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    • Breaking News
    Oct 16, 2023
    • Pfizer Inc gained 4.5% to $33.69 after the pharmaceutical company lowered its annual revenue guidance. 

      Pfizer revised lower its 2023 revenue in the range between $58 billion and $61 billion, from the previous estimate between $67 billion and $70 billion on the weakening demand for its Covid products. 

      The company also lowered its full-year adjusted earnings per share outlook to a new range of $1.45 to $1.65 from the previous estimate between $3.25 and $3.45. 
      • Lululemon Athletica soared 10.7% to $418.25 ahead of the company's addition to the S&P 500 index later in the week. 
        • Charles Schwab Corporation increased 4.2% to $53.49 after the online brokerage firm reported mixed quarterly results.

          Net revenue in the third quarter ending in September declined 16% to $4.6 billion from $5.5 billion and net income plunged 44% to $1.1 billion from $2.0 billion and diluted earnings per share dropped to 56 cents from 99 cents a year ago. 

          Net interest revenue declined 24% to $2.2 billion but advised solution and asset management fees jumped 17% to a quarterly record of $1.2 billion.  
          • Oct 13, 2023
          • Activision Blizzard Inc jumped 0.1% to $94.64 after the UK regulator approved the purchase of the company by Microsoft Corp. 

            Microsoft edged lower a fraction to $330.98. 
            • Citigroup Inc advanced 2.4% to $42.85 after the bank reported a surge in earnings on the back of higher interest rates in the third quarter. 

              Revenue in the third quarter increased 9% to $20.1 billion from $18.5 billion and net income increased 2% to $3.54 billion from $3.47 billion and diluted earnings per share was unchanged at $1.63 compared to a year ago. 

              Citigroup's total allowance for credit losses was approximately $17.6 billion compared to $16.3 billion at the end of the quarter a year ago , with a reserve-to-funded loans ratio of 2.68%, compared to  2.54% at the end of the prior-year period. 
              • Wells Fargo & Company advanced 2.4% to $40.70 after the bank reported a surge in net interest income in the third quarter. 

                Total revenue increased to $20.8 billion from $19.6 billion and net income advanced to $5.7 billion from $3.6 billion and diluted earnings per share surged to $1.48 from 86 cents a year ago. 

                Provision for credit losses increased to $1.2 billion from $784 million a year ago. 

                The company repurchased 33.8 million shares of $1.5 billion of its common stock in the third quarter. 
                • JPMorgan Chase & Company increased 1.1% to $147.49 after the bank reported a surge in revenue and earnings in the third quarter. 

                  The bank benefited from higher interest rates and lower provision for credit losses. 

                  Revenue increased 22% to $39.8 billion $32.7 billion and net income soared 35% to $13.2 billion from $$9.7 billion and diluted earnings per share advanced to $4.33 from $3.12 from a year ago. 

                  Net income attributable to First Republic was $1.1 billion in the quarter. 

                  The bank set aside $1.3 billion for potential credit losses compared to the $2.39 billion estimate. 
                  • Oct 12, 2023
                  • The consumer price index rose 0.4% in September and jumped 3.7% from a year ago, the U.S. Bureau of Labor Statistics reported Thursday. 

                    Core inflation, which excludes volatile food and energy prices, rose 4.1% from a year ago, the slowest pace of increase since September 2021. 

                    On a monthly basis, overall consumer price inflation declined to 0.4% from 0.6% increase in the previous month and core inflation held steady at 0.3%. 
                    • Ford Motor Company declined 2.2% to $11.98 after United Auto Workers expanded its strike to a key plant in Kentucky where the company builds popular SUVs. 
                      • Delta Air Lines jumped 3% to $37.10 after the international carrier said third-quarter earnings soared 60% from a year ago on strong travel demand.  

                        Revenue in the September quarter jumped 11% to $15.5 billion from $14.0 billion and net income rose 59% to $1.1 billion from $695 million and diluted earnings per share advanced to $1.72 from $1.08.

                        The company repaid $3.7 billion of debt year-to-date and management anticipated to repay over $4 billion in the year. 

                        Standard & Poor's in August revised the airline's debt rating to BB+ with a "positive outlook."

                        The company forecasted total revenue in the December quarter to increase between 9% and 12%.