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WASHINGTON - The United States has created a channel with Israel to discuss concerns over incidents in Gaza in which civilians have been killed or injured by the Israeli military and civilian facilities have been targeted, two US officials with knowledge told Reuters.
The channel was set up after a meeting earlier this month between US Secretary of State Antony Blinken and Israel’s war cabinet during which Mr Blinken expressed concern about the “constant” reports of Israeli strikes that either hit humanitarian sites or resulted in large numbers of civilian deaths.
In the meeting, Mr Blinken told Israeli Prime Minister Benjamin Netanyahu, Defence Minister Yoav Gallant and minister Benny Gantz that Washington needed to know “what the answers are” when it comes to reports of strikes, and sought a “reliable channel” through which the United States can raise such issues with the Israelis regularly, one of the US officials said.
The existence of this initiative has not been previously reported and the US officials requested anonymity to discuss the sensitive details around it.
The channel comes as a response to the mounting pressure on the Biden administration over the steep toll on Palestinian civilians of Israel’s campaign against Hamas that has killed more than 25,000 people, according to Palestinian health ministry, and displaced millions.
It also underscores Washington’s frustration with Israel’s failure to alleviate the plight of a civilian population deprived since mid-October of most of the aid that previously flowed into Gaza, and of adequate medical care for the more than 62,000 people who have been wounded.
Through the channel, which has been active for the last few weeks, Washington raises with the Israelis “every specific incident of concern” related to Israel’s military campaign in Gaza, another US official said. The Israelis investigate and provide feedback to the Americans.
In some instances, the Israelis have conveyed additional information that sheds light on an incident while in others, they admitted they “made a mistake”, the officials said, without specifying which ones.
The United States set up the process to drive accountability for Israel, one of the officials said. It was not clear what action, if any, Washington would take against Israel as a result of what it learns.
Asked about the channel, a State Department spokesperson declined to address it directly but said Washington was making clear that Israel must protect humanitarian infrastructure and take every possible precaution to minimise civilian casualties.
“When we see reports of incidents that raise concerns, we raise those incidents directly with the government of Israel and seek additional information,” the spokesperson said.
The channel works through diplomats in the US embassy in Jerusalem, the State Department’s regional bureau focusing on the Middle East, and President Joe Biden’s Special Envoy for the region’s humanitarian issues David Satterfield, the officials said.
Most recently, the United States used the channel to seek details on what the United Nations on Wednesday said was an attack by Israeli tanks on one of its compounds in Gaza sheltering displaced Palestinians. It was not clear how Israel responded, officials said.
Accountability
The effort, which is the first formal push by Washington to demand explanations from Israel on the high civilian death toll, falls short of the more robust tools Washington has deployed in the past to investigate allegations of large-scale killings of civilians.
One of those is the atrocity determination process, which the US conducted in 2022 to address Russia’s invasion of Ukraine. That effort concluded that members of Russia’s forces have committed war crimes.
In December 2023, the State Department used the same process to determine formally that warring parties in Sudan committed war crimes.
The Biden administration has so far refused to criticize Israel directly over the civilian Palestinian death toll, even though senior Biden aides have said “far too many” Palestinians have been killed in the conflict.
US officials have also declined to say if Washington was considering investigating whether Israel’s battlefield actions have violated the international rules of war.
The United States provides Israel US$3.8 billion (S$5 billion) in annual military assistance. While Washington has traditionally used such aid to influence the behaviour of its allies, it has largely ruled out using that leverage with Israel, which critics say provides a sense of impunity for the country.
State Department deputy spokesperson Vedant Patel said on Jan 24 that any civilian death was “heart-breaking” but it was not an American operation and it was up to the Israeli army to investigate “credible allegations of law or of war violations when they arise”.
Israel unleashed its war to eradicate Hamas after militants from Gaza launched a shock incursion into southern Israel on Oct 7, killing 1,200 people and seizing around 240 hostages.
Urgent international appeals for a ceasefire to spare civilians have been unsuccessful, with Israel vowing not to relent until Hamas has been destroyed and all hostages freed. REUTERS
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| 2024-01-25T22:38:14Z
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Uncertainty hangs over Russia’s account of plane crash
Questions remained on Jan 25 over the military plane crash that Russia said had killed dozens of captured Ukrainian soldiers ahead of a planned prisoner exchange.
The Russian defence and foreign ministries blamed Ukrainian forces for downing the IL-76 transport plane over the southern Belgorod region.
They said 65 captured Ukrainian soldiers had been on board, as well as their escorts and the crew.
Videos on social media on Jan 24 showed a large plane in the region plummeting from the sky on its side before crashing in a fireball, in what the Kremlin called a “monstrous act”.
Nasa announces end of Mars helicopter mission
Nasa said on Jan 25 that its miniature robot helicopter Ingenuity, which in 2021 became the first aircraft to achieve powered flight on another planet, can no longer fly, ending a mission that lasted far longer than originally planned.
“It is bittersweet that I must announce that Ingenuity, the ‘little helicopter that could’... has now taken its last flight on Mars,” Nasa Administrator Bill Nelson said in a recorded video posted on social media.
The US space agency said Ingenuity struggled to communicate with Earth in its final days and that one of its carbon fibre rotorblades looked bent in a recent image taken by Perseverance, the rover from which Ingenuity deployed in 2021.
Two prominent Nikki Haley donors pull funding
Two major donors stopped funding Republican presidential candidate Nikki Haley’s campaign, saying the race for the party’s nomination was effectively over and that Donald Trump will be the party nominee.
Trump issued a threat to donors on Jan 24 night to stop funding Mrs Haley as he seeks to knock her out of the race before the next major primary race, in South Carolina on Feb 24.
Metals magnate Andy Sabin said in an interview that the Republican race was now essentially over, given that Mrs Haley had not been able to pull off an upset in the New Hampshire primary on Jan 23.
US, Israeli intelligence chiefs to discuss Gaza hostage deal
US Central Intelligence Agency director William Burns and his Israeli counterpart will meet with Qatari officials in coming days for talks on a second potential Gaza hostage deal, two sources familiar with the matter told Reuters on Jan 25.
Mr Burns and the head of Israel’s Mossad intelligence service, Mr David Barnea, will meet with Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani in Europe this weekend, one official briefed on the meeting told Reuters.
Egyptian intelligence chief Abbas Kamel will also participate, the second source said.
Israeli actor vows return to screen after being wounded in Gaza
An Israeli actor in the hit Netflix television series Fauda vowed on Jan 25 to return to the screen after he was wounded while fighting Hamas militants in Gaza.
Idan Amedi was among a group of soldiers who were seriously wounded in a blast in the Palestinian territory where he was deployed after the war between Israel and Hamas broke out on Oct 7.
“It’s not a scene from Fauda, it’s real life,” Amedi, dressed in military fatigues, said in a video posted on social media on Oct 12 amid a call-up of more than 300,000 reservists in Israel.
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https://www.straitstimes.com/world/while-you-were-sleeping-5-stories-you-might-have-missed-jan-26-4
| 2024-01-25T22:38:24Z
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BEIJING – China may have helped secure a truce among warring parties in neighbouring Myanmar, but its peacemaking effort is unlikely to bring about a more lasting solution to the intractable crisis.
Experts believe China is acting to secure its interests, and is unlikely to go further and facilitate dialogue between key players, including the ruling junta and the ousted civilian National Unity Government (NUG), which has been in exile following the February 2021 anti-democracy coup.
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| 2024-01-25T22:39:32Z
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MANILA – Singapore’s theatre scene will be abuzz with American history from April 19, when the Tony-winning musical Hamilton arrives in the Republic for the first time.
The production – which premiered on Broadway in 2015 with book, music and lyrics by American multi-hyphenate Lin-Manuel Miranda – tells the story of American founding father Alexander Hamilton (1757 to 1804). He will be played by Australian actor Jason Arrow on the international tour.
An immigrant from the West Indies, he played a key role in the American Revolution (1775 to 1783), during which Great Britain’s North American colonies won political independence and went on to form the United States of America.
The sung-and-rapped musical has a score that draws heavily from hip-hop, jazz and R&B, as well as traditional show tunes.
The Straits Times caught a performance of Hamilton when it was staged in Manila, the Philippines, in November 2023. It is now playing in Abu Dhabi until February, before coming to the Lion City.
Due to overwhelming demand, the Singapore season has been extended for an additional two weeks, until June 9.
Given the quick pacing, dense subject and the fact that much of the dialogue works on both literal and symbolic levels, Hamilton may be hard to grasp for first-time audiences.
Here is ST’s guide to eight themes explored in the musical.
1. Rising up
One key motif involves the characters, such as Hamilton, wanting to climb the social ladder.
The protagonist was born out of wedlock on the British island of Nevis in the Caribbean. His father, a Scotsman, abandoned the family in 1766 and his mother, described as a “whore”, died in 1768, leaving him an orphan.
The musical’s opening number, Alexander Hamilton, references Hamilton’s unfortunate start in life. But, despite growing up in squalor, he rises to become a hero and scholar. He does so through hard work, intelligence and a hunger to be better.
In 1773, he is sent to King’s College – now known as Columbia University – in New York, a hotbed of political and revolutionary activity.
2. Shaky alliances
It is not always easy to tell friend from foe. And in Hamilton, former allies can turn against one another. Some characters also equivocate rather than say what is on their mind, out of fear that voicing one’s opinion can cause serious trouble down the road.
On July 4, 1776, the United States of America is newly proclaimed by the Continental Congress through the Declaration of Independence, severing their political connections to Great Britain.
That same year, a 19-year-old Hamilton meets Aaron Burr in New York and strikes up a friendship with the fellow orphan. But the audience learns that Burr will eventually fire a gun at Hamilton.
In the song Aaron Burr, Sir, this tentative approach to allegiances can be detected in Burr’s famous piece of advice to Hamilton – “talk less, smile more”.
However, the reluctance to stand for anything will also have its drawbacks, as explored later in the song, The Room Where It Happens.
3. Fighting for one’s beliefs
The characters in Hamilton know full well that opportunities are limited and hard to come by. When circumstances present themselves, one must seize the moment.
This notion is explored in the show-stopping anthem My Shot, when Hamilton shares with his fellow revolutionaries his vision of America as an independent colony.
These peers also have their own dreams. Marquis de Lafayette, a Frenchman, dislikes being under a monarch’s rule, while Hercules Mulligan, a tailor’s apprentice, aims to advance socially. John Laurens, an abolitionist, wants equal rights for all and hopes to one day be part of the first all-black US battalion.
Described as “young, scrappy and hungry”, these revolutionaries are positioned as underdogs grabbing hold of the chance to fight for their freedom and place in history.
4. Women’s rights
Women are becoming more educated and assertive in the 18th century. The excitement felt over this development is expressed mainly through Angelica, Eliza and Peggy, the three daughters of General Philip Schuyler from the Revolutionary War Army.
In the song The Schuyler Sisters, the witty, forward-looking eldest sister Angelica marvels at the new revolutionary ideas and espouses gender equality. The softer, more demure middle sister Eliza proclaims how lucky they are to be alive in that time and place, while youngest sister Peggy expresses more conservative ideas, such as an aversion to war and following her father’s instructions.
Although there is still some way to go for female empowerment, the ladies nonetheless hold New York up as “the greatest city in the world”.
5. Fear of failure
What if the American Revolution fails? That is the subject of the satirical song You’ll Be Back, performed by a smug King George III, who was king of Great Britain from 1760 to 1820.
It features the egoistic monarch gleefully foretelling the quashing of the rebellion, and predicting how the American colonists will crawl back to Great Britain. Peppered with snide claims that the colonists “belong” to him, the taunting number provides comic relief, but also serves as a reminder of the grim consequences should the revolution not succeed.
6. Power and its costs
In 1777, Hamilton is appointed lieutenant colonel and aide-de-camp to George Washington, then the commander-in-chief of the Revolutionary War Army who will later become the first president of the United States.
The song Right Hand Man, which recounts Hamilton’s appointment, reveals that his way of fulfilling his ambitions and aspirations is through attaining power and fighting wars.
However, success has its price. Burr also applies for the role of aide-de-camp, but is passed over in favour of Hamilton. This snub sows seeds of jealousy and discontent between the two, an idea which is developed further in Wait For It – with deadly consequences.
7. Love comforts
Eliza marries Hamilton in 1780. The R&B number Helpless centres on their meeting at a ball where the Revolutionary War Army was stationed that year, followed by their courtship and wedding. The sweet love song reveals Hamilton’s insecurities over his lack of wealth and station, but also how these feelings of inadequacy are alleviated by Eliza’s love and trust.
Helpless also explores her interest in and devotion to Hamilton. It takes the audience through a roller coaster of emotions – from the nervousness at their first meeting, panic when Hamilton asks her father for her hand, and joy when looking into his eyes. Fidelity and family will continue to be key motivations for the musical’s characters.
8. Honour and reputation
One’s honour and reputation are paramount in Hamilton. So when a dispute emerges, characters challenge one another to duels to resolve their differences.
One such fight takes place in 1778 between John Laurens and Charles Lee, a major general in the Revolutionary War Army who makes disparaging remarks about George Washington. Laurens, one of Washington’s aides, takes offence at these comments.
The hip-hop number Ten Duel Commandments details the way these duels are carried out, from getting some pistols and a doctor, to leaving a note for one’s next of kin.
Book it / Hamilton
Where: Sands Theatre, Marina Bay Sands, 10 Bayfront Avenue
When: April 19 to June 9, 8pm (Tuesdays to Fridays), 2 and 8pm (Saturdays), 1 and 6.30pm (Sundays)
Admission: $80 to $300 via Marina Bay Sands’ website (str.sg/iNDG), Sistic (go to sistic.com.sg or call 6348-5555) and Klook (str.sg/iNDp)
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| 2024-01-25T22:39:42Z
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SINGAPORE – The annual rush to pick out a Chinese New Year outfit has begun.
The season has long been regarded as a cash cow for clothing brands, with some generating more revenue from the month alone than the rest of the year combined.
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| 2024-01-25T22:39:53Z
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Researchers from the National University of Singapore (NUS) recently released the findings of the 2022 Quality of Life Survey. They found that Singaporeans have become less happy over the past decade, despite real incomes rising over this period. That said, measures of well-being – such as life satisfaction, happiness, enjoyment, achievement, sense of control and purpose – were all positively correlated with the household incomes of the respondents.
In other words, the richer a household, the greater its sense of well-being tends to be.
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https://www.straitstimes.com/opinion/weighed-down-by-our-own-expectations-despite-money-in-the-pocket?utm_campaign=STPicks
| 2024-01-25T22:40:03Z
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When he handed over the presidency seven years ago, Mr Barack Obama warned his incoming successor Donald Trump that the most urgent problem he would face was North Korea’s nuclear weapons and missile programmes.
He saw those programmes as a completely unacceptable threat to America’s security and world peace, but he had failed to stop them. Now it was Trump’s turn.
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https://www.straitstimes.com/opinion/kim-jong-un-s-threats-of-war-may-not-be-bluster-this-time?utm_campaign=STPicks
| 2024-01-25T22:40:13Z
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Vito Coppola and Ellie Leach lifted the Glitterball Trophy last month, and the pair were also the subject of various romance rumours due to their close bond and dancefloor chemistry.
On Thursday, the Italian-born professional shared a snap alongside the former Coronation Street actress, admitting that the photograph itself was a "mistake". The two photos featured Vito and Ellie standing side by side, however, the exposure of the image was off casting Vito in the dark while Ellie resembled an angel in the light.
Noting this in his caption, Vito shared: "These pics came out like this by mistake but, at the end I like it so much. It's just unique and represents exactly us and our journey. So special!"
Vito and Ellie certainly suited each other in the image as Vito looked James Bond-esque in a suit, while Ellie donned a black jumper and sheer skirt. As ever, some fans commented their hopes the pair would embark on a romantic journey, but Ellie might have eyes elsewhere.
The 22-year-old has now been linked to her fellow Strictly co-star, Bobby Brazier, 20. According to various publications, the duo have grown closer while on the Strictly Tour and have gone on "secret dates".
Fellow Strictly dancer Nikita Kuzmin shared a photo of his co-stars enjoying a dinner, and while Ellie and Layton Williams took centre stage, Bobby could be seen with his arm wrapped around the back of Ellie's chair.
Ellie and Bobby wouldn't be the first couple to find love on the Strictly Tour, as the closeness ended up bringing together former contestants Molly Rainford and Tyler West while Gemma Atkinson and Gorka Marquez also embarked on a romance after going on the tour.
Back in 2019, Gemma and Gorka appeared on Loose Women where they lifted the lid on their relationship. "Well it wasn't until after Strictly finished that we started to hang out properly together, because during Strictly we didn't see each other, we were very focused on our dancing partners," said Gorka. "I was up north and Gorka was in London as well," said Gemma.
Gorka continued: "When we were on tour, that's when we started spending a lot of time together. We both love training, going for brunch, so that’s how everything started."
SEE: Strictly's Ellie Leach is a golden goddess in sultry mini dress for Vito Coppola reunion
Gemma added: "He asked me for a coffee and then the weekend after he said, 'Do you want to go for another coffee?' And then we kept going on and on and on."
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https://www.hellomagazine.com/celebrities/512099/strictly-vito-coppola-ellie-leach-mistake-linked-bobby-brazier/
| 2024-01-25T22:47:59Z
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Penny Lancaster made her long-awaited return to the Loose Women studios on Thursday and the popular presenter looked as fashionable as ever, arriving in a fitted power suit.
The wife of Rod Stewart shared several photos on her Instagram Stories as she posed in the tan ensemble that consisted of a stunning shirt matched with a jacket and pair of trousers. Penny completed the outfit with black and tan shoes and as she posed with her co-stars, the star could also be seen rocking a belt.
Penny was a guest panellist for the edition and was joined by stalwarts including Christine Lampard, Sunetra Sarker, Judi Love and Nadia Sawalha, and all of the women looked so glam!
Christine had opted to wear a white shirt and maroon trousers, while Sunetra stunned in a figure-hugging green dress, Judi styled out a beautiful red-hot dress and Nadia went down a casual route with a blue shirt and tracksuit bottoms.
Penny clearly enjoyed being back on the show, and the star even shared a clip of herself dancing with her co-stars as Sunetra and Judi took on a dance mat.
Penny's return was announced last week, with Charlene White confirming the news as she hosted an installment. Looking down the camera lens, the ITV news host said: "On Thursday, our Penny is back with a bang. Pressing pause on her jet-set lifestyle, back to make us laugh or cry but always full of fun.
"She'll fill us in on everything from touring to travelling, birthdays and blended families. All-round superstar and Special Constable, Penny Lancaster."
Penny's return to the programme comes four months after it was reported that the model had stepped down from the panel following rumours of "toxicity" backstage.
Penny's agent, Nicholas Young, later responded to the speculation with an official statement, explaining that his client hadn't appeared on the show due to scheduling conflicts.
He told HELLO! in September: "There is no story here. Penny has been approached to appear on the show in September but is only available for one date in the near future; a date that does not work for LW.
MORE: Penny Lancaster surprises her 'man' Rod Stewart with incredibly unique gift
PHOTOS: Penny Lancaster shares rare photo of dapper sons Alastair and Aiden as they mark huge milestone
"Penny has just returned from abroad after six weeks away; and she is off to South America shortly. LW and we have agreed to look at the diary again on her return in October." He continued: "It is obvious that Penny is no longer a regular panellist. This is purely due to other professional and personal commitments. Penny loves the show; and LW loves Penny. But such appearances as she is able to make in the future will be as a 'guest.'"
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https://www.hellomagazine.com/fashion/celebrity-style/512093/penny-lancaster-fitted-suit-loose-women-return/
| 2024-01-25T22:48:05Z
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Before she was Kathie Lee Gifford, co-host of Live! with Regis and Kathie Lee, or Kathie Lee Gifford, co-host of the Fourth Hour of Today, she was Kathie Lee Gifford, fiery style icon.
The 70-year-old TV star shared a throwback image on Instagram of herself lounging in what would be a perfect look for Solid Gold Dancer, dressed in metallic gold flared pants and a matching top with spaghetti straps.
She accessorized with a pair of high heels and completed her look with her red hair styled into layers, complete with accents of diamond jewelry.
"#ThrowbackThursday is just an excuse to have a little fun," she captioned her snap, leading to a barrage of stunned fan comments who loved her old look, but were just as complimentary of her image today.
In the '70s, Kathie Lee started her TV career as a singer on the game show Name That Tune, where she would sing small portions of the song so that contestants could guess. She parlayed that into regular appearances as a vocalist on the ABC game show Face the Music.
In keeping with her ties to ABC, she was also a correspondent and substitute anchor for Good Morning America at that time, before transferring to becoming co-host of The Morning Show with Regis Philbin.
The show eventually went into national broadcast in 1988 as Live! with Regis and Kathie Lee, which made her a household name. She quit in 2000, after stints on Broadway and late night guest hosting gigs, in order to pursue more challenging work.
MORE: Live!: looking back at all the feuds, fallouts and co-host exits from the show's history
After a brief stint in acting and music, she rejoined morning TV in 2008 when she joined the Fourth Hour of Today with Hoda Kotb, replacing Ann Curry and Natalie Morales.
Their pairing was a smash, resulting in an increase in ratings and popularity for the Today Show after-show, and their partnership continued till 2019, when Kathie Lee departed and was succeeded by the current co-host of Fourth Hour, Jenna Bush Hager.
LATEST: Jenna Bush Hager details 'rage' inducing family argument – and an expert tells us her suggestions
While Kathie Lee has still maintained close relationships with her former co-stars at NBC, she has spoken several times about how much she particularly cherished her partnership with Regis on Live!.
She was part of the tribute special presented by the Daytime Emmy Awards in 2020 after his death, as was his co-host after Kathie Lee, Kelly Ripa.
MORE: Kathie Lee Gifford left 'out of words' as she celebrates new bundle of joy in the family – photos
However, in 2022, when Kelly released her book Live Wire and mentioned some of the more tense moments she'd experienced with Regis, Kathie Lee spoke on the show Good Day New York about the bittersweet emotions she had surrounding the book.
"I was very sorry to see the headlines," she said. "We see headlines all the time, and you never know what's true and not true. I was in Israel, and I saw that and I went, 'Oh, I hope this isn't true, I just hope it isn't,' Cause what's the point? I don't get it," and added that she wasn't planning on reading the book.
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https://www.hellomagazine.com/fashion/celebrity-style/512098/kathie-lee-gifford-completely-unrecognizable-metallic-disco-ready-throwback-see-photo/
| 2024-01-25T22:48:11Z
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Beyoncé is often complimented for her youthful appearance, and it's easy to see where she gets it from - just look at her mom!
The award-winning singer's mother, Tina Knowles, turned 70 on January 4, and fans can't quite believe how incredible she looks for her age.
In her most recent Instagram post, Tina shared a stunning picture of herself dressed in a red suit, sporting natural makeup and a bright red lip, coordinating with her outfit.
In the caption, she wrote: "Birthday snap, one of my friends just sent me this photo my face looks like 'damn 70 ?Really dawg?'"
Fans were quick to remark on Tina's appearance in the comments section, with many sending compliments her way. "70 years young!! Welcome to the best club," one wrote, while another responded: "70?! You almost made me run to google to double check because, just wow." A third added: "Where is 70?? You look amazing."
Tina celebrated her milestone birthday with her loved ones, just after the holiday season. She shares the same birthday month as her beloved granddaughter, Blue Ivy, who turned 12 on January 7.
Just before their birthday month, Tina and Blue enjoyed a star-studded evening out in LA, as they attended the Kardashian's annual Christmas Eve party.
Footage from a fan account showed Blue in the background, and was likely in attendance with her grandmother, who is close friends with both Kris Jenner and Corey Gamble.
Tina is a huge cheerleader when it comes to her family, and has spoken out about just how proud she is of her granddaughter Blue, who made headlines last summer when she joined her mom on her Renaissance World Tour as a backup dancer.
Speaking with People at the HollyRod 2023 DesignCare Gala in July, Tina, 69, was all praise for her granddaughter's skills after she became an official dancer on Beyoncé's tour. "Well, this is a heels family. You're trained early to walk in heels," she told the outlet.
"But yeah, she's having the time of her life, and I couldn't be more proud of her because she really worked hard." She added: "She is 11 years old, and she had one week to prepare, and she's just getting better and better. So I'm the proud grandma, always."
When asked whether her granddaughter's confidence had seen a boost since joining the tour, she joked: "Oh, to the sky, to the sky. Yes."
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https://www.hellomagazine.com/healthandbeauty/512097/beyonce-family-gene-pool-envy-inducing-new-photo/
| 2024-01-25T22:48:17Z
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Robert De Niro finds it hard to put into words all of the emotions that have come with becoming a dad once more at 80.
The legendary actor welcomed his seventh child, daughter Gia, in May of last year, with his longtime girlfriend Tiffany Chen. He kept news of it private until the baby was born, after which he casually announced during an interview that he was officially a dad to seven children, not six.
Now, though the couple are largely private about their new bundle of joy, the Killers of the Flower Moon star couldn't help but get emotional gushing about little Gia.
In partnership with AARP, De Niro opened up about his seventh child, declaring: "I'm an 80-year-old dad, and it's great."
He continued: "Everything that I'm consumed with or worried about or this or that just goes away when I look at her."
The doting dad was then momentarily interrupted by his own tears, before he added: "That in itself is wondrous."
He explained: "She has a very sweet kind of way of looking at you and just taking you in," plus he noted: "And my other daughter, Helen, too."
MORE: Inside Robert De Niro's complex trial with his former assistant Graham Chase Robinson
MORE: Robert De Niro’s lavish 80th birthday party celebrated alongside mega A-listers
"They just look at you and take it in, so I don't know where it's gonna go with her later when she gets older, but she's thinking and she's observing everything and watching. It's really interesting," he said, and ultimately stated: "I want to be around for as long as I can to enjoy it, enjoy her."
The Oscar-winner's other six children are Drena, Raphael, Julian, Aaron, Elliot, and Helen Grace, which he shares with three different women.
Drena, 51, and Raphael, 46, he shares with his first wife, Diahnne Abbott, 78, who he married in 1976 and officially divorced from in 1988. Drena is Diahhne's daughter from a previous relationship, though De Niro adopted her and she took his last name when he married Diahnne. Raphael is his first biological child and his oldest son.
He then welcomed twin sons Julian and Aaron, 27, with his former girlfriend, model and actress Toukie Smith, 70, who he was with from 1985 until 1992.
His second wife was Grace Hightower, 68; they were married from 1997 until 2018, and they share Elliot, 24, and Helen Grace, 11. They briefly separated between the births of their two kids.
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https://www.hellomagazine.com/healthandbeauty/mother-and-baby/512096/robert-de-niro-tears-emotional-conversation-new-dad-daughter-gia/
| 2024-01-25T22:48:23Z
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Bill Gates and Melinda French's youngest daughter is ready to shine on her own on the red carpet.
The former couple's daughter Phoebe, 21, looked dazzling and chic as ever for a star-studded night out celebrating the premiere of Ryan Murphy's highly-anticipated FX show Feud: Capote vs. The Swans.
Phoebe is the younger sister of the Microsoft founder and the philanthropist's older two kids, Jennifer, 27, and Rory John, 24. Bill and Melinda tied the knot in 1994, though divorced in 2021.
For the glamorous premiere – which was held Tuesday at the Museum of Modern Art, followed by a gala at the Plaza Hotel – Phoebe attended as a guest of Tiffany & Co.
She donned a nude slip dress adorned with a sheer, rhinestone-bedecked mesh overlay, and matching shoes, plus left the look sleek by styling her hair in a slicked back bun, opting for minimalist make-up and jewelry.
Later sharing a photo of the event on her Instagram, she captioned the post: "Great night with Tiffany & Co." It quickly garnered plenty of compliments from fans, who took to the comments section under and wrote: "So beautiful," and: "Model!!" as well as: "Beautiful as always."
The honorees of the night were Naomi Watts, Diane Lane, Chloë Sevigny, Calista Flockhart, Molly Ringwald, and Demi Moore, who star in the new series as Truman Capote's famed "Swans," Babe Paley, Nancy Smith, C.Z. Guest, Lee Radziwill, Joanne Carson, and Ann Woodward, respectively.
MORE: Who is Bill Gates' glamorous reported girlfriend Paula Hurd?
Phoebe is currently a student at Stanford University, and has previously shown an interest in entering the world of fashion.
Last year, along with her roommate Sophia Kianni, she partnered with acclaimed British designer Stella McCartney to create a limited edition capsule bag collection in honor of the Women's Tennis Association and the debut of Phia, their digital fashion platform.
She is also outspoken about various political issues, particularly women's rights; she has previously published pieces for Vogue and Teen Vogue on the topic of reproductive rights, which have been increasingly challenged since the Supreme Court overturned Roe v. Wade in 2022 through their Dobbs v. Jackson Women's Health Organization decision.
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https://www.hellomagazine.com/fashion/512101/bill-gates-melinda-daughter-phoebe-rhinestone-dress-star-studded-night-out/
| 2024-01-25T23:01:09Z
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Imagine after purchasing a car the salesperson slaps the hood and says there’s a 40% chance in the coming year that an unauthorized person will gain access to it or just outright steal the car.
Moving targets
Taking threats seriously
The threat of AI
- More efficient phishing attacks. He said these are already happening at a very basic level, but as AI programs learn more they will improve.
- More sophisticated malware. AI can write code that exploits known vulnerabilities quickly, he said, and help find organizations with those vulnerabilities exposed online.
- Deep fakes. Riggi said he hasn’t seen much evidence of these yet, but he’s concerned about scenarios like employees getting a phone call from a voice that sounds just like the company CEO asking for a password reset.
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https://www.crainsgrandrapids.com/news/health-care/health-care-data-breaches-hit-new-highs-in-2023/
| 2024-01-25T23:02:38Z
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LANSING — Free community college and preschool. Tax breaks for caregivers and rebates for car buyers. A broader toolkit of economic development incentives.
Gov. Gretchen Whitmer outlined those policy initiatives and others in her sixth annual State of the State address, delivered to a joint session of the Democratic-led Legislature on Thursday night.
She used the 41-minute televised speech to tout laws that were enacted in 2023, Democrats’ first year of full power in Lansing in decades, and highlight the need to tackle deep-seated problems such as lagging educational performance and attainment. She emphasized an ongoing push to build new housing because “the rent is too damn high and we don’t have enough damn housing.”
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A self-proclaimed “product of the ‘80s,” Whitmer wove in various references to songs from that decade and said “Michigan’s been playing in harmony” of late.
Here’s what to know and what’s being said:
Free community college
The Whitmer-created Growing Michigan Together Council in December recommended that the preK-12 system be expanded to preK-14 by providing two years of state-funded postsecondary credit-bearing coursework in high school, a public university or community college, or a qualifying career and technical education pathway to any student who reaches a proposed “education guarantee” standard.
The governor, who mentioned the council just once in her address — in the context of infrastructure — partially embraced that recommendation by proposing to make the first two years of community college tuition-free for every high school graduate.
“This is a transformational opportunity for graduating seniors and will help us achieve our Sixty by 30 goal to have 60% of our adult population with post-secondary skills training or a degree by 2030,” she said. “We are broadening our vision of education beyond K through 12.”
She stopped short of backing a new graduation standard or two free years of tuition at four-year state universities, which are more expensive than community colleges. Last year, the state did launch scholarships worth up to between $2,000 to $5,500 per year to attend a career training program, community college, or public or private college or university.
