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The modest revenue growth announced Thursday as part of Apple’s October-December results ended four consecutive quarters of year-over-year sales declines. As usual, the iPhone accounted for the bulk of Apple’s revenue. Apple’s services division, which is tied largely to the iPhone, posted an 11% rise in revenue from the previous year to $23.12 billion. Both the revenue and earnings for the quarter exceeded analysts’ projections, according to FactSet Research. But investors appeared unimpressed with the showing as Apple’s stock price dropped 2% in extended trading after the numbers came out.

Persons: Apple Organizations: FRANCISCO, Apple, Microsoft, Vision, Research Locations: Cupertino , California

That's up from $4.65 billion, or $1.76 per share, a year earlier. Revenue grew 25% to $40.11 billion from $32.17 billion. Analysts, on average, were expecting earnings of $4.82 per share on revenue $39.1 billion, according to FactSet Research. For the current quarter, Meta is forecasting revenue of of $34.5 billion to $37 billion, above Wall Street's expectations. Analysts are projecting revenue of $33.9 billion for the first quarter.

Persons: Mark Zuckerberg, ” Meta, Zuckerberg Organizations: Inc, Menlo, Revenue, Research, ” Locations: , California

SAN FRANCISCO (AP) — Microsoft Corp. said Tuesday that its profit for the October-December quarter soared 33%, powered by its significant investments in artificial intelligence technology. The company said that increase largely reflected growth in its cloud-computing unit, where Microsoft focuses most of its AI investments. “Microsoft is firmly establishing itself as a frontrunner in the AI race,” said Jeremy Goldman, director of briefings at Insider Intelligence. In addition to other benefits, Goldman suggested that AI technology could help expand Microsoft’s share of digital advertising. That merger boosted Microsoft's revenue growth by four points, according to James Ambrose, the company's director of investor relations.

Persons: ”, Jeremy Goldman, Goldman, James Ambrose, Microsoft's Organizations: FRANCISCO, — Microsoft Corp, Microsoft, Intelligence, Google, FactSet Research, Activision, Revenue Locations: Redmond, Washington

The Atlanta-based railroad said it earned $527 million, or $2.32 per share, during the quarter. Without the $150 million in additional derailment costs, Norfolk Southern would have made $677 million, or $2.83 per share. The analysts surveyed by FactSet Research predicted that Norfolk Southern would make $2.86 per share, so the results fell just short of that. Norfolk Southern has now received $101 million of insurance payments. “The fourth quarter marked the end of a challenging, yet transformational year for Norfolk Southern,” Shaw said.

Persons: haven't, Alan Shaw, he’s, “, ” Shaw, FactSet Organizations: Norfolk, FactSet Research, Norfolk Southern Locations: Ohio, Atlanta, Norfolk Southern, East Palestine, Pennsylvania

(AP) — Union Pacific's fourth-quarter profit crept up 1% as the railroad delivered more fertilizer, imported goods and vehicles. The Omaha, Nebraska-based railroad said it earned $1.65 billion, or $2.71 per share, in the quarter. The results topped the estimates of the analysts surveyed by FactSet Research that called for earnings of $2.60 per share as Union Pacific hauled 3% more shipments. But Union Pacific's topped Wall Street's predictions for $6.05 billion. Union Pacific is one of the nation’s largest railroads and operates more than 30,000 miles of track in 23 western states.

Persons: Jim Vena, ” Vena Organizations: — Union Pacific's, FactSet Research, Union Pacific, Union, . Union Pacific, Railroad Locations: OMAHA, Neb, Omaha , Nebraska, Norfolk Southern, Ohio

CSX's fourth quarter profit slipped 13%, but the railroad reported hauling slightly more freight and kept its trains running smoothly. The Jacksonville, Florida-based railroad said it earned $886 million, or 45 cents per share, during the quarter. The results for the latest quarter were in line with what the analysts surveyed by FactSet Research predicted on average. CSX's expenses crept up 4% to $2.36 billion during the quarter. CSX is one of the nation’s largest railroads, operating trains on more than 20,000 miles (32,000 kilometers) of track in 23 Eastern states and two Canadian provinces.

