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☆ Futures drop as earnings roll in, Fed rate decision in focus
▼ + stars: | 2023-01-31 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

Fourth-quarter earnings season took center stage, with Caterpillar Inc (CAT.N) down 2.6%, as the heavy equipment maker reported a drop in quarterly profit on higher manufacturing costs. Pfizer Inc (PFE.N) slid 3.2% after the drugmaker's full-year revenue outlook for its COVID-19 products fell short of expectations. As many as 140 S&P 500 companies had reported earnings for the fourth-quarter by Monday. ET, Dow e-minis were down 111 points, or 0.33%, S&P 500 e-minis were down 11 points, or 0.27%, and Nasdaq 100 e-minis were down 50.25 points, or 0.42%. (This story has been corrected to say Caterpillar reported a drop in quarterly profit, not missed analysts' estimates, in paragraph 2)Reporting by Johann M Cherian and Shreyashi Sanyal in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Marathon Petroleum beats profit estimates on high demand, tight supplies
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A Marathon Petroleum banner covers an Andeavor sign outside the El Paso refinery following a closed $23 billion deal after the Ohio-based Marathon bought the Texas-based company, forming one of the largest global refiners in El Paso, Texas, U.S., October 1, 2018. REUTERS/Julio-Cesar Chavez/File PhotoCompanies Marathon Petroleum Corp FollowJan 31 (Reuters) - Marathon Petroleum Corp (MPC.N) on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for refined products. Marathon's crude capacity utilization was about 94%, resulting in total throughput of 2.9 million barrels per day (bpd) for the fourth quarter, which was roughly flat year-over-year. Refining and marketing margin rose to $28.82 per barrel for the reported quarter compared with last year's $15.88 per barrel. Reporting by Arunima Kumar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Refiner Phillips 66 joins rivals in posting sky-high profit
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Companies Phillips 66 FollowJan 31 (Reuters) - Phillips 66 (PSX.N) on Tuesday became the latest refiner to post bumper quarterly profit, as higher fuel demand boosted margins. The Houston, Texas-based refiner's earnings stood at $1.9 billion, or $3.97 per share, for the three months ended Dec. 31, compared with $1.3 billion, or $2.88 per share, a year earlier. Reporting by Arunima Kumar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, bolstering expectations of the Fed slowing the pace of its interest rate increases. "As the Fed meeting begins today, they'll be looking at every index that could give them a better judgment on inflation and this is one of them," said Peter Cardillo, chief market economist at Spartan Capital Securities LLC. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." United Parcel Service (UPS.N) jumped 4% on strong quarterly earnings, boosting the Dow Jones Transport Average index (.DJT). The S&P index recorded four new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 14 new lows.

Jan 31 (Reuters) - U.S. stock indexes were set to open higher on Tuesday after wage growth data pointed to easing inflation ahead of the Federal Reserve's decision on interest rates. U.S. labor costs increased less than expected last quarter as wage growth slowed, suggesting that the central bank's aggressive approach to taming inflation was taking hold. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." The U.S. 10-year Treasury yield fell after the labor costs data, and was last at 3.50% compared to 3.55% on Monday. The world's largest parcel delivery firm United Parcel Service(UPS.N) also added 1.9% on strong quarterly earnings.

Money markets now see rates peaking at 4.9% in June, still below the 5% level expected by Fed policymakers. Analysts expect S&P 500 earnings during the fourth-quarter to decline 2.9%, compared with the 1.6% drop expected at the beginning of the year, according to Refinitiv data as of Friday. Wall Street is expected to end the month higher with the tech-inclined Nasdaq (.IXIC) and the benchmark S&P 500 (.SPX) recovering December losses. ET, Dow e-minis were down 157 points, or 0.46%, S&P 500 e-minis were down 32.5 points, or 0.8%, and Nasdaq 100 e-minis were down 138 points, or 1.13%. Reporting by Shreyashi Sanyal and Johann M Cherian in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Money markets now see rates peaking at 4.9% in June, still below the 5% level expected by Fed policymakers. Analysts expect S&P 500 earnings during the fourth-quarter to decline 3%, compared with the 1.6% drop expected at the beginning of the year, according to Refinitiv data. Wall Street is expected to end the month higher with the Nasdaq (.IXIC) and the S&P 500 Growth index (.IGX) recouping more than half their monthly losses from December. Five of the major 11 S&P 500 sector indexes fell with communication services (.SPLRCL) and technology (.SPLRCT) leading the fall. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 39 new highs and eight new lows.

About a quarter of the S&P 500 companies have reported earnings so far, of which 69% have beaten analysts' estimates, according to Refinitiv data as of Thursday. Both companies were among the biggest boosts to the S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI). Seven of the 11 major S&P 500 sectors edged higher with the consumer discretionary sector (.SPLRCD) surging 1.4%. Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 21 new lows.

