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    Jan 18, 2024
    • Discover Financial dropped 9.6% to $97.25 after the credit card company reported a higher net charge-off in its latest quarterly results.

      Revenue in the fourth quarter increased 13% to $4.2 billion from $3.7 billion, net income declined 62% to $388 million from $1.0 billion, and diluted earnings per share dropped to $1.54 from $3.74 a year ago.

      Total net charge-off jumped 198 basis points to 4.11%, reflecting "seasoning of recent vintages with higher delinquency trends."
      • Taiwan Semiconductor soared 6.6% to $109.83 after the company reported quarterly results that exceeded market expectations.

        Revenue in the fourth quarter was flat at NT$ 625.5 million, but net income declined 19.3% to NT$ 237.8 million from NT$ 295.9 million, and diluted earnings per share dropped to NT$ 9.21 from NT$ 11.41 a year ago.

        In U.S. dollars, fourth quarter revenue was $19.62 billion, which decreased 1.5% year-over-year but increased 13.6% from the previous quarter.

        The company guided first quarter 2024 revenue between $18.0 billion and $18.8 billion, based on the exchange rate of 31.1 NT for one U.S. dollar.

        Gross margin in the quarter is expected to range between 52% and 54%, and operating margin between 40% and 42%.

        Capital expenditure in 2024 is estimated to range between $28 billion and $32 billion.
        • Seasonally adjusted building permits, housing starts and completions rose in November, the U.S. Census Bureau reported Thursday. 

          Permits for all housing units, including single and multi-family, rose 1.9% from the previous month and advanced 6.1% from a year ago to 1,495 million. 

          Housing starts in December were at a seasonally adjusted annual rate of 1,460,000, 4.3% below the revised November estimate of 1,525,000, but is 7.6% above the December 2022 rate of 1,357,000.  

          Housing completions in December were at a seasonally adjusted annual rate of 1,574,000,  8.7% above the revised November estimate of 1,448,000 and 13.2% above the December 2022 rate of 1,390,000.  
          • Jan 17, 2024
          • Charles Schwab decreased 1.3% to $63.51 after the financial services provider reported better-than-expected earnings but revenue fell short of market expectations.

            Net revenue in the fourth quarter declined 19% to $4.5 billion from $5.5 billion, net income dropped 47% to $1.1 billion from $1.98 billion, and diluted earnings per share fell to 51 cents from 97 cents a year ago.

            The company added 3.8 million net new accounts and increased its total client base to 34.8 million.
            • U.S. Bancorp gained 0.3% to $41.49 after the regional bank reported lower-than-expected quarterly earnings.

              Total net revenue increased 6.7% to $6.7 billion from $6.4 billion, net income declined 7.4% to $861 million from $930 million, and diluted earnings per share dropped to 49 cents from 57 cents a year ago.

              The common equity tier 1 capital ratio rose to 9.9% at the end of the December quarter from 9.7% at the end of the September quarter.

              Average total deposit growth was 4.3% and average total loan growth was 3.6% from a year ago, respectively.
              • Retail sales, adjusted for seasonal and calendar factors but not price changes, increased 5.6% from a year ago in December, the U.S. Census Bureau reported Wednesday.

                Retail sales rose the most in eleven months, following a downwardly revised 4% rise in November.

                Retail sales, unadjusted for price changes or inflation, increased 3.2% in the full year 2023.

                 
                • Jan 12, 2024
                • Delta Air Lines declined 5.5% to $39.92 after the international carrier reported a sharply higher profit but lowered its 2024 outlook.

                  Operating income in the fourth quarter increased by 6% to $14.2 billion from $13.4 billion, net income soared to $2.03 billion from $828 million, and diluted earnings per share rose to $3.16 from $1.29.

                  The company guided full-year 2024 earnings to range between $6.0 and $7.0 per share, lower than the previous estimate of at least $7 per share released last year.

                  Revenue in the first quarter of 2024 is expected to increase between 3% and 6%, and earnings per share between 25 cents and 50 cents.
                  • Citigroup rose 2.2% to $53.21 after the bank reported a quarterly loss as the company booked charges linked to restructuring, overseas risks, and last year's regional banking crisis.

                    Revenue in the fourth quarter decreased 3% to $17.4 billion, net income swung to a loss of $1.8 billion from a profit of $3.5 billion, and diluted earnings per share declined to ($1.16) from $1.16 a year ago.
                    • Bank of America decreased 2.7% to $32.25 after the bank reported lower quarterly earnings because of one-time charges assessed by the FDIC and transitioning away from the London Interbank Offered Rate.

                      Revenue in the quarter increased to $22 billion, net income declined 50% to $3.1 billion from $7.1 billion, and diluted earnings per share dropped to 35 cents from 85 cents a year ago.

                      The charges in the quarter include a $1.6 billion pre-tax charge to transition away from LIBOR and a special fee of $2.1 billion charged by the Federal Deposit Insurance Corp. to rescue Silicon Valley Bank and Signature Bank.
                      • Wells Fargo declined 1.1% to $48.46 despite the bank reporting higher earnings in the fourth quarter, but the bank warned that net interest income in 2024 is likely to be lower than the previous year.

                        Revenue in the fourth quarter increased 2% to $20.48 billion, and net income rose to $3.45 billion, or 86 cents, from $3.16 billion, or 75 cents, a year ago.

                        Net interest income in the quarter declined 5% from a year ago to $12.78 billion, and the bank warned that level could decline between 7% and 9% on an annual basis from $52.4 billion in 2023.