Persons: railyards, Joe Hinrichs Organizations: FactSet Research, CSX Locations: Jacksonville , Florida

SAN FRANCISCO (AP) — Netflix registered its third-consecutive quarter of accelerating subscriber growth in the final three months of 2023, closing out a comeback year that included a crackdown on viewers freeloading on the video-streaming service and a smattering of price hikes. Political Cartoons View All 253 ImagesThe rising tide of customers left Netflix with more than 260 million global subscribers at the end of 2023 — an annual increase of nearly 30 million subscribers. Last year’s performance was a stark contrast to 2022’s increase of 8.9 million subscribers — a lackluster showing that raised questions whether the video-streaming pioneer was losing steam amid stiffening competition for viewers. The revenue exceeded analysts' forecasts, while earnings per share missed analyst targets, partly because of a $239 million charge tied to its foreign debt. The company's shares rose nearly 7% in Tuesday's extended trading after its fourth-quarter numbers came out.

Persons: ”, Oscar, “ Maestro Organizations: FRANCISCO, Netflix, Research, Revenue, Walt Disney Co, Warner Bros, Discovery Locations: Gatos , California

(AP) — Warren Buffett's company has reported a nearly $13 billion loss in the third quarter as the paper value of its investments fell, but the companies it owns — particularly the insurers — generally performed well. Berkshire Hathaway said Saturday that it lost $12.8 billion, or $8,824 per Class A share, in the quarter. That's significantly bigger than the $2.8 billion loss, or $1,907 per Class A share, that it reported a year ago. A year ago, the insurers reported a $1.1 billion loss in the third quarter. The biggest driver in that increase in expenses was a $1.3 billion loss related to wildfires at its PacifiCorp unit.

Persons: — Warren, Berkshire Hathaway, Berkshire didn't, Buffett, See's, hasn't, Josh Funk Organizations: Berkshire, Apple, Accounting, FactSet Research, BNSF, hathaway Locations: OMAHA, Neb, Berkshire, Omaha , Nebraska, berkshire

It’s the first time Apple’s fiscal year revenue has dropped since 2019 when sales fell by 2%. Although Apple's revenue in the latest quarter deceased 1% from last year to $89.5 billion, its profit rose 11% to $22.96 billion, or $1.46 per share. To help juice its revenue, Apple has been raising some of its prices. In a bright spot, Apple's iPhone sales climbed 3% to $43.8 billion — a sign the company's latest models are being well received heading into the holiday shopping season. Apple’s service division also turned in a robust quarter with revenue of $22.31 billion, a 16% increase from last year.

Persons: Tim Cook, Cook, ”, Jesse Cohen, Max, Apple, “ Organizations: Apple, Research, U.S, Huawei, Google Locations: U.S, China, iPhones, Cupertino , California

The results were hurt by the derailment costs, a drop in its fuel surcharge revenue and flat volume. Without the derailment costs, the railroad would have made $601 million, or $2.65 per share. The analysts surveyed by FactSet Research expected Norfolk Southern to report earnings per share of $2.64, on average. Norfolk Southern officials said their volume has improved over the past month to reach levels they haven't seen since the second quarter of 2022. Norfolk Southern is one of the nation's largest railroads operating in the Eastern United States.

Persons: Alan Shaw, “, That's, Edward Jones, Jeff Windau Organizations: Norfolk, Norfolk Southern, FactSet Research, Eastern Locations: OMAHA, Neb, East Palestine, Norfolk Southern, Ohio, Atlanta, Norfolk, Eastern United States

The company reported quarterly net income of $22.29 billion, or $2.99 per share, which beat Wall Street expectations. The Redmond, Washington-based software maker posted revenue of $56.52 billion in the quarter, up 13% from last year, also beating expectations. Analysts polled by FactSet Research expected Microsoft to earn $2.65 per share on revenue of $54.52 billion. Analysts are currently projecting Microsoft will produce revenue of $58.67 billion for the October-December quarter. Its productivity business segment, which includes its Office suite of email and other workplace products, grew 13% to $18.59 billion for the quarter.

