- Scott Peters
- 14 Nov, 2023
- New York City
Home Depot Inc. advanced 3.5% to $299.23 after the specialty retailer reported quarterly results and issued a muted outlook.
Revenue in the third quarter declined 3% to $37.7 billion from $38.9 billion, net income dropped 12.2% to $3.8 billion from $4.2 billion, and diluted earnings per share dropped to $3.81 from $4.24 a year ago.
Comparable store sales in the quarter decreased by 3.1%, and comparable sales at U.S. locations declined by 3.5%.
The company estimated sales and comparable sales to decline between 3% and 4%, operating rate margins between 14.2% and 14.1%, and diluted earnings per share to fall between 9% and 11%.
Aramark declined 6.6% to $26.63 after the company reported quarterly results.
Revenue in the fiscal fourth quarter ending in September increased 12% to $4.9 billion from $4.4 billion, net income advanced to $673.5 million from $194.5 million, and diluted earnings per share rose to $2.57 from 57 cents a year ago.
Consolidated revenue in the fiscal year 2023 increased 15% to $18.9 billion, and the company completed the spinoff of its Uniform Services business, renamed Vestis, and received $1.5 billion in cash payments for debt associated with the company.
The company guided fiscal year 2024 revenue to grow between 7% and 9% from $16.1 billion, adjusted for the recent spinoff, and adjusted earnings per share to increase between 25% and 35% from $1.16 in fiscal year 2023.
Sally Beauty Holdings jumped 17.7% to $9.59 after the specialty retailer reported a slight decline in quarterly revenue.
Revenue in the fiscal fourth quarter ending in September declined 4.3% to $921 million, and comparable sales fell 1.6% from a year ago.
Net income increased to $42.5 million from $21.3 million, and diluted earnings per share rose to 39 cents from 20 cents a year ago.
Revenue in the fiscal year 2023 declined 2.3% to $3.7 billion from $3.8 billion, net income increased to $184.5 million from $183.5 million, and diluted earnings per share edged up to $1.69 from $1.66 a year ago.
The retailer estimated fiscal 2024 net sales and comparable sales to be flat from the previous year and gross margins above 50%.
Henry Schein increased 0.6% to $67.88 after the company reported quarterly results that met investor expectations.
Revenue in the third quarter rose 3.1% to $3.2 billion, net income declined to $137 million from $150 million, and diluted earnings per share fell to $1.05 from $1.09 a year ago.
The company said sales in full-year 2023 are expected to decline between 1% and 3%, revised from the previous guidance of an increase between 1% and 3%, reflecting the drag from the recent cyberattack incidence.
The company experienced a cyberattack on October 14, and the company said that it has contained the incident, restored most of its business-critical systems, and expects to file an insurance claim in 2024.
- Barry Adams
- 14 Nov, 2023
- New York City
Stocks advanced after a weaker-than-expected inflation report bolstered investor enthusiasm.
The S&P500 index and the Nasdaq Composite index jumped more than 1% after consumer price inflation resumed its slide for the third month in a row and core inflation dropped to a two-year low.
The weaker-than-expected inflation sparked debate about whether policymakers should consider the possibility of lowering interest earlier than expected.
Treasury yields fell sharply after the release of the inflation report, and 10-year Treasury yields dropped below 4.5%, sharply lower than the 16-year high reached in October.
Core Inflation Dropped to Two-year Low
The consumer price index, the measure of consumer inflation, slowed to 3.2% in October, the U.S. Bureau of Labor Statistics reported Tuesday.
The annual rate of inflation in October fell from 3.7% in September and August, but the monthly inflation measure was unchanged from the previous month.
Inflation eased largely because of a sharp decline in energy prices of 4.5%, compared to a decline of 0.5% in September.
Core inflation, which strips off volatile food and energy prices, rose 4.0% from a year ago and edged up 0.2% from the previous month, indicating stubborn and well-anchored inflation in the broader economy.
U.S. indexes and Yields
The S&P 500 index jumped 1.8% to 4,492.19, and the Nasdaq Composite rose 2.0% to 14,072.22.
