- Li Chen
- 25 Mar, 2025
- Hong Kong
Benchmark indexes in China and Hong Kong declined sharply amid profit-taking and lack of catalysts.
The Hang Seng index dropped 2%, and the mainland-focused CSI 300 index declined a fraction, amid weakening confidence for the second week in a row.
Investors are worried that the recent run-up in tech stocks may have stretched valuations and feared that the next round of U.S. tariffs could impact electric vehicle makers and renewable energy companies.
China Indexes and Stocks
The Hang Seng index declined 2.2% to 23,360.79, and the mainland-focused CSI 300 index dropped 0.1% to 3,932.30.
BYD Electronic International dropped nearly 10% to HK $42.45 after the company announced its annual results.
The company announced a final cash dividend of 0.568 yen per share to be approved by shareholders on June 6.
BYD declined 3.5% to HK $389.0, and the electric vehicle maker reported its quarterly results.
Revenue in the latest quarter increased to $38.1 billion, and earnings per share rose to 5.16 yuan, and the company shipped 1.5 million vehicles in the period.
Of the total shipments, all-electric vehicles accounted for 595,000 units, surpassing Tesla's shipment of 496,000 in the fourth quarter.
Xiaomi Corp. decreased 6.3% to HK $53.40, and the electric vehicle and smartphone maker completed its secondary offering.
The company sold 800 million shares at HK $53.25 per share and raised $5.5 billion.
Nanshan Aluminium International Holdings Ltd. decreased 4% to HK $25.25 after the company listed its stock on the Hong Kong Stock Exchange.
The company sold 88.23 million shares at a price of HK $26.60 per share and raised HK $2.35 billion, or about $302 million.
- Li Chen
- 25 Mar, 2025
- Hong Kong
Benchmark indexes in China and Hong Kong declined sharply amid profit-taking and lack of catalysts.
The Hang Seng index dropped 2%, and the mainland-focused CSI 300 index declined a fraction, amid weakening confidence for the second week in a row.
Investors are worried that the recent run-up in tech stocks may have stretched valuations and feared that the next round of U.S. tariffs could impact electric vehicle makers and renewable energy companies.
China Indexes and Stocks
The Hang Seng index declined 2.2% to 23,360.79, and the mainland-focused CSI 300 index dropped 0.1% to 3,932.30.
BYD Electronic International dropped nearly 10% to HK $42.45 after the company announced its annual results.
The company announced a final cash dividend of 0.568 yen per share to be approved by shareholders on June 6.
BYD declined 3.5% to HK $389.0, and the electric vehicle maker reported its quarterly results.
Revenue in the latest quarter increased to $38.1 billion, and earnings per share rose to 5.16 yuan, and the company shipped 1.5 million vehicles in the period.
Of the total shipments, all-electric vehicles accounted for 595,000 units, surpassing Tesla's shipment of 496,000 in the fourth quarter.
Xiaomi Corp. decreased 6.3% to HK $53.40, and the electric vehicle and smartphone maker completed its secondary offering.
The company sold 800 million shares at HK $53.25 per share and raised $5.5 billion.
Nanshan Aluminium International Holdings Ltd. decreased 4% to HK $25.25 after the company listed its stock on the Hong Kong Stock Exchange.
The company sold 88.23 million shares at a price of HK $26.60 per share and raised HK $2.35 billion, or about $302 million.
- Arun Goswami
- 25 Mar, 2025
- Mumbai
Stove Kraft Ltd. fell 1.5% to ₹763 despite the domestic appliance maker reporting a 78% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹404 crore from ₹360 crore, net income jumped to ₹12.1 crore from ₹6.8 crore, and diluted earnings per share rose to ₹3.67 from ₹2.04 a year ago.
Poly Medicure Ltd. decreased 2% to ₹2,246.10 despite the medical devices company reporting a 31% increase in net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356 crore, after-tax profit increased to ₹85 crore from ₹65 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Paradeep Phosphates Limited declined 0.4% to ₹103.08 despite the complex phosphatic fertilizer maker reporting a 46% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹4,140.1 crore from ₹2,603.7 crore, net income jumped to ₹158.7 crore from ₹108.9 crore, and diluted earnings per share rose to ₹1.94 from ₹1.34 a year ago.
MM Forgings Limited dropped 2% to ₹353.8 after the iron and steel forgings maker reported a 21% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹377.6 crore from ₹404.2 crore, after-tax profit decreased to ₹26.5 crore from ₹33.4 crore, and diluted earnings per share fell to ₹5.50 from ₹13.90 a year ago.
Oriental Aromatics Ltd. fell 2.7% to ₹300.85 despite the chemicals maker reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹222.7 crore from ₹199.7 crore, net income jumped to ₹10.7 crore from ₹2.7 crore, and diluted earnings per share rose to ₹3.18 from 80 paise a year ago.