The stock was the biggest boost to the S&P 500 consumer discretionary sector index (.SPLRCD). So far, 126 companies in the S&P 500 have reported fourth-quarter earnings, with 69% topping consensus estimates. Analysts now see aggregate S&P 500 earnings dropping 2.7% year-on-year for the period . The S&P 500 energy sector index (.SPNY) rose 2.2%, also helped by higher crude prices. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 79 new highs and 20 new lows.

☆ Mastercard warns of slower revenue growth as travel growth plateaus
▼ + stars: | 2023-01-26 | by ( Niket Nishant | ) www.reuters.com time to read: +2 min

[1/2] A 3D printed Mastercard logo is seen in front of displayed stock graph in this illustration taken September 20, 2021. REUTERS/Dado Ruvic/IllustrationJan 26 (Reuters) - Mastercard Inc (MA.N) forecast current-quarter revenue growth short of Wall Street estimates on Thursday, saying the boost from pent-up demand for travel will diminish going forward. After the Federal Reserve's rate hikes for most of last year, the economy has begun to show some signs of slowing down, with wide-ranging layoffs and fears of a recession spooking consumers into saving more, which is likely to impact travel growth. "Mastercard’s payment volume growth in Q4 2022 remained strong. Mastercard said it expects first-quarter revenue to grow at the "high-end of high-single digits range", while analysts had estimated a growth of 10.7%, according to Refinitiv IBES data.

Separately, the Commerce Department said gross domestic product (GDP) increased at an annualized rate of 2.9% in the fourth quarter, above expectations of a 2.6% rise. "It's clear the economy remains relatively strong in the face of the Fed's efforts, suggesting they're succeeding." Growth stocks have been on a winning spree in January, with the S&P 500 Growth index (.IGX) recouping more than half of the losses logged last month. Keeping a lid on gains for Dow e-minis was chemical firm Dow Inc (DOW.N) that slid 3.3% after it missed Wall Street estimates for quarterly profit, hurt by higher energy costs, weaker demand and supply chain disruptions. ET, Dow e-minis were up 81 points, or 0.24%, S&P 500 e-minis were up 22.25 points, or 0.55%, and Nasdaq 100 e-minis were up 121.75 points, or 1.03%.

☆ Mastercard forecasts downbeat revenue growth on economic slowdown
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] A 3D printed Mastercard logo is seen in front of displayed stock graph in this illustration taken September 20, 2021. REUTERS/Dado Ruvic/IllustrationJan 26 (Reuters) - Mastercard Inc (MA.N) current-quarter revenue growth forecast fell short of Wall Street estimates, fanning fears that the card company was heading into a much tougher environment in 2023 as the economy loses steam. Mastercard shares fell 1.4% to $377 in premarket trading, even after the company reported fourth-quarter profit ahead of estimates. The company said it expects first-quarter revenue to grow at the "high-end of high-single digits range". Analysts were expecting a growth of 10.7%, according to Refinitiv IBES data.

Jan 25 (Reuters) - U.S. oil and gas producer Hess Corp (HES.N) on Wednesday beat Wall Street estimates for fourth-quarter profit on better-than-expected production in Guyana, allowing it to consider a dividend increase this quarter. Hess has a 30% stake in the Exxon Mobil Corp (XOM.N)-led consortium that is responsible for all production in Guyana. Excluding Libya, the company produced 376,000 boed in the fourth quarter, from 295,000 boed last year, despite weaker production in North Dakota. Bakken operations delivered 158,000 boed in the fourth quarter, about 6% under the midpoint expectations, due to severe winter weather. Hess says it plans to steadily increase production in the basin to 200,000 boed by 2025.

☆ Valero profit beats estimates on higher fuel demand, tight supplies
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Valero refinery next to the Houston Ship Channel is seen in Houston, Texas, U.S., May 5, 2019. REUTERS/Loren Elliott/File PhotoCompanies Valero Energy Corp FollowJan 26 (Reuters) - Valero Energy Corp (VLO.N) zoomed passed Wall Street estimates for quarterly profit on Thursday, wrapping up the refiner's best year on record, boosted by higher demand for fuel and healthy refining margins as crude supplies remained tight. U.S. refineries operated at record levels last year, aided by a quick recovery in domestic sales and strong exports demand following Russia's invasion of Ukraine. Valero refineries operated at 97% capacity utilization rate in the fourth quarter, the highest since 2018. Valero Energy, the second-largest U.S. refiner by capacity, said quarterly refining throughput volumes averaged 3.04 million barrels per day (bpd), slightly above the year-ago quarter.

