Boeing Scores $10 Billion Bond Financing in ‘Much-needed’ Liquidity Boost

/ / Industrials /

By Joy Wiltermuth Fresh off reporting a more than $300 million quarterly loss, Boeing Co. saw robust demand on Monday for its $10 billion corporate-bond deal. Order books peaked at $77 billion, allowing pricing to narrow from initial levels, according to Informa Global Markets. A scarcity factor for the three- to 40-year bonds helped, with it being slightly more than three years since Boeing last borrowed in the U.S. corporate-debt market. The aircraft manufacturer’s new funds represent a “much-needed” liquidity boost that “should keep cash at healthy levels this year and into early 2025,” according to Matt Woodruff and Arda Tirnakli, aerospace and defense analysts at CreditSights. The duo estimated the financing will increase Boeing’s (BA) interest burden by about $660 million, with that burden “now total[ing] about $2.8 trillion on a proforma basis.” With safety concerns weighing on Boeing, investors have been getting a chance to own the company’s […]

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S&P 500 Companies’ Latest Quarterly Results Mixed so Far, Oppenheimer Says

/ / Financials /

S&P 500 companies’ quarterly financial results have been mixed so far in the current reporting cycle, with signs of both “strength and softness,” Oppenheimer Asset Management said Monday. The brokerage said that 228 companies in the benchmark equity index have already reported results in the ongoing season, with earnings up 3.4% year over year overall on the back of a 3.9% increase in revenue. Eight of the 11 sectors have showed positive earnings growth, led by a 41% surge in communication services. Healthcare is leading the decliners, down 36%, followed by energy and materials posting double-digit declines, the firm said in a note. In terms of sales growth, 141 companies have reported positive results, while 75 have logged negative results. Technology and communication services sales are up more than 8% each on an annual basis, while utilities, energy and materials are down, according to the note. Microsoft (MSFT), Facebook parent

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Franklin Resources(BEN) Q1 2024 Earnings Conference

/ / Financials /

The following is a summary of the Franklin Resources, Inc. (BEN) Q1 2024 Earnings Call Transcript: Financial Performance: Franklin ended the quarter with assets under management (AUM) of $1.64 trillion, a significant increase from both the previous quarter and same quarter last year. Investment performance remained strong across all measurement periods. Franklin reported long-term net flows of $6.9 billion in the quarter, with a large portion being from reinvested distributions. Adjusted operating income was $419.6 million, which is a slight increase from the prior quarter but a decrease from the prior year quarter. Increasing expenses and a slightly raised expense guidance were reported due to performance fee increases and compensation calendar resets. The company’s Effective Fee Rate was at 38.5 basis points for the quarter. Business Progress: Franklin saw positive net flows in non-US regions and high demand in private markets and alternative assets. The acquisition of Putnam contributed positively

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CFRA Maintains Hold Opinion On Shares Of Domino’s Pizza, Inc.

/ / Consumer Discretionary /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lift our 12-month target to $560 from $483, 35.3x our 2024 EPS, higher than DPZ’s five-year average forward P/E of 28.9x, reflecting DPZ’s better top- and bottom-line growth prospects due its “Hungry for M.O.R.E” strategy. We raise our 2024 EPS to $15.85 from $15.76 and 2025’s to $17.74 from $17.58. DPZ posted Q1 EPS of $3.58, $0.18 above consensus. Revenue of $1,085M (+5.9% Y/Y) was $7M above consensus. Operating income rose 18.6% Y/Y to $210M, with margin widening 210 bps to 19.4% vs. the 18.4% consensus. Same-store sales increased in the U.S. (+5.6%) and internationally (+0.9% vs. +0.2% consensus), due to order count growth across income cohorts in carryout and delivery. We note that DPZ saw the most growth among lower-income cohorts, along with its launch

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McDonald’s Earnings Are Coming. Inflation May Not Be a Big Issue. — Barrons.com

/ / Consumer Discretionary /

McDonald’s is set to report first-quarter earnings on Tuesday before the market opens. Despite the struggles of the fast-food industry, the Big Mac maker is likely to hold up better. Analysts polled by FactSet expect McDonald’s to post $2.72 per share earnings and $6.16 billion in sales for the first three months of 2024, marking a 3.4% and 4.4% growth from the same quarter a year ago, respectively. Inflation has taken a toll on consumer spending. Lower-income households, the primary customers of fast-food chains, are squeezed particularly hard, especially after food-stamp assistance was cut and student loan payments resumed last year. McDonald’s raised prices by 10% last year. Management noted that lower-income consumers have visited its stores less frequently and are spending less when they do. Meanwhile, price gains at grocery stores have slowed down this year. “Some of those consumers are just choosing to eat at home more often,”

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Coca-Cola’s Earnings Growth Is Slowing. Its Results Are Due Tuesday. — Barrons.com

/ / Consumer Staples /

By Evie Liu Challenges are mounting for Coca- Cola, so Wall Street analysts have penciled in slower profit growth as they await its quarterly earnings, due before the market opens on Tuesday. The consensus call among analysts tracked by FactSet is that the soft–drink company will report earnings of 70 cents a share from $11 billion in sales for the first three months of 2024. That would amount to growth of 3% from a year earlier for profit and a gain of 0.4% for sales, compared with respective increases of 9% and 7% in the previous quarter. As inflation has lifted Coca-Cola’s expenses over the past two years, the company has managed to pass most of those costs on to consumers without losing much business. In 2023, sales volume increased 2% from 2022, even as the company increased prices by 10%. As inflation cools down, however, higher pricing will become

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CFRA Keeps Hold Opinion On Shares Of Franklin Resources, Inc.