Nahar Poly Films plunged 2.4% to ₹ 196.40 despite the packaging film maker’s net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹177.1 crore from ₹155.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹8.9 crore, and diluted earnings per share rose to an income of ₹2.68 from a loss of ₹3.64 a year ago.
Nila Infrastructures Ltd. declined 2% to ₹9.63 despite the infrastructure company reporting profit soared 53% in the fiscal third quarter.
Consolidated revenue advanced to ₹56 crore from ₹36.6 crore, net income jumped to ₹4.9 crore from ₹3.2 crore, and diluted earnings per share rose to 13 paisa from 8 paisa a year ago.
The General Insurance Corporation of India dropped 3.1% to ₹426.35 despite the reinsurance services provider reporting an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹10,420.1 crore from ₹10,267.5 crore, after-tax profit increased to ₹1,623.4 crore from ₹1,392.2 crore, and diluted earnings per share rose to ₹9.56 from ₹8.20 a year ago.
- Arun Goswami
- 25 Mar, 2025
- Mumbai
Stove Kraft Ltd. fell 1.5% to ₹763 despite the domestic appliance maker reporting a 78% jump in its earnings in the December quarter.
Consolidated revenue advanced to ₹404 crore from ₹360 crore, net income jumped to ₹12.1 crore from ₹6.8 crore, and diluted earnings per share rose to ₹3.67 from ₹2.04 a year ago.
Poly Medicure Ltd. decreased 2% to ₹2,246.10 despite the medical devices company reporting a 31% increase in net income in the December quarter.
Consolidated revenue advanced to ₹446 crore from ₹356 crore, after-tax profit increased to ₹85 crore from ₹65 crore, and diluted earnings per share rose to ₹8.48 from ₹6.77 a year ago.
Paradeep Phosphates Limited declined 0.4% to ₹103.08 despite the complex phosphatic fertilizer maker reporting a 46% rise in its earnings in the latest quarter.
Consolidated revenue advanced to ₹4,140.1 crore from ₹2,603.7 crore, net income jumped to ₹158.7 crore from ₹108.9 crore, and diluted earnings per share rose to ₹1.94 from ₹1.34 a year ago.
MM Forgings Limited dropped 2% to ₹353.8 after the iron and steel forgings maker reported a 21% plunge in quarterly profit from a year ago.
Consolidated revenue declined to ₹377.6 crore from ₹404.2 crore, after-tax profit decreased to ₹26.5 crore from ₹33.4 crore, and diluted earnings per share fell to ₹5.50 from ₹13.90 a year ago.
Oriental Aromatics Ltd. fell 2.7% to ₹300.85 despite the chemicals maker reporting a four-fold increase in earnings in the December quarter.
Consolidated revenue advanced to ₹222.7 crore from ₹199.7 crore, net income jumped to ₹10.7 crore from ₹2.7 crore, and diluted earnings per share rose to ₹3.18 from 80 paise a year ago.
Nahar Poly Films plunged 2.4% to ₹ 196.40 despite the packaging film maker’s net income swinging to a profit in the December quarter.
Consolidated revenue advanced to ₹177.1 crore from ₹155.6 crore, net income swung to a profit of ₹6.6 crore from a loss of ₹8.9 crore, and diluted earnings per share rose to an income of ₹2.68 from a loss of ₹3.64 a year ago.
Nila Infrastructures Ltd. declined 2% to ₹9.63 despite the infrastructure company reporting profit soared 53% in the fiscal third quarter.
Consolidated revenue advanced to ₹56 crore from ₹36.6 crore, net income jumped to ₹4.9 crore from ₹3.2 crore, and diluted earnings per share rose to 13 paisa from 8 paisa a year ago.
The General Insurance Corporation of India dropped 3.1% to ₹426.35 despite the reinsurance services provider reporting an increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹10,420.1 crore from ₹10,267.5 crore, after-tax profit increased to ₹1,623.4 crore from ₹1,392.2 crore, and diluted earnings per share rose to ₹9.56 from ₹8.20 a year ago.
- Barry Adams
- 24 Mar, 2025
- New York City
Wall Street indexes turned up amid yet another flip-flop on tariffs and changing rhetoric on the scope of the import tax.
The S&P 500 index jumped 1.4%, and the tech-heavy Nasdaq Composite advanced 1.6%, on speculation that the White House is likely to temper the next round of tariffs.
Last Friday, Donald Trump said that the next round of tariffs set to be announced in the first week in April may have some "flexibility," and reports suggested that the scope of the import tax is likely to be narrowed more than previously estimated.
Federal government officials are working on reducing the number of products slapped with tariffs, and not all previously announced countries are likely to be included, according to a report published by The Wall Street Journal.
Last week, Wall Street indexes extended losses to the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture joined a long list of other companies last week and warned of a sharp slowdown this year.
Tariff uncertainties are forcing businesses to pause additional investments, and consumers are faced with higher bills because of the ever-growing list of items facing import taxes.