The yield on 2-year Treasury notes increased to 4.85%, 10-year Treasury notes inched higher to 4.46%, and 30-year Treasury bonds edged up to 4.63%.
Crude oil increased $1.19 to $79.19 a barrel, and natural gas prices fell 3 cents to $3.15 a thermal unit.
Gold increased $13.46 to $1,959.14 an ounce after bond yields traded in a narrow range.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 104.65.
U.S. Stock Movers
Home Depot Inc. advanced 3.5% to $299.23 after the specialty retailer reported quarterly results and issued a muted outlook.
Revenue in the third quarter declined 3% to $37.7 billion from $38.9 billion, net income dropped 12.2% to $3.8 billion from $4.2 billion, and diluted earnings per share dropped to $3.81 from $4.24 a year ago.
Comparable store sales in the quarter decreased by 3.1%, and comparable sales at U.S. locations declined by 3.5%.
The company estimated sales and comparable sales to decline between 3% and 4%, operating rate margins between 14.2% and 14.1%, and diluted earnings per share to fall between 9% and 11%.
- Inga Muller
- 14 Nov, 2023
- New York City
European markets extended gains, and bond yields hovered near two-month lows after policymakers signaled stable rates for the next couple of quarters.
The DAX index increased 0.3% to 15,392.26, the CAC-40 index advanced 0.06% to 7,091.70, and the FTSE 100 index fell 0.2% to 7,405.97.
The yield on 10-year German bonds was unchanged at 2.70%; French bonds traded higher to 3.27%; the UK gilts held at 4.29%; and Italian bonds inched higher to 4.55%.
Glencore PLC increased 2.8% to 442.35 pence after the UK-based resource company agreed to acquire a coal business owned by Canada-based Teck Resources Ltd. for $6.93 billion.
Glencore agreed to acquire a 77% stake in Elk Valley Resource; Japan-based Nippon Steel Corporation plans to increase its stake to 20%; and South Korea-based POSCO agreed to hold the remaining 3% stake in the company.
Elk Valley Resource's steel-making coal production in 2022 was 21.5 million tons, and 17.3 million tons in the nine months to September 2023.
Profit before tax in 2022 was C$6.0 billion and C$3.1 billion in the first nine months to September 2023.
Informa PLC gained 5.2% to 738.79 pence after the event manager lifted its full-year outlook.
The event and textbook company said revenue in the 10-month period increased by 31.7%, raised its full-year revenue estimate to £3.15 billion from £3.05 billion, and revised its adjusted operating profit to £840 million from £790 million.
The company expanded its stock repurchase plan by £150 million to £1.15 billion through March 7, 2024.
Hill & Smith PLC increased 2% to 1,789.59 pence after the engineering services provider said revenue in the four-month period to October 31 increased 15% in constant currencies.
The company said it anticipates full-year operating earnings toward the upper end of the analyst consensus estimate between £116.0 million and £118.6 million.
Vodafone Group plc declined 3.6% to 74.62 pence after the UK-based telecom operator swung to a loss on a decline in revenue, reflecting adverse foreign exchange rates and discontinued business operations.
The results reflect the disposal of Vantage Towers, Vodafone Hungary, and Vodafone Ghana in the prior financial year.
Group revenue in the fiscal first half decreased 4.3 to €21.95 billion from €22.9 billion, and the company swung to a loss of €155 million from €1.2 billion. Basic earnings per share were a loss of 1.28 cents compared to a profit of 3.37 cents.
Net debt declined to €36.2 billion from €45.5 billion a year ago.
The company announced an interim dividend of 4.5 euro cents to shareholders on November 24.
RWE AG advanced 1.7% to €36.91 after the German utility company reported an 82% surge in core profit for the first nine months.
Delivery Hero SE increased 4.1% to €28.0 after the Germany-based online food delivery company raised its full-year outlook.
- Bridgette Randall
- 14 Nov, 2023
- Frankfurt
European markets traded higher for the second day in a row, and investors reviewed local economic news.
Benchmark stock indexes in Frankfurt, London, and Paris advanced, and bond yields held firm near the two-month low level.