She also urged lawmakers to expand free preschool to all 4-year-olds in the next budget, two years earlier than she had outlined previously.
Tax breaks
Whitmer called for a new tax break and a new rebate for individuals.
One credit would save families up to $5,000 by letting them write off expenses to care for aging or sick relatives and those with disabilities. The other, which Whitmer announced last month, would give a $1,000-$2,500 rebate to people who buy a new car. Those purchasing an electric vehicle assembled in a unionized plant would get the maximum rebate.
“With the MI Vehicle Rebate we can lower costs and support the ongoing transition to an all-electric, union-made future,” she said.
Senate Minority Leader Aric Nesbitt, a Republican, characterized the car rebate as a “PR-focused focus group initiative” that, according to dealers, might last two or three weeks. “What does that actually change in terms of behavior?”
Economic development
Whitmer supported four economic development measures, three of which gained some legislative traction in the fall.
She wants to create a research-and-development tax credit for companies and simplify Renaissance Zones — bills that cleared the House with bipartisan support and are pending in the Senate.
She also hopes to create a HIRE Michigan fund to lower payroll taxes for small and second-stage businesses. Bills that passed a Senate committee would revive, change and rename the Good Jobs for Michigan program as the High-wage Incentive for Regional Employment (HIRE) program. Good Jobs ended four years ago.
The legislation would authorize eligible businesses to keep up to 100% of income tax withholdings from new jobs — at least 50 jobs with a median wage equal to 175% of the regional median or a minimum 250 jobs equal to 150% of the regional median.
“We had a similar bipartisan program years ago that worked well. Let’s bring it back — because everyone loves a throwback, right?” Whitmer said.
The Midland-based Mackinac Center for Public Policy, a think tank that opposes such subsidies for businesses, said the prior program was a “jobless program.”
“Giving handouts to select companies is not an effective way to improve businesses in the state,” James Hohman, director of fiscal policy, said in a statement. “Lawmakers should stop chasing headlines and instead look at broad-based reforms that have been proven to improve the state economy.”
Whitmer also proposed an innovation fund to help launch hundreds of Michigan-based startups, saying there is no state-level mechanism to attract and retain promising young companies.
“To keep winning, we must upgrade our economic development toolkit. We can and must out-compete our neighbors,” she said.
Republican response
Republican leaders in the narrowly divided Legislature said Michigan is struggling under Whitmer’s watch. They noted low student test scores and how the state’s per-capita personal income continues to be outpaced by other states.
Pointing to the population council’s report, they called for a comprehensive economic growth plan and an emphasis on addressing poor student performance. They also urged Democrats to keep intact an income tax cut that lasted one year and find a permanent solution to fund road repairs.
“The Whitmer strategy of just handing out billions of dollars to battery plants, it’s been the wrong focus,” House Minority Leader Matt Hall said. “The jobs we’re trying to attract are the high-paying jobs. The high-paying jobs are in different sectors. Our strategy has been luring in these manufacturing jobs, many of which have low wages.”
“Let’s look at ways of fixing our roads, fixing our bridges, reforming education to have accountability and choice within the system, and trying to grow the economy instead of trying to build up the base of a national campaign,” said Nesbitt, alluding to speculation that Whitmer could run for president in the future.
Price tag
Aside from the vehicle rebate program, which would cost $25 million, Whitmer is waiting until her Feb. 7 budget presentation to list the budgetary impact of proposals such as tuition-free community college and job-creation incentives.
Republicans questioned how the increased spending would be funded long term without tax increases. But House Speaker Joe Tate, a Democrat, said the state has a “stable balance sheet” and he is confident it can afford to make investments that lower residents’ costs.
Omissions
Notably, Whitmer did not mention two big initiatives she got behind last summer but which did not advance in the fall session: guaranteeing paid family and medical leave for workers and establishing a state board to limit prescription drug costs. Both ideas are opposed by business groups.
She also was silent on Senate-approved bills that would raise insurance reimbursement rates for providers who care for seriously injured motorists following cuts in 2021, 2022 and 2023 under a 2019 law. Her administration has expressed concerns with the legislation.
Football love
Whitmer hailed the University of Michigan’s national title in football and the Detroit Lions’ playoff run. She wore a Lions pin on her lapel and capped her address by waiving a Lions “All Grit” towel.
“Look at our Lions. Once a punch line, are now a powerhouse. They dominated by centering the grit that defines every Michigander. On the way up they turned naysayers and cynics into dreamers. And I don’t know if you recall but our Wolverines are national champions, right? I’m looking at my fellow Spartans. I know, it’s hard sometimes. But both these incredible teams are showing the country what Michigan is all about.”
She did not mention UM head coach Jim Harbaugh’s departure for a National Football League job, news of which was breaking as she began her speech.
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https://www.crainsgrandrapids.com/news/politics-policy/whitmer-pushes-economic-development-expansion-of-free-education-in-state-of-the-state/
| 2024-01-25T23:03:04Z
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A local affordable housing developer said he is energized by a recent influx of new funding tools at the state level that will help projects this year.
Ryan VerWys is CEO of Grand Rapids-based ICCF Community Homes. He and his team provide supportive services and build and preserve affordable housing in West Michigan by leveraging new and existing public funding tools alongside private philanthropy.
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This conversation has been edited and condensed.
What are some opportunities that arose in 2023 that will facilitate your work this year?
There’s some newer tools that are at our disposal that we’re excited about, with both the Kent County Revolving Loan Fund and the city of Grand Rapids Affordable Housing Fund (created using American Rescue Plan Act dollars). Also, (the Michigan State Housing Development Authority) has some new Missing Middle funding.
I’m also hopeful about the opportunity around the recent state legislation related to a 50% property tax abatement for scattered-site affordable housing. We’re hopeful that municipalities like Grand Rapids and Wyoming will create local legislation around that. It was state enabling legislation, and then the local groups have to actually implement it. It would be a game-changer for us with our scattered site housing, just helping to keep those rents lower.
The challenge with the new opportunities is simply a learning curve with new funding sources. When you have a typical funding source like LIHTC and things don’t change much year to year, you can use some efficiencies in operations. But when you have a new source of funding, there’s some administrative cost to working your way through that.
How are you leveraging those new tools for specific projects this year?
We’re leveraging the Missing Middle funding for the Seymour condominiums and six single-family homes. We would leverage that state legislation for our scattered-site rental housing, if possible.
What’s keeping you up at night?
Talking to some of my colleagues, they’re seeing costs for new construction nearing almost $270 per square foot. Even if you run a conservative estimate, at $240, you’re talking about a 1,000-square-foot home, just the construction costs alone are $240,000. When you look at a price point at $240,000 and then you combine the increased interest rates, obtaining a mortgage at that rate is increasingly difficult for low-income households.
Is that part of why ICCF is doing more multifamily projects?
We do think a healthy housing market has a variety of housing types at different price points, and some people aren’t ready to own yet, so they need affordable rentals. We are certainly passionate about homeownership. But homeownership is really tough to do when the numbers are like they are right now. It’s only recently, since the rates changed, that it’s now gone back to ‘normal,’ where it’s cheaper to rent than to own. For many years, it was cheaper to pay a mortgage than to pay rent.
What are you most excited about in 2024?
The 1309 Madison Apartments — we received notice from MSHDA that we received over $6.9 million in LIHTC tax credits for that.
The other part of our work that I’m excited about and also see as a challenge is the continuing demand for homeownership classes and housing counseling. There’s still a desire for people to become homeowners, and we’re excited to be able to offer those kinds of supports for neighbors. Our challenges are the demand for housing counseling outstrips our ability to meet the demand. Those positions require HUD certification. We have two positions right now that we’re looking to fill. That hits on another challenge, which is the pretty tight labor market.
See more executive outlook in the 2024 Crystal Ball edition from Crain’s Grand Rapids Business.
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https://www.crainsgrandrapids.com/news/real-estate/affordable-housing-leader-thankful-for-new-state-tools-to-speed-housing-growth/
| 2024-01-25T23:03:10Z
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Citing demand fueled by the expansion of businesses like LG Energy Solution Michigan and Hudsonville Ice Cream, a local developer will soon start construction on a second rental housing project in the Holland area.
The Michigan State Housing Development Authority on Jan. 18 approved a construction loan of up to $31 million for HōM Flats at 24 East, a proposed 202-unit mixed-use development on about 9 acres at 717 E. 24th St. in Holland, near the intersection of Waverly Road.
The developer expects construction to start this spring and conclude in the first quarter of 2026, with leasing opening gradually as the three apartment buildings are completed.
The $60 million project by Grand Rapids-based Magnus Capital Partners will feature 61 units for families with a household income at or below 60% of the area median income, 52 units for households at 40% AMI, and 49 units for people making 80% AMI. That’s a range of about $31,880 to $63,760 in annual income for a two-person household in Ottawa County, as of 2023 guidelines from the U.S. Department of Housing and Urban Development.
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This will be Magnus Capital’s second workforce housing project in the Holland area after the 114-unit HōM Flats at Felch Street in Holland Township, which also targeted renters in the 40% to 80% AMI income bracket.
Vishal Arora, founder and CEO of Magnus Capital Partners, told Crain’s Grand Rapids Business HōM Flats at 24 East was spurred by rapid growth in south Holland.
“It’s just a few miles away from a lot of the new employer announcements that have been made in recent months,” Arora said, referencing LG Energy Solution Michigan’s $1.7 billion expansion on East 48th Street and multiple expansions by Hudsonville Ice Cream, also on 48th. Those projects are about 2 miles from where 24 East will be built.
“For us, being near those employment centers, specifically for the kinds of jobs that are being created there, delivering a HōM Flats project in proximity made a lot of sense,” Arora said.
Jason Chronowski, marketing manager at Magnus Capital, echoed that sentiment.
“Holland continues to grow by focusing on advanced manufacturing and technology, solidifying its position as a medical technology hub and building an ecosystem to support innovation and entrepreneurship,” Chronowski said in a statement. “HōM Flats at 24 East is well suited to meet the workforce housing needs that arise from this strategic economic development and expansion.”
Arora added that the project also has good timing, with infrastructure improvements currently underway on South Waverly Road that will make the commercial aspect of the project more accessible to customers.
Between this project, HōM Flats at Felch Street, HōM Flats at 28 West in Wyoming and HōM Flats at Maynard in Grand Rapids, Magnus Capital Partners has an estimated 932 units of workforce housing either completed, underway or in the pipeline in West Michigan.
Arora said Magnus Capital’s top goals are affordability and quality over quantity.
“We’re just focused on making sure that wherever we put up a project, it’s always better than the last one,” he said. “(Amid) a need for workforce housing, we want to be the first name (people) think of, whether you’re a renter or you’re a municipality.”
Project details
The Holland Planning Commission initially approved the HōM Flats at 24 East project in June 2021.
Arora said the delay in getting the project off the ground had to do with increasing the unit count from 191 to 202, changing the array of one-, two- and three-bedroom units to get “the best mix,” reducing the number of parking spaces, and adding a child care facility and retail space.
When completed, the project will include 12,500 square feet of commercial space. Magnus Capital hopes to attract local retailers such as a coffee shop, pet groomer, supply store, fashion boutique, bookstore or other service-based businesses.
The project’s housing component will include 64 one-bedroom units at 670 square feet apiece, 108 two-bedroom units at 910 square feet, and 30 three-bedroom units at 1,150 square feet. The apartments will have open floor plans with kitchen islands, in-unit washers and dryers, and secure key fob access.
Shared amenities in the development will include a pickleball court, gym and yoga studios, a coworking lounge, cafe, indoor and outdoor children’s play area, game room, secure package delivery room, pet washing stations, indoor bike storage, rooftop terraces, walking paths, and indoor and outdoor dog parks.
In addition to the MSHDA construction loan, Magnus Capital also secured a payment in lieu of taxes (PILOT) agreement with the city of Holland in 2022 to pay 4% of rents collected and a municipal services fee of $20,000 per year, adjusted annually based on inflation, instead of paying city taxes.
The rest of the financing will come from a loan through certified community development financial institution IFF, investor capital and Magnus Capital’s own funding.
Grand Rapids-based Hooker DeJong is serving as the architect on the project, and Kentwood-based Rhode Construction is the general contractor.
Magnus Capital will manage the property and leasing in-house.
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Indiana law firm opens first Michigan office in downtown Grand Rapids
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
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https://www.crainsgrandrapids.com/news/real-estate/developer-plans-202-apartments-in-second-holland-area-project/
| 2024-01-25T23:03:19Z
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Kent County commissioners on Thursday will reconsider John Ball Zoo’s plans to accommodate a growing number of visitors with expanded surface parking, despite ongoing criticism from neighbors.
The Board of Commissioners is scheduled to vote Thursday morning on the zoo’s proposal to amend its 2015 master plan that would have allowed the zoo to pave over adjacent park space to add about 670 paved parking spaces. The zoo’s amended proposal would shift the additional surface parking closer to the hillside on John Ball Park and slightly reduce the amount of paved spaces to 620.
“John Ball Zoo is one of the most attended cultural attractions in Michigan, welcoming hundreds of thousands of guests each year,” John Ball Zoo CEO Peter D’Arienzo told Crain’s Grand Rapids in a statement. “As Kent County and the zoo have grown, the need for additional parking access has increased.”
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If the county rejects the zoo’s newest proposal, the zoo would pursue the parking plan in the 2015 master plan, D’Arienzo said.
John Ball Zoo is required to update its master plan every 10 years and submit it to the Kent County Board of Commissioners for approval, as required under the operating agreement between the zoo and Kent County. The next master plan for the zoo, which operates on county-owned land, must be submitted for county approval prior to February 26, 2025.
The county board’s Finance and Physical Resources Committee in late November voted to table the proposed amendment indefinitely to let the full board of commissioners weigh in, which is set to take place at Thursday’s meeting. The committee’s Nov. 21 decision was also made in part after a group of more than 20 residents criticized the zoo’s parking expansion plans and called for alternative options to the amendment and 2015 master plan that would not include paving over greenspace.
The neighborhood resistance is being led by a group of volunteers called Save John Ball Park, who live near the zoo and adjacent park. County and zoo leadership met with the Save John Ball Park neighbors after the Nov. 21 meeting and agreed to include some of their suggestions in the parking amendment plans. Those changes include commitments to save as many trees as possible, removing a proposed new paved path in initial plans to create more contiguous green space, and finding ways to reduce paved space in the future.
Despite these additions to the plans, Save John Ball Park is still calling on the board to table the resolution or vote no on the parking amendment resolution Thursday, Amy Hinman told Crain’s Grand Rapids. Hinman is among the neighbors who live next to the zoo and John Ball Park and has led the effort in opposing the zoo’s plans.
“I think there is more we can do,” Hinman said. “We’ve presented quite a few other options and the community has been pretty adamant that their priority is preserving green space. The premise of the first pause was to collaborate and find a third way to meet the zoo’s needs and the community’s needs. We think what we’ve accomplished so far is a good start but I don’t think it meets the moment.”
Alternatives that residents have suggested include looking at off-site parking options and working with transportation partners like The Rapid to shuttle guests from their parking spot to the zoo entrance. Some neighbors also are supportive of the zoo constructing a parking deck instead of surface lots, especially because zoo leadership has stated they will most likely construct a parking deck in the future to meet growing parking needs.
“If you have to have onsite parking, keep it dense and go up, not out,” Hinman said. “But the challenge is funding and our understanding is the county isn’t particularly inclined to tell the zoo to pause development and provide funding for a parking garage. If the zoo says they need something, the county is pretty much going to support that. It’s just frustrating that this is the outcome.”
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Indiana law firm opens first Michigan office in downtown Grand Rapids
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
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https://www.crainsgrandrapids.com/news/real-estate/john-ball-zoo-parking-expansion-dispute-heads-back-to-kent-county-officials/
| 2024-01-25T23:03:25Z
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Kent County is putting in motion a major relocation plan that would move nearly 200 workers out of downtown Grand Rapids into new county facilities proposed for the city’s northeast side.
The centerpiece of the strategy involves a new $60 million administration building on county-owned land near Fuller Avenue NE and I-196 that would demolish an existing structure that formerly housed a Michigan State Police laboratory.
The administration building would be part of a 72-acre Fuller Campus that already includes various county services, including the Sheriff’s Office and Kent County jail.
The county’s current administration building at 300 Monroe Ave., on shared property with Grand Rapids City Hall and Calder Plaza, would then be remodeled and provide flex space and offices for prosecutor’s office employees who are based at a nearby downtown building at 82 Ionia Ave. NW, according to the county’s plan. The county would then sell 82 Ionia, a four-story, 108,000-square-foot building in the heart of downtown.
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Meanwhile, the county also plans to demolish the sprawling former Kent Community Hospital, which at one point employed more than 600 workers, on the Fuller campus that is currently leased to Corewell Health. The health system’s lease expires in October and demolition would follow shortly thereafter, according to county planning documents.
County officials say the new administration building and broader campus would benefit employees and residents by creating a centralized location for various services, ranging from registering to vote and obtaining a birth certificate to law enforcement operations.
“Part of what we hope to accomplish at Fuller is having heavy customer service areas all on the ground floor so people can park for free and walk into a door where they can be served,” Kent County Administrator Al Vanderberg told Crain’s Grand Rapids Business. “It’s really confusing to get around this building (downtown), and if you’re elderly or if you have a disability, it just doesn’t serve the public very well from a customer service standpoint.”
As well, the county believes the relocation project will help address some ongoing complaints about the accessibility of its operations in the city’s core business district.
“We’ve continued to get feedback from our customers and our own employees that parking downtown continues to be a big challenge and complaint, especially from those doing business with the county,” said Tim Bradshaw, Kent County facilities management director. “We have the opportunity to have better parking (at the Fuller location) and our building at Monroe is continuing to show its age.”
However, the plan has faced pushback from some elected officials on the county commission who say it hasn’t been thoroughly vetted and debated in public. Others also have raised concerns about the consequences of moving 180 office workers from downtown and losing the benefits of operating near other vital services.
“I simply believe that keeping our administration (services) in our downtown has a true added benefit — from being centrally located, which could be adaptable to any changes to transportation infrastructure — to being in close proximity to the other major regional players in our community,” County Commissioner Stephen Wooden said during a Nov. 30, 2023 meeting that discussed funding the project.
Wooden, whose district spans the northeast side and includes the proposed campus on Fuller, was among five commissioners who voted against the plan.
Plans in motion
The county’s relocation plan is well underway. Officials recently filed for a permit with the city of Grand Rapids to demolish the existing building at 720 Fuller Ave. NE, which formerly housed a Michigan State Police forensics laboratory. The state transferred the property to the county for $1 and it has sat vacant for more than a year, Bradshaw said.
The abatement process at the building is nearly complete, and county officials expect to secure a demolition permit and begin tearing down the building soon, Bradshaw said.
Conceptual plans call for a roughly 110,000-square-foot new administration building, with enough parking spaces for the approximately 180 employees who would be relocated from 300 Monroe, Bradshaw said. The number of floors and layout of the building and parking lot will be determined during the design process, Bradshaw said. The county hopes to move into the new administration building in 2026.
Once the new administration building is constructed, the county plans to remodel the 300 Monroe building so the prosecutor’s office can move in and continue to stay in close proximity to the circuit courthouse at 180 Ottawa Ave. NW. The prosecutor team currently works from another county-owned downtown office at 82 Ionia Ave. Once the staff moves to 300 Monroe, the 82 Ionia building would be vacant, and the county intends to sell the building.
Proceeds from the 82 Ionia sale would help fund the construction of new administration offices on the Fuller Campus, Vanderberg has said. He noted that the current administration building would still be used, and that the building at 82 Ionia “will go back on the tax roll.”
“We don’t view this as a negative impact on the downtown at all. I think this is the right plan for the future and will still maintain flexibility because we’ll still own substantial facilities on Ottawa and Monroe,” Vanderberg said.
Commissioner concerns
The Kent County Board of Commissioners voted 13-5 on Nov. 30 on a notice of intent to issue $70 million in bonds to pay for work at 300 Monroe Ave., a small building at 320 Ottawa Ave. and the Fuller campus. As well, the board voted to transfer $8 million from the Strategic Capital fund for the design work associated with making improvements at its facilities. It is standard practice to bond for more than the expected project cost, which is still anticipated to be $60 million, Vanderberg said.
County Commissioners Wooden, Michelle McCloud, Carol Hennessy, Melissa LaGrand and Ivan Diaz voted against the funding resolution at the November meeting.
In addition to Wooden’s opposition, Hennessy also raised concerns during the late November meeting about a lack of public input over the county’s overall plan.
Hennessy disagreed with the county spending $8 million on designing new county facilities before the time period was up for people to give public input on the county’s intent to bond for the project.
Commissioner Katie DeBoer, who supports the relocation plan, countered that moving from downtown is better for constituents because they will no longer have to deal with the difficulty of driving and finding parking downtown.
“This is more accessible for people who don’t live right downtown, as parking is an issue,” DeBoer said.
Richard Winn, chairperson of the Grand Rapids Downtown Development Authority and Grand Rapids-Kent County Convention/Arena Authority, views the county’s plan as “a good thing.”
“Any time you lose office workers, that is certainly not the goal or intent, but it’s great for future expansion and opens up some possibilities,” Winn told Crain’s Grand Rapids. “Any time any government body is consolidating and becoming more efficient, that’s a good thing. I applaud the county for finding unique ways of becoming more efficient and in the short and long term that’s only good for the citizens that are contributing.”
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Indiana law firm opens first Michigan office in downtown Grand Rapids
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
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https://www.crainsgrandrapids.com/news/real-estate/kent-county-to-move-180-workers-out-of-downtown-under-relocation-plan/
| 2024-01-25T23:03:37Z
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EDITOR’S NOTE: This story has been updated with comments from a Meritage spokesperson.
After less than three years in business, Grand Rapids-based restaurant operator Meritage Hospitality Group Inc. has closed its downtown Grand Rapids Stan’s Tacos restaurant.
A sign on the front door of the restaurant at 67 Ottawa Ave. SW on Tuesday afternoon indicated that the store had closed and directed customers to the restaurant’s Walker location, which is now the only Stan’s Tacos in operation.
“Stan’s Downtown Grand Rapids is closed, it is never an easy decision to close a location,” a Meritage spokesperson said in an emailed statement. “During the last two years Stan’s Downtown experimented with a variety of service models and other initiatives. Ultimately the space is incredibly large for what a typical Stan’s Tacos would require. … The future of the space is unknown, there has been interest by other restauranteurs for a variety of concepts.”
The restaurant offered freshly made tacos, burritos and bowls as well as a variety of margaritas with a regular happy hour schedule.
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The downtown Grand Rapids location, which opened in November 2021, was the third addition for the franchise in as many years. It followed the Walker location, which opened in 2018, and a Grand Haven location at 21 Beacon Blvd., which opened in August 2021 but has since closed.
Initial plans from Meritage Hospitality Group called for a fourth location to open at 1600 E. Beltline Ave. NE in Grand Rapids Township the same year, although those plans never came to fruition.
The Stan’s Taco’s closure at Arena Place marks the second concept that Meritage closed at the location, which formerly housed Wheelhouse, a casual dining concept that closed early on in the pandemic in 2020.
As well, the closure comes as the hospitality group expands its Taco John’s and Wendy’s franchises. The spokesperson also said the company is focusing on growing its Morning Belle brand of brunch-focused restaurants.
Meritage opened three West Michigan Taco John’s locations in 2023 after signing a development agreement to develop at least 50 new Taco John’s restaurants by early 2026.
At the time, Meritage estimated an investment of approximately $100 million in the initial 50-store rollout through a combination of cash and credit facilities.
In mid-February 2023, Meritage opened its first three West Michigan Taco John’s locations: 730 28th St. SW in Grand Rapids; 4029 32nd. Ave. in Hudsonville; and 6722 Broadmoor Ave. SE in Caledonia.
“We’re excited to introduce bigger, bolder, better flavors to the Grand Rapids area,” Meritage President Gary Rose said at the time, adding that the company planned to develop 200 Taco John’s restaurants “in the next several years.”
In its third quarter ending Sept. 30, 2023, Meritage reported $170.3 million in sales, a 6.1% increase from the same period the prior year. Operations earnings increased 6.4% to $3.2 million compared to $3 million for the same period in 2022. The company’s net earnings broke even in the third quarter compared to $1.8 million in net earnings for the same period the prior year.
In a Dec. 31, 2023, letter to shareholders, CEO Robert Schermer Jr. said Meritage has taken several steps to mitigate the effects of labor availability, supply chain disruptions and rising inflation over the past two years.
“Looking ahead, we see promising signs of improvement in the restaurant landscape,” Schermer wrote. “In our view market supply chain dynamics are stabilizing, creating the opportunity for restaurant operating margins to begin a reversion back to a normalized prime cost range. The lessons learned from managing cost inflation over the last two years should further strengthen our ability to capitalize on opportunities and resume growth with greater confidence.”
Meritage’s sales reached $632 million in 2022, which is expected to grow to $679 million in 2023 and $719 million in 2024.
Meritage continues to lean heavily on its Wendy’s franchise, recently acquiring 25 Wendy’s restaurants in North Carolina and Virginia, which it anticipates will add approximately $42 million in annual sales. The hospitality group also recently expanded its Wendy’s brand agreement to build a total of 52 new Wendy’s restaurants by the end of 2026.
Meritage closed the third quarter with 385 restaurants in operation.
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
Business groups cry foul over new federal rules restricting use of independent contractors
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Previously, LaFontaine acquired the former Keller Ford in Walker in August 2022 and followed it up with a deal for the former Pfeiffer Lincoln in January 2023.
“Through all of our acquisitions, we always look to retain as much of the staff as humanly possible if they’d like to stay employed,” he said. “So while we will be adding to the staff and growing the teams, the current team will stay in place as well.”
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Indiana law firm opens first Michigan office in downtown Grand Rapids
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
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Local leaders say the inaugural season of the Grand Rapids Rise, the city’s first major league women’s sports team, helps Grand Rapids compete with bigger markets on a burgeoning sport and will draw in more downtown visitors for games at Van Andel Arena.
Founded in late 2022 by Dan DeVos’s DP Fox Sports & Entertainment, the Rise are set to play their first-ever match on Thursday night, playing host to the Columbus Fury. Grand Rapids was the first market announced for the newly formed Pro Volleyball Federation.
Select home games, including Thursday’s match against Columbus, will be televised locally on WXSP-TV and simulcast on 96.1 FM.
That Grand Rapids is among the first seven teams in the Pro Volleyball Federation — along with teams in Atlanta, San Diego, Orlando, Columbus, Omaha and Las Vegas — helps elevate the city among sports markets, local leaders say.
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“There is excitement around volleyball, particularly women’s volleyball, so to have a team is pretty fortunate for us,” said AHC Hospitality President Rick Winn, who serves as chairperson of the Grand Rapids Downtown Development Authority and the Grand Rapids-Kent County Convention/Arena Authority (CAA).
“The other teams I’m aware of are from much larger cities, so we’ll be fighting above our weight class,” he added. “That’s only good news for Grand Rapids and the other markets to be aware of Grand Rapids, so I see so many positives and it’s another great event for the arena.”
Matthew Rothenberg, president of the Heartside Business Association and co-owner of the ArtRat Gallery, agreed.
“It’s fantastic news. … The fact that all of the home games are going to be played at Van Andel Arena is terrific for us,” Rothenberg said. “Van Andel is a cornerstone of Heartside and very important to the rest of our businesses and has a lot to do with Heartside’s status as an entertainment hub of Grand Rapids. We’re expecting this will be a great opportunity for people to come downtown.”
Indeed, volleyball is the top women’s sport that North American audiences tune into, according to a 2023 Morning Consult survey of 1,104 people about their sports viewing habits.
In August 2023, the University of Nebraska’s volleyball team drove 92,003 fans to Memorial Stadium in Lincoln, Neb., breaking the record for the highest attendance ever at a women’s sporting event, according to reports. The 2023 regular season also was the most-watched U.S. women’s college volleyball season ever, according to ESPN.
Volleyball also remains a popular sport for high schoolers, and was the second most popular sport for girls to play in the 2022-23 school year, with a 3.6% increase from the previous school year, according to a survey compiled by the National Federation of State High School Associations, which serves 19,500 high schools across the country.
As interest grows in the high school and college level, interest had previously waned in professional leagues, according to sports business publication Sportico. However, the formation of new leagues, including League One Volleyball (LOVB) in 2020, suggest renewed attention at the professional level.
Launch of the Rise
Rise Head Coach Cathy George, who coached Michigan State University and Western Michigan University’s volleyball teams, will lead the Rise’s 14 players through their 24-game season that features 12 home and 12 away matches.
All of the Rise’s home games will be played at Van Andel arena, and their season runs until May 12, including two home and two away games against each of the other six teams in the Pro Volleyball Federation.
Dan Hasty, who commentates for the West Michigan Whitecaps and the University of Detroit Mercy men’s basketball team, will provide the play-by-play for Rise games alongside former Grand Valley State volleyball standout Katie Olson. The telecasts will also be simulcast on 96.1 FM.
“I am thrilled to be a part of something so inspiring to the volleyball community,” Olson said in a statement. “It’s amazing to have such a high level of volleyball not only in the states, but in West Michigan.”
Pro Volleyball Federation CEO Jen Spicher announced in late 2022 in Grand Rapids when the league first formed that players would earn a base minimum salary of $60,000, which she said is a living wage meant to provide a career for amateur or collegiate volleyball players in a professional league. Officials said the first-year base salaries are similar to what current first-year Women’s National Basketball Association (WNBA) players make.
The Rise’s roster features:
- Sarah Sponcil, a member of Team USA Beach Volleyball for the past five years who will serve as the team’s setter.
- Emiliya Dimitrova, the team’s opposite hitter from Bulgaria who played on pro teams in Europe for 17 years.
- Morgahn Fingall, also an opposite hitter, who is making her professional debut with the Rise after playing five seasons at the University of Tennessee and finishing with the fifth-most kills in the program’s history (1,632) in her 132 matches played at the university.
More from Crain’s Grand Rapids Business:
Industrial developer gets creative with partnerships to counter market challenges
Indiana law firm opens first Michigan office in downtown Grand Rapids
Former Proos Manufacturing building in Grand Rapids sells for $7.1 million
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Toward the end of 2023, the economy started showing signs of stabilization and easing inflationary pressure as the Fed finally decided to keep interest rates unchanged. This is likely to benefit generic drugmakers like Amphastar Pharmaceuticals (AMPH - Free Report) , Teva Pharmaceutical (TEVA - Free Report) and Dr. Reddy’s Laboratories (RDY - Free Report) , who can potentially benefit from declining costs in the long run.
These drugmakers are also focusing on new product launches or existing products with high gross margins to support their top and the bottom line. To expand market share further, generic drugmakers have also started exploring strategic collaboration with regional and global players.
Industry Description
The Medical - Generic Drugs industry comprises companies that develop and market chemically/biologically identical versions of a brand-name drug once patents, providing exclusivity to branded drugs, expire. These drugs can be divided into generic and biosimilar categories based on their composition. The generic segment is controlled by a few large drugmakers and generic units of large pharma companies. Several smaller companies also develop generic versions of branded drugs, significantly cheaper than the original drugs. Competition in this segment is stiff, resulting in thin margins for manufacturing companies. A few companies in this industry have some branded drugs in their portfolio, helping them to tap a higher-margin market.
