Breaking News
Jul 23, 2024
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Crown Holdings soared 9.8% to $85.06 after the packaging company lifted its annual earnings outlook.
Revenue in the second quarter edged lower to $3.04 billion from $3.1 billion, net income increased to $174 million from $157 million, and diluted earnings per share rose to $1.45 from $1.31 a year ago.
The company estimated full-year diluted earnings per share in the range of $6.00 to $6.25 compared to previous guidance of $5.80 to $6.20 and free cash flow to be at least $750 million.
Third quarter adjusted earnings per share are expected to be in the range of $1.75 to $1.85. -
General Motors declined 5.8% to $46.67, despite the automaker reporting better-than-expected second quarter results.
Revenue increased 7% to $47.9 billion from $44.7 billion, net income rose to 14.3% to $2.9 billion from $2.6 billion, and diluted earnings per share advanced to $2.55 from $1.83 a year ago.
The vehicle maker also revised its full-year earnings per share outlook to between $8.93 and $9.93 from the previous estimate between $8.94 and $9.94.
The company also declared a quarterly cash dividend of 12 cents payable on September 19 to shareholders on record on September 9. -
United Parcel Service dropped 13.1% to $126.01 after the package delivery company reported lower than expected results in the second quarter.
Consolidated revenue in the second quarter declined 1.1% to $21.8 billion from $22.1 billion, net income dropped 32.2% to $1.4 billion from $2.1 billion, and diluted earnings per share fell to $1.65 from $2.42 a year ago.
The company also estimated full-year consolidated revenue of $93 billion and capital expenditure of $4.0 billion, lower than $4.5 billion in the previous estimate. -
NXP Semiconductor plunged 8.3% to $260.60 after the advanced semiconductor company reported weaker than expected adjusted earnings.
Adjusted earnings in the second quarter were $3.20 per share, lower than market expectations between $3.22 and $3.27 per share. -
Cadence Design Systems increased 1% to $289.12, and the advanced chip design software trimmed its current quarter earnings outlook to between $1.39 and $1.49 per share.
Revenue in the second quarter increased to $1.06 billion from $977 million, net income rose to $229.5 million from $221.2 million, and diluted earnings per share advanced to 84 cents from 81 cents a year ago. -
U.S. Bancorp rose 4.3% to $45.15 after the bank reported better-than-expected quarterly results.
Total revenue in the second quarter declined 4.3% to $6.9 billion from $7.2 billion, net income increased $1.6 billion from $1.4 billion, and diluted earnings per share increased to 97 cents from 84 cents. -
Five Below plunged 17.5% to $84.33 after the deep discount retailer lowered its second quarter outlook and announced the departure of chief executive Joel Anderson.
Net sales in the fiscal first quarter ending on May 4 increased 11.8% to $811.9 million from $726.2 million, net income decreased to $31.5 million from $37.5 million, and diluted earnings per share fell to 57 cents from 67 cents a year ago.
Comparable same-store sales decreased by 2.3% compared to the quarter in 2023.
The company estimated fiscal second quarter sales between $830 million and $850 million, net income between $32 million and $38 million, and diluted earnings per share between 57 cents and 69 cents. -
Semiconductor shares plunged after a Bloomberg report suggested that President Joe Biden's administration is looking to impose a tougher penalty on companies sharing advanced technologies with China.
Nvidia declined 5.4% to $119.53, AMD dropped 7.1% to $165.03, ASML Holding plunged 10.9% to $953.52, and BE Semiconductor fell 5.7% to $174.45.
Taiwan Semiconductor decreased 7.2% to $172.66 after Republican Party U.S. President candidate and convicted felon said that Taiwan should pay the U.S. for defending the nation. -
Retail sales strength and the expected rate cut in the next three months drove investors to consumer cyclical stocks, which rely on economic conditions, namely automobile, housing, retail, and entertainment stocks.
Retail and food services sales, not adjusted for inflation but adjusted for calendar, increased 2.3% in June, according to the monthly update released by the U.S. Census Bureau.
May retail sales were upwardly revised to a 2.6% annual pace, but the sales increase in June slowed to a three-month low.
Retail and food services sales were unchanged from the previous month at $704.3 billion; motor vehicles and parts sales eased to $130.7 billion from $133.3 billion; and gasoline station sales eased to $51.9 billion from $53.3 billion in the previous month, respectively.
Nonstore retail sales increased 1.9%, gasoline station sales decreased 3%, and motor vehicle and parts dealer sales fell 2% in June from the previous month.
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Bank of America increased 4.4% to $43.73 after the financial services company reported better-than-expected second-quarter results.
Revenue in the quarter increased 1% to $25.4 billion from $25.2 billion, net income declined to $6.9 billion from $7.4 billion, and diluted earnings per share eased to 83 cents from 88 cents a year ago.
Net interest income decreased 3% to $13.9 billion from $13.7 billion, and credit loss provision increased to $1.5 billion from $1.3 billion in the previous quarter and $1.1 billion in the period a year ago.
The average deposit balance in the quarter increased by 2%, or $35 billion, to $1.9 trillion, and the company returned to shareholders $5.4 billion, $3.5 billion in stock repurchases, and $1.9 billion in stock dividends.
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