European bonds lacked direction in choppy trading after investors mulled over comments from ECB President Christine Lagarde that rates are expected to remain stable for at least "the next couple of quarters."
Moreover, other policymakers, in public comments, pushed back against rate cuts at the next rate setting meeting.
In other economic news, the number of employed persons in the Euro Area increased by 0.3% to 168.7 million in the third quarter, Eurostat reported Tuesday.
The increase in number of employed people accelerated from the downwardly revised 0.1% in the second quarter.
Employment growth picked up to 1.4% on an annual basis from the 1.3% increase in the second quarter.
Europe Indexes and Yields
The DAX index increased 0.3% to 15,392.26, the CAC-40 index advanced 0.06% to 7,091.70, and the FTSE 100 index fell 0.2% to 7,405.97.
The yield on 10-year German bonds was unchanged at 2.70%; French bonds traded higher to 3.27%; the UK gilts held at 4.29%; and Italian bonds inched higher to 4.55%.
The euro rebounded to $1.072, the British pound at $1.231, and the U.S. dollar at 90.08 Swiss cents.
Brent crude increased $0.06 to $82.59 a barrel, and the Dutch TTF natural gas edged lower by €1.35 to €46.52 per MWh.
Europe Stock Movers
Glencore PLC increased 2.8% to 442.35 pence after the UK-based resource company agreed to acquire coal business owned by Teck Resources Ltd for $6.93 billion.
Informa PLC gained 5.2% to 738.79 pence after the event manager lifted its full-year outlook.
The event and textbook company said revenue in the 10-month period increased by 31.7%, raised its full-year revenue estimate to £3.15 billion from £3.05 billion, and revised its adjusted operating profit to £840 million from £790 million.
The company expanded its stock repurchase plan by £150 million to £1.15 billion through March 7, 2024.
Hill & Smith PLC increased 2% to 1,789.59 pence after the engineering services provider said revenue in the four-month period to October 31 increased 15% in constant currencies.
The company said it anticipates full-year operating earnings toward the upper end of the analyst consensus estimate between £116.0 million and £118.6 million.
Vodafone Group plc declined 3.6% to 74.62 pence after the UK-based telecom operator swung to a loss on a decline in revenue, reflecting adverse foreign exchange rates and discontinued business operations.
The results reflect the disposal of Vantage Towers, Vodafone Hungary, and Vodafone Ghana in the prior financial year.
Group revenue in the fiscal first half decreased 4.3 to €21.95 billion from €22.9 billion, and the company swung to a loss of €155 million from €1.2 billion. Basic earnings per share were a loss of 1.28 cents compared to a profit of 3.37 cents.
Net debt declined to €36.2 billion from €45.5 billion a year ago.
The company announced an interim dividend of 4.5 euro cents to shareholders on November 24.
RWE AG advanced 1.7% to €36.91 after the German utility company reported an 82% surge in core profit for the first nine months.
Delivery Hero SE increased 4.1% to €28.0 after the Germany-based online food delivery company raised its full-year outlook.
- Barry Adams
- 13 Nov, 2023
- New York City
Stocks on Wall Street lacked momentum, and investors looked beyond the latest U.S. credit rating downgrade.
Moody's Investors Service, one of the three key rating agencies, lowered its outlook to "negative" from "stable" but retained the U.S. debt rating at AAA, the highest level.
Three months ago, Fitch Ratings lowered its U.S. log-term credit default rating to AA+ from AAA, citing rising debt levels and interest rates, increasing polarization, and a lack of a stable budget process.
The U.S. federal government is expected to run out of cash on November 17, and lawmakers are struggling to pass even a short-term budget.
The U.S. House of Representatives, controlled by the Republican Party, is struggling to propose a spending bill to cover expenses for the next three months.
Rising interest rates and outsized defense budgets are expected to increase federal government spending in the current fiscal year, forcing the federal government to sell more debt and push interest rates even higher.
But the bond market took the latest debt rating views in strides, and Treasury yields were nearly unchanged in Monday's trading.
Investors are looking ahead to the release of the consumer price inflation index on Tuesday and the producer price index on Thursday.
