Knight-Swift Transportation Holdings shares recovered Friday after what was initially perceived as disappointing second-quarter results posted after the close Thursday.
The motor carrier company reported $1.55 billion in revenue, 20% less year-over-year and below Street expectations of $1.6 billion, and adjusted earnings of $0.49 per share, missing projections of $0.55 per share.
Tesla uses so much Nvidia hardware in its self-driving training system that the chipmaker can’t keep up with the demand, CEO Elon Musk said Wednesday.
“We’re using a lot of Nvidia hardware,” Musk said on Tesla’s quarterly earnings call. “We’ll actually take Nvidia hardware as fast as Nvidia will deliver it to us. Tremendous respect for [CEO] Jensen [Huang] and Nvidia. They’ve done an incredible job.”
China’s economic planning engine is taking steps to incentive new car purchases, particularly of electric vehicles..
The country’s National Development and Reform Commision, which serves as its primary economic planning agency, announced a series of 10 steps to make EVs more accessible, including lowering costs for electric vehicle charging and the extension of certain tax breaks. The NDRC did not disclose specific tax figures, however.
Matson, Inc stock rallied on Friday after the US liner operator and shipowner revealed preliminary second-quarter earnings that showed analysts may have been too pessimistic about its earnings performance.
Honolulu, Hawaii-based Matson guided investors to expect 2Q net income and diluted earnings per share (EPS) to be $76.3 to $81.5 million and $2.14 to $2.28, respectively.
Analysts at Wedbush have reiterated their ‘Outperform’ rating and US$26 price target for IMAX ahead of the company’s upcoming second-quarter results due on Wednesday, July 26, after the market close.
The analysts wrote that, for 2Q, they expect the entertainment technology company to post revenue of $87 million, slightly below the consensus expectation of $88 million.
ServisFirst Bancshares shares jumped almost 19% after the Birmingham, Alabama-based bank holding company, which operates banking and personal financial services provider ServisFirst Bank, reported a second quarter earnings beat.
For the quarter ended June 30, 2023, the company posted earnings per share of $0.98, above the Street’s forecast of $0.89, according to Zacks Consensus Estimate.
Digital World Acquisition Corp, the company trying to take former President Donald Trump’s Truth Social platform public, has settled fraud charges with the Securities and Exchange Commission, according to reports.
DWAC was ordered to pay a $18 million civil penalty fee if it goes ahead with its planned merger and takes Trump Media and Technology Group public.
Two of this year’s most highly anticipated films are here: Barbie and Oppenheimer both hit the big screen on Friday, July 21.
Collectively known as “Barbenheimer,” the two movies have sparked endless internet memes in the months leading up to their joint release date due to the stark contrast between them.
The Federal Trade Commission (FTC) has paused its in-house legal challenge to Microsoft’s $69 billion acquisition of gaming developer Activision Blizzard, allowing for potential settlement talks.
In an order on Thursday, FCT secretary April J. Tabor put the objection on hold.
Intuitive Surgical (NASDAQ:ISRG) shares slipped on weaker demand for bariatric surgeries during the second quarter despite outperforming the Street’s expectations on profit and sales.
The company, which develops and manufactures robotic surgery solutions aimed at improving clinical outcomes, told investors on Thursday that it had seen waning demand for robot-assisted bariatric surgeries amid the rising popularity of obesity drugs, sending its shares lower.
Global Energy Metals Corporation announced that its strategic partner, Kingsrose Mining Limited, has acquired and interpreted ground-based electromagnetic (EM) and other surveys at the Bruvann Mine area of the Råna Project in Norway.
The surveys identified strong apparent conductive bodies with the potential for massive sulphide mineralization in three localities proximal to the past-producing Bruvann Mine, the company said.
Scholastic Corporation (NASDAQ:SCHL) has reported stronger-than-expected fourth-quarter earnings and guided for an increase in 2024 revenue, sending its shares over 12% higher on Friday morning.
The global children’s publishing, education and media company attributed the performance to its response to the short-term headwinds encountered earlier in the year as well as the operational efficiencies it has achieved since the Covid-19 pandemic.
Seven leading AI companies – ChatGPT developer OpenAI, Amazon, Anthropic, Alphabet's Google, Inflection, Meta Platforms and Microsoft –have made commitments to the US government to "manage the risks" posed by the new technology.
The White House said the commitments will apply immediately and "underscore three principles that must be fundamental to the future of AI – safety, security, and trust – and mark a critical step toward developing responsible AI".
Capital One Financial (NYSE:COF) has reported second-quarter earnings that beat expectations as it benefitted from rising interest rates and loan demand.
The McLean, Virginia-based lender grew net-interest income by 9% to $7.1 billion in the three months to June 30, 2023, helping to lift net revenue by 1% to $9 billion.
PPG Industries Inc (NYSE:PPG) has raised its full-year profit guidance as the manufacturer of specialty plastic solutions handed down a second-quarter earnings beat as higher prices offset weaker industrial demand.
For fiscal 2023, the company now expects adjusted earnings per share (EPS) in a range of $7.28 to $7.48 from its earlier forecast of $6.95 to $7.25.
CSX Corporation (NYSE:CSX) shares were set to open lower on Friday after the transportation company posted revenue that fell short of expectations after the closing bell on Thursday.
The Jacksonville, Florida-based company said lower fuel prices, reduced supplemental revenue, a decline in export coal benchmark prices, and a decrease in intermodal volumes more than offset the effects of volume growth in coal and merchandise and solid gains in merchandise pricing.
Montero Mining and Exploration Ltd (TSX-V:MON) has updated investors on its recent share price movement.
The company’s US and Canadian-listed shares were halted at the market close on Wednesday, July 19, after spiking by about 155% and 189% respectively since July 14.
