Results for: Business

GE Aerospace reported a strong first quarter of 2024, with adjusted revenue growth of 15% year-over-year to $8.1 billion and orders up 34% to $11 billion. The company saw increased orders in Commercial Engines & Services and Defense & Propulsion Technologies, driven by pricing, spare parts volume, and higher deliveries in widebody and defense sectors. Consolidated revenue, including GE Vernova Inc. (GEV), grew 11% to $16.1 billion and on an adjusted basis, +10% to $15.2 billion. Total orders increased 14% to $20.1 billion. GE Aerospace’s profit margin expanded 140 bps to 19.1%. GE completed the separation of GE Vernova on April 2 and received proceeds of $2.6 billion from the monetization of a portion of its shares in GE HealthCare Technologies Inc. (GEHC). The company expects adjusted revenue growth in low double digits, operating profit of $6.2 billion-$6.6 billion, adjusted EPS of $3.80-$4.05, and Free Cash Flow to be >$5B, >100% conversion. GE shares are trading higher by 4.4% at $156.80 premarket.

The U.S. housing market is exhibiting promising signs of recovery, as evidenced by a significant increase in home listings in March 2024. According to data from Redfin, new listings surged by 15% during the four-week period ending March 17, 2024, marking the most substantial year-on-year increase since May 2023. Additionally, home prices have also witnessed a 6.7% uptick over the past year. Despite the lingering effects of the pandemic, the housing sector has demonstrated resilience, with market trends mirroring pre-pandemic patterns. Mortgage rates have stabilized after the fluctuations experienced during the pandemic peak, contributing to the revival of home price growth.

Diamond Lake Minerals Inc. (DLMI) and BOXABL Inc. have joined forces to address the pressing need for affordable housing and bring innovation to the real estate market. BOXABL’s revolutionary modular homes, like their Casita prefab studio apartment, can be mass-produced and installed on-site in a swift hour. Diamond Lake Minerals, with its expertise in digital asset financing, will provide innovative funding solutions for the development of BOXABL Villages, offering a seamless and efficient path to homeownership.

Stocks gained Tuesday on anticipation of earnings reports from a third of the S&P 500 companies this week, with tech stocks leading the charge. However, analyst Lawrence Fuller believes broader market strength is crucial to sustaining the bull market and economic expansion. He sees a rotation from tech to non-tech sectors, potentially limiting gains for the major market averages. Friday’s Personal Consumption Expenditures (PCE) inflation data will also be crucial in shaping the market’s direction, with expectations of a decline in the core rate to 2.7% in March. The Fed’s continued commitment to rate cuts this year contrasts with some market skepticism, but Fuller believes the economy will face the impact of tighter monetary policy in the coming quarters, leading to a slowdown in consumer spending growth. He emphasizes the need for the Fed to start lowering rates to cushion the economic impact.

Banks have recently stopped offering cash incentives for switching current accounts, leaving consumers disappointed and potentially delaying their switches. According to Moneyfactscompare.co.uk, several major banks, including First Direct, HSBC, NatWest, Lloyds Bank, and Santander, have ended cash offers that previously reached as high as £200. While the lack of cash incentives may deter some switchers, experts emphasize the importance of comparing deals to find a better account that meets individual needs. Some banks continue to offer alternative perks, such as Santander’s railcard offer for young adults. Consumers are advised to consider their circumstances and explore cashback or interest-earning accounts when comparing current accounts.

Despite the availability of free cash offers for current account switching, many banks, including First Direct, HSBC, NatWest, Lloyds Bank, and Santander, have recently discontinued such deals. This news may disappoint those expecting a financial incentive to switch providers. However, experts advise that individuals should not be deterred from comparing accounts and seeking better deals based solely on the absence of cash incentives.

General Motors Company (NYSE: GM) announced strong fiscal first-quarter 2024 results, reporting a 7.6% year-over-year sales growth to $43.01 billion, exceeding analyst expectations of $41.88 billion. Adjusted EPS of $2.62 also surpassed consensus estimates of $2.14, leading to a surge in the stock price.

In partnership with Fort Partners and CMC Group, Four Seasons introduces its first standalone luxury residential development in Florida, offering 70 exclusive homes in the heart of Coconut Grove. Designed by celebrated architect Luis Revuelta and interiors by Michele Bönan, the 20-story property boasts unobstructed ocean views over Biscayne Bay. Residents will enjoy Four Seasons’ legendary service, including a dedicated Director of Residences, concierge, and housekeeping, as well as an array of world-class amenities, including a restaurant, spa, state-of-the-art fitness center, and private event space.

Ollie’s Bargain Outlet (OLLI) is poised for continued growth amidst the weak macro backdrop due to its value pricing strategy and expansion opportunities. Its strong track record of execution, positive same-store sales, and healthy balance sheet support the bullish outlook. Analysts recommend a buy rating, citing OLLI’s ability to capture market share from competitors and benefit from store closures among peers.

Morrisons, in partnership with Eurochange, has launched a new online currency exchange service, allowing customers to order currency online for click and collect or home delivery. The service is available through Morrisonstravelmoney.com and can be collected at Morrisons Travel Money kiosks in over 50 stores across the UK. This collaboration provides Morrisons customers with access to a wide range of currencies at competitive exchange rates, simplifying the process of obtaining travel money for their summer vacations or international trips.