The chaos is also affecting the tourism industry as the immigration department ramped up scrutiny of tourists arriving from Europe and Asia.
European travelers are canceling U.S. vacation plans in large numbers, according to local media in France and Germany, after reports confirmed the arrest of legal tourists from Germany, France, and the U.K.
On the economic front, the U.S. private sector activities remained in the positive territory, and the growth inched up to a three-month high, but investors worried that slowing consumer spending and resurgent inflation driven by rampant tariffs are likely to negatively impact activities in the months ahead.
This week, U.S. investors are looking forward to the release of the PCE Price Index and the final revision on economic growth in the fourth quarter.
In addition, durable goods orders and international trade data are also on schedule this week.
On the earnings front, investors are looking ahead to financial results from KB Home, Intuitive Machines Inc., Lucid Diagnostics, Chewy, Lululemon, Walgreens Boots Alliance, and Dollar Tree.
Commodities, Currencies, Indexes, Yields
The S&P 500 index increased 1.4% to 5,748.61, the Nasdaq Composite edged up 1.8% to 18,107.16, and the Russell 2000 index was up 1.6% to 2,089.36.
The yield on 2-year Treasury notes edged higher to 4.00%, 10-year Treasury notes increased to 4.30%, and 30-year Treasury bonds advanced to 4.63%.
WTI crude oil increased $0.30 to $68.59 a barrel, and natural gas prices edged higher by $0.005 to $3.98 a therm. unit.
Gold decreased by $3.98 to $3,019.19 an ounce, and silver edged up by $0.11 to $33.13.
The dollar index, which weighs the US currency against a basket of foreign currencies, increased by 0.06 to 104.15 and traded at a two-year high.
U.S. Stock Movers
James Hardie Industries agreed to acquire the outdoor products maker, The AZEK Company in a deal valued at $9 billion.
James Hardie agreed to pay $26.45 in cash and 1.034 of its own shares, totaling $56.88 per share, about a 34% premium to AZEK's closing price on Friday.
- Bridgette Randall
- 24 Mar, 2025
- London
European markets lacked direction after the release of business activity surveys, and investors awaited the release of fresh U.S. tariffs.
Benchmark indexes in Frankfurt, Paris, Milan, and London lacked direction after business service activity in the Euro Area, Germany, and France showed mixed results.
The HCOB Eurozone Composite PMI in March inched up to 50.4 from 50.2 in February, according to the preliminary estimate released by S&P Global.
Any reading above 50 indicates expansion, and below shows contraction.
The business activities expanded for the third consecutive, and rose to the fastest pace since last August.
Service sector activities growth eased to a four-month low, and manufacturing activities returned to growth for the first time in two years, and registered its fastest increase since May 2022.
Europe Indexes and Yields
The DAX index increased by 0.5% to 23,014.82, the CAC-40 index edged higher 0.4% to 8,077.46; and the FTSE 100 index advanced by 0.5% to 8,691.76.
The yield on 10-year German bonds inched higher to 2.77%, French bonds decreased to 3.46%, the UK gilts moved down to 4.67%, and Italian bonds edged lower to 3.81%.
The euro increased to $1.08; the British pound was higher at $1.29; and the U.S. dollar was higher and traded at 88.29 Swiss cents.
Brent crude decreased $0.06 to $72.08 a barrel, and the Dutch TTF natural gas was lower by €0.89 to €41.67 per MWh.
Europe Stock Movers
Bayer AG dropped 6.9% to €22.44 after the Georgia sate court ordered the German company company $2.1 billion in a case involving Roundup weed killer.
Vivendi SE rose 2.8% to €2.83, and the French media company said it lowered its stake in Telecom Italia to 18.4%.
Plus500 Ltd. gained 0.9% to 2,744.0 pence, and the Israel-based online derivative trading platform operator agreed to acquire India-based Mehta Equities for $20 million.
Defense stocks continued to rally as European leaders pledge to increase spending to acquire arms made from the suppliers based in the region.
BAE System decreased 0.3% to 1,589.50 pence, Rolls Royce Holdings declined 0.1% to 800.0 pence, Rheinmetall AG jumped 2.6% to €1,339.0, MTU Aero Engines gained 0.3% to €343.70, and Safran SA increased 0.8% to €252.40.
- Bridgette Randall
- 24 Mar, 2025
- London
European markets lacked direction after the release of business activity surveys, and investors awaited the release of fresh U.S. tariffs.
Benchmark indexes in Frankfurt, Paris, Milan, and London lacked direction after business service activity in the Euro Area, Germany, and France showed mixed results.
The HCOB Eurozone Composite PMI in March inched up to 50.4 from 50.2 in February, according to the preliminary estimate released by S&P Global.
Any reading above 50 indicates expansion, and below shows contraction.
The business activities expanded for the third consecutive, and rose to the fastest pace since last August.