3 Trends Shaping the Future of the Generic Drugs Industry
Loss of Patent Exclusivity of Branded Drugs: Generic drugmakers mainly rely on the loss of patent exclusivity of branded drugs. They apply to the FDA to have their generic or biosimilar version of branded drugs approved, which have lost patent protection. Patent loss of blockbuster drugs like AbbVie’s Humira provided significant opportunities for generic drugmakers last year. Several companies like Amgen and Sandoz have already launched their Humira-biosimilars.
A company may launch an authorized generic version of a branded product, gaining exclusivity over other generic versions of the same drug for several months. Although developing biosimilars is complex, the generic players have already launched a few. These generic drugmakers may have to face litigation to market the generic version of these drugs.
Stiff Competition: The generic drug industry competes with original branded drugs. Once a branded drug loses patent exclusivity and generic versions of the same are available in the market, it induces competition as competitors set generic prices well below the brand price. The competition among multiple generic drugmakers to market the same drug pulls prices down, benefiting the consumer. As a result, drugmakers aim for the medicines' first-to-file (FTF) status. The current generic market is already crowded, with many drugmakers having several generic filings pending before the FDA. With several biosimilar drugs set for launch over the next couple of years, the top line of these firms is likely to improve significantly.
Patent Settlements: The successful resolution of patent challenges continues to be an essential catalyst for the growth of generic drugmakers. The settlement of these challenges accelerates the availability of low-cost generic products and removes uncertainties associated with litigation. However, active patent challenges require litigation, leading to higher costs.
Zacks Industry Rank Indicates Sunny Prospects
The Zacks Medical – Generic Drugs industry is a small 14-stock group housed within the broader Zacks Medical sector.
The group’s Zacks Industry Rank is the average of the Zacks Rank of all the member stocks. The Zacks Medical – Generic Drugs industry currently carries a Zacks Industry Rank #99, which places it in the top 39% of the 251 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Against this backdrop, we will present a few noteworthy stocks. But before that, it’s worth looking at the industry’s stock market performance and current valuation.
Industry Outperforms Sector and S&P 500
The Zacks Medical – Generic Drugs industry has outperformed the broader Zacks Medical sector and the S&P 500 Index in the past year.
The industry has risen 27.4% over this period compared with the broader sector’s 0.3% growth. Meanwhile, the S&P 500 has risen 20.3% in the said time frame.
One-Year Price Performance
Image Source: Zacks Investment Research
The Industry's Current Valuation
Based on forward 12 months price-to-earnings (P/E F12M), which is a commonly used multiple for valuing generic companies, the industry is currently trading at 11.24X compared with the S&P 500’s 20.31X and the Zacks Medical sector’s 22.89X.
Over the last five years, the industry has traded as high as 13.31X, as low as 7.02X, and at the median of 9.30X, as the charts below show.
Price-to-Earnings Forward Twelve Months (P/E F12M) Ratio
Image Source: Zacks Investment Research
Image Source: Zacks Investment Research
3 Generic Drug Stocks to Keep an Eye On
Amphastar: The company develops, manufactures, and markets generic and proprietary injectable, inhalation, and intranasal products, as well as an insulin-active pharmaceutical ingredient. The company is focused on expanding its portfolio of generics and biosimilars. As of Sep 2023-end, the company has three generic drugs under review with the FDA. It is also developing three biosimilar and six generic drugs with significant market opportunities.
The company is also focused on selling higher-margin products, including new product launches of vasopressin and ganirelix. Following the discontinuation of branded glucagon products by competitors Lilly and Novo Nordisk in 2022, Amphastar more than doubled the sale of its glucagon products in the first nine months of 2023.
The stock has surged 78.7% in the past year. The consensus estimate for 2024 earnings has increased from $3.72 to $3.77 per share in the past 60 days.
Amphastar flaunts a Zacks Rank #1 (Strong Buy).
Price & Consensus: AMPH
Image Source: Zacks Investment Research
Teva: Teva is the world’s largest generic drug company in total and has new prescriptions. The company is seeing the continued growth of its new branded drug, Austedo’s prescriptions and market share growth for another newer medicine, Ajovy. Generic revenues are improving in Europe and international markets. Teva is currently focused on saving costs and improving margins through the optimization of operations for efficiency while also lowering the debt on its balance sheet. The company might register better growth in a few years with improving operational efficiencies and significant debt reduction. The company expects to achieve gross margins of up to 67% in the long term.
The consensus estimate for 2024 has remained consistent at $2.39 per share in the past 60 days. The stock has risen 17.4% in the past year. TEVA carries a Zacks Rank #2 (Buy).
Price & Consensus: TEVA
Image Source: Zacks Investment Research
Dr. Reddy's Laboratories: The India-based company enjoys a strong position in the U.S. generics market. Dr. Reddy’s also markets its products in countries like the U.K., Germany, Russia, Venezuela, Romania and South Africa. To ensure steady growth in these markets, management is focused on accelerating the development of its complex generics portfolio. RDY is also making efforts to ensure that the approvals come in time through appropriate risk management and proactive measures to deal with possible deficiencies.
As of Sep 2023-end, cumulatively, 79 generic filings were pending approval from the FDA (75 abbreviated New Drug Applications [ANDAs] and four new drug applications).
The consensus estimate for the fiscal 2025 (year ending March 2025) earnings has dropped from earnings per share of $4.09 to $4.07 in the past 60 days. The stock has gained 34.3% in the past year. Dr. Reddy's has a Zacks Rank #3 (Hold).
Price & Consensus: RDY
Image Source: Zacks Investment Research
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If there’s one thing even bigger than the sheer amount of economic reports released an hour ahead of the bell today, it’s the results of these prints this morning. There is lots of eye-opening data, and pre-market futures are up on the news: the Dow is +90 points at this hour, the S&P 500 is +20 and the Nasdaq is up +94 points so far today. The S&P 500 seeks its fifth-straight record high in as many trading sessions.
The preliminary read on Q4 Gross Domestic Product (GDP) reached +3.3%, much higher than the +2.0% consensus among economists. Though this comes down considerably from the final +4.9% in Q3 of last year, it speaks to a continued robust economy far removed from the perils of recession. Consumption came in at +2.8%, 30 basis points (bps) lower than the previous read of +3.1%, but 30 bps higher than anticipated.
So that’s higher growth for the economy. What about pricing? The Price Index reached +1.5% for the quarter — the lowest print since the negative headline reported in June 2020, as the Covid pandemic raged on. This is down -0.7% from expectations, and +3.3% reported in Q3. Core quarter-over-quarter prices came in at +2.0% — exactly as expected and reported in the previous quarter. In short, more very good news for the economy.
Initial Jobless Claims came in at their highest level in the past month, but still only to 214K — still consistent with a robust job market. Expectations were for roughly 200K, but that was off the previous week’s exceptionally low (and slightly upwardly revised) 189K. Six months ago, we were looking at trends heading to the high-200Ks, but new jobless claims have since simmered down notably.
Continuing Claims also notched higher week over week, posting 1.833 million two weeks ago (longer-term claims report a week in arrears from new claims), though higher than the 1.806 million from the previous week. That low figure, however, is the lowest of the 12-week cycle. Recall that the week before Thanksgiving, we were looking at longer-term jobless claims jumping north of 1.9 million, appearing we were headed directly for 2 million longer-term jobless claims. Clearly, we’ve pulled back from this, as well.
Durable Goods Orders for December were unchanged, notably lower than the +1.5% expected, and down from the upwardly revised +5.5% the previous month, which was the loftiest perch since July 2020. Ex-Transportation, this number hops to +0.6%, 10 bps higher than the previous month’s read. Capital goods, non-defense, ex-aircraft — a proxy for “normal” business spending — comes way down to +0.3% from an upwardly revised +1.0% for November. More lower inflation metrics as grist for the economic mill.
Advance Retail Inventories ratcheted up to +0.8% in December, from -0.1% reported in the previous month. Wholesale Inventories came in at +0.4% from -0.2% reported the previous month. This sort of economic growth — inventories — are among the least valuable to the overall picture of the economy; after all, if you load up on inventories and don’t move it all, you’ll need to bring prices down. Then again, this might aid the lower-inflation picture the Fed and other market participants are looking for, big picture.
For Q4 earnings this morning, Blackstone (BX - Free Report) reported beats on both top and bottom lines this morning: earnings of $1.11 per share outpaced the 95 cents in the Zacks consensus, with $2.54 billion in quarterly revenues swooping past the $2.48 billion analysts were projecting. Shares of the investment bank, which had carried a Zacks Rank #5 (Strong Sell) into the earnings report, are up +2.5% in pre-market trading. The stock is still down more than -5% year to date.
After today’s opening bell, we’ll check out New Home Sales for December — which are expected to reach nearly 650K seasonally adjusted, annualized units, up from 590K reported for November. Then, once the closing bell rings today, we’ll see earnings results from tech stalwart Intel (INTC - Free Report) , which is currently expected to post year-over-year earnings growth of +340%. Intel is currently riding a positive earnings surprise streak of three consecutive quarters.
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Research Daily
Today's Must Read
Oracle (ORCL) Gains from Cloud Suite Adoption & Partnerships
Progressive (PGR) Gains on Premiums, Cat Loss Woes Linger
MercadoLibre (MELI) Gains From Total Payment Volume Growth
Thursday, January 25, 2024
The Zacks Research Daily presents the best research output of our analyst team. Today's Research Daily features new research reports on 12 major stocks, including Oracle Corporation (ORCL), The Progressive Corporation (PGR) and MercadoLibre, Inc. (MELI). These research reports have been hand-picked from the roughly 70 reports published by our analyst team today.
You can see all of today’s research reports here >>>
Shares of Oracle have gained +29.2% over the past year against the Zacks Computer - Software industry’s gain of +56.9%. The company’s second-quarter fiscal 2023 results benefited from a steady adoption of Gen 2 Cloud, Fusion and Autonomous Database despite slow cloud revenue growth. Its Gen 2 Cloud is driving artificial intelligence (AI) clientele because of better performance at a lower cost due to high bandwidth and low-latency RDMA networks.
Partnerships with VMware and Microsoft is helping Oracle win new clientele. The company is launching a generative AI cloud service for enterprise customers. Its share buybacks and dividend policy are noteworthy.
However, an uncertain economic environment and competition in the cloud computing market is weighing on demand for its cloud offerings. Stiff competition in the cloud market is slowing down the growth of its expansion efforts in the competitive market.
(You can read the full research report on Oracle here >>>)
Progressive shares have outperformed the Zacks Insurance - Property and Casualty industry over the past year (+33.2% vs. +18.0%). The company continues to gain on higher premiums, given its compelling product portfolio, leadership position and strength in both Vehicle and Property businesses.
Focus on becoming a one-stop insurance destination, catering to customers opting for a combination of home and auto insurance, augurs well for the company's growth. Policies in force and retention ratio should remain healthy. Competitive pricing to retain current customers and address customer needs with new offerings should continue to drive policy life expectancy.
However, exposure to catastrophe losses induces underwriting volatility. Escalating expenses due to higher losses and settlement expenses remain an overhang on the margin. High debt level along with low times earned interest pose financial risk.
(You can read the full research report on Progressive here >>>)
Shares of MercadoLibre have outperformed the Zacks Internet - Commerce industry over the past year (+48.3% vs. +28.4%). The company is benefiting from accelerating commerce and fintech revenues. Increasing total payments volume (TPV), courtesy of the robust Mercado Pago, is contributing well. Also, strong mobile-point-of-sale business is a plus.
Further, rising gross merchandise volume (GMV) remains a tailwind. Solid shipment growth is acting as a key catalyst. Growing momentum in user engagement, driven by continued improvements in logistics experience, is a plus. Also, strong momentum across the company's advertising services is a positive.
Additionally, MercadoLibre continues to benefit from strong online-to-offline offerings. However, mounting expenses related to warehousing, free shipping subsidies and mPOS discounts are major concerns.
(You can read the full research report on MercadoLibre here >>>)
Other noteworthy reports we are featuring today include Workday, Inc. (WDAY), Moderna, Inc. (MRNA) and Agilent Technologies, Inc. (A).
Director of Research
Sheraz Mian
Note: Sheraz Mian heads the Zacks Equity Research department and is a well-regarded expert of aggregate earnings. He is frequently quoted in the print and electronic media and publishes the weekly Earnings Trends and Earnings Preview reports. If you want an email notification each time Sheraz publishes a new article, please click here>>>
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Over the years, EV maker Tesla ((TSLA - Free Report) ) has evolved into a dynamic technology innovator. With the world’s richest man at the helm (Elon Musk), Tesla has gone from an obscure start-up to the EV king. Tesla has transformed the EV space like Amazon ((AMZN - Free Report) ), changed the retail landscape, and Netflix ((NFLX - Free Report) ) revolutionized entertainment. In fact, roughly 70% of battery-powered electric car sales in the United States are courtesy of Tesla. However, for four straight quarters, TSLA stock has plummeted after reporting earnings, and the stock is more than 50% off its all-time high of $414.50, which was achieved in 2021. Is it time to give up on Tesla, or is the most recent dip an opportunity for bargain hunters?
Historical Data Tells us that Crisis Equates to Opportunity
Jason Goepfert (@jasongoepfert on X) ran historical price data on Tesla and made a significant discovery: “Every time Tesla gapped down 5% or more to a 6-month low, it rebounded strongly over the next 30 days. 100%-win rate, 18% (!) median return.” Thursday, Tesla gapped down more than 5% to 6-month lows. Will history repeat?
Valuation is at Rock-Bottom Lows
Tesla’s price-to-book ratio of 12.19 (calculated by taking total assets – liabilities, preferred stock, and intangible assets) is at its lowest level since early 2020. The last time TSLA’s p/b was this low, TSLA exploded from $35 to more than $400 per share.
Image Source: Zacks Investment Research
Competition is Fading
Pure-EV competitors to Tesla are collapsing. For example, Nio ((NIO - Free Report) ), Rivian ((RIVN - Free Report) ), and Lucid ((LCID - Free Report) ) are more than 90% off their all-time highs.
China Stimulus
Earlier this week, news broke that China is planning to unveil a massive stimulus package to boost the country’s struggling economy. In addition, the People’s Bank of China (PBOC) will allow banks to hold smaller cash reserves. Should the stimulus effort be successful, it will be a big boost for Tesla, whose second-largest market is China.
Record Cash on Hand
Tesla is turning into a cash cow with nearly $30 billion cash on hand. With so much dry powder, Tesla’s board has the flexibility to buy back shares of TSLA or inject more cash into the business to ramp up production.
Image Source: Zacks Investment Research
Bottom Line
As Tesla faces a stock decline for four consecutive quarters, recent data suggests a potential opportunity for investors. Historical analysis reveals that every time Tesla experienced a 5% or more gap down to a 6-month low, shares roared back in the next 30 days. Finally, an attractive valuation and cash hoard bode well for the EV king.
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Artificial intelligence (AI) is Wall Street’s new obsession, with companies discussing the technology in a snowballing fashion and helping to keep sentiment positive.
The robust quarterly results we’ve received from NVIDIA (NVDA - Free Report) over the last year have added further fuel to the fire, with NVIDIA flexing the scorching-hot demand it’s been witnessing regarding its AI chips.
Still, outside of NVIDIA, there are several other stocks investors can tap into for AI exposure, including Vertiv (VRT - Free Report) , Arista Networks (ANET - Free Report) , and IBM (IBM - Free Report) . For those interested in exposure to the technology slated to change the world, let’s take a closer look at each.
Arista Networks
Arista Networks shares have benefited nicely from the AI frenzy, up nearly 120% just over the last year. The company is an industry leader in data-driven, client-to-cloud networking for large data centers, campus, and routing environments.
Analysts have taken their current fiscal year expectations well higher over the last year, with the $6.55 Zacks Consensus EPS Estimate up 25% over the last year and suggesting 43% year-over-year growth.
Image Source: Zacks Investment Research
Keep an eye out for the company’s upcoming quarterly release expected on February 12th, with consensus expectations reflecting 21% earnings growth on 20% higher sales. The company posted strong quarterly results in its latest release, driven by continued customer momentum in enterprise, cloud, and AI sectors.
The company has enjoyed considerable top line expansion over the last several years, posting double-digit percentage year-over-year revenue growth rates in ten consecutive quarters.
Image Source: Zacks Investment Research
Vertiv
Vertiv is a global leader in designing, building, and servicing critical infrastructure that enables vital applications for data centers. The company is the only pure-play data center infrastructure provider able to deliver across the entire spectrum of thermal and power technologies.
Analysts have taken their expectations higher across the board, pushing the stock into a Zacks Rank #1 (Strong Buy).
Image Source: Zacks Investment Research
The company posted notably strong results in its latest release thanks to healthy end markets and momentum, raising its FY23 guidance across all metrics. Vertiv CEO Giordano Albertazzi said, “We are still in the early stages, but the industry is gearing up to deploy the data center infrastructure needed to meet the compute capacity that AI is demanding,”
The recent string of robust quarterly results has had shares notably hot, moving higher following each of its last three releases.
Image Source: Zacks Investment Research
Vertiv’s hot demand is reflected by consensus expectations, currently alluding to 230% earnings growth on 20% higher sales in FY23. The stock sports a Style Score of ‘A’ for Growth.
IBM
IBM’s latest set of quarterly results excited the market, with shares moving well higher post-earnings and continuing a recent trend of post-earnings bullishness. IBM posted a 2.4% beat relative to the Zacks Consensus EPS Estimate and reported sales modestly above expectations.
Image Source: Zacks Investment Research
The company touted its AI demand, saying, ‘In the fourth quarter, we grew revenue in all of our segments, driven by continued adoption of our hybrid cloud and AI offerings. Client demand for AI is accelerating and our book of business for watsonx and generative AI roughly doubled from the third to the fourth quarter.’
In addition to AI exposure, IBM shares also pay a healthy dividend, yielding a sizable 3.8% annually. Dividend growth is also there, with the company carrying an 0.8% five-year annualized dividend growth rate.
The company is a member of the elite Dividend Aristocrats group.
Image Source: Zacks Investment Research
Bottom Line
The AI frenzy continues to dominate market headlines, with companies continuing to speak on the technology in a snowballing fashion.
It isn’t just beloved NVIDIA (NVDA - Free Report) enjoying the tailwinds, as Vertiv (VRT - Free Report) , Arista Networks (ANET - Free Report) , and IBM (IBM - Free Report) have also seen the same.
On top of AI exposure, all three stocks above sport a favorable Zacks Rank, reflecting the optimism among analysts surrounding the technology.
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https://www.zacks.com/commentary/2216093/3-top-ranked-stocks-to-buy-for-artificial-intelligence-ai-exposure
| 2024-01-26T00:02:50Z
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I think we can now explain why Tesla (TSLA - Free Report) CEO Elon Musk has been so loud about his robotics and AI developments over the autos – because growth of EV sales is slowing markedly.
Tesla stock price fell more than (-12%) by mid-day trading following a Q4 earnings report that missed both sales and earnings expectations. EPS of $0.71 were below analysts’ estimates of $0.74 and Revenue of $25.17 billion missed the mark of $25.76 billion.
While neither of those results are egregious misses, the sales results show just a 1% YoY increase. Additionally, management offered concerning guidance saying that volume growth “may be notably lower.”
Because Tesla’s premium valuation is based on the expectations of major secular growth in the EV market, seeing this slowdown could be a worrying development.
Furthermore, pressure on growth is only worsened by price cuts on cars, which further compresses margins.
Earnings Estimates and Valuation
In the chart below, which shows Tesla’s earnings revisions trend, we can see that once 2024 and 2025 estimates began to fall, the stock also started to struggle.
Tesla currently has a Zacks Rank #3 (Hold) rating, reflecting mixed earnings estimates.
Image Source: Zacks Investment Research
Adding to the downside risk is the premium valuation Tesla commands. But if the electric vehicle manufacturer can’t maintain the impressive growth rates of past years, it may not be able to boast such a high relative valuation.
TSLA is trading at a one year forward earnings multiple of 64.4x, which is below its three-year median of 89x, but way above its competitors.
Below I will share two legacy auto manufacturers that are trading at far more reasonable valuations, and also have much better earnings growth expectations.
Image Source: Zacks Investment Research
Automaker Alternatives
Toyota Motors (TM - Free Report) and Honda Motor Co. (HMC - Free Report) are two of the largest carmakers in the world, with long histories of success. Both Honda Motor Co and Toyota Motors have Zacks Rank #3 (Hold) ratings, indicating mixed earnings revisions, but have other promising catalysts.
Over the next 3-5 years Honda Motor Co. is projected to grow EPS by 21.2% annually, while Toyota Motors is expected to grow by 24.6% annually over the same period. Tesla on the other hand is currently forecasting 3–5-year EPS growth of 18.8% annually.
But the most important contrast between the auto companies is the valuations. In addition to better EPS growth forecasts, HMC and TM both have very appealing valuations.
Toyota Motors is trading at a one year forward earnings multiple of 10.3x, just above its 10-year median of 9.8x. However, that gives TM a PEG Ratio of 0.42x, a discounted valuation based on the metric.
Honda Motor Co. valuation is even more appealing on a relative basis. Now trading at a one year forward earnings multiple of 7.9x, it is below its 10-year median of 9.1 and has a PEG Ratio of just 0.37x.
Image Source: Zacks Investment Research
Bottom Line
Tesla stock likely has a promising long-term future, as Elon Musk has managed to continuously defy the odds, and release truly amazing products. However, because growth is such a critical driver of near-term returns in the stock and struggling, I don’t think the outlook is currently favorable.
I think for now, investors may want to consider avoiding Tesla stock and consider those trading at more appealing levels like Honda Motor Co. and Toyota Motors.
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https://www.zacks.com/commentary/2216094/tesla-earnings-were-a-car-crash-2-auto-stocks-investors-can-buy-instead
| 2024-01-26T00:02:56Z
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The streaming giant Netflix (NFLX - Free Report) reported fourth-quarter 2023 earnings of $2.11 per share, which missed the Zacks Consensus Estimate by 4.09%. The figure surged from 12 cents reported in the year-ago quarter. Revenues of $8.83 billion increased 3.4% year over year and beat the consensus mark by 1.33%.
Shares jumped double digits on Wednesday, climbing over 10% as Netflix reported strong subscriber additions which topped 13 million. There was a rise of 1% in average revenue per subscription. Notably, Netflix gained 7.66 million paid subscribers in the year-ago quarter.
Aa strong content portfolio in the reported quarter led to this gain. The company credited gains to the strength of its intellectual property, including Squid Game: The Challenge, a reality show based on its most-watched TV series, new original series, such as All the Light We Cannot See, feature films like Zack Snyder's Rebel Moon: A Child of Fire and non-English-language programming, including the third season of Lupin from France.
The Zacks Rank #2 (Buy) Netflix also cited strong demand for licensed titles, such as Young Sheldon, besides strong viewership for the final season of the long-running royal drama The Crown and David Fincher's original film, The Killer.
Netflix has an upbeat VGM score of B. All these upbeat factors put Netflix-heavy ETFs like MicroSectors FANG+ ETN (FNGS - Free Report) , Invesco Next Gen Media and Gaming ETF (GGME - Free Report) , REX FANG & Innovation Equity Premium Income ETF (FEPI - Free Report) and First Trust S-Network Streaming and Gaming ETF (BNGE - Free Report) .
Behind the Headline Numbers
The company attributed the robust top-line growth to its paid subscription-sharing offering (part of its password-sharing crackdown), recent price changes and the strength of its business in general. In October 2023, Netflix raised the price of its premium ad-free plan to $22.99 while its one-stream basic plan rose to $11.99.
On the ads front, ad-tier memberships increased 70% quarter over quarter. The ads plan now accounts for 40% of all Netflix sign-ups in the markets it has offered. Earlier this month, NFLX stated that the ad tier has surpassed 23 million monthly active users, which increased from 8 million from its November update.
ARM increased 1% year over year, both on a reported basis and a foreign-exchange neutral basis in the fourth quarter. The company had guided “roughly flat year-over-year” ARM due to limited price increases over the last 18 months, as well as price reductions in some countries at the beginning of 2023, which were partially offset by price increases in the United States, United Kingdom and France in the fourth quarter of 2023. At the end of the fourth quarter, Netflix had 260.28 million paid subscribers globally, up 12.8% year over year.
What Lies Ahead?
The recent deal with WWE marks the streaming service’s first serious foray into live events as it seeks to fend off competition from rivals, such as Amazon and Disney. It marks the first time in more than three decades that Raw will not be broadcast live on a traditional TV channel. Raw will air each week on Netflix in the United States, United Kingdom, Canada and Latin America, with additional countries to be added over time.
Netflix will also host other WWE shows and specials outside the United States, including SmackDown and Royal Rumble, as well as documentaries and series from next year.
Guidance
For the first quarter of 2024, Netflix forecasts revenues to increase 16% on a F/X neutral basis. The company has projected earnings of $4.49 per share, suggesting growth of 55.9% year over year or 12% on a foreign-exchange neutral basis. The Zacks Consensus Estimate for the same was $4 per share, lower than the company’s expectation.
Total revenues are anticipated to be $9.24 billion, suggesting growth of 13.2% year over year or 12% on a foreign-exchange neutral basis. The consensus mark for revenues was $9.28 billion, higher than the company’s expectation.
For 2024, the company expects healthy double digit revenue growth on a F/X neutral basis, driven by a rise in membership as well as improvement in F/X neutral ARM. Netflix is increasing full-year 2024 operating margin forecast from 22%-23% to 24% (based on F/X rates as of Jan 1, 2024). This reflects the weakening of the U.S. dollar compared with other currencies since October as well as stronger-than-forecasted fourth-quarter 2023 performance.
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https://www.zacks.com/stock/news/2215951/netflix-shares-surge-post-earnings-etfs-in-focus
| 2024-01-26T00:03:02Z
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For the quarter ended December 2023, S&T Bancorp (STBA - Free Report) reported revenue of $103.17 million, down 1.5% over the same period last year. EPS came in at $0.96, compared to $1.03 in the year-ago quarter.
The reported revenue represents a surprise of +3.07% over the Zacks Consensus Estimate of $100.1 million. With the consensus EPS estimate being $0.86, the EPS surprise was +11.63%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how S&T Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net interest margin (FTE) (non-GAAP): 3.9% versus the two-analyst average estimate of 4%.
- Efficiency Ratio (FTE): 54.1% versus 52.8% estimated by two analysts on average.
- Total Noninterest income: $18.06 million versus the two-analyst average estimate of $13.45 million.
Shares of S&T Bancorp have returned +0.6% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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https://www.zacks.com/stock/news/2215952/st-bancorp-stba-reports-q4-earnings-what-key-metrics-have-to-say?t-bancorp-(stba)-reports-q4-earnings:-what-key-metrics-have-to-say
| 2024-01-26T00:03:05Z
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Esquire Financial Holdings, Inc. (ESQ - Free Report) reported $28.94 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 15.2%. EPS of $1.18 for the same period compares to $1.10 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $29.01 million, representing a surprise of -0.26%. The company delivered an EPS surprise of -1.67%, with the consensus EPS estimate being $1.20.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Esquire Financial Holdings, Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency ratio: 48% versus the two-analyst average estimate of 48.2%.
- Total Interest Earning Assets: $1.47 billion versus $1.46 billion estimated by two analysts on average.
- Net Interest Margin: 6.1% versus 6.1% estimated by two analysts on average.
- Payment processing fees: $5.42 million compared to the $5.80 million average estimate based on two analysts.
- Total Non-Interest Income: $6.27 million versus $6.71 million estimated by two analysts on average.
- Net Interest Income: $22.67 million versus $22.30 million estimated by two analysts on average.
Shares of Esquire Financial Holdings, Inc. have returned -3.6% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215953/esquire-financial-holdings-inc-esq-reports-q4-earnings-what-key-metrics-have-to-say
| 2024-01-26T00:03:26Z
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Xerox Holdings Corporation (XRX - Free Report) reported $1.77 billion in revenue for the quarter ended December 2023, representing a year-over-year decline of 9.1%. EPS of $0.43 for the same period compares to $0.89 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $1.79 billion, representing a surprise of -1.60%. The company delivered an EPS surprise of -15.69%, with the consensus EPS estimate being $0.51.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Xerox Holdings Corporation performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Geographic Revenue- Go-to-Market Operations- Americas: $1.15 billion versus the two-analyst average estimate of $1.19 billion.
- Geographic Revenue- Go-to-Market Operations- Other: $23 million versus $30.47 million estimated by two analysts on average.
- Geographic Revenue- Go-to-Market Operations- EMEA: $589 million versus $572.85 million estimated by two analysts on average.
- Revenue- Sales: $721 million compared to the $734.21 million average estimate based on three analysts.
- Revenue- Services, maintenance and rentals: $1 billion versus $1.01 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -3.8% change.
- Revenue- Equipment sales: $458 million versus the three-analyst average estimate of $452.10 million. The reported number represents a year-over-year change of -17.3%.
- Revenue- Supplies, paper and other sales: $263 million compared to the $282.18 million average estimate based on three analysts. The reported number represents a change of -11.5% year over year.
- Revenue- Equipment Sales- Other: $6 million compared to the $5.25 million average estimate based on two analysts.
- Revenue- Equipment Sales- Entry: $56 million versus the two-analyst average estimate of $70.84 million.
- Revenue- Equipment Sales- Mid-Range: $302 million versus $292.61 million estimated by two analysts on average.
- Revenue- Equipment Sales- High-End: $94 million versus $78.13 million estimated by two analysts on average.
- Revenue- Post sale revenue: $1.31 billion compared to the $1.35 billion average estimate based on two analysts. The reported number represents a change of -5.8% year over year.
Shares of Xerox Holdings Corporation have returned -13.2% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215954/xerox-holdings-corporation-xrx-reports-q4-earnings-what-key-metrics-have-to-say
| 2024-01-26T00:03:32Z
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Comcast (CMCSA - Free Report) reported $31.25 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 2.3%. EPS of $0.84 for the same period compares to $0.82 a year ago.
The reported revenue represents a surprise of +2.77% over the Zacks Consensus Estimate of $30.41 billion. With the consensus EPS estimate being $0.80, the EPS surprise was +5.00%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Comcast performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Customer relationships - Business Services Connectivity Customer Relationships: 2,641 thousand versus 2,644.46 thousand estimated by five analysts on average.
- Customer relationships - International Residential Connectivity & Platforms Customer Relationships: 17,847 thousand compared to the 18,013.65 thousand average estimate based on five analysts.
- Domestic Broadband - Residential Customers - Net Additions / (Losses): -31 thousand compared to the -46.25 thousand average estimate based on five analysts.
- Total Domestic Video Customers - Net Additions / (Losses): -389 thousand versus the five-analyst average estimate of -468.35 thousand.
- Revenue- Residential Connectivity & Platforms- International Connectivity: $1.20 billion versus the seven-analyst average estimate of $1.13 billion.
- Revenue- Residential Connectivity & Platforms- Domestic Wireless: $1.02 billion versus the seven-analyst average estimate of $989.57 million. The reported number represents a year-over-year change of +15.5%.
- Revenue- Residential Connectivity & Platforms- Domestic Broadband: $6.40 billion compared to the $6.38 billion average estimate based on seven analysts. The reported number represents a change of +3.7% year over year.
- Revenue- Residential Connectivity & Platforms- Total Residential Connectivity: $8.62 billion versus the seven-analyst average estimate of $8.49 billion.
- Revenue- Residential Connectivity & Platforms- Video: $6.90 billion versus the seven-analyst average estimate of $6.99 billion. The reported number represents a year-over-year change of +35.4%.
- Revenue- Residential Connectivity & Platforms- Advertising: $1.11 billion versus the seven-analyst average estimate of $1.11 billion. The reported number represents a year-over-year change of +24.3%.
