An Hour Ago
BP posts record 2022 earnings to join Big Oil profit bonanza
Oil major BP on Tuesday reported record annual profits, more than doubling last year’s total as fossil fuel prices soared following Russia’s full-scale invasion of Ukraine.
The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $27.7 billion for 2022. That compared with $12.8 billion for the previous year.
– Sam Meredith
11 Hours Ago
Goldman raises short-term market outlook, expects flat earnings growth in 2023
Goldman Sachs raised its 3-month S&P 500 target to 4,000 from 3,600, but expects its year-end forecast to stay put at 4,000. The broad index on Monday closed at 4,111.08, and it’s up about 7% this year.
“A soft landing — and in fact above-trend growth — is already priced in U.S. equities,” David Kostin, Goldman’s chief U.S. equity strategist, said in a note to clients Friday. “Valuations are elevated vs. history and will be constrained by an eventual rise in interest rates. Even avoiding recession, earnings are unlikely to grow substantially in 2023.”
Goldman noted that cyclical industries have outperformed defensives by 12 percentage points this year. Companies that are more vulnerable to economic volatility would benefit from this rotation.
The firm also believes earnings expectations are too high, and anticipates flat earnings growth this season and just 5% growth in 2024. That’s below the 1% and 12% growth consensus estimates call for in 2023 and 2024.
Read more about Goldman’s outlook here.
— Pia Singh
11 Hours Ago
Dollar rises to four-week high against euro on Monday, buoyed by U.S. jobs data
The dollar rose to four-week high against the euro Monday, propelled by last week’s U.S. jobs report raising the prospects of the Federal Reserve continuing its interest rate hikes to fight ongoing inflation.
The dollar index was up 0.7% on the day against a basket of currencies at 103.64.
The euro fell 0.6% against the dollar to $1.0724, its lowest since Jan. 9, following a 1% drop on Friday. The euro is not too far off its 10-month high of $1.1034, which it hit last week.
The yen also fell more than 1% against the U.S. dollar on Monday after the Nikkei newspaper reported that Bank of Japan Deputy Governor Masayoshi Amamiya was approached to be the next governor.
— Pia Singh
11 Hours Ago
Pinterest shares fall on weak outlook, revenue miss
Pinterest shares fell 4% in extended trading after the social media company shared light guidance for the current quarter and posted a fourth-quarter revenue miss.
The company shared earnings of 29 cents a share on revenue of $877 million. Analysts had anticipated EPS of 27 cents on $886 million in revenue.
Pinterest also said it expects revenues to grow in the low single digits for the first quarter over last year, slightly below the 6.9% growth expected by analysts.
See Chart…
Pinterest shares fall on revenue miss, weak guidance
— Samantha Subin, Jonathan Vanian
11 Hours Ago
Skyworks Solutions, Chegg, ZoomInfo among stocks moving the most after hours
These are some of the stocks moving the most during after-hours trading.
Skyworks Solutions — The semiconductor stock gained about 3% in extended trading after announcing a $2 billion share buyback program. It came despite an earnings miss and light guidance for the current quarter.
Chegg — Chegg shares sank 21% in extended trading after sharing weaker-than-expected first-quarter and full-year revenue guidance, according to Refinitiv. The company cited economic uncertainties and subscriber growth concerns.
ZoomInfo – Shares of the software company dipped about 5.5% after the company’s revenue outlook for the first quarter and full year were lower than what analysts expected. ZoomInfo reported better-than-expected earnings and revenue, according to FactSet.
Read the full list of stocks moving in extended trading here.
— Samantha Subin
11 Hours Ago
Stock futures open flat
Stock futures opened flat on Monday evening.
Futures tied to the Dow Jones Industrial Average traded 0.04%, or 12 points lower, while S&P 500 futures were flat. Nasdaq-100 futures inched 0.04% lower.
— Samantha Subin
