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☆ Robo-lawyer startup DoNotPay did something almost unheard of in Silicon Valley: It paid a dividend.
▼ + stars: | 2024-04-01 | by ( Melia Russell | ) www.businessinsider.com time to read: +6 min

In January, the legal startup DoNotPay sent more than $1 million to employees and investors in its first-ever dividend. He got the idea from one of his own angels, Sahil Lavingia, whose startup Gumroad issued a dividend last year. The expectation is that when a company sells or goes public, employees will cash in their shares for untold riches. Last year, the digital commerce startup Gumroad paid a dividend of $1 million across employees, investors, and thousands of crowdfunding backers. Cash rewardsBrowder said he wanted to offer a dividend to reward those employees and investors who bet on the startup early.

Persons: Joshua Browder, Browder, DoNotPay, it's, Sahil Lavingia, Josh Seidenfeld, Cooley, Steve Huffman, Spencer Platt, Seidenfeld, Lavingia, Andreessen Horowitz, Greylock, Dylan Field, Scott Belsky, Daniel Dines, Balaji Srinivasan, Cash, there's Organizations: Business, Big Law, Employees, Founders Fund, Adobe Locations: San Francisco

☆ Stocks making the biggest moves midday: RH, Reddit, Estée Lauder, AMC and more
▼ + stars: | 2024-03-28 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

Check out the companies making the biggest moves midday. Estée Lauder — Shares jumped 6.28% after Bank of America upgraded them to buy from neutral. AMC Entertainment — Shares dropped 14.29% after the movie theater chain said in a filing it will sell $250 million worth of stock. Verint Systems — Shares added 6.63% after the customer engagement solutions provider surpassed fourth-quarter earnings per share and revenue expectations. Braze anticipates a loss of 10 cents to 11 cents per share for its first quarter, versus a 5 cents loss expected from analysts polled by FactSet.

Persons: Estée Lauder —, Steve Ladd Huffman, Jennifer Wong, Chemours, Sridhar Ramaswamy, FactSet, Synnex, TD Synnex, MillerKnoll, Braze, —, Alex Harring, Hakyung Kim, Pia Singh, Jason Kempin Organizations: Bank of America, New York Stock Exchange, AMC, Verint Systems, Apollo Global Management, FactSet, Allstate, HSBC, Getty

Here's a rapid-fire update on all 33 stocks in Jim Cramer's Charitable Trust, the portfolio we use for the CNBC Investing Club. Amazon's recent AI moves have been impressive, specifically its close relationship with fellow Club holding Nvidia and, most recently, its multibillion-dollar venture investment in startup Anthropic. Best Buy : We added the electronics and appliance retailer to the portfolio shortly after the Monthly Meeting concluded. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, Jim, Jim Cramer, Reckitt Benckiser, Abbott, We've, Here's, Salesforce, that's, Walt Disney, Nelson Peltz, Estee Lauder, he'd, Ford, We're, we'll, Vimal Kapur, Kapur, Linde, Eli Lilly, TikTok, Meta's Ray, Morgan Stanley, Reddit, Morgan, Ted Pick, he's, it's, Stanley Black, Decker, TJ Maxx, Wells, Wynn, Spencer Platt Organizations: Jim Cramer's Charitable Trust, CNBC, Club, Department of Justice, Abbott Laboratories, Nvidia, Broadcom, Investors, Bausch Health, Pharmaceuticals, Costco Wholesale, Costco, GTC, Coterra, DuPont De Nemours, DuPont, stoke, Peltz, Disney, Eaton Corporation, Ford, General Motors, Wall, GE Healthcare Technologies, General Electric, Apple, Google, Bloomberg, . Honeywell, Honeywell, UBS, Meta, Microsoft, Palo Alto Networks, Palo Alto, Procter & Gamble, Starbucks, Constellation Brands, Stanley, TJX, Marshalls, Wynn Resorts, Jim Cramer's Charitable, Traders, New York Stock Exchange, Getty Locations: China, Costco, U.S, East, Mexican, Growth, HomeGoods, Wells Fargo, Macao

