Last week, retail stocks benefited after Citigroup and Nomura expressed an optimistic view regarding the companies. A Reuters report last week stated that Citigroup analyst Paul Lejuez mentioned that retail stocks will likely benefit from the tax reform with a boost in free cash flow. On January 2, Citigroup raised the target price for Ross Stores (ROST) to $85 from $72.
GM kept the earnings momentum going with strong first quarter results, resulting in the automaker upping its full-year guidance. GM also still sees "positive variable profit" in its EV business in the back half of 2024 as well.
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PepsiCo reported better-than-expected revenue in the first quarter on strong international demand for its snacks and beverages. Sales were hurt by a recall early in the quarter of Quaker Oats cereal, bars and snacks because of potential contamination with salmonella. Quaker Foods sales dropped 24% during the quarter.
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Spotify on Tuesday reported quarterly monthly active users (MAU) below its own estimates, as the Swedish music streaming company chose to boost profit instead of spending more on marketing activities to draw in more listeners. First-quarter MAUs rose 19%, but missed Spotify's own guidance and a median of analysts' forecasts of 618 million. It also forecast current-quarter MAUs at 631 million, missing estimates of 636.3 million, according to IBES data from LSEG.
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Goldman Sachs and Bank of America will face challenges on Wednesday as proxy advisers recommend investors vote for the banks to separate their CEO and chairman's roles, in an effort to improve the companies' governance. With support from influential proxy advisers Institutional Shareholder Services (ISS) and Glass Lewis, some investors are leaning towards supporting shareholder resolutions to split the roles, but getting wider support will be tough. "I would love for a company on the echelon of Goldman Sachs to separate those two roles so there's more oversight," said David Wagner, a portfolio manager at Aptus Capital Advisors, which owns Goldman shares.
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FORT WORTH, Texas, April 23, 2024--GENERAL MOTORS FINANCIAL COMPANY, INC. ("GM Financial" or the "Company") announced net income of $536 million for the quarter ended March 31, 2024, compared to $532 million for the quarter ended December 31, 2023, and $584 million for the quarter ended March 31, 2023.
Leading French production-distribution outfit Le Pacte has boarded the upcoming 2D animated feature project “Conference of the Birds,” which will be spotlighted at the Marché du Film’s Animation Day during this year’s Cannes Festival. In addition to co-producing, Le Pacte will handle French distribution and serve as international sales agent on the film, part of the …
Ed McIlroy and Jamie Allan are bringing Spain’s laid back culture to Finsbury Park with a new fish-based concept
General Motors on Tuesday posted quarterly results that topped Wall Street targets and raised its annual forecast, citing stable pricing and demand for its gas-engine vehicles. “Our consumer has been remarkably resilient in this period of higher interest rates,” GM's chief financial officer, Paul Jacobson, said. While the company started 2024 strong, Chief Executive Mary Barra still has two large challenges ahead: turning around GM's shrinking sales in China, and salvaging Cruise, its robotaxi unit.
Despite a small dip in U.S. vehicle sales, General Motors' first-quarter net income rose more than 25% on strong deliveries of pickup trucks and other higher-profit vehicles. The Detroit automaker said that while its average sales price per vehicle was down slightly from last year at just under $50,000, pickup sales remained strong, and it's not seeing the price erosion across its lineup that other companies have experienced. GM on Tuesday said it made $2.97 billion from January through March, with revenue increasing 7.6% over the same period a year ago to just over $43 billion.
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