Wall Street Finance (2024)

31/08/2022

The German government has set up a holding company for a possible nationalization of Gazprom Germania, the energy business venture that Russia’s Gazprom left behind last April after the war.

In April, a German energy regulator said it would manage the company – a gas trading, storage and transport business – for Germany and Europe, and the new company, which will operate under the name SEEHG, will be responsible for the investments.

Two lawyers from the law firm CMS Hasche Sigle will occupy the position of management, noting that the law firm declined to comment on the news, citing confidentiality obligations of the details, and the German Economy Minister stated that he is aware of the importance of the holding company and that its establishment is a precautionary step in the face of any restructuring operations. A spokesperson for the ministry stated in a press release: “It will be a fully prudent institution that, for the time being, operates only as a legal envelope for the company.” Read more [Gazprom Expects Siemens to Continue Serving Nord Stream 1].

It is noteworthy that Gazprom Germania and Rosneft Deutschland are considered irreplaceable in the German energy market due to their operation of the country’s huge gas storage facilities and the latter playing an important role in the oil, diesel and refined kerosene markets. Read more [BP Disposes of Its Stake in Russia’s Rosneft].

At the same time, these companies are facing the risk of “virtual bankruptcy” after the isolation of banks and business partners from the companies affiliated with Russian owners since the outbreak of Western sanctions against Russia. Read more [The Real Financial Cost of Russia’s War on Ukraine].
📸: Bloomberg.com

31/08/2022

News networks circulated reports about the Norwegian company Equinor thinking of selling a 28% stake in the Statfjord field, which extends on the continental border between Norway and Britain, in addition to minority stakes in several fields controlled by satellites, and the company has appointed US investment bank Houlihan Lockey as an advisor for the sale, which could raise up to $500 million for the company.

Equinor also plans to sell minority stakes in related fields in the Statfjord North, Statfjord East and Cigna fields. The Statfjord field has been producing oil and gas for more than 40 years, and by the end of 2021,
There remained the equivalent of 107 million barrels of oil derivatives, about half of which are considered gas reserves. Read more [Oil Giant Equinor Buys US Battery Storage Company].

In 2020, Equinor decided to increase the default active duration of the field to 2040 with plans to postpone the decommissioning of the Statfjord A rig to 2027, noting that the Statfjord B and Statfjord C rigs are expected to operate beyond 2035. Read more [Tullow Oil and Indian Groups Talk Regarding Kenya Project].

The Statfjord field produced 38,000 barrels of oil equivalent per day in 2021, and gas represented more than a third of that amount, according to data from the Norwegian Petroleum Administration, while the Statfjord North, Statfjord East and Cigna fields produced a total of 16,000 barrels of oil equivalent per day during the same year, and oil is usually exported from Statfjord via tankers and shuttle tankers, while the gas is pumped to the St. Fergus line in Britain.

Equinor currently owns a 78.6% stake in Statfjord, owning 45% of Statfjord North, 43.3% of Statfjord East and 43.4% of Cigna. The Norwegian company is expected to remain a shareholder in the oilfields even after the sale.
📸: reuters

31/08/2022

Dell Technology revealed that it stopped all its Russian business after closing its offices in mid-August, to be the latest example of Western companies that left Russia in light of the war with Ukraine.

The American computer company, which is an important supplier of servers in Russia, has joined other companies in limiting its activities since Moscow sent thousands of soldiers to Ukraine on February 24, Dell halted sales in Ukraine and Russia in February, saying it would monitor the situation in the region to determine its next steps. Read more [Yum Brands Chain Prepare to withdraw from Russia].

“In mid-August, we closed our offices and ended all of our business in Russia,” said Dell spokesman Mike Semenaz. “Last February, we made the decision not to sell, service or support our products in Russia, Belarus, Donetsk and Luhansk regions in Ukraine as well as to the previously prohibited area in the Crimea.

Russia annexed the Black Sea peninsula of Crimea after seizing it from Ukraine in 2014, and in February 2022 recognized the secession of two republics in the Donetsk and Luhansk regions in eastern Ukraine, all of which are considered steps condemned by Ukraine and Western countries, which imposed harsh sanctions on Russia. Read more [France Turns to Oil After Boycotting Russia].

The Russian Ministry of Industry stated that many researchers and engineers working for Dell in Russia had received new job offers in advance, after media networks circulated the news of the company’s complete exit from the country. This week, tech news platform Cnews reported that Dell would be ending its operations in Russia entirely and laying off its staff there, and tech-focused platform Tadviser circulated similar reports. Read more [Russia Disclaims Responsibility for Search Engines].
📸: ET Retail

31/08/2022

China Oil and Chemical Corporation Sinopec posted a record transitional net income growth of 10.4% to 43.53 billion yuan ($6.33 billion) thanks to rising oil and gas prices despite weak domestic sales of fuel.