☆ H&M shares jump 14% as profit smashes expectations
▼ + stars: | 2024-03-27 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

(Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images)Shares of H&M leapt 14% in early deals on Wednesday, after the Swedish retailer significantly beat profit expectations for its fiscal first quarter. Operating profit rose to 2.08 billion Swedish krona ($196 million), versus the 1.43 billion krona forecast in a LSEG poll of analysts. The company's operating margin rose to 3.9% from 1.3%, as it reiterated its target of a 10% operating margin this year. Net sales fell year-on-year in the first quarter, hitting 53.7 billion krona from 54.9 billion krona. Credibility was lent to the company's 10% operating margin target by positive sales momentum in the early spring/summer season, the Jefferies note added.

Persons: Budrul Chukrut, Inditex, Daniel Ervér, Helena Helmersson, Ervér, Jefferies Organizations: Getty, M Locations: HONG KONG, CHINA, Swedish, Hong Kong, Zara

☆ Jim Cramer shares his thoughts on Lululemon, Nike, FedEx, Tesla and Boeing
▼ + stars: | 2024-03-22 | by ( Kevin Stankiewicz | ) www.cnbc.com time to read: +2 min

Lululemon : Shares plunged more than 18% after the athletic apparel maker issued current-quarter revenue and earnings guidance below Wall Street estimates. "When you go to high-single digit [growth] from being a major growth company, you're going to get this kind of decline. Nike : Shares tumbled 8% after the apparel maker also issued light guidance for its current quarter. Cramer said Nike and Lululemon management sent a similar message to investors with their reports and outlooks. If you get any revenue growth, you're going to see leverage that's immense," Cramer said.

Persons: Jim Cramer's, Jim Cramer, Cramer, Tesla, Dave Calhoun, Calhoun Organizations: CNBC, Club, Nike, FedEx, Express, Bloomberg, Ford Motor, Boeing, Street Journal, U.S, Alaska Airlines Locations: China

Mizuho initiated Home Depot with a buy rating, calling for roughly 10% upside. The bank upgraded shares of the industrial equipment manufacturer to a buy rating. Analyst Manav Gupta also lifted his price target to $170 from his prior target of $152. Analyst Gavin Parsons reiterated his buy rating on the stock and price target of $275. The bank initiated coverage of the home improvement stock at a buy rating, setting a price target of $415.

Persons: Mizuho, Manav Gupta, Howden, Gupta, GTLS, — Lisa Kailai Han, Gavin Parsons, Parsons, Fred Imbert, David Bellinger, Bellinger, Wells Fargo, Aaron Rakers, Goldman Sachs, Toshiya Hari, Bernstein's Stacy Rasgon, Taylor Swift, Jensen, Huang Organizations: CNBC, UBS, Boeing, Nvidia, Industries, YE2026E, Department of Energy, Alaska Airlines, Mizuho, SAP Center, Blackwell, ~$ Locations: Howden, GTLS, Mizuho, San Jose

☆ Adobe shares drop 13% on weak quarterly revenue guidance
▼ + stars: | 2024-03-15 | by ( Alex Koller | ) www.cnbc.com time to read: +2 min

Adobe shares fell 13% on Friday morning after the company reported first-quarter results that beat estimates but delivered a light quarterly revenue forecast. Its revenue of $5.18 billion exceeded the $5.14 billion analysts estimated. "No change to our view that Adobe is a major AI beneficiary," the analysts wrote in a Thursday investor note. Barclays dropped its price target for shares of Adobe to $630 from $700 while maintaining an overweight rating for the stock. "A smaller than expected beat in Digital Media Net New ARR likely increases investor concerns around competitive pressures," the analysts wrote.

Persons: Shantanu Narayen, Morgan Stanley Organizations: CNBC, New York Stock Exchange, Adobe, Bank of America, Barclays, Creative, Digital Media Locations: New York City

LONDON (AP) — British cellphone company Vodafone confirmed Friday that it is selling its Italian business to Switzerland’s Swisscom for 8 billion euros ($8.7 billion) and will hand back half of the proceeds to its shareholders through the buyback of company shares. Swisscom, a telecoms operator, will pay in cash that it will finance through new debt. "Fastweb and Vodafone Italia are an ideal fit to create high added value for all stakeholders." Swisscom will pay annual initial charges of 350 million euros, which is expected to decrease over time. ”Its refreshed strategy also has seen it seek to merge its U.K. business with Three U.K. to create Britain’s biggest mobile phone network worth around 15 billion pounds ($19 billion).

