Breaking News
Feb 2, 2024
-
Chevron increased 1.2% to $149.70 after the second-largest U.S. oil company reported a decline in earnings in its latest quarter but also rewarded its shareholders with record dividends and stock buybacks in 2023.
Total revenue in the fourth quarter decreased to $47.2 billion from $56.5 billion, net income plunged to $2.2 billion from $6.4 billion, and diluted earnings per share fell to $1.22 from $3.33 a year ago.
The company's annual worldwide net oil-equivalent production in 2023 surpassed 3.1 million barrels, driven by a 14% rise in production in the U.S.
Cash returned to shareholders increased 18% to $26 billion, including a dividend of $11.3 billion and a stock repurchase of $14.9 billion.
“In 2023, we returned more cash to shareholders and produced more oil and natural gas than any year in the company’s history,” said Mike Wirth, Chevron’s chairman and chief executive officer. -
Total non-farm payroll employment increased to 353,000 in January, the U.S. Bureau of Labor Statistics reported on Friday.
The jobless rate remained at 3.7% in January, and the number of unemployed people was little changed at 6.1 million.
The labor force participation rate, at 62.5%, was unchanged in January, and the employment-population ratio, at 60.2%, was little changed.
Professional business services added 74,000 jobs, followed by gains in healthcare by 70,000, retail trade by 45,000, and social assistance by 30,000.
On the other hand, the mining, quarrying, and oil and gas extraction industries lost 5,000 jobs.
Net job gains in December were upwardly revised by 117,000 to 333,000 and in November by 9,000 to 183,00.
In January, average hourly earnings for all employees on a private nonfarm payrolls rose by 19 cents, or 0.6%, to $34.55.
Over the past 12 months, average hourly earnings have increased by 4.5%, suggesting tight labor market conditions are likely to persist. -
Microsoft Corp. decreased 0.9% to $404.75 despite the software company reporting higher-than-expected quarterly earnings.
Revenue in the fiscal second quarter ending in December increased 18% to $62.02 billion, net income surged 33% to $21.9 billion from $17.4 billion, and diluted earnings per share advanced to $2.93 from $2.32 a year ago.
Revenue in the cloud segment soared 20% to $25.9 billion, personal productivity and business segment jumped 13% to $19.2 billion, and personal computing segment increased 19% to $16.9 billion.
The company returned to shareholders $8.4 billion in the form of share repurchases and dividends in the second quarter of fiscal year 2024. -
Starbucks increased 3.5% to $97.45 after the company reported quarterly results.
Revenue in the fiscal first quarter ending in December rose 8.2% to $9.4 billion from $8.7 billion, net earnings rose 19.8% to $1.02 billion from $855 million, and diluted earnings per share advanced to 90 cents from 74 cents a year ago.
Global comparable store sales increased 5%, driven by a 3% increase in comparable transactions and a 2% increase in average ticket sales.
North America and U.S. comparable store sales increased 5%, driven by a 4% increase in average ticket sales and a 1% increase in comparable transactions.
The company lowered its full-year revenue outlook because of the competitive environment in its second largest market, China, and rising tensions between the U.S. and China.
Same-store sales in China increased by 10%; however, average ticket sales at stores fell by 9% as consumers avoided high-priced coffee shops.
Because of sales weakness in China, the company lowered its fiscal year sales growth to between 7% and 10%, down from the previous estimate of between 10% and 12%.
The company reiterated its full-year earnings per share growth of between 15% and 20%. -
Alphabet decreased 5.5% to $144.67 after the parent company of search engine Google, reported weaker-than-expected advertising revenue in its latest quarter.
Revenue in the fourth quarter increased 13% to $86.3 billion, net income soared to $20.6 billion from $13.6 billion, and diluted earnings per share advanced to $1.64 from $1.05 a year ago.
Google search revenue increased to $48 billion from $42.6 billion, and YouTube ads jumped to $9.2 billion from $7.9 billion a year ago. -
Qualcomm declined 1.8% to $145.83 after the chipmaker reported better-than-expected fiscal first quarter revenue and the company's current quarter sales outlook fell short of expectations.
Revenue in the quarter increased 5% to $9.9 billion from $9.5 billion, net income increased by 24% to $2.7 billion from $2.2 billion, and diluted earnings per share advanced to $2.46 from $1.98 a year ago.
During the first quarter, the company returned $1.7 billion to stockholders, including $895 million, or $0.80 per share, of cash dividends paid and $784 million through repurchases of 6 million shares of its common stock.
The company estimated revenue in the fiscal second quarter between $8.9 billion and $9.7 billion and diluted earnings per share between $1.73 and $1.93. -
Align Technology soared 12.2% to $300.0 after the orthodontics company reported better-than-expected sales and earnings in its latest quarter.
Revenue in the fourth quarter increased 6.1% to $956.7 million from $901.5 million, net income soared three-fold to $124.0 million from $41.8 million, and diluted earnings per share rose to $1.64 from 54 cents a year ago.
The company guided first quarter revenue between $960 million and $980 million and estimated 2024 total revenues to be "up mid-single digits over 2023." -
Wolfspeed declined 4.5% to $31.0 after the company's fiscal third-quarter revenue fell short of market expectations.
Revenue in the fiscal second quarter ending in December increased to $208.4 million from $173.8 million; net loss expanded to $144.7 million from $90.9 million; and diluted loss per share rose to $1.15 from 73 cents a year ago.
The company estimated fiscal third quarter revenue between $185 million and $215 million, net loss from continuing operations between $134 million and $155 million, and diluted loss per share between $1.07 and $1.23. -
Honeywell International declined 2.6% to $197.01 after the company announced mixed quarterly results.
Sales in the fiscal fourth quarter increased 3% to $9.4 billion from $9.2 billion, net income increased $1.3 billion from $1.0 billion, and diluted earnings per share rose to $1.91 from $1.51 a year ago.
The aerospace and building technology company estimated 2024 revenue between $38.1 billion and $38.9 billion and free cash flow between $5.6 billion and $6.0 billion. -
AMD dropped 6% to $161.65 after the maker of advanced semiconductors offered a weak revenue growth outlook, disappointing some investors.
Revenue in the fourth quarter increased 10% to $6.2 billion from $5.6 billion, net income soared to $667 million from $21 million, and diluted earnings per share advanced to 41 cents from 1 cent a year ago.
For the full year 2023, the company reported revenue of $22.7 billion, net income of $854 million, and diluted earnings per share of $0.53.
For the first quarter of 2024, AMD expects revenue to be approximately $5.4 billion.
AMD expects data center segment revenue to be flat, with a seasonal decline in server sales offset by a strong data center GPU ramp.
Client, embedded, and gaming segment sales are expected to decline sequentially, with semi-custom revenue expected to decline by a significant double-digit percentage.
The company added, non-GAAP gross margin is expected to be approximately 52%.
Feb 1, 2024
Jan 31, 2024