Today is Friday, January 27, 2023.
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Intel's Progress is Not Enough
Bad financial results and a poor outlook sunk Intel (Nasdaq: INTC) by 9.74% in after-hours trading on Thursday.
Financials: Intel reported earnings of 10 cents per share and revenue of $14 billion in the quarter; both were below estimates.
Details: The company said that it has made “good progress on its strategic transformation” in the quarter, including its strategy of cost reduction.
But: Intel’s outlook for the current quarter is a loss of 15 cents per share and revenue between $10.5 billion to $11.5 billion; both were below estimates. The company is also not issuing guidance for the full year, which is a problem.
Stock Price: Shares of Intel are down 37% in the last 12 months, but are up 16% in the last 30 days.
Final Thoughts: It’s been a tough year for semiconductor stocks. Intel’s disappointing results and poor outlook won’t please investors.
Notable Earnings Today: Chevron (NYSE: CVX), American Express (NYSE: AXP), HCA Healthcare (NYSE: HCA), Colgate-Palmolive (NYSE: CL), Booz Allen Hamilton (NYSE: BAH), Autoliv (NYSE: ALV), Charter Communications (Nasdaq: CHTR), Roper Technologies (NYSE: ROP), Badger Meter (NYSE: BMI), Gentex (Nasdaq: GNTX).
Notable IPOs Today: MorningStar Partners, L.P. (NYSE: TXO), Brera Holdings PLC (Nasdaq: BREA), Elate Group, Inc. (Nasdaq: ELGP), Bullfrog AI Holdings, Inc. Common Stock (Nasdaq: BFRG).
Notable Equity Crowdfunding Campaigns Ending Today: Neurotez (Netcapital), Ship It Pro (StartEngine), Instafloss (Republic), Sparket (StartEngine), Teak New York (Mainvest), PowerBuy (Netcapital), Lean Kitchen-Research Triangle Park (Mainvest), Shark Wheel (StartEngine), Asaak (Republic), Nuttin Ordinary by Clean Simple Foods (StartEngine).
Notable Economic Events Today: Core PCE Price Index (8:30 a.m. ET), PCE Price index (8:30 a.m. ET), Personal Spending (8:30 a.m. ET), Pending Home Sales (10:00 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).
Visa’s Cross-Border Travel Recovery
Photo by CardMapr.nl / Unsplash
Strong financial results for Visa (NYSE: V) sent shares up 1.11% in after-hours trading on Thursday.
Financials: Visa reported earnings of $2.18 per share and revenue of $7.9 billion in the quarter; both were better than expected.
Closer Look: Revenues grew 12% thanks to what the company called “a continued cross-border travel recovery.” Payment volume also grew by 7%.
Final Thoughts: There are concerns about Visa, including its upcoming CEO change and potential issues with consumer demand in 2023, but these results represent a step in the right direction.
Hasbro Cuts 15% of Staff, Posts Poor Results
Shares of Hasbro (Nasdaq: HAS) dropped 7.49% in after-hours trading on Thursday after the company announced plans to lay off 15% of its global workforce.
Financials: In preliminary fourth-quarter results released by Hasbro on Thursday, revenue dropped 17% year-over-year.
Final Thoughts: Hasbro expects these cost reductions to help the company get closer to profitability. The stock is down 27% in the last 12 months.
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Trends to Watch
Indifferent: Bitcoin Trades Flat as GDP, Employment Data Signal Mild Growth (CoinDesk)
The End is Near: Bed Bath & Beyond Says Banks Have Cut Off Its Credit Lines (The Wall Street Journal)
Mixed Reaction: Data shows pro Bitcoin traders want to feel bullish, but the rally to $23K wasn’t enough (Cointelegraph)
Grounded: Southwest Says Holiday Meltdown Will Cost It More Than $1 Billion (The New York Times)
Withdrawn: U.S. FDA pulls authorization for AstraZeneca's COVID-19 treatment Evusheld (Reuters)
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