Persons: Swisscom, Christoph Aeschlimann, Margherita Della Valle, “, ”, Sophie Lund, Yates, stockbrokers Hargreaves Lansdown Organizations: Vodafone, Fastweb, Vodafone Italia Locations: British, Italy, Hungary, Ghana, London, Zurich

☆ Stocks making the biggest premarket moves: Rivian, Micron, Adobe, Ulta and more
▼ + stars: | 2024-03-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading: Rivian Automotive — The EV stock added nearly 4% following an upgrade by Piper Sandler to overweight . Adobe — Shares fell 11% a day after the software company issued weak revenue guidance for its current quarter. Ulta Beauty — Shares tumbled 6.5% a day after the beauty retailer issued full-year earnings guidance that came in on the low end of the consensus forecast. Revenue guidance is in the range of $110.5 million and $112.5 million also below the $113.4 million analyst expectation. Revenue guidance also fell short.

Persons: Piper Sandler, Alexander Potter, Ulta, bitcoin, amortization, Zumiez, —, Sarah Min Organizations: Micron Technology, Citi, Micron, Adobe Locations: cryptocurrencies, FactSet

☆ Stocks making the biggest moves after hours: Adobe, Ulta and more
▼ + stars: | 2024-03-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Despite that, Adobe beat analysts' predictions on both lines in its fiscal first quarter and announced a $25 billion share buyback. Ulta — The beauty retailer slipped 5% as full-year earnings expectations came in on the low end of Wall Street's forecast. Ulta said to anticipate between $26 and $27 per share for earnings over the entire year. Smartsheet — The business software provider retreated by 7% as revenue guidance underwhelmed Wall Street. Meanwhile, analysts polled by FactSet forecast $262.3 million in revenue for the quarter and $1.14 billion for the year.

Persons: Ulta, Cardlytics, Zumiez, FactSet, Smartsheet Organizations: Adobe, LSEG, Wall, FactSet

☆ Pocket more of your return and save on taxes with these tips, says Bank of America
▼ + stars: | 2024-03-13 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +5 min

"Fixed income returns, by contrast, come almost entirely from coupon payments, which can be taxable at the highest rates." You may also want to think about where you're holding these fixed income assets. The fourth step to save on taxes: Consider whether a buyback ETF or a dividend ETF is right for you. Woodard recently highlighted the iShares Core Dividend ETF (DIVB) and the Invesco BuyBack Achievers ETF (PKW) as buyback plays. He also noted that true income investors may want to go with dividend funds, including Schwab US Dividend Equity ETF (SCHD) and Vanguard High Dividend Yield ETF (VYM) .

Persons: It's, Jared Woodard, Woodard, buybacks, they're, DIVB, PKW, SCHD, VYM, Morningstar Organizations: Bank of America, Taxpayers, Schwab, Equity, Vanguard, & ' $

☆ Michigan Vows to Destroy Buyback Guns After Resale Uproar
▼ + stars: | 2024-03-13 | by ( Mike Mcintire | ) www.nytimes.com time to read: +1 min

Michigan will no longer allow guns marked for destruction to be sold online as parts — a change prompted by public anger over revelations that firearms turned in through buyback programs were not being destroyed as promised. Michigan State Police, responsible for collecting unwanted firearms from local law enforcement, said on Tuesday that the weapons would now be crushed and melted down “in their entirety” at a scrap metal site. The agency said it had disposed of 11,582 guns last year. The policy change came after The New York Times reported in December that communities across the country that claimed to be removing guns from the streets through buyback programs, as well as eliminating confiscated or surplus weapons, were allowing them back on the market. Cities were handing off the guns to companies that disposed of a single regulated component containing the serial number; the businesses then sold the rest of the parts online, often as nearly complete gun kits.