- Revenue- Connectivity & Platforms- Total: $20.42 billion versus the seven-analyst average estimate of $20.33 billion. The reported number represents a year-over-year change of +22.7%.
- Revenue- Business Services Connectivity: $2.36 billion versus $2.33 billion estimated by seven analysts on average.
Shares of Comcast have returned -0.4% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215955/compared-to-estimates-comcast-cmcsa-q4-earnings-a-look-at-key-metrics
| 2024-01-26T00:03:38Z
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Lowe's Companies Inc. (LOW - Free Report) is ramping up its efforts in the Pro segment, applying aggressive pricing strategies to broaden its consumer base. This move is part of a broader strategy aimed at harnessing long-term growth opportunities, spurred by strong housing and demographic trends. Lowe's is strategically investing to establish itself as a leading omnichannel retailer. This approach is designed to address current market fluctuations and ensure sustained growth, positioning it to capitalize on emerging retail opportunities.
Let’s Analyze
This Mooresville, NC-based company is strategically adapting to the evolving retail landscape. It is committed to enhancing customer experiences, particularly in the resilient Pro segment.
LOW’s optimism in a challenging market is evident from innovative store expansion strategies, including the introduction of Lowe's Outlet locations and a focused rural expansion. The company inaugurated 15 Lowe's Outlet location in the third quarter of fiscal 2023.
Concurrently, it is focusing on value-conscious consumers, offering competitive deals in appliance sales, and enhancing customer loyalty with the introduction of the Lowe's Lowest Price Guarantee. These initiatives demonstrate its dedication to meeting diverse customer needs by offering value-oriented and specialized product ranges, underscoring their adaptability and commitment to growth amid retail sector’s headwinds.
Despite the year-over-year revenue decline of 12.8% to $20,471 million in the third quarter, management is confident in the long-term potential of the home improvement industry, bolstered by favourable housing and demographic trends. It achieved a gross margin of 33.7%, up 36 basis points from the previous year. This increase was attributed to its successful merchandising PPI initiatives, a favourable product mix, and reduced transportation costs. This was partially offset by expenses related to expanding its supply-chain network.
Undoubtedly, LOW is battling a tough operating landscape, including stronger-than-expected pullback in DIY discretionary spending. The decline in sales, particularly in big-ticket categories, is partly attributed to a shift in consumer spending toward experiences over goods. In response, this Zacks Rank #3 (Hold) company is taking steps to improve online customer experiences and focus on operational efficiency for expense reduction. Lowe's strategy includes adapting to this changing consumer behaviour and finding new ways to attract and retain customers.
Image Source: Zacks Investment Research
Wrapping Up
Lowe's is navigating a complex market environment with a balanced approach, leveraging its strengths while addressing its challenges. Focus on strategic growth initiatives and customer-centric strategies positions the company to capitalize on long-term industry trends. Evidently, the impact of inflation and high interest rates is visible in consumer spending.
The Zacks Consensus Estimate for the current fiscal-year sales and earnings suggests a decline of 11.3% and 6.3%, respectively. However, we expect this trend to soften in the upcoming fiscal year. Over the past six months, the company's stock has decreased by 10%, falling behind the industry's growth of 3.1% and the broader market's rise of 6.8%.
Key Picks
Fastenal (FAST - Free Report) engages in wholesale distribution of industrial and construction supplies in the United States, Canada, Mexico and internationally. It carries a Zack Rank #2 (Buy).
The Zacks Consensus Estimate for FAST’s current financial-year sales and earnings suggests growth of 6% and 5.5%, respectively, from the year-ago actuals.
GMS (GMS - Free Report) , which distributes wallboard, ceilings, steel framing and complementary construction products in the United States and Canada, carries a Zacks Rank #2. GMS delivered an average earnings surprise of 3.2% in the trailing four quarters.
The Zacks Consensus Estimate for GMS’s current financial-year suggests sales growth of 2.4% from the year-ago actuals.
Enerpac Tool Group (EPAC - Free Report) , which manufactures and sells a range of industrial products and solutions in the United States and internationally, sports a Zacks Rank #1 (Strong Buy). EPAC delivered an average earnings surprise of 22% in the trailing four quarters. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Enerpac Tool Group’s current financial-year sales and EPS suggests growth of 1% and 20.7%, respectively, from the year-ago reported figures.
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https://www.zacks.com/stock/news/2215958/lowes-low-focuses-on-pro-segment-customer-engagement?-customer-engagement
| 2024-01-26T00:03:44Z
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A. O. Smith Corporation (AOS - Free Report) is likely to witness top-line and bottom-line growth when it reports fourth-quarter 2023 results on Jan 30, before the opening bell. The Zacks Consensus Estimate for revenues is pegged at $982.4 million, which suggests growth of 5% from the prior-year quarter’s reported figure.
The consensus mark for earnings is pinned at 95 cents per share, which has improved 2.3% in the past 60 days. The figure indicates a jump of 10.5% from the figure reported in the prior-year quarter. The company’s bottom line surpassed the Zacks Consensus Estimate by 13.9% in the last reported quarter. It has a trailing four-quarter earnings surprise of 14%, on average.
Let’s see how things have shaped up for A.O. Smith this earnings season.
Factors to Note
A. O. Smith’s North American segment is expected to have benefited from strong demand for residential water heaters, supported by its robust direct and retail selling channels in the fourth quarter. Strength in the residential water heater industry and solid demand for water treatment products are likely to have driven the segment’s performance in the quarter. However, lower boiler sales might have weighed on results. We expect revenues from the company’s North American segment to increase 5.4% year over year to $729.3 million in the fourth quarter.
Also, the strong demand for commercial water treatment products, along with its focus on price management, is likely to have boosted the performance of the Rest of the World segment. The fourth-quarter results are also expected to reflect the benefits of improving supply chains and higher shipments. For 2023, the company expects sales in China and India to grow 3-5% and 15%, respectively, on a year-over-year basis.
Acquisitions made by A. O. Smith are likely to have impacted its top line positively in fourth-quarter 2023. In June 2022, the company acquired Atlantic Filter, which boosted its position in the water treatment industry and strengthened its customer base in Florida and the adjacent regions. Also, the acquisition of Canada-based Giant Factories in October 2021 expanded the company’s commercial water heater offerings.
However, over time, A. O. Smith’s performance has been negatively impacted by high costs and expenses. Although supply-chain constraints moderated, labor shortage and an increase in raw material cost might have been the spoilsport in the to-be-reported quarter. We expect the company’s selling, general and administrative expenses to escalate 12.4% year over year in the to-be-reported quarter.
Earnings Whispers
Our proven model suggests an earnings beat for AOS this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here, as elaborated below.
Earnings ESP: A. O. Smith has an Earnings ESP of +3.80% as the Most Accurate Estimate is pegged at 99 cents, which is higher than the Zacks Consensus Estimate of 95 cents. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: A. O. Smith presently carries a Zacks Rank of 2.
Other Stocks With the Favorable Combination
Here are a few other companies, which according to our model, have the right combination to beat on earnings this reporting cycle:
AZZ Inc. (AZZ - Free Report) has an Earnings ESP of +2.71% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AZZ’s earnings for the to-be-reported quarter are expected to increase 126.7%. The consensus mark for its quarterly earnings has moved down by 4.2% to 68 cents per share in the past 60 days.
The Zacks Consensus Estimate for AZZ’s quarterly revenues is pegged at $352.5 million, which suggests growth of 4.7% from the figure reported in the prior-year quarter.
Eaton Corporation (ETN - Free Report) has an Earnings ESP of +0.20% and currently carries a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports fourth-quarter 2023 numbers. The consensus mark for ETN’s quarterly earnings has moved up by 0.4% to $2.47 per share in the past 60 days. The consensus estimate suggests 19.9% growth from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for Eaton’s quarterly revenues is pegged at $5,890 million, suggesting growth of 9.5% from the figure reported in the prior-year quarter.
Alarm.com Holdings (ALRM - Free Report) has an Earnings ESP of +8.79% and carries a Zacks Rank #3. ALRM’s earnings for the to-be-reported quarter are expected to decrease 9.4% on a year-over-year basis. The consensus mark for its quarterly earnings has moved up by 4.3% to 48 cents per share in the past 60 days.
The Zacks Consensus Estimate for Alarm.com’s quarterly revenues is pegged at $225.2 million, which suggests growth of 8.2% from the figure reported in the prior-year quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2215959/is-a-beat-in-store-for-a-o-smith-aos-in-q4-earnings?
| 2024-01-26T00:03:50Z
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AptivPLC (APTV - Free Report) is set to report its fourth-quarter 2023 results on Jan 31 before the bell.
The company’s earnings surprise history has been impressive. It surpassed the Zacks Consensus Estimate in each of the trailing four quarters, with a surprise of 9.7%, on average.
Q4 Expectations
The Zacks Consensus Estimate for revenues in the to-be-reported quarter is pegged at $4.9 billion, indicating year-over-year growth of 6.2%. The top line is likely to have benefited from growth in the Advanced Safety & User Experience and Signal & Power Solutions segments’ revenues.
Our estimate for Advanced Safety & User Experience revenues is pegged at $1.3 billion, calling for a year-over-year increase of 4.3%. Our estimate for the Signal & Power Solutions segment’s revenues stands at $3.6 billion, suggesting year-over-year growth of 5.9%.
The consensus estimate for earnings is pegged at $1.27 per share, flat with the year-ago actual tally. We expect improving supply chains, customer recoveries and cost structure initiatives to have benefitted the bottom line in the quarter.
What Our Model Says
Our proven Zacks model does not conclusively predict an earnings beat for Aptiv this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that’s not the case here.
Aptiv has an Earnings ESP of +6.02% and a Zacks Rank #4 (Sell). You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks That Warrant a Look
Here are a few stocks that investors may consider, as our model shows that these have the right combination of elements to beat on earnings this season:
FLEETCOR (FLT - Free Report) : The business payments company is scheduled to report its fourth-quarter 2023 results on Feb 7. It has an Earnings ESP of +0.37% and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus mark for FLT’s revenues in the to-be-reported quarter is pegged at $968.7 million, indicating year-over-year growth of 9.6%. The consensus mark for the bottom line is pegged at $4.47 per share, implying 10.6% growth on a year-over-year basis.
Rollins (ROL - Free Report) :The provider of pest and wildlife control services is set to report its fourth-quarter 2023 results on Feb 14.It has an Earnings ESP of +2.44% and currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for ROL’s top line in the to-be-reported quarter is pegged at $750.1 million, indicating year-over-year growth of 13.4%. The consensus mark for the bottom line is pegged at 21 cents per share, calling for 23.5% growth on a year-over-year basis.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2215960/aptiv-aptv-to-report-q4-earnings-whats-in-the-offing?
| 2024-01-26T00:03:56Z
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Packaging Corporation of America (PKG - Free Report) reported adjusted earnings per share of $2.13 in fourth-quarter 2023, beating the Zacks Consensus Estimate of $1.80. The bottom line decreased 9% year over year. However, it came above the company’s guidance of $1.76.
The decline was driven by lower prices and mix in both segments, and decreased volumes in the paper segment. These headwinds were somewhat offset by higher volume in the Packaging segment and lower costs.
Including one-time items, earnings in the reported quarter were $2.10 per share compared with the prior-year quarter’s earnings of $2.31 per share.
Operational Update
Sales in the fourth quarter declined 2% year over year to $1,938 million but beat the Zacks Consensus Estimate of $1,891 million.
The cost of products sold was $1,528 million in the fourth quarter, flat year over year. The gross profit declined 8.9% year over year to $410 million.
Selling, general and administrative expenses amounted to $143 million, up from the prior year’s $146 million. The total segment operating income fell 9.2% year over year to $262 million.
Segmental Performance
Packaging: Sales in this segment decreased 1.8% year over year to $1.8 billion in the fourth quarter of 2023. We had anticipated a volume improvement of 1.3%, and an unfavorable price and mix impact of 5.9%. In the Packaging segment, total corrugated products shipments per day rose 6.9% year over year. We had anticipated a 2.1% improvement in daily shipments.
Containerboard production was 1,213,000 tons for the quarter, higher than our expectation of 1,069,250 tons. Containerboard inventory was up 15,000 tons year over year and down 32,000 tons sequentially.
Adjusted operating profit was $265 million, a 6.8% drop from $284 million in the prior-year quarter.
Paper: The segment’s revenues were $144 million in the October-December quarter, down 6.3% year over year. The segment’s sales volume was down 4,000 tons from the fourth-quarter 2022 levels. Volumes were down 8,000 tons from the third quarter of 2023.
We had expected a pricing/mix impact of 3.6% in the fourth quarter. Volume was expected to be a negative 12.4%.
The Paper segment reported an adjusted operating profit of $31 million, a 10.8% fall from the year-ago quarter’s $34 million.
Cash Position
Packaging Corp had a cash balance of around $1,206 million at the end of 2023, up from $470 million of cash held at the end of 2022. PKG’s capital spending through the fourth quarter was $141 million, lower than $247 million in the fourth quarter of 2022.
2023 Performance
Packaging Corp reported adjusted earnings per share of $8.70 in 2023 compared with $11.14 reported in the prior year. Earnings beat the Zacks Consensus Estimate of $8.36. Including one-time items, the bottom line was $8.48, down 23% from the $11.03 reported in 2022.
Sales were down 8% year over year to $7.8 billion from the prior-year figure of $8.5 billion. The reported figure surpassed the Zacks Consensus Estimate of $7.76 billion.
Guidance
Packaging Corp projects first-quarter 2024 earnings of $1.54 per share.
In the Packaging segment, the company anticipates higher total corrugated product shipments from continued strong demand in the first quarter with two additional shipping days. Despite the reopening of the No. 2 machine at the Wallula Mill, containerboard volume is expected to be lower due to downtime caused by the conversion of the No. 3 machine at the company's Jackson Mill and a scheduled maintenance outage at its Counce, TN-based mill.
Pricing and mix are anticipated to be slightly higher following the implementation of PKG's stated January price hikes. However, this will be largely offset by a fall in reported benchmark pricing that took place late in 2023, with export prices remaining relatively unchanged.
In the Paper segment, the company expects an improved mix to move prices slightly higher. However, sales volumes are likely to be unchanged.
Price Performance
Packaging Corp’s shares have gained 23.3% in the past year compared with the industry’s growth of 1.5%.
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Zacks Rank and Other Stocks to Consider
Packaging Corp currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the Industrial Products sector are AZZ Inc. (AZZ - Free Report) , Applied Industrial Technologies (AIT - Free Report) and A. O. Smith Corporation (AOS - Free Report) . AZZ currently sports a Zacks Rank #1 (Strong Buy), and AIT and AOS carry a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for AZZ’s fiscal 2024 earnings per share is pegged at $4.19. The consensus estimate for 2024 earnings has moved north by 2% in the past 60 days. The company has a trailing four-quarter average earnings surprise of 37.6%. AZZ shares have rallied 46.4% in the past year.
Applied Industrial has an average trailing four-quarter earnings surprise of 13.9%. The Zacks Consensus Estimate for AIT’s 2024 earnings is pinned at $9.43 per share, which indicates year-over-year growth of 7.8%. Estimates have been constant in the past 60 days. The company’s shares have gained 46.2% in a year.
The Zacks Consensus Estimate for A. O. Smith’s 2024 earnings is pegged at $4.03 per share. The consensus estimate for 2024 earnings has moved 1% north in the past 60 days and suggests year-over-year growth of 6.8%. The company has a trailing four-quarter average earnings surprise of 14%. AOS shares have gained 37.8% in the past year.
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https://www.zacks.com/stock/news/2215961/packaging-corp-pkg-q4-earnings-beat-estimates-dip-yy
| 2024-01-26T00:04:03Z
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Tilray Brands, Inc. (TLRY - Free Report) has completed the acquisition of Truss Beverage Co. from Molson Coors. This acquisition marks a significant development in the cannabis industry, particularly in the cannabis beverage sector. The move seems to align with Tilray's strategic ambitions to strengthen its market presence, particularly in Canada, and expand its product offerings in the cannabis beverage market.
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Strategic Benefits for Tilray
After acquiring the remaining 57.5% equity ownership in Truss Beverage from Molson Coors in August 2023, Tilray centralized its cannabis beverage operations at its manufacturing facility in London, Canada. This consolidation aims to maximize facility utilization and reduce operational costs. Tilray intends to leverage the Truss Beverage facility in Belleville, Ontario, for the development of the latest beverage products and the expansion of its existing beverage portfolio.
Tilray's acquisition of Truss Beverage significantly bolsters its leadership in the Canadian cannabis market, wherein it now holds approximately 40% market share. This strategic move not only solidifies Tilray's position as a market leader but also enhances its competitive edge in the rapidly growing cannabis beverage market.
The acquisition brings together a comprehensive portfolio of leading cannabis brands under Tilray's umbrella, including Good Supply, RIFF, Broken Coast, Solei, Canaca, HEXO, Redecan, Original Stash, Bake Sale, XMG and Mollo. This diversified portfolio allows Tilray to cater to a wide range of consumer preferences and market demands, reinforcing its market presence across all cannabis product categories.
By integrating the sales, marketing, and distribution networks of Tilray and the newly acquired Truss Beverage brands, TLRY aims to enhance its commercial footprint and drive market share growth. This optimized network strategy is expected to improve efficiency and effectiveness in reaching consumers, thereby supporting Tilray's growth objectives.
Innovation and Consumer Engagement
With the acquisition, TLRY is poised to intensify its focus on brand and product innovation. The addition of Truss to Tilray's portfolio not only elevates the company's market share but also positions it at the forefront of the adult-use beverage market. The company is committed to expanding its business and consumer base through innovative offerings and by tapping into new consumer segments and occasions.
To wrap up, the acquisition of Truss Beverage by Tilray represents a strategic effort to strengthen its market leadership, enhance its product offerings and optimize its commercial operations, setting the stage for growth and innovation in the dynamic cannabis and beverage sectors. This Zacks Rank #4 (Sell) company has gained 11.3% in the past three months against the industry’s growth of 6.9%.
Three Solid Picks
A few better-ranked stocks are PepsiCo, Inc. (PEP - Free Report) , The Coca-Cola Company (KO - Free Report) and Ingredion Incorporated (INGR - Free Report) .
PepsiCo is one of the leading global food and beverage companies. The company currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for PepsiCo’s current financial-year earnings and sales indicates growth of 11.2% and 6.4%, respectively, from the previous year’s reported figures. PEP has a trailing four-quarter average earnings surprise of 5.6%.
Coca-Cola is putting its best foot forward to evolve its business model to become a total beverage company with something for everyone to drink. The company currently has a Zacks Rank #2.
The Zacks Consensus Estimate for Coca-Cola’s current financial-year earnings and sales indicates growth of 8.1% and 5.7%, respectively, from the previous year’s reported figures. KO has a trailing four-quarter average earnings surprise of 5.1%.
Ingredion serves diverse sectors in food, beverage, brewing, pharmaceuticals and other industries. INGR currently carries a Zacks Rank #2.
The Zacks Consensus Estimate for Ingredion’s current financial-year earnings and sales indicates growth of 24.7% and 5%, respectively, from the previous year’s reported figures. INGR has a trailing four-quarter average earnings surprise of 23.9%.
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https://www.zacks.com/stock/news/2215962/tilray-tlry-acquires-truss-beverage-from-molson-coors
| 2024-01-26T00:04:09Z
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CACI International (CACI - Free Report) reported mixed second-quarter fiscal 2024 results, wherein earnings missed the Zacks Consensus Estimate while revenues matched the same.
The national security-related IT solutions and services provider reported non-GAAP earnings per share of $4.36, which missed the Zacks Consensus Estimate of $4.50. However, the bottom line improved 1.9% on a year-over-year basis as the benefits from higher operating income, lower taxes and share repurchases were offset by increased interest expenses
In the second quarter of fiscal 2024, CACI International reported revenues of $1.83 billion, which came in line with the Zacks Consensus Estimate. The top line increased 11.2% from the prior-year quarter, primarily driven by organic growth. CACI's top line was boosted by the inclusion of revenues from acquired companies, including the U.K.-based digital transformation agency Cyber-Duck, which it took over in November 2023.
Quarterly Details
In the fiscal second quarter, contract awards totaled $2.2 billion, with approximately 55% for the new business. Revenues from contract awards excluded the ceiling value of multi-award, indefinite-delivery indefinite-quantity contracts.
The company ended the quarter with a backlog of $26.9 billion, up 2% on a year-over-year basis. As of Dec 31, 2023, the funded backlog increased 16% to $3.7 billion. Our estimates for the total backlog and the funded backlog were pegged at $27.5 billion and $4.2 billion, respectively.
In terms of the customer mix, the Department of Defense contributed 74% to total revenues in the reported quarter. Federal Civilian Agencies made up 21.3%, while Commercial and other customers accounted for 4.7% of revenues. Our estimates for the Department of Defense, Federal Civilian Agencies, and Commercial and Other customers’ contributions toward total revenues were pegged at 73%, 21.9% and 5.1%, respectively.
The Prime Contractor and Subcontractor accounted for 89.2% and 10.8% of total revenues, respectively. Our model estimates suggested contributions from the Prime Contractor and Subcontractor of 88.8% and 11.2%, respectively.
In terms of contract type, cost-plus-fee-type, fixed-price, and time and material-type contracts contributed 60.1%, 28.3% and 11.6%, respectively, to total revenues. Our model estimates suggested contributions from cost-plus-fee-type, fixed-price, and time and material-type contracts of 59.5%, 29.1% and 11.4%, respectively.
Expertise and Technology accounted for 46.3% and 53.7% of total revenues, respectively. Our estimates for Expertise and Technology contributions toward total revenues were pegged at 46.5% and 53.5%, respectively.
The operating income for the quarter amounted to $133.3 million, up 1.9% year over year. However, the operating margin contracted 66 basis points (bps) to 7.27%.
Adjusted EBITDA increased 1.5% year over year to $170.9 million. However, the adjusted EBITDA margin deteriorated 90 bps to 9.3%.
Balance Sheet & Cash Flow
As of Dec 31, 2023, CACI had cash and cash equivalents of $128.8 million compared with the previous quarter’s $125.5 million. The total long-term (net of the current portion) debt was $1.71 billion, which declined from $1.74 billion as of Sep 30, 2023.
The company generated operating cash flow (excluding mini-automatic radar plotting aid or MARPA) of $83.3 million in the fiscal second quarter, up 278.8% from the year-ago quarter. Free cash flow was $67.8 million during the quarter under review.
Updated Fiscal 2024 Guidance
CACI International has raised its guidance for fiscal 2024. The company now projects revenues between $7.3 billion and $7.5 billion, up from the earlier guidance range of $7.2-$7.4 billion. It now forecasts adjusted earnings per share between $19.91 and $20.58 compared with the previous expectations of $19.38-$20.48.
It now expects to generate a free cash flow of $420 million during fiscal 2024, up from the earlier anticipation of $410 million. CACI expects fiscal 2024 adjusted net income in the range of $450-$465 million, revised from $440-$465 million in the previous forecast.
Zacks Rank and Stocks to Consider
Currently, CACI International carries a Zacks Rank #3 (Hold). Shares of CACI have returned 16.6% in the past year.
Some better-ranked stocks from the broader technology sector are Blackbaud (BLKB - Free Report) , BlackLine (BL - Free Report) and Arista Networks (ANET - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Blackbaud's fourth-quarter 2023 earnings per share has declined by 4 cents to $1.04 in the past 90 days. Shares of BLKB have returned 33.9% in the past year.
The Zacks Consensus Estimate for BlackLine’s fourth-quarter 2023 earnings has been revised by a penny northward to 55 cents per share in the past 30 days. Shares of BL have lost 9.9% in the past year.
The Zacks Consensus Estimate for Arista’s fourth-quarter 2023 earnings has been revised by 13 cents northward to $1.70 per share in the past 90 days. Shares of ANET have rallied 115.5% in the past year.
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https://www.zacks.com/stock/news/2215963/caci-international-caci-q2-earnings-miss-revenues-match
| 2024-01-26T00:04:15Z
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The Clorox Company (CLX - Free Report) is likely to register top and bottom-line growth when it reports second-quarter fiscal 2024 earnings on Feb 1. The company has been well-poised on a solid innovation pipeline, digital transformation, and pricing and cost-saving initiatives.
The Zacks Consensus Estimate for quarterly revenues is pegged at $1.78 billion, suggesting growth of 3.6% from the prior-year quarter’s reported figure. The Zacks Consensus Estimate for quarterly earnings has been unchanged in the past 30 days at $1.07 per share. The consensus mark indicates 9.2% growth from earnings of 98 cents reported in the prior-year quarter.
The consumer and professional products company has a trailing four-quarter earnings surprise of 115.5%, on average. CLX delivered a significant earnings surprise of 345% in the last reported quarter.
Factors to Note
Clorox has been benefiting from solid demand, cost-saving efforts, strong execution and pricing actions. Also, its IGNITE strategy and digital investments bode well. CLX has been on track with its streamlined operating model, which has been aiming to improve efficiency. This is likely to have aided the top and bottom lines in second-quarter fiscal 2024.
Strength in the Health and Wellness, Household and Lifestyle businesses, supported by solid demand for its products, is likely to have aided the company’s top and bottom-line performances in the fiscal second quarter. The company has been witnessing continued strength in the core International business as it has been building on the success of the segment's Go Lean strategy.
We anticipate organic sales to increase 4.6% in the fiscal second quarter, backed by a 12.5% rise in the price/mix, offset by a 7.9% decline in volume.
Clorox has been gaining from pricing and cost-saving initiatives. The company’s streamlined operating model has been boosting efficiency and, in turn, margins. The streamlined operating model is expected to enhance the company's ability to respond quickly to changing consumer behaviors, innovate faster and increase future cash flow because of cost savings that will be generated primarily in the areas of selling and administration, supply chain, marketing, and research and development. Gains from these enhancements are expected to get reflected in the company’s gross margin in the to-be-reported quarter.
Our estimate for the company’s gross margin is pegged at 37% for the fiscal second quarter, indicating an increase of 80 basis points (bps) from the year-ago quarter’s actual.
However, Clorox has been witnessing the adverse impacts of inflation, and higher manufacturing, logistics and commodity costs. The company has been witnessing rising costs due to investments in digital capabilities and productivity enhancements.
Additionally, Clorox’s fiscal second-quarter results are expected to reflect the continued impacts of the recent cyber security attack.
What the Zacks Model Unveils
Our proven model conclusively predicts an earnings beat for Clorox this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Clorox has a Zacks Rank #3 and an Earnings ESP of +9.75%.
Other Stocks Poised to Beat Earnings Estimates
Here are some other companies that also have the right combination of elements to post an earnings beat:
Colgate-Palmolive (CL - Free Report) currently has an Earnings ESP of +0.69% and a Zacks Rank #2. CL is anticipated to register top and bottom-line growth when it reports fourth-quarter 2023 results. The Zacks Consensus Estimate for Colgate’s quarterly revenues is pegged at $4.9 billion, indicating an increase of 5.7% from the figure reported in the prior-year quarter.
You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Colgate’s bottom line has been unchanged in the past 30 days at 85 cents per share. The consensus estimate for earnings suggests a rise of 10.4% from the prior-year quarter’s reported figure. CL has delivered an earnings beat of 3.6%, on average, in the trailing four quarters.
Coca-Cola (KO - Free Report) currently has an Earnings ESP of +1.00% and a Zacks Rank #2. The company’s top and bottom lines are expected to increase year over year when it reports fourth-quarter 2023 results. The Zacks Consensus Estimate for KO’s quarterly revenues is pegged at $10.6 billion, suggesting a rise of 4.8% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Coca-Cola’s quarterly EPS is pegged at 48 cents, which indicates a 6.7% decline from the year-ago reported figure. KO has a trailing four-quarter earnings surprise of 5.1%, on average.
Mondelez International (MDLZ - Free Report) has an Earnings ESP of +2.25% and a Zacks Rank #3 at present. The company is expected to register top and bottom-line growth when it reports fourth-quarter 2023 numbers. The Zacks Consensus Estimate for its quarterly revenues is pegged at $9.3 billion, which suggests growth of 6.7% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Mondelez’s quarterly earnings has moved up by a penny in the past 30 days to 77 cents per share. The consensus estimate for earnings suggests an improvement of 5.5% from the year-ago quarter’s reported figure. MDLZ has delivered an earnings surprise of 7.3%, on average, in the trailing four quarters.
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https://www.zacks.com/stock/news/2215964/heres-how-clorox-clx-is-placed-just-ahead-of-q2-earnings
| 2024-01-26T00:04:21Z
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Valero Energy Corporation (VLO - Free Report) has reported fourth-quarter 2023 adjusted earnings of $3.55 per share, beating the Zacks Consensus Estimate of $2.95 per share. However, the bottom line significantly declined from the $8.45 reported in the year-ago quarter.
Total quarterly revenues dipped from $41,746 million in the prior-year quarter to $35,414 million. The top line also missed the Zacks Consensus Estimate of $37,115 million.
Better-than-expected quarterly earnings were primarily driven by a decline in total costs of sales.
Dividend Hike
Valero increased its quarterly cash dividend on common stock by 5% to $1.07 per share. The dividend is payable Mar 4, 2024, to shareholders of record at the close of business on Feb 1, 2024. The dividend hike raises Valero’s annualized cash dividend rate to $4.28 per share.
Segmental Performance
Adjusted operating income in the Refining segment was $1,577 million, declining from $4,355 million in the year-ago quarter and missing our estimate of $4,077 million. Declining refining throughput volumes and a lower refining margin per barrel of throughput affected the segment.
In the Ethanol segment, Valero reported an adjusted operating profit of $205 million, significantly up from $69 million in the year-ago quarter. Higher ethanol production volumes aided the segment.
Operating income in the Renewable Diesel segment declined to $84 million from $261 million in the year-ago quarter. Renewable diesel sales volumes increased to 3,773 thousand gallons per day from 2,443 thousand gallons per day a year ago and surpassed our estimate of 3,288 thousand gallons per day.
Throughput Volumes
In the fourth quarter, Valero’s refining throughput volumes were 2,995 thousand barrels per day (MBbls/d), marginally down from the 3,042 MBbls/d reported in the fourth quarter of 2022. The metric also lagged our estimate of 3,015 MBbls/d.
In terms of feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 50.7%, 9% and 16.2% of the total volume, respectively. The remaining volume came from residuals, other feedstock, and blendstocks and others.
The Gulf Coast contributed 60.6% to the total throughput volume. Mid-Continent, North Atlantic and West Coast regions accounted for 15.4%, 15.1% and 8.9%, respectively, of the total throughput volume.
Throughput Margins
The refining margin per barrel of throughput declined to $12.89 from the year-ago level of $22.58 and lagged our estimate of $18.73.
Refining operating expenses per barrel of throughput was $4.99 compared with $5 in the year-ago quarter. The metric is slightly above our estimate of $4.80.
Depreciation and amortization expenses increased to $2.18 a barrel from $2.02 in the prior-year quarter and are slightly below our estimate of $2.21.
As such, Valero’s adjusted refining operating income was $5.72 per barrel of throughput compared with $15.56 in the prior-year quarter. The metric also missed our estimate of $14.70.
Cost of Sales
Valero’s total cost of sales declined to $33,540 million in the fourth quarter from the year-ago figure of $37,071 million and is also below our estimate of $35,211 million primarily due to lower material costs and operating expenses.
Capital Investment & Balance Sheet
The fourth-quarter capital investment was $540 million. Of the total, $460 million was allotted for sustaining the business.