Persons: REDMOND, Satya Nadella Organizations: Microsoft, FactSet Research, Windows, Activision, Microsoft Corp Locations: Wash, Redmond, Washington, California

The Omaha, Nebraska, railroad earned $1.53 billion, or $2.51 per share, during the quarter, That's down from $1.9 billion, or $3.05 per share. The number of shipments Union Pacific delivered slipped 3% in the quarter, and while costs improved about 4% they remained elevated at $3.76 billion. But the average speed of the railroad's trains increased to 200 daily miles per car. Shares of Union Pacific gained more than 3% Thursday to trade for $213.16 around midday. Union Pacific is one of the nation's largest railroads and operates more than 30,000 miles of track in 23 western states.

Persons: Jim Vena, “, ”, Vena, Edward Jones, Jeff Windau, he'll Organizations: — Union Pacific's, FactSet Research, Union Pacific, Union, Union Pacific's, of Union Pacific Locations: OMAHA, Neb, The Omaha , Nebraska, Norfolk Southern, Ohio

(AP) — CSX reported a 24% drop in the railroad's third-quarter profit Thursday as it hauled 2% less freight, but the CEO said customers are noticing that its trains are running more smoothly. The Jacksonville, Florida-based railroad said it earned $846 million, or 42 cents per share, in the quarter. Hinrichs said customers are noticing that the railroad's service has been consistently better over the past year, and that is opening the door to more conversations about increasing the amount they ship on the railroad. Three CSX employees have died on the job since June, prompting unions to call for better training and a review of the use of remote-control locomotives. CSX is one of the nation’s largest railroads, operating trains on more than 20,000 miles (32,000 kilometers) of track in 23 Eastern states and two Canadian provinces.

Persons: ”, Joe Hinrichs, Hinrichs, Mike Cory Organizations: — CSX, FactSet Research, CSX, ” Revenue Locations: OMAHA, Neb, Jacksonville , Florida

Earnings per share fell to 53 cents from 95 cents. Excluding stock-based compensation, Tesla’s adjusted net income fell to $2.32 billion, or 66 cents per share. On that basis, Tesla’s earnings fell short of analysts’ consensus estimate of 73 cents per share, according to FactSet. The discounts range from $4,400 on Tesla’s top-selling vehicles to as much as $20,000 on its most expensive models. As usual, Tesla’s third-quarter sales consisted primarily of its Model 3 and Model Y vehicles, which have been made even more attractive by lowered prices.

Persons: Tesla Organizations: ANGELES, FactSet, Analysts, Research Locations: Austin , Texas, Tesla’s

The $15.50 per month price for Netflix's most popular streaming option in the U.S. will remain unchanged, as will a $7 monthly plan that includes intermittent commercials. The increase left Netflix with about 247 million worldwide subscribers, well above the 243.8 million projected by analysts surveyed by FactSet Research. Netflix has picked up more than 16 million subscribers through the first nine months of the year, already eclipsing the 8.9 million subscribers that it added all of last year. The crackdown also has boosted Netflix’s in another way – current subscribers can share their accounts with someone living outside their households by paying higher monthly fees. The higher prices for Netflix's premium plans also seems likely to divert more subscribers into the ad-supported option.

Persons: it’s, ’, Greg Peters, hasn’t, Harding, Uday Cheruvu, Peters, ” Cheruvu, “, ”, Scott Purdy Organizations: FRANCISCO, Netflix, FactSet Research, Google, Facebook, Microsoft, KPMG Locations: U.S, —, France, Los Gatos , California

Tesla's summertime deliveries of electric vehicles surged 27% from last year but still fell below analyst projections as Elon Musk's car company navigated through softening customer demand as well as factory upgrades. Analysts had predicted Tesla would sell about 461,000 vehicles during the latest quarter, according to FactSet Research. To hit that target, Tesla will have to sell 1.97 million vehicles this year. Through the first nine months of the year, Tesla has delivered just over 1.3 million vehicles. Analysts are anticipating Tesla will sell 1.84 million vehicles for the full year.

