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UnitedHealth is among the largest players in the Medicare Advantage market, where private insurers offer an alternative to the original Medicare - the federal government's health insurance plan for people aged 65 and older or those with certain disabilities. Medicare and Medicaid memberships make up a third of the company's health insurance business. It added 655,000 Medicare Advantage members and 570,000 Medicaid members in the quarter. Meanwhile, a slow recovery in non-urgent procedures helped lower medical costs at its insurance unit, driving the company's first-quarter profit above expectations. The company's medical cost ratio - the percentage of payout on claims compared with premiums - came in at 82.2%.

☆ BlackRock first-quarter profit beats on robust inflows
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

Net inflows for the first quarter were at $110 billion, compared with $86 billion a year earlier. "I believe today's crisis of confidence in the regional banking sector will further accelerate capital markets growth, and BlackRock will be a central player," BlackRock Chief Executive Larry Fink said. BlackRock, which makes most of its money from fees charged for investment advisory and administration services, reported an adjusted profit of $7.93 per share. Analysts had estimated a profit of $7.76 per share, according to Refinitiv IBES data. Reporting by Jaiveer Singh Shekhawat in Bengaluru and Davide Barbuscia in New York; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ UnitedHealth raises profit view on Medicare Advantage strength
▼ + stars: | 2023-04-14 | by ( ) www.cnbc.com time to read: +1 min

UnitedHealth Group beat Wall Street targets for quarterly profit and raised its annual forecast on Friday, as the health insurance provider banks on membership growth in its Medicare Advantage business. Memberships in government-backed plans such as Medicare - which offers healthcare coverage for people aged 65 and older or those with certain disabilities - make up one-third of UnitedHealth's health insurance plans. A slow recovery in non-urgent procedures helped lower medical costs at its insurance unit, driving the company's first-quarter profit above expectations. UnitedHealth raised its 2023 profit forecast to between $24.50 and $25.00 per share on an adjusted basis, higher than its earlier estimate of $24.40 to $24.90. Excluding items, the company reported a profit of $6.26 per share for the first quarter, beating estimates of $6.13.

A Labor Department report showed producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. The benchmark S&P 500 (.SPX) has traded in a tight range this month, having recovered from a selloff in March fueled by the recent banking crisis, as investors assessed the path for U.S. interest rates. Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May. Communication services (.SPLRCL), consumer discretionary (.SPLRCD) and technology shares (.SPLRCT) led the gains among major S&P 500 (.SPX) sector indexes, while economy-sensitive stocks such as industrials (.SPLRCI) were among the worst hit. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter.

A Labor Department report showed producer prices rose 2.7% in March, on a year-over-year basis, below economists' estimates of a 3% rise. The dollar and Treasury yields slid as investors mostly stuck to expectations of the 25-bps hike after Thursday's data. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were up 62 points, or 0.18%, S&P 500 e-minis were up 12.5 points, or 0.30%, and Nasdaq 100 e-minis were up 60.75 points, or 0.47%.

Following a selloff in March due to the banking crisis, the benchmark S&P 500 (.SPX) has traded in tight ranges this month as investors assessed the path for U.S. interest rates following strong jobs data and signs of cooling inflation. ET (1230 GMT) is expected to show producer prices barely rose in March on a month-on-month basis, following a 0.1% contraction in February. Meanwhile, another set of data is also expected to show weekly jobless claims rose 232,000 in the week ended April 8, higher than the 228,000 claims filed a week earlier. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were down 4 points, or 0.01%, S&P 500 e-minis were up 3.75 points, or 0.09%, and Nasdaq 100 e-minis were up 30.5 points, or 0.24%.

☆ Futures climb ahead of fresh inflation data
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, although core prices remained sticky, supporting the case for another 25-basis point rate hike by the Fed in May. ET (1230 GMT) is expected to show producer prices barely rose in March on a month-on-month basis, following a 0.1% contraction in February. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, according to Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter. ET, Dow e-minis were up 44 points, or 0.13%, S&P 500 e-minis were up 9.75 points, or 0.24%, and Nasdaq 100 e-minis were up 48.25 points, or 0.37%.

A Labor Department report showed producer prices unexpectedly fell in March as the cost of gasoline declined, and there were signs that underlying producer inflation was subsiding. Jobless claims were also favorable news for the Fed," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. Wall Street closed lower on Wednesday after data showed consumer prices rose at a slower-than-expected pace in March, however, core prices remained sticky and supported the case for another 25-basis point rate hike by the Fed in May. Analysts expect S&P 500 companies to record a profit decline of 5.2% in the first quarter, as per Refinitiv IBES data, in what could be their worst showing since the third quarter of 2020. Financial companies that are part of the S&P 500 are expected to report a profit growth of 4.3% in the first quarter.