At the fourth-quarter end, the company had cash and cash equivalents of $5,424 million. As of Dec 31, 2023, it had total debt and finance lease obligations of $11,524 million.
Zacks Rank & Stocks to Consider
Valero currently carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Vaalco Energy (EGY - Free Report) is an independent energy company principally engaged in the acquisition, exploration, development, and production of crude oil and natural gas.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $1.49. It has witnessed upward earnings estimate revisions for 2024 in the past 60 days. EGY’s earnings for 2024 are expected to surge 325.7% year over year.
Subsea 7 S.A. (SUBCY - Free Report) helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2024 EPS is pegged at 89 cents. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days. EGY’s earnings for 2024 are expected to soar 242.3% year over year.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 EPS is pegged at $1.52. It has a Zacks Style Score of A for Growth and B for Value. OII’s earnings for 2024 are expected to surge 76.4% year over year.
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https://www.zacks.com/stock/news/2215966/valero-vlo-beats-q4-earnings-estimates-hikes-dividend
| 2024-01-26T00:04:27Z
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Ameriprise Financial’s (AMP - Free Report) fourth-quarter 2023 adjusted operating earnings (excluding regulatory accrual, severance and mark-to-market impacts on share-based compensation expenses) of $7.75 per share handily surpassed the Zacks Consensus Estimate of $7.67. The bottom line reflects a rise of 14% from the year-ago quarter.
Results were aided by revenue growth, along with higher assets under management (AUM) and assets under administration (AUA) balances. However, an increase in expenses was a negative. Probably due to this, shares of the company lost 5% in the after-market trading following the earnings release.
After considering significant items, net income (GAAP basis) was $377 million or $3.57 per share, down from $649 million or $5.83 per share in the prior-year quarter. Our estimate for the metric was $675.2 million.
For 2023, adjusted operating earnings (excluding unlocking and regulatory accrual, severance, and mark-to-market impacts on share-based compensation expenses) of $30.46 per share handily surpassed the Zacks Consensus Estimate of $29.36. The bottom line reflects a rise of 24% from the previous year. Net income (GAAP basis) was $2.56 billion, down from $3.15 billion in the previous year. Our estimate for the metric was $2.85 billion.
Revenues Improve, Expenses Rise
Total net revenues for the quarter were $3.99 billion, up 9% year over year. The top line beat the Zacks Consensus Estimate of $3.87 billion.
Adjusted operating total net revenues were $3.95 billion, growing 8% year over year.
Adjusted operating expenses (excluding regulatory accrual, severance and mark-to-market impacts on share-based compensation expenses) totaled $2.91 billion, which increased 8% year over year. We had projected adjusted expenses of $2.83 billion.
Total AUM and AUA increased 15% year over year to $1.36 trillion. The rise reflected strong client net inflows and market appreciation. Our estimate for the metric was $1.22 trillion.
Share Repurchase Update
In the reported quarter, Ameriprise repurchased 1.2 million shares for $445 million.
Our Take
Elevated expenses (mainly due to technology upgrades) will likely continue to hurt AMP’s bottom line. However, Ameriprise is well-positioned for impressive top-line growth on the back of its robust AUM balance and business-restructuring initiatives.
Ameriprise currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Asset Managers
BlackRock, Inc.’s (BLK - Free Report) fourth-quarter 2023 adjusted earnings of $9.66 per share handily surpassed the Zacks Consensus Estimate of $8.84. The figure reflects an increase of 8.2% from the year-ago quarter.
BLK’s quarterly results benefited from a rise in revenues and higher non-operating income. Further, its AUM balance witnessed an improvement due to net inflows. However, higher expenses acted as a dampener.
Invesco’s (IVZ - Free Report) fourth-quarter 2023 adjusted earnings of 47 cents per share handily surpassed the Zacks Consensus Estimate of 38 cents. The bottom line grew 20.5% from the prior-year quarter.
IVZ’s results benefited from an increase in the AUM balance on decent inflows. However, a rise in operating expenses and lower revenues were the undermining factors.
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https://www.zacks.com/stock/news/2215967/ameriprise-amp-dips-despite-q4-earnings-beat-costs-rise-yy
| 2024-01-26T00:04:34Z
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Raymond James’ (RJF - Free Report) first-quarter fiscal 2024 (ended Dec 31, 2023) adjusted earnings of $2.40 per share surpassed the Zacks Consensus Estimate of $2.25. The bottom line was up 5% from the prior-year quarter.
Robust investment banking and brokerage performances aided the Capital Markets segment’s results. The performances of the Private Client Group and the Asset Management segments were also decent. The acquisitions over the past years supported the company’s financials to some extent.
However, RJF recorded bank loan provision for credit losses during the quarter on the tough macroeconomic outlook. Also, expenses increased in the quarter, which hurt the results to some extent.
Net income available to common shareholders (GAAP basis) was $497 million or $2.32 per share compared with $507 million or $2.30 per share in the prior-year quarter.
Revenues Improve, Costs Rise
Net revenues were $3.01 billion, up 8% year over year. The top line beat the Zacks Consensus Estimate of $2.99 billion.
Segment-wise, in the reported quarter, the Private Client Group recorded 8% growth in net revenues, Asset Management’s net revenues rose 14%, and Capital Markets’ top line increased 15%. Others recorded revenues of $26 million compared with $9 million in the prior-year quarter. RJ Bank registered a fall of 13% from the prior year in net revenues.
Non-interest expenses rose 12% year over year to $2.38 billion. Our estimate for non-interest expenses was also $2.38 billion. Also, RJF recorded a bank loan provision for credit losses of $12 million.
As of Dec 31, 2023, client assets under administration were $1.37 trillion, up 17% from the end of the prior-year quarter. Financial assets under management of $215 billion grew 16%. Our estimates for client assets under administration and financial assets under management were $1.26 trillion and $198.6 billion, respectively.
Balance Sheet & Capital Ratios Strong
As of Dec 31, 2023, Raymond James has total assets of $80.13 billion, up 2% from the prior quarter. Total equity rose 6% sequentially to $10.71 billion.
Book value per share was $51.32, up from $45.28 as of Dec 31, 2022.
As of Dec 31, 2023, the total capital ratio was 23.0% compared with 21.6% as of Dec 31, 2022. The Tier 1 capital ratio was 21.6% compared with 20.3% as of December 2022-end.
Return on common equity (annualized basis) was 19.1% at the end of the reported quarter compared with 21.3% a year ago.
Share Repurchase Update
In the reported quarter, RJF repurchased 1.41 million shares for $150 million.
As of Jan 24, 2024, $1.39 billion remained under the buyback authorization.
Our Take
Raymond James’ global diversification efforts, strategic acquisitions and higher rates are expected to support top-line growth. However, elevated operating expenses and the volatile nature of capital markets businesses are near-term concerns.
Currently, Raymond James carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance & Earnings Release Date of Other Investment Banks
Jefferies Financial Group Inc.’s (JEF - Free Report) fourth-quarter fiscal 2023 (ended Nov 30) earnings per share of 29 cents beat the Zacks Consensus Estimate of 26 cents. However, the bottom line compared unfavorably with 57 cents earned in the prior-year quarter.
JEF’s results were aided by a decline in expenses and an improvement in the equity and debt underwriting business. However, a decrease in equities and fixed-income capital markets revenues acted as an undermining factor.
Moelis & Company (MC - Free Report) is slated to report quarterly results on Feb 7.
Over the past seven days, the Zacks Consensus Estimate for MC’s quarterly loss has been unchanged.
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https://www.zacks.com/stock/news/2215968/raymond-james-rjf-q1-earnings-beat-as-revenues-rise-yy
| 2024-01-26T00:04:40Z
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Corning Incorporated (GLW - Free Report) is set to report fourth-quarter 2023 results on Jan 30, before the opening bell. It delivered a trailing four-quarter earnings surprise of 2.45% on average. The advanced glass substrates producer is likely to witness a revenue decline year over year owing to soft demand trends and inventory adjustments in the Optical Communication segment. Weakness in Display Technologies and Life Science verticals is also a major concern. However, management’s effort to improve productivity is a positive factor.
Factors at Play
During the quarter, Corning collaborated with AUO Corporation to facilitate the development of large-format curved automotive display modules utilizing Corning ColdForm technology. Corning’s solution enables AUO to shape the car displays at room temperature, offering a cost and energy-efficient way compared to legacy hot-forming methods. Through this collaboration, Corning is aiming to capitalize on this evolving demand of global automakers and establish itself as a major player in advancing automotive glass solutions. This will likely have a positive impact on fourth-quarter results.
However, management expects that weak demand for fiber, cable and connectivity solutions will hinder revenues from the Optical Communications vertical. Our estimate for revenues from the Optical Communications vertical is pegged at $819.8 million, indicating a 31.4% decline year over year.
Lower panel maker utilization may impact net sales in the Display Technologies segment. However, our estimate for revenues stands at $923.7 million, suggesting 18% year-over-year growth. Our estimate for revenues from the Specialty Materials and Environmental Technologies is pegged at $519.8 million and $399.2 million, respectively.
For the December quarter, the Zacks Consensus Estimate for revenues is pegged at $3,256 million, indicating a decline from the year-ago quarter’s figure of $3,633 million. The consensus estimate for adjusted earnings per share is pegged at 40 cents, suggesting a decrease from the year-ago quarter’s tally of 47 cents.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Corning this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here.
Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Corning has a Zacks Rank #3.
Stocks to Consider
Here are some companies you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season:
InterDigital, Inc. (IDCC - Free Report) is set to release quarterly numbers on Feb 15. It has an Earnings ESP of +1.93% and a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here
The Earnings ESP for NVIDIA Corporation (NVDA - Free Report) is +3.68% and it carries a Zacks Rank of 2. The company is scheduled to report quarterly numbers on Feb 28.
The Earnings ESP for Meta Platforms, Inc. (META - Free Report) is +1.46% and it carries a Zacks Rank of 2. The company is scheduled to report quarterly numbers on Feb 1.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2215969/will-revenue-decline-impact-cornings-glw-q4-earnings?
| 2024-01-26T00:04:46Z
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NextEra Energy Partners, LP (NEP - Free Report) recorded fourth-quarter 2023 operating loss of 35 cents per unit, which missed the Zacks Consensus Estimate of earnings of 3 cents. In the year-ago quarter, the firm reported earnings of 31 cents per unit.
Revenues
The firm’s operating revenues of $232 million missed the Zacks Consensus Estimate of $360 million by 35.6%. The figure, however, increased 13.7% from $204 million registered in the prior-year period.
The company reported full-year 2023 revenues of $1,078 million, up 11.2% from the previous year’s figure of $969 million.
Highlights of the Release
Total operating expenses were $285 million, up 8.4% from the year-ago quarter’s level of $263 million. This was due to an increase in depreciation and amortization and taxes other than income taxes.
Operating and maintenance expenses totaled $130 million, down 9.1% from the prior-year quarter’s recorded figure of $143 million.
The firm reported an operating loss of $53 million compared with a loss of $58 million registered in the corresponding period of 2022.
Financial Condition
The firm had cash and cash equivalents of $274 million as of Dec 31, 2023, compared with $226 million as of Dec 31, 2022.
Long-term debt was $4,941 million as of Dec 31, 2023, compared with $5,250 million as of Dec 31, 2022.
Net cash provided by operating activities for 2023 totaled $731 million compared with $776 million in the year-ago period.
Distribution Update
NEP declared a quarterly distribution of 88 cents per common unit to an annualized rate of $3.52 to its unit holders. With the declaration, the annual distribution per common unit has increased approximately 6% from that recorded in the third quarter of 2023. It will be payable on Feb 14, 2024, to unit holders of record as of Feb 6, 2024.
Guidance
NextEra Energy Partners expects its run-rate for 2024 adjusted EBITDA to be in the $1.9-$2.1 billion range and CAFD in the band of $730-$820 million.
The firm continues to foresee 5-8% annual growth in limited partner distributions per unit, with a current target of 6% growth per year, as a reasonable range of expectations through at least 2026.
Zacks Rank
NEP currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Energy Transfer (ET - Free Report) is slated to report fourth-quarter results on Feb 14, after market close. The Zacks Consensus Estimate for earnings is pegged at 29 cents per unit.
The Zacks Consensus Estimate for sales is pinned at $23.6 billion, implying a year-over-year increase of 15%.
ONEOK, Inc. (OKE - Free Report) is slated to report fourth-quarter results on Feb 26, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.16 per share, implying a year-over-year increase of 7.4%.
OKE’s long-term (three to five years) earnings growth rate is 7.64%. It delivered an average earnings surprise of 6% in the last four quarters.
Devon Energy (DVN - Free Report) is scheduled to report fourth-quarter results on Feb 27, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.38 per share.
DVN’s long-term earnings growth rate is 51.35%. The company delivered an average earnings surprise of 1.6% in the last four quarters.
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https://www.zacks.com/stock/news/2215985/nextera-energy-partners-nep-q4-earnings-sales-lag-estimates?-sales-lag-estimates
| 2024-01-26T00:04:52Z
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American Airlines’ (AAL - Free Report) fourth-quarter 2023 earnings (excluding 26 cents from non-recurring items) of 29 cents per share easily beat the Zacks Consensus Estimate of 6 cents. In the year-ago quarter, AAL reported earnings of $1.17 per share.
Operating revenues of $13,062 million decreased 1% year over year. The top line beat the Zacks Consensus Estimate of $13,024.1 million.
Passenger revenues, accounting for 91.9% of the top line, decreased to $12,010 million from $12,131 million recorded a year ago. The metric exceeded our estimate of $11,936 million.
Cargo revenues decreased 24.2% to $199 million. The metric came ahead of our estimate of $191.7 million. Other revenues jumped 7.2% to $853 million, which missed our expectation of $859.8 million.
More on Q4 Earnings
Total revenue per available seat miles (a key measure of unit revenue: TRASM) decreased to 18.72 cents from 19.99 recorded a year ago. Passenger revenue per available seat miles (PRASM) decreased 6.4% to 17.21 cents. The actual PRASM figure was also lower than our expectation of 17.28 cents. Consolidated yield decreased 6.1% to 20.59 cents.
Reflecting the boost in air-travel demand, consolidated traffic (measured in revenue passenger miles) rose to 58,331 million from 55,320 million a year ago. To cater to this increased demand, capacity (measured in average seat miles) expanded to 69,773 million from 65,962 million in the year-ago quarter.
Consolidated load factor (percentage of seats filled by passengers) inched down 0.3 points to 83.6%. The actual figure for load factor was also lower than our expectation of 85.2%.
Total operating costs (on a reported basis) increased 5.1% year over year to $12,406 million, with expenses on salaries, wages and benefits rising to $3,689 million from $3,199 million a year ago. Average fuel price per gallon (including related taxes) tumbled to $3.06 from $3.50 a year ago.
Consolidated operating costs per available seat mile (excluding fuel and special items) increased 4.2% to 13.24 cents. The actual figure was less than our estimate of 13.50 cents. Fuel gallon consumption increased 5.5% to $1,033 million in fourth-quarter 2023.
American Airlines, currently carrying a Zacks Rank #2 (Buy), exited the quarter with $10.4 billion of total available liquidity. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Outlook
Management expects first-quarter 2024 TRASM to be between 3.5% and 5.5%, lower than the first-quarter 2023 actuals. System capacity for the March-end quarter is estimated to increase 6.5-8.5% from first-quarter 2023 actuals.
Fuel cost per gallon is projected in the range of $2.65-$2.85 for first-quarter 2024. Fuel gallon consumption is expected to be between $1.04 billion and $1.06 billion. The adjusted operating margin in the March-end quarter is anticipated to be in the 0-2% range.
The company envisions total non-operating expenses to be $370 million for the first quarter. Cost per available seat miles (adjusted) is estimated to increase 2-4%. AAL projects the March-end quarter's loss per share (excluding net special items) to be in the 15-35 cents range using a share count of 655.7 million shares. The Zacks Consensus Estimate is currently pegged at a loss of 21 cents.
Management anticipates 2024 capacity to improve in mid-single digits from the year-ago levels. TRASM for the full year is expected to be approximately flat to down 3% from 2023 actuals. The adjusted operating margin for 2024 is estimated in the 6-9% range. The company envisions total non-operating expenses to be $1,425 million for the current year.
In 2024, cost per available seat miles (adjusted) is expected to increase 0.5-3.5% from the prior-year level. AAL expects a provision for income taxes at an effective rate of approximately 25% for the full year, which is expected to be substantially non-cash. Fuel cost per gallon is projected in the range of $2.5-$2.75 for 2024. Fuel gallon consumption is expected to be between $4.3 billion and $4.5 billion.
The company expects 2024 earnings (on an adjusted basis) in the band of $2.25-$3.25 per share. The Zacks Consensus Estimate of $2.12 lies below the mid-point, i.e. $2.75, of the guided range.
Performances of Other Transportation Companies
Delta Air Lines’ (DAL - Free Report) fourth-quarter 2023 earnings (excluding $1.88 from non-recurring items) of $1.28 per share comfortably beat the Zacks Consensus Estimate of $1.17. Earnings, however, declined 13.5% on a year-over-year basis due to high labor costs.
Revenues of $14,223 million surpassed the Zacks Consensus Estimate of $14,069.5 million and increased 5.9% on a year-over-year basis driven by strong holiday-air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $13,661 million, up 11% year over year.
United Airlines (UAL - Free Report) reported fourth-quarter 2023 earnings per share (excluding 19 cents from non-recurring items) of $2.00, which outpaced the Zacks Consensus Estimate of $1.61 but declined 18.7% year over year.
Operating revenues of $13,626 million beat the Zacks Consensus Estimate of $13,546.8 million. The top line increased 9.9% year over year due to upbeat air-travel demand. Cargo revenues fell 14.8% year over year to $402 million. Revenues from other sources jumped 10.6% year over year to $803 million.
J.B. Hunt Transport Services (JBHT - Free Report) fourth-quarter 2023 earnings per share of $1.47 missed the Zacks Consensus Estimate of $1.74 and declined 23.4% year over year.
Total operating revenues of $3,303.70 million surpassed the Zacks Consensus Estimate of $3,236.2 million but fell 9.5% year over year. Total operating revenues, excluding fuel surcharge revenues, decreased approximately 6% year over year.
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https://www.zacks.com/stock/news/2215986/american-airlines-aal-q4-earnings-beat-fy24-view-bright
| 2024-01-26T00:04:59Z
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Comcast (CMCSA - Free Report) fourth-quarter 2023 adjusted earnings of 84 cents per share beat the Zacks Consensus Estimate by 5% and increased 2.4% year over year.
Consolidated revenues increased 2.3% year over year to $31.2 billion and beat the Zacks Consensus Estimate by 2.77%.
Domestic broadband average rate per customer increased 3.9% and drove domestic broadband revenue growth of 3.7% in the fourth quarter. Comcast lost 34K domestic broadband customers in the reported quarter. Moreover, it lost 389K video customers. The company added 310K wireless customers in the reported quarter.
Shares of CMCSA have gained 2.1% in the past six months compared with the Zacks Consumer Discretionary sector’s 8.4% growth.
Quarter Details
Connectivity & Platforms revenues (65.3% of revenues) increased 0.5% year over year to $20.41 billion in the reported quarter.
Residential Connectivity & Platforms revenues decreased 0.1% year over year to $18.05 billion. Business Services Connectivity revenues increased 5.9% year over year to $2.36 billion.
Content & Experiences revenues increased 5.7% year over year to $11.5 billion. Media revenues rose 3.1% year over year at $6.97 billion. Studios increased 4.3% year over year to $3.06 billion. Theme Parks surged 12.2% year over year to $2.37 billion.
Peacock’s paid subscribers surged nearly 50% year over year to 31 million, including net additions of 3 million in the fourth quarter. Peacock’s revenues in the fourth quarter jumped 57%, surpassing $1 billion in quarterly revenues for the first time.
Operating Details
Costs and expenses in the fourth quarter of 2023 increased 2.9% year over year to $26.7 billion.
Programming & production costs rose 4.6% from the year-ago quarter to $10.25 billion. Marketing and promotional expenses decreased 6.4% year over year to $2.04 billion.
Adjusted EBITDA increased 0.2% from the year-ago quarter to $8.01 billion.
Total Connectivity & Platforms adjusted EBITDA gained 3.1% year over year to $7.57 billion. Residential Connectivity & Platforms adjusted EBITDA rose 3.3% year over year to $6.27 billion. Business Services Connectivity adjusted EBITDA increased 2.1% year over year to $1.3 billion.
Content & Experiences adjusted EBITDA was $932 million, up 2.3% year over year. Theme Parks adjusted EBITDA came in at $872 million, which rose 11.6% year over year. Studios reported an adjusted EBITDA of $308 million, up 83% year over year. Media adjusted EBITDA plunged 50.2% year over year to $108 million.
Cash Flow & Liquidity
As of Dec 31, 2023, cash and cash equivalents were $6.21 billion, which declined from $6.43 billion as of Sep 30, 2023.
As of Dec 31, 2023, consolidated total debt was $97.09 billion compared with $97.32 billion as of Sep 30, 2023.
In the fourth quarter of 2023, Comcast generated $5.92 billion in cash from operations, which declined from $8.15 billion reported in the previous quarter. Free cash flow was $1.7 billion in the reported quarter, which decreased from $4.03 billion in the previous quarter.
Comcast paid dividends totaling $1.2 billion and repurchased 81.9 million of its common shares for $3.5 billion, resulting in a total return of capital to shareholders of $4.7 billion.
Zacks Rank & Stocks to Consider
Currently, Comcast carries a Zacks Rank #3 (Hold).
Cimpress (CMPR - Free Report) , Flexsteel Industries (FLXS - Free Report) and Universal Technical Institute (UTI - Free Report) are some better-ranked stocks that investors can consider in the broader sector. CMPR, FLXS and UTI sport a Zacks Rank #1 (Strong Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Cimpress have gained 14.2% in the past six months. CMPR is set to report its fourth-quarter 2023 results on Jan 31.
Shares of Flexsteel Industries have jumped 37.1% in the past six months. FLXS is set to report its fourth-quarter 2023 results on Feb 5.
Shares of Universal Technical Institute have rallied 96% in the past six months. UTI is set to report its fourth-quarter 2023 results on Feb 7.
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https://www.zacks.com/stock/news/2215987/comcast-cmcsa-q4-earnings-beat-estimates-revenues-rise-yy
| 2024-01-26T00:05:05Z
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Blackstone Inc. (BX - Free Report) reported $2.54 billion in revenue for the quarter ended December 2023, representing a year-over-year increase of 8.2%. EPS of $1.11 for the same period compares to $1.07 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $2.48 billion, representing a surprise of +2.39%. The company delivered an EPS surprise of +16.84%, with the consensus EPS estimate being $0.95.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Blackstone Inc. performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Total Assets Under Management: $1,040.19 billion compared to the $958.24 billion average estimate based on five analysts.
- Fee-Earning Assets Under Management: $762.61 billion versus the five-analyst average estimate of $788.68 billion.
- Total Assets Under Management - Real Estate: $336.94 billion versus the five-analyst average estimate of $328.41 billion.
- Total Assets Under Management - Private Equity: $304.04 billion compared to the $297.52 billion average estimate based on five analysts.
- Segment Revenues- Realized Principal Investment Income: $19.20 million compared to the $50.80 million average estimate based on six analysts. The reported number represents a change of -65.6% year over year.
- Segment Revenues- Realized Performance Revenues: $693.21 million compared to the $491.62 million average estimate based on six analysts. The reported number represents a change of +46.6% year over year.
- Segment Revenues- Fee Related Performance Revenues: $168.99 million versus the six-analyst average estimate of $363.76 million. The reported number represents a year-over-year change of -2.2%.
- Segment Revenues- Base Management Fees: $1.61 billion versus the six-analyst average estimate of $1.56 billion. The reported number represents a year-over-year change of +1.6%.
- Segment Revenues- Real Estate- Realized Performance Revenues: $96.12 million versus $87.74 million estimated by five analysts on average.
- Segment Revenues- Credit & Insurance- Fee Related Performance Revenues: $154.64 million compared to the $127.01 million average estimate based on five analysts.
- Segment Revenues- Hedge Fund Solutions- Realized Principal Investment Income (Loss): $1.48 million versus $12.51 million estimated by five analysts on average.
- Segment Revenues- Private Equity- Total Management and Advisory Fees, Net: $475.40 million versus the five-analyst average estimate of $461.66 million.
Shares of Blackstone Inc. have returned -9% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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https://www.zacks.com/stock/news/2215988/heres-what-key-metrics-tell-us-about-blackstone-inc-bx-q4-earnings
| 2024-01-26T00:05:11Z
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Cullen/Frost Bankers (CFR - Free Report) reported $523.66 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 1.1%. EPS of $2.18 for the same period compares to $2.91 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $498.09 million, representing a surprise of +5.13%. The company delivered an EPS surprise of +8.46%, with the consensus EPS estimate being $2.01.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Cullen/Frost performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin (FTE): 3.4% compared to the 3.4% average estimate based on seven analysts.
- Net loan charge-offs to average loans: 0.2% versus the six-analyst average estimate of 0.2%.
- Total earning assets and average rate earned - Average balance: $45.58 billion versus the six-analyst average estimate of $45.45 billion.
- Total Non-Performing Loans/ Non-accrual loans: $60.91 million compared to the $65.45 million average estimate based on three analysts.
- Tier 1 Risk-based Capital Ratio: 13.7% compared to the 14.7% average estimate based on three analysts.
- Total Risk-based Capital Ratio: 15.2% compared to the 16.1% average estimate based on three analysts.
- Leverage Ratio: 8.4% versus the two-analyst average estimate of 9.3%.
- Total Non-Interest Income: $113.75 million versus the seven-analyst average estimate of $103.56 million.
- Net Interest Income (FTE): $409.90 million versus $395.98 million estimated by seven analysts on average.
- Other charges, commissions and fees: $12.10 million compared to the $12.63 million average estimate based on five analysts.
- Insurance commissions and fees: $12.74 million versus $12.84 million estimated by five analysts on average.
- Trust and investment management fees: $40.16 million versus the five-analyst average estimate of $38.02 million.
Shares of Cullen/Frost have remained unchanged over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215989/cullenfrost-cfr-q4-earnings-how-key-metrics-compare-to-wall-street-estimates
| 2024-01-26T00:05:17Z
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For the quarter ended December 2023, TriCo (TCBK - Free Report) reported revenue of $102.66 million, down 10.6% over the same period last year. EPS came in at $0.78, compared to $1.09 in the year-ago quarter.
The reported revenue represents a surprise of +1.34% over the Zacks Consensus Estimate of $101.3 million. With the consensus EPS estimate being $0.84, the EPS surprise was -7.14%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how TriCo performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Efficiency ratio: 58.7% versus 57.6% estimated by three analysts on average.
- Net Interest Margin [%]: 3.8% versus the three-analyst average estimate of 3.8%.
- Average Interest-Earning Assets: $9.05 billion versus $9.07 billion estimated by two analysts on average.
- Total Non Interest Income: $16.04 million versus the three-analyst average estimate of $15.81 million.
- Net Interest Income: $86.62 million versus the two-analyst average estimate of $85.50 million.
Shares of TriCo have returned -10.6% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215990/trico-tcbk-q4-earnings-taking-a-look-at-key-metrics-versus-estimates
| 2024-01-26T00:05:24Z
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Berkshire Hills Bancorp (BHLB - Free Report) reported $125.48 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.6%. EPS of $0.47 for the same period compares to $0.64 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $109.05 million, representing a surprise of +15.07%. The company delivered an EPS surprise of -6.00%, with the consensus EPS estimate being $0.50.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Berkshire Hills performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net interest margin, FTE: 3.1% compared to the 3.1% average estimate based on two analysts.
- Efficiency Ratio: 67.8% compared to the 68.1% average estimate based on two analysts.
- Total Non Interest Income: -$8.38 million versus $17.91 million estimated by two analysts on average.
Shares of Berkshire Hills have returned -4.1% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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https://www.zacks.com/stock/news/2215991/berkshire-hills-bhlb-q4-earnings-taking-a-look-at-key-metrics-versus-estimates
| 2024-01-26T00:05:30Z
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Investors with an interest in Oil and Gas - Integrated - United States stocks have likely encountered both Equitrans Midstream (ETRN - Free Report) and Cactus, Inc. (WHD - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, Equitrans Midstream is sporting a Zacks Rank of #2 (Buy), while Cactus, Inc. has a Zacks Rank of #3 (Hold). This means that ETRN's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
ETRN currently has a forward P/E ratio of 11.70, while WHD has a forward P/E of 13. We also note that ETRN has a PEG ratio of 0.53. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. WHD currently has a PEG ratio of 6.70.
Another notable valuation metric for ETRN is its P/B ratio of 3.10. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, WHD has a P/B of 3.19.
These are just a few of the metrics contributing to ETRN's Value grade of B and WHD's Value grade of D.
ETRN stands above WHD thanks to its solid earnings outlook, and based on these valuation figures, we also feel that ETRN is the superior value option right now.
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https://www.zacks.com/stock/news/2215992/etrn-vs-whd-which-stock-should-value-investors-buy-now?
| 2024-01-26T00:05:36Z
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Investors interested in stocks from the Metal Products - Procurement and Fabrication sector have probably already heard of AB SKF (SKFRY - Free Report) and Esab (ESAB - Free Report) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, AB SKF is sporting a Zacks Rank of #1 (Strong Buy), while Esab has a Zacks Rank of #2 (Buy). Investors should feel comfortable knowing that SKFRY likely has seen a stronger improvement to its earnings outlook than ESAB has recently. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
SKFRY currently has a forward P/E ratio of 12.69, while ESAB has a forward P/E of 17.97. We also note that SKFRY has a PEG ratio of 0.49. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. ESAB currently has a PEG ratio of 1.53.
Another notable valuation metric for SKFRY is its P/B ratio of 1.58. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, ESAB has a P/B of 3.39.
These metrics, and several others, help SKFRY earn a Value grade of B, while ESAB has been given a Value grade of C.
SKFRY has seen stronger estimate revision activity and sports more attractive valuation metrics than ESAB, so it seems like value investors will conclude that SKFRY is the superior option right now.
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https://www.zacks.com/stock/news/2215993/skfry-or-esab-which-is-the-better-value-stock-right-now?
| 2024-01-26T00:05:43Z
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Investors interested in stocks from the Shoes and Retail Apparel sector have probably already heard of Skechers (SKX - Free Report) and Nike (NKE - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.
Currently, Skechers has a Zacks Rank of #2 (Buy), while Nike has a Zacks Rank of #3 (Hold). This means that SKX's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. However, value investors will care about much more than just this.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
SKX currently has a forward P/E ratio of 15.31, while NKE has a forward P/E of 28.24. We also note that SKX has a PEG ratio of 0.56. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. NKE currently has a PEG ratio of 1.87.
Another notable valuation metric for SKX is its P/B ratio of 2.19. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, NKE has a P/B of 10.84.
These are just a few of the metrics contributing to SKX's Value grade of B and NKE's Value grade of D.
SKX has seen stronger estimate revision activity and sports more attractive valuation metrics than NKE, so it seems like value investors will conclude that SKX is the superior option right now.
