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Dec 19, 2023
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FactSet Research Systems decreased 0.3% to $457.17 after the financial information integration services provider lowered its annual outlook.
Revenue in the fiscal first quarter ending in November increased 7.4% to $542.2 million from $504.8 million, net income advanced to $148.5 million from $136.8 million, and diluted earnings per share rose to $3.84 from $3.52 a year ago.
FactSet repurchased 135,950 shares of its common stock for $59.9 million at an average price of $440.67 during the first quarter under the Company’s stock repurchase program.
At the end of November, about $240.1 million remained available in the stock repurchase plan.
The company slightly lowered its fiscal 2024 revenue outlook to between $2.2 billion from $2.21 billion from the previous estimate between $2.21 billion and $2.23 billion.
The company lowered its GAAP diluted earnings outlook to between $13.95 to $14.35 from the previous estimated range between $14.20 and $14.70. -
The Producer Price Index was unchanged from the previous month in November after adjusting for seasonal factors, the Bureau of Labor Statistics reported Wednesday.
On an unadjusted basis, the producer price index increased 0.9% from a year ago.
Producer Price Index for final demand, less food, energy, and trade services, edged up 0.1% in November from the previous month and rose 2.5% from a year ago. -
The Federal Reserve left rates unchanged and signaled multiple rate cuts in 2024.
Benchmark indexes rebounded after the Federal Reserve left the fed funds rate range unchanged between 5.25% and 5.50%.
Policymakers noted that economic growth has slowed, job growth has moderated but remains strong, and inflation is on a downward trajectory but remains elevated.
The 22-year high rates were left unchanged for the third time in a row, and policymakers also laid the groundwork for rate cuts in 2024 and beyond.
Eight policymakers estimated fewer than three quarter percentage point rate cuts in 2024, while five projected a larger number of rate cuts next year.
The central bank, in its 'dot plot,' also revised its higher GDP growth estimate by 50 basis points to 2.6% in 2023, but lowered its estimate to 1.4% from 1.5% in 2024.
The projection for the unemployment rate was held steady at 3.8% in 2023 and 4.1% in 2024.
The Personal Consumption Expenditure, or PCE, inflation estimate for 2023 was revised lower to 2.8% from 3.3% estimated in September and for 2024 to 2.4% from 2.5%, respectively. -
The consumer price index in November rose 0.1% from the previous month and increased 3.1% from a year ago, the Bureau of Labor Statistics reported Tuesday.
Core inflation, which excludes food and energy, rose 0.3% in November after rising 0.2% in October.
On an annual basis, core inflation rose 4.0%, matching the expectations set by a group of five economists surveyed by Ticker.com.
Energy prices declined 5.4%, reflecting lower prices for gasoline, while food prices rose 2.9% and shelter costs soared 6.4% from a year ago. -
Nonfarm payrolls increased 199,000 in November, following the 150,000 job gains in October, the U.S. Bureau of Labor Statistics reported Friday.
September job gains were downwardly revised by 35,000 to 262,000, and October job gains were unrevised.
Average hourly earnings, an indicator of wage inflation, rose 12 cents, or 0.4%, in the month and advanced 4% over the last 12 months.
The unemployment rate declined to 3.7%, and the number of unemployed people changed little to 6.3 million.
In November, the number of long-term unemployed, those jobless for 27 weeks or more, edged down to 1.2 million, accounting for 18.3% of all unemployed persons. -
Broadcom decreased 0.3% to $922.0 after the chipmaker reported better-than-expected quarterly results.
Revenue in the fiscal fourth quarter increased to $9.3 billion from $8.93 billion, net income advanced to $3.5 billion from $3.3 billion, and diluted earnings per share rose to $8.25 from $7.83 a year ago.
Semiconductor solution revenue increased 3% to $7.33 billion, and infrastructure revenue rose 7% to $1.97 billion.
The advanced chipmaker guided current fiscal year revenue of $50 billion. -
Luluemlon Athletica decreased 2% to $454.67 after the specialty apparel retailer reported quarterly results and issued a weaker-than-expected holiday sales outlook.
Total revenue in the fiscal third quarter ending in October increased 19% to $2.2 billion, driven by a 12% sales increase in North America and a 49% surge in international markets.
Comparable sales increased by 9%, including comparable store sales of 9%, and direct-to-consumer sales soared by 18% from a year ago.
Net income in the quarter decreased to $248.7 million from $255.5 million, and diluted earnings per share fell to $1.97 from $2.0 a year ago.
During the third quarter, the athletic apparel retailer purchased 0.6 million shares of its own common stock at an average price of $380.88 per share for a cost of $210.8 million.
As of the end of the fiscal third quarter on October 29, the company had $243.2 million available for stock repurchase, and the board of directors approved an additional stock repurchase plan of up to $1.0 billion.
The company offered a cautious sales growth outlook for the upcoming holiday season.
For the fiscal fourth quarter, the retailer expects net revenue to be in the range of $3.135 billion to $3.170 billion, representing growth of 13% to 14%.
Diluted earnings per share are expected to be in the range of $4.85 to $4.93 for the quarter, assuming a tax rate of approximately 30%. -
RH dropped 8.5% to $257.51 after the furniture retailer reported weaker-than-expected revenue and posted an unexpected loss in its latest quarter.
Net revenue in the third quarter declined to $751.2 million from $869.0 million, and the company swung to a net loss of $2 million from a profit of $98.7 million.
Diluted earnings per share were a loss of 12 cents compared to a profit of $4.17 a year ago.
The company attributed the decline in sales to the "frozen housing market" because of elevated home prices and rising mortgage rates combined with higher promotional activities in the furniture industry.
The company narrowed its revenue guidance range for the year to $3.06 billion to $3.08 billion and now expects its adjusted operating margin to be in the range of 13.6% to 14.0%. -
DocuSign declined 0.9% to $47.0 after the online service provider reported higher-than-expected quarterly earnings but offered a muted outlook.
Total revenue in the fiscal third quarter increased 9% to $700.4 million from $645.6million, and the company swung to a net income of $38.8 million from a loss of $29.9 million, and diluted earnings per share were 19 cents compared to a loss of 15 cents a year ago.
The company guided fiscal fourth quarter revenue to fall between $696 million and $700 million, subscription revenue between $679 million and $688 million, and billings between $858 million and $768 million. -
Cooper Companies fell 1.4% to $340.0 despite the eyecare company reporting organic revenue growth and higher earnings in its latest quarter.
Revenue in the fiscal fourth quarter increased 9% to $927.1 million from $848.1 million, net income advanced to $84.5 million from $65.6 million, and diluted earnings per share rose to $1.70 from $1.32 a year ago.
The company announced a four-to-one stock split effective February 16, and the board of directors terminated the semi-annual dividend.
The maker of contact lenses and fertility solutions forecasted fiscal 2024 sales to range between $3.809 billion and $3.877 billion, an increase between 6% and 8%, and non-GAAP diluted earnings per share between $13.60 and $14.0.
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