Service sector activities growth eased to a four-month low, and manufacturing activities returned to growth for the first time in two years, and registered its fastest increase since May 2022.
Europe Indexes and Yields
The DAX index increased by 0.5% to 23,014.82, the CAC-40 index edged higher 0.4% to 8,077.46; and the FTSE 100 index advanced by 0.5% to 8,691.76.
The yield on 10-year German bonds inched higher to 2.77%, French bonds decreased to 3.46%, the UK gilts moved down to 4.67%, and Italian bonds edged lower to 3.81%.
The euro increased to $1.08; the British pound was higher at $1.29; and the U.S. dollar was higher and traded at 88.29 Swiss cents.
Brent crude decreased $0.06 to $72.08 a barrel, and the Dutch TTF natural gas was lower by €0.89 to €41.67 per MWh.
Europe Stock Movers
Bayer AG dropped 6.9% to €22.44 after the Georgia sate court ordered the German company company $2.1 billion in a case involving Roundup weed killer.
Vivendi SE rose 2.8% to €2.83, and the French media company said it lowered its stake in Telecom Italia to 18.4%.
Plus500 Ltd. gained 0.9% to 2,744.0 pence, and the Israel-based online derivative trading platform operator agreed to acquire India-based Mehta Equities for $20 million.
Defense stocks continued to rally as European leaders pledge to increase spending to acquire arms made from the suppliers based in the region.
BAE System decreased 0.3% to 1,589.50 pence, Rolls Royce Holdings declined 0.1% to 800.0 pence, Rheinmetall AG jumped 2.6% to €1,339.0, MTU Aero Engines gained 0.3% to €343.70, and Safran SA increased 0.8% to €252.40.
- Scott Peters
- 24 Mar, 2025
- New York City
Carnival Corp. gained 0.05% to $20.95 after the cruise lines operator reported higher revenue in the first quarter of fiscal 2025 ending in February.
Revenue surged to $5.81 billion from $5.41 billion, net loss shrank to $78 million from a loss of $214 million, and diluted loss per share narrowed to 6 cents from a loss of 17 cents a year ago.
The company expects “to achieve both 2026 sea change financial targets one year in advance, with adjusted return on invested capital and adjusted EBITDA per available lower berth for 2025 reaching the highest levels in nearly two decades,” Carnival said in a release to investors.
“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year.”
The company guided for the second quarter of 2025 adjusted EBITDA of approximately $1.3 billion, up 10% compared to the same quarter of 2024.
For the full year, Carnival estimated adjusted net income to be up over 30% compared to 2024 and better than December guidance by $185 million.
Adjusted EBITDA for the full year is expected at approximately $6.7 billion, up nearly 10% compared to 2024 and better than the December guidance.
Diluted earnings per share are estimated at 22 cents in the second quarter and $1.83 for the full year, compared to 7 cents and $1.44 a year ago, respectively.
Adjusted net income is seen at $285 million in the second quarter and $2.49 billion for the full year, compared to $92 million and $1.92 billion a year ago, respectively.
FactSet Research Systems Inc. eased 0.4% to $431.12 after the enterprise solutions provider to investment managers reported results for fiscal second quarter 2025 ending in February.
Revenue increased 4.5% to $570.66 million from $545.94 million, net income jumped 2.8% to $144.86 million from $140.94 million, and diluted earnings per share rose 1.4% to $4.28 from $4.22 a year ago.
“Client count as of February 28 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition,” the company said in a release to investors.
The count includes clients with annual subscription value of $10,000 and more and does not reflect the LiquidityBook acquisition.
User count was 219,141 as of February 28, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users, and not reflecting the Irwin and LiquidityBook acquisitions.
FactSet had proposed a dividend of $39.5 million, or $1.04 per share, paid on March 20 to shareholders on record as of February 28.
In addition, the workflow solutions company repurchased 136,714 shares for $64.4 million at an average price of $470.70 during the second quarter, and $186.9 million remained available as of February 28.
The company guided for fiscal 2025 GAAP revenue to be between $2.30 billion to $2.32 billion, up from its previous forecast between $2.28 billion and $2.30 billion.
GAAP diluted earnings per share are estimated to be between $14.80 and $15.40, compared to the previous guidance between $15.10 and $15.70.
Adjusted diluted earnings per share are seen unchanged between $16.80 and $17.40.
GAAP operating margin is expected to be in the range of 32% and 33%, down from 32.5% and 33.5% previously announced.
Organic annual subscription value is expected to grow in the range of $100 million to $130 million, narrowing from $90 million to $140 million previously estimated.
Annual subscription value (ASV) was $2.31 billion as of February 28, compared to $2.18 billion a year ago.
Organic ASV was $2.28 billion as of February 28, up 4.1% or $90.7 million, year-over-year, and it increased $19.6 million over the last three months.
Lennar Corp. traded flat at $115.22 after the home builder reported results for the first quarter of fiscal 2025 ending in February.
