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    • Breaking News
    Jan 12, 2024
    • Wells Fargo declined 1.1% to $48.46 despite the bank reporting higher earnings in the fourth quarter, but the bank warned that net interest income in 2024 is likely to be lower than the previous year.

      Revenue in the fourth quarter increased 2% to $20.48 billion, and net income rose to $3.45 billion, or 86 cents, from $3.16 billion, or 75 cents, a year ago.

      Net interest income in the quarter declined 5% from a year ago to $12.78 billion, and the bank warned that level could decline between 7% and 9% on an annual basis from $52.4 billion in 2023.
      • JP Morgan Chase rose 2.1% to $173.75 after the bank reported quarterly results and a rise in adjusted earnings, excluding fees paid to the government tied to the seizures of regional banks.

        Revenue in the fourth quarter increased 12% to $39.94 billion, and net income declined 15% to $9.31 billion, or $3.04 per share.
        • Jan 11, 2024
        • The consumer price index advanced to 3.4% in December, from a five-month low of 3.1% in November, the U.S. Bureau of Labor Statistics reported Thursday. 

          Over half of the increase in inflation was driven by a rise in shelter prices, and the index for shelter rose at 6.2% compared to 6.5% in the previous month.  

          The slower decline in energy prices by 2.0% compared to 5.4% fall in November, supported the rebound in inflation in the month. 

          Compared to November, consumer prices rose 0.3%, the largest increase in three months. 

          Annual core inflation, which excludes food and energy, eased to 3.9% in December from 4.0% in November, and monthly core inflation rose 0.3% in the month, matching the rate in the previous month. 

          The shelter inflation was the largest contributor to core inflation in the month, after prices rose at 0.5% in December, faster than 0.4% rise in the previous month.   

           
          • KB Home declined 3% to $61.28 after the home builder reported its fourth-quarter results.

            Revenue in the quarter decreased to $1.67 billion from $1.94 billion, net income dropped to $150.3 million from $216.4 million, and diluted earnings per share fell to $1.85 from $2.47.

            Homes delivered in the quarter decreased 10% to 3,407, and the average selling price declined 4.5% to $487,300 from $510,400 a year ago.

            However, demand for new homes increased in the final quarter, and the cancellation rate declined.

            Net orders for the fourth quarter were up 176% to 1,909, and net order value grew 157% to $932.6 million.

            However, the backlog of home orders declined to 5,510 from 7,662, and the backlog value fell to $2.67 billion from $3.69 billion a year ago.
            • Jan 10, 2024
            • Intuitive Surgical rose 4.9% to $347.0 after the medical equipment maker reported preliminary quarterly results and a stronger-than-expected fourth-quarter sales outlook.

              Revenue in the fourth quarter increased 17% to $1.93 billion from $1.66 billion, and revenue in the full-year 2023 rose 14% to $7.12 billion from $6.22 billion a year ago.

              The company placed 415 da Vinci surgical systems, an increase of 12% from a year ago.

              In 2023, the number of da Vinci surgical systems installed increased by 8% to 1,370 from 1,264 a year ago.
              • Taiwan Semiconductor Manufacturing decreased 1.1% to $100.70 after the company reported December 2023 sales. 

                On a consolidated basis, revenue for December was approximately NT$176.30 billion, a decrease of 14.4% from November and a decline of 8.4% from a year ago. 

                Revenue for January through December 2023 totaled NT$2,161.74 billion, a decrease of 4.5% compared to the same period in 2022.
                • Hewlett-Packard Enterprise increased 0.4% to $16.20 after the company confirmed it agreed to acquire Juniper Networks for $40 a share, or about $14 billion, in an all-cash deal.
                  • WD-40 Company advanced 6.5% to $252.0 after the lubricant maker reported better-than-expected quarterly results.

                    Revenue in the fiscal first quarter ending in November increased 12% from a year ago to $140.4 million, rose to $17.5 million from $13.99 million, and diluted earnings per share advanced to $1.28 from $1.02 a year ago.
                    • Lennar Corp. increased 1.4% to $150.17 after the home builder increased its annual dividend to $2.0 from $1.50 a share and the company's board approved the stock repurchase program of $5 billion.
                      • PriceSmart jumped 8.9% to $79.42 after the membership warehouse club reported fiscal first quarter results.

                        Revenue in the quarter ending in November rose 10.6% to $1.2 billion from $1.05 billion, net income jumped to $38 million from $32.9 million, and diluted earnings per share advanced to $1.24 from $1.05 a year ago.