☆ India's Infosys forecasts slower FY24 revenue growth of 4%-7%
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 13 (Reuters) - Infosys Ltd (INFY.NS) on Thursday forecast slower revenue growth for the current fiscal year compared with analysts' expectations, amid a turmoil in the U.S. banking sector that has prompted clients to tighten spending. India's second-largest IT services firm expects revenue growth of 4%-7% for the fiscal year ending March 2024. Analysts expected growth of 10.73% for the period, according to Refinitiv IBES data. Infosys won large deals worth $2.1 billion in the fourth quarter, down from $2.3 billion in the same period the previous year. Infosys' consolidated net profit rose 7.77% to 61.28 billion rupees ($749.10 million) in the three months ended March 31, while revenue rose 16% to 374.41 billion rupees.

☆ India's TCS beats Q4 profit view on strong deal momentum
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +1 min

The company's net profit rose 14.8% to 113.92 billion rupees ($1.39 billion) in the three months ended March 31, from 99.26 billion rupees a year earlier. Analysts on average had expected a profit of 110.13 billion rupees, according to Refinitiv IBES data. TCS said its order book for the Jan-March period stood at $10 billion, up 28% sequentially, with an "all-time high number of large deals." Revenue from operations rose about 17% to 591.62 billion rupees. ($1 = 82.0700 Indian rupees)Reporting by Nallur Sethuraman in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

Hopes that the Fed will soon end its aggressive monetary policy tightening campaign spurred a rebound in the S&P 500 this month after the collapse of two U.S. mid-sized lenders sparked a selloff in March. Analysts expect first-quarter profits at S&P 500 companies to fall 5.2% year-on-year, the worst contraction since the third quarter of 2020 and a stark reversal from the 1.4% annual growth forecast at the beginning of the year, according to Refinitiv IBES data. Remarks later on Tuesday from voting members of the Fed's rate-setting committee will be parsed for more clues on the central bank's policy moves. Seven of the 11 major S&P sectors rose, with gains in material (.SPLRCM) and energy (.SPNY) shares offsetting losses in technology (.SPLRCT) stocks. The S&P index recorded six new 52-week highs and no new lows, while the Nasdaq recorded 43 new highs and 72 new lows.

☆ CarMax speeds past quarterly profit estimates on cost cuts
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +1 min

Companies Carmax Inc FollowAutoNation Inc FollowApril 11 (Reuters) - CarMax Inc (KMX.N) on Tuesday posted fourth-quarter profit above analysts' estimates as cost cutting measures helped the pre-owned car retailer soften the blow from a slowdown in demand for vehicles. Demand for used cars was dented over the past year due to higher borrowing costs and soaring commodity and gasoline prices, weighing on CarMax's results. That demand for vehicles and related services helped auto retailer AutoNation Inc (AN.N) post a better-than-expected quarterly profit when it reported earnings in February. CarMax's adjusted fourth-quarter profit came in at 44 cents per share, ahead of Refinitiv IBES estimates of 24 cents per share. Its quarterly revenue came in at $5.72 billion, below analysts' estimates of $6.04 billion, as affordability concerns impacted sales.

"One has to step back and look at a bigger picture than just these week-to-week market battles over data. ET, Dow e-minis were down 122 points, or 0.36%, S&P 500 e-minis were down 21.5 points, or 0.52%, and Nasdaq 100 e-minis were down 107.75 points, or 0.82%. Shares of regional banks slipped after Fed data on Friday showed overall credit from U.S. banks declined by a record of more than $120 billion in the latest week, on a nonseasonally adjusted basis. Semiconductor stocks such as Micron Technology Inc (MU.O) and Western Digital Corp (WDC.O) gained 5.5% and 4.7%, respectively, following Samsung Electronics Co Ltd's (005930.KS) plans to cut chip production. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Additional reporting by Medha Singh; Editing by Varun H K and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Futures muted after jobs data raises odds of more rate hikes
▼ + stars: | 2023-04-10 | by ( ) www.reuters.com time to read: +3 min

U.S. employers maintained a strong pace of hiring in March, data released on Friday showed, pushing the unemployment rate down to 3.5% and raising odds of the Fed hiking rates one more time next month. While nonfarm payrolls increased by 236,000 jobs last month, slightly weaker than economists' expectations, investors focused on the overall data which signaled labor market resilience. "We see a disconnect between markets presuming much easier Fed policy on "softer" data and how the Fed will actually see the data," Citi economists said in a note. Citi expects three 25 basis point rate hikes at the coming Fed meetings with a policy rate reaching 5.50-5.75%. ET, Dow e-minis were up 12 points, or 0.04%, S&P 500 e-minis remained unchanged, and Nasdaq 100 e-minis were down 31.75 points, or 0.24%.

