Tag: Earnings

Posted on

Stocks rise to end three-day losing streak as traders eye earnings

Stocks rise to end three-day losing streak as traders eye earnings

U.S. stocks gained on Wednesday as investors monitored a series of closely watched earnings reports and further digested a hot print on inflation in the U.S.

The S&P 500 jumped by more than 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, ending a three-day losing streak. The Nasdaq Composite outperformed and rose 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as technology shares jumped and Treasury yields pulled back across the curve.

Investors received a number of quarterly reports from some major U.S. companies and stock index components early Wednesday morning. These included JPMorgan Chase (JPM) — the largest U.S. bank by assets — along with Delta Air Lines (DAL) and Bed, Bath & Beyond (BBBY).

JPMorgan Chase CEO Jamie Dimon offered a cautiously upbeat view of the U.S. economy in the bank’s earnings release on Wednesday. Dimon noted that he remained “optimistic on the economy, at least for the short term,” but still sees “significant geopolitical and economic challenges ahead due to high inflation, supply chain issues and the war in Ukraine.” And the bank also built up its credit reserves by a net $902 million, “largely due to higher probabilities of downside risk,” Dimon said.

Meanwhile, Delta Air Lines, one of the major airlines at the center of the reopening trade, suggested business would pick up further in the current quarter even as first-quarter results showed another loss, as the airline grappled with the omicron variant wave earlier this year. The carrier returned to profitability in the month of March, Delta noted, and noted that revenue is expected to reach between 92{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 97{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of pre-pandemic levels during the current quarter ended in June.

This early set of earnings reports helped set the tone for what is expected to ultimately be a much milder quarter for earnings growth than in recent periods. As companies grapple with rising labor, raw material and transportation costs and lap last year’s initial reopening-fueled jump in activity, many on Wall Street are looking for narrower margins than in recent quarters, even as sales hold up strongly amid elevated consumer demand and rising prices. Across the S&P 500, companies in aggregate are expected to report year-over-year earnings growth of just 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, which if realized, would mark the slowest rate since the fourth quarter of 2020, according to FactSet.

“This earnings season becomes one of the most important earnings seasons because it’s going to give you a lot of insight into which companies … have that durable demand, which companies have that pricing power,” Kristen Bitterly, Citi head of global wealth investments, told Yahoo Finance Live on Tuesday.

“Even in decades like the 1970s, when we had extreme inflation, large-cap quality U.S. equity shares were able to double their share price over that period,” she added. “So that’s the pocket of the market where we’re confidently either staying invested or getting invested.”

And indeed, inflation has remained a primary concern for investors, threatening to weigh further on both consumers’ wallets and corporate profits. The Bureau of Labor Statistics’ March Consumer Price Index (CPI) showed inflation rose at the fastest rate since late 1981 last month, jumping by a slightly faster-than-expected 8.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over last year.

However, some economists suggested the report was not all bad news, and showed some tentative signs of a peak in the rate of price increases.

“The CPI report I think actually has a little bit more good news in it than it appears right on the surface … there’re a number of things in here that suggests that we’re starting to see inflation peak, and it will roll over in the next few months,” Tom Simmons, Jefferies fixed income money market economist, told Yahoo Finance Live on Tuesday. “[It’s] important to keep in mind that CPI, for March, the reference period here was right after the Russian invasion of Ukraine. So really, it’s capturing the most acute period of gasoline price increases. And we’ve seen them already starting to soften in the market a little bit in the few weeks since.”

“The other thing is that services ex-energy — and if you strip out the airline component — that was actually a little bit softer as well than the last few months,” he added. “Housing actually came in a little bit softer in the last few months as well, and goods ex-energy also are coming in a little bit softer as well. So you know, the consumer has been pretty well able to weather the storm here with inflation.”

—

4:05 p.m. ET: Stocks close higher, Nasdaq gains 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

Here’s where stocks closed out Wednesday’s session:

  • S&P 500 (^GSPC): +49.14 (+1.12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,46.59

  • Dow (^DJI): +344.23 (+1.01{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,564.59

  • Nasdaq (^IXIC): +272.02 (+2.03{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,643.59

  • Crude (CL=F): +$3.62 (+3.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $104.22 a barrel

  • Gold (GC=F): +$5.10 (+0.26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,981.20 per ounce

  • 10-year Treasury (^TNX): -3 bps to yield 2.697{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

1:03 p.m. ET: Bed Bath & Beyond shares turn positive despite surprise quarterly loss

Shares of Bed Bath & Beyond (BBBY) gained intraday on Wednesday, shaking off early losses of as much as 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} after the retailer posted an unexpected loss for its fiscal fourth quarter and missed sales expectations.