Organizations: Michigan State Police, The New York Times Locations: Michigan

☆ It's been one year since SVB's collapse sent shockwaves through the banking sector. Here's where the industry and our financial names stand now
▼ + stars: | 2024-03-12 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

It's been a year this week since the collapse of Silicon Valley Bank sent shockwaves through the banking sector. Wells Fargo shares got a big boost after a key win with regulators in mid-February. It would allow Wells Fargo to finally grow its assets again and help rake in more profits. MS YTD mountain Morgan Stanley (MS) year-to-date performance Conversely, the Club's other bank stock, Morgan Stanley , has been lagging in 2024 — down 7% year to date. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: It's, SVB, NYCB, Steven Mnuchin's, Wells Fargo, Wells, they've, Scott Siefers, Piper Sandler, we're, Charlie Scharf, Morgan Stanley, Morgan Stanley's underperformance, management's, Ted Pick, Jim Cramer, Morgan Stanley's, Morgan, Jim, Reddit, Jim Cramer's, JPMorgan, Goldman Sachs Organizations: Silicon Valley Bank, shockwaves, Bank, , New, , New York Community, Strategic Capital, Wells, Wells Fargo, Currency, Federal Reserve, CNBC, Club, Management, Morgan Stanley's IB, Citibank, JPMorgan Chase, Bank of America, Reuters Locations: Silicon, Wells, ,, , New York, Wells Fargo

☆ Forget the Magnificent 7 — Top tech analyst Mahaney recommends the ‘Electric Eleven’
▼ + stars: | 2024-03-12 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

A new cohort of stocks may be emerging to steal the crown from the "Magnificent Seven," according to Evercore ISI. This basket of stocks includes several names from the Magnificent Seven — and could grow to bring in additional stocks, Mahaney said. Mahaney included Magnificent Seven members Amazon , Alphabet and Meta in his new Electric 11 lineup. On Monday , Morgan Stanley reiterated Meta at an overweight rating, while Goldman Sachs stood by its buy rating for Amazon. In February , Bank of America reiterated its buy rating on the name and lifted its price target to $91 from $78.

Persons: Mark Mahaney, Mahaney, Morgan Stanley, Meta, Goldman Sachs, Aaron Kessler, Uber Organizations: ISI, Seven, Research, Tesla, Meta, Amazon . Bank of America, Booking Holdings, Seaport Research, Bank of America Locations: China, Monday's

☆ Why these stock buyback ETFs might be a better bet than dividend funds
▼ + stars: | 2024-03-12 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Investors weighing a shift into dividend stocks may be better off focusing on companies with big share buyback programs instead, according to Bank of America. The idea behind focusing on stock buybacks is that companies that can use excess cash to reduce their share count through buybacks are likely on strong financial footing. This is more of a pure-play buyback fund, tracking the Nasdaq US Buyback Achievers Index. To be sure, stock buybacks are a frequent target of politicians and their tax treatment could change in the years ahead. President Joe Biden called for raising the corporate tax rate for stock buybacks at his State of the Union address last week.

Persons: Jared Woodard, Woodard, PKW, Joe Biden Organizations: Bank of America, Bank of America's, Bank of, Nasdaq, Union Locations: buybacks

☆ 10 things to watch in the stock market Tuesday, including Oracle's pop and Southwest's drop
▼ + stars: | 2024-03-12 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Core CPI, excluding food and energy prices, was up 3.8% year over year versus 3.7% expected but below January's 3.9%. RBC initiates DexCom with an outperform rating and $165 price target. JPMorgan upgrades Dollar General to neutral from underweight (hold from sell) and hikes price target to $158 per share from $120. The analysts keep an overweight buy-equivalent on Dollar Tree and increase price target to $165 from $157 ahead of earnings this week. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Evercore, Raymond James, Mike Roman, William Brown, Jim Cramer's, Jim Cramer, Jim Organizations: CPI, Treasury, Oracle, Apple, underperform, Southwest Airlines, Boeing, Max, RBC, Abbott Laboratories, JPMorgan, Jim Cramer's Charitable, CNBC

