Jefferies Gives Positive Sign On Dealmaking Thaw

/ / Financials /

Dealmaking is coming back and it’s boosting results for Jefferies Financial Group. The company’s investment banking revenue was up 28% sequentially and 31% from a year earlier. CEO Richard Handler and President Brian Friedman say in a joint statement that there was “modest improvement” in the deals market, and Jefferies saw greater mergers and acquisitions and underwriting activity. The executives expect market-share gains and momentum in investment banking to continue. Jefferies shares edge down 1.3% to $45.50 after-hours.

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CFRA Keeps Sell Opinion On Shares Of The Boeing Company

/ / Industrials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: Our 12-month target price of $164, cut $8, reflects a 24x multiple of projected 2025 EPS. The applied multiple is slightly below BA’s long-term historical forward average, but merited, in our view, by high regulatory risk. We cut our 2024 EPS estimate by $1.42 to $1.75 and 2025’s by $0.32 to $6.85. BA has delivered just 54 commercial aircraft in the first two months of Q1, a sharp slowdown from 79 units in the same period of 2023. In our view, this is reflective of the FAA-imposed slowdown on BA’s flagship 737 MAX production line, and it is too early to determine when that slowdown may end. We think BA has a long road ahead of it to restore its reputation for engineering quality, but the recent

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Walmart Hits Pause Button on Vizio Deal After ‘Informal’ Antitrust Talks

/ / Consumer Discretionary /

Walmart Inc. (WMT) and Vizio Corp. (VZIO) said late Wednesday they are going to refile paperwork related to their proposed merger after the retail giant held “informal” antitrust talks with the Federal Trade Commission and the Justice Department. Walmart in a securities filing said it notified the agencies that it will withdraw and refile a premerger notification “in order to give the antitrust agencies additional time to review the proposed transaction.” The notification was originally sent on Feb. 26, and the refile is expected on Friday. Shares of Walmart were down a fraction in the extended session Wednesday, and shares of Vizio fell 1%.

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Boeing Delivered Just 3 MAX Jets in a Week. That Is a Good Thing. — Barrons.com

/ / Industrials /

Sometimes what seems to be bad news is good news. Boeing stock headed lower Tuesday morning after BofA Securities pointed out the company delivered only three 737 MAX jets in a week. That pace is well below what Wall Street expects, but going slow makes sense for the company right now. Boeing stock was off 1.5% in midday trading at $188.59 a share, while the S&P 500 and Nasdaq Composite were both up about 0.3%. One of the factors influencing shares on Tuesday is 737 MAX deliveries. BofA Securities analyst Ron Epstein, who tracks deliveries of the planes, said he had counted just 16 MAX deliveries in March through the 21st. Only three of those were delivered in the week leading up to that date. Boeing said in response to a request for comment that it would post March delivery results to its website on April 9. It didn’t address

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3M Invests in Hydrogen Electrolyzer Manufacturer Evoloh

/ / Industrials /

3M (MMM) said Tuesday it has invested in Evoloh, a technology company that’s working to scale up the manufacturing of electrolyzers to make green hydrogen. Separately, Evoloh said it has raised an oversubscribed $20 million Series A round, with participating investors including 3M Ventures and a subsidiary of NextEra Energy Resources.

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United Parcel Service Likely to Set Better, Bolder 3-Year Objectives, BofA Says

/ / Industrials /

United Parcel Service (UPS) will likely set “better and bolder” three-year objectives, BofA Securities said in a note Tuesday, ahead of the company’s investor day. The company is hosting an investor day on Tuesday and is expected surpassing revenue and margin targets, but more details are awaited at the conference. UPS Chief Executive Carol Tome sees growth in small package market from 2024 and onwards, and a focus on premium markets and productivity. Among the targets is a revenue of $108 billion to $114 billion in 2026, a 6% to 8% compound annual growth rate, compared with BofA’s estimate of $105 billion in revenue. The company projects operating margin of 13% or higher, led by Domestic operations targeting 12% versus BofA’s estimate of 10%. “Quick math on mid-point revenues and margin targets could indicate an approximate $13.40 of EPS on UPS’ targets vs. our $11.10 2026 EPS estimate, a 20%

