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☆ Hasbro quarterly profit slumps as price hikes dent demand
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Toymaker Hasbro Inc (HAS.O) reported a 28% fall in third-quarter earnings on Tuesday as inflation-hit consumers were further discouraged by price hikes. Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand. "As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer," Hasbro Chief Executive Officer Chris Cocks said. The company reported adjusted net earnings of $196.2 million, or $1.42 per share, in the third quarter ended Sept. 25, compared with $271.2 million, or $1.96 per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Oct 17 (Reuters) - Bank of America Corp (BAC.N) on Monday reported a smaller-than-expected 9% drop in quarterly profit, as its interest income was bolstered by rising interest rates that offset a slump in investment banking. BofA holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. "Consumers remain resilient," Bank of America Chief Executive Officer Brian Moynihan told analysts on a conference call. The bank, however, added $378 million to its loan-loss reserves as it braces for a weakening economy. Citigroup Inc (C.N) wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

Bank of America holds a large base of consumer deposits, compared with its main rivals, making it more sensitive to any changes in interest rates. Its net interest income jumped 24% in the third quarter. JPMorgan Chase & Co (JPM.N) Citigroup Inc (C.N), and Wells Fargo & Co (WFC.N) also saw their net interest income rise in the same period. read moreThe bank's leveraged loan losses were lower in the third quarter than in the second, Borthwick said. Peer Citi also wrote down $110 million on leveraged loans in the third quarter, down from $126 million in the previous quarter.

☆ Wall St futures higher with focus on earnings
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures: Dow 0.78%, S&P 0.93%, Nasdaq 1.12%Oct 17 (Reuters) - U.S. stock index futures were higher on Monday, after a roller-coaster week, as investors focused on the third-quarter earnings season to assess the impact of decades-high inflation and rising interest rates on corporate profit. Tesla Inc (TSLA.O), Netflix (NFLX.O) and Johnson & Johnson (JNJ.N) are also expected to report their results later in the week. Analysts now expect profit for S&P 500 companies to have risen just 3.6% from a year ago, much lower than an 11.1% increase expected at the start of July, according to Refinitiv IBES data. ET, Dow e-minis were up 231 points, or 0.78%, S&P 500 e-minis were up 33.5 points, or 0.93%, and Nasdaq 100 e-minis were up 120.75 points, or 1.12%. Investors now await another test for gilts from a new tax proposal due later in the day from Kwarteng's successor Jeremy Hunt.

☆ India's largest private lender HDFC Bank reports profit up 20%
▼ + stars: | 2022-10-15 | by ( Nupur Anand | ) www.reuters.com time to read: +2 min

MUMBAI, Oct 15 (Reuters) - India's largest private lender HDFC Bank (HDBK.NS) on Saturday reported a 20% rise in net profit in the September quarter of this financial year, buoyed by higher loan growth and rise in other income. Net profit rose to 106.05 billion rupees, beating estimates. Net interest income, the difference between interest earned and paid out, was at 210.21 billion rupees, a 18.9% jump. Within retail loans, two-wheeler advances saw a slight slip with total advances in the segment at 95.97 billion rupees compared to 97.13 billion rupees a year ago. Total provisions inched up slightly to 32.40 billion rupees in the September quarter compared to 31.87 billion rupees in the June quarter.

☆ Citigroup profit falls on higher loan-loss reserves, weak dealmaking activity
▼ + stars: | 2022-10-14 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

Citi added $370 million to its loan-loss reserves in the latest quarter, compared with a reserve release of $1.16 billion a year earlier. Citi will likely take "3-5 years to hit more 'normalized' profitability measures", said Eric Compton, equity strategist at Morningstar. Citigroup is the most undervalued bank stock among big U.S. banks Citigroup is the most undervalued bank stock among big U.S. bankRevenue for Citi's Treasury and Trade solutions business, which processes nearly $3 trillion a day in 140 currencies and 160 countries, rose 40% to $3.2 billion as fees and trade loans grew. Net profit was $3.5 billion, or $1.63 per share, in the three months ended Sept. 30, compared with $4.6 billion, or $2.15 per share, a year earlier. Analysts on average had expected a profit of $1.42 per share, according to Refinitiv IBES data.

Investment banking revenue more than halved to $1.3 billion, with declines across the bank's advisory, equity and fixed income segments. Morgan Stanley's net revenue in the quarter fell 12% to $13 billion. The bank reported a profit of $2.49 billion, or $1.47 per share, for the quarter ended Sept. 30, compared with $3.58 billion, or $1.98 per share, a year earlier. Analysts on average had expected a profit of $1.49 per share and revenues of $13.3 billion, according to Refinitiv IBES data. Morgan Stanley's wealth management business, which tends to generate steady income, was a surprise bright spot, posting a 3% rise in revenue, helped by a 49% jump in net interest income amid rising Federal fund rates.

☆ Take Five: Calm or calamity?
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +5 min

Traders are back on Japanese yen intervention watch, while the U.S. earnings season and a congress of China's ruling Communist Party kick off. Growing expectations of a government u-turn on most of its unfunded tax cuts should end much of the pain. The carnage in British gilts has exposed vulnerabilities in the pensions sector, shining a light on financial stability risks. The IMF warns of "disorderly asset repricings" and "financial market contagion." A market slide has moderated stock valuations, but a downgrade in the earnings outlook could dampen equities' attractiveness.

