for-investment increased 12.9% to $46.3 billion. 

              Since March 31, deposits have increased an additional $2.0 billion through April 14, with total insured deposits representing 73% of total deposits,  which is "well above industry norms compared to the 50 largest U.S. banks," said the company. 
              • Apr 18, 2023
              • Charles Schwab Corporation, the online stock broker and financial services provider, reported better-than-expected earnings in its latest quarter. 

                Revenue in the first quarter increased 10% to $5.1 billion and net income rose 14% to $1.6 billion from $1.4 billion and diluted earnings per share advanced to 83 cents from 67 cents a year ago. 

                Schwab attracted net new one million accounts with core net new assets of $132 billion in the quarter, including $51 billion in March.   
                • Bank of America Corp reported better-than-expected revenue and earnings in the first quarter, reflecting a jump in net interest rate margin. 

                  Total revenue, net of interest expense, in the first quarter increased 13% to $26.3 billion and net income increased to $7.6 billion from $6.6 billion and diluted earnings per share increased to 94 cents from 85 cents a year ago. 

                  Client balances declined 2% from a year ago to $1.6 trillion but rose 2% from the fourth quarter and the bank increased its provision for loan losses to $931 million from $30 million a year ago largely driven by credit card balances. 
                  • Goldman Sachs Group Inc reported lower-than-expected revenue and took a charge of $470 million related to the sale of its consumer loans business Marcus. 

                    Revenue in the first quarter ending in March decreased 5% to $12.2 billion from $12.9 billion. Investment banking fees declined 26% to $1.6 billion, bonds, currencies and commodities business dropped 17% to $3.9 billion and equities segment revenue decreased 7% to $3.0 billion. 

                    Asset and wealth management revenue rose 24% to $3.2 billion and platform solutions revenue soared 110% to $564 million.  

                    Net income applicable to common stockholders fell 19% to $3.1 billion from $3.8 billion and diluted earnings per share fell to $8.79 from $10.76 a year ago. Provision for credit losses was a net gain of $171 million for the first quarter,  compared with net provisions of $561 million for the first quarter of 2022 and $972  million for the fourth quarter of 2022. 
                    • Lockheed Martin Corp, the aerospace company and defense contractor, reaffirmed its full-year outlook and posted better-than-expected quarterly results. 

                      Net sales in the first quarter increased to $15.1 billion from $15.0 billion and net income was flat at $1.7 billion and diluted earnings per share rose to $6.61 from $6.44 a year ago. 

                      The company paid $784 million in dividends and $500 million of its own shares in the first quarter. 
                      • Johnson & Johnson the pharmaceuticals and consumer products maker, said first quarter revenue increased 5.6% to $24.75 billion. 

                        The company swung to a net loss of $68 million from a profit of $5.2 billion and diluted earnings per share swung to ($0.03) from $1.93 a year ago. 

                        Adjusted earnings, which excludes special items and amortization expenses,  fell 0.9% to $7.06 billion from $7.2 billion and adjusted diluted earnings per share inched up to $2.68 from $2.67 a year ago.