/ / Financials /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We cut our 12-month target by $5 to $25, valuing BEN shares at 8.7x our FY 26 (Sep.) adjusted EPS estimate of $2.87 and 9.4x our FY 25 EPS estimate of $2.65, versus the three-year average forward multiple of 9.8x and a peer average of 12.1x. We cut our FY 24 EPS estimate by $0.10 to $2.40. Mar-Q EPS of $0.56 versus $0.65, was comparable to our $0.60 EPS estimate and the $0.57 consensus view, on 12% higher revenues (aided by the Putnam acquisition), offset by a 370-basis point operating margin contraction (to 25.2%) on a 21% rise in operating expenses. Assets under management rose 16% year-over-year to $1.64T, and fund flows improved (to $2.1B of inflows versus outflows of $8B a year ago), though core equities

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Tesla’s FSD Nod Win Seen As Move To ‘Smooth Over Chinese EV’s Entry Into The US Market’ Says Redditor

/ / Consumer Discretionary /

Tesla Inc.’s (NASDAQ:TSLA) recent achievement in passing a significant milestone for its full self-driving (FSD) technology in China sparked discussions among investors and enthusiasts. The news, which caused Tesla’s share price to spike more than 15% on Monday, comes as the electric car maker continues to navigate the competitive Chinese market. Strategic Win For Tesla The breakthrough in China raises expectations that Tesla’s FSD technology will soon be available in the country. China is Tesla’s largest market for electric vehicles. Investors see this move as a strategic win for Tesla. Especially since it comes at a time when it is facing stiff competition from local rivals such as BYD Co Ltd (OTCPK:BYDDF) (OTCPK:BYDDY), Nio Inc – ADR (NYSE:NIO), and Xpeng Inc – ADR (NYSE:XPEV). However, some investors remain cautious about the impact of this development on Tesla’s stock. May Not Be The Catalyst To Drive Further Gains, Says Redditor The Redditor known as Puginator posted on r/stocks, sharing his

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CFRA Maintains Hold Opinion On Shares Of Intel Corporation

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We lower our 12-month target to $35 from $45, on P/E of 16x our ’25 EPS view, below peers to reflect lackluster AI prospects. We cut our ’24 EPS to $1.07 from $1.45 and ’25 to $2.20 from $2.40. INTC posts Q1 2024 EPS of $0.18 vs. -$0.04, beating the $0.14 consensus. Revenue rose 9%, slightly below consensus, as 31% growth in Client Computing and 5% boost in Data Center and AI was partly offset by declines across all other segments (Foundry -10%). Q2 guide was a disappointment in terms of both revenue ($13B vs. $13.6B consensus) and gross margin (43.5% vs. 45.4% view), but cites a stronger ramp in the 2H. We find INTC’s inability to gain momentum disturbing despite strong cloud customer spend, while its

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Exxon Mobil Announces First-Quarter 2024 Results

/ / Energy /

ExxonMobil Announces First-Quarter 2024 Results — Generated strong first-quarter earnings of $8.2 billion and $14.7 billion of cash flow from operating activities — Achieved quarterly gross production of more than 600,000 oil-equivalent barrels per day in Guyana and reached a final investment decision on the sixth major development — Grew performance chemical sales volumes and delivered record first-quarter refining throughput1 while maintaining excellent turnaround performance — Reduced operated methane emissions intensity by more than 60% since 20162 — Investing in technology to extend our reach to new high-value, high-growth markets including advanced recycling, ProxximaTM, carbon materials and direct air capture of carbon dioxide SPRING, Texas–(BUSINESS WIRE)–April 26, 2024– Exxon Mobil Corporation (NYSE:XOM): Results Summary Change Change Dollars in millions (except vs vs per share data) 1Q24 4Q23 4Q23 1Q23 1Q23 Earnings (U.S. GAAP) 8,220 7,630 +590 11,430 -3,210 Earnings Excluding Identified Items (non-GAAP) 8,220 9,963 -1,743 11,618 -3,398 Earnings Per

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Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress

/ / Energy /

Phillips 66 Reports 1Q 2024 Financial Results, Highlights Strategic Priorities Progress First-Quarter Results — First-quarter earnings of $748 million or $1.73 per share; adjusted earnings of $822 million or $1.90 per share — $1.6 billion returned to shareholders through dividends and share repurchases — Refining operated at 92% crude utilization — Recently announced 10% increase to the quarterly dividend to $1.15 per common share — Earned industry recognition for 2023 exemplary safety performance in Midstream, Refining and Chemicals Strategic Priorities Highlights — Returned $9.9 billion to shareholders through dividends and share repurchases since July 2022 — On track to achieve $1.4 billion of business transformation cost and sustaining capital savings by year-end 2024 — Launched process to divest retail marketing assets in Germany and Austria — Commenced operations at Rodeo Renewable Energy Complex HOUSTON–(BUSINESS WIRE)–April 26, 2024– Phillips 66 (NYSE: PSX), a leading diversified and integrated downstream energy company, announced

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Exxon Mobil Q1 Non-GAAP Earnings, Revenue Decline — Shares Ease Pre-Bell

/ / Energy /

Exxon Mobil (XOM) reported Q1 non-GAAP earnings Friday of $2.06 per common share, down from $2.83 a year earlier. Analysts polled by Capital IQ expected $2.18. Revenue for the quarter ended March 31 was $83.08 billion, down from $86.56 billion a year earlier. Analysts surveyed by Capital IQ expected $81.51 billion. Shares of the oil and energy giant fell 0.8% in recent Friday premarket activity.

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