Revenue increased to $7.63 billion from $7.31 billion, net income dropped to $519.5 million from $719.3 million, and diluted earnings per share fell to $1.96 from $2.57 a year ago.
The company completed the quarter with a backlog of 13,145 homes with a dollar value of $5.8 billion, and home deliveries increased 6% to 17,834 homes.
New orders increased 1% to 18,355 homes, as new orders dollar value decreased 4% to $7.4 billion.
During the quarter, the company repurchased 5.2 million shares for $703 million at an average share price of $134.40.
In February, Lennar completed the taxable spin-off of Millrose Properties Inc. from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders.
The company guided for the second quarter of 2025 new orders to be between 22,500 and 23,500 homes, deliveries between 19,500 and 20,500 homes, and the average sales price between $390,000 and $400,000.
The gross margin on home sales is estimated at approximately 18%.
The company expects operating earnings in the financial services segment to be between $135 million and $145 million in the second quarter of 2025, compared to $146 million a year ago.
During the first quarter, operating earnings for the financial services segment were $143 million, compared to $131 million a year ago, helped by increased deliveries.
Micron Technology Inc. eased 0.2% to $94.56 after the memory and storage solutions provider reported sharply higher sales and earnings for the second quarter of fiscal 2025 ending in February.
Revenue jumped to $8.05 billion from $5.82 billion, net income surged to $1.58 billion from $793 million, and diluted earnings per share edged up to $1.41 from 71 cents a year ago.
“We expect record quarterly revenue in fiscal third quarter, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025,” the company said in a release to investors.
GAAP revenue in the third quarter is estimated to be $8.80 billion, plus or minus $200 million, compared to $6.81 billion a year ago, and GAAP diluted earnings per share is expected at $1.37, plus or minus 10 cents, compared to 30 cents in the same quarter in 2024.
Gross margin in the third quarter is expected to be 35.5%, plus or minus 1%, compared to 26.9% a year ago, and operating expenses at $1.27 billion, plus or minus $15 million, compared to $1.11 billion in the same quarter last year.
FedEx Corp. dropped 0.1% to $230.00 after the parcel delivery company reported increased revenue in the fiscal third quarter of 2025 ending in February.
Revenue increased to $22.16 billion from $21.74 billion, net income jumped to $909 million from $879 million, and diluted earnings per share rose to $3.76 from $3.51 a year ago.
The company guided for 2025 revenue to be slightly down from a year earlier and diluted earnings per share between $15.15 and $15.75, compared to $17.21 in 2024.
Capital spending is expected at $4.9 billion, compared to the prior forecast of $5.2 billion, with a priority on “investments in network optimization and efficiency improvement, including fleet and facility modernization and automation,” the company said in a release to investors.
FedEx is reaffirming its forecast of permanent cost reductions from the DRIVE transformation program of $2.2 billion; and effective tax rate of approximately 24.0% prior to the mark-to-market retirement plans accounting adjustments.
The company completed its $2.5 billion fiscal 2025 share repurchase plan with $0.5 billion in share repurchases via open market transactions during the quarter.
Approximately 1.8 million shares were repurchased, with the decrease in outstanding shares benefiting third quarter results by 12 cents per diluted share.
As of February 28, $2.6 billion remained available for repurchases under the company's 2024 stock repurchase authorization.
Cash on-hand as of February 28 was $5.1 billion.
The company is planning to spin off its freight segment, as its operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, and fewer shipments, partially offset by higher base yield.
Accenture Plc. gained 1.5% to $305.32 after the consulting services company reported results for the second quarter of fiscal 2025 ending in February.
Revenue increased to $16.66 billion from $15.80 billion, net income jumped to $1.79 billion from $1.67 billion, and diluted earnings per share rose to $2.82 from $2.63 a year ago.
The company narrowed its full-year revenue growth forecast to 5% to 7%, and expects foreign exchange impact of approximately negative 0.5%.
The operating margin is seen between 15.6% and 15.7%, an expansion of 10 to 20 basis points over the adjusted operating margin.
Accenture estimated diluted earnings per share in 2025 to be between $12.55 and $12.79, compared to $11.57 a year ago.
During the second quarter, new bookings were $20.91 billion, down 3% in U.S. dollars and flat in local currency compared to the same quarter in 2024.
Consulting new bookings in the quarter were $10.47 billion and managed services new bookings were $10.44 billion.
Nike Inc. gained 0.1% to $68.00 after the sporting goods company reported results for the third quarter of fiscal 2025 ending in February.
Revenue declined to $11.27 billion from $12.43 billion, net income edged down to $794 million from $1.17 billion, and diluted earnings per share dropped to 54 cents from 77 cents a year ago.
Selling and administrative expense decreased 8% to $3.9 billion in the quarter.
The company proposed a dividend of 40 cents per share, compared to 37 cents a year earlier.
“Nike is consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts,” the company said in a release to investors.