People are seen shopping in a Walgreens, owned by the Walgreens Boots Alliance, Inc., in Manhattan, New York City, U.S., November 26, 2021. REUTERS/Andrew Kelly/File PhotoOct 13 (Reuters) - Walgreens Boots Alliance Inc (WBA.O) reported a better-than-expected quarterly profit on Thursday, as higher UK retail sales helped more than offset waning COVID vaccination demand. Shares of Walgreens, one of the largest U.S. pharmacies, rose nearly 3% amid bigger market weakness after the company also forecast a "better-than-feared" full-year profit. Register now for FREE unlimited access to Reuters.com RegisterDespite inflationary challenges, Walgreens saw an uptick in retail sales, helped by higher demand for health and wellness as well as beauty products. The company also benefited from its Walgreens Health segment, which was launched last year as part of Walgreens' efforts to diversify its business.

The headline consumer price index gained at an annual pace of 8.2% in September, compared with an estimated 8.1% rise. read moreCore CPI, which eliminates volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% increase. "We would have hoped to see some moderation in inflation and we're not seeing that at this point. read moreDeclining issues outnumbered advancers for a 4.89-to-1 ratio on the NYSE and for a 3.39-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week high and 170 new lows, while the Nasdaq recorded 10 new highs and 514 new lows.

The headline consumer price index gained at an annual pace of 8.2% in September, compared with an estimated 8.1%. Core CPI, which eliminates volatile food and fuel prices, gained 6.6% last month, compared with the estimates of a 6.5% increase. Register now for FREE unlimited access to Reuters.com Register"It's saying that inflation is still not under control. The Fed will most likely continue its pace of rate increases," said Robert Pavlik, senior portfolio manager, Dakota Wealth in Fairfield, Connecticut. FEDWATCHThe report follows data on Wednesday that showed U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while.

☆ Walgreens boosted by higher retail sales, nascent consumer health business
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File PhotoOct 13 (Reuters) - Walgreens Boots Alliance Inc (WBA.O) reported a better-than-expected quarterly profit on Thursday, as higher UK retail sales and strength in its newly launched consumer health business helped offset waning COVID vaccination demand. Shares of Walgreens, one of the largest U.S. pharmacies, rose nearly 7% in premarket trading after the company also forecast a higher full-year profit. Evercore ISI analyst Elizabeth Anderson said though the results were mixed, the full-year forecast was "much better than feared". The company also benefited from its Walgreens Health segment, which was launched last year as part of Walgreens' efforts to diversify its business. For 2023, Walgreens said its expects strong growth in its core business to offset waning demand for COVID related products and services.

☆ Domino's Pizza beats sales estimates as heavy discounts boost demand
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: 1 min

Oct 13 (Reuters) - Domino's Pizza Inc (DPZ.N) beat quarterly U.S. same-store sales estimates on Thursday, as heavy discounts helped boost demand for its pizzas and chicken wings amid decades-high inflation. U.S. same-store sales at the world's largest pizza chain, rose 2% in the third quarter, compared with a 1.02% rise estimated by analysts, according to Refinitiv IBES. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

The Labor Department's consumer prices index (CPI) report, due at 8:30 am ET, will likely show headline CPI to have gained at an annual pace of 8.1% in September, lower than an 8.3% increase in August, according to a Reuters poll. However, the core CPI, which eliminates volatile food and fuel prices, is estimated to have risen 6.5% last month, up from a 6.3% rise in August. The report follows data on Wednesday that showed U.S. producer prices increased more than expected in September amid strong gains in the costs of services and goods, suggesting inflation could remain uncomfortably high for a while. ET, Dow e-minis were up 152 points, or 0.52%, S&P 500 e-minis were up 20.25 points, or 0.56%, and Nasdaq 100 e-minis were up 35.25 points, or 0.33%. Also on tap is a report that is expected to show 225,000 Americans filed for unemployment benefits last week, up from 219,000 in the week prior to that.

Wells Fargo Bank branch is seen in New York City, U.S., March 17, 2020. Profits at big banks got a boost last year as they released funds reserved for potential COVID losses. In the third quarter of last year, they released about $4 billion of loan provisions, according to data from Refinitiv. read moreThe biggest U.S. bank by assets kicks off third-quarter results on Friday, followed by Wells Fargo (WFC.N), Citigroup (C.N) and Morgan Stanley. Shares of the big six U.S. banks have plunged between 14% and 34% so far this year.

☆ Jefferies beats quarterly profit estimates on lift from merchant banking
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - Jefferies Financial Group Inc (JEF.N) on Wednesday beat analysts' estimates for third-quarter profit as robust performance in its merchant banking unit helped cushion the blow from sluggish dealmaking. The merchant banking division was boosted by the sale of its wood and lumber products business, Idaho Timber, the bank said. The bank said in July it would reduce the size of its merchant banking portfolio that includes investments in real estate, oil and gas, and other public companies as part of a restructuring. After a stellar run in 2021, U.S. investment banking giants have struggled for most of this year as a market sell-off crushes corporate appetite for dealmaking. Register now for FREE unlimited access to Reuters.com RegisterReporting by Niket Nishant in BengaluruOur Standards: The Thomson Reuters Trust Principles.

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