Dimon’s Comments Are a Rarity; JPMorgan Will Limit Buybacks at Higher Prices — Barrons.com

/ / Financials /

By Andrew Bary JPMorgan Chase CEO Jamie Dimon’s frank talk on stock repurchases Monday is rare for a corporate leader but ought to be heeded by his fellow corporate chieftains. At the company’s investor day, Dimon said the company would limit its stock repurchases given the elevated price of the JPMorgan stock. “We’re not going to buy back a lot of stock at these prices,” Dimon told attendees at the investor day. JPMorgan stock has returned about 45% over the past year and recently hit a record high. “We’ve been very, very consistent,” Dimon said. “When the stock goes up, we’ll buy less and when it comes down, we’ll buy more,” he added. Dimon’s view is espoused publicly by few CEOs save for Berkshire Hathaway’s Warren Buffett. Companies regularly repurchase stock regardless of price. Why? CEOs may truly believe their shares are undervalued even at high prices or they are […]

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Palo Alto Networks tumbles following billings guidance despite solid Q3 results

/ / Technology /

Palo Alto Networks’ (NASDAQ:PANW) third-quarter fiscal year 2024 financial results bested market expectations, but stocks sunk during post-market trading on lowered billings’ guidance. The Santa Clara, Calif.-based cybersecurity company tumbled 8% after its latest financial results and outlook was issued after the market closed on Monday. For the quarter, Palo Alto reported non-GAAP earnings per share of $1.32 versus the consensus of $1.25 and total revenue of $2B versus the consensus of $1.97B. Looking ahead, Palo Alto Networks expects fourth quarter earnings per share of $1.40 to $1.42, which is nearly in-line with the estimate of $1.42. Total revenue expectations for the quarter range from $2.15B to $2.17B, which is also close to the estimate of $2.17B. Billings for fiscal year 2024 are now expected to range from $10.13B to $10.18B, which represents year-over-year growth of 10% to 11%. In February, the company lowered its full-year revenue and slashed its FY24E billings guide

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JPMorgan: Dimon Didn’t Mean No Stock Buybacks — WSJ

/ / Financials /

JPMorgan Chase shares fell 4.5% on Monday, not the kind of reception it usually hopes to get on its annual investor day. One contributor: Chief Executive Jamie Dimon implied the shares had gotten so high he didnt want to buy back any more shares. Later Monday, the bank looked to clarify Dimons comments. A JPMorgan spokesman said that Dimon’s comments on buybacks referred to additional repurchases of stock beyond the pace at which the bank is already buying back stock. Not that the bank is stopping all repurchases. Indeed, JPMorgan’s chief financial officer said the bank is increasing how much it buys back from shareholders, totaling over $2 billion of repurchases every quarter.

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AT&T Says Confident in Delivering Financial Guidance

/ / Telecommunications /

AT&T (T) said late Monday that the company remains confident in its ability to deliver on all of the financial guidance shared during its earnings report in April. The firm said it also remains focused on driving incremental efficiencies through its goal of $2 billion+ in run-rate cost savings by mid-2026, and is on track to achieve net-debt to adjusted EBITDA in the 2.5x range in the first half of 2025.

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Ryanair Holdings plc (RYAAY) Q4 2024 Earnings Call Transcript

/ / Consumer Discretionary /

Ryanair Holdings plc (NASDAQ:RYAAY) Q4 2024 Results Conference Call May 20, 2024 5:00 AM ET Company Participants Michael O’Leary – CEO Neil Soraha – CFO Peter Larkin – Head of IR Michael O’Leary All right. So good morning, ladies and gentlemen. Welcome to the Ryanair Full Year Results. I’m Michael O’Leary, the Group CEO. And I’m joined this morning by Neil Sorahan, the Group CFO. Earlier this morning, we published the full year results for the last 12 months ended 31 March, 2024. In that, we recorded a full year profit after tax growth of 34% to an after tax profit of €1.92 billion as traffic grew 9% to 184 million passengers, which is 20% — 23% more than our pre-COVID traffic. The highlights for the last 12 months, start off with the traffic growth of 9% to 184 million passengers. It would have been slightly higher, but for the

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Target Announces Lower Prices for 5,000 Popular Items Heading Into Holiday Weekend

/ / Consumer Discretionary /

By Ciara Linnane Shoppers can expect more bargains for July 4 and the back-to-school and back-to-college seasons Target Corp. announced lower prices on about 5,000 frequently shopped items on Monday, with plans to cut the the price of thousand more items over the course of the summer. The retailer is competing with its bigger competitor Walmart Inc. (WMT) on price at a time when Americans are struggling with inflationary pressures that has raised the price of food, housing and other essentials. “We know consumers are feeling pressured to make the most of their budget, and Target (TGT) is here to help them save more,” said Rick Gomez, executive vice president and chief food, essentials and beauty officer, at Target. The retailer has already cut the price of about 1,500 items heading into the Memorial Day holiday weekend and said shoppers can expect more bargains for July 4 and the back-to-school

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Ryanair Shares Weighed by Prospect of Ticket Fare Cuts

/ / Consumer Discretionary /

Ryanair’s shares are being weighed down by concerns about the low-cost carrier’s ticket pricing, AJ Bell analyst Danni Hewson says in a note to clients. Even if inflationary pressures are easing, customers remain cautious, which could affect the numbers of passengers on Ryanair flights after the summer, the analyst says. The company said that recent ticket prices were softer than it had previously expected, adding that its first quarter would require more so-called price stimulation than the previous year. “It might seem counterintuitive that Ryanair’s share price is enduring a bit of turbulence after the low-cost airline announced record passenger numbers and profits, but the prospect that ticket price cuts might be on the way has subdued sentiment,” the analyst says. Shares trade down 1.3% at EUR18.10.