In the third quarter, Nike returned approximately $1.1 billion to shareholders, including dividends of $594 million, up 6% from the prior year.
In addition, the company completed share repurchases of $499 million, reflecting 6.5 million shares retired as part of the company’s four-year, $18 billion program approved in June 2022.
As of February 28, a total of 119.3 million shares have been repurchased under the program for a total of approximately $11.8 billion.
- Scott Peters
- 24 Mar, 2025
- New York City
Carnival Corp. gained 0.05% to $20.95 after the cruise lines operator reported higher revenue in the first quarter of fiscal 2025 ending in February.
Revenue surged to $5.81 billion from $5.41 billion, net loss shrank to $78 million from a loss of $214 million, and diluted loss per share narrowed to 6 cents from a loss of 17 cents a year ago.
The company expects “to achieve both 2026 sea change financial targets one year in advance, with adjusted return on invested capital and adjusted EBITDA per available lower berth for 2025 reaching the highest levels in nearly two decades,” Carnival said in a release to investors.
“While we are not completely immune from the heightened macroeconomic and geopolitical volatility since providing our December guidance, we are still taking up our earnings expectations for the year.”
The company guided for the second quarter of 2025 adjusted EBITDA of approximately $1.3 billion, up 10% compared to the same quarter of 2024.
For the full year, Carnival estimated adjusted net income to be up over 30% compared to 2024 and better than December guidance by $185 million.
Adjusted EBITDA for the full year is expected at approximately $6.7 billion, up nearly 10% compared to 2024 and better than the December guidance.
Diluted earnings per share are estimated at 22 cents in the second quarter and $1.83 for the full year, compared to 7 cents and $1.44 a year ago, respectively.
Adjusted net income is seen at $285 million in the second quarter and $2.49 billion for the full year, compared to $92 million and $1.92 billion a year ago, respectively.
FactSet Research Systems Inc. eased 0.4% to $431.12 after the enterprise solutions provider to investment managers reported results for fiscal second quarter 2025 ending in February.
Revenue increased 4.5% to $570.66 million from $545.94 million, net income jumped 2.8% to $144.86 million from $140.94 million, and diluted earnings per share rose 1.4% to $4.28 from $4.22 a year ago.
“Client count as of February 28 was 8,645, a net increase of 396 clients in the past three months, mainly due to corporates, which now includes clients from the Irwin acquisition,” the company said in a release to investors.
The count includes clients with annual subscription value of $10,000 and more and does not reflect the LiquidityBook acquisition.
User count was 219,141 as of February 28, a net increase of 874 users in the past three months, mainly driven by an increase in wealth management users, and not reflecting the Irwin and LiquidityBook acquisitions.
FactSet had proposed a dividend of $39.5 million, or $1.04 per share, paid on March 20 to shareholders on record as of February 28.
In addition, the workflow solutions company repurchased 136,714 shares for $64.4 million at an average price of $470.70 during the second quarter, and $186.9 million remained available as of February 28.
The company guided for fiscal 2025 GAAP revenue to be between $2.30 billion to $2.32 billion, up from its previous forecast between $2.28 billion and $2.30 billion.
GAAP diluted earnings per share are estimated to be between $14.80 and $15.40, compared to the previous guidance between $15.10 and $15.70.
Adjusted diluted earnings per share are seen unchanged between $16.80 and $17.40.
GAAP operating margin is expected to be in the range of 32% and 33%, down from 32.5% and 33.5% previously announced.
Organic annual subscription value is expected to grow in the range of $100 million to $130 million, narrowing from $90 million to $140 million previously estimated.
Annual subscription value (ASV) was $2.31 billion as of February 28, compared to $2.18 billion a year ago.
Organic ASV was $2.28 billion as of February 28, up 4.1% or $90.7 million, year-over-year, and it increased $19.6 million over the last three months.
Lennar Corp. traded flat at $115.22 after the home builder reported results for the first quarter of fiscal 2025 ending in February.
Revenue increased to $7.63 billion from $7.31 billion, net income dropped to $519.5 million from $719.3 million, and diluted earnings per share fell to $1.96 from $2.57 a year ago.
The company completed the quarter with a backlog of 13,145 homes with a dollar value of $5.8 billion, and home deliveries increased 6% to 17,834 homes.
New orders increased 1% to 18,355 homes, as new orders dollar value decreased 4% to $7.4 billion.
During the quarter, the company repurchased 5.2 million shares for $703 million at an average share price of $134.40.
In February, Lennar completed the taxable spin-off of Millrose Properties Inc. from Lennar through a distribution of approximately 80% of Millrose's stock to Lennar's stockholders.
The company guided for the second quarter of 2025 new orders to be between 22,500 and 23,500 homes, deliveries between 19,500 and 20,500 homes, and the average sales price between $390,000 and $400,000.
The gross margin on home sales is estimated at approximately 18%.