Adjusted losses were 92 cents a share, whereas Wall Street analysts were looking for earnings of 13 cents a share during the holiday shopping season. Comparable sales were also down 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, or more than the 8.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} drop anticipated, based on Bloomberg consensus data.

“We are disappointed that our sales and gross margin performance does not reflect our team’s hard work and execution against both strategic and transformation efforts in 2021,” the company’s CEO Mark Tritton said in the quarterly report’s press release.

“Macroeconomic factors, such as the disruption of the global supply chain, the Omicron variant, as well as the geopolitical turbulence weighing on consumer confidence, have uncovered more vulnerabilities than we could have foreseen at this stage of our transformation, as we completely rebuild the foundation of our business,” he added.

—

11:21 a.m. ET: Peloton shares gain after activist investor Blackwells Capital calls for sale

Peloton (PTON) shares rose Wednesday after activist investment firm Blackwells Capital issued a new call for the connected fitness company to be sold.

“Peloton is a strategically valuable asset that is attractive to many potential acquirers,” according to Blackwells Capital’s slide deck. “An insightful and capable operator would be willing to pay a premium beyond conventional cost and revenue synergies for the opportunity to ‘Reimagine Peloton’ as a dramatically different business than it is today.”

Jason Aintabi, chief investment officer of Blackwells, also doubled down on his criticism of Peloton’s former CEO John Foley, who remains on the board as executive chairman.

“Peloton will continue to be poorly valued for as long as a close-knit group of insiders, who have proven themselves incapable of creating value, continue to wield voting power far in excess of their economic interest,” Aintabi said in a statement. “No shareholder should want Mr. Foley to still sit atop the management pyramid or control the Board through his super voting-stock. He lost his entitlement to both positions when he destroyed $40 billion of shareholder wealth in less than a year.”

—

9:31 a.m. ET: Stocks look for direction

Here were the main moves in markets as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -4.23 (-0.10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,393.22

  • Dow (^DJI): -32.30 (-0.09{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,188.06

  • Nasdaq (^IXIC): -9.23 (-0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,362.34

  • Crude (CL=F): +$1.44 (+1.43{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $102.04 a barrel

  • Gold (GC=F): +$5.20 (+0.26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,981.30 per ounce

  • 10-year Treasury (^TNX): -2.6 bps to yield 2.6990{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

8:50 a.m. ET: Producer prices hit new high

U.S. producer prices for final demand rose 1.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in March after rising 0.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in February, the Labor Department said on Wednesday. For the full year, PPI jumped 11.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} — the biggest gain since the 12-month data was calculated in November 2010. The results superseded estimates of 10.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, according to Bloomberg consensus.

The latest print suggests inflation will remain elevated as Russia’s war on the Ukraine rages on and pushes prices of oil and other commodities higher.

—

7:20 a.m. ET: Stock futures rise amid earnings

Here’s where stocks were trading Wednesday morning:

  • S&P 500 futures (ES=F): +26.5 points (+0.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,419.50

  • Dow futures (YM=F): +172 points (+0.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,311.00

  • Nasdaq futures (NQ=F): +110.75 points (+0.79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,055.75

  • Crude (CL=F): +$1.45 (+1.44{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $102.05 a barrel

  • Gold (GC=F): +$4.20 (+0.21{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,980.30 per ounce

  • 10-year Treasury (^TNX): +0.6 bps to yield 2.733{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

7:03 a.m. ET: JPMorgan posts mixed Q1 results as investment banking revenue slides over last year

JPMorgan Chase posted a mixed first-quarter results, with overall adjusted revenue topping Wall Street’s estimates while some major businesses within the bank showed some softening.

