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☆ Tenet Healthcare's fourth-quarter beat puts 2023 concerns at bay
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Feb 9 (Reuters) - Tenet Healthcare Corp (THC.N) on Thursday beat Wall Street estimates for fourth-quarter results as growth in its outpatient service business put concerns around the hospital operator's weak 2023 forecast at bay. HCA Healthcare also recently forecast lower-than-expected 2023 profit, but bet on improved staffing trends and lower labor costs to drive growth for the year. "As expected, the 2023 forecast came in below consensus estimates, but we believe investors had already priced that in," SVB Securities analyst Whit Mayo said. Tenet is betting on growth in its ambulatory care unit, which deals with patients who are not bedridden and don't require overnight hospitalization. On an adjusted basis, Tenet reported a net income of $1.96 per share for the quarter ended Dec. 31, beating estimates of $1.23 per share.

Younger shoppers snapping up its sweatshirts, knitwear and Polo line of products also drove results beat at luxury peer Ralph Lauren Corp (RL.N). "The Coach brand has done a lot of work to reposition itself as a premium brand that appeals to a younger consumer," Raymond James analyst Rick Patel said. "Tapestry appears to be executing better for its Coach brand than Capri is for Michael Kors," Patel added. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, beating estimates of $1.76 billion. Both Tapestry and Ralph Lauren took a hit in China due to a resurgence of COVID-19 infections, but demand is returning, the companies said.

Futures got a lift after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 for the week ended Feb. 4. The data comes on the heels of a strong January employment report that rattled markets last week. "There are so many companies that are laying off people and that eventually is going to weaken the job market. ET, Dow e-minis were up 213 points, or 0.63%, S&P 500 e-minis were up 33 points, or 0.8%, and Nasdaq 100 e-minis were up 160.5 points, or 1.28%. Ralph Lauren Corp (RL.N) gained 2.4% after beating quarterly revenue expectations on resilient demand for its high-end clothing and accessories.

☆ AbbVie's 2023 profit forecast misses as Humira faces heat from rivals
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

Most analysts are expecting the stock to be driven by management's comments on Humira sales this year during the investor conference call. AbbVie's weak forecast suggests that Humira rivals could nibble away at the blockbuster drug's market share at a faster pace this year than analysts' projections. In the fourth quarter, Humira sales dropped 26.5% to $573 million in international markets such as Europe, where it already faces competition from multiple cheaper versions. Overall, Humira sales rose 4.6% to $5.58 billion, in line with estimates, lifted by growth in the U.S. market. Excluding items, AbbVie earned $3.60 per share in the fourth quarter, beating analysts' average estimates of $3.56 per share.

☆ Tapestry lifts profit outlook as younger shoppers snap up Coach handbags
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury peer Ralph Lauren Corp (RL.N) also beat expectations on strong demand from younger affluent shoppers. Meanwhile, Ralph Lauren said its brands gained market share in North America, even as its wholesale revenue decreased 2%. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, while analysts had expected $1.76 billion, according to Refinitiv IBES data. Tapestry forecast fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

☆ Kellogg beats sales and profit estimates, to keep plant-based business
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

The Pringles maker, which is in the process of a three-way break-up of its business, also said it has decided to keep its plant-based business, which represents 2% of net sales, in-house. Kellogg had last June announced plans to explore strategic options for its profitable MorningStar Farms business. The company forecast organic sales growth of 5% to 7% for full year 2023, as it expects sustained demand for its snacks and emerging markets business region. Shares of the Michigan-based company rose 1.5% before the bell. Kellogg's net sales rose 12% to $3.83 billion in the fourth quarter ended Dec. 31.

☆ Futures rise on earnings optimism, Disney climbs on revamp plan
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +3 min