The company expects operating earnings in the financial services segment to be between $135 million and $145 million in the second quarter of 2025, compared to $146 million a year ago.
During the first quarter, operating earnings for the financial services segment were $143 million, compared to $131 million a year ago, helped by increased deliveries.
Micron Technology Inc. eased 0.2% to $94.56 after the memory and storage solutions provider reported sharply higher sales and earnings for the second quarter of fiscal 2025 ending in February.
Revenue jumped to $8.05 billion from $5.82 billion, net income surged to $1.58 billion from $793 million, and diluted earnings per share edged up to $1.41 from 71 cents a year ago.
“We expect record quarterly revenue in fiscal third quarter, with DRAM and NAND demand growth in both data center and consumer-oriented markets, and we are on track for record revenue and significantly improved profitability in fiscal 2025,” the company said in a release to investors.
GAAP revenue in the third quarter is estimated to be $8.80 billion, plus or minus $200 million, compared to $6.81 billion a year ago, and GAAP diluted earnings per share is expected at $1.37, plus or minus 10 cents, compared to 30 cents in the same quarter in 2024.
Gross margin in the third quarter is expected to be 35.5%, plus or minus 1%, compared to 26.9% a year ago, and operating expenses at $1.27 billion, plus or minus $15 million, compared to $1.11 billion in the same quarter last year.
FedEx Corp. dropped 0.1% to $230.00 after the parcel delivery company reported increased revenue in the fiscal third quarter of 2025 ending in February.
Revenue increased to $22.16 billion from $21.74 billion, net income jumped to $909 million from $879 million, and diluted earnings per share rose to $3.76 from $3.51 a year ago.
The company guided for 2025 revenue to be slightly down from a year earlier and diluted earnings per share between $15.15 and $15.75, compared to $17.21 in 2024.
Capital spending is expected at $4.9 billion, compared to the prior forecast of $5.2 billion, with a priority on “investments in network optimization and efficiency improvement, including fleet and facility modernization and automation,” the company said in a release to investors.
FedEx is reaffirming its forecast of permanent cost reductions from the DRIVE transformation program of $2.2 billion; and effective tax rate of approximately 24.0% prior to the mark-to-market retirement plans accounting adjustments.
The company completed its $2.5 billion fiscal 2025 share repurchase plan with $0.5 billion in share repurchases via open market transactions during the quarter.
Approximately 1.8 million shares were repurchased, with the decrease in outstanding shares benefiting third quarter results by 12 cents per diluted share.
As of February 28, $2.6 billion remained available for repurchases under the
company's 2024 stock repurchase authorization.
Cash on-hand as of February 28 was $5.1 billion.
The company is planning to spin off its freight segment, as its operating results decreased during the quarter due to lower fuel surcharges, reduced weight per shipment, and fewer shipments, partially offset by higher base yield.
Accenture Plc. gained 1.5% to $305.32 after the consulting services company reported results for the second quarter of fiscal 2025 ending in February.
Revenue increased to $16.66 billion from $15.80 billion, net income jumped to $1.79 billion from $1.67 billion, and diluted earnings per share rose to $2.82 from $2.63 a year ago.
The company narrowed its full-year revenue growth forecast to 5% to 7%, and expects foreign exchange impact of approximately negative 0.5%.
The operating margin is seen between 15.6% and 15.7%, an expansion of 10 to 20 basis points over the adjusted operating margin.
Accenture estimated diluted earnings per share in 2025 to be between $12.55 and $12.79, compared to $11.57 a year ago.
During the second quarter, new bookings were $20.91 billion, down 3% in U.S. dollars and flat in local currency compared to the same quarter in 2024.
Consulting new bookings in the quarter were $10.47 billion and managed services new bookings were $10.44 billion.
Nike Inc. gained 0.1% to $68.00 after the sporting goods company reported results for the third quarter of fiscal 2025 ending in February.
Revenue declined to $11.27 billion from $12.43 billion, net income edged down to $794 million from $1.17 billion, and diluted earnings per share dropped to 54 cents from 77 cents a year ago.
Selling and administrative expense decreased 8% to $3.9 billion in the quarter.
The company proposed a dividend of 40 cents per share, compared to 37 cents a year earlier.
“Nike is consistently increasing returns to shareholders, including 23 consecutive years of increasing dividend payouts,” the company said in a release to investors.
In the third quarter, Nike returned approximately $1.1 billion to shareholders, including dividends of $594 million, up 6% from the prior year.
In addition, the company completed share repurchases of $499 million, reflecting 6.5 million shares retired as part of the company’s four-year, $18 billion program approved in June 2022.
As of February 28, a total of 119.3 million shares have been repurchased under the program for a total of approximately $11.8 billion.
- Akira Ito
- 24 Mar, 2025
- Tokyo
Stock market indexes in Tokyo edged lower for the third session in a row amid looming U.S. tariffs, and geopolitical uncertainties weighed.