Adjusted revenue of $31.6 billion dropped 4.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} over last year but exceeded consensus estimates for $31.4 billion, according to Bloomberg data. Both fixed income and equity sales and trading revenue topped expectations while declining compared to last year, with these coming out to about $5.7 billion and $3.1 billion, respectively. Investment banking revenue, however, sank by a more marked 28{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and missed estimates, totaling $2.06 billion as equity and debt underwriting activity decreased at the start of this year compared to last.

CEO Jamie Dimon also noted that the banks core lending business remained solid during the quarter.

“Lending strength continued with average firmwide loans up 5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} while credit losses are still at historically low levels,” Dimon said in the earnings release.

—

6:50 a.m. ET: Delta shares rise after airline posts narrower-than-expected Q1 loss, returns to profitability in March

Delta Air Lines shares moved higher in the pre-market session after the airline posted estimates-topping first-quarter results, which included a smaller-than-expected loss.

Adjusted losses came out to $1.23 per share for the March quarter, or narrower than the $1.26 per share loss consensus analysts expected, according to Bloomberg data. Adjusted revenue was $8.2 billion, and was 79{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} recovered compared to levels from the comparable quarter in 2019 before the pandemic. Capacity was 83{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} restored relative to the pre-pandemic period, Delta added.

For the current quarter ending in June, Delta said it expects capacity to further rebound to 84{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of June quarter 2019 levels, with total revenue between 93{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and 97{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of levels from that period in 2019.

“With a strong rebound in demand as omicron faded, we returned to profitability in the month of March, producing a solid adjusted operating margin of almost 10{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996},” Delta CEO Ed Bastian said in the company’s earnings release Wednesday morning. “As our brand preference and demand momentum grow, we are successfully recapturing higher fuel prices, driving our outlook for a 12 to 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} adjusted operating margin and strong free cash flow in the June quarter.”

—

6:10 p.m. ET Tuesday: Stock futures head for a lower open

Here’s where markets were trading Tuesday evening before the opening bell:

  • S&P 500 futures (ES=F): +4.25 points (+0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,397.25

  • Dow futures (YM=F): +33 points (+0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,172.00

  • Nasdaq futures (NQ=F): +17.75 points (+0.13{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,962.75

NEW YORK, NEW YORK - APRIL 12: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 12, 2022 in New York City. Data released this morning showed that inflation rose 8.5 percent in March, the highest annual increase since December 1981, amid energy prices soaring due to Russia's war in Ukraine. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – APRIL 12: Traders work on the floor of the New York Stock Exchange during afternoon trading on April 12, 2022 in New York City. Data released this morning showed that inflation rose 8.5 percent in March, the highest annual increase since December 1981, amid energy prices soaring due to Russia’s war in Ukraine. (Photo by Michael M. Santiago/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Posted on

Research Analysts Offer Predictions for Sun Life Financial Inc.’s FY2023 Earnings (NYSE:SLF)

Research Analysts Offer Predictions for Sun Life Financial Inc.’s FY2023 Earnings (NYSE:SLF)

Image about Research Analysts Offer Predictions for Sun Life Financial Inc.’s FY2023 Earnings (NYSE:SLF)

Sun Life Financial Inc. (NYSE:SLF – Get Rating) (TSE:SLF) – Equities researchers at National Bank Financial increased their FY2023 EPS estimates for Sun Life Financial in a report issued on Thursday, April 7th. National Bank Financial analyst G. Dechaine now forecasts that the financial services provider will earn $5.70 per share for the year, up from their prior estimate of $5.63. National Bank Financial has a “Sector Perform” rating and a $77.00 price objective on the stock.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research reiterated a “hold” rating on shares of Sun Life Financial in a report on Thursday, March 17th. Scotiabank decreased their target price on shares of Sun Life Financial from C$78.00 to C$76.00 in a report on Friday, February 11th. BMO Capital Markets decreased their target price on shares of Sun Life Financial from C$81.00 to C$80.00 in a report on Friday, February 11th. Finally, StockNews.com began coverage on shares of Sun Life Financial in a report on Thursday, March 31st. They set a “hold” rating for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $73.55.

Shares of SLF opened at $54.94 on Monday. The firm’s 50 day moving average is $54.60 and its 200-day moving average is $55.05. The stock has a market capitalization of $32.20 billion, a P/E ratio of 10.31, a P/E/G ratio of 1.22 and a beta of 1.05. Sun Life Financial has a 12-month low of $48.85 and a 12-month high of $58.49.