☆ Drugmaker AbbVie trims profit forecasts on IPR&D expenses
▼ + stars: | 2023-04-05 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Brian Snyder(Reuters) -AbbVie Inc on Wednesday lowered its full-year and first-quarter profit expectations, citing a $150 million hit from acquired in-process research and development (IPR&D) and milestone expenses. The company estimated first-quarter adjusted earnings to be between $2.31 and $2.41 per share from an earlier range of $2.39 to $2.49. It now sees 2023 adjusted earnings to be between $10.62 and $11.02 per share, compared with its prior forecast of $10.70 to $11.10. Analysts on average were expecting full-year earnings of $11.07 per share, according to Refinitiv IBES data. AbbVie is scheduled to report first-quarter earnings on April 27.

☆ Dollarama beats sales estimates on strong demand for affordable goods
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: 1 min

March 29 (Reuters) - Canada's Dollarama Inc (DOL.TO) beat quarterly revenue expectations on Wednesday helped by strong demand for affordable everyday goods and seasonal products such as home decor items during the holiday season. The company's fourth-quarter revenue rose to C$1.47 billion ($1.08 billion), from C$1.22 billion a year earlier, beating expectations of C$1.39 billion, according to Refinitiv IBES data. ($1 = 1.3594 Canadian dollars)Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Lululemon projects upbeat 2023 on strong demand, easing inventory
▼ + stars: | 2023-03-28 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Markdowns increased just 40 basis points in the holiday quarter compared to 2019 pre-pandemic levels, and are expected to remain flat in 2023. Inventories were up 50% at $1.4 billion at the end of the fourth quarter, compared to an 85% swell at the end of the prior quarter. Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, above analysts' average estimate of $9.14 billion, according to Refinitiv IBES data. The company forecast full-year profit in the range of $11.50 to $11.72 per share, compared with analysts' estimate of $11.26. Lululemon also issued upbeat forecasts for the first quarter, and topped expectations for fourth-quarter results.

☆ Lululemon sees 2023 sales, profit above estimates on strong demand
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Lululemon Athletica Inc (LULU.O) forecast annual sales and profit above Wall Street estimates on Tuesday, betting on strong demand for its pricier yoga wear even as inflation hurts consumer spending, sending its shares up about 9% in extended trading. Lululemon's Align high-rise yoga pants, listed among the best-selling items on its website, retails between $98 and $118. Vancouver, Canada-based Lululemon said it expects fiscal 2023 revenue between $9.30 billion and $9.41 billion, compared with analysts' average estimate of $9.14 billion, according to Refinitiv IBES data. The company expects full-year profit in the range of $11.50 to $11.72 per share, compared with analysts' estimate of $11.26 per share. Excluding items, Lululemon earned $4.40 cents per share in the fourth quarter ended Jan. 29, beating analysts' estimate of $4.26 per share.

☆ Analysis-Investors cautious on U.S. stocks, even though Fed hikes may soon end
▼ + stars: | 2023-03-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Stocks fell on Wednesday, with the benchmark S&P 500 closing down 1.65% after swinging between gains and losses during Fed Chairman Jerome Powell’s press conference following the meeting. Futures markets are now pricing a Fed funds rate of around 4.25% by year-end, compared with the range of 4.75% to 5% that took effect on Wednesday. A drop in Treasury yields from recent highs has also given a tailwind to stocks, especially to big tech and growth names that are heavily weighted in the S&P 500. Corporate profits are another potential trouble spot, with S&P 500 earnings expected to post year-over-year declines in the first and second quarters after falling 3.2% in the fourth quarter of 2022, according to Refinitiv IBES. “I don’t think the market is going off to the races,” said James Ragan, director of wealth management research at D.A.

☆ Analysis: Investors cautious on U.S. stocks, even though Fed hikes may soon end
▼ + stars: | 2023-03-23 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

Stocks fell on Wednesday, with the benchmark S&P 500 (.SPX) closing down 1.65% after swinging between gains and losses during Fed Chairman Jerome Powell's press conference following the meeting. Futures markets are now pricing a Fed funds rate of around 4.25% by year-end, compared with the range of 4.75% to 5% that took effect on Wednesday. US stock market during the Fed's hiking cycleUNCERTAIN OUTLOOKStocks have been resilient this year in the face of uncertainty, with the S&P 500 up 2.5% since the end of 2022. A drop in Treasury yields from recent highs has also given a tailwind to stocks, especially to big tech and growth names that are heavily weighted in the S&P 500. Corporate profits are another potential trouble spot, with S&P 500 earnings expected to post year-over-year declines in the first and second quarters after falling 3.2% in the fourth quarter of 2022, according to Refinitiv IBES.

