FedEx 4Q Profit Expected to Fall Amid Cost-Cutting Measures — Earnings Preview

/ / Industrials /

FedEx is scheduled to report earnings for the fiscal fourth quarter after the market close Tuesday. Here’s what you need to know: NET INCOME: The Memphis, Tenn.-based package-shipping company is expected to report a net profit for the three months ended May 31 of $1.33 billion, or $5.23 a share, according to FactSet. This compares with reported profit of $1.54 billion, or $6.05 a share, for the same period a year earlier. ADJUSTED EARNINGS: Stripping out one-time items, FedEx is expected to post adjusted earnings of $5.34 per share, according to FactSet. REVENUE: FedEx’s revenue is set to rise to $22.04 billion, according to FactSet. This compares with reported revenue of $21.90 billion for the same period a year earlier.

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Chevron (NYSE:CVX) Q2 Production Headwinds to Impact Earnings, Reuters Reports

/ / Energy /

Chevron (NYSE:CVX) expects to see a $300 million to $400 million hit on its earnings due to an impact on its Q2 production, Reuters reported Monday. The oil major expects to impact 65,000 barrels of oil equivalent per day in Q2 due to upstream turnarounds and downtime at Tengizchevroil in Kazakhstan as well as maintenance at the El Segundo and Richmond refineries in California, the report said.

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Boeing Talks to Buy Back Spirit Aerosystems Have Last-Minute Twist

/ / Industrials /

Boeing has proposed funding its acquisition of partsmaker Spirit AeroSystems with stock rather than cash, according to people familiar with the matter, a last-minute twist in deal talks that comes as the jet maker burns through more than $1 billion a month. Boeing and Spirit, a jet fuselage maker it split off two decades ago, were closing in on an all-cash deal this weekend when Boeing switched to an offer consisting largely of company stock.

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Tesla Delivery Results Are Coming. Brace For More Bad News.

/ / Consumer Discretionary /

Tesla is slated to report second-quarter deliveries in just over a week. Wall Street estimates look too high, creating a risk for its stock. The electric-vehicle maker typically reports global quarterly delivery numbers on the second day of a new quarter. For the second quarter, Wall Street expects just under 450,000 units, according to FactSet — about 4% lower compared with the 466,000 units delivered in the second quarter of 2023. The 450,000 figure, however, looks too high. Recent estimates have been closer to 415,000 units. On Sunday, a Tesla delivery researcher using the pseudonym Troy Teslike published his updated second-quarter estimate. He’s looking for 416,000 cars. To project results Teslike aggregates registration data in the U.S. and sales data from Europe, among other things. His estimates are widely followed on social-media site X and used by many Wall Street analysts when checking their own delivery estimates. The 416,000 figure

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Tesla Stock Is Falling. The AI Robotaxi Business Won’t Be Easy, Analyst Says.

/ / Consumer Discretionary /

A Tesla robotaxi business might not be quite as good for the electric-vehicle maker as investors expect, an analyst noted. Thursday, RBC analyst Tom Narayan cut his Tesla stock price target to $227 from $293 while keeping his Buy rating. He’s adjusted his robotaxi math. Tesla stock was down 1.5% in early trading at $1821.2, while the S&P 500 and Nasdaq Composite were both up about 0.3% Tesla hosts a robotaxi event on Aug. 8. Investors expect to see what a Tesla robotaxi will look like. They will also expect to hear what progress Tesla is making with its artificial-intelligence-trained self-driving software. Tesla sells advanced-driver-assistance systems today, but Teslas don’t truly drive themselves. CEO Elon Musk believes that creating a truly self-driving car would represent an incredible financial windfall for the company. If it happens, Tesla could operate an Uber Technologies-like fleet of self-driving cars. It could also offer an

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Nvidia Is No Cisco, but It Is Getting Expensive — Heard on the Street

/ / Technology /

Is a great business worth any price? Nvidia investors finally seem to be asking themselves that question. The chip maker powering the artificial-intelligence revolution blew past $3 trillion in market capitalization earlier this month barely three months after passing $2 trillion. It even became the world’s most valuable company earlier this week, briefly surpassing Microsoft and Apple. That seems to have given investors some pause; Nvidia’s share price has slipped nearly 7% since trading resumed after the Juneteenth holiday. Still, with a value of a little over $3.1 trillion as of Friday’s close, Nvidia is hardly cheap. That is merely 2% below that of Apple, a company with more than 2 1/2 times Nvidia’s trailing 12-month free cash flow. The stock is also now at nearly 45 times projected earnings for the next four quarters. That is 11% above its five-year average multiple and about 35% higher than what the

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Nike Stock Is a Buy. The ‘Last Bad’ Earnings Report Is Coming, Says Analyst. — Barrons.com

/ / Consumer Discretionary /

Nike’s stock hasn’t been a winning bet for the better part of the past three years. One analyst thinks the company’s losing streak could soon be coming to an end as product innovation ramps up. Oppenheimer analyst Brian Nagel upgraded Nike shares to Outperform from Perform Friday, and lifted his price target to $120 from $110. Nagel also reinstated Nike as a top megacap pick across his coverage. Nike shares are 11% lower this year, and have shed 38% over the past three years. There are a lot of reasons investors have been downbeat on the stock, including slower sales growth in China, a sluggish innovation cycle, rising competition, and cooling consumer spending in the U.S. Those challenges persist for Nike, Nagel acknowledged, but he believes the company’s turnaround efforts will start panning out in the next few quarters. And with shares trading at a roughly 25% discount to their

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Boeing Likely to Avoid Criminal Charges Over Settlement Breach

/ / Industrials /

Boeing (BA) is expected to avoid criminal prosecution by the US Department of Justice for breaching a 2021 settlement agreement linked to problems with its 737 Max 8 model, which resulted in two fatal plane crashes in 2018 and 2019, The New York Times reported Friday, citing people familiar with the discussions. The Justice Department plans to offer Boeing a deferred prosecution agreement which will require the installation of a federal monitor to oversee safety improvements, the report said, citing the people. Federal prosecutors said in May that Boeing violated the 2021 deferred prosecution agreement by failing to establish an anti-fraud compliance program, prompting the Justice Department to consider criminal charges but officials have opted for an independent watchdog to expedite safety and quality improvements, according to the report.

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FactSet Research Systems(FDS) Q3 2024 Earnings Conference

/ / Financials /

The following is a summary of the FactSet Research Systems Inc. (FDS) Q3 2024 Earnings Call Transcript: Financial Performance: FactSet reported organic ASV and professional services growth of 5% for the quarter. Adjusted diluted EPS rose to $4.37. Adjusted operating margin improved to 39.4%. GAAP revenue increased 4% to $553 million. Free cash flow for the quarter was $217 million, an increase of 13% over last year. Business Progress: FactSet continues to make strategic investments in generative AI and cloud-based solutions to strengthen its competitive position and capture new market opportunities. The company saw notable wins in displacing competitors and securing multi-year agreements with major asset managers, showcasing the effectiveness of their tailored solutions. Enhanced offerings in wealth management through partnerships, such as the incorporation of Aidentified’s relationship management data into FactSet’s solutions. Opportunities: FactSet’s commitment to expanding into deep sector and private market data as well as real-time market

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