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https://www.zacks.com/stock/news/2215994/skx-or-nke-which-is-the-better-value-stock-right-now?
| 2024-01-26T00:05:49Z
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Investors with an interest in Financial - Miscellaneous Services stocks have likely encountered both American Express (AXP - Free Report) and Brookfield Asset Management (BAM - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Currently, American Express has a Zacks Rank of #2 (Buy), while Brookfield Asset Management has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that AXP likely has seen a stronger improvement to its earnings outlook than BAM has recently. But this is only part of the picture for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
AXP currently has a forward P/E ratio of 14.92, while BAM has a forward P/E of 25.95. We also note that AXP has a PEG ratio of 1.04. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. BAM currently has a PEG ratio of 2.13.
Another notable valuation metric for AXP is its P/B ratio of 4.96. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, BAM has a P/B of 7.54.
These metrics, and several others, help AXP earn a Value grade of B, while BAM has been given a Value grade of F.
AXP is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that AXP is likely the superior value option right now.
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https://www.zacks.com/stock/news/2215995/axp-vs-bam-which-stock-is-the-better-value-option?
| 2024-01-26T00:05:55Z
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Investors with an interest in Wireless Equipment stocks have likely encountered both InterDigital (IDCC - Free Report) and Qualcomm (QCOM - Free Report) . But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Right now, InterDigital is sporting a Zacks Rank of #2 (Buy), while Qualcomm has a Zacks Rank of #3 (Hold). This means that IDCC's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one piece of the puzzle for value investors.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
IDCC currently has a forward P/E ratio of 16.38, while QCOM has a forward P/E of 16.85. We also note that IDCC has a PEG ratio of 0.94. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. QCOM currently has a PEG ratio of 1.35.
Another notable valuation metric for IDCC is its P/B ratio of 4.72. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. By comparison, QCOM has a P/B of 7.96.
These metrics, and several others, help IDCC earn a Value grade of B, while QCOM has been given a Value grade of D.
IDCC has seen stronger estimate revision activity and sports more attractive valuation metrics than QCOM, so it seems like value investors will conclude that IDCC is the superior option right now.
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https://www.zacks.com/stock/news/2215996/idcc-or-qcom-which-is-the-better-value-stock-right-now?
| 2024-01-26T00:06:01Z
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Investors interested in Banks - Foreign stocks are likely familiar with Deutsche Bank (DB - Free Report) and Canadian Imperial Bank (CM - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Currently, both Deutsche Bank and Canadian Imperial Bank are holding a Zacks Rank of # 1 (Strong Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. But this is just one piece of the puzzle for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
DB currently has a forward P/E ratio of 5.95, while CM has a forward P/E of 8.67. We also note that DB has a PEG ratio of 0.74. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. CM currently has a PEG ratio of 2.
Another notable valuation metric for DB is its P/B ratio of 0.34. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, CM has a P/B of 1.13.
Based on these metrics and many more, DB holds a Value grade of B, while CM has a Value grade of C.
Both DB and CM are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that DB is the superior value option right now.
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https://www.zacks.com/stock/news/2215997/db-vs-cm-which-stock-is-the-better-value-option?
| 2024-01-26T00:06:08Z
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Investors interested in stocks from the Building Products - Miscellaneous sector have probably already heard of Installed Building Products (IBP - Free Report) and James Hardie (JHX - Free Report) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Installed Building Products and James Hardie are both sporting a Zacks Rank of # 2 (Buy) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that both of these companies have improving earnings outlooks. But this is only part of the picture for value investors.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
Our Value category highlights undervalued companies by looking at a variety of key metrics, including the popular P/E ratio, as well as the P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that have been used by value investors for years.
IBP currently has a forward P/E ratio of 16.88, while JHX has a forward P/E of 22.39. We also note that IBP has a PEG ratio of 1.86. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. JHX currently has a PEG ratio of 1.89.
Another notable valuation metric for IBP is its P/B ratio of 8.27. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. For comparison, JHX has a P/B of 8.77.
Based on these metrics and many more, IBP holds a Value grade of B, while JHX has a Value grade of C.
Both IBP and JHX are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that IBP is the superior value option right now.
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https://www.zacks.com/stock/news/2215998/ibp-or-jhx-which-is-the-better-value-stock-right-now?
| 2024-01-26T00:06:14Z
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All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
Peoples Bancorp in Focus
Peoples Bancorp (PEBO - Free Report) is headquartered in Marietta, and is in the Finance sector. The stock has seen a price change of -10.84% since the start of the year. The financial services and products company is currently shelling out a dividend of $0.39 per share, with a dividend yield of 5.18%. This compares to the Banks - Midwest industry's yield of 3.36% and the S&P 500's yield of 1.61%.
In terms of dividend growth, the company's current annualized dividend of $1.56 is up 0.6% from last year. Peoples Bancorp has increased its dividend 5 times on a year-over-year basis over the last 5 years for an average annual increase of 4.32%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Peoples Bancorp's current payout ratio is 40%, meaning it paid out 40% of its trailing 12-month EPS as dividend.
PEBO is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2024 is $3.66 per share, with earnings expected to increase 6.40% from the year ago period.
Bottom Line
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. It's important to keep in mind that not all companies provide a quarterly payout.
High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, PEBO is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of 3 (Hold).
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https://www.zacks.com/stock/news/2216000/peoples-bancorp-pebo-could-be-a-great-choice
| 2024-01-26T00:06:20Z
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Johnson Controls International plc (JCI - Free Report) is scheduled to release first-quarter fiscal 2024 (ended Dec 31, 2023) financial numbers on Jan 30, before market open.
The company’s earnings surpassed the Zacks Consensus Estimate twice in the trailing four quarters while matching on one occasion and missing on the remaining one. The average earnings surprise was 0.2%. In the last reported quarter, its earnings of $1.05 per share lagged the Zacks Consensus Estimate of $1.09 by 3.7%.
Image Source: Zacks Investment Research
In the past three months, JCI’s shares have gained 12.5% compared with the industry’s growth of 17.4%.
Key Factors and Estimates for Q1
Johnson Controls is expected to put up a weak show in the upcoming earnings result due to weakness across its Global Products and Building Solutions Asia Pacific segments. A slowdown in the residential market is expected to have hurt the Global Products segment. Also, challenging end-market conditions in China are likely to have marred the performance of the Building Solutions Asia Pacific segment’s Install business in the to-be-reported quarter.
Our estimates for the company’s fiscal first-quarter revenues for Global Products and Building Solutions Asia Pacific segments are pegged at $1,970.8 million and $620.2 million, respectively, suggesting year-over-year declines of 5.3% and 4%, respectively.
The escalating cost of sales poses a threat to Johnson Controls’ bottom line. High commodity prices are expected to have pushed up its cost of sales, which might be reflected in its margins in the fiscal first quarter. We expect the company’s cost of sales to escalate 5.2% year over year in the to-be-reported quarter.
JCI’s weak liquidity position is likely to have impacted its operational performance in the quarter under review. For instance, it exited the fourth quarter of fiscal 2023 with cash and cash equivalents of $835 million, less than its short-term debt and current portion of long-term debt of $1,030 million.
Given Johnson Controls’ substantial international operations, foreign-currency woes might have hurt its top line in the fiscal first quarter. It is worth noting that adverse foreign currency translations impacted the company’s top line to the tune of $616 million in fiscal 2023.
Nevertheless, management has been trying to improve performance through operational initiatives. For instance, the company has been benefiting from improving supply chains and strength across its longer-cycle businesses due to the growing adoption of digital offerings.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for Johnson Controls this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Johnson Controls has an Earnings ESP of +0.56%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
JCI presently carries a Zacks Rank #5 (Strong Sell).
Stocks With the Favorable Combination
Here are a few companies, which according to our model, have the right combination to beat on earnings this reporting cycle:
AZZ Inc. (AZZ - Free Report) has an Earnings ESP of +2.71% and sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
AZZ’s earnings for the to-be-reported quarter are expected to increase 126.7%. The consensus mark for its quarterly earnings has moved down by 4.2% to 68 cents per share in the past 60 days.
The Zacks Consensus Estimate for AZZ’s quarterly revenues is pegged at $352.5 million, which suggests growth of 4.7% from the figure reported in the prior-year quarter.
A. O. Smith Corporation (AOS - Free Report) has an Earnings ESP of +3.80% and currently carries a Zacks Rank #2. The company is likely to register growth in the top and bottom lines when it reports fourth-quarter 2023 numbers. The consensus mark for AOS’ quarterly earnings has moved up by 2.2% to 95 cents per share in the past 60 days. The consensus estimate suggests 10.5% growth from the year-ago quarter’s reported number.
The Zacks Consensus Estimate for A. O. Smith’s quarterly revenues is pegged at $982.4 million, suggesting growth of 5% from the figure reported in the prior-year quarter.
Alarm.com Holdings (ALRM - Free Report) has an Earnings ESP of +8.79% and carries a Zacks Rank #3. ALRM’s earnings for the to-be-reported quarter are expected to decrease by 9.4% on a year-over-year basis. The consensus mark for its quarterly earnings has moved up by 4.3% to 48 cents per share in the past 60 days.
The Zacks Consensus Estimate for Alarm.com’s quarterly revenues is pegged at $225.2 million, which suggests growth of 8.2% from the figure reported in the prior-year quarter.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216002/what-to-note-ahead-of-johnson-controls-jci-q1-earnings
| 2024-01-26T00:06:26Z
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DuPont de Nemours, Inc. (DD - Free Report) released preliminary financial results for the fourth quarter and full year ending Dec 31, 2023, along with an initial outlook for the first quarter of 2024.
For the fourth quarter, net sales are projected to be around $2.9 billion, with operating EBITDA reaching approximately $715 million, per preliminary estimates. The company anticipates a loss from continuing operations in the range of $220-$370 million. Adjusted earnings per share (EPS) are expected in the range of 85-87 cents. Cash provided by operating activities from continuing operations is estimated at about $640 million. Adjusted free cash flow is anticipated to be around $500 million.
Looking at full-year 2023, DuPont projects net sales of approximately $12.07 billion, with operating EBITDA reaching about $2.94 billion. Income from continuing operations is projected to be in the range of $460 million to $610 million, while EPS from continuing operations is estimated to be between 92 cents and $1.28. The company expects an adjusted EPS in the range of $3.46-$3.48. Cash provided by operating activities from continuing operations for the full year is projected to be approximately $2.19 billion and adjusted free cash flow is expected to be around $1.57 billion.
DuPont also provided its initial outlook for the first quarter of 2024. The company projects net sales to be approximately $2.8 billion for the quarter. Operating EBITDA is expected to reach around $610 million. Additionally, DuPont estimates the adjusted EPS to be within the range of 63-65 cents.
DuPont commented on the challenging business environment, noting lower volumes, channel inventory destocking in industrial businesses and weak demand in China during the fourth quarter. The company acknowledged similar trends continuing into the first quarter of 2024, leading to expected sequential declines in sales and earnings.
Despite these challenges, Dupont expressed confidence in the stabilization of Semiconductor Technologies and foresees a slight sequential sales lift in the fourth quarter of 2023. DuPont implemented restructuring actions announced in November, with anticipated cost savings beginning in the first quarter of 2024.
The company expects a sequential improvement in sales in the second quarter of 2024, with a roughly 10% increase in operating EBITDA in the second quarter compared to the first. Additionally, DuPont aims for a return to year-over-year sales and earnings growth in the second half of 2024.
It's important to note that the financial results are preliminary and the final results may differ. DuPont identified a triggering event as of Dec 31, 2023, leading to an impairment analysis of the Protection reporting unit within the Water & Protection segment. Due to current market conditions, including channel inventory destocking, DuPont expects to record a non-cash goodwill impairment charge ranging from $750-$850 million in fourth-quarter 2023.
DuPont’s shares have fallen 12.7% in a year compared with a 15.3% fall recorded by the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
DuPont currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Cameco Corporation (CCJ - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and The Andersons (ANDE - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cameco has a projected earnings growth rate of 188% for the current year. The Zacks Consensus Estimate for CCJ’s current-year earnings has been revised upward by 12.5% in the past 60 days. The stock is up around 73.5% in a year.
The consensus estimate for CRS’s current fiscal year earnings is pegged at $3.97, indicating a year-over-year surge of 248.3%. CRS beat the Zacks Consensus Estimate in all of the last four quarters, with the average earnings surprise being 14.3%. The company’s shares have rallied 50.3% in the past year.
ANDE beat the Zacks Consensus Estimate in three of the last four quarters and missed one, with the average earnings surprise being 32.8%. The company’s shares have increased 42.1% in the past year.
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https://www.zacks.com/stock/news/2216003/dupont-dd-announces-preliminary-q4-results-q1-2024-outlook?-q1-2024-outlook
| 2024-01-26T00:06:32Z
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Sysco Corporation (SYY - Free Report) is likely to register top- and bottom-line growth when it reports second-quarter fiscal 2024 earnings on Jan 30. The Zacks Consensus Estimate for revenues is pegged at $19.3 billion, suggesting a rise of 3.7% from the prior-year quarter’s reported figure.
The consensus mark for quarterly earnings has remained unchanged in the past 30 days at 88 cents per share. This calls for growth of 10% from the year-ago quarter’s reported figure. SYY has a trailing four-quarter negative earnings surprise of 0.03%, on average.
Factors To Note
Sysco has been focused on enhancing efficiency through supply-chain productivity and structural cost-containment efforts. The company is on track with its Recipe for Growth strategy, which is strengthening the company’s capacities across sales and supply chains.
Sysco is benefiting from prudent acquisitions, which have been expanding its distribution network and customer base. Also, the company’s diversified channels have been a growth driver. These upsides are likely to be reflected in the to-be-reported quarter.
That being said, Sysco has been encountering product cost inflation for a while. In addition, soft volume trends are likely to put pressure on the company’s performance.
What the Zacks Model Unveils
Our proven model doesn’t conclusively predict an earnings beat for Sysco this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Sysco carries a Zacks Rank #2 and has an Earnings ESP of 0.00%.
Some Stocks With Favorable Combination
Here are some companies worth considering, as our model shows that these have the right elements to beat on earnings this time.
Church & Dwight Co. (CHD - Free Report) has an Earnings ESP of +0.90% and a Zacks Rank of 2. The company is slated to witness top- and bottom-line growth when it reports fourth-quarter 2023 results. The Zacks Consensus Estimate for CHD’s quarterly revenues is pegged at $1.5 billion, suggesting growth of 5.3% from the figure reported in the prior-year quarter. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Church & Dwight’s quarterly earnings of 64 cents per share suggests an increase of 3.2% from the year-ago quarter’s levels. CHD delivered an earnings surprise of 10.1%, on average, in the trailing four quarters.
Coca-Cola (KO - Free Report) has an Earnings ESP of +1.00% and a Zacks Rank of 2. KO is likely to register top and bottom-line growth when it reports the fourth-quarter 2023 numbers. The Zacks Consensus Estimate for its quarterly revenues is pegged at $10.6 billion, which suggests growth of 4.8% from that reported in the prior-year quarter.
The Zacks Consensus Estimate for Coca-Cola’s quarterly earnings has been unchanged in the past 30 days, at 48 cents per share. The consensus estimate suggests 6.7% earnings growth from the year-ago quarter’s reported number. KO has delivered an earnings beat of 5.1%, on average, in the trailing four quarters.
Mondelez International (MDLZ - Free Report) currently has an Earnings ESP of +2.25% and a Zacks Rank #3. The company is likely to register top- and bottom-line growth when it reports fourth-quarter 2023 numbers. The Zacks Consensus Estimate for Mondelez’s quarterly revenues is pegged at $9.3 billion, indicating a rise of 6.7% from the figure reported in the prior-year quarter.
The Zacks Consensus Estimate for Mondelez’s quarterly earnings of 77 cents suggests an increase of 5.5% from the year-ago quarter’s levels. MDLZ has a trailing four-quarter earnings surprise of 7.3%, on average.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216004/sysco-corporations-syy-q2-earnings-coming-up-factors-to-note
| 2024-01-26T00:06:39Z
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M.D.C. Holdings, Inc. (MDC - Free Report) is scheduled to report fourth-quarter 2023 results on Jan 30, 2024, before market open.
In the last reported quarter, the company’s earnings topped the Zacks Consensus Estimate by 18.6% but declined 29.3% year over year. Total revenues missed the Zacks Consensus Estimate by 1% and fell 22.9% from the year-ago quarter’s levels.
MDC’s earnings beat the consensus mark in three of the trailing four quarters and missed the same for once, the average surprise being 53.6%.
The Trend in Estimate Revision
The Zacks Consensus Estimate for the to-be-reported quarter’s earnings per share remained unchanged at $1.44 in the past seven days. However, the estimated figure indicates a 33.3% rise from the year-ago quarter’s earnings of $1.08 per share.
The consensus mark for revenues is pegged at $1.29 billion, suggesting a decline of 14.9% from the prior-year quarter’s reported figure.
Factors to Note
Revenues
MDC's fourth-quarter revenues are expected to have declined year over year due to the moderation in the housing demand. The downside is likely to be caused by higher mortgage rates and lower average selling prices. Also, the company has been facing challenges from the material cost and wage inflation, impacting the overall affordability of the U.S. housing market.
The company has been focusing on strategic investments in homebuilding operations to expand its local market presence. Land acquisition activity experienced a significant uptick in the third quarter and this trend was anticipated to persist in the fourth quarter.
Also, MDC's financing incentives, like rate buy-downs and closing cost assistance, effectively address buyer affordability concerns. These strategic initiatives are likely to have helped it partially offset the adverse effects of the aforementioned risks.
For fourth-quarter 2023, MDC expects home deliveries to be within 2,200-2,400 units, down from 2,554 units delivered a year ago. Our model predicts deliveries to decline 10.8% year over year to 2,277 units.
MDC expects the average selling price or ASP for the quarter to be in the range of $545,000-$555,000 compared with $582,300 reported a year ago. Our model predicts ASP to decline 5% year over year to $553,200.
Segment-wise, we expect the Homebuilding revenues to decline 15.3% to $1.26 billion from $1.49 billion reported a year ago due to lower deliveries and ASP. Also, we anticipate the Financial Services revenues to drop 0.9% year over year to $32 million.
Margins
The bottom line of MDC is likely to be affected by the ongoing inflationary pressures, higher costs and softer revenues. The company anticipates the housing gross margin (assuming no impairments or warranty adjustments) to be between 18% and 19.5% compared with 21.3% reported in the prior year.
Our model predicts homebuilding gross margin (excluding inventory impairments) to be 18% for the quarter, down from the year-ago period’s levels.
Orders & Backlog
We expect new orders of MDC to increase 998.1% year over year to 2,086 units in the quarter. Our model predicts the ASP of new orders to increase 39.6% year over year to $547,100.
We anticipate the total backlog to decline 13.1% to 2,584 units from 2,974 units reported a year ago. We expect the ASP of the total backlog to drop 1.1% year over year to $596,000.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for MDC for the quarter to be reported. That is because a stock needs to have both a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) for this to happen. Unfortunately, that is not the case here, as you will see below.
Earnings ESP: MDC has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: MDC currently sports a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Stocks Poised to Beat on Earnings
Here are some companies in the Zacks Construction sector that, according to our model, have the right combination of elements to post an earnings beat in the quarter to be reported.
Louisiana-Pacific Corporation (LPX - Free Report) has an Earnings ESP of +6.43% and carries a Zacks Rank of #3.
LPX’s earnings for the to-be-reported quarter are expected to decline 18%. The company reported better-than-expected earnings in three of the last four quarters but missed on one occasion, the average surprise being 98.3%.
Martin Marietta Materials, Inc. (MLM - Free Report) has an Earnings ESP of +0.82% and carries a Zacks Rank #2.
MLM’s earnings topped the consensus mark in all the last four quarters, with the average being 37.3%. Earnings for the to-be-reported quarter are expected to rise 30.3% year over year.
Vulcan Materials Company (VMC - Free Report) has an Earnings ESP of +1.64% and carries a Zacks Rank #3.
VMC’s earnings topped the consensus mark in three of the last four quarters and missed on one occasion, with the average being 13.6%. Earnings for the to-be-reported quarter are expected to rally 25% year over year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216005/mdc-gears-up-to-report-q4-earnings-heres-what-to-know
| 2024-01-26T00:06:45Z
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RLI Corp. (RLI - Free Report) reported fourth-quarter 2023 operating earnings of $1.54 per share, beating the Zacks Consensus Estimate by 6.9%. The bottom line improved 0.6% from the prior-year quarter.
The quarterly results reflect continued premium growth across all product segments.
Operational Performance
Operating revenues for the reported quarter were $378.4 million, up 15% year over year, driven by 14.9% higher net premiums earned and 14.4% higher net investment income. The top line, however, missed the Zacks Consensus Estimate by 2%.
Gross premiums written increased 13% year over year to $434.4 million. This uptick can be attributed to the solid performance of the Casualty (up 7.5%), Property (up 23.5%) and Surety segments (up 10.9%). Our estimate was $459 million.
Net investment income increased 14.4% year over year to $32.5 million. The Zacks Consensus Estimate for the metric was pegged at $33.5 million, while our estimate was $38.1 million. The investment portfolio’s total return was 6.4% in the quarter.
Total expenses increased 15.5% year over year to $292.5 million, primarily due to higher loss and settlement expenses, and higher policy acquisition costs, insurance operating expenses and general corporate expenses. Our estimate was $293.7 million.
Underwriting income of $59.8 million increased 10.9%. Combined ratio deteriorated 60 basis points (bps) year over year to 82.7. The Zacks Consensus Estimate for the metric was pegged at 85, while our estimate was 82.7.
Full-Year Highlights
Operating earnings of $4.94 per share improved 5.3% from the prior-year quarter.
Operating revenues were $1.4 billion million, up 15% year over year.
Net premiums earned increased 13.1% to $1.3 billion and were in line with our estimate. Underwriting income slipped 0.02% to $173.2 million. Our estimate was $173.6 million. Combined ratio deteriorated 220 bps to 86.6 and was in line with our estimate.
The investment portfolio’s total return was 8.8%.
Financial Update
RLI exited the quarter with total investments and cash of $3.6 billion, up 12.3% from 2022 end.
Book value was $30.97 per share as of Dec 31, 2023, up 19.6% from the figure as of Dec 31, 2022.
Net cash flow from operations was $464.3 million, up 85.4% year over year.
The statutory surplus increased 5.8% from 2022 end to $1.5 billion as of Dec 31, 2023.
Return on equity was 28.1%, expanding 270 bps from the year-ago period.
Dividend Update
The insurer paid a special dividend of $2.00 per share for the fourth quarter. Shareholder returns totaled $91.3 million.
RLI has paid dividends for 190 consecutive quarters and increased regular dividends in each of the last 48 years. Over the last 10 years, the company has returned $1.41 billion to shareholders. The regular dividend has grown 4.7% per year on average.
Zacks Rank
RLI currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Insurers
The Travelers Companies (TRV - Free Report) reported fourth-quarter 2023 core income of $7.01 per share, which beat the Zacks Consensus Estimate of $5.04. The bottom line more than doubled year over year, driven by higher underlying underwriting gain, lower catastrophe losses and higher net investment income. Travelers’ total revenues increased 13.5% from the year-ago quarter to $10.9 billion, primarily driven by higher premiums. The top-line figure beat the Zacks Consensus Estimate by 0.2%.
Net written premiums increased 13% year over year to about $10 billion, driven by strong growth across all three segments. The figure was higher than our estimate of $9.7 billion. Travelers witnessed an underwriting gain of $1.4 billion, up more than three-fold year over year, driven by higher business volumes. The combined ratio improved 870 bps year over year to 85.8, driven by a lower underlying combined ratio and lower catastrophe losses.
The Progressive Corporation’s (PGR - Free Report) fourth-quarter 2023 earnings per share of $2.96 beat the Zacks Consensus Estimate of $2.38. The bottom line improved 97.3% year over year. Operating revenues of $16.6 billion beat the Zacks Consensus Estimate by 3% and increased 23.2% year over year.
Net premiums written were $15.1 billion in the quarter, up 21% from $12.5 billion a year ago. Premiums beat our estimate of $14 billion. Net premiums earned grew 22% to $15.8 billion and beat our estimate of $14.8 billion.
The combined ratio — the percentage of premiums paid out as claims and expenses — improved 520 bps from the prior-year quarter’s level to 88.7.
W.R. Berkley Corporation’s (WRB - Free Report) fourth-quarter 2023 operating income of $1.45 per share beat the Zacks Consensus Estimate of $1.35 by 7.4%. The bottom line improved 25% year over year. Operating revenues came in at $3.2 billion, up 9.3% year over year, on the back of higher net premiums earned as well as improved net investment income. The top line beat the consensus estimate by 1.3%
W.R. Berkley’s net premiums written were $2.7 billion, up 12% year over year. The figure was lower than our estimate of $2.8 billion. Pre-tax underwriting income increased 8.2% to $315.9 million. The consolidated combined ratio) remained flat year over year at 88.4.
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https://www.zacks.com/stock/news/2216026/rlis-q4-earnings-top-estimates-on-strong-premium-growth
| 2024-01-26T00:06:51Z
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ResMed Inc.’s (RMD - Free Report) adjusted earnings per share (EPS) for the second quarter of fiscal 2024 were $1.88, up 13.3% year over year. The metric beat the Zacks Consensus Estimate by 3.9%.
The adjustments include certain non-recurring expenses/benefits like the amortization of acquired intangibles, restructuring and masks with magnets field safety notification expenses, among others.
GAAP EPS in the reported quarter was $1.42, down 7.2% from the year-ago quarter.
Revenues
On a reported basis, fiscal second-quarter revenues increased 12% year over year (up 11% at constant exchange rate or CER) to $1.16 billion. The figure matched the Zacks Consensus Estimate.
A Closer View of the Q2 Top Line
Total Sleep and Respiratory Care revenues improved 11% (up 10% at CER) from the prior-year period to $1.02 billion.
Total Sleep and Respiratory Care revenues in Europe, Asia and other markets rose 16% on a reported basis (up 12% at CER) to $348.5 million.
In the United States, Canada and Latin America, total Sleep and Respiratory Care revenues were $669.3 million, up 9% year over year.
Global Revenues comprised Total Devices revenues of $606 million, up 12% (11% at CER), and Total Masks and other revenues of $411.9 million, up 10% (up 9% at CER), all on a year-over-year basis.
Software-as-a-Service (SaaS) revenues grew 24% year over year to $144.9 million.
Margins
The adjusted gross profit in the quarter under review rose 12.7% to $661.5 million despite a 12.2% uptick in the adjusted cost of sales (excluding the amortization of acquired intangibles, masks with magnets field safety notification expenses and Astral field safety notification expenses).
Adjusted gross margin for the fiscal second quarter was 56.9%, reflecting an expansion of 11 basis points (bps) on lower freight costs, increase in average selling prices and favorable foreign currency movements.
SG&A expenses rose 4.9% year over year to $222.2 million. R&D expenses increased 5.7% to $73.9 million.
The adjusted operating income was $365.5 million in the quarter under discussion, up 19.7% from the year-ago quarter. The adjusted operating margin expanded 188 bps year over year to 31.4%.
Financial Updates
ResMed exited the second quarter of fiscal 2024 with cash and cash equivalents of $210.2 million compared with $209.1 million at the end of the fiscal first quarter. Total debt (short and long-term) at the end of the fiscal second quarter was $1.26 billion compared with $1.36 billion at the end of the fiscal first quarter.
The cumulative net cash provided by operating activities at the end of the fiscal second quarter was $559.1 million compared with $173.3 million in the year-ago period.
The company paid out $70.7 million in dividends in the fiscal second quarter.
Our Take
ResMed’s second-quarter fiscal 2024 earnings beat estimates while revenues matched the same. The company reported strong double-digit growth across its combined device, masks and accessories and residential care software businesses.
Revenue growth was driven by ongoing patient flow and solid demand across the global sleep and respiratory care markets, along with the increasing adoption of the company’s outside hospital software solution.
Further, the results reflected cost discipline to support an acceleration in profitability.
Zacks Rank and Key Picks
ResMed currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the broader medical space are SiBone (SIBN - Free Report) , Surgery Partners (SGRY - Free Report) and Haemonetics (HAE - Free Report) , each carrying a Zacks Rank 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for SiBone’s fourth-quarter 2023 bottom line is pegged at a loss of 28 cents, implying a 12.9% improvement from the year-ago period. The consensus estimate for revenues is pegged at $38.6 million, suggesting 20.8% growth from the fourth quarter of 2022.
SiBone has an estimated long-term earnings growth rate of 14.9% compared with the industry’s 13.4% growth. SIBN’s earnings surpassed estimates in all the trailing four quarters, the average being 24.21%.
The consensus estimate for Surgery Partners’ fourth-quarter 2023 EPS is pegged at 37 cents, implying a 37% improvement from the year-ago period. Revenues are projected to be $741.5 million, suggesting 4.9% growth from the fourth quarter of 2022.
Surgery Partners’ 2024 earnings growth rate is predicted to be 4.8%, while the revenue growth rate is estimated to be 9.2%. SGRY’s earnings surpassed estimates in all the trailing four quarters, the average being 316.07%.
The consensus mark for Haemonetics’ third-quarter fiscal 2024 EPS is pegged at 97 cents, implying a 14.1% improvement from the year-ago period. Projected revenues of $322.5 million suggest 5.6% growth from the fiscal third quarter of 2023.
Haemonetics has a historical long-term earnings growth rate of 9.4% compared with the industry’s 7.5% growth. HAE’s earnings surpassed estimates in all the trailing four quarters, the average surprise being 16.08%.
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https://www.zacks.com/stock/news/2216027/resmed-rmd-q2-earnings-beat-estimates-margins-expand
| 2024-01-26T00:06:57Z
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Alector (ALEC - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Alector is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Alector, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Alector
This biotechnology company is expected to earn -$1.79 per share for the fiscal year ending December 2023, which represents a year-over-year change of -10.5%.
Analysts have been steadily raising their estimates for Alector. Over the past three months, the Zacks Consensus Estimate for the company has increased 17.3%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Alector to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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https://www.zacks.com/stock/news/2216028/alector-alec-upgraded-to-strong-buy-heres-what-you-should-know
| 2024-01-26T00:07:04Z
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Zuora (ZUO - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for Zuora is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Zuora, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Zuora
This enterprise software company is expected to earn $0.26 per share for the fiscal year ending January 2024, which represents a year-over-year change of 300%.
Analysts have been steadily raising their estimates for Zuora. Over the past three months, the Zacks Consensus Estimate for the company has increased 10.9%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Zuora to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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https://www.zacks.com/stock/news/2216029/all-you-need-to-know-about-zuora-zuo-rating-upgrade-to-strong-buy
| 2024-01-26T00:07:10Z
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Investors might want to bet on FirstService (FSV - Free Report) , as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for FirstService is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for FirstService imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for FirstService
This property services provider is expected to earn $4.70 per share for the fiscal year ending December 2023, which represents a year-over-year change of 10.9%.
Analysts have been steadily raising their estimates for FirstService. Over the past three months, the Zacks Consensus Estimate for the company has increased 3.6%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of FirstService to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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https://www.zacks.com/stock/news/2216030/all-you-need-to-know-about-firstservice-fsv-rating-upgrade-to-strong-buy
| 2024-01-26T00:07:16Z
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SYDNEY - Singapore’s central bank will likely keep its tight monetary policy settings for a third straight review while retaining its sharp focus on still-elevated inflation.
All 19 economists surveyed by Bloomberg expect the Monetary Authority of Singapore (MAS), which uses the exchange rate rather than interest rates to stabilise prices, to maintain its overall policy settings on Jan 29. The central bank tightened five times since October 2021 before opting to pause in 2023.
MAS is expected to keep its statement relatively unchanged at the first of its four-times-a-year decision, according to nine of 13 economists who responded to the question. Three, including Bank of America and Barclays, expect the tone to be hawkish while Oxford Economics was alone in predicting a dovish tilt.