U.S. indexes and Yields
The S&P 500 index was nearly unchanged at 4,414.09, and the Nasdaq Composite fell 0.1% to 13,786.19.
The yield on 2-year Treasury notes increased to 5.05%, 10-year Treasury notes inched higher to 4.63%, and 30-year Treasury bonds edged up to 4.76%.
Crude oil increased $1.14 to $78.29 a barrel, and natural gas prices rose 14 cents to $3.16 a thermal unit.
Gold increased $9.47 to $1,946.12 an ounce after bond yields traded in a narrow range.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 105.89.
U.S. Stock Movers
Boeing Co. jumped 3.8% to $204.0 after the airplane maker won an order for 95 planes from Emirates Airline.
The order is worth $52 billion at the list price.
The state-controlled airline, a subsidiary of Emirates Group, increased its order to 35 from 30 for 787 Dreamliners and ordered an additional 90 777X planes, increasing its order for widebody jets to 205 planes.
General Electric Co. edged up to $115.35 after Emirates Air confirmed an additional order for 202 GE9X engines, which will power 777X planes.
Monday.com soared 10.4% to $154.25 after the project management software company reported better-than-expected third-quarter results.
The company also raised its full-year sales estimate to between $723 million and $725 million, compared to its previous estimate of between $713 million and $717 million.
European Markets Advanced, Bond Yields Edged Lower
European markets advanced on the first day of this week, and bond yields hovered near two-month lows.
Benchmark indexes in Frankfurt, London, and Paris edged higher after mixed trading in the previous week.
The CAC-40 index declined for the first time after advancing for seven weeks in a row, and market indexes in Frankfurt struggled to extend this year's gain.
Investors also looked ahead to inflation data from the U.S. and Eurozone later in the week.
German Current Account Surplus Expanded
Germany's current account surplus widened to €28.1 billion from €12.5 billion a year ago, the Bundesbank reported Monday.
The goods surplus soared to €22.5 billion from €11.1 billion, reflecting an 18.6% decline in imports and a 9.2% fall in exports, but the service sector deficit declined to €6.1 billion from €6.5 billion.
The primary income surplus rose to €15.8 billion from €12.4 billion, and the secondary income deficit fell to €4.0 billion from €4.5 billion a year ago.
Europe Indexes and Yields
The DAX index increased 0.7% to 15,345.0, the CAC-40 index advanced 0.6% to 7,087.06, and the FTSE 100 index added 0.9% to 7,425.83.
The yield on 10-year German bonds increased to 2.70%, French bonds traded higher to 3.27%, the UK gilts edged up to 4.31%, and Italian bonds inched lower to 4.53%.
The euro rebounded to $1.069, the British pound at $1.22, and the U.S. dollar at 90.20 Swiss cents.
Brent crude increased $1.20 to $82.61 a barrel, and the Dutch TTF natural gas edged higher by €1.24 to €47.87 per MWh.
Europe Stock Movers
Bilfinger SE added 1.9% to €36.02 after the civil and industrial construction and engineering company reiterated its annual outlook.
Salzgitter AG jumped 3% to €26.06 after the specialty steel company confirmed its fiscal year 2023 annual estimate.
Q.Beyond AG decreased 1.6% to €0.60 after the German software company reported a wider loss in the first nine months of the year.
The British Land Company soared 4.8% to 328.70 pence after the real estate company reported strong first-half results.
Tullow Oil plc soared 8% to 32.84 pence after the oil explorer entered into a five-year loan agreement with Glencore Energy UK Ltd.
Phoenix Group Holdings PLC advanced 6% to 492.40 pence after the UK-based insurance company lifted its cash generation target.
The company estimated cash generation at the upper end of the previously announced range between £1.3 billion and £1.4 billion.
The company declared a cash dividend of 26 pence per share, an increase of 5% from a year ago.
Insurance revenue increased to £2.9 billion from £2.6 billion, and loss attributable to shareholders declined to £245 million from £1.2 billion, and diluted loss per share fell to 27.1 pence from 130.4 pence a year ago.
Novo Nordisk AS advanced 3.2% to DKK 713.50 on a report that a trial showed its obesity drug Wegovy lowered the death risk.
