Breaking News
Jan 18, 2024
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Alcoa Inc. decreased 1.0% to $26.80 after the aluminum company reported a narrower-than-expected quarterly loss of 56 cents per share.
Sales in the fourth quarter were flat at $2.6 billion, net loss attributable to shareholders declined to $150 million from $350 million, and diluted loss per share fell to 84 cents from $2.24 a year ago.
Alumina production decreased 1% sequentially to 2.79 million metric tons on lower production from the Australian refineries.
In aluminum, Alcoa produced 541,000 metric tons, a 2% increase from the third quarter's strong output. -
Discover Financial dropped 9.6% to $97.25 after the credit card company reported a higher net charge-off in its latest quarterly results.
Revenue in the fourth quarter increased 13% to $4.2 billion from $3.7 billion, net income declined 62% to $388 million from $1.0 billion, and diluted earnings per share dropped to $1.54 from $3.74 a year ago.
Total net charge-off jumped 198 basis points to 4.11%, reflecting "seasoning of recent vintages with higher delinquency trends." -
Taiwan Semiconductor soared 6.6% to $109.83 after the company reported quarterly results that exceeded market expectations.
Revenue in the fourth quarter was flat at NT$ 625.5 million, but net income declined 19.3% to NT$ 237.8 million from NT$ 295.9 million, and diluted earnings per share dropped to NT$ 9.21 from NT$ 11.41 a year ago.
In U.S. dollars, fourth quarter revenue was $19.62 billion, which decreased 1.5% year-over-year but increased 13.6% from the previous quarter.
The company guided first quarter 2024 revenue between $18.0 billion and $18.8 billion, based on the exchange rate of 31.1 NT for one U.S. dollar.
Gross margin in the quarter is expected to range between 52% and 54%, and operating margin between 40% and 42%.
Capital expenditure in 2024 is estimated to range between $28 billion and $32 billion. -
Seasonally adjusted building permits, housing starts and completions rose in November, the U.S. Census Bureau reported Thursday.
Permits for all housing units, including single and multi-family, rose 1.9% from the previous month and advanced 6.1% from a year ago to 1,495 million.
Housing starts in December were at a seasonally adjusted annual rate of 1,460,000, 4.3% below the revised November estimate of 1,525,000, but is 7.6% above the December 2022 rate of 1,357,000.
Housing completions in December were at a seasonally adjusted annual rate of 1,574,000, 8.7% above the revised November estimate of 1,448,000 and 13.2% above the December 2022 rate of 1,390,000. -
Charles Schwab decreased 1.3% to $63.51 after the financial services provider reported better-than-expected earnings but revenue fell short of market expectations.
Net revenue in the fourth quarter declined 19% to $4.5 billion from $5.5 billion, net income dropped 47% to $1.1 billion from $1.98 billion, and diluted earnings per share fell to 51 cents from 97 cents a year ago.
The company added 3.8 million net new accounts and increased its total client base to 34.8 million. -
U.S. Bancorp gained 0.3% to $41.49 after the regional bank reported lower-than-expected quarterly earnings.
Total net revenue increased 6.7% to $6.7 billion from $6.4 billion, net income declined 7.4% to $861 million from $930 million, and diluted earnings per share dropped to 49 cents from 57 cents a year ago.
The common equity tier 1 capital ratio rose to 9.9% at the end of the December quarter from 9.7% at the end of the September quarter.
Average total deposit growth was 4.3% and average total loan growth was 3.6% from a year ago, respectively. -
Retail sales, adjusted for seasonal and calendar factors but not price changes, increased 5.6% from a year ago in December, the U.S. Census Bureau reported Wednesday.
Retail sales rose the most in eleven months, following a downwardly revised 4% rise in November.
Retail sales, unadjusted for price changes or inflation, increased 3.2% in the full year 2023.
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Delta Air Lines declined 5.5% to $39.92 after the international carrier reported a sharply higher profit but lowered its 2024 outlook.
Operating income in the fourth quarter increased by 6% to $14.2 billion from $13.4 billion, net income soared to $2.03 billion from $828 million, and diluted earnings per share rose to $3.16 from $1.29.
The company guided full-year 2024 earnings to range between $6.0 and $7.0 per share, lower than the previous estimate of at least $7 per share released last year.
Revenue in the first quarter of 2024 is expected to increase between 3% and 6%, and earnings per share between 25 cents and 50 cents. -
Citigroup rose 2.2% to $53.21 after the bank reported a quarterly loss as the company booked charges linked to restructuring, overseas risks, and last year's regional banking crisis.
Revenue in the fourth quarter decreased 3% to $17.4 billion, net income swung to a loss of $1.8 billion from a profit of $3.5 billion, and diluted earnings per share declined to ($1.16) from $1.16 a year ago. -
Bank of America decreased 2.7% to $32.25 after the bank reported lower quarterly earnings because of one-time charges assessed by the FDIC and transitioning away from the London Interbank Offered Rate.
Revenue in the quarter increased to $22 billion, net income declined 50% to $3.1 billion from $7.1 billion, and diluted earnings per share dropped to 35 cents from 85 cents a year ago.
The charges in the quarter include a $1.6 billion pre-tax charge to transition away from LIBOR and a special fee of $2.1 billion charged by the Federal Deposit Insurance Corp. to rescue Silicon Valley Bank and Signature Bank.
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