This will be the first policy statement under new MAS managing director Chia Der Jiun and since MAS shifted to a quarterly schedule from biannual reviews previously. The Bloomberg survey was conducted before Singapore reported on Jan 23 that core inflation quickened to 3.3 per cent in December.
Since MAS’ last decision in October, Singapore’s economy has shown signs of resilience with the labour market remaining relatively tight and private home-price growth strong. Global financial conditions have eased too.
Even so, the central bank’s preferred core gauge – which includes food and fuel prices and excludes accommodation and private transport - accelerated to a pace that surpassed all analyst estimates, driven by higher costs of services and utilities. A scheduled increase in the goods and services tax (GST) to 9 per cent from 8 per cent that started on Jan 1 also bears noting.
Further underpinning domestic price pressures in Singapore, gross domestic product expanded by a seasonally-adjusted 1.7 per cent in the fourth quarter from the prior three months, following a 1.3 per cent expansion in the July-September period. Singapore avoided a recession in 2023 and grew at faster-than-expected 1.2 per cent.
“Given the need to manage inflation expectations, we see little reason for the MAS to relax its hawkish tone,” Brian Tan and Audrey Ong at Barclays wrote in a note, referring to the GST hike “We believe the likelihood of FX policy easing this year is lower than most market participants think – our base case is for no adjustments through 2025.”
MAS in October expected core inflation, excluding the impact of the increase in the GST, to moderate in 2024 to 1.5 per cent-2.5 per cent — which is where it would probably prefer the gauge to settle, according to Bloomberg economist Tamara Mast Henderson.
She fears the measure will rise this year as disinflation from the base effect starts to fade and following the GST increase.
That explains why some economists expect a hawkish stance this month, while some including UOB see the probability of further tightening later in 2024.
“We see risks of core inflation staying sticky above 2 per cent even through 2025,” said Kai Wei Ang, Asia & Asean economist at Bank of America wrote in a note to clients. “As such, a steeper slope may be needed to deliver more durable tightening.” BLOOMBERG
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https://www.straitstimes.com/business/singapore-set-to-hold-monetary-policy-next-week-as-price-pressures-persist
| 2024-01-26T00:07:16Z
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AirSculpt Technologies, Inc. (AIRS - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
As such, the Zacks rating upgrade for AirSculpt Technologies, Inc. is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
For AirSculpt Technologies, Inc. rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for AirSculpt Technologies, Inc.
For the fiscal year ending December 2023, this company is expected to earn $0.38 per share, which is a change of 2.7% from the year-ago reported number.
Analysts have been steadily raising their estimates for AirSculpt Technologies, Inc. Over the past three months, the Zacks Consensus Estimate for the company has increased 13.2%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of AirSculpt Technologies, Inc. to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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https://www.zacks.com/stock/news/2216031/what-makes-airsculpt-technologies-inc-airs-a-new-strong-buy-stock
| 2024-01-26T00:07:22Z
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MADRID - Atletico Madrid beat Sevilla 1-0 on Thursday to book a place in Spain's Copa del Rey semi-finals thanks to a goal by Dutch forward Memphis Depay.
The home side dominated the first half but failed to score, the best chance coming from a penalty for a foul that Antoine Griezmann failed to convert after slipping.
The French forward had a chance to redeem himself in the second half, but his effort was disallowed for offside in the 60th minute and Atletico had another effort ruled out after a Depay breakaway.
Depay found the net in the 79th when Angel Correa's through ball slipped between Sergio Ramos's legs to secure the win.
Athletic Bilbao reached the semi-finals after knocking out Barcelona 4-2, Mallorca eliminated LaLiga leaders Girona 3-2 and Real Sociedad made the last four with a 2-1 win over Celta Vigo. REUTERS
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https://www.straitstimes.com/sport/football/atletico-edge-out-sevilla-to-reach-cup-semi-finals
| 2024-01-26T00:07:27Z
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Summit Materials (SUM - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.
A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.
Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Summit Materials basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Summit Materials, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
Empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>>.
Earnings Estimate Revisions for Summit Materials
For the fiscal year ending December 2023, this construction materials producer is expected to earn $1.48 per share, which is a change of 16.5% from the year-ago reported number.
Analysts have been steadily raising their estimates for Summit Materials. Over the past three months, the Zacks Consensus Estimate for the company has increased 7.5%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of 'buy' and 'sell' ratings for its entire universe of more than 4000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a 'Strong Buy' rating and the next 15% get a 'Buy' rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Summit Materials to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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https://www.zacks.com/stock/news/2216032/summit-materials-sum-upgraded-to-buy-heres-why
| 2024-01-26T00:07:29Z
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Murphy Oil (MUR - Free Report) reported $844.2 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 13.4%. EPS of $0.90 for the same period compares to $1.10 a year ago.
The reported revenue represents a surprise of +0.81% over the Zacks Consensus Estimate of $837.38 million. With the consensus EPS estimate being $1.03, the EPS surprise was -12.62%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Murphy Oil performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Crude Oil and condensate Produced - barrels per day: 100.08 thousands of barrels of oil versus the seven-analyst average estimate of 98.55 thousands of barrels of oil.
- Net NGLs Produced - barrels per day: 10.5 thousands of barrels of oil versus the seven-analyst average estimate of 10.49 thousands of barrels of oil.
- Oil equivalent production per day: 185 KBOE/D versus 188.06 KBOE/D estimated by seven analysts on average.
- Weighted Average Sales Prices - Natural Gas Liquids Dollars Per Barrel - Onshore - Canada: $24.87 versus the four-analyst average estimate of $39.99.
- Net Crude Oil and condensate Produced - barrels per day - Offshore - Canada: 3.74 thousands of barrels of oil compared to the 3.87 thousands of barrels of oil average estimate based on four analysts.
- Net Crude Oil and condensate Produced - barrels per day - Onshore - Canada: 2.44 thousands of barrels of oil versus 2.19 thousands of barrels of oil estimated by four analysts on average.
- Net NGLs Produced - barrels per day - Onshore - US: 4.7 thousands of barrels of oil versus the four-analyst average estimate of 4.98 thousands of barrels of oil.
- Geographic Revenues from External Customers- United States: $726.10 million compared to the $682.82 million average estimate based on three analysts. The reported number represents a change of -9.5% year over year.
- Geographic Revenues from External Customers- Canada: $106.60 million compared to the $123.18 million average estimate based on three analysts. The reported number represents a change of -41% year over year.
- Revenue from sales to customers- Revenue from production: $834.68 million versus the four-analyst average estimate of $831.01 million. The reported number represents a year-over-year change of -10.9%.
- Total revenue from sales to customers: $842.27 million compared to the $833.07 million average estimate based on four analysts. The reported number represents a change of -14.6% year over year.
- Revenue from sales to customers- Sales of purchased natural gas: $7.59 million versus the two-analyst average estimate of $7.44 million.
Shares of Murphy Oil have returned -13.1% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.
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https://www.zacks.com/stock/news/2216033/murphy-oil-mur-reports-q4-earnings-what-key-metrics-have-to-say
| 2024-01-26T00:07:35Z
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LIV Golf has plans to crash the Super Bowl party in two weeks as the Saudi backed circuit makes its first American stop of the season looking for a badly needed boost to its U.S. profile.
Bank rolled by the Saudi Arabia's Public Investment Fund and an unfamiliar team format have left many American golf fans cold but Bryson DeChambeau believes Las Vegas and LIV Golf are the perfect match.
Branded as "Golf, but louder", there is the promise of plenty of hard core partying and night club vibe at the Las Vegas Country Club from Feb. 8-10.
The Birdie Shack, an open-air enclosure overlooking the eighth tee box, is where the hardiest revellers are directed to congregate the perch reserved for the "the loudest of the loud".
Party Hole cabanas, already sold out for Saturday's final round, offer an all-inclusive bar and advertised as just like having your own VIP booth in the coolest part of a club.
"Being Super Bowl week I can't think of a better situation for us to showcase our product and just to showcase the talent we have out here," DeChambeau, captain of the Crushers, said on Thursday in a conference call to preview the event. "I think it is going to be a spectacle.
"We haven't been highlighted enough here in the States and I can't wait to see what the response is going to be like."
NO THREAT
DeChambeau's Crushers going up against Phil Mickelson's HyFlyers will be no threat to the NFL showcase no matter what teams make it to the Feb. 11 championship game but LIV is not alone among sports looking to ride the Super Bowl slip stream.
The UFC will have a card on Super Bowl eve while Formula One's Alpha Tauri team will hold its 2024 car reveal on the Strip that week.
While this year's event will be the first for LIV in Las Vegas, it is unlikely to be the last with the tour joining almost every other sport from the National Basketball Association to curling and pickleball looking to get a piece of the Sin City action.
There are 14 stops on the LIV Golf calendar this year with six in the U.S., underscoring the importance of the American market.
The Las Vegas Country Club was the venue for the PGA Tour's first $1 million purse in 1993 and three decades on LIV will dish out prize money totalling $25 million at the same location.
"For Vegas it's great for them to have more sports entering that market. I think that the city is only going to benefit," said DeChambeau, the 2020 U.S. Open champion.
"Vegas has a tradition and history of the casinos and gambling and all that which I think is going to be interesting for LIV Golf because we are starting to get into that a little bit more.
"I am excited for the time when we can start gambling on each hole, every hole, closet to the pin, longest drive that's what LIV Golf wants to bring. It is the perfect environment for LIV Golf."
One of the first to jump to the rebel circuit, DeChambeau said he is also looking forward to teeing it up again at PGA Tour events and believes the agreement that is being discussed would bring together the PGA Tour, DP Tour and LIV Golf.
"I think one day I will get to play in those events again," said DeChambeau. "I think the deal is going to come quicker than you think. It may not be in the next couple of weeks, it could be in a month or so, but it's going to happen.
"There's no way around it now.
"Fans are hungry for us to come back together and I can't wait for that day to happen." REUTERS
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https://www.straitstimes.com/sport/golf/liv-looking-to-crash-las-vegas-super-bowl-party
| 2024-01-26T00:07:37Z
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BCB Bancorp (BCBP - Free Report) reported $27.15 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 13.1%. EPS of $0.35 for the same period compares to $0.69 a year ago.
The reported revenue represents a surprise of -0.66% over the Zacks Consensus Estimate of $27.33 million. With the consensus EPS estimate being $0.37, the EPS surprise was -5.41%.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how BCB Bancorp performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin: 2.6% compared to the 2.7% average estimate based on two analysts.
- Efficiency ratio: 61% versus the two-analyst average estimate of 57%.
- Total Non Interest Income: $3.23 million versus the two-analyst average estimate of $1.96 million.
- Net Interest Income: $23.92 million versus the two-analyst average estimate of $25.19 million.
Shares of BCB Bancorp have returned +1.7% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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https://www.zacks.com/stock/news/2216034/compared-to-estimates-bcb-bancorp-bcbp-q4-earnings-a-look-at-key-metrics
| 2024-01-26T00:07:41Z
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First Financial Northwest (FFNW - Free Report) reported $9.91 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 24.7%. EPS of $0.13 for the same period compares to $0.35 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $10.26 million, representing a surprise of -3.43%. The company delivered an EPS surprise of -7.14%, with the consensus EPS estimate being $0.14.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how First Financial performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Net Interest Margin [%]: 2.5% compared to the 2.7% average estimate based on two analysts.
- Efficiency ratio: 85.2% versus 85% estimated by two analysts on average.
- Total Non Interest Income: $0.63 million compared to the $0.70 million average estimate based on two analysts.
- Net Interest Income: $9.28 million versus $9.57 million estimated by two analysts on average.
Shares of First Financial have returned +51.2% over the past month versus the Zacks S&P 500 composite's +2.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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https://www.zacks.com/stock/news/2216035/first-financial-ffnw-q4-earnings-how-key-metrics-compare-to-wall-street-estimates
| 2024-01-26T00:07:47Z
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Toyota's Elfyn Evans led the season-opening Monte Carlo Rally after getting his tyre strategy right and winning the first two stages on Thursday.
Team leader in the absence of world rally champion Kalle Rovanpera, who is taking a break from full-time racing, the Welshman was first on the road and ended the night 15.1 seconds clear of Hyundai's Thierry Neuville.
"Conditions were very, very mixed," said Evans. "Some bits good, some bits not so good."
Eight-times world champion Sebastien Ogier, chasing a record 10th Monte win, was third for Toyota and 21.6 seconds off the pace over the unusually ice and snow-free asphalt roads in the French Alps.
"It seems that it's difficult for us but we expected that a bit," sad the Frenchman.
"With these conditions it's better to be at the front. We had a decent run...but the road is getting very dirty very quickly."
Hyundai's Ott Tanak was in fourth place on his return to the team, after a year at M-Sport Ford, 1.2 adrift of Ogier despite a sticking throttle.
Friday's first full leg features three stages in the morning that are repeated in the afternoon and evening. REUTERS
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https://www.straitstimes.com/sport/rallying-evans-leads-after-opening-monte-carlo-stages
| 2024-01-26T00:07:47Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Lennox International (LII - Free Report) , which belongs to the Zacks Building Products - Air Conditioner and Heating industry.
This manufacturer of furnaces, air conditioners and other products has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 15.79%.
For the last reported quarter, Lennox came out with earnings of $5.37 per share versus the Zacks Consensus Estimate of $4.73 per share, representing a surprise of 13.53%. For the previous quarter, the company was expected to post earnings of $5.21 per share and it actually produced earnings of $6.15 per share, delivering a surprise of 18.04%.
Thanks in part to this history, there has been a favorable change in earnings estimates for Lennox lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Lennox currently has an Earnings ESP of +0.13%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #2 (Buy) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on January 31, 2024.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216036/can-lennox-lii-keep-the-earnings-surprise-streak-alive?
| 2024-01-26T00:07:54Z
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ACAPULCO, Mexico - A volunteer police force in rural Mexico that says it has been overwhelmed by local kidnappings has recruited schoolchildren as young as 12 to join its ranks, the latest sign of how some parts of the country are struggling to cope with organized crime.
Armed with rifles and sticks, and with their faces covered, boys and girls paraded around the local sports field this week before joining a patrol in Ayahualtempa, a mountain village in the southwestern state of Guerrero.
"We can't study because of lawlessness," one recruited teenager told the Milenio television channel. The boy explained how he had learned to shoot a gun after a handful of lessons.
Violence has recently escalated in Guerrero, one of the poorest states in Mexico. In early January, a drone attack allegedly carried out by drug cartel La Familia Michoacana killed around 30 people, human rights groups say.
In Ayahualtempa, four members of a local family have been missing since Friday when they were kidnapped, the Guerrero state prosecutor's office said.
The minors are reinforcing the volunteer police force, and will do their best to guard the village of about 700 inhabitants while adults search for the missing people, said Antonio Toribio, a local official.
"We're not going to allow them to kidnap us any more, or for people to keep disappearing," Toribio said.
This is not the first time minors have been armed in Guerrero, where authorities have struggled to counter powerful drug trafficking gangs. REUTERS
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https://www.straitstimes.com/world/mexico-high-schoolers-take-up-arms-after-village-kidnappings
| 2024-01-26T00:07:58Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering MSCI (MSCI - Free Report) , which belongs to the Zacks Business - Software Services industry.
This maker of software tools to help portfolio managers make investment decisions has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 4.05%.
For the last reported quarter, MSCI came out with earnings of $3.45 per share versus the Zacks Consensus Estimate of $3.33 per share, representing a surprise of 3.60%. For the previous quarter, the company was expected to post earnings of $3.12 per share and it actually produced earnings of $3.26 per share, delivering a surprise of 4.49%.
For MSCI, estimates have been trending higher, thanks in part to this earnings surprise history. And when you look at the stock's positive Zacks Earnings ESP (Expected Surprise Prediction), it's a great indicator of a future earnings beat, especially when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
MSCI currently has an Earnings ESP of +1.13%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on January 30, 2024.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216037/will-msci-msci-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:00Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Walt Disney (DIS - Free Report) , which belongs to the Zacks Media Conglomerates industry.
This entertainment company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 13.21%.
For the last reported quarter, Disney came out with earnings of $0.82 per share versus the Zacks Consensus Estimate of $0.67 per share, representing a surprise of 22.39%. For the previous quarter, the company was expected to post earnings of $0.99 per share and it actually produced earnings of $1.03 per share, delivering a surprise of 4.04%.
Thanks in part to this history, there has been a favorable change in earnings estimates for Disney lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Disney has an Earnings ESP of +0.13% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on February 7, 2024.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216038/will-disney-dis-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:06Z
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WASHINGTON - Former president Donald Trump’s trade adviser Peter Navarro was sentenced on Jan 25 to four months in prison for contempt of Congress, with a judge scolding him for defying a subpoena in an investigation into the Jan 6, 2021, US Capitol attack and telling him, “You are not a victim.”
US District Judge Amit Mehta told Navarro, 74, during the sentencing hearing in Washington federal court that his refusal to provide documents and testimony had hindered the work of the Democratic-led House of Representatives committee.
“They had a job to do and you made it harder,” Mr Mehta said.
Navarro said he would appeal.
“It is a case that really asks the important question of whether a senior White House aide and alter ego for the president can be compelled to testify by Congress,” Navarro said outside the courthouse, as protesters blew whistles behind him.
Navarro also asked for donations to help pay his legal costs.
He was found guilty by a jury in September of two misdemeanour counts of contempt of Congress for defying a subpoena from the committee. The panel investigated the Jan 6 attack by Trump supporters and broader attempts by the former president to overturn his 2020 election loss to Democrat Joe Biden.
“You are not a victim. You’re not the object of a political prosecution. You have received every process you are due,” the judge told Navarro.
Mr Mehta also reprimanded Navarro for his past statements that Mr Biden and other prominent Democrats were behind the prosecution.
“Joe Biden is not responsible for your prosecution,” the judge told Navarro. “It’s those kinds of statements from somebody who knows better that contributes to why our politics are so corrosive.”
Federal prosecutors had asked Mr Mehta to give Navarro a six-month sentence, arguing that he chose allegiance to Trump over the rule of law.
“The defendant brazenly defied Congress,” prosecutor John Crabb said during the hearing.
Navarro’s lawyers had asked for probation.
He faced a maximum of two years in prison on the charges. Navarro asked that any sentence be put on hold while he pursues an appeal. The judge did not immediately decide that issue.
Navarro has argued that he believed that he did not have to cooperate with Congress because he thought Trump had invoked the legal doctrine of executive privilege, which shields some presidential records and communications from disclosure.
During the hearing, Mr Mehta told Navarro, “The words ‘executive privilege’ are not magical dust to avoid a duty that you have when Congress issues process. It’s not a get-out-of jail-free card.”
The judge said he believes Navarro thought he had a duty to invoke executive privilege.
“It’s not a legal defence in my view. It arguably mitigates your conduct somewhat,” the judge said.
Navarro advised Trump on trade issues during his presidency and served on a Covid-19 task force. He became a vocal supporter of Trump’s false claims of widespread voting fraud in the 2020 election. Trump supporters sought to prevent Congress from certifying Mr Biden’s victory, clashing with police and rampaging through the Capitol.
The House committee had sought to interview Navarro about his plan, dubbed the “Green Bay Sweep,” to derail the certification of the election results.
Navarro is the second prominent Trump adviser to be convicted of contempt of Congress for spurning the House panel. Former Trump adviser and right-wing firebrand Steve Bannon was sentenced to four months in prison in 2022. He has avoided serving the sentence while he appeals his conviction. REUTERS
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https://www.straitstimes.com/world/united-states/former-trump-adviser-navarro-gets-four-months-for-contempt-of-congress
| 2024-01-26T00:08:09Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Fortinet (FTNT - Free Report) , which belongs to the Zacks Internet - Software industry.
When looking at the last two reports, this network security company has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 11.29%, on average, in the last two quarters.
For the most recent quarter, Fortinet was expected to post earnings of $0.37 per share, but it reported $0.41 per share instead, representing a surprise of 10.81%. For the previous quarter, the consensus estimate was $0.34 per share, while it actually produced $0.38 per share, a surprise of 11.76%.
With this earnings history in mind, recent estimates have been moving higher for Fortinet. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Fortinet currently has an Earnings ESP of +3.79%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on February 6, 2024.
When the Earnings ESP comes up negative, investors should note that this will reduce the predictive power of the metric. But, a negative value is not indicative of a stock's earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216039/will-fortinet-ftnt-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:12Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Motorola (MSI - Free Report) , which belongs to the Zacks Wireless Equipment industry.
This communications equipment maker has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 5.60%.
For the most recent quarter, Motorola was expected to post earnings of $3.02 per share, but it reported $3.19 per share instead, representing a surprise of 5.63%. For the previous quarter, the consensus estimate was $2.51 per share, while it actually produced $2.65 per share, a surprise of 5.58%.
Thanks in part to this history, there has been a favorable change in earnings estimates for Motorola lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Motorola has an Earnings ESP of +0.22% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216040/why-motorola-msi-is-poised-to-beat-earnings-estimates-again
| 2024-01-26T00:08:19Z
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NEW YORK - Donald Trump’s testimony in the writer E. Jean Carroll’s defamation case ended almost immediately after it began, with the former US president standing by his earlier testimony that Ms Carroll’s claim that he raped her was a hoax.
“100 per cent yes,” Trump told his lawyer Alina Habba in federal court in Manhattan, when asked if his comments in an October 2022 deposition in Ms Carroll’s case were accurate.
Earlier on Jan 25, Ms Carroll’s lawyers played videotaped excerpts from the deposition, in which Trump called the former Elle magazine advice columnist “mentally sick” and a “whack job,” and threatened to sue her.
“It’s a false accusation, never happened, never would happen,” Trump said in the deposition.
Ms Carroll, 80, is seeking at least US$10 million (S$13.4 million) over Trump’s June 2019 denials, when he was president, that he had raped her in the mid-1990s in a Bergdorf Goodman department store dressing room in Manhattan.
Trump, 77, accused Ms Carroll of making up the rape to boost sales of her memoir.
In May 2023, another jury ordered Trump to pay Ms Carroll US$5 million over a similar denial in October 2022. He is appealing.
Trump spent only four minutes on the witness stand after US District Judge Lewis Kaplan, who has overseen both trials, said he would not allow “do-overs by disappointed litigants” and let Trump revisit the first jury’s findings.
That jury concluded that Trump defamed Ms Carroll, and sexually abused her by inserting his fingers in her vagina, and Kaplan said those findings were binding in the current trial.
Ms Carroll’s case has become part of Trump’s campaign to retake the White House in the November election.
The Republican frontrunner has been shuttling between the courtroom and campaign stops while criticising Ms Carroll, the judge and the judicial process online and at press conferences.
‘You are interrupting these proceedings’
Mr Kaplan struck most of what Trump said on the witness stand from the record, meaning the seven-man, two-woman jury cannot consider it during deliberations.
Trump testified “yes I did” when Ms Habba asked if he had publicly denied Ms Carroll’s rape claim to defend himself, and “no” when asked if he had intended to harm Ms Carroll.
He then said he had “wanted to defend myself, my family, and frankly the presidency,” but the judge instructed jurors to disregard this comment.
The trial has lasted four days, and closing arguments are expected on Jan 26.
Before Trump took the stand, Mr Kaplan and lawyers for both sides discussed outside the jury’s presence what the former president could say, when the judge overheard Trump talking about Ms Carroll and the first trial, which he did not attend.
“I wasn’t at the trial,” Trump said. “I don’t know who this woman is. I never met this woman.”
Mr Kaplan, who is known for maintaining tight control over his courtroom, cut him off. “I’m sorry, Mr Trump, you are interrupting these proceedings by talking loudly,” the judge said.
Jurors will consider only how much money Trump should pay Ms Carroll for damaging her reputation, and perhaps additional sums as punishment and to stop him from defaming her again.
To win, Ms Carroll must prove her case by a preponderance of the evidence, meaning more likely than not.
Carroll’s friend testifies
A damages expert testified on Ms Carroll’s behalf last week that the reputational damage from Trump’s 2019 comments could be as high as US$12.1 million.
Trump’s legal team has said Ms Carroll’s damages should be nominal or zero, and that Ms Carroll sought out and has enjoyed the adulation from coming forward.
They have also said it was the publication of excerpts from Ms Carroll’s book in New York magazine, and not Trump’s comments, that led people to brand Ms Carroll a liar.
Ms Carol Martin, a former New York TV news anchor and a close friend of Ms Carroll, was the only other defence witness, with Ms Habba trying to establish how Ms Carroll enjoyed her newfound fame.
Ms Martin acknowledged having sent texts, after Ms Carroll first accused Trump of rape, that described Ms Carroll as being like “Santa at a Christmas parade” and “like a drug addict and the drug is herself,” but said she regretted using hyperbole.
“She is adapting to the change in her life,” Ms Martin said. “‘Enjoying’ is a multifaceted word.”
Ms Martin had testified on Ms Carroll’s behalf at the 2023’s trial. Under questioning from one of Ms Carroll’s lawyers, Ms Martin said she had no qualms about the writer’s motives.
“What she always wanted was to have her day in court,” Ms Martin said.
Earlier on Jan 25, Ms Carroll’s lawyers finished presenting their case, with former Elle Editor-in-Chief Robbie Myers testifying that she had viewed Ms Carroll as a “truth-teller” whose empathy and sense of humour made her “so important” to the Elle brand. REUTERS
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https://www.straitstimes.com/world/united-states/trump-denies-writer-e-jean-carrolls-sexual-abuse-claims-as-defamation-trial-nears-end
| 2024-01-26T00:08:20Z
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Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Lincoln Electric Holdings (LECO - Free Report) , which belongs to the Zacks Manufacturing - Tools & Related Products industry, could be a great candidate to consider.
This manufacturer of specialized welding products and other equipment has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 5.45%.
For the last reported quarter, Lincoln Electric came out with earnings of $2.40 per share versus the Zacks Consensus Estimate of $2.27 per share, representing a surprise of 5.73%. For the previous quarter, the company was expected to post earnings of $2.32 per share and it actually produced earnings of $2.44 per share, delivering a surprise of 5.17%.
With this earnings history in mind, recent estimates have been moving higher for Lincoln Electric. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Lincoln Electric has an Earnings ESP of +0.34% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on February 15, 2024.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216041/will-lincoln-electric-leco-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:25Z
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Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Eastman Chemical (EMN - Free Report) , which belongs to the Zacks Chemical - Diversified industry, could be a great candidate to consider.
This specialty chemicals maker has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 1.72%.
For the last reported quarter, Eastman Chemical came out with earnings of $1.47 per share versus the Zacks Consensus Estimate of $1.45 per share, representing a surprise of 1.38%. For the previous quarter, the company was expected to post earnings of $1.95 per share and it actually produced earnings of $1.99 per share, delivering a surprise of 2.05%.
With this earnings history in mind, recent estimates have been moving higher for Eastman Chemical. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Eastman Chemical has an Earnings ESP of +4.01% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #2 (Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on February 1, 2024.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216042/why-eastman-chemical-emn-is-poised-to-beat-earnings-estimates-again
| 2024-01-26T00:08:31Z
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If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Leidos (LDOS - Free Report) . This company, which is in the Zacks Aerospace - Defense industry, shows potential for another earnings beat.
This security and engineering company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 19.95%.
For the most recent quarter, Leidos was expected to post earnings of $1.64 per share, but it reported $2.03 per share instead, representing a surprise of 23.78%. For the previous quarter, the consensus estimate was $1.55 per share, while it actually produced $1.80 per share, a surprise of 16.13%.
Thanks in part to this history, there has been a favorable change in earnings estimates for Leidos lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Leidos has an Earnings ESP of +1.88% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #1 (Strong Buy), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on February 13, 2024.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216043/will-leidos-ldos-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:37Z
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If you are looking for a stock that has a solid history of beating earnings estimates and is in a good position to maintain the trend in its next quarterly report, you should consider Lear (LEA - Free Report) . This company, which is in the Zacks Automotive - Original Equipment industry, shows potential for another earnings beat.
This automotive seating and electrical distribution systems company has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 8.37%.
For the most recent quarter, Lear was expected to post earnings of $2.54 per share, but it reported $2.87 per share instead, representing a surprise of 12.99%. For the previous quarter, the consensus estimate was $3.21 per share, while it actually produced $3.33 per share, a surprise of 3.74%.
Thanks in part to this history, there has been a favorable change in earnings estimates for Lear lately. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the stock is positive, which is a great indicator of an earnings beat, particularly when combined with its solid Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Lear has an Earnings ESP of +1.36% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock's Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner. The company's next earnings report is expected to be released on February 6, 2024.
With the Earnings ESP metric, it's important to note that a negative value reduces its predictive power; however, a negative Earnings ESP does not indicate an earnings miss.
Many companies end up beating the consensus EPS estimate, but that may not be the sole basis for their stocks moving higher. On the other hand, some stocks may hold their ground even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216044/will-lear-lea-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:43Z
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Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering Moody's (MCO - Free Report) , which belongs to the Zacks Financial - Miscellaneous Services industry.
When looking at the last two reports, this credit ratings agency has recorded a strong streak of surpassing earnings estimates. The company has topped estimates by 3.27%, on average, in the last two quarters.
For the last reported quarter, Moody's came out with earnings of $2.43 per share versus the Zacks Consensus Estimate of $2.35 per share, representing a surprise of 3.40%. For the previous quarter, the company was expected to post earnings of $2.23 per share and it actually produced earnings of $2.30 per share, delivering a surprise of 3.14%.
With this earnings history in mind, recent estimates have been moving higher for Moody's. In fact, the Zacks Earnings ESP (Expected Surprise Prediction) for the company is positive, which is a great sign of an earnings beat, especially when you combine this metric with its nice Zacks Rank.
Our research shows that stocks with the combination of a positive Earnings ESP and a Zacks Rank #3 (Hold) or better produce a positive surprise nearly 70% of the time. In other words, if you have 10 stocks with this combination, the number of stocks that beat the consensus estimate could be as high as seven.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a version of the Zacks Consensus whose definition is related to change. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Moody's currently has an Earnings ESP of +1%, which suggests that analysts have recently become bullish on the company's earnings prospects. This positive Earnings ESP when combined with the stock's Zacks Rank #3 (Hold) indicates that another beat is possibly around the corner. We expect the company's next earnings report to be released on February 13, 2024.
Investors should note, however, that a negative Earnings ESP reading is not indicative of an earnings miss, but a negative value does reduce the predictive power of this metric.
Many companies end up beating the consensus EPS estimate, though this is not the only reason why their shares gain. Additionally, some stocks may remain stable even if they end up missing the consensus estimate.
Because of this, it's really important to check a company's Earnings ESP ahead of its quarterly release to increase the odds of success. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
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https://www.zacks.com/stock/news/2216045/will-moodys-mco-beat-estimates-again-in-its-next-earnings-report?
| 2024-01-26T00:08:50Z
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One stock that might be an intriguing choice for investors right now is The Bank of New York Mellon Corporation (BK - Free Report) . This is because this security in the Banks - Major Regional space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Banks - Major Regional space as it currently has a Zacks Industry Rank of 31 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.
Meanwhile, Bank of New York Mellon is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
In fact, over the past month, current quarter estimates have surged from $1.08 per share to $1.17 per share, while current year estimates have risen from $4.95 per share to $5.16 per share. This has helped BK to earn a Zacks Rank #1 (Strong Buy), further underscoring the company’s solid position You can see the complete list of today’s Zacks #1 Rank stocks here.