The company announced the overall results of the trial in August but released details of the trial on Saturday at an industry conference organized by the American Heart Association.
The company asserted that overall cardiovascular problems declined by 20%, cardiovascular-related death by 15%, and heart strokes by 7%.
The trial covered 17,600 patients with obesity and existing heart disease without diabetes, and the trial did not look at the reasons for cardiovascular benefits and how much of that was contributed by weight loss.
- Barry Adams
- 13 Nov, 2023
- New York City
Stocks struggled in early trading after Moody's lowered its U.S. credit rating outlook, citing rising debt and fiscal deterioration.
The credit rating agency lowered its outlook to "negative" from "stable" but retained the debt rating at AAA, the highest level.
Three months ago, Fitch Ratings lowered its U.S. log-term credit default rating to AA+ from AAA, citing rising debt levels and interest rates, increasing polarization, and a lack of a stable budget process.
The U.S. federal government is expected to run out of cash on November 17, and lawmakers are struggling to pass even a short-term budget.
The U.S. House of Representatives, controlled by the Republican Party, is struggling to propose a spending bill to cover expenses for the next three months.
Rising interest rates and outsized defense budgets are expected to increase federal government spending in the current fiscal year, forcing the federal government to sell more debt and push interest rates even higher.
U.S. indexes and Yields
The S&P 500 index decreased 0.4% to 4,396.09, and the Nasdaq Composite fell 0.6% to 13,711.95.
The yield on 2-year Treasury notes increased to 5.05%, 10-year Treasury notes inched higher to 4.63%, and 30-year Treasury bonds edged up to 4.76%.
Crude oil increased $0.32 to $77.39 a barrel, and natural gas prices rose 7 cents to $3.19 a thermal unit.
Gold increased $0.37 to $1,937.60 an ounce after bond yields edged lower and the dollar weakened.
The dollar index, which weighs the U.S. dollar against a basket of foreign currencies, edged lower to 105.89.
U.S. Stock Movers
Boeing Co. jumped 3.8% to $204.0 after the airplane maker won an order for 95 planes from Emirates Airline.
The order is worth $52 billion at the list price.
The state-controlled airline, a subsidiary of Emirates Group, increased its order to 35 from 30 for 787 Dreamliners and ordered an additional 90 777X planes, increasing its order for widebody jets to 205 planes.
General Electric Co. edged up to $115.35 after Emirates Air confirmed an additional order for 202 GE9X engines, which will power 777X planes.
Monday.com soared 10.4% to $154.25 after the project management software company reported better-than-expected third-quarter results.
The company also raised its full-year sales estimate to between $723 million and $725 million, compared to its previous estimate of between $713 million and $717 million.
- Inga Muller
- 13 Nov, 2023
- Frankfurt
European markets advanced in Monday's trading, and investors awaited the release of inflation data from the eurozone and the U.S.
The DAX index increased 0.5% to 15,309.01, the CAC-40 index advanced 0.7% to 7,093.52, and the FTSE 100 index added 0.6% to 7,406.19.
The yield on 10-year German bonds increased to 2.70%, French bonds traded higher to 3.27%, the UK gilts edged up to 4.31%, and Italian bonds inched lower to 4.53%.
Bilfinger SE added 1.9% to €36.02 after the civil and industrial construction and engineering company reiterated its annual outlook.
Revenue in the third quarter increased 7% to €1.1 billion, driven by a double-digit growth in the engineering and maintenance segment in Europe and the planned decrease in the U.S.
Net income increased 67% to 37 million from 22 million, and diluted earnings per share rose to 98 cents from 56 cents a year ago.
Bilfinger expects 2023 annual revenue of between €4.3 billion and €4.600 billion, compared to €4.3 billion a year ago.
The group’s profitability is expected to increase, with an EBITA margin between 3.8% and 4.1% compared to 1.8% in 2022.
Free cash flow is forecast to be between €50 million and €80 million, compared to €136 million in 2022, because of cash outflows of around €60 million in 2023 to implement the efficiency program, and capital expenditures are expected to return to a normal level of around 1.5% of revenue.