Huntington Bancshares (NASDAQ:HBAN) has reported second-quarter revenue that was in line with market expectations but earnings that surprised to the upside as it benefitted from rising interest rates and demand for commercial loans.
The Columbus Ohio-based bank holding company grew net interest income (NII) by 7.1% to $1.35 billion over the three months to June 30, 2023, while non-interest income rose 2.1% year-over-year to $495 million.
AutoNation, Inc. (NYSE:AN) has delivered steady second-quarter revenue as sales of new vehicles made up for a sharp decline in used-car sales.
The automotive retailer reported revenue of $6.9 billion for the three months to June 30, 2023, unchanged from a year earlier but ahead of the $6.7 billion expected by Wall Street analysts.
A week-long series of strikes on the London Underground starting Sunday has been suspended by the unions involved after talks with Transport For London at Acas.
Members of Aslef and the RMT had both called off their separate actions, which had been predicted to cause severe disruption for commuters in the capital.
TNR Gold Corp (TSX-V:TNR, OTC:TRRXF) said its board of directors has given the green light to a shareholder rights plan designed to safeguard against unsolicited or creeping takeover bids, although it emphasized that it was not a response to any specific acquisition proposal.
TNR Gold said the rights plan, drawn up in collaboration with Computershare Trust Company of Canada as the rights agent, aligns with similar plans implemented by other Canadian issuers, seeks to provide the board with ample time to evaluate any potential takeover bid or acquisition and, if deemed appropriate, explore alternative strategies that could enhance shareholder value.
American Express Company (NYSE:AXP) has reported record second-quarter revenue as card spending reached a quarterly high as members forked out on travel, entertainment and restaurants.
In a statement, the New York-based integrated payments company also reaffirmed its full-year 2023 revenue and earnings per share (EPS) guidance.
Britain’s public sector pensions bill topped the UK economy for the first time in 2021, data last night from the Office of National Statistics revealed.
Pension agreements with a raft of public sector workers during the pandemic added more the £116bn to the bill and pushed its size to more than £2.3trn compared to GDP in 2021 of £2.1trn.
Schlumberger Limited. (NYSE:SLB) has reported second-quarter earnings that came in ahead of consensus estimates, driven by strong growth in international markets, including the Middle East and Asia.
The oil services company said while rig count in North America was down over the period, it still managed to grow revenue by 14% as it benefited from its “agility across the most resilient basins and market segments”. International revenue grew by 21%.
Bankrupt cryptocurrency exchange FTX is suing its founder and former head Sam Bankman-Fried and other executives in a plan to recoup over US$1bn allegedly fraudulently siphoned from the company.
Led by former Enron administrator John J. Ray III, FTX’s bankruptcy estate filed the suit before the bankruptcy court in Delaware, naming Bankman-Fried’s former executive colleagues Caroline Ellison, Zixiao ‘Gary’ Wang and Nishad Singh as co-defendants.
Bankrupt cryptocurrency exchange FTX is suing its founder and former head Sam Bankman-Fried and other executives in a plan to recoup over US$1bn allegedly fraudulently siphoned from the company.
Led by former Enron administrator John J. Ray III, FTX’s bankruptcy estate filed the suit before the bankruptcy court in Delaware, naming Bankman-Fried’s former executive colleagues Caroline Ellison, Zixiao ‘Gary’ Wang and Nishad Singh as co-defendants.
Condor Gold ticked higher as the mining junior announced eight companies had signed non-disclosure agreements (NDAs) for its asset in Nicaragua.
Three of these had visited the site, said Condor, with more interest forthcoming in the past two weeks.
European Metals Holdings Ltd (AIM:EMH, ASX:EMH, OTCQX:EMHLF) (EMH) is to receive a €6mln investment from the European Bank for Reconstruction and Development (EBRD) to help fund the Cinovec lithium project in the Czech Republic
The Nasdaq 100 will complete an out-of-cycle 'special rebalance' over the weekend, designed to reduce the weightings of the largest names in the index.
Apple, Microsoft, Alphabet, Amazon, Meta Platforms, NVIDIA and Tesla have risen by around an average 60% in the year to date – including the best first half for 40 years – and now make up 55% of the index.
Videogames services company Keywords Studios PLC (AIM:KWS, OTC:KYYWF) has signed a new unsecured multicurrency revolving credit facility (RCF) agreement of US$400mln (£310mln) for an initial four-year tenor, with an option to extend the term by a further one-year period on lender consent.
The new facility, supported by a group of seven global lenders, replaces Keywords’ previous €150mln (£130mln) unsecured multicurrency revolving credit facility.
King Charles will receive a larger payout from the Crown Estates due to rocketing profits from its windfarm after energy prices skyrocketed, though a larger share will also go to the Treasury.
The royal trustees, made up of the prime minister Rishi Sunak, chancellor Jeremy Hunt and the keeper of the privy purse Sir Michael Stevens, confirmed yesterday that the sovereign grant paid to the King will be cut to 12% of the Crown Estates' net profits next year from 25%.
Royal Helium Ltd has said it proposes to issue an aggregate of 303,750 common shares in the capital of the corporation to David T Young, subject to receiving final acceptance from the TSX Venture Exchange. The shares will be issued at a deemed price of 40 cents under a shares-for-services agreement dated March 20, 2023, between Young and the company, subject to TSX-V final approval. Young has provided the company with capital market, financial modelling and forecasting services as an independent contractor for the first half of 2023 ended June 30, 2023. Such common shares to be issued to Young are at a deemed price per common share permitted under applicable exchange policies. The company plans to settle any outstanding fees owed to Young by issuing common shares.