International Business Machines (IBM) shares were about 2.5% higher in recent Friday trading after Evercore ISI upgraded its rating on the company to outperform from in line and raised its price target to $200 from $165. Trading volume stood at more than 4.0 million shares against a daily average of about 4.23 million shares.
International Business Machines (IBM) Shares Rise After Evercore Upgrade Read Post »
Texas Instruments (TXN) shares were up more than 4% in recent Friday trading after UBS upgraded the company’s rating to buy from neutral and raised its price target to $195 from $170. Trading volume was about 6.1 million shares against a daily average of around 5.7 million shares.
Texas Instruments Shares Rise After UBS Upgrade Read Post »
The following is a summary of the Schlumberger Limited (SLB) Q4 2023 Earnings Call Transcript: Financial Performance: Schlumberger reported Q4 earnings per share of $0.86, an increase of $0.08 sequentially and $0.15 year on year. Full year 2023 revenue was $33.1 million, an 18% increase from 2022. Adjusted EBITDA margin for full-year 2023 was 24.5%, indicating an expansion of 430 basis points over this period on a similar revenue base. The Q4 revenue of $8.99 billion increased 8% sequentially, largely due to the acquisition of Aker subsea business. Cash flow from operations amounted to $3 billion, and free cash flow was $2.3 billion during Q4, resulting in full-year free cash flow of $4 billion. Net debt was reduced by $1.4 billion during the quarter, totaling $8 billion. Business Progress: Schlumberger acquired Aker subsea business, which accounted for about 70% of the Q4 revenue increase. For each division, digital and integration
Schlumberger Limited (SLB) Q4 2023 Earnings Call Transcript Summary Read Post »
By Jacob Sonenshine The rally in financial stocks is taking a breather. For investors who haven’t gotten into the sector yet, this might just be the best buying opportunity to come around. The Financial Select Sector SPDR fund, a diversified exchange-traded fund of financial companies on the S&P 500, gained 21% to a peak of $37.99 earlier this month from a multi-month low in October. But since that peak, the ETF — which owns asset manager BlackRock, investment banks JPMorgan and Goldman Sachs, more lending-focused banks Wells Fargo and Bank of America, and other financial giants — has retreated about 1%. Before the rally’s pause, a dip in short-term interest rates had driven financial stocks higher. Lower rates can boost consumer demand, a benefit for lenders, even though they reduce the rates that these banks can charge. Lower borrowing costs also help investment banks complete more deals. Falling rates help
The Rally in Financial Stocks Has Paused. Why It Isn’t Too Late to Get In. — Barrons.com Read Post »
By Isabelle Bousquette Moves by Broadcom to shore up its $69 billion VMware acquisition, completed in November, include a streamlining of product bundles and new billing models — efforts in line with the chip giant’s past acquisitions, but not necessarily welcomed by all of VMware’s customers. Broadcom made its name by acquiring makers of a host of unsexy-but-essential microchips components, then cutting costs and leveraging the company’s growing pricing power. With the VMware acquisition, its largest, the San Jose, Calif.-based company is turning some of those tactics to enterprise software. In recent months, Broadcom’s VMware Cloud Foundation division, responsible for the company’s flagship infrastructure software, shaved its offerings from nearly 1,000 to just two bundles, and ended perpetual license sales, one-time payments for indefinite use of software, in favor of a full subscription payment model, the company confirmed. Broadcom has also recently laid off at least hundreds of VMware workers,
Broadcom’s VMware Overhaul Draws Attention of CIOs — WSJ Read Post »
Ford Motor (F) said Friday it is lowering the production of its F-150 Lightning electric pickups to match customer demand while increasing the output of certain other vehicles. The decision to cut F-150 Lightning output comes as the automaker seeks to achieve “the optimal balance” of production, profitability, and sales growth, it said in a statement. The company sees continued growth in global electric vehicle sales this year, though less than projected. Earlier this month, Ford logged an annual gain in fourth-quarter US vehicle sales, pushing its full-year sales to the best level since 2020. Fourth-quarter F-150 Lightning sales surged 74% year over year, while 2023 sales jumped 55%. On Friday, the company forecast “further growth” for the F-150 Lightning EV this year. “Customers love the F-150 Lightning,” Ford Chief Executive Jim Farley said. “We see a bright future for electric vehicles for specific consumers, especially with our upcoming digitally
Eric J. Savitz Apple on Friday began taking pre-orders for the Vision Pro, the company’s new mixed-reality headset, which starts shipping to buyers on Feb. 2. On some social-media platforms, fanboys posted that they were so excited about the new device, and so worried about a perceived limited supply of the new product, that they set alarms (no doubt on their iPhones and Apple Watches) to get up by the 5 a.m. Pacific time launch to stand in a virtual line to get one. Expect the first real indications of early demand to come one day before the shipments start — Apple will report December quarter financial results after the stock market closes on Feb. 1. But it looks like the Apple fanatics really could have slept in. Evercore ISI analyst Amit Daryanani wrote in a brief research note Friday that “initial signs” point to strong demand for the device.