Salzgitter AG jumped 3% to €26.06 after the specialty steel company confirmed its fiscal year 2023 annual estimate.
Revenue in the first nine months declined to €8.4 billion from €9.8 billion, due to a downturn in shipment volumes and the lower average selling prices of many rolled steel products compared with the year-earlier period.
The after-tax result dropped to €193.7 million from €945.8 million, and basic earnings per share fell to €3.51 from €17.40.
Return on capital employed, or ROCE, amounted to 6.5% from 22.9%, and net debt declined by around €400 million from a year ago.
The company forecasted annual sales of 11 billion, operating earnings between €650 million and €700 million, pre-tax profit between €200 million and €250 million, and return on capital "notably below" previous year's level.
Q.Beyond AG decreased 1.6% to €0.60 after the German software company reported a wider loss in the first nine months of the year.
The British Land Company soared 4.8% to 328.70 pence after the real estate company reported strong first-half results.
Tullow Oil plc soared 8% to 32.84 pence after the oil explorer entered into a five-year loan agreement with Glencore Energy UK Ltd.
Phoenix Group Holdings PLC advanced 6% to 492.40 pence after the UK-based insurance company lifted its cash generation target.
The company estimated cash generation at the upper end of the previously announced range between £1.3 billion and £1.4 billion.
The company declared a cash dividend of 26 pence per share, an increase of 5% from a year ago.
Insurance revenue increased to £2.9 billion from £2.6 billion, and loss attributable to shareholders declined to £245 million from £1.2 billion, and diluted loss per share fell to 27.1 pence from 130.4 pence a year ago.
Novo Nordisk AS advanced 3.2% to DKK 713.50 on a report that a trial showed its obesity drug Wegovy lowered the death risk.
The company announced the overall results of the trial in August but released details of the trial on Saturday at an industry conference organized by the American Heart Association.
The company asserted that overall cardiovascular problems declined by 20%, cardiovascular-related death by 15%, and heart strokes by 7%.
The trial covered 17,600 patients with obesity and existing heart disease without diabetes, and the trial did not look at the reasons for cardiovascular benefits and how much of that was contributed by weight loss.
- Bridgette Randall
- 13 Nov, 2023
- Frankfurt
European markets advanced on the first day of this week, and bond yields hovered near two-month lows.
Benchmark indexes in Frankfurt, London, and Paris edged higher after mixed trading in the previous week.
The CAC-40 index declined for the first time after advancing for seven weeks in a row, and market indexes in Frankfurt struggled to extend this year's gain.
Investors also looked ahead to inflation data from the U.S. and Eurozone later in the week.
German Current Account Surplus Expanded
Germany's current account surplus widened to €28.1 billion from €12.5 billion a year ago, the Bundesbank reported Monday.
The goods surplus soared to €22.5 billion from €11.1 billion, reflecting an 18.6% decline in imports and a 9.2% fall in exports, but the service sector deficit declined to €6.1 billion from €6.5 billion.
The primary income surplus rose to €15.8 billion from €12.4 billion, and the secondary income deficit fell to €4.0 billion from €4.5 billion a year ago.
Europe Indexes and Yields
The DAX index increased 0.5% to 15,309.01, the CAC-40 index advanced 0.7% to 7,093.52, and the FTSE 100 index added 0.6% to 7,406.19.
The yield on 10-year German bonds increased to 2.70%, French bonds traded higher to 3.27%, the UK gilts edged up to 4.31%, and Italian bonds inched lower to 4.53%.
The euro rebounded to $1.069, the British pound at $1.22, and the U.S. dollar at 90.20 Swiss cents.
Brent crude increased $0.02 to $81.44 a barrel, and the Dutch TTF natural gas edged lower by €1.76 to €44.86 per MWh.
Europe Stock Movers
Bilfinger SE added 1.9% to €36.02 after the civil and industrial construction and engineering company reiterated its annual outlook.
Salzgitter AG jumped 3% to €26.06 after the specialty steel company confirmed its fiscal year 2023 annual estimate.
Q.Beyond AG decreased 1.6% to €0.60 after the German software company reported a wider loss in the first nine months of the year.