Persons: Elon, Tesla, Musk's Organizations: Analysts, Research, General Motors, Ford, GM, United Auto Workers, UAW, U.S . Locations: Austin , Texas, Tesla's

☆ Tesla sales slow, missing Wall Street forecasts
▼ + stars: | 2023-10-02 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Tesla reported slower third quarter sales that fell short of Wall Street forecasts. That’s down 7% from the 466,000 deliveries in the second quarter. Analysts surveyed by FactSet Research had expected sales to come in at 461,000, just short of second quarter numbers. Wall Street analysts who are bearish on Tesla have been pointing to the sales falling short of production in the previous five quarters, as a sign of weakening demand for Tesla’s cars. Shares of Tesla were little changed in morning trading on the sales news, after opening down 2%.

Persons: New York CNN — Tesla, Tesla, ”, Dan Ives, Elon Musk Organizations: New, New York CNN, FactSet Research, Wall Street, Tesla Locations: New York, Germany, Texas

☆ The Fed is expected to hold rates steady next week, but its guidance will be key for investors
▼ + stars: | 2023-09-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The Federal Reserve is widely anticipated to hold rates steady in the week ahead, but key for investors will be the central bank's guidance on where it's headed from here. Investors are assessing a mixed batch of economic reports ahead of the Fed's September policy meeting. Meanwhile, August retail sales came in better than expected, jumping 0.6% against a 0.1% increase expected by economists. Housing data released in the week ahead could show whether housing demand remains solid. Week ahead calendar All times ET.

Persons: Bank's Rob Haworth, Jerome Powell, Powell, Hogan, Instacart, Arm's, Mills, Lisa Cook, —, Jeff Cox, Michael Bloom Organizations: Federal Reserve, Dow Jones, Dow, Nasdaq, Investors, PPI, Federal, Riley, FedEx, Housing, Philadelphia Fed, Darden, FactSet, Systems, National Bureau of Economic Research, Artificial Intelligence, PMI, SA, PMI Manufacturing SA, PMI Services SA Locations: NAHB, Toronto, Canada

☆ New ETF looks to tap hot market for zero-day options
▼ + stars: | 2023-09-14 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +3 min

Miami-based ETF sponsor Defiance ETFs LLC launched the Defiance Nasdaq-100 Enhanced Option Income ETF on Thursday, the first ETF to use daily options income generation, the ETF sponsor said in a press release. The ETF seeks to tap into the dual popularity of short-dated options contracts and the heightened interest in ETFs that seek to generate income through a combination of selling options and investing in U.S. large cap stocks. Investors have also flocked to ETFs that look to generate income and reduce portfolio volatility by selling options against stocks. One such ETF - the JPMorgan Equity Premium Income ETF (JEPI.P) - has grown its assets to about $29.5 billion from about $12.4 billion a year ago. Defiance ETFs is set to launch two other ETFs - the Defiance S&P 500 Enhanced Options Income ETF and Defiance R2000 Enhanced Options Income ETF , which will employ a similar strategy with exposure to the S&P 500 (.SPX) and the Russell 2000 Indexes (.RUT), respectively.