Sun Life Financial (NYSE:SLF – Get Rating) (TSE:SLF) last announced its quarterly earnings data on Wednesday, February 9th. The financial services provider reported $1.21 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.22 by ($0.01). The business had revenue of $10.31 billion during the quarter. Sun Life Financial had a return on equity of 13.96{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and a net margin of 11.26{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. During the same quarter in the prior year, the company earned $1.13 earnings per share.

Several large investors have recently added to or reduced their stakes in the company. FIL Ltd raised its position in shares of Sun Life Financial by 12.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. FIL Ltd now owns 16,472,720 shares of the financial services provider’s stock valued at $847,955,000 after purchasing an additional 1,797,072 shares during the period. Mackenzie Financial Corp raised its position in shares of Sun Life Financial by 6.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Mackenzie Financial Corp now owns 16,421,252 shares of the financial services provider’s stock valued at $843,908,000 after purchasing an additional 954,491 shares during the period. CIBC Asset Management Inc raised its position in shares of Sun Life Financial by 3.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. CIBC Asset Management Inc now owns 7,654,688 shares of the financial services provider’s stock valued at $425,792,000 after purchasing an additional 290,601 shares during the period. 1832 Asset Management L.P. raised its position in shares of Sun Life Financial by 1.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. 1832 Asset Management L.P. now owns 5,988,028 shares of the financial services provider’s stock valued at $333,201,000 after purchasing an additional 106,135 shares during the period. Finally, Norges Bank bought a new position in shares of Sun Life Financial in the fourth quarter valued at approximately $297,493,000. 47.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is currently owned by institutional investors.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Stockholders of record on Wednesday, March 2nd were given a $0.5191 dividend. This is a positive change from Sun Life Financial’s previous quarterly dividend of $0.44. The ex-dividend date was Tuesday, March 1st. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.78{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Sun Life Financial’s dividend payout ratio (DPR) is currently 39.02{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

About Sun Life Financial (Get Rating)

Sun Life Financial Inc, a financial services company, provides insurance, wealth, and asset management solutions to individuals and corporate clients worldwide. It offers term and permanent life, as well as personal health, dental, critical illness, long-term care, and disability insurance products. The company also provides reinsurance products; investment counselling and portfolio management services; mutual funds and segregated funds; trust and banking services; real estate property brokerage and appraisal services; and merchant banking services.

Read More

Earnings History and Estimates for Sun Life Financial (NYSE:SLF)



Receive News & Ratings for Sun Life Financial Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Sun Life Financial and related companies with MarketBeat.com’s FREE daily email newsletter.

Posted on

Stock futures drop, Treasury yields spike as traders await inflation, earnings data

Stock futures drop, Treasury yields spike as traders await inflation, earnings data

U.S. stocks dipped Monday morning as investors looked ahead to the start of corporate earnings season this week and a bevy of new economic data as the Federal Reserve prepares to accelerate its moves to counter inflation.

The S&P 500 declined 0.61{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and added to last week’s losses. Nasdaq dropped 1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as technology stocks came under renewed pressure. Treasury yields climbed, and the benchmark 10-year yield rose above 2.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to reach the highest level since January 2019.

Concerns over inflation, rising commodity prices amid Russia’s war in Ukraine, and the Federal Reserve’s monetary policy path forward remained at the center of investors’ attention. On Tuesday, traders are set to receive the latest Consumer Price Index from the Bureau of Labor Statistics, which is expected to show a staggering 8.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} year-over-year increase in prices for the biggest leap since 1982. And this comes as Fed officials have increasingly talked of larger-than-average 50 basis-point interest rate hikes this year to help bring down prices. Last week, the Fed’s March meeting minutes also showed the central bank was gearing up to begin rolling off assets from its $9 trillion balance sheet, in a further move removing financial market support and pivoting away from pandemic-era accommodative policies.

“If we think about recent cycles that are comparable, I think about 2018, 2019, the Fed was raising interest rates and running off its balance sheet. That should sound very familiar,” Seth Carpenter, global chief economist for Morgan Stanley, told Yahoo Finance on Friday. “But at the end of 2018, risk markets started to crack and the Fed reversed course really quickly.”