Tesla jumped 10.1%, boosting the S&P 500 consumer discretionary sector index (.SPLRCD). Battered growth stocks have been gaining in January, with the S&P 500 Growth index (.IGX) recouping more than half of the losses logged last month. So far, 126 companies in the S&P 500 have reported fourth-quarter earnings, with 69% topping consensus estimates which is below the average of the past four quarters at 76%, according to Refinitiv. Analysts now see aggregate S&P 500 earnings dropping 2.7% year-on-year. The S&P index recorded 19 new 52-week highs and no new low, while the Nasdaq recorded 63 new highs and 11 new lows.

☆ NextEra shares tumble as revenue misses, head of key unit leaves
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +3 min

Jan 25 (Reuters) - NextEra Energy Inc (NEE.N) on Wednesday posted mixed quarterly results, sending its shares sliding as the renewable power company announced the retirement of the head of its key Florida utility unit. NextEra's shares dropped 6% on Wednesday, making the company one of the day's biggest losers in the Standard & Poor's 500 Index. The company is the third-largest U.S. energy company by market value, trailing only oil and gas giants Exxon Mobil (XOM.N) and Chevron Corp (CVX.N). NextEra is banking on increased use of renewable energy like solar and wind for power generation amid a global push to shift to cleaner fuel sources. Natural gas prices averaged $6.10 per million British thermal units (mmBtu) in the October-December quarter, about 26% higher than the previous year.

Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have large cloud businesses, fell about 1% each. The S&P 500 technology index (.SPLRCT) shed 1.3%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 0.4% and 3%. News Corp (NWSA.O) jumped 6.1%, leading gains on the S&P 500, after Rupert Murdoch withdrew a proposal to reunite News Corp and Fox Corp. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 45 new highs and 25 new lows.

☆ UK competition watchdog probes $61 bln Broadcom-VMware deal
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Britain's competition regulator said on Wednesday it had started the first phase of an investigation into U.S. chipmaker Broadcom Inc's (AVGO.O) $61 billion acquisition of cloud-computing firm VMware Inc (VMW.N). The Competition and Markets Authority (CMA) said in November it was investigating whether the deal between the two U.S.-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide. The Broadcom-VMware deal was one of the biggest announcements globally in 2022, marking the chipmaker's attempt to diversify into the enterprise software segment. Broadcom and VMware did not immediately respond to Reuters' requests for comment. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

Shares of Microsoft (MSFT.O) fell 3.9% after it warned that growth in its lucrative cloud business could stall, while its PC unit continued to struggle. The S&P 500 technology index (.SPLRCT) shed 2.1% to lead declines among the 11 major sector indexes. Amazon.com Inc (AMZN.O), Salesforce Inc (CRM.N) and ServiceNow Inc (NOW.N), which have substantial cloud businesses, fell between 2.5% and 4.5%. Other major growth stocks, including Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O) and Tesla Inc (TSLA.O), also dropped between 1.5% and 3.0%. The S&P index recorded two new 52-week highs and one new low, while the Nasdaq recorded 29 new highs and 16 new lows.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

Industrial conglomerate 3M Co (MMM.N) fell 5.9%, leading the decliners among Dow components after reporting a fall in quarterly profit. General Electric Co (GE.N) fell 1.1% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. "In the near-term, the answer seemingly lies with tech earnings ... longer-term, if we do experience a Fed pivot this year, then would anticipate a strong, positive buying impulse for tech," JPMorgan analysts wrote in a client note. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell.

Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

☆ 3M to cut 2,500 jobs as demand weakens, profit drops
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +1 min

Jan 24 (Reuters) - 3M Co (MMM.N) said on Tuesday it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers and respirators. Additionally, a cut back from U.S. retailers dealing with elevated inventory levels also dampened demand. "As demand weakened, we adjusted manufacturing output and controlled costs, which enabled us to improve inventory levels," he added. Excluding items, the company reported a profit of $2.28 per share compared to $2.45 per share a year earlier. Reporting by Aishwarya Nair in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Verizon forecasts profit below estimates on slowdown worries, shares fall
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Shares in the Dow Jones Industrial Average (.DJI) company fell 2.5% to $38.65 in premarket trading. However, thanks to promotional offers and Apple's (AAPL.O) flagship iPhone launch during the fourth quarter, the company added 217,000 net new monthly bill paying wireless phone subscribers in the fourth quarter, higher than Factset estimates of 200,400 additions. Verizon, which added 558,000 subscribers in the fourth quarter last year, expects adjusted profit between $4.55 per share and $4.85 per share in 2023. For the fourth quarter, Verizon earned $1.19 per share on revenue of $35.3 billion, both largely in-line with analysts' estimates. Reporting by Eva Mathews and Samrhitha Arunasalam in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

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