Sinopec, the world’s largest oil refiner, generated revenue of 1.61 trillion yuan in the first six months of the year, a growth of 27.9% over the same period a year ago, and its domestic rivals PetroChina and CNOOC also posted record transitional profits.

During the six-month period, Sinopec processed 120.76 million tons of crude oil, 4.2% lower than last year’s levels, and sales of refined fuels plunged 9.8% to 98.42 million tons, according to company data.

The quarantine to limit the spread of the Covid-19 epidemic recently in China, in addition to restrictions on fuel exports, contributed to reducing production, which in turn led to the first annual decline in China’s refined oil output since 2011, it is noteworthy that Sinopec produced 139.65 million barrels of crude oil during the six-month period, registering a growth of 1.1%, while the production of natural gas witnessed a growth of 5.4% to 613.92 billion cubic meters, and capital expenditure during that period reached 64.65 billion yuan, compared to about 57.94 billion Yuan only a year ago.

Separately, Sinopec revealed that it will operate the world’s largest CCUS in eastern China, and plans to build two facilities of similar size and capacity by 2025. Read more [Sinopec Prepares The Largest Investment in History].
📸: reuters

31/08/2022

European Central Bank policy makers revealed a strong interest rate hike over the next month as inflation remains at critical levels and the public loses confidence in the bank’s ability to tackle inflation.

The European Central Bank raised interest rates in advance by 50 basis points last month, and it is expected to announce a similar or higher hike on September 8, due to the exacerbating inflation on the one hand, and the Federal Reserve taking larger steps in raising interest rates on the other hand. All participants in the Fed’s annual meeting, including European Central Bank Council member Isabelle Schnabel, French central bank director François Villeroy de Galhau and Latvian central bank director Martins Kazaks, called for tough policy action. Read more [A $8.4 Billion Aid Package to Tackle Inflation in France].

Markets were betting on a 50bp hike on September 8th, but just a few days ago, a group of policy makers indicated that a 75bp hike was likely, and the hike should continue after that. Read more [The European Central is Preparing to Raise Interest Rates].

With interest rates remaining at zero, the European Central Bank is stimulating the economy far from the moderate rates, which analysts believe should be around 1.5%, but all indications indicate the importance of reaching this moderation before the end of the year, and some expect that the bank will reach that during the first quarter of next year.
📸: reuters

31/08/2022

Suzuki Motor Corporation will establish a research and development company in India, according to the company’s president, which will push it to expand in the Indian market, which has become a hub for electric vehicles for the Japanese automaker.

The new company, wholly owned by Suzuki Corporation, will strengthen the Japanese giant’s competitiveness and R&D capabilities in India and other global markets.

Suzuki, which already manufactures fuel-burning engine cars in India for its Maruti Suzuki unit and for export, will start producing electric vehicles from 2025 at its factory in Gujarat. 1 billion rupees ($1.3 billion) on electrification schemes in India, making it one of Suzuki’s largest investments in batteries and electric vehicles worldwide, having already invested nearly 650 billion rupees in the country. Read more [Suzuki Invests $1.4 Billion In Electric Vehicles].

Suzuki has a majority stake in Maruti, which dominates the Indian auto market with its small, low-cost vehicles, but faces increased competition as buyers turn to larger vehicles such as SUVs and regulators demand safer and more environmentally friendly cars, which will raise the cost of those vehicles.

India is also urging domestic automakers to produce more electric vehicles by offering billions of dollars in incentives.
📸: reuters

28/08/2022

Chinese meal delivery company Meituan posted a 16.4% growth in quarterly revenue from a year ago, marking the slowest quarterly growth in two years, but still above Wall Street analysts’ estimates.

China suffered from a high number of infections with the Covid-19 virus in March and April, which called for the imposition of quarantine and restrictions on several cities, including the most important commercial center, Shanghai, which contributed to the disruption of supply chains and business projects, as well as harming consumer spending. Meituan delivered from those restrictions while forcing a lot of sellers and merchants to close their businesses.

However, revenue rose to 50.94 billion yuan ($7.42 billion) during the quarter ending in June, exceeding the 48.59 billion yuan forecast by 14 analysts.

Meituan and several other companies reported that their businesses started to recover in June as COVID-19 restrictions eased, but the perspective of suffering more restrictions and quarantine is still linked to the emergence of new infections, including within Sanya, a coastal city famous as a tourist destination and an important business hub. Read more [Meituan Lowers Business Prospects After ¥3.4B Fine].