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Ryanair Buyback, Earnings Beat to Lift Market Expectations

/ / Consumer Discretionary /

Ryanair’s higher earnings and its decision to bring back buybacks should drive upgrades to consensus estimates, Bernstein analysts Alex Irving and Tobias Fromme say in a research note. The Irish low-cost carrier had suspended the buybacks since the Covid-19 pandemic.”[Ryanair] is making good on its promise to return excess liquidity to shareholders, and to favor buybacks where the shares look undervalued,” they say. Ryanair’s net profit in the fourth quarter beat expectations by 4.2%, while passenger numbers rose 4.5%. However, the quarterly rise in passengers was below the 7% on-year growth recorded in 3Q, the analysts say. Shares are down 1% at EUR18.15.

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These Analysts Boost Their Forecasts On Applied Materials After Upbeat Results

/ / Technology /

Applied Materials Inc (NASDAQ:AMAT) reported better-than-expected financial results for the second quarter on Thursday. “Applied Materials continues to deliver strong performance in 2024, with fiscal second quarter revenue and earnings towards the high end of our guided range,” said Gary Dickerson, president and CEO of Applied Materials. “Applied Materials has the most enabling portfolio of materials engineering technologies for chips that underpin tectonic shifts in technology including AI, IoT, electric vehicles and clean energy, which puts us in a great position to grow along with these long-term, secular trends.” The company said it sees third-quarter revenue of $6.65 billion, plus or minus $400 million, versus estimates of $6.576 billion. The company projects third-quarter adjusted earnings to be between $1.83 and $2.19 per share, versus estimates of $1.98 per share. Applied Materials shares fell 1.6% to close at $214.03 on Thursday. These analysts made changes to their price targets on Applied Materials

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Applied Materials(NASDAQ:AMAT) Q2 2024 Earnings Conference

/ / Technology /

The following is a summary of the Applied Materials, Inc. (NASDAQ:AMAT) Q2 2024 Earnings Call Transcript: Financial Performance: Applied Materials reported Q2 net sales of nearly $6.65 billion, a slight increase from previous quarters. AGS revenue grew 7% year over year to $1.53 billion. The company returned approximately $1.1 billion to shareholders, including $266 million in dividends and $820 million in buybacks. Non-GAAP gross margin increased by 70 basis points to 47.5%, while non-GAAP EPS grew by 4.5% to $2.09. For Q3, Applied Materials forecasts a revenue of $6.65 billion, plus or minus $400 million, and non-GAAP EPS of $2.01, plus or minus $0.18. Business Progress: Revenues from the advanced packaging product portfolio is expected to grow to about $1.7 billion this year and possibly double in future. Applied Materials is targeting to generate more than $2.5 billion in revenue from gate-all-around nodes this year and expects this to potentially

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CFRA Maintains Buy Rating On Shares Of Applied Materials, Inc.

/ / Technology /

We raise our price target by $7 to $240, 25x our CY 25 EPS view ($9.61), near peers and above AMAT’s 3-year average (~16x) on rising AI momentum and improving conditions across multiple end markets. We raise our FY 24 (Oct.) EPS view by $0.07 to $8.45, raise FY 25’s by $0.19 to $9.41, and initiate a FY 26 view at $10.58. AMAT posts Apr-Q sales of $6.65B (flat Y/Y) and EPS of $2.09 (+5%), near consensus, while raising its ’24 advanced packaging sales projection by $0.2B to $1.7B on stronger HBM packaging growth and providing a bullish forecast for GAA-related equipment sales (~$2.5B of incremental sales expected in CY 25) as customers ramp 2-nm node activity. We see tailwinds from rising AI demand fueling further growth across both logic and memory, and we are encouraged by positive commentary on ICAPS strength considering global weakness in the auto / industrial

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Research Reports — Barron’s

/ / Energy /

How Analysts Size Up Companies Edited by These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed. Exxon Mobil — XOM-NYSE Overweight — Price $117.75 on May 14 by Morgan Stanley Following the close of the Pioneer Natural Resources acquisition on May 3, we are resuming coverage of Exxon Mobil at Overweight. The company’s scale and integration across the energy, chemicals, and emerging low-carbon value chains support sustainable competitive advantages, above-average growth, and a differentiated value proposition within the energy sector and the broader market. While the stock has outperformed year to date, it still trades at a 55% discount to the broader market, nearly double

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