“The key difference now between those two episodes is they are trying to pull inflation down. They’re not trying to keep it from rising,” he added. “And so what that means is they’re trying to slow the U.S. economy. They’re trying to slow growth so much that inflation pressures come down but not so much that they tip us over into recession. And that’s tricky.”

Meanwhile, the start of the latest quarterly corporate earnings season this week will help show how individual companies have navigated inflationary pressures and the specter of slowing economic growth. As of Friday, Wall Street analysts expected S&P 500 earnings to grow 4.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} for the first quarter over last year, according to FactSet data. If realized, this would mark the slowest rate since the fourth quarter of 2020.

“Guidance and management commentary will be particularly important sources of information this quarter given the earnings uncertainty going forward,” David Kostin, Goldman Sachs chief U.S. equity strategist, wrote in a note Monday. “Consistent with prior quarters, guidance has recently been a key differentiator of stock performance.”

9:30 a.m. ET: Stocks kick off the week lower

Here were the main moves in markets as of 9:30 a.m. ET:

  • S&P 500 (^GSPC): -28.10 (-0.63{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,460.18

  • Dow (^DJI): -100.65 (-0.29{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,620.47

  • Nasdaq (^IXIC): -162.58 (-1.19{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 13,548.42

  • Crude (CL=F): -$3.74 (-3.81{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $94.52 a barrel

  • Gold (GC=F): +$20.70 (+1.06{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,966.30 per ounce

  • 10-year Treasury (^TNX): +4.2 bps to yield 2.7550{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

—

7:13 a.m. ET: Twitter shares dip after Musk decides not to join board

Shares of Twitter (TWTR) dropped Monday morning, giving back some of last week’s gains after Tesla CEO Elon Musk opted not to join the board of the social media company after taking a more than 9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} stake.

“Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning that he will no longer be joining the board. I believe this is for the best,” Twitter CEO Parag Agrawal said in a tweet Monday. “We have and will always value input from our shareholders whether they are on our Board or not. Elon is our biggest shareholder and we will remain open to his input.”

“There will be distractions ahead, but our goals and priorities remain unchanged,” Agrawal added. “The decisions we make and how we execute is in our hands, no one else’s.”

—

7:07 a.m. ET Monday: Stock futures head for a lower open

Here’s where markets were trading Monday morning before the opening bell:

  • S&P 500 futures (ES=F): -15 points (-0.33{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 4,468.50

  • Dow futures (YM=F): -24 points (-0.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 34,589.00

  • Nasdaq futures (NQ=F): -106.5 points (-0.74{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to 14,220.50

  • Crude (CL=F): -$2.49 (-2.53{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $95.77 a barrel

  • Gold (GC=F): +$16.00 (+0.82{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to $1,961.60 per ounce

  • 10-year Treasury (^TNX): +4.2 bps to yield 2.757{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}

NEW YORK, NEW YORK - MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)

NEW YORK, NEW YORK – MARCH 30: Traders work on the floor of the New York Stock Exchange on March 30, 2022 in New York City. U.S. stocks opened low after rallying to start the week. (Photo by Michael M. Santiago/Getty Images)

—

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter.

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance on Twitter, Instagram, YouTube, Facebook, Flipboard, and LinkedIn

Posted on

Tcs To Announce Q4 Earnings Tomorrow. Here’s What To Expect

Tcs To Announce Q4 Earnings Tomorrow. Here’s What To Expect

IT-giant, Tata Consultancy Solutions (TCS) is set to announce its money effectiveness for the quarter ending March 2022 (Q4FY22) period of time. The firm’s inventory will be in focus as nicely following the earnings. In the quarter, TCS is predicted to report enhancement in running margins, although some cross-forex headwinds.

Last week, on Friday, TCS shares held regular and finished at ₹3686.85 apiece marginally up from the former closing on BSE. At the closing inventory price, TCS industry valuation stood at around ₹13.49 lakh crore.

In the prior week, TCS shares have broadly tumbled almost 2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} as concentrate shifts on the fourth quarterly and yr-conclude general performance for the fiscal FY22.

For TCS’ fourth quarter, Manik Taneja and Dimel Francis analysts at JM Economic mentioned, “We are creating in a 3.5{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} QoQ c/c advancement with ~60 bps cross-currency headwinds. Expect EBIT margins to strengthen somewhat by 20 bps QoQ to 25.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} aided by advancement leverage and slight INR depreciation.”

