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Nov 6, 2023
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Bluegreen Vacation Holding Corp. soared 108.8% to $73.09 after the company agreed to be acquired by Hilton Grand Vacations Inc. for $75.0 per share in an all-cash transaction.
The transaction values the company at $1.5 billion, including net debt.
Hilton Grand Vacations Inc. declined 9.4% to $33.75. -
Berkshire Hathaway Class B increased 0.6% to $353.99 after the reinsurance insurance-anchored diversified conglomerate reported a surge in quarterly profits.
Operating earnings in the third quarter increased 40% to $10.76 billion from $7.6 billion, driven by a sharp increase in its insurance business.
Insurance underwriting swung to a profit of $2.4 billion from a loss of $1.07 billion, and insurance investment income soared to $2.5 billion from $1.4 billion a year ago.
Investment income jumped after interest rates jumped in the twelve-month period to the end of the third quarter, after the Federal Reserve carried out its aggressive rate hike campaign between March 2022 and June 2023.
Total revenues increased to $93.2 billion from $76.9 billion, net loss attributable to shareholders increased to $12.7 billion from $2.7 billion, and diluted loss per Class A share increased to $8,824 from $1,907 a year ago.
Based on GAAP accounting, net income also reflected the quarterly unrealized investment losses of $29.8 billion compared to $13.5 billion in the corresponding quarter a year ago.
Cash and equivalent securities held by the company at the end of September jumped to $157.2 billion from $128.5 billion a year ago. -
Qualcomm Inc. jumped 6% to $118.0 after the advanced communication chip designer reported better-than-expected revenue and earnings in the fourth quarter ending on September 24.
Revenue in the fourth quarter dropped 24% to $8.6 billion from $11.4 billion, net income plunged 48% to $1.5 billion from $2.9 billion, and diluted earnings per share dropped to $1.32 from $2.54 a year ago.
The mobile communication chip maker also forecast higher-than-expected revenue in the fourth quarter, signaling a possible recovery in the microchip industry.
The company forecasted fiscal 2024 first quarter revenue between $9.1 billion and $9.9 billion and diluted earnings per share between $1.82 and $2.02. -
Starbucks Corp. extended 2-day gains to 13% after the coffee chain reported better-than-expected quarterly sales.
Revenue in the fiscal fourth quarter ending on October 1 increased 11.4% to $9.4 billion from $8.4 billion, net income advanced 38.3% to $1.2 billion from $878.3 million, and diluted earnings per share rose to $1.06 from 76 cents a year ago.
Global comparable store sales increased by 8%, driven by a 4% increase in average ticket sales and a 3% increase in comparable transactions.
North America and U.S. comparable store sales increased 8%, driven by a 6% increase in average ticket sales and a 2% increase in comparable transactions.
International comparable store sales increased 5%, driven by a 6% increase in comparable transactions and a 1% decline in average ticket sales.
In the second-largest market, China, comparable store sales increased 5%, driven by an 8% increase in comparable transactions and a 3% decline in average ticket sales.
The company continued its expansion and opened 816 net new stores in the quarter, ending the period with 38,038 stores, of which 52% are company-operated and 48% are licensed. -
Apple Inc. declined 1.7% to $174.51 after the maker of popular communication devices reported a decline in revenue for the fourth quarter in a row and forecasted weaker sales in the current quarter.
Revenue in the fiscal fourth quarter declined 1% to $89.5 billion from $90.1 billion, net income advanced to $22.9 billion from $20 billion, and diluted earnings per share rose to $1.46 from $1.29 a year ago.
Sales of iPhones increased to $43.8 billion from $43.6 billion, Macs plunged 34% to $7.6 billion from $11.5 billion, iPads eased to $6.4 billion from $7.2 billion, wearables fell to $9.3 billion from $9.7 billion, and services revenue jumped 16% to a record high of $22.3 billion from $19.2 billion a year ago.
Sales in the Americas edged up to $40.1 billion from $39.8 billion and edged slightly lower in Europe to $22.5 billion, in Greater China to $15 billion, in Japan to $5.5 billion, and in the rest of Asia to $6.3 billion.
For the full year, sales declined 3% to $383.3 billion from $394.3 billion.