Apple Vision Pro Presale Started Today. Early Demand Signs Are Unclear. — Barrons.com Read Post »
United Airlines Holdings Inc (NASDAQ:UAL), will be reporting its fourth-quarter earnings on Monday, Jan. 22. Wall Street is expecting the company to report $1.70 in EPS and $13.53 billion in revenues, as it reports after market hours. The company is a major airline known for its extensive domestic and international flight network. As one of the largest airlines globally, United is recognized for its widespread route coverage, modern fleet, and its frequent flyer program called MileagePlus. United Airlines’ stock is down over 19% over the past year. Business & Fundamentals: United Airlines stands out for its strategic resilience and adaptability in the challenging airline industry. While the low-cost sector faces headwinds, United’s unique approach during the pandemic could potentially position it for future growth. Unlike competitors who retired aircraft, United maintained its fleet and staff, anticipating a swift demand rebound. This strategy paid off in 2022 when international demand surged, boosting the
United Airlines Gears Up For Q4 Earnings Read Post »
Franklin Resources (NYSE:BEN) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/19/2024 -13.85% Morgan Stanley $22 → $24 Maintains Underweight 01/10/2024 7.68% UBS $26 → $30 Maintains Neutral 01/08/2024 7.68% Wells Fargo $24 → $30 Upgrades Underweight → Equal-Weight 01/04/2024 14.86% TD Cowen → $32 Initiates Coverage On → Market Perform 11/02/2023 -21.03% Morgan Stanley $23 → $22 Maintains Underweight 10/11/2023 -13.85% Deutsche Bank $26 → $24 Maintains Hold 10/06/2023 -17.44% Morgan Stanley $24 → $23 Maintains Underweight 08/08/2023 -13.85% Morgan Stanley $23 → $24 Maintains Underweight 08/01/2023 -12.06% Goldman Sachs $21.5 → $24.5 Maintains Sell 07/31/2023 -12.06% Goldman Sachs $21.5 → $24.5 Maintains Sell 07/31/2023 -3.09% BMO Capital $24 → $27 Maintains Market Perform 07/25/2023 -17.44% Morgan Stanley $23 → $23 Reiterates Underweight → Underweight 07/13/2023 -6.68% Wells Fargo $25.5 → $26 Maintains Underweight 07/12/2023 -17.44% Morgan Stanley $23 → $23
Franklin Resources (NYSE:BEN) Stock Analyst Ratings Read Post »
ConocoPhillips (COP) is likely to report Q4 earnings per share above market estimates and output toward the high end of its guidance, UBS said in a note Thursday. The investment bank expects Q4 EPS of $2.12 and total output at 1.89 million barrels of oil equivalent per day, up 5% from the previous quarter. UBS put the EPS market consensus at $2.09. “Growth is primarily driven by the increased Surmont working interest,” UBS analysts Josh Silverstein, Peyton Dorne, and Kevin Liu said in the note sent to MT Newswires on Friday. ConocoPhillips bought the remaining 50% interest in the Surmont oil sands asset and associated midstream commitments from TotalEnergies’ (TTE) Canadian unit for about $2.7 billion, finalizing the transaction in late Q3. UBS also expects the company to achieve its $11 billion capital returns forecast for 2023 and projects $10 billion in shareholder returns for 2024. The bank has a
By Bill Peters ‘We’ve graduated capabilities from this operating approach that are now fully embedded in our organization,’ company says in memo, according to the Wall Street Journal Walmart Inc. will shut down Store No. 8, the big-box retailer’s startup incubator and innovation hub, the Wall Street Journal reported on Friday. It’s the latest move by a retailer to trim expenses and protect profits as shoppers continue to grapple with higher prices. Chief Financial Officer John Rainey told employees in a memo that much of what Store No. 8 did had already been incorporated into the company’s operations as a whole, the Journal said. “We’ve graduated capabilities from this operating approach that are now fully embedded in our organization,” Rainey said in the memo, according to the Journal. “The responsibility to shape the future of retail is now shared by all segments,” he continued. Walmart launched Store No. 8 in
Walmart Is Reportedly Closing Its Innovation Hub. It’s the Latest in Retailer Cost Cuts. Read Post »
Verizon’s $5.8 billion charge is the latest sign of legacy phone companies adapting to how businesses connect — specifically, for less money after vetting more competitors. AT&T’s business wireline unit took a $13.5 billion write-down a year earlier for similar reasons. The lowered expectations reflect a commercial wireline market that’s been shrinking since 2016, MoffettNathanson analyst Craig Moffett says. “The forces at work here are secular, and they are only getting worse,” he says. “It’s doubly challenging for Verizon and AT&T as the two largest players in the market by far.”
Verizon Write-Down Reflects Commercial Market’s Dim Prospects Read Post »