Vital things to check out out for, as for every JM Financial’s analysts are – CY22/FY23 customer spending outlook margin functionality and outlook primarily supplied the likely resumption in journey and supply-facet pressures and outlook on pricing.

JM Economic analysts hope TCS earnings at $6,712 million with a development of 12{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy and 2.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} qoq. In rupee phrases, the profits is predicted at ₹50,676.2 crore increasing by 16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy and 3.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} qoq. Meanwhile, net profit is seen at ₹10.065,6 crore up by 8.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy and 3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} qoq. As for EBIT, it is viewed at ₹12,766.6 crore higher by 8.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy and 4.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} qoq. EBIT margin is forecasted at 25.2{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} contracting by 170 foundation factors yoy but improving upon by 20 basis points on qoq.

On TCS shares outlook, the JM Monetary analysts give a ‘Hold’ suggestion with a focus on price of ₹4,100 apiece.

On BSE, TCS has clocked a 52-week high of ₹4,045.50 apiece currently.

All through Q3FY22, TCS posted a 12.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy growth in consolidated web income to ₹9,769 crore with a web margin of 20{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Consolidated income jumped 16.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy to ₹48,885 crore. Continuous currency profits progress was at 15.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} yoy.

In the December 2021 quarter, TCS all verticals grew in the mid to high teenagers. Advancement was led by Retail and CPG (20.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), BFSI (+17.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}), and the Production vertical (+18.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}). Technologies & Products and services grew +17.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, Lifetime Sciences and Healthcare grew +16.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and Communications & Media grew +14.4{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Also, TCS had crossed a new milestone in Q3 with the amount of girls in its workforce crossing 2 lakh. TCS additional 28,238 staff members on a internet foundation, having the full variety of staff members to 556,986 as of December 31, 2021. IT Providers attrition amount (LTM) in Q3 was 15.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.

Subscribe to Mint Newsletters

* Enter a legitimate electronic mail

* Thank you for subscribing to our newsletter.


Obtain
the App to get 14 times of unlimited entry to Mint Quality totally free!

Posted on

AVANGRID Schedules First Quarter 2022 Earnings Release and Conference Call

AVANGRID Schedules First Quarter 2022 Earnings Release and Conference Call

ORANGE, Conn., April 05, 2022–(Business WIRE)–AVANGRID, Inc. (NYSE:AGR) will be releasing its 1st quarter 2022 fiscal benefits on Tuesday, April 26, 2022, just after the marketplace closes in a information launch to be posted to the Investors’ portion of the company’s website at www.avangrid.com/wps/portal/avangrid/Investors. The firm will issue an advisory information launch above Company Wire the night of April 26th, which will consist of a website link to the fiscal benefits news release on the company’s site.

In conjunction with the earnings release, AVANGRID will perform a webcast conference simply call with economic analysts on Wednesday, April 27, 2022 starting at 10:00 A.M. ET. AVANGRID’s Executive crew will current an overview of the economic outcomes followed by a concern and answer session.

Interested events, which includes analysts, buyers and the media, may listen to a live audio-only webcast by accessing a connection situated in the Investors’ area of AVANGRID’s web site at www.avangrid.com/wps/portal/avangrid/Buyers.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the major sustainable vitality organization in the United States. Headquartered in Orange, CT with roughly $40 billion in property and operations in 24 U.S. states, AVANGRID has two principal lines of small business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and normal gas utilities, serving extra than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable electrical power era facilities across the United States. AVANGRID employs around 7,000 individuals and has been regarded by JUST Funds in 2021 and 2022 as 1 of the JUST 100 firms – a rating of America’s best corporate citizens. In 2022, AVANGRID ranked next inside of the utility sector for its motivation to the setting and the communities it serves. The business supports the U.N.’s Sustainable Progress Ambitions and was named among the the World’s Most Moral Businesses in 2022 for the fourth consecutive year by the Ethisphere Institute. For more info, take a look at www.avangrid.com.

