Breaking News
Dec 21, 2023
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Micron Technology advanced 7.4% to $84.47 after the advanced semiconductor chipmaker reported better-than-estimated revenue and a smaller-than-expected loss in its latest quarter.
Revenue in the fiscal first quarter ending in November increased to $4.7 billion from $4.1 billion; net loss expanded to $1.2 billion from $195 million; and diluted loss per share expanded to $1.12 from 18 cents a year ago.
The company's forward-looking quarterly revenue outlook was also ahead of some investors' estimates.
The company guided fiscal second quarter revenue around $5.3 billion and diluted loss per share around 45 cents. -
CarMax jumped 8.5% to $80.98 after the used car retailer reported better-than-expected quarterly results.
Revenue in the fiscal third quarter ending in November declined 5.5% to $6.1 billion, net earnings advanced to $82 million from $37.6 million, and diluted earnings per share rose to 52 cents from 24 cents a year ago.
Total retail used vehicle unit sales declined 2.9% to 174,766 and comparable store used unit sales declined 4.1% from the prior year’s third quarter, respectively.
Higher car prices and elevated interest rates continue to make vehicle affordability challenging.
Total retail used vehicle revenues decreased 7.2% compared with the prior year’s third quarter, driven by the decrease in average retail selling price, which declined approximately $1,300 per unit, or 4.6%, as well as the decrease in retail used units sold.
The company repurchased 648,500 shares of common stock for $41.9 million in the quarter, and as of the end of November, about $2.41 billion were available for stock repurchase under the stock repurchase authorization. -
General Mills declined 4% to $64.0 after the food products maker reported quarterly earnings were ahead of expectations but revenue fell short of estimates, and the company lowered its annual outlook.
Revenue in the fiscal second quarter ending on November 26 declined 2% to $5.1 billion from $5.2 billion, net income declined 2% to $595.5 million from $605.9 million, and diluted earnings per share rose to $1.02 from $1.01 a year ago.
North American organic net and reported sales declined 2% after organic volume fell 5 percentage points, offset by a 4 percentage point increase in price.
The company revised its annual sales growth outlook for full-year fiscal 2024.
Organic net sales are estimated to range between a decrease of 1% and flat from the previous estimate of growth between 3% and 4%, reflecting a slower volume recovery in the year.
The company reiterated its free cash flow conversion to be at least 95% of adjusted after-tax earnings. -
Toro Company jumped 9.7% to $97.83 after the lawn mover maker reported better-than-expected quarterly results.
Revenue in the fiscal fourth quarter ending in October declined to $983 million from $1.2 billion, net income dropped to $70.3 million from $117.6 million, and diluted earnings per share eased to 67 cents from $1.12 a year ago.
The company estimated fiscal 2024 sales to advance in a low single-digit range and adjusted diluted earnings per share in the range of $4.25 to $4.35. -
Winnebago Industries decreased 4.5% to $71.80 after the company issued a cautious outlook, citing macroeconomic headwinds.
Revenue in the fiscal first quarter ending on November 25 declined 19.9% to $763.3 million from $952.2 million, net income declined from $25.8 million to $60.2 million, and diluted earnings per share eased to 78 cents from $1.73 a year ago.
Towable RV segment revenue decreased 4.8% to $330.8 million, primarily driven by a decline in average selling price related to product mix and targeted price reductions.
Motorhome RV segment revenue plunged 28% to $334.4 million, reflecting a decline in unit volume and a higher level of discounts.
Marine segment revenue dropped 33.5% to $87.3 million because of fewer unit sales and higher-than-normal discounts. -
FedEx dropped 11.1% to $248.85 after the parcel delivery company reported mixed quarterly results and an estimated annual revenue outlook that fell short of investors' expectations.
Revenue in the fiscal second quarter ending in November decreased to $22.2 billion from $22.8 billion. Net income edged up to $900 million from $788 million, and diluted earnings per share rose to $3.55 from $3.07 a year ago.
The company estimated full-year revenue to decline by a "low-single-digit" percentage compared to the prior estimate of flat revenue growth.
The company estimated full-year diluted earnings per share to range between $15.35 and $16.85 before mark-to-market retirement plans accounting adjustment and between $17.0 and $18.50 excluding costs related to business optimization initiatives. -
Seasonally adjusted housing starts in November rose 14.8% from the previous month to an annual rate of 1.56 million homes, the U.S. Census Bureau reported Tuesday.
October housing starts were revised to 1.359 million.
November housing starts rose 9.3% from the annual rate of 1,427,000 in the month a year ago.
Single-family housing starts in November were at a rate of 1,143,000, an increase of 18% above the revised October annual pace of 0.969 million.
The November rate for units in buildings with five units or more was 404,000.
Building permits decreased 2.5% from the previous month but rose 4.1% from a year ago in November to 1.46 million, and housing completions rose 5.0% from October but fell 6.2% from a year ago in the month to 1.447 million.
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Alphabet Inc. rose 0.4% to $136.30, and the company's Google agreed to settle charges brought by the U.S. states and consumers in a San Francisco federal court.
The settlement was disclosed on Monday and still needs approval from the judge. Google did not admit charges of unnecessary fees for app transactions and unlawful restrictions on apps on Android devices.
Google will pay $70 million in a fund for all 50 states, the District of Columbia, Virgin Island, and Puerto Rico, and $630 million in a fund for consumers.
Eligible customers of the Google Pay store will receive $2 and may receive additional payments depending on their spending between August 16, 2016 and September 30, 2023.
Google is facing other legal challenges regarding its digital advertising practices, search process, and results. -
Accenture declined 0.2% to $341.20 after the management consulting and tech services provider reported better-than-expected quarterly earnings, but the company's guidance fell short of market expectations.
Revenue in the fiscal first quarter ending in November increased 3% to $16.2 billion from $15.74 billion, net income advanced to $2.0 billion from $1.99 billion, and diluted earnings per share rose to $3.10 from $3.08 a year ago.
During the quarter, the company repurchased 3.8 million shares for a total of $1.2 billion, and the company announced a quarterly cash dividend of $1.29 per share to shareholders on record on January 18 and payable on February 15.
The company estimated fiscal second quarter revenue between $15.40 billion and $16.0 billion, a decline of 2% to an increase of 2% in local currency, including a negative 0.5% foreign exchange impact compared to a year ago.
The company estimated its fiscal second quarter GAAP diluted earnings per share to range between $11.41 and $11.76, an increase of 6% to 9% from a year ago. -
IBM declined 0.5% to $161.89 after the company agreed to acquire two divisions focused on AI and enterprise services from Germany-based Software AG for $2.3 billion.
Dec 20, 2023
Dec 19, 2023