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United Airlines Stock Buyback 🛫

And, J.B. Hunt's intermodal volume.

October 16, 2024

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Today is Wednesday, October 16, 2024.

The Early Bird Index today is 74.96.

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United Airlines Stock Buyback 🛫

Despite posting decent financial earnings results on Tuesday, United Airlines Holdings (Nasdaq: UAL) slipped by 0.70% in after-hours trading.

Financials: United Airlines reported earnings of $3.33 per share in the past quarter and revenue of $14.8 billion; both were better than expected.

Details: Corporate revenues jumped 13% in the quarter. The Basic Economy business increased revenue by 20%. The company’s earnings outlook was also better than expected.

Powering the Story: United Airlines announced a $1.5 billion stock buyback to boost the stock price. Up to $500 million of that could be deployed this year.

Yes, But: Total revenue per seat mile dropped by 1.6% in the quarter.

Stock Price: Although the stock price slipped on Tuesday, United Airlines is up 24% in the last 30 days and up 57% this year.

Early Bird’s Nest Egg Gains: Major airline stocks have seen significant gains over the past few months due to several positive factors affecting the industry, including strong travel demand, seasonal factors, better financials, and improved investor sentiment.

Final Thoughts: United Airlines rival American Airlines Group (Nasdaq: AAL) reports earnings next week.

Notables

Notable Earnings Today: Alcoa (NYSE: AA), Morgan Stanley (NYSE: MS), Abbott Labs (NYSE: ABT), Kinder Morgan (NYSE: KMI), CSX (Nasdaq: CSX), U.S. Bancorp (NYSE: USB), SL Green Realty (NYSE: SLG), Steel Dynamics (Nasdaq: STLD), PPG Industries (NYSE: PPG), Discover Financial Services (NYSE: DFS), Citizens Financial Group (NYSE: CFG), First Horizon (NYSE: FHN), Synchrony Financial (NYSE: SYF), First Industrial Realty (NYSE: FR), Home Bancshares (NYSE: HOMB), Prologis (NYSE: PLD), OFG Bancorp (NYSE: OFG), Equifax (NYSE: EFX), Rexford Industrial Realty (NYSE: REXR), Crown Castle (NYSE: CCI), Liberty Energy (NYSE: LBRT), Synovus (NYSE: SNV).

Notable IPOs Today: High Roller Technologies, Inc. (NYSE American: ROLR).

Notable Equity Crowdfunding Campaigns Ending Today: Mazevo Coffee (StartEngine).

Notable Economic Events Today: Export Price Index / Import Price Index (8:30 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

J.B. Hunt's Intermodal Volume

J.B. Hunt Transport Services (Nasdaq: JBHT) jumped 7.08% in after-hours trading on Tuesday after the transportation and logistics company posted good financial earnings results.

Financials: J.B. Hunt reported earnings of $1.49 per share in the past quarter and revenue of $3.07 billion; both were better than expected.

Powering the Story: The intermodal business was the big winner during the quarter with volumes increasing by 5%.

Final Thoughts: The stock was down 10% this year before these results.

Interactive Brokers Posts Weak Earnings

Interactive Brokers (Nasdaq: IBKR) fell 3.91% in after-hours trading on Tuesday after reporting earnings of just $1.75 per share in the past quarter, which was lower than expected.

Also: Revenue was $1.37 billion, which was better than expected.

Final Thoughts: Despite the earnings miss, the stock is up 80% this year.

Checking Out of Locations: Walgreens to close 1,200 locations as retail sales decline (Washington Post)

Driving Production South: Stellantis Planning to Make Ram Pickups in Mexico (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.