Breaking News
Sep 21, 2023
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Klaviyo Inc decreased 1.7% to $32.21 after the company completed its initial public offering and sold 19.2 million shares at $30 each,
The stock of the marketing software automation company opened at $36.75 and closed at $32.76, about 9% higher than its price. -
KB Home declined 4% to $46.10 despite the home builder reporting quarterly results that met investor expectations.
Revenue in the fiscal third quarter ending in August fell to $1.59 billion from $1.84 billion and the delivered homes declined 7% to 3,375 from a year ago.
Higher mortgage rates negatively impacted home prices and average selling price in the quarter declined to $466,300 compared to $508,700 a year ago.
The home building operating income margin declined to 11.3% from 17.7% and housing gross profit margin fell 520 basis points to 21.5%.
Net income declined to $149.9 million from $255.3 million and diluted earnings per share and diluted earnings per share fell to $1.80 from $2.86 a year ago. -
Starbucks Corp decreased 25 cents to $94.94 after the company said announced to hike its quarterly dividend by 7.5% to 57 cents a share from 53 cents payable on November 24 to shareholders on record November 10.
The coffee retailer opened a $220 million distribution and manufacturing facility in China, second largest market for the company. -
Darden Restaurants, Inc fell 1.5% to $147.72 after the company said same store sales at its comparable fine dining locations declined 2.8% in the fiscal first quarter ending on August 27.
Consolidated comparable sales increased 5% driven by rise of 6.0% at Olive Garden stores and 8.1% jump at Long Horn Steak House locations.
Revenue in the quarter increased to $2.7 billion from $2.4 billion and net income rose to $194.5 million from $193 million and diluted earnings per share rose to $1.59 from $1.56 a year ago.
The company declared a dividend of $1.31 a share payable on November to shareholders on record on October 10.
During the quarter, the company repurchased 0.9 million shares for a total of $143 million, and at the end of the quarter $509 million were still available in its $1 billion stock repurchase program. -
FedEx Corp increased 4.6% to $262.09 after the parcel delivery company reported better-than-expected quarterly results and earnings rose despite the decline in revenue.
Revenue in the fiscal first quarter ending in August declined 7% to $21.6 billion from $23.6 billion and net income jumped 23% to $1.0 billion from $875 million and diluted earnings per share rose 27% to $4.23 from $3.33 from a year ago. -
Cisco Systems Inc decreased 4% to $53.26 after the company agreed to acquire cybersecurity company Splunk Inc for $157 a share or $28 billion in cash.
Splunk jumped 21.1% to $144.82 after the deal announcement. -
Instacart declined 4.3% to $32.65 on the second day of trading after the grocery delivery company priced its initial public offering at $30 a share and struggled to hold its early gains on the first day.
The company sold 30 million shares in the public offering but all shares changed hands on the first day of trading, suggesting that stock may face more headwinds in the next few weeks. -
Pinterest Inc rose 4.3% to $27.34 after the company forecasted annual revenue growth to accelerate following the slowdown in 2022 and 2023.
The company laid out its future plans in its first investor day On Tuesday. -
Coty Inc increased 5.7% to $12.12 after the cosmetic company lifted its full-year 2024 outlook and said comparable sales to grow in the range between 8% and 10% from its previous estimate between 6% and 8%.
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The Federal Reserve said it will hold the fed funds target range at 22-year high between 5.25% and 5.50% but also held out for another rate hike later in the year, after the conclusion of two-day meeting.
Policymakers appeared divided after mixed economic signals, but committee members prefer more restrictive interest rate policy in future.
The Fed's projection released showed that policymakers are likely to increase rates higher one more time at the next meeting in November, but are also estimating fewer rate cuts in 2024.
Policymakers now estimate the fed funds rate at 5.6% by the year's end, the same as in the June forecast, while rates are expected to be higher at 5.1% in 2024, compared to 4.6% estimated at the end of June meeting.
Committee members sharply revised higher economic growth outlook to 2.1% from the previous estimate of 1.0% released in June, and 2024 GDP rate of 1.5% compared to 1.1%.
Sep 20, 2023