The Nikkei 225 Stock Average decreased 0.2%, and the broader TOPIX declined 0.5%, as investors reviewed the latest update on manufacturing activities.
The au Jibun Bank Japan Manufacturing PMI index declined to 48.3 in March, falling from 49.0 in the previous month.
The index showed contraction in private sector manufacturing activities for the ninth consecutive month and fell at the sharpest pace since March 2024.
Despite the rise in export orders, overall sales and new orders declined at a sharper pace, and input and output price inflation eased.
The composite index of private sector activities contracted for the first time in five months, a separate report released by the S&P Global on Monday showed.
In Friday's trading, Wall Street indexes trimmed losses for the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture joined a long list of other companies last week and warned of a sharp slowdown this year.
Tariff uncertainties are forcing U.S. businesses to pause additional investments, and consumers are faced with higher bills because of the ever-growing list of items facing import taxes.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 37,608.49, and the broader TOPIX dropped 0.5% to 2,790.88.
Defense stocks led the most actively traded stocks in Monday's trading.
IHI Corp. decreased 1.1% to ¥11,045.0, Mitsubishi Heavy Industries declined 2.2% to ¥2,811.50, and Kawasaki Heavy Industries jumped 0.4% to ¥9,569.0.
Marubeni Corp. declined 0.6% to ¥2,530.0, Itochu Corp. fell 1.3% to ¥7,155.0, Mitsubishi Corp. dropped 1% to ¥2,760.0, and Mitsui Corp. eased 1% to ¥2,760.0.
- Akira Ito
- 24 Mar, 2025
- Tokyo
Stock market indexes in Tokyo edged lower for the third session in a row amid looming U.S. tariffs, and geopolitical uncertainties weighed.
The Nikkei 225 Stock Average decreased 0.2%, and the broader TOPIX declined 0.5%, as investors reviewed the latest update on manufacturing activities.
The au Jibun Bank Japan Manufacturing PMI index declined to 48.3 in March, falling from 49.0 in the previous month.
The index showed contraction in private sector manufacturing activities for the ninth consecutive month and fell at the sharpest pace since March 2024.
Despite the rise in export orders, overall sales and new orders declined at a sharper pace, and input and output price inflation eased.
The composite index of private sector activities contracted for the first time in five months, a separate report released by the S&P Global on Monday showed.
In Friday's trading, Wall Street indexes trimmed losses for the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture joined a long list of other companies last week and warned of a sharp slowdown this year.
Tariff uncertainties are forcing U.S. businesses to pause additional investments, and consumers are faced with higher bills because of the ever-growing list of items facing import taxes.
Japan Indexes and Stocks
The Nikkei 225 Stock Average decreased 0.2% to 37,608.49, and the broader TOPIX dropped 0.5% to 2,790.88.
Defense stocks led the most actively traded stocks in Monday's trading.
IHI Corp. decreased 1.1% to ¥11,045.0, Mitsubishi Heavy Industries declined 2.2% to ¥2,811.50, and Kawasaki Heavy Industries jumped 0.4% to ¥9,569.0.
Marubeni Corp. declined 0.6% to ¥2,530.0, Itochu Corp. fell 1.3% to ¥7,155.0, Mitsubishi Corp. dropped 1% to ¥2,760.0, and Mitsui Corp. eased 1% to ¥2,760.0.
- Li Chen
- 24 Mar, 2025
- Hong Kong
Stocks in China and Hong Kong lacked direction after indexes recorded large losses in the previous week.
The Hang Seng index decreased 0.3%, and the mainland-focused CSI 300 index edged up a fraction.
Investors have been in a wait-and-see mode, and policymakers take their time in announcing implementation plans for the previously announced fiscal measures.
Last week, Wall Street indexes extended losses to the fifth week in a row as more evidence of tariff turmoil and government cuts emerged.
Nike and Accenture, joined a long list of other companies last week, and warned of sharp slowdown this year.
Tariff uncertainties are forcing businesses to pause additional investments and consumers are faced with higher bills because of ever growing list of items facing import taxes.
Moreover, investors are awaiting the next round of U.S. tariffs, which are likely to expand to include petroleum refineries, banks, electric vehicle makers, and advanced electronics companies.
This week, investors are awaiting the financial results from BYD Electronic Co. Ltd., China Taiping Insurance Holdings Co. Ltd., China Telecom Corp. Ltd., Huaneng Power International Inc., CNOOC Ltd., and PetroChina Co. Ltd.
China Indexes and Stocks
The Hang Seng index decreased 0.3% to 23,618.17, and the mainland-focused CSI 300 index edged up 0.1% to 3,914.94.
Xiaomi Corp. rose 3.1% to HK $56.40, and the smartphone and electric vehicle revised higher its vehicle sales outlook by 16%.
CK Hutchison Holdings Ltd. gained 4% to HK $45.0, and the global ports faced pressure from the central government after the company agreed to sell its assets in Panama.