Casino stocks Wynn Resorts (WYNN.O) and MGM Resorts International (MGM.N) gained about 5% each after reporting fourth-quarter results, with Wynn indicating a meaningful return of visitation and demand in Macau during the recent Chinese New Year holiday period. PepsiCo Inc (PEP.O) rose 1.4% as the soda maker reported better-than-expected results for its fourth quarter. Of more than half of the S&P 500 companies that have reported fourth-quarter results so far, 69% have topped analysts' earnings estimates, as per Refinitiv IBES data. ET, Dow e-minis were up 254 points, or 0.75%, S&P 500 e-minis were up 37.25 points, or 0.9%, and Nasdaq 100 e-minis were up 162.5 points, or 1.3%. Reporting by Sruthi Shankar, Medha Singh and Johann M Cherian in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Coach owner Tapestry raises annual profit forecast
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. REUTERS/Andrew Kelly/File PhotoFeb 9 (Reuters) - Luxury group Tapestry Inc (TPR.N) raised its annual profit forecast on Thursday, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags. Shares of the company, which fell 4.5% on Wednesday following disappointing earnings and forecasts from rival Capri Holdings (CPRI.N), rose 2% in premarket trading. Total revenue fell 5% to $2.03 billion in the second quarter ended Dec. 31, in line with analysts' average estimate, according to Refinitiv IBES data. Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Under Armour boosts profit forecast as discounts spur demand
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Under Armour Inc (UAA.N) raised its annual profit forecast on Wednesday, sending shares up 8% premarket, after quarterly results got a boost from resilient consumer spending and deep discounts that reeled in holiday shoppers. It expects gross margin for the full year to decline at the higher end of its prior forecast of 375 to 425 basis points. A strong U.S. dollar and higher freight and manufacturing charges pushed down its third-quarter gross margins by 650 basis points to 44.2%. The Baltimore, Maryland-based apparel firm posted third-quarter adjusted profit of 16 cents, beating analysts' average estimate of 9 cents, according to Refinitiv IBES data. It expects adjusted profit of 52 cents to 56 cents per share for fiscal 2023, compared with its previous forecast of 44 cents to 48 cents.

☆ CVS Health beats quarterly profit estimates on lower medical costs
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

Companies CVS Health Corp FollowFeb 8 (Reuters) - CVS Health (CVS.N) beat quarterly profit estimates on Wednesday, as a decline in hospitalizations from COVID-19 helped bring down medical costs at its Aetna insurance business. The company posted an adjusted profit of $1.99 per share, above estimates of $1.92 per share, according to Refinitiv IBES data. CVS reaffirmed its full-year adjusted profit forecast of between $8.70 and $8.90 per share. Reporting by Raghav Mahobe and Bhanvi Satija in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Michael Kors owner Capri cuts forecasts as demand slows, shares plunge 24%
▼ + stars: | 2023-02-08 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Feb 8(Reuters) - Michael Kors owner Capri Holdings Ltd (CPRI.N) on Wednesday cut its annual profit forecast and provided a dour outlook for 2024, blaming a slowdown in demand from department stores for its luxury handbags and apparel and sending its shares tumbling 24%. Capri said third-quarter sales fell 6%, driven by a 20% fall in revenue from its wholesale channel, which includes department stores and other retailers. Revenue for Michael Kors, Capri's biggest brand, fell 4.5% to $777 million in the Americas during the third quarter. Capri, which also owns Jimmy Choo and Versace, cut its annual sales forecast to $5.56 billion, from $5.70 billion. Analysts expect earnings per share of $7.24 on revenue of $6.03 billion.

☆ Taco Bell powers Yum Brands quarterly results beat
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +2 min

[1/4] A woman eats Taco Bell inside the first digital-only U.S. cantina location at Times Square in New York City, U.S., April 14, 2021. REUTERS/Shannon StapletonFeb 8 (Reuters) - Yum Brands Inc (YUM.N) beat Street estimates for quarterly sales and profit on Wednesday, as more cash-strapped consumers flocked to its Taco Bell restaurant chain for pocket-friendly meals and snacks amid still high inflation. Total same-store sales at Yum rose 6% in the fourth quarter, while analysts were expecting a 4.57% increase, according to Refinitiv IBES data. Excluding one-time items, Yum Brands earned $1.31 per share for the three months ended Dec. 31, beating estimates of $1.26. McDonald's Corp (MCD.N) last week also topped quarterly profit and sales estimates, boosted by higher menu prices and increased customer visits at the burger giant's outlets.

Feb 7 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) missed quarterly comparable sales and profit expectations on Tuesday, as customers pulled back on expensive delivery orders and traffic stalled in December. Comparable sales at California-based Chipotle rose 5.6% in the fourth quarter ended Dec. 31, while analysts on average expected a 7.1% rise, according to Refinitiv IBES. Visits to Chipotle restaurants fell 10.2% in the fourth quarter, according to data from Placer.ai. Delivery transactions also tumbled 15% as in-store orders surged, and Chipotle restaurants "didn't see that pop" that they normally get in December around the holidays, Chief Financial Officer Jack Hartung said on the call. We think inflation will be reasonably tame," Hartung said, adding that the company had not yet decided whether to raise menu prices further in 2023.