Persons: Sylvia Jablonski, QQQY, Lois Gregson, Gregson, Russell, Seth Golden, Golden, Saqib Iqbal Ahmed, Richard Chang, Ira Iosebashvili, Daniel Wallis Organizations: Defiance, Investors, JPMorgan, FactSet Research Systems, Finom, Thomson Locations: Miami

☆ Ron Baron has a rare long-term record of beating the market. Here's how he did it
▼ + stars: | 2023-07-26 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Ron Baron is one rare active manager that has been outperforming the market since the 1980s, thanks to his eye for long-term growth. The 80-year-old investor founded Baron Capital in 1982, and 16 of his 19 mutual funds representing 98.8% of the firm's asset under management have beaten their benchmark since their inception dates. Similarly, Baron Capital considers stocks as representing part ownership of publicly traded businesses. The Baron Capital chairman and CEO has been known as a longtime bull in Tesla , a stock with a 46% weighting in the Partners fund. Baron Capital managed about $40 billion at the end of 2022.

Persons: Ron Baron, Morningstar, Baron, Warren Buffett's, Tesla, Charles Schwab Organizations: Baron Capital, Baron Partners Fund, Partners, SpaceX, Iridium Communications, Arch Capital Group, FactSet Research, Hyatt Hotels Locations: Tesla

☆ Morning Bid: Central banks try to see through stress
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +4 min

A look at the day ahead in U.S. and global markets from Mike DolanEven with a nod to greater banking stress, the major central banks all seem determined to tighten the monetary screw another notch. With Treasury Secretary Janet Yellen's pushback against suggestions of a blanket insurance of all U.S. banking deposits unnerving investors again after the Fed decision, few believe the financial stress has fully dissipated. Even though stock markets swooned after the Yellen comments on Wednesday, S&P500 futures were back up smartly ahead of Thursday's open. European bourses and banking stocks were only a touch lower in the face of the latest European rate rises. The dollar hit its lowest since early February but regained its footing ahead of the U.S. open and BoE decision.

☆ Explainer: Who is behind Hindenburg, the company that is shorting Adani?
▼ + stars: | 2023-01-25 | by ( Carolina Mandl | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 25 (Reuters) - Short-seller Hindenburg Research disclosed on Wednesday short positions in India's Adani Group, citing potential stock manipulation and accounting fraud in a report. WHAT IS HINDENBURG RESEARCHFounded in 2017 by Nathan Anderson, Hindenburg Research is a forensic financial research firm which analyses equity, credit and derivatives. On its website, Hindenburg says it looks for "man-made disasters," such as accounting irregularities, mismanagement and undisclosed related-party transactions. After finding potential wrongdoings, Hindenburg usually publishes a report explaining the case and bets against the target company, hoping to make a profit. HOW MANY COMPANIES HAS HINDENBURG TARGETEDHindenburg has flagged potential wrongdoing in at least 16 companies since 2017, according to its website.

☆ Alcoa Appoints New CFO Amid Executive Reshuffle
▼ + stars: | 2023-01-11 | by ( Jennifer Williams-Alvarez | Colin Kellaher | ) www.wsj.com time to read: +4 min

Alcoa Corp. named a new finance chief amid a wider executive reshuffle as the aluminum producer faces soaring energy costs and volatile prices. Ms. Beerman succeeds current CFO William Oplinger, who will become chief operations officer next month after about six years in the top finance role. In addition, two executive vice presidents—Chief Operations Officer John Slaven and Chief Innovation Officer Benjamin Kahrs —are leaving as part of the restructuring, Alcoa said. It will “ensure continued improvement and focus on Alcoa’s strategies to operate as a low-cost, margin-focused, sustainable producer,” Chief Executive Roy Harvey said in a statement. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team.

☆ CFOs Ponder Their Pricing Power as the Economy Cools
▼ + stars: | 2023-01-09 | by ( Jennifer Williams-Alvarez | Dean Seal | ) www.wsj.com time to read: +7 min

After a year of significant price increases, companies are trying to figure out how far they can go in 2023. However, pricing experts said, consumers and businesses will likely pull back on discretionary spending and will be less tolerant of price increases as they become mindful of their budgets. The Katy, Texas-based retailer takes an item-by-item approach to price increases. Customers haven’t balked at higher price tags, Ms. Huber said in late October. Still, the company said the aggressive price hikes in 2022 haven’t yet had a significant impact on consumers’ behavior.

☆ Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.

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