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Aug 3, 2024
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Chevron Corp. declined 2.5% to $148.85 after the energy company reported weaker-than-expected second-quarter earnings due to weak crude oil refining margins.
Revenue increased to $51.2 billion from $48.9 billion, net income decreased to $4.4 billion from $6.0 billion, and diluted earnings per share fell to $2.43 from $3.20 a year ago.
Chevron's global production increased by 11% because of higher production at oil fields in the Permian and Denver-Julesburg basins and contributions from the recent acquisition of PDC Energy.
Chevron also executed agreements in Namibia, Brazil, Equatorial Guinea, and Angola to increase the company’s global exploration acreage footprint.
The company returned $6 billion of cash to shareholders during the quarter, including dividends of $3 billion and share repurchases of $3 billion.
The company's board declared $1.63 per share of quarterly dividend payable on September 10 to shareholders on record on August 19.
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Apple Inc. increased 2.2% to $222.75 after the iPhone maker reported better-than-expected quarterly results and sales hit hew highs amid rinsing sales in India.
Revenue in the fiscal third quarter ending in June increased 5% to $85.8 billion from $81.8 billion, net income jumped to $21.4 billion from $19.9 billion, and diluted earnings per share advanced to $1.40 from $1.26 a year ago.
On a regional basis, Greater China sales edged down to $14.7 billion from $15.8 billion, Japan sales edged up to $5.1 billion from $4.8 billion, and Americas sales advanced to $37.7 billion from $35.4 billion a year ago, respectively.
Across products and services, iPhone sales edged slightly lower to $39.3 billion from $39.7 billion, and services sales increased to $24.2 billion from $21.2 billion a year ago, respectively. -
Amazon.com Inc. dropped 12.2% to $161.83 after the online retailer and cloud service provider reported weaker-than-expected second quarter revenue and issued a disappointing estimate.
Revenue in second quarter increased 10% to $148 billion from $134.4 billion, net income rose to $13.5 billion from $6.7 billion, and diluted earnings per share advanced to $1.26 from 65 cents a year ago. -
Intel plunged 29% to $20.74 after the advanced chipmaker reported weaker-than-expected second quarter results, announced job cuts of 15,000, and issued a weak outlook.
Revenue in the second quarter declined 1% to $12.8 billion from $12.9 billion, net income swung to a loss of $1.6 billion from a profit of $1.5 billion, and diluted earnings per share were a loss of 38 cents compared to a profit of 35 cents a year ago.
The advanced chipmaker announced its deepest restructuring plan in forty years and planned to eliminate 15,000 jobs in an effort to reduce costs by $10 billion.
The company announced a quarterly dividend of 12.5 cents per share payable on September 1 to shareholders on record on August 7.
In addition, the company announced the suspension of its dividend starting in the fourth quarter. -
Exxon Mobil Corporation inched up 0.1% to $117.05, and the energy company reported better-than-expected second quarter earnings driven by record energy production in Guyana and the Permian Basin oil fields.
Total revenue increased to $93.1 billion from $82.9 billion, net income attributable to shareholders rose to $9.2 billion from $7.5 billion, and diluted earnings per share advanced to $2.14 billion from $1.94 a year ago.
In the quarter, the company distributed $9.5 billion to shareholders, including $4.3 billion in dividends and $5.2 billion of share repurchases.
Net production in the second quarter increased 15% to 4.4 million oil-equivalent barrels per day due to contributions from the recent acquisition of Pioneer Natural Resources and higher production from energy fields in Guyana and heritage Permian.
On May 3, ExxonMobil completed the acquisition of Pioneer Natural Resources through the exchange of 545 million shares of ExxonMobil common stock valued at $63 billion and the assumption of $5 billion of debt. -
Southwest Airlines increased 2.4% to $27.25 after the regional airline reported better-than-expected second-quarter results.
Total operating revenue increased 4.5% to $7.4 billion from $7.0 billion, net income plunged 46% to $367 million from $683 million, and diluted earnings per share dropped to 58 cents from $1.08 a year ago.
The airline warned that its revenue per average seat mile may fall and nonfuel costs may jump by as much as 13% in the current quarter from a year ago. -
American Airlines Group rose 1.4% to $10.32 after the international carrier issued a cautious outlook for the current quarter, citing lower fares because of overcapacity.
Total operating revenue in the second quarter increased 2% to $14.3 billion from $14.1 billion, net income plunged 46% to $717 million from $1.3 billion, and diluted earnings per share fell to $1.01 from $1.88 a year ago.
The company guided diluted earnings per share in the third quarter to be breakeven and in the full year to range between 70 cents and $1.30. -
Chipotle Mexican Grill decreased 2% to $50.77 after the restaurant chain operator reported
Revenue in the quarter increased 18% to $3.0 billion from $2.5 billion, net income advanced to $455.6 million from $341.7 million, and diluted earnings per share rose 32% to 33 cents from 25 cents a year ago.
Comparable same-store sales increased 11.1%, and the company opened 52 new stores in 46 locations and one international licensed restaurant.
The company reiterated full-year comparable restaurant same-store sales to increase in the mid- to high-single-digit range and open between 285 and 315 stores.
During the second quarter, the company repurchased $151.4 million of stock at an average price per share of $63.52.
As of June 30, $647.7 million was available under share repurchase authorizations, including an additional $400 million in authorized repurchases approved by the Board on June 5. -
ServiceNow soared 13.4% to $832.03 after the company reported solid second-quarter results.
Total revenue increased 22% to $2.6 billion from $2.2 billion, net income declined to $262 million from $1.04 billion, and diluted earnings per share fell to $1.26 from $5.08 a year ago.
In the quarter a year ago, the company received a one-time tax benefit of $870 million.
The company reported 88 transactions over $1 million in net new annual contract revenue, or ACV, in Q2 2024, a 26% jump from a year ago, adding to the company's large backlog.
The remaining performance obligations, or RPO, increased 31% from a year ago to $18.6 billion.
The company revised its subscription revenue guidance to a range of $2.66 billion to $2.67 billion, from a prior range of $2.525 billion to $2.530 billion. -
Gross domestic product expanded at an annual rate of 2.8% in the second quarter, adjusted for seasonal factors and inflation, and faster than the annual pace of 1.4% in the first quarter, the U.S. Bureau of Economic Analysis showed Thursday.
Consumer spending accelerated to 2.3% from 1.5%, and the increase in private inventories added 0.82 percentage points to the economic growth in the quarter. Nonresidential fixed investment accelerated to 5.2% from 4.4%.
On the other hand, residential investment contracted for the first time in a year by 1.4% from a rise of 16%, and international trade continued to drag on economic growth after imp76orts accelerated to 6.9% from 6.1%, faster than the increase in exports to 2% from 1.6%.
Investor expectations are high that the Federal Reserve will slow inflation towards its target rate of 2% without causing a recession, despite multiple interest rate hikes over 2022 and 2023.
A separate economic report showed, new orders for durable goods declined 6.6% from the previous month in June to $264.5 billion, after rising for four months in a row, the U.S. Census Bureau reported Thursday.
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