☆ Chipotle misses quarterly sales estimates as traffic stalls
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Chipotle Mexican Grill Inc (CMG.N) missed quarterly comparable sales expectations on Tuesday, in a sign that price hikes are taking a toll on demand for the restaurant's burritos and rice bowls. Visits to Chipotle restaurants fell 10.2% in the fourth quarter, according to data from Placer.ai. Comparable sales at the California-based chain rose 5.6% in the fourth quarter ended Dec. 31, while analysts on average expected a 7.1% rise, according to Refinitiv IBES. Revenue rose to $2.18 billion from $1.96 billion in the quarter, missing estimates of $2.23 billion. Some investors are worried about the cadence of falling traffic in 2022, analysts at Cowen said in a research note.

☆ DuPont expects strong second-half on boost from China's reopening
▼ + stars: | 2023-02-07 | by ( Ankit Kumar | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - DuPont de Nemours Inc (DD.N) on Tuesday projected results to improve in the second-half of the year from steadying consumer electronics demand, normalized inventory levels at customers and China's reopening. DuPont forecast annual sales of $12.30 billion to $12.90 billion, compared with estimates of $12.91 billion, according to Refinitiv IBES data. It expects full-year adjusted earnings between $3.50 and $4.00 per share, compared with estimates of $3.86. The price hikes helped DuPont post adjusted income of 89 cents per share in the fourth quarter, compared with estimates of 78 cents. California's attorney general last year sued DuPont, 3M (MMM.N) and several other companies over toxic "forever chemicals".

☆ Royal Caribbean rides 'wave' to record bookings after smaller loss
▼ + stars: | 2023-02-07 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Royal Caribbean Group (RCL.N) said on Tuesday it was set for record bookings during the January-March period after the company posted a smaller-than-expected quarterly loss on pent-up travel demand. Cruise liners have reported strong booking volumes from well-to-do Americans for the so-called "wave season", a period between January and March where operators offer special cruise deals and discounts for the year. Royal Caribbean said North America sailings were booked in line with record 2019 levels for the full year, while bookings for European itineraries accelerated during the wave season and were higher than 2019. The cruise operator's booking volumes in the fourth quarter were also significantly higher than the corresponding period in 2019, before the pandemic outbreak shut down the industry. It reported a fourth-quarter loss of $1.12 per share, compared with analysts' expectations of a loss of $1.34, according to Refinitiv IBES data.

☆ DuPont fourth-quarter profit beats on higher prices
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Industrial materials maker DuPont de Nemours Inc (DD.N) reported a fourth-quarter profit on Tuesday that beat analysts' estimates, as higher pricing for its products helped offset an increase in costs. The company has been increasing prices to tackle rising costs for raw materials and energy. Prices of U.S. natural gas , a key input, averaged $6.10 per million metric British thermal units during the October-December quarter, nearly 26% higher from a year earlier. DuPont's net sales fell 4% to $3.1 billion in the quarter, compared with analysts' estimates of $3.09 billion, according to Refinitiv IBES data. On an adjusted basis, the company earned 89 cents per share, beating estimates of 78 cents per share.

☆ Royal Caribbean reports smaller-than-expected loss; forecast disappoints
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Royal Caribbean Group (RCL.N) reported a smaller-than-expected loss for its fourth quarter on Tuesday, as pent-up demand for leisure travel helped offset the pressures from rising fuel prices and stronger dollar. In late December, Carnival Corp (CCL.N), (CCL.L) also said it was seeing a strong start to the wave season after it posted a smaller-than-expected quarterly loss. Royal Caribbean saw occupancy rates rise to 94.9% in the fourth quarter ended Dec. 31, compared to 59.3% a year earlier, when Omicron-related restrictions dampened demand for cruises. It reported a fourth-quarter loss of $1.12 per share, compared with analysts' expectations of a loss of $1.34, according to Refinitiv IBES data. However, the cruise operator missed revenue estimates for the fourth quarter and forecast 2023 adjusted profit between $3.00 and $3.60 per share, compared with estimates for a profit of $3.31.

