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    • Breaking News
    Dec 20, 2023
    • 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.
        • Dec 19, 2023
        • 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.

           
          • 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.
                • 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. 
                  • Dec 13, 2023
                  • 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.
                      • Dec 12, 2023
                      • 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.