The British Land Company soared 4.8% to 328.70 pence after the real estate company reported strong first-half results.
Tullow Oil plc soared 8% to 32.84 pence after the oil explorer entered into a five-year loan agreement with Glencore Energy UK Ltd.
Phoenix Group Holdings PLC advanced 6% to 492.40 pence after the UK-based insurance company lifted its cash generation target.
The company estimated cash generation at the upper end of the previously announced range between £1.3 billion and £1.4 billion.
The company declared a cash dividend of 26 pence per share, an increase of 5% from a year ago.
Insurance revenue increased to £2.9 billion from £2.6 billion, and loss attributable to shareholders declined to £245 million from £1.2 billion, and diluted loss per share fell to 27.1 pence from 130.4 pence a year ago.
Novo Nordisk AS advanced 3.2% to DKK 713.50 on a report that a trial showed its obesity drug Wegovy lowered the death risk.
The company announced the overall results of the trial in August but released details of the trial on Saturday at an industry conference organized by the American Heart Association.
The company asserted that overall cardiovascular problems declined by 20%, cardiovascular-related death by 15%, and heart strokes by 7%.
The trial covered 17,600 patients with obesity and existing heart disease without diabetes, and the trial did not look at the reasons for cardiovascular benefits and how much of that was contributed by weight loss.
- Scott Peters
- 10 Nov, 2023
- New York City
Wynn Resorts decreased 5% to $86.0 after the casino operator reported better-than-expected revenue and earnings in its latest quarter but investors focused on the decline in revenue at its Boston property.
Revenue in the third quarter increased to $1.7 billion from $889 million; net loss shrank to $120.5 million from $207.9 million; and diluted loss per share fell to $1.03 from $1.27 a year ago.
Revenue at casino properties located in Macau rebounded following the resumption of travel after the end of COVID restrictions.
Operating revenue at Wynn Palace rose to $524.8 million from $75.2 million, and at Wynn Macau, it jumped to $295.0 million from $40.4 million a year ago.
Las Vegas operations also showed sustained revenue growth in the quarter.
Operating revenue increased to $619 million from $544.4 million, and the table game win percentage for the third quarter was 26%, falling near the upper end of its expected range between 22% and 26%.
Operating revenue at Encore Boston Harbor decreased to $210.4 million from $211.8 million, and table game win percentage decreased to 20.8% from 21.1% a year ago.
Trade Desk plunged 24% to $58.41 after the company reported third-quarter results and offered a cautious outlook.
Revenue increased 25% to $493 million from $395 million, net income advanced to $39 million from $16 million, and diluted earnings per share rose to 8 cents from 3 cents a year ago.
The company repurchased $90 million of Class A common stock in the third quarter, and as of the end of September, the company had $273 million available and authorized for its own stock repurchase.
The company estimated fourth-quarter revenue of at least $580 million, a less-than-expected $600 million by some analysts, and adjusted operating earnings of $270 million.
Chief executive Jeff Green confirmed in the earnings call that advertisers have turned cautious in the automotive and consumer electronics industries.
"We saw some reduction in brand spend in verticals such as automotive and consumer electronics, for instance, specifically around cell phones and media and entertainment,” said Green.
“Some of these industries have been recently impacted by strikes, such as the U.S. auto industry,” Green added during the call with investors.
Doximity increased 16% to $23.81 after the company reported better-than-expected quarterly results.
Revenue in the fiscal 2024 second quarter ending in September increased 11% to $113.6 million from $102.2 million, net income jumped to $30.6 million from $26.3 million, and diluted earnings per share rose to 15 cents from 12 cents a year ago.
The company anticipated revenue in the fiscal third quarter ending in December in the range of $127 million and $128 million and adjusted EBITDA between $61 million and $62 million.
The healthcare professional company updated its full-year guidance to between $460 million and $472 million and adjusted EBITDA to between $207 million and $219 million.
At the time of announcing previous quarterly results, the company had estimated annual revenue between $452 million and $468 million and EBITDA between $193 million and $209 million.
The company's board authorized $70 million of its own stock repurchases over the next year.