☆ Take-Two lowers annual adjusted sales forecast
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) lowered its annual bookings forecast on Monday, a sign that it is struggling to keep gamers glued amid a weakening economy and broader slowdown in the gaming market. Third quarter adjusted sales stood at $1.38 billion, compared to analysts' estimate of $1.46 billion, according to Refinitiv IBES data. Take-Two said it now expects full-year adjusted sales between $5.2 billion and $5.25 billion, compared with $5.4 billion to $5.5 billion forecast previously. Analysts expected a figure of $5.39 billion, according to Refinitiv data. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Take Five: The Bottom Line
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +5 min

Australia and India's central banks are navigating the shifting sands of data and markets are digesting what the world's top central banks have to offer. The question is what impact this will have on bonds and stocks markets after a stellar January? Reuters Graphics4/ RUN RALLY, RUNIt was a stellar start to 2023 for markets - stocks and government bonds enjoyed one of the best Januaries on record, fuelled by optimism that the worst is over. That's not good for a central bank, nor is the idea that their communication is ineffective. Policy rate hikes and cuts by central banks overseeing the 10 most traded currencies.

[1/3] Starbucks cups are pictured on a counter in the Manhattan borough of New York City, New York, U.S., February 16, 2022. REUTERS/Carlo AllegriFeb 2(Reuters) - Starbucks Corp (SBUX.O) missed Wall Street expectations for quarterly comparable sales on Thursday, as persistent weakness in the coffee chain's China business offset strong sales in the North American market. That resulted in a 29% fall in China comparable sales for Starbucks in its first fiscal quarter ended Jan. 1, pulling total international comparable sales down 13%. Global comparable sales at Starbucks rose 5%, compared with analysts' average estimate of a 6.75% rise, according to Refinitiv IBES data. Starbucks reiterated its previous guidance of global comparable sales growth of 7% to 9% for its fiscal 2023.

☆ India's largest mortgage lender HDFC misses Q3 profit view on higher funding costs
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Feb 2 (Reuters) - Housing Development Finance Corp (HDFC.NS) (HDFC), India's largest mortgage lender, reported a 13.2% rise in third-quarter profit on Thursday, missing estimates, as higher funding costs took the shine off strong housing loan growth. Increased funding costs, however, have compressed net interest margins and net interest income. Profit rose to 36.91 billion rupees ($450.67 million) for the three months ended Dec. 31, compared to 32.61 billion rupees a year earlier, the company said in an exchange filing. Analysts, on average, had expected a profit of 37.81 billion rupees, according to Refinitiv IBES data. Total expenses rose 37.3% to 106.35 billion rupees, mainly driven by higher finance costs that surged 41%.

The heavyweight tech sector (.SPLRCT) dropped 1.9% while energy (.SPNY) shed 2.3%, the biggest drop among the S&P 500 sectors. More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data. Despite Monday's declines, the S&P 500 remained on track to post its biggest January gain since 2019. With more than 140 companies having reported so far, S&P 500 earnings are expected to have fallen 3% in the fourth quarter compared with the prior-year period, according to Refinitiv IBES. The S&P 500 posted 5 new 52-week highs and no new lows; the Nasdaq Composite recorded 67 new highs and 20 new lows.

More than 100 S&P 500 companies are expected to report results this week, which also includes central bank meetings in the United States and Europe and closely watched U.S. employment data. Despite Monday's declines, the S&P 500 was on track to post its biggest January gain since 2019. Meanwhile, the European Central Bank is expected to deliver another large rate hike on Thursday. With more than 140 companies having reported so far, S&P 500 earnings are expected to have fallen 3% in the fourth quarter compared with the prior-year period, according to Refinitiv IBES. The S&P 500 posted five new 52-week highs and no new lows; the Nasdaq Composite recorded 51 new highs and 14 new lows.

☆ AmEx forecasts upbeat full-year profit on buoyant spending trends
▼ + stars: | 2023-01-27 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Even as decades-high inflation pressures household budgets, American Express has remained so far insulated from feeling a dent as the company's affluent customer base refused to dial down on their spending. Shares of American Express were up more than 5% in premarket trading. Even so, American Express Chief Financial Officer Jeff Campbell told Reuters that the company continues to remain optimistic about travel recovery going forward. "We had a very strong quarter with travel across borders and national travel and feel really good about the trends there." Provisions for credit losses were $1.03 billion in the reported quarter, compared with $53 million a year ago.

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