- Brian Turner
- 14 Apr, 2022
- New York City
Initial jobless claims in the last week rose to 185,000 from the revised 167,000 in the previous week, according to the Labor Department. The previous week's claims were revised higher 1,000. Insured unemployment rate was 0.1% in the last week matching the rate in the prior week. Continuing claims for the week ending on April 2 were 1.475 million, 48,000 lower than the prior week.
- Barry Adams
- 14 Apr, 2022
- New York City
Bank earnings dominate morning trading sentiment and stock index futures are pointing to flat opening. Citigroup, Morgan Stanley, and Goldman Sachs reported better than expected earnings. Wells Fargo said quarterly profit declined 21% on weaker than expected mortgage lending. Retail spending rose modest 0.5% in March and new weekly jobless claims last week were 185.000.
- Sarla Buch
- 13 Apr, 2022
- New York City
Infosys reported revenues of $4.3 billion in the quarter ending in March 2022 and earnings rose 8% to $753 million from a year ago quarter. Earnings per share increased to 18 cents from 16 cents. For the year, the company said revenues rose 19.7% to $16.3 billion and digital revenues comprise 57% of total revenues. Return on equity was 29% and free cash flow rose 2.8% to $3 billion in fiscal 2022.
- Scott Peters
- 13 Apr, 2022
- New York City
Hooker Furnishing reported sales fell 13.4% to $134.8 million in the final quarter ending in February 2022. The furniture maker struggled with the Asian factories closure during the resurgent virus pandemic. In the quarter furniture maker lost $4 million compared to profit of $8.5 million a year ago representing 33 cents per share vs 72 respectively. For the year sales rose 10% to $594 million.
- Scott Peters
- 13 Apr, 2022
- New York City
Fastenal, the distributor of industrial and construction supplies said March quarter revenues rose 20% to $1.7 billion and earnings rose 28% to $269 million from a year ago. Earnings per share increased 28% to 47 cents from 37 cents. Revenues through electronic interface increased 55.6% and comprised 16% of total sales in the period. The wholesaler added a record 106 new onsite locations.
- Barry Adams
- 13 Apr, 2022
- New York City
Benchmark indexes accelerated gains in the final hours of trading as investors remained focused on latest earnings announcements. Travel and airline stocks gained after Delta Air offered an optimistic view for the current quarter. American Airlines, Southwest, Carnival and Expedia led gainers. Tech stocks reversed three days of losses and 10-year bond yield edged down to 2.70%.
- Hossain Akhtar
- 13 Apr, 2022
- New York City
The latest consumer prices and supplier price inflation reports showed a surge in food prices in March. Tuesday's report from the Bureau of Labor Statistics said food prices rose 8.8% in the month. Milk prices gained 13.3%, flour rose 14.2%, fruits and vegetables increased 8.5%. However, fertilizer prices are still rising and farmers are limiting planting and fuel prices are still going up.
- Scott Peters
- 13 Apr, 2022
- New York City
Bed Bath & Beyond reported revenues declined 22% to $2.05 billion in the fiscal quarter ending in February. The retailer lost $159 million in the quarter compared to $9 million profit on supply chain disruptions and higher shipping costs. Comparable store sales fell 9% from a year ago and 12% from the previous quarter. Retailer guided improvement in sequential sales in the second-half.
- Barry Adams
- 13 Apr, 2022
- New York City
JPMorgan Chase revenues decreased 5% to $30.8 billion in the March quarter from a year ago and net income fell 42% to $8.2 billion. Earnings per share in the quarter declined to $2.63 from $4.50 in the quarter a year ago. Credit loss provision was $1.5 billion including $902 million of reserves for losses linked to higher inflation, Ukraine war, and Russian assets and bond exposure.
- Barry Adams
- 13 Apr, 2022
- New York City
Delta Air Lines revenues declined 11% to $9.4 billion in the quarter ending in March and net loss was $940 million compared to $730 million a year ago. In the quarter, the airline lost $1.48 a share compare to profit of $1.09. The airlines said it turned to profitability in March and guided higher revenues in June quarter approaching at least 93% of revenues two years ago.
- Bridgette Randall
- 13 Apr, 2022
- New York City
BlackRock said first quarter revenues increased 7% to $4.7 billion from a year ago and net income rose less than 2% to $1.43 billion. Earnings per share rose 20% to $9.35 from $7.77 a year ago on lower share count and effective tax rate offset by lower non-operating income. Total net asset flow fell to $85 billion from $172 billion in a year ago period. Quarterly dividend was hiked 18% to $4.88.
- Brian Turner
- 13 Apr, 2022
- New York City
The producer price index in March rose 1.4% adjusted for seasonality following 0.9% gain in February and 1.2% rise in January. The index rose 11.2% from a year ago and the largest increase since the series began in November 2010. Core PPI which excludes food, energy, and trade services rose 0.9% in the month and 7% from a year ago. Over half of the increase was driven by a surge in energy.
- Barry Adams
- 13 Apr, 2022
- New York City
Bed Bath & Beyond fell after the houseware retailer reported quarterly loss of 92 cents and said the recent price hikes failed to cover higher shipping charges.
BlackRock said revenues in the first quarter increased 7% and diluted earnings per share rose 11% and assets under management jumped 6% to $9.57 trillion.
JPMorgan Chase said profit declined on lower trading revenues and deal fees.
- Barry Adams
- 13 Apr, 2022
- New York City
Stocks are looking up ahead of regular session as earnings season kicks off and investors grapple with accelerating inflation. JP Morgan profit fell 42% after the bank said deal volume fell and raised its loan loss reserves linked to market dislocation stemming from Russian invasion of Ukraine. Delta Air reported smaller than expected quarterly loss but estimated profitable current quarter.
- Hossain Akhtar
- 12 Apr, 2022
- New York City
Lumber prices fell to a new 2022 low and extended 5-week drop to 40% as demand for renovation plunges. Supply also improved from saw mills after railcar bottlenecks were solved in western regions. The price fell 6% to $829 per thousand board feet following 8.4% fall a day ago. The DIY market, about 40% of the lumber demand, has been struggling as home owners are battling higher energy prices.