Tesla (TSLA) has dropped the prices of its China Model 3 to 245,900 Chinese renminbi ($34,303) and Model Y to 258,900 renminbi, media reports said Friday, citing the company’s website. Tesla did not immediately respond to MT Newswires’ request for comment. Shares of the company were down 3.2% in recent Friday premarket activity.
Tesla Cuts Model 3, Y Prices in China; Shares Decline Pre-Bell Read Post »
Delta Airlines Inc. (DAL) reported a top- and bottom-line beat with its fourth-quarter results Friday, although the company’s stock was falling 5.1% in premarket trades after Delta delivered lowered earnings guidance. Net income was $2.04 billion, or $3.16 a share, compared with $828 million, or $1.29 a share, in the prior year’s quarter. Adjusted earnings per share, which excludes nonrecurring items, came in at $1.28, compared with $1.48 in the same period last year, and beat the FactSet consensus of $1.16. Revenue was $14.2 billion, a 6% increase from the prior year’s quarter. Adjusted revenue was $13.7 billion, an 11% increase on the same period last year, beating expectations. Analysts surveyed by FactSet were looking for revenue of $13.5 billion. For 2024, Delta expects earnings of $6 to $7 a share, below the target of over $7 a share the company outlined at an investor day in December 2022. -James
Delta Almost Doubles Q4 Profit, but Shares Slide on Lowered Earnings Guidance Read Post »
Wells Fargo says it gained market share in its credit card products and investment banking businesses in 4Q. Chief Executive Charlie Scharf says the bank’s new credit card products drove a rise in consumer spending significantly better than the industry average. He also points to 26% revenue growth in Wells Fargo’s Corporate and Investment Bank segment. Company-wide revenue rises just over 2% to $20.48 billion, surpassing the $20.3 billion forecast by analysts according to FactSet.
Wells Fargo Says It Gained Market Share in 4Q Read Post »
Netflix, Inc. (NASDAQ: NFLX) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/12/2024 21.24% Oppenheimer $475 → $600 Maintains Outperform 01/09/2024 1.03% Goldman Sachs $400 → $500 Maintains Neutral 01/09/2024 14.37% BMO Capital → $566 Initiates Coverage On → Outperform 01/09/2024 1.03% Citigroup → $500 Downgrades Buy → Neutral 12/28/2023 6.08% Keybanc $510 → $525 Maintains Overweight 12/22/2023 0.02% DZ Bank → $495 Downgrades Buy → Hold 12/21/2023 6.08% Wedbush → $525 Reiterates Outperform → Outperform 12/18/2023 11.13% Morgan Stanley $475 → $550 Maintains Overweight 10/19/2023 -4.02% Morgan Stanley $430 → $475 Upgrades Equal-Weight → Overweight 10/19/2023 -3.01% JP Morgan $455 → $480 Maintains Overweight 10/19/2023 -7.05% Guggenheim → $460 Reiterates Buy → Buy 10/19/2023 6.08% Wedbush → $525 Reiterates Outperform → Outperform 10/19/2023 -6.04% Truist Securities $430 → $465 Upgrades Hold → Buy 10/19/2023 -4.02% Oppenheimer $470 → $475 Maintains Outperform
Netflix, Inc. (NASDAQ: NFLX) Stock Analyst Ratings Read Post »
Oppenheimer analyst Jason Helfstein maintains Netflix (NASDAQ:NFLX) with a Outperform and raises the price target from $475 to $600.
Oppenheimer raises Netflix (NASDAQ:NFLX) price target from $475 to $600 Read Post »
JPMorgan Chase (JPM) reported Q4 adjusted earnings Friday of $3.97 per share, up from $3.04 a year earlier. Analysts polled by Capital IQ expected $3.60. Revenue expressed as the sum of total noninterest income and net interest income for the quarter ended Dec. 31 was $38.57 billion, compared with $34.55 billion a year earlier. Analysts surveyed by Capital IQ estimated $39.78 billion.
JPMorgan Chase’s Q4 Adjusted Earnings, Revenue Increase Read Post »
Piper Sandler analyst Brent Bracelin reiterates Microsoft (NASDAQ:MSFT) with a Overweight and maintains $455 price target.
Piper Sandler maintains Microsoft (NASDAQ:MSFT) $455 price target Read Post »
JPMorgan is expecting net interest income, excluding markets revenue, of around $88B in 2024, down from $94B in 2023 on the assumption that the Federal Reserve will cut rates six times during the year. The expected cuts come after the Fed hiked rates, hoping to cool rapid inflation. Including markets revenue, the figure is expected to drop to $90B from $97B, reflecting an $8B pullback from rate cuts, deposit repricing and internal migration offset by $1.5B in loan growth, including continuing growth in crest card revolving balances, along with modest deposit attrition.
JPMorgan Expects Lower 2024 Interest Income As Rates Come Down Read Post »
Financial Results Net income of $3.4 billion, or $0.86 per diluted common share Revenue of $20.5 billion, up 2% – Net interest income of $12.8 billion, down 5% – Non-interest income of $7.7 billion, up 17% Non-interest expense of $15.8 billion, down 2% Pre-tax pre-provision profit of $4.7 billion, up 22% Effective income tax rate of (3.0)% included $621 million of discrete tax benefits Average loans of $938.0 billion, down 1% Average deposits of $1.3 trillion, down 3% Credit Quality Provision for credit losses of $1.3 billion – Total net loan charge-offs of $1.3 billion, up $692 million, with net loan charge-offs of 0.53% of average loans (annualized) – Allowance for credit losses for loans of $15.1 billion, up $1.5 billion Capital and Liquidity CET1 capital of $140.8 billion CET1 ratio of 11.4% under the Standardized Approach and 12.7% under the Advanced Approach Liquidity coverage ratio (LCR) of 125%
Netflix is offering early signs of the popularity of its new ad-supported tier. Oppenheimer analysts say in a research note that the 23 million monthly active users on the ad tier announced by the company’s president of advertising, is up from 15 million in November and 5 million in May. They say the accelerating growth suggests Netflix has upside on its subscriber numbers this year. The analysts raise their full-year estimates for subscriber net adds and increase their price target to $600 a share from $475.
Netflix Ad-Tier Seeing Acceleration In Subscribers Read Post »
Citigroup (C) reported a Q4 net loss Friday of $1.16 per diluted share swinging from earnings of $1.16 a year earlier. Analysts polled by Capital IQ expected earnings of $0.60. Revenue for the quarter ended Dec. 31 was $17.44 billion, down from $18.01 billion a year earlier. Analysts surveyed by Capital IQ expected $18.75 billion.
Citigroup Swings to Q4 Net Loss, Lower Revenue Read Post »
By Angela Palumbo Qualcomm stock was rising after a Citi analyst upgraded his rating on the shares, saying he is confident about a recovery in the handset market. Analyst Christopher Danely upgraded shares of Qualcomm to Buy from Neutral and raised his target for the stock price to $160 from $110. The stock was up 1.4% to $141.03 in premarket trading on Friday. Danely wrote in a research note Friday that his industry checks “indicate inventory replenishment continues in the handset space which should benefit both revenue and margins at Qualcomm.” Qualcomm is a major supplier to the smartphone market, so any weakening in demand for the devices is trouble for the maker of mobile processors and 5G wireless chips. It suffered in 2023 when smartphone demand took a hit. The research firm International Data Corporation reported in December that the worldwide mobile phone shipments were expected to fall to