So, if you are looking for a decent pick in a strong industry, consider Bank of New York Mellon. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.
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https://www.zacks.com/stock/news/2216046/why-bank-of-new-york-mellon-bk-stock-might-be-a-great-pick
| 2024-01-26T00:08:56Z
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MarketAxess Holdings Inc. (MKTX - Free Report) is scheduled to release fourth-quarter 2023 results on Jan 31, 2024, before the opening bell.
Q4 Estimates
The Zacks Consensus Estimate for MarketAxess’ fourth-quarter earnings per share is pegged at $1.72, which indicates an 8.9% rise from the prior-year quarter’s reported figure.
The consensus mark for revenues is pegged at $195 million, suggesting 9.6% growth from the year-ago quarter’s reported number.
Earnings Surprise History
MarketAxess’ bottom line beat estimates in three of the trailing four quarters and missed the mark once, the average surprise being 2.03%. This is depicted in the chart below:
Factors at Play
Higher trading volumes and strong estimated market share gains across most of its credit product lines are likely to have boosted credit commission revenues in the fourth quarter. However, the upside is likely to have been partly offset by a decline in total credit fee capture, which, in turn, may have been the outcome of the lower duration of U.S. high-grade bonds traded on MKTX’s platform and a shift in product mix of U.S. high-yield.
Our estimate for the total credit trading volume indicates a 5.6% year-over-year increase.
Solid trading volumes in the international business of MarketAxess are expected to have driven the company’s overall commissions in the fourth quarter. The Zacks Consensus Estimate for commissions is pegged at $170.8 million, suggesting 7.8% growth from the prior-year quarter’s reported number. We expect it to grow 7.9% year over year.
Increased utilization of its data product suite and new contracts are likely to have provided an impetus to MarketAxess’ information services revenues in the to-be-reported quarter. This, in turn, may have driven overall revenue growth. The consensus mark for fourth-quarter information services revenues is pinned at $11.9 million, which implies a 14.5% rise from the year-ago quarter’s reported figure. We expect it to be $11.3 million.
The overall trading volumes of MarketAxess are expected to have suffered due to a decrease in trading volumes from its rates product line. Nevertheless, a diversified trading product portfolio and increased utilization of its Open Trading platform may have provided some respite. The Zacks Consensus Estimate for fourth-quarter total trading volume is pegged at 1.8 million, suggesting a 1% dip from the prior-year quarter’s reported figure. Our estimate anticipates it to be 1.9 million in the to-be-reported quarter.
However, MKTX’s margins are likely to have taken a hit from elevated operating expenses, resulting from continuous investments to upgrade trading and data capabilities. Expenses related to the Pragma acquisition may also have added to the fourth quarter’s overall expenses. Increased headcount is expected to have increased employee compensation and benefits expenses. We forecast total expenses to be $114.7 million in the fourth quarter, indicating an increase of 14.4% year over year.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for MarketAxess this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. However, that’s not the case here, as you see below.
Earnings ESP: MarketAxess has an Earnings ESP of 0.00%. You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Zacks Rank: MKTX currently carries a Zacks Rank of 2.
Stocks to Consider
While an earnings beat looks uncertain for MarketAxess, here are some companies from the Finance space, which according to our model, have the right combination of elements to beat on earnings this time around:
VICI Properties Inc. (VICI - Free Report) has an Earnings ESP of +2.16% and a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VICI’s fourth-quarter 2023 earnings is pegged at 55 cents per share, which indicates an improvement of 7.8% from the prior-year quarter’s reported figure.
VICI Properties’ bottom line beat estimates in each of the trailing four quarters, the average surprise being 1.93%.
Realty Income Corporation (O - Free Report) currently has an Earnings ESP of +0.19% and a Zacks Rank of 2. The Zacks Consensus Estimate for O’s fourth-quarter 2023 earnings is pegged at $1.02 per share, suggesting 2% growth from the year-ago quarter’s reported figure.
Realty Income’s bottom line beat estimates in three of the trailing four quarters and missed the mark once, the average surprise being 0.28%.
Intercontinental Exchange, Inc. (ICE - Free Report) has an Earnings ESP of +0.31% and a Zacks Rank of 3 at present. The Zacks Consensus Estimate for ICE’s fourth-quarter 2023 earnings is pegged at $1.29 per share, which indicates an improvement of 3.2% from the prior-year quarter’s reported figure.
Intercontinental Exchange’s earnings beat estimates in three of the trailing four quarters and missed the mark once, the average surprise being 2.15%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216047/will-strong-commissions-aid-marketaxess-mktx-q4-earnings?
| 2024-01-26T00:09:02Z
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Oracle (ORCL - Free Report) is riding on an expanding clientele and a strong portfolio of cloud services along with AI and Generative AI solutions. Currently, the company serves more than 430,000 customers worldwide.
Shares of this Zacks Rank #3 (Hold) company have risen 13.9% in the past three months compared with the Zacks Computer & Technology sector’s rise of 25.8%. The growth can be attributed to the company’s efforts to expand its cloud technology. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The company has announced the general availability of the Oracle Cloud Infrastructure (OCI) Generative AI service for enterprises. The service will enable enterprises to include AI in their workflows and reap the benefits from the latest advancements in generative AI.
Oracle’s OCI offers cloud-based computing, storage, and networking capabilities, application development and cloud-native services.
OCI Generative AI is an entirely managed service that easily integrates large language models (LLMs) from Cohere and Meta Platforms’ (META - Free Report) Meta Llama 2 to fulfill a range of business cases that can be accessed via application programming interfaces (API) calls. It utilizes Llama 2’s generative text models that are used for a variety of natural language generation tasks.
The company aims to help customers solve business-related challenges, including text generation, summarization and semantic similarity work, faster. The new Generative AI service enables users to work with a large pool of enterprise data sources using natural language without the need to have specialist skills.
OCI Generative AI service boasts additional features that support over 100 languages, an improved GPU cluster management experience and flexible fine-tuning options for clients who apply OCI Generative AI service in the Oracle Cloud and on-premises through OCI Dedicated Region. Oracle intends to help customers build their AI-powered applications by creating new business solutions, combining their private enterprise with the improved capabilities of generative AI.
The new OCI Data Science AI Quick Actions features that enable no-code access to a variety of open-source LLMs like Meta and Mistral AI will be available in the coming month.
Oracle’s Growing Efforts to Expand Clientele
Oracle’s portfolio of customers includes companies like Uber Technologies, Zoom, FedEX, North Medical Health, Altair Engineering, Mizzou, Toyota and many more. These companies have chosen Oracle’s integrated suite of cloud applications to improve their business outcomes.
In the recent past, the European Commission chose OCI and its platform services to gain access to more than 100 OCI services and benefit from cloud computing.
With the integration of generative AI across its portfolio of cloud applications like ERP, HCM, SCM and CX, Oracle strives to enable customers to benefit from the latest innovations within their existing business processes.
The Zacks Consensus Estimate for Oracle’s revenues for 2024 is pegged at $53.33 billion, indicating growth of 6.8% year over year, driven by the company’s strength in Cloud HCM and database business.
The consensus mark for 2024 earnings is pegged at $5.53 per share, which has remained unchanged in the past 30 days.
Initially, Oracle announced limited availability of the OCI Generative AI service to help businesses automate end-to-end business processes, improve decision-making, and improve customer experiences while keeping their data secure and private.
OCI multi-cloud services also work with several other products, including Microsoft’s (MSFT - Free Report) Microsoft Azure, Amazon Web Services, and Google Cloud Platform.
Oracle and Microsoft have partnered to provide easier network communication and cross-cloud connectivity with higher bandwidth, allowing businesses to take advantage of the best of both clouds.
Oracle’s growing Generative AI efforts are likely to compete against the likes of Alphabet (GOOGL - Free Report) -owned Google, Amazon, Adobe and more.
Alphabet’s Google has unveiled its advanced, powerful LLM, Gemini, based on a combination of 57 subjects, including math, physics, history, law and more. Google’s Gemini will be available in three different sizes and is designed for specific tasks and mobile devices.
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https://www.zacks.com/stock/news/2216048/oracle-orcl-opens-oci-generative-ai-service-for-enterprises
| 2024-01-26T00:09:08Z
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Virtu Financial, Inc. (VIRT - Free Report) reported fourth-quarter 2023 adjusted earnings per share (EPS) of 27 cents, which missed the Zacks Consensus Estimate by 35.7%. The bottom line dropped 27% year over year.
VIRT’s adjusted net trading income of $260.9 million in the fourth quarter missed the consensus mark by 4.4%. The top line declined 4.8% year over year.
The company reported weak quarterly results caused by deterioration in net trading income and commissions, net and technology service revenues and higher expenses. However, the results were partially offset by improved interest and dividend income.
Q4 Performance Details
Revenues from commissions, net and technology services declined 3% year over year to $114.4 million. The metric missed our estimate of $115.5 million. Interest and dividends income increased 142.8% year over year in the fourth quarter to $154.7 million. The metric surpassed our estimate of $122.5 million.
Adjusted EBITDA amounted to $99 million, which fell 21.1% from the prior-year quarter and fell short of our estimate of $144.9 million. The adjusted EBITDA margin declined to 37.9% from 45.8% a year ago.
Total operating expenses of $519.2 million increased 13.3% from the year-ago figure and were 7.9% higher than our estimate. VIRT recorded increases in communication and data processing, interest and dividend expenses, employee compensation and payroll taxes. This was partially offset by lower net brokerage, exchange and clearance fees and payments for order flow expenses.
Segmental Update
Market Making: The segment reported an adjusted net trading income of $167.5 million, which declined 9.3% from the prior-year figure. Segmental total revenues jumped 9.4% to $422 million in the fourth quarter of 2023 but missed our estimate of $429.6 million.
Execution Services: The adjusted net trading income of the segment increased 4.5% to $93.4 million in the fourth quarter and remained well above our estimate of $89.9 million. Total revenues declined 4.8% in the quarter under review to $106.5 million and missed our estimate of $114 million.
Financial Update (as of Dec 31, 2023)
Virtu Financial exited the fourth quarter with cash and cash equivalents of $820.4 million, which declined from the 2022-end level of $981.6 million. Total assets of $14.5 billion increased from $10.6 billion at 2022-end.
Long-term borrowings, net, amounted to $1.73 billion, down from the 2022-end figure of $1.80 billion.
Total equity was $1.4 billion, down from $1.7 billion at 2022-end.
Share Repurchase and Dividend Update
In 2023, Virtu Financial (as part of its share repurchase program) bought back shares worth $210 million. It had $98.2 million remaining under its share buyback authorization for future purchases.
The company announced a cash dividend of 24 cents per share. The dividend will be paid out on Mar 15, 2024, to shareholders of record as of Mar 1, 2024.
Zacks Rank & Key Picks
Virtu Financial currently has a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader Finance space are Alerus Financial Corporation (ALRS - Free Report) , Navient Corporation (NAVI - Free Report) and Finward Bancorp (FNWD - Free Report) . Each stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus mark for Alerus Financial’s 2024 EPS is pegged at $1.37, which remained stable over the past week. ALRS beat earnings estimates in three of the past four quarters and missed once, with an average surprise of 14.4%.
The Zacks Consensus Estimate for Navient’s 2023 EPS is pegged at $3.49, indicating a 9.4% year-over-year increase. It has witnessed one upward estimate revision against none in the opposite direction during the past month. The consensus mark for NAVI’s revenues in 2023 is pegged at $964.7 million.
The Zacks Consensus Estimate for Finward’s 2023 EPS is pegged at $2.07, which has improved 63% in the past 60 days. FNWD has witnessed one upward estimate revision against none in the opposite direction during this time.
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https://www.zacks.com/stock/news/2216049/virtu-financial-virt-q4-earnings-miss-on-higher-expenses
| 2024-01-26T00:09:14Z
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Rockwell Automation Inc. (ROK - Free Report) is scheduled to report first-quarter fiscal 2024 results on Jan 31, before the opening bell.
Q4 Performance
In the last reported quarter, the company’s earnings and revenues improved year over year. The top and the bottom line also surpassed the Zacks Consensus Estimate.
The company’s earnings surpassed estimates thrice in the last trailing four quarters while missing once, the average surprise being 12.4%.
Q1 Estimates
The Zacks Consensus Estimate for fiscal first-quarter revenues is pegged at $2.07 billion, indicating an improvement of 4.54% from the prior-year quarter’s actual. The same for earnings is pinned at $2.61 per share, implying a 6.1% increase from the year-ago quarter’s reported figure.
Factors to Note
In the past few quarters, Rockwell Automation has witnessed an improvement in order levels. Ongoing capital investments in several end markets, coupled with higher automation and digital transformation, are expected to have supported solid order levels across all segments in the quarter under review. Improved price realization and sales volume are expected to have aided revenues in the first quarter. Our model predicts an organic sales growth of 1% for the quarter.
ROK’s performance has been impacted by ongoing material shortages and production delays in the earlier quarters. However, supply-chain issues have shown signs of easing lately. This is expected to have aided the company’s fiscal first-quarter performance.
However, higher logistics costs and increased spending on product development are expected to have dented ROK’s margin performance. Nonetheless, the company’s price increase actions are likely to have mitigated the impacts of these headwinds.
Segment Expectations
We expect the Intelligent Devices segment’s first-quarter fiscal 2024 revenues to be up 5.7% year over year to $989 million. Our prediction for the segment’s operating profit is pinned at $207.5 million, indicating a year-over-year decrease of 0.9%.
Our model predicts the Software & Control segment’s sales at $588.6 million, suggesting an increase of 2.7% from the prior year’s actual. The same is true for the segment’s operating profit, which is pinned at $190 million, indicating an increase of 13.7% from the year-ago quarter’s reported figure.
We expect the Lifecycle Services segment’s sales to be $488 million, indicating growth of 3.5% from the prior-year period’s actual. The same for the segment’s operating profit, which is pinned at $23.6 million. The figure indicates a fall of 2.8% from the year-ago quarter’s reported figure.
What the Zacks Model Indicates
Our model predicts an earnings beat for ROK this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is precisely the case here.
You can uncover the best stocks before they’re reported with our Earnings ESP Filter.
Earnings ESP: Rockwell Automation has an Earnings ESP of +6.01%.
Zacks Rank: The company currently carries a Zacks Rank #3.
Price Performance
In the past year, Rockwell Automation’s shares have gained 6.5% compared with the industry’s growth of 6.0%.
Image Source: Zacks Investment Research
Stocks to Consider
Here are some stocks with the right combination of elements to post an earnings beat in their upcoming releases.
Graco (GGG - Free Report) , expected to release earnings on Jan 29, has an Earnings ESP of +4.87% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GGG’s earnings for the fourth quarter is pegged at 79 cents per share. The consensus estimate for the quarterly earnings has remained unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.2%.
Eaton Corporation (ETN - Free Report) , scheduled to release earnings on Jan 30, has an Earnings ESP of +3.80% and sports a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for ETN’s fourth-quarter earnings is pegged at 95 cents per share. Earnings estimates have moved up 2% in the past 60 days. It has an average trailing four-quarter earnings surprise of 14%.
Caterpillar (CAT - Free Report) , scheduled to release earnings on Feb 5, has an Earnings ESP of +2.02%. CAT currently carries a Zacks Rank of 3.
The consensus estimate for CAT’s earnings for the fourth quarter is pegged at $4.76 per share. Earnings estimates have been unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 16.6%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216050/whats-in-store-for-rockwell-automation-rok-in-q1-earnings?
| 2024-01-26T00:09:21Z
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Mastercard Incorporated (MA - Free Report) and The Clearing House (“TCH”) have extended their multi-year partnership, aiming to revolutionize the digital economy through real-time payments (“RTP”) adoption on the RTP network. This collaboration enables both entities to integrate innovative instant payment use cases across various payment flows. The extension underscores their commitment to providing consumers, businesses and governments with advanced capabilities to navigate and thrive in the rapidly evolving digital landscape.
The Impact of Real-Time Payments
Since the launch of the RTP network in 2017, instant payments have become a reality in the United States, marking the introduction of the first new payment rail powered by Mastercard in 40 years. RTP offers consumers instant access and confidence in payment receipt 24/7. For businesses, it simplifies payments, facilitates faster wage disbursements, improves liquidity management and optimizes capital workflows. Governments benefit by activating local economies through efficient disbursement and settlement processes. The extended partnership underscores the pivotal role of real-time payments in enhancing the value and efficiency of financial transactions across various sectors.
Mastercard's Commitment to RTP
Linda Kirkpatrick, president, Americas at Mastercard, emphasized the role of technology in providing greater payment choices for consumers and businesses. The extended partnership with The Clearing House supports the enablement of modern and ubiquitous real-time rails for bank-owned payments. Kirkpatrick highlighted the mutual goals of providing safety, reliability, and efficiency in real-time payments. This commitment reflects Mastercard's dedication to fostering innovation and supporting a diverse range of payment options in an ever-evolving digital landscape.
Advancing Global Real-Time Account-to-Account Technologies
Real-time payments offer speed, extensive data exchange, real-time messaging, and 24/7 availability. Mastercard and The Clearing House are actively supporting, investing in and developing real-time account-to-account technologies for the RTP network in the United States and globally. The expanded partnership aims to design the next generation of instant payment capabilities, fostering innovation for financial institutions and their customers. Lee Alexander, EVP and chief information officer at The Clearing House, highlighted the historical success of the partnership and its potential to shape the future of instant payment capabilities globally. TCH’s RTP network's faster payment capabilities are accessible to nearly 90% of U.S. demand deposit accounts, providing financial institutions of all sizes with a platform for innovation and delivery of new products and services to customers.
Zacks Rank and Price Performance
Mastercard currently carries a Zacks Rank #3 (Hold). Shares of Mastercard have gained 14.4% in the past year compared with the industry’s 13.9% rise.
Stocks to Consider
Some better-ranked stocks from the same space are Envestnet (ENV - Free Report) , Fiserv (FI - Free Report) and FleetCor Technologies (FLT - Free Report) .
Envestnet delivered a trailing four-quarter average earnings surprise of 3.23%. The stock has lost 21.1% in the past year. The Zacks Consensus Estimate for ENV’s 2024 earnings has moved 3.7% higher in the past 30 days. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fiserv delivered a trailing four-quarter average earnings surprise of 0.58%. The stock has gained 35.6% in the past year. The Zacks Consensus Estimate for FISV’s 2024 earnings has moved 2 cents higher in the past 30 days. It carries a Zacks Rank #2 (Buy).
FleetCor delivered a trailing four-quarter average earnings surprise of 1.64%. The stock has gained 44.6% in the past year. The Zacks Consensus Estimate for FLT’s 2024 earnings implies a 13.7% increase from the 2023 estimated figure. The stock carries a Zacks Rank #2 currently.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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https://www.zacks.com/stock/news/2216051/mastercard-ma-and-the-clearing-house-extend-partnership
| 2024-01-26T00:09:27Z
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Xcel Energy Inc. (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s earnings of 69 cents.
Xcel Energy reported operating earnings of $3.35 for 2023 compared with $3.17 per share in 2022, which reflects a year-over-year increase of 5.7%
Total Revenues
The company’s revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
Xcel Energy reported total revenues of $14.2 billion for 2023 compared with $15.3 billion in 2022, which reflects a year-over-year decline of 7.2%.
Segmental Results
Electric: This segment’s fourth-quarter revenues totaled $2,695 million, down 6% from $2,868 million in the year-ago quarter.
Natural Gas: Revenues in this segment declined 37.9% to $719 million from $1,157 million in the year-ago quarter.
Other: This segment’s revenues remained unchanged at $28 million from the prior-year period.
Highlights of the Release
Total operating expenses declined 18.7% year over year to $2,867 million, primarily due to lower electric fuel and purchased power costs and the cost of natural gas sold and transported.
Operating income increased 9.5% to $575 million from the prior-year quarter’s level.
Total interest charges and financing costs rose 4.6% to $250 million from the prior-year quarter’s reported figure.
In 2023, Xcel Energy registered 1.1% growth in both Electric and Natural Gas customer volume. In the same time frame, Electric Sales and Natural Gas Sales improved by 1% and 1.4%, respectively.
Xcel Energy continued with its clean energy transition process in the fourth quarter as well. In 2023, the company received approval for the generation portfolio of 5,800 MW in Colorado.
In 2023, Xcel Energy raised the annual dividend by 6.7%, representing a consecutive annual increase in the dividend in the past two decades.
Guidance
Xcel Energy expects its 2024 earnings per share guidance in the range of $3.50- $3.60. The Zacks Consensus Estimate for the same is pegged at $3.57, in line with the midpoint of the company’s guided range.
Xcel Energy plans to invest $39 billion in the 2024-2028 time frame to further strengthen its infrastructure.
Zacks Rank
XEL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
CMS Energy (CMS - Free Report) will report fourth-quarter results on Feb 1 before market open. The Zacks Consensus Estimate for earnings is pegged at $1.04 per share, implying a year-over-year increase of 73.33%.
CMS’s long-term (three to five years) earnings growth rate is 7.50%. It delivered an average earnings surprise of 2.90% in the last four quarters.
Alliant (LNT - Free Report) will report fourth-quarter results on Feb 15 after market close. The Zacks Consensus Estimate for earnings is pegged at 55 cents per share, implying a year-over-year increase of 19.57%.
LNT’s long-term earnings growth rate is 6.26%. It delivered an average earnings surprise of 1.87% in the last four quarters.
FirstEnergy (FE - Free Report) to report fourth-quarter results on Feb 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 60 cents per share, implying a year-over-year increase of 20%.
FE delivered an average earnings surprise declined by 0.40% in the last four quarters.
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https://www.zacks.com/stock/news/2216052/xcel-energy-xel-q4-earnings-and-revenues-lag-estimates
| 2024-01-26T00:09:33Z
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Robert Half International Inc. (RHI - Free Report) is scheduled to report its fourth-quarter 2023 results on Jan 30, after the bell.
The company’s earnings surprise history has been impressive. Its earnings surpassed the Zacks Consensus Estimate in three of the past four quarters and missed once, the average surprise being 1.1%.
Expectations This Time Around
The Zacks Consensus Estimate for Robert Half’s revenues in the to-be-reported quarter is pegged at $1.47 billion, indicating a year-over-year decline of 15.1%.
The company’s top line is expected to have been negatively impacted by weakness in Talent Solutions and Protiviti. Our estimate for Talent Solutions revenues is pegged at $1 billion, indicating a year-over-year decline of 17.8%. Our estimate for Protiviti revenues indicates a year-over-year decline of 9% to $454.7 million.
The consensus mark for the bottom line is pegged at 82 cents per share, indicating a 40.2% year-over-year decline.
What Our Model Says
Our proven model predicts a likely earnings beat for Robert Half this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.
Robert Half has an Earnings ESP of +0.53% and a Zacks Rank #3.
Other Stocks to Consider
Here are a few other stocks from the broader Business Services sector, which, according to our model, also have the right combination of elements to beat on earnings this season.
FLEETCOR (FLT - Free Report) : The business payments company is scheduled to report its fourth-quarter 2023 results on Feb 7. It has an Earnings ESP of +0.37% and currently carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus mark for FLT’s revenues in the to-be-reported quarter is pegged at $968.7 million, indicating year-over-year growth of 9.6%. The consensus mark for the bottom line is pegged at $4.47 per share, indicating 10.6% growth on a year-over-year basis.
Rollins (ROL - Free Report) : The provider of pest and wildlife control services is set to report its fourth-quarter 2023 results on Feb 14. It has an Earnings ESP of +2.44% and currently carries a Zacks Rank #3.
The Zacks Consensus Estimate for ROL’s top line in the to-be-reported quarter is pegged at $750.1 million, indicating year-over-year growth of 13.4%. The consensus mark for the bottom line is pegged at 21 cents per share, indicating 23.5% growth on a year-over-year basis.
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| 2024-01-26T00:09:39Z
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Avery Dennison Corporation (AVY - Free Report) is scheduled to report fourth-quarter 2023 results before the opening bell on Jan 31.
Q4 Estimates
The Zacks Consensus Estimate for fourth-quarter total sales is pegged at $2.10 billion, suggesting a growth of 3.4% from the prior-year quarter’s reported figure. The consensus mark for the company’s earnings per share is pinned at $2.15, indicating a year-over-year increase of 30.3%. Earnings estimates have moved up 0.5% in the past 60 days.
Q3 Performance
Avery Dennison’s revenues and earnings declined year over year in the third quarter of 2023. While the top line missed the Zacks Consensus Estimate, the bottom line beat the same. AVY has a trailing four-quarter negative earnings surprise of 5.51%, on average.
Factors at Play
Avery Dennison has been witnessing solid demand for the labeling of non-durable consumer goods like food, beverage, home and personal care products. However, apparel inventory reductions have been widespread across all segments, which led to a decline in volumes. Retailers and brands are expected to have run through some of their excess inventory in the fourth quarter. We thus expect volumes to pick up slightly in the fourth quarter compared with the third quarter’s levels.
Supply constraints and elevated raw material, labor and freight costs are expected to have impacted margins in the quarter under review. Avery Dennison has been executing several pricing and re-engineering actions to mitigate inflationary cost pressure.
Segment Expectations
Our model predicts Materials Group’s organic sales to be up 1.2% year over year in the quarter. We expect the segment’s fourth quarter 2023 revenues to be up 3.4% year over year to $1,490.7 million. Our prediction for the segment’s adjusted operating profit is pinned at $215.9 million, indicating a year-over-year improvement of 44%.
We expect the Solutions Group segment’s organic sales to be up 0.9% year over year in the fourth quarter. Our model predicts the segment’s sales at $604.6 million, suggesting an increase of 3.4% from the prior year’s actual. The same for the segment’s operating profit, which is pinned at $59.9 million, indicating an increase of 12.8% from the year-ago quarter’s reported figure.
What the Zacks Model Indicates
Our proven model does not conclusively predict an earnings beat for Avery Dennison this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, but that is not the case here.
You can uncover the best stocks before they're reported with our Earnings ESP Filter.
Earnings ESP: Avery Dennison has an Earnings ESP of -1.68%.
Zacks Rank: Avery Dennison currently carries a Zacks Rank of 3.
Price Performance
Avery Dennison’s shares have gained 5.5% in the past year compared with the industry’s growth of 12%.
Image Source: Zacks Investment Research
Stocks to Consider
Here are some stocks with the right combination of elements to post an earnings beat in their upcoming releases.
Graco (GGG - Free Report) , expected to release earnings on Jan 29, has an Earnings ESP of +4.87% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GGG’s earnings for the fourth quarter is pegged at 79 cents per share. The consensus estimate for the quarterly earnings has remained unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 7.2%.
Eaton Corporation (ETN - Free Report) , scheduled to release earnings on Jan 30, has an Earnings ESP of +3.80% and sports a Zacks Rank of 2 at present.
The Zacks Consensus Estimate for ETN’s fourth-quarter earnings is pegged at 95 cents per share. Earnings estimates have moved up 2% in the past 60 days. It has an average trailing four-quarter earnings surprise of 14%.
Caterpillar (CAT - Free Report) , scheduled to release earnings on Feb 5, has an Earnings ESP of +2.02%. CAT currently carries a Zacks Rank of 3.
The consensus estimate for CAT’s earnings for the fourth quarter is pegged at $4.76 per share. Earnings estimates have been unchanged in the past 60 days. It has an average trailing four-quarter earnings surprise of 16.6%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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https://www.zacks.com/stock/news/2216055/avery-dennison-avy-to-report-q4-earnings-whats-in-store?
| 2024-01-26T00:09:46Z
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NextEra Energy (NEE) Q4 Earnings & Revenues Beat Estimates
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NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter. The year-over-year improvement was due to the solid performance of Florida Power & Light Company.
GAAP earnings per share for the fourth quarter were 59 cents compared with earnings of 76 cents in the year-ago period.
NextEra Energy’s 2023 adjusted earnings were $3.17 compared with $2.90 in 2022, reflecting an increase of 9.3%. Its adjusted earnings were above the guidance range of $2.98-$3.13 per share.
Total Revenues
For the fourth quarter, NextEra’s operating revenues were $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
NextEra Energy’s 2023 total revenues were $28.1 billion compared with $20.95 billion in 2022, reflecting an increase of 34.1% year over year.
NextEra Energy, Inc. Price, Consensus and EPS Surprise
Florida Power & Light Company (“FPL”): The segment’s revenues amounted to nearly $4.2 billion, up 3.1% from the prior-year figure of $4.07 billion. Its earnings came in at 56 cents per share compared with 38 cents recorded a year ago.
NextEra Energy Resources: Its revenues amounted to $2.65 billion, up 26.9% from the prior-year figure of $2.09 billion. The segment’s earnings came in at 18 cents per share in comparison with 20 cents in the year-ago quarter.
Corporate and Other: Operating revenues for the reported quarter were $25 million. The operating loss in the reported quarter was 7 cents per share, flat year over year.
Highlights of the Release
NextEra Energy’s operating income in the fourth quarter was $2.66 billion compared with $2.04 billion in the year-ago period.
Courtesy of Florida’s ongoing economic improvement, FPL's average number of customers in fourth-quarter 2023 increased by nearly 81,000 from the prior-year period.
NextEra Energy Resources expanded its contracted renewables backlog by adding 2,060 megawatts (“MW”) of renewable projects during fourth-quarter 2023. Its backlog additions include nearly 75 MW of wind projects, 1,005 MW of solar projects, 805 MW of battery storage projects and 1755 MW of wind repowering. The company’s renewables backlog is now nearly 20 gigawatts after commissioning roughly 5,600 MW of renewables and storage for the year.
Financial Update
The company had cash and cash equivalents of nearly $2.7 billion as of Dec 31, 2023, compared with $1.6 billion on Dec 31, 2022.
Long-term debt, as of Dec 31, 2023, was $61.4 billion, up from $55.25 billion on Dec 31, 2022.
Cash flow from operating activities in 2023 was $11.3 billion compared with $8.26 billion in the prior year.
Guidance
NextEra Energy reaffirmed 2024 earnings in the range of $3.23-$3.43 per share. The midpoint of the range is $3.33 per share, lower than the Zacks Consensus Estimate of $3.39.
For 2025, the company expects earnings per share of $3.45-$3.70. Through 2026, NextEra Energy expects earnings per share to grow 6-8% per year, taking the 2024 adjusted earnings per share as the base. This translates to earnings per share of $3.63-$4.00 for 2026.
The company’s unit, Energy Resources, currently aims to add 32,700-41,800 MW of renewable power projects to its portfolio in the 2023-2026 span.
FirstEnergy Corporation (FE - Free Report) is set to release fourth-quarter 2023 results on Feb 8. The Zacks Consensus Estimate for earnings per share is pegged at 60 cents.
The Zacks Consensus Estimate for 2024 earnings per share indicates year-over-year growth of 4.1%. FirstEnergy delivered an earnings surprise of 3.5% in the last reported quarter.
Alliant Energy Corporation (LNT - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 15. The Zacks Consensus Estimate for earnings per share is pegged at 55 cents.
Alliant Energy’s long-term (three- to five-year) earnings growth rate is 6.3%. The Zacks Consensus Estimate for 2024 earnings per share indicates a year-over-year increase of 6.8%.
Dominion Energy (D - Free Report) is scheduled to announce fourth-quarter 2023 results on Feb 22. The Zacks Consensus Estimate for earnings is pegged at 40 cents per share.
Dominion’s long-term earnings growth rate is projected at 4%. The Zacks Consensus Estimate for 2024 earnings per share suggests a year-over-year increase of 20.4%.
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| 2024-01-26T00:09:52Z
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