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Tesla Pushes to Increase Use of ‘Full Self-Driving’ Software as Vehicle Sales Cool — WSJ

/ / Consumer Discretionary /

By Ryan Felton and Rebecca Elliott Tesla is stepping up promotion of its driver-assistance technology, called “Full-Self Driving Capability,” seeking to expand use of the revenue-generating software feature as it confronts the prospect of lower growth in vehicle deliveries this year. Elon Musk, Tesla’s chief executive, told employees this week in an internal email that customers must receive a test drive using the technology before they receive a car. The system is an advanced version of the company’s Autopilot technology, which is available on all new Teslas and is designed to help with driving tasks like steering and lane changes. Full Self-Driving, an upgrade available for $12,000 up front or $199 a month as a subscription service, includes features that can navigate cars through city streets. “I know this will slow down the delivery process, but it is nonetheless a hard requirement,” Musk said in the employee email, which was

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Amazon Pharmacy Reaping Benefits of Demand for Anti-Obesity Drugs, Executive Says

/ / Consumer Discretionary /

Amazon.com’s (AMZN) online pharmacy is reaping the benefits of demand for anti-obesity drugs in the US, the Financial Times reported, citing John Love, the head of the business. Drugs such as Eli Lilly’s (LLY) Zepbound and Novo Nordisk’s (NVO) Wegovy would create “a lot of revenue” for Amazon Pharmacy, said Love, the division’s general manager and vice president, according to the report. Both drugs are available directly through Amazon’s website, the FT said. Earlier in March, Eli Lilly and Amazon Pharmacy partnered to deliver widely used prescription drugs through the LillyDirect consumer services. The drugs include Eli Lilly’s obesity, diabetes and migraine headache medicines. Amazon said Tuesday it started same-day delivery for prescription medication in New York and greater Los Angeles using e-bikes, electric vans and drones.

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Adobe Systems, Microsoft Collaborate to Roll Out AI Capabilities for Marketers

/ / Technology / ,

Adobe Systems (ADBE) and Microsoft (MSFT) on Tuesday announced their intention to introduce generative artificial intelligence capabilities for marketers. The companies said they plan to integrate Adobe Experience Cloud, a collection of integrated online marketing and web analytics products, with Microsoft Copilot for Microsoft 365 to simplify workflow management for marketers. The collaboration will focus on aiding marketers who collaborate across teams, offering them insights, creating campaign materials with context, and facilitating project progress through notifications, the companies said. Financial details weren’t disclosed.

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UPS Says No Price War Despite Excess Parcel Capacity

/ / Industrials /

United Parcel Service said that there is excess parcel capacity of 12 million pieces a day in the U.S., of which 6 million are held by the Postal Service and the remaining by carriers including UPS. UPS estimates that overall, carriers delivered 84 million parcels a day at the end of 2023, lower than previously projected because consumers pulled back spending as inflation skyrocketed. However, UPS CEO Carol Tomé said this is not indicative of a price war. She added that UPS is no longer reducing its intake of Amazon parcels, as part of previous efforts to reduce its exposure to a single customer. Amazon makes up more than 11% of UPS’ revenue. “The glide-down is over,” she said.

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Boeing Ratings Placed on Review for Downgrade by Moody’s

/ / Industrials /

Boeing’s (BA) Baa2 senior unsecured rating and Prime-2 short-term rating were placed on review for downgrade by Moody’s on Tuesday. Moody’s said it believes the company “will be unable to deliver 737 narrow-body aircraft at the volumes required for it to materially expand its free cash flow and retire debt in a reasonable timeframe.”

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