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    • Breaking News
    Oct 11, 2023
    • The producer price index rose 0.5% in September from the previous month, and slower than 0.7% in August, the U.S. Bureau of Labor Statistics reported Wednesday. 

      However, wholesale inflation on an annual basis accelerated to 2.2% in the month from 2.0% in the previous month and advanced for the third month in a row. 
      • Oct 10, 2023
      • PepsiCo gained 1.5% to $163.81 after the beverage and food company reported its quarterly results and the company also lifted its full-year outlook. 

        Net revenue in the third quarter ending in September increased 6.7% to $23.45 billion from $21.97 billion and net income attributable to shareholders increased to $3.09 billion from $2.70 billion and diluted earnings per share advanced to $2.24 from $1.95 a year ago. 

        In North America, beverage sales increased 8%, Frito Lay sales rose 7% and Quaker Foods advanced 5%. 

        The company slightly revised higher its 2023 earnings outlook and estimated core earnings per share of $7.54 compared to its previous estimate of $7.47 and compared to $6.79 a year ago.   
        • Bristol-Myers Squibb Co edged up 0.1% to $56.68 after the company agreed to acquire San Diego-based Mirati Therapeutics for $58 a share or $4.8 billion on Sunday evening. 

          The company also agreed to as much as additional $1 billion  in milestone payments. 

          With the purchase of Mirati, Bristol-Myers expanded its cancer treatment portfolio after Mirati's non-small cell lung cancer drug Krazati was approved by the U.S. FDA.  
          • Palantir Technologies Inc increased 2.7% to $18.09 on news that the U.S. Army assigned a $250 million contract to test and develop artificial Intelligence tools.
            • Oct 6, 2023
            • Aehr Test Systems plunged 16.1% to $37.06 despite the company reporting quarterly earnings and revenue ahead of expectations set by analysts. 

              The semiconductor testing equipment maker said net revenue in the fiscal first quarter ending in August jumped 93% to $20.6 million and net income advanced to $4.7 million from $.0.59 million and diluted earnings per share rose to 16 cents from 2 cents a year ago. 

              The company reiterated its revenue in the fiscal year 2024 ending in May 2024 of  $100 million and net income of $28 million.   
              • Tesla Inc fell 2.5% to $255.14 after the electric vehicle maker lowered prices on its Model 3 and Model Y vehicles in the U.S. 

                The move follows the recent weakness in U.S. sales after the company reported weaker-than-expected sales in the third quarter. 
                • Levi Strauss & Company decreased 1% to $13.08 after the apparel maker reported third-quarter revenue below market's expectations and the company also lowered its full-year revenue outlook. 

                  Net revenue in the quarter was nearly unchanged at $1.5 billion and net income plunged 94% to $10 million from $173 million and diluted earnings per share dropped to 2 cents  from 43 cents a year ago. 

                  The company took an impairment charge of $90.2 million related to $400million Beyond Yoga acquisition in late 2021.

                  The recognition of the Beyond Yoga impairment charges negatively impacted after-tax diluted earnings per share by 17 cents.  

                  The company returned $48 million to shareholder through a dividend of 12 cents a share and apparel maker did not purchase any shares in the quarter. 

                  Levi announced a 12 cents per share dividend to shareholders on record on October 26 and payable on November 9.  

                  The company forecasted 2023 revenue between flat and 1% increase from the previous year and said customers are searching for bargains and buying fewer items because of inflation and higher mortgages and gasoline prices at pump stations. 
                  • Nonfarm payroll additions in all levels of government and private sector soared 336,000 in September, the U.S. Bureau of Labor Statistics reported Friday. 

                    Moreover, employment in July and August were revised higher by a combined 119,000. 

                    The July employment change was revised higher by 79,000, from 157,000 to 236,000, and for August was revised up by 40,000, from 187,000 to 227,000.

                    The surge in employment reflected the widening demand for employees in the service sector. 

                    Jobless rate in the month increased to 3.8% and average hourly wages rose 0.2% from the previous month and jumped 4.2% from a year ago. 
                    • Oct 5, 2023
                    • Rivian Automotive Inc dropped 16.5% to $19.78 after the company said it plans to raise $1.5 billion through the sale of convertible bonds. 

                      The electric vehicle maker also estimated third quarter sales between $1.29 billion and $1.31 billion and reported decline in cash and cash equivalent. 
                      • Clorox Co dropped 7.6% to $121.69 after the company forecasted weaker-than-expected fiscal first quarter outlook. 

                        The consumer products maker said that the recent cyber attack costs outweighed benefits achieved through better pricing and supply chain improvements. 

                        On September 25, Clorox began the process of transitioning back to automated order processing, helping the company to increase its shipment and rebuild inventories for retailers. 

                        Net sales in the fiscal first quarter is expected to decline between 28% and 23% from a year ago and diluted loss per share between 75 cents and 35 cents.