The company's board of directors declared a cash dividend of 24 cents per share payable on November 13 to shareholders on record on November 10.
The company's installed base of devices reached a new record high across all products and all geographic segments, said chief financial officer Luca Maestri.
The company guided current quartet sales "to be similar to" the previous year, but the current year has one fewer week. -
Airbnb Inc. increased 0.9% to $120.50 after the vacation rental platform reported higher-than-expected third-quarter revenue but forecasted weaker-than-expected fourth-quarter revenue.
Revenue in the third quarter jumped 18% to $3.4 billion from $1.9 billion, net income before-tax advanced to $1.7 billion from $1.2 billion, and diluted earnings per share rose to $6.63 from $1.79 a year ago.
After-tax income jumped to $4.4 billion from $1.21 billion, after adjusting for $2.7 billion tax benefit related to previous years.
The company estimated fourth quarter revenue in the range of $2.14 billion and $2.17 billion, representing growth from a year ago between 12% and 14%.
The company also added that it is "seeing greater volatility early in the fourth quarter" and estimated nights booked growth in the fourth quarter to "moderate" from the third quarter and average daily rate "to be stable to slightly up" compared to the same period last year. -
SolarEdge Technologies Inc. dropped 10.5% to $67.65 after the company reported weaker-than-expected sales in the third quarter and forecasted more weakness in the fourth quarter.
Revenue in the third quarter declined to $725 million and loss per share was 55 cents, and the company guided fourth quarter sales to drop in the range between $275 million and $320 million.
The demand for home solar installations nosedived on rising interest rates after California cut the compensation rate for solar incentive programs in April.
California is expected to announce similar compensation cuts for multifamily, farm, and school buildings, which could further dampen the demand.
Peloton Interactive Inc. dropped 6.5% to $4.50 after the company reported a wider-than-expected loss.
Revenue in the quarter fell 3% to $595.1 million from $616.5 million; net loss shrank to $159.1 million from $408.5 million; and diluted loss per share shrank to 44 cents from $1.20 a year ago.
The company forecasted revenue in the fiscal 2024 second quarter ending December in the range of $715 million and $750 million, a decrease of 8% from the midpoint of $793 million a year ago. -
DoorDash Inc. jumped 16.5% to $88.46 after the company reported better-than-expected quarterly results.
During the quarter, total orders jumped 24% to 543 million from 439 million, and gross order volume soared 24% to $16.8 billion from $13.5 billion a year ago.
Revenue in the third quarter increased 27% to $2.2 billion from $1.7 billion, net loss shrank to $75 million from $296 million, and diluted loss per share decreased to 19 cents from 77 cents a year ago.
Free cash flow improved substantially in the quarter after the company benefited from rising sales and an improved cost structure.
Free cash in the quarter increased to $324 million and jumped to $878 million in the trailing twelve months.
The company also completed its stock repurchase program authorized in February through the repurchase of 12 million shares for $750 million.
The company estimated gross market volume in the fourth quarter in the range of $17.0 billion to $17.4 billion and adjusted operating earnings between $320 million and $380 million. -
Electronic Arts Inc. advanced 4.4% to $129.20 after the company reported quarterly results.
Revenue in the third quarter edged up to $1.91 billion from $1.90 billion, net income edged up to $399 million from $299 million, and diluted earnings per share to $1.77 from $1.47 a year ago.
The company repurchased 2.6 million shares in the quarter for $325 million, bringing the total for the trailing twelve months to 10.5 million shares for $1.3 billion.
For the fiscal year ending in March, the company estimated net revenue in the range of $7.3 billion and $7.7 billion, net income between $1.118 billion and $1.273 billion, and diluted earnings per share between $4.10 and $4.66.
Fiscal year operating cash flow is expected to be between $1.95 billion and $2.10 billion. -
Peloton Interactive Inc. dropped 6.5% to $4.50 after the company reported a wider-than-expected loss.
Revenue in the quarter fell 3% to $595.1 million from $616.5 million; net loss shrank to $159.1 million from $408.5 million; and diluted loss per share shrank to 44 cents from $1.20 a year ago.
The company forecasted revenue in the fiscal 2024 second quarter ending December in the range of $715 million and $750 million, a decrease of 8% from the midpoint of $793 million a year ago.
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