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Jan 4, 2024
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Walgreens Boots Alliance increased 0.1% to $25.60 after the pharmacy operator reported fiscal first-quarter earnings and revenues that were ahead of market expectations.
Revenue in the quarter increased by 10%. $36.7 billion from $33.4 billion, net loss attributable to shareholders shrank to $67 million from $3.7 billion, and diluted loss per share declined to 8 cents from $4.431 a year ago.
In the quarter, operating loss improved to $39 million compared to an operating loss of $6.2 billion in the year-ago quarter because of lapping the $6.5 billion pre-tax charge for opioid-related claims and litigation recorded in the year-ago quarter.
Adjusted operating income was $687 million, a decrease of 33% on a constant currency basis reflecting softer U.S. retail market trends, partly offset by improved profitability in the U.S. market and growth in international operations.
The U.S. retail pharmacy segment sales increased 6.4% to $28.9 billion, and comparable sales increased 8.1% from the year-ago quarter, respectively.
Comparable prescriptions filled in the quarter increased 1.3% from the year-ago quarter, while excluding immunizations, they increased 1.8%, impacted by lower market growth due to a weaker flu and respiratory season and Medicaid redeterminations.
Total prescriptions filled in the quarter, including immunizations adjusted to 30-day equivalents, were 311.6 million, steady compared to the quarter a year ago.
The retailer cut the quarterly dividend by 48% to 25 cents from 48 cents a year ago to strengthen its balance sheet and improve its cash position.
The company reiterated its fiscal 2024 adjusted earnings per share estimate of between $3.20 and $3.50. -
The number of job openings declined by 62,000 to 8.79 million in November, the U.S. Bureau of Labor Statistics reported Wednesday.
The number of job openings declined to the lowest level since March 2021, fell for the third consecutive month in a row, and decreased from a record high of 12 million in March 2022.
In November, the number of hires decreased by 363,000 to 5.5 million, total separations declined by 292,000 to 5.3 million, and quits edged down by 157,000 to 3.5 million.
During the month, job openings declined in transportation, warehousing, and utilities by 128,000 and in federal government by 58,000, but job openings expanded in wholesale trade by 63,000.
Across the nation, job openings fell in the South by 128,000, in the Northeast by 29,000, and in the West by 7,000, but increased in the Midwest by 102,000. -
Nike Inc. dropped 12.7% to $106.90 after the athletic shoe and sportswear maker lowered its annual sales growth outlook.
Revenue in the fiscal second quarter ending in November increased 1% to $13.4 billion from $13.3 billion, net income advanced $1.6 billion from $1.3 billion, and diluted earnings per share rose to $1.03 from 85 cents a year ago.
Inventories declined 14% from a year ago to $8.0 billion, reflecting a decrease in units and a sharp reversal from elevated inventories a year ago after the company discounted heavily old-style products to make way for new merchandise.
The company repurchased 11.9 million shares for $1.2 billion as a part of its $18 billion stock repurchase program for four years, starting in June 2022.
As of the end of November, the company had repurchased 65.9 million shares for $7.1 billion.
The company also announced its plan to cut $2 billion in costs over the next three years.
Foot Locker, the retailer that relies heavily on Nike products, dropped 8.9% to $29.49 after the announcement of the Nike results. -
Karuna Therapeutics soared 47.4% to $317.22 after Bristol Myers agreed to pay $330 per share, or $14 billion, to acquire the maker of the schizophrenia drug KarXT.
The U.S. Food and Drug Administration has accepted KarXT for a review.
Bristol-Myers declined 1.7% to $50.36. -
Personal income increased 0.4% from the previous month to $81.6 billion in November, according to estimates released Friday by the Bureau of Economic Analysis.
Disposable personal income, or personal income less personal current taxes, increased by 0.4% to $71.9 billion, and personal consumption expenditures (PCE) increased by 0.2% to $46.7 billion.
Personal outlays, the sum of PCE, personal interest payments, and personal current transfer payments, increased $47.8 billion in November.
Personal saving was $839.8 billion in November and the personal saving rate—personal saving as a percentage of disposable personal income—was 4.1%.
The PCE price index, an alternative measure of inflation preferred by policymakers, cooled more than expected.
The PCE price index decreased by 0.1%, and excluding food and energy, the PCE price index increased by 0.1% from the previous month, respectively.
The PCE price index declined to the lowest level since February 2021, to 2.6% from 2.9% in October, and the core PCE price index eased to 3.2% from 3.4% in the previous month, the lowest since mid-2021.
Real DPI increased 0.4% in November, and real PCE increased 0.3%; goods increased 0.5%, and services increased 0.2%.
The Federal Reserve, in its latest assessment on December 13, estimated the PCE price index at 2.8% and the core PCE price index at 3.2% in 2023. -
Real gross domestic product increased at an annual rate of 4.9% in the third quarter, according to the third estimate from the Bureau of Economic Analysis.
The economic growth estimate was downwardly revised from 5.2%, but ahead of the 2.1% increase in the second quarter.
The U.S. economy expanded at the fastest pace since the fourth quarter of 2021, and the latest revision was driven by the downward revision to consumer spending and imports.
Consumer spending rose at a slower pace of 3.1% from the previous estimate of 3.6%, and the increase in imports was revised lower to 4.2% from 5.2% estimated in the second quarter.
However, residential investment growth was revised higher to 6.7% from 6.2%, and government spending increase was revised higher to 5.8% from 5.5%. -
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.
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