March 16 (Reuters) - FedEx Corp (FDX.N) on Thursday raised its fiscal 2023 profit forecast and reported progress on its plan to shave $3.7 billion in costs from its global delivery business, and its shares jumped 12%. Fedex has been wringing costs from its bloated operations by shuttering offices, cutting jobs, grounding airplanes and canceling profit-sapping Sunday deliveries in far-flung areas. On Thursday, FedEx forecast fiscal 2023 adjusted profit of $13.80 to $14.40 per share, up from its previous projection of $12.50 to $13.50. Adjusted income for the fiscal third quarter ended Feb. 28 came in at $865 million, or $3.41 per share. At the close of the regular trading session on Thursday, FedEx shares were up about 18% year-to-date, versus the 8% gain in shares of more profitable rival United Parcel Service (UPS.N).

"We do not believe the optimism is yet justified," Morgan Stanley analyst Ravi Shanker wrote in a recent note. Those plans helped FedEx report better-than-expected fiscal second-quarter results on Dec. 20, sparking a stock rally that offset a swoon in mid-September, when the company retracted financial forecasts issued just three months earlier and blamed a swift pullback by customers. Analysts are skeptical that FedEx can deliver a repeat performance in the fiscal third quarter that ended on Feb. 28, as demand from e-commerce and other sectors remains soft. He expects FedEx to report adjusted earnings of $2.52 per share for the quarter - about 20 cents less than analysts' average estimate complied by Refinitiv IBES. Reporting by Kannaki Deka in Bengaluru and Lisa Baertlein in Los Angeles; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Gap sees weak annual sales as inflation-hit consumers rein in spending
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

March 9 (Reuters) - Gap Inc (GPS.N) on Thursday posted a bigger-than-expected fourth-quarter loss and forecast full-year sales below Wall Street estimates, signaling a slowdown in demand for its products as inflation-weary consumers curb discretionary spending. Shares of the company fell about 7% in extended trading after the Banana Republic parent also forecast first-quarter sales below estimates. The company also said president and chief executive officer of its Athleta brand, Mary Beth Laughton, was exiting the business, effective on Thursday. Sales at Old Navy, Gap's biggest brand, slid 6%, while at Athleta, which sponsors U.S. Olympic gymnast Simone Biles, they were down 1%. The company posted a fourth-quarter loss of 75 cents per share, compared to estimates of a loss of 46 cents.

☆ Campbell Soup lifts annual sales forecast on robust snack demand
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

March 8 (Reuters) - Campbell Soup Co (CPB.N) raised its annual sales forecast on Wednesday, betting on higher prices, improved supply and strong demand for its packaged meals and snacks. Shares of the Prego pasta sauces maker rose about 2% in premarket trading after it also topped market estimates for quarterly sales. Organic net sales in Campbell's snacks division, which represents roughly half of its portfolio, jumped 15% in the second quarter, fueled by robust demand for its brands including Goldfish crackers, Cape Cod potato chips and Pepperidge Farm cookies. The company's net sales rose to $2.49 billion in the quarter ended Jan. 29, from $2.21 billion a year earlier, compared to analysts' average estimate of $2.44 billion in Refinitiv IBES data. The Camden, New Jersey-based soup maker said it expected net sales to rise between 8.5% and 10% in fiscal 2023, compared with its previous forecast of 7% to 9% growth.

☆ Wall St Week Ahead Defensives may not be safe place to hide as stock market stumbles
▼ + stars: | 2023-03-03 | by ( Lewis Krauskopf | ) www.reuters.com time to read: +5 min

"Last year it was really easy to hide out in defensives," said Anthony Saglimbene, chief market strategist at Ameriprise Financial. When compounded by the fact that some defensive stocks carry relatively expensive valuations, investors may avoid them even if the broader market sours. The S&P 500 was last up 3.7% in 2023, but had pulled back since posting its best January performance since 2019. However the sector's financial prospects this year are relatively weak; S&P 500 healthcare earnings are expected to fall 8.3% against a 1.7% increase for the overall S&P 500, according to Refinitiv IBES. Should concerns about recession spike, as they did last year, defensives could outperform again on a relative basis, according to investors.

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