The city of Baltimore has filed a lawsuit against the owner and manager of the container ship that crashed into the Francis Scott Key Bridge last month, killing six people. The suit alleges negligence and claims the companies should be held fully liable for the disaster. Meanwhile, a criminal investigation is underway, and a separate federal probe will focus on the ship’s electrical system.
Results for: Business
The Federal Trade Commission (FTC) has filed a lawsuit to block the $8.5 billion acquisition of Capri Holdings by Coach and Kate Spade’s parent company, Tapestry. The deal would have combined six fashion brands under one company, including Tapestry’s Coach, Kate Spade, and Stuart Weitzman, and Capri’s Versace, Jimmy Choo, and Michael Kors. However, the FTC argues that the merger would harm shoppers and employees by reducing competition and raising prices.
Cleveland-Cliffs reported weaker-than-expected first-quarter results due to a buyers’ strike from service centers. Although revenue slightly declined, the company’s adjusted earnings per share improved year-over-year. Steel product sales volumes decreased, but average selling prices increased. The company maintained its outlook for steel shipment volumes and unit cost reductions.
Meta Platforms (META) is expected to release its first-quarter fiscal 2024 results on April 24th after the market closes. The company’s strong earnings estimates and positive earnings revision activity indicate a high probability of beating estimates. This has attracted attention to ETFs with significant exposure to Meta Platforms, including XLC, FCOM, VOX, IXP, and SOCL.
Prologis’ first-quarter 2024 results show a slight decrease in its 2024 guidance due to competitive leasing activities in certain markets. Despite a rise in rental revenue, occupancy and net operating income are anticipated to fall. Although operating conditions are favorable, customers are prioritizing cost control, affecting leasing decisions and pace. The average occupancy rate for 2024 is projected to be between 95.75% and 96.75%, indicating a 75-basis point reduction. Despite a challenging environment, Prologis remains optimistic about its business fundamentals.
Ameriprise Financial (AMP) delivered strong first-quarter results, exceeding analyst estimates and reporting a 9.6% dividend increase. The investment firm’s adjusted operating EPS reached $8.39, topping expectations of $8.20, and assets under management surged to $1.42 trillion. Ameriprise’s Advice & Wealth Management segment drove earnings growth, while the Asset Management and Retirement & Protection Solutions segments also reported notable improvements.
AGNC Investment Corp. (AGNC) reported its first-quarter earnings, aligning with adjusted earnings per share (EPS) projections but falling short of revenue forecasts. The adjusted EPS of $0.58 aligned with analyst consensus, while adjusted net interest and dollar roll income missed the expected $567.47 million by $496 million. The company’s stock experienced a slight increase of 0.54% post-earnings release, indicating a mildly positive investor response despite the revenue shortfall.
The Australian share market is predicted to commence this morning on a positive note, following the rebound of US stocks. This rebound occurred as concerns of a larger Middle East conflict diminished, leading to increased stock purchases and a decline in the prices of gold and oil. Interest in corporate earnings has shifted back to the focus of Wall Street, with the expectations of major tech companies’ results driving investor optimism.
Hexcel Corporation announced earnings for the first quarter of 2024 that beat analyst expectations. The composite technology leader reported an adjusted EPS of $0.44, $0.02 above estimates, and revenue of $472 million, exceeding the consensus of $470.81 million. The company projects an adjusted EPS range of $2.10 to $2.30 and revenue of $1.93 to $2.03 billion for the full year.
Camtek, specializing in semiconductor inspection and measurement equipment, has enjoyed substantial growth in revenue, margins, and cash flow. Despite a strong position in high-performance computing, concerns arise from China’s focus on developing domestic chip-making equipment. The company’s reliance on China for revenue poses a risk, given the potential for local competitors to disrupt the market.