☆ Stocks making the biggest moves midday: Southwest, Oracle, 3M, New York Community Bancorp and more
▼ + stars: | 2024-03-12 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

Oracle — The database software stock surged 11% and headed for its best day since December 2021 after posting fiscal third-quarter earnings that topped Wall Street's expectations. Asana — The stock shed about 11% after the work management platform issued weak full-year revenue guidance. Asana said to expect revenue between $716 million and $722 million, less than the forecast of $725 million estimated by analysts polled by LSEG. American is expecting an adjusted loss of 15 cents to 35 cents per share, versus a 22 cent loss expected from analysts polled by FactSet. On lost 0.05 Swiss franc per share, while analysts polled by StreetAccount expected On to earn 0.10.

Persons: Oracle, William Brown, Asana, Microstrategy, Canaccord, TD Cowen, Dan Loeb's, StreetAccount, Archer, Daniels, Samantha Subin, Lisa Han, Alex Harring, Sarah Min Organizations: Southwest Airlines —, Boeing, Southwest, Oracle, L3Harris Technologies, LSEG, Wall Street, Boeing —, New York Times, Max, Alaska Airlines, Acadia Pharmaceuticals, American Airlines —, FactSet, Management, Advance, Swiss, Revenue, Daniels, Midland, Daniels Midland, . New York Community Bancorp Locations: .

☆ A trio of tech companies announced new dividends. Here's what it means for the sector
▼ + stars: | 2024-03-11 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Growing, rather than maintaining the dividend, is the next big step for tech companies kicking off these payments. About 85% of analysts rate Meta a buy or a strong buy, but they see less than 4% upside from here, per LSEG, formerly known as Refinitiv. Salesforce's board declared a cash dividend of 40 cents per share, payable on April 11 to stockholders of record as of March 14. In all, about 72% of analysts covering Salesforce say it's a buy or a strong buy, and the average price target suggests about 5% upside from here, per LSEG. Nearly two-thirds of analysts covering the stock deem it a buy or a strong buy, and the average price target implies 12% of upside, according to LSEG.

Persons: Charlie Gaffney, Gaffney, Eaton Vance, there's, Meta, Salesforce's Organizations: Morgan Stanley Investment Management, CNBC, Booking Holdings, Meta, Holdings, Google

☆ Activist Petrus Advisers has a plan to help lift Criteo’s share price. Here’s how it might unfold
▼ + stars: | 2024-03-09 | by ( Kenneth Squire | ) www.cnbc.com time to read: +8 min

Criteo operates across three segments – marketing solutions, retail media, and Iponweb – but generated 83% of its $1.95 billion of revenue in 2023 from the marketing solutions segment. To many in the investor community, this was the death knell for cookies leading to uncertainty for Criteo's largest segment. Additionally, the company's retail media segment is a very appealing and growing business using software as a service for e-commerce companies. Petrus will likely nominate outside directors to the board as they rarely propose Petrus insiders for board seats. If it does not settle, Petrus has shown that they are willing to take a proxy fight to a vote.

Persons: Petrus, Rachel Picard, Megan Clarken, Alphabet's, Criteo, Frank Layden, Petrus —, Neuberger Berman, AllianceBernstein, Evercore, Ken Squire Organizations: Criteo, Petrus Advisers, Nasdaq, Alphabet's Google, TAC, Cadian Capital Management, Bloomberg, Reuters, 13D Locations: France, Europe, Americas, Asia, Pacific

☆ President Biden wants higher taxes on Corporate America's stock buybacks
▼ + stars: | 2024-03-07 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

President Biden wants to increase the taxes on those buybacks. Corporations prefer stock buybacks Corporate America has wide latitude on what it does with the cash flow it generates. Excess cash will typically fall into three buckets: buybacks, dividends and capital expenditures. Capital expenditures $597 b. "However, if economic growth momentum instead continues to build, investors may begin to increasingly reward companies that are investing for growth," Goldman said.

