Breaking News
Jan 22, 2024
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Sunoco declined 6.2% to $55.77 after the automotive fuel distributor agreed to acquire NuStar Energy, in an all-equity transaction valued at $7.3 billion.
NuStar soared 20% to 15.9% to $20.91.
NuStar common unitholders will receive 0.4 Sunoco common units for each NuStar common unit, implying a 24% premium based on the 30-day volume-weighted average price of both NuStar and Sunoco as of January 19, 2024.
Sunoco said it has secured a $1.6 billion one-year bridge term loan to refinance NuStar's purchase and assume its debt. -
Macy's Inc. increased 4.3% to $18.39 after the department store chain rejected a $5.8 bid by a consortium of investors, citing the offer was not financially attractive and lacked credible financing.
Ark House and Brigade Capital Management proposed to acquire shares in the company for $21 per share. -
Super Micro Computer soared 12% to $349.76 after the information technology company said strong demand for its rack-scale AI and total IT solutions is driving its sales and earnings ahead of its previous guidance.
Sales in the fiscal second quarter ending in December are likely to be in the range of $3.6 billion and $3.65 billion, ahead of its previous estimates of $2.7 billion and $2.9 billion.
GAAP diluted earnings per share are expected to be between $4.90 and $5.05, compared to its previous estimate of between $3.75 and $4.24. -
Ally Financial soared 8.8% to $34.61 after the company reported better-than-expected quarterly results.
Net financing revenue in the fourth quarter decreased to $1.5 billion from $1.7 billion, net income dropped to $49 million from $256 million, and diluted earnings per share fell to 45 cents from $1.08 a year ago.
The financial services company attracted 52,000 net new customers and increased its retail deposits from the previous quarter by $2.2 billion.
In 2023, the company issued 13.8 million auto loans, and about 40% of the loans were issued at an origination yield of 10.7%. -
Regions Financial increased 2.7% to $18.43 after the bank reported a decline in quarterly profit.
Net interest income in the December quarter declined to $1.2 billion from $1.4 billion, net income dropped to $367 million from $660 million, and diluted earnings per share fell to 39 cents from 70 cents a year ago.
The company paid a special charge of $147 million from the FDIC related to the regional banking crisis in 2023.
Net interest margin at the end of the fourth quarter declined to 3.6% from 3.99%, and the tier-1 capital ratio increased to 11.5% from 10.9% a year ago, respectively. -
HB Fuller decreased 0.2% to $76.45 after the adhesive manufacturer reported mixed quarterly results.
Revenue in the December quarter declined 5.8% to $902.8 million from $958.2 million, net income attributable to shareholders declined to $45 million from $48.3 million, diluted earnings per share declined to 80 cents from 87 cents a year ago. -
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.
Jan 19, 2024
Jan 18, 2024