Check out supply version on businesswire.com: https://www.businesswire.com/news/dwelling/20220405005970/en/

Contacts

Analysts: Alvaro Ortega 207-629-7412
Media: Zsoka McDonald 203-997-6892

Posted on

Truist Financial Analysts Boost Earnings Estimates for Adicet Bio, Inc. (NASDAQ:ACET)

Truist Financial Analysts Boost Earnings Estimates for Adicet Bio, Inc. (NASDAQ:ACET)

Adicet Bio, Inc. (NASDAQ:ACET – Get Rating) – Stock analysts at Truist Financial upped their Q1 2022 earnings per share (EPS) estimates for Adicet Bio in a report issued on Thursday, March 31st. Truist Financial analyst A. Goonewardene now expects that the company will earn $0.08 per share for the quarter, up from their previous forecast of $0.07. Truist Financial currently has a “Buy” rating and a $30.00 target price on the stock. Truist Financial also issued estimates for Adicet Bio’s Q4 2022 earnings at $2.25 EPS, FY2022 earnings at $1.61 EPS and FY2026 earnings at $2.07 EPS.

A number of other analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of Adicet Bio from a “sell” rating to a “hold” rating in a research report on Tuesday, January 11th. Jefferies Financial Group began coverage on shares of Adicet Bio in a research report on Friday, March 4th. They issued a “buy” rating and a $27.00 target price on the stock. TheStreet upgraded shares of Adicet Bio from a “d” rating to a “c-” rating in a research report on Friday, December 17th. StockNews.com began coverage on shares of Adicet Bio in a research report on Thursday. They issued a “sell” rating on the stock. Finally, HC Wainwright restated a “buy” rating and issued a $34.00 target price on shares of Adicet Bio in a research report on Tuesday, December 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $27.63.

(Ad)

Could This New Year Bring In Big Returns For Investors? Find Out More About This Booming..

NASDAQ ACET opened at $20.81 on Monday. The firm has a market capitalization of $829.84 million, a price-to-earnings ratio of -10.05 and a beta of 2.48. The firm’s 50 day simple moving average is $14.41 and its 200 day simple moving average is $12.28. Adicet Bio has a 1 year low of $6.25 and a 1 year high of $21.00. Adicet Bio (NASDAQ:ACET – Get Rating) last posted its quarterly earnings results on Tuesday, March 15th. The company reported ($0.47) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.44) by ($0.03). The company had revenue of $5.47 million for the quarter, compared to analyst estimates of $4.65 million.

In related news, Director Aya Jakobovits sold 8,000 shares of Adicet Bio stock in a transaction on Wednesday, February 9th. The shares were sold at an average price of $14.03, for a total transaction of $112,240.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 16,000 shares of company stock valued at $239,240 in the last three months. 33.90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Abingworth LLP raised its stake in Adicet Bio by 31.0{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} during the fourth quarter. Abingworth LLP now owns 2,115,385 shares of the company’s stock worth $36,892,000 after buying an additional 500,000 shares during the last quarter. BlackRock Inc. grew its holdings in Adicet Bio by 16.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. BlackRock Inc. now owns 1,452,452 shares of the company’s stock worth $25,403,000 after purchasing an additional 203,933 shares during the period. Point72 Asset Management L.P. grew its holdings in Adicet Bio by 4.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the third quarter. Point72 Asset Management L.P. now owns 1,275,000 shares of the company’s stock worth $9,996,000 after purchasing an additional 60,000 shares during the period. DAFNA Capital Management LLC grew its holdings in Adicet Bio by 94.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in the fourth quarter. DAFNA Capital Management LLC now owns 733,172 shares of the company’s stock worth $12,823,000 after purchasing an additional 356,891 shares during the period. Finally, Johnson & Johnson acquired a new stake in Adicet Bio in the third quarter worth $5,715,000. 68.55{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the stock is owned by institutional investors and hedge funds.

Adicet Bio Company Profile (Get Rating)

Adicet Bio, Inc is a biotechnology company, which engages in the design and development of off-the-shelf allogeneic gamma delta T cell therapies for cancer and other diseases. The company was founded by Aya Jakobovits in November 2014 and is headquartered in Boston, MA.

Featured Articles

Earnings History and Estimates for Adicet Bio (NASDAQ:ACET)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]

Should you invest $1,000 in Adicet Bio right now?

Before you consider Adicet Bio, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and Adicet Bio wasn’t on the list.

While Adicet Bio currently has a “Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

View The 5 Stocks Here