Persons: Biden, Goldman Sachs Jeffrey Yale Rubin, Goldman Sachs, Goldman, Tesla, Meta, Biden's, Howard Silverblatt, Silverblatt Organizations: America, buybacks, Birinyi, P Global Locations: buybacks, America

☆ Marvell shares fall as chipmaker forecasts downbeat first-quarter results on weak enterprise demand
▼ + stars: | 2024-03-07 | by ( ) www.cnbc.com time to read: +1 min

The Marvell Technology Group Ltd. headquarters building stands in Santa Clara, California, U.S., on Tuesday, Feb. 8, 2011. Marvell Technology forecast first-quarter results below market expectations on Thursday, hurt by weak demand for its custom chips used in artificial intelligence applications, sending the company's shares down about 8% in extended trade. The company had flagged in November that it expects roughly half its revenue to decline in the first quarter, weighed down by weak demand in its wireless carrier and enterprise markets. The company forecast first-quarter adjusted earnings per share of 23 cents, plus or minus 5 cents, compared with estimates of 40 cents per share, according to LSEG data. The company reported fourth-quarter revenue of $1.43 billion, beating estimates of $1.42 billion, on the back of rapid adoption of artificial intelligence.

Persons: Marvell, Matt Murphy Organizations: Marvell Technology Group, Marvell Technology, Marvell, Revenue Locations: Santa Clara , California, U.S, Marvell

☆ 'The time is right', says HashiCorp CEO on $250 million share buyback plan
▼ + stars: | 2024-03-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'The time is right', says HashiCorp CEO on $250 million share buyback planDave McJannet, HashiCorp CEO, joins 'Closing Bell Overtime' to talk Q4 earnings, its buyback plan, and more.

Persons: Dave McJannet

☆ Activist Elliott calls for a big buyback at Mitsui Fudosan — 3 ways the company may create value
▼ + stars: | 2024-03-02 | by ( Kenneth Squire | ) www.cnbc.com time to read: +7 min

Business: Mitsui Fudosan is a Japan-based company engaged in the real estate business. Even as a commercial real estate company, Mitsui Fudosan does possess some brand power, which translates to premium pricing power. Mitsui Fudosan is grappling with a low valuation and return on equity in absolute terms and relative to peers. Right now, Mitsui Fudosan has 0.65 times price to adjusted book value (for real estate companies) and the lowest ROE among its peers. There are three things Mitsui Fudosan can do right away to create value for shareholders.

Persons: Elliott, Palliser, ROE, debatably, Dai, Takashi Ueda, Ken Squire Organizations: Mitsui Fudosan, Mitsui Home, Mitsui, Nikkei, Oriental Land Company, Tokyo, Mitsui Fudosan's, Tokyo Stock Exchange, Keisei Rail, Dai Nippon Printing, Dai Nippon, Services, 13D Locations: Japan, COOs, ValueAct, OLC, OLC .

☆ Saint-Gobain CFO: Confident we'll do well in 2024 regardless of market headwinds
▼ + stars: | 2024-03-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSaint-Gobain CFO: Confident we'll do well in 2024 regardless of market headwindsSaint-Gobain CFO Sreedhar N weighs in on the firm's full-year earnings, as the firm announces a 420 million euro share buyback programme. He further outlines why he's confident Saint-Gobain will continue to perform and increase its valuation.

Persons: Sreedhar, Gobain

☆ Daimler Truck surges 13% to new record on bumper earnings, buyback announcement
▼ + stars: | 2024-03-01 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

Shares of Daimler Truck hit a fresh all-time high Friday, spiking more than 13.5% in early deals, after posting record full-year profit and announcing a 2 billion euro ($2.16 billion) share buyback program. The German truck maker posted better-than-expected pre-tax earnings of $5.5 billion euros for 2023, up 39% on the previous year's 4.4 billion. Analysts had expected EBIT (earnings before income tax) of 5.2 billion. The company also said it would conduct the buyback program over the course of the coming 24 months and proposed a dividend of 1.9 euros per share for 2023, up from 1.3 euros a year earlier. Daimler's Chairman Martin Daum described 2023 as a record year for the company in a statement, but cautioned that revenue and earnings were likely to be flat in 2024 amid "difficult economic conditions."

Persons: Martin Daum Organizations: Daimler

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