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    • Breaking News
    May 14, 2024
    • Producer price index increased 0.5% in April from the previous month and rose 2.2% from a year ago, the U.S. Bureau of Labor Statistics reported Tuesday. 

      Nearly three quarter of increase in producer price inflation is linked to the increase in final demand for services.  

      Goods costs rose 0.4% after falling 0.2% in March, and service prices increased 0.6% from the previous month, following the downwardly revised 0.1% decline in March. 

      The index for final demand less foods, energy, and trade services moved up 0.4% in April after rising 0.2% in March. 

      For the 12 months ended in April, prices for final demand less foods, energy, and trade services increased 3.1%, the largest advance since climbing 3.4% for the 12 months ended April 2023.
      • Alibaba Group declined 5% to $80.39 after the China-based online e-commerce platform operator reported higher-than-expected revenue and said net income plunged 86%, reflecting the investment in publicly listed companies. 

        For the full-year 2023, revenue rose 8% to 941.2 billion yuan or $130.7 billion and net income advanced 10% to 79.7 billion yuan or $11 billion. 

        The company's board also approved the plan to payout $4 billion in dividends to shareholders. 

         
        • Home Depot declined 0.9% to $338.0 after the home improvement retailer reported weaker-than-expected results in the first quarter. 

          Comparable sales in the first quarter declined by 2.8%, and in the U.S. they fell by 3.2% from a year ago. 

          Revenue in the first quarter ending in April declined 2.3% to $36.4 billion from $37.3 billion, net income dropped 7% to $3.6 billion from $3.87 billion, and diluted earnings per share fell to $3.63 from $3.82 a year ago. 

          The specialty retailer said fiscal 2024 sales are likely to decrease 1.0%, including the 53rd week, but excluding the recent acquisition of SRS Distribution Inc. 

          Home Depot anticipated comparable same-store sales to fall 1% for the 52-week period, but 53-week diluted earnings per share to increase 1.0%. The 53rd week is expected to contribute 30 cents of diluted earnings per share. 
          • May 13, 2024
          • SquareSpace jumped 13% to $43.15, and the e-commerce platform operator agreed to go private in an all-cash deal valued at $6.9 billion. 

            The company's board agreed to a $44-a-share cash offer, and the company's chief executive, Anthony Casalena, will continue to lead the company and the board. 
            • Intel Corp. advanced 1% to $30.17 after private equity investor Apollo Global and the company are in advanced talks to build a manufacturing facility in Ireland. 

              Apollo is likely to invest $11 billion in the manufacturing facility, the Wall Street Journal reported Monday. 

              Intel is in the midst of a $100 billion investment spree as the company plays catch-up with Taiwan Semiconductor and diversifies its business model to provide foundry services to other fabless chip makers. 
              • May 10, 2024
              • Akamai Technologies decreased 9.1% to $94.06 after the internet infrastructure company estimated weaker-than-expected second quarter earnings. 

                Revenue in the first quarter increased 8% to $987 million from $915.7 million, net income rose to $175.4 million from $97.1 million, and diluted earnings per share advanced to $1.11 from 62 cents a year ago. 

                The company estimated a second-quarter revenue range between $967 million and $986 million and full-year revenue between $3.95 billion and $4.02 billion.
                • Array Technologies rose 2.9% to $12.88 after the company reported better-than-expected adjusted earnings. 

                  Revenue in the first quarter decreased to $153.4 million from $376.8 million, net income swung to a loss of $11.3 million from $17.2 million, and diluted earnings per share were a loss of 7 cents compared to a profit of 11 cents a year ago. 

                  The company reaffirmed its annual revenue range of $1.25 billion to $1.4 billion and adjusted earnings per share to range between $1.0 and $1.15 billion. 
                  • Novavax soared 124% to $10.02 after the company announced a multi-billion-dollar deal with Sanofi to co-commercialize its COVID vaccine starting as early as 2025. 

                    Sanofi agreed to pay Novavax an upfront licensing fee of $500 million and an additional fee of $700 million based on reaching certain milestones. 
                    • Sweetgreen soared 39% to $32.95 after the salad chain reported higher-than-expected revenue in the first quarter. 

                      Revenue in the first quarter increased by 26% to $157.9 million from $125.1 million, driven by the same store sales increase of 5% from a year ago. 

                      Net loss in the quarter decreased to $26.1 million from $33.6 million, and diluted loss per share fell to 23 cents from 30 cents a year ago. 
                      • May 3, 2024
                      • Apple Inc. soared 6% to $183.44 after the maker of popular iPhone devices reported better-than-expected sales and earnings in its fiscal second quarter. 

                        Revenue in the fiscal second quarter ending in March declined to $90.7 billion from $94.8 billion, net income fell to $23.6 billion from $24.2 billion, and diluted earnings per share increased to $1.53 from $1.52 a year ago. 

                        Net sales in the Americas declined to $37.3 billion from $37.8 billion; in the European Union, they rose to $24.1 billion from $23.9 billion; in Greater China, they decreased to $16.3 billion from $17.8 billion; in Japan, they fell to $6.2 billion from $7.2 billion; and in the rest of Asia Pacific, they eased to $6.7 billion from $8.2 billion a year ago, respectively. 

                        The company's board of directors increased its quarterly cash dividend by 4% to 25 cents per share, payable on May 16 to shareholders on record on May 13. 

                        The company also announced a whopping $110 billion stock repurchase plan.