Chinese technology companies published weak results during the period between April and June due to their suffering from an economic slowdown and severe regulatory scrutiny from the Beijing government, and it is worth noting that the gaming giant and the largest shareholder in Meituan, “Tencent”, plans to sell its total or most of its stake in the food delivery company, knowing that the value of the stake is $ 24 billion. Read more [Chinese Tech Stocks Rise After Meituan Shares Rise] and [Tencent’s Revenue Drops for The First Time in Its History].
📸: reuters

28/08/2022

Ford Motor will raise the starting price of its electric Mustang Mach-E vehicle by more than $8,000 for some models as bank orders reopen for the 2023 edition.

The company stated that the price hike – ranging between $3,000 and $8,475 – is dependent on a significant increase in expenses, continued significant supply chain disruptions and rapidly changing market conditions.

The Mach-E is the latest example of an electric vehicle gaining in price as the price of raw materials used to make batteries more than doubles during the COVID-19 pandemic, with starting price for the 2023 model after raising is between 47,000 and 70,000 dollars, after the 2022 model was sold at a price between 44,000 and 62,000 dollars, knowing that the prices do not include taxes and shipping and delivery fees. Read more [Ford Motor Company Cut 3,000 Jobs to Cut Costs].

Earlier this month, Ford raised the prices of its F-150 Lightning electric truck by about $6,000-8,500 depending on the model’s specifications, and the automaker cited similar reasons for the hike, especially those related to raw materials such as lithium, cobalt and nickel used to make batteries for those cars. Read more [Lucid Motor Surpasses Ford by Market Value] and [Tesla Car Models are Priced Higher in The US].

Other automakers including General Motors, Rivian, Lucid and Tesla have also raised the prices of their new electric vehicles significantly. Read more [Tesla Raises Price of FSD Driver Assistance Software by 25%] and [GM and Honda Will Produce Affordable Electric Cars].
📸: CNBC

28/08/2022

Private sources revealed that Amazon will not seek to make an offer to acquire Electronic Arts, EA, after the latter’s share jumped 3.5%, following reports from the newspaper “USA Today” that Amazon will announce Friday its plans to make an offer to the game publisher famous for the huge names in the world. Marketplaces such as Viva, Madden and Apex Legends, where analysts said “there’s nothing going on right now,” while an Amazon spokesperson declined to comment on what he called rumor and speculation, and an EA spokesperson also declined to comment.

If Amazon is going to pursue EA seriously, this will contribute to strengthening the business of the gaming retail giant, knowing that Amazon already owns the Twitch platform, which is a popular streaming service among video game players, and the company has also launched its own cloud gaming service under the name Luna In addition, Amazon offers gaming benefits through its Prime subscription program.

Amazon has been busy lately with mergers and acquisitions. Earlier this month, it said it would acquire iRobot, best known for its Roomba robotic vacuum cleaner, for $1.7 billion, just two weeks after it said it was buying Primary Care Chain One. Medical for $3.9 billion. Read more [Amazon Shuts Down its Health Services Business].

The video game industry has seen significant consolidation deals this year. In January, Microsoft bought Activision Blizzard for $68.7 billion, and in May, Take-Two Interactive said it would acquire Zynga for $11 billion. Read more [Microsoft Buys Activision for $68.7 Billion] and [Take-Two Officially Acquires Gaming Company Zynga].
📸: reuters

28/08/2022

Amazon has announced the shutdown of its telehealth business, AmazonCare, in a huge move that marks the retail giant’s retreat from its drive to enter the healthcare market.

Amazon will be shutting down after December 31, according to Neil Lindsay, president of Amazon Health Service, and the e-commerce giant decided to take the step after realizing it wasn’t the “right long-term solution for the company’s institutional customers.”

Despite the expiration of the term of service, Amazon gained more knowledge about “what it needs in the long run to deliver value-added healthcare solutions to institutional and individual customers” with the introduction of AmazonCare.

AmazonCare was launched in 2019 as a beta version for employees inside and outside the company’s headquarters in Seattle, and the service provided expedited virtual healthcare visits. in addition to telemedicine consultations and home health visits for a fee paid to nurses for health checks and vaccinations.

Services have been developing for many years. In 2017, Amazon held a secret meeting in Seattle to inform employees about the concept of healthcare for a struggling patient within the healthcare industry. Then, Amazon hired a small group of doctors to start a pilot clinic model for some employees. To read more [A New Deal to Sell Peloton Products on Amazon].

Amazon has also sought to develop home medical tests, and earlier this week the Wall Street Journal revealed Amazon’s bid to acquire health services company Signify Health. Read more [Signify Health Stock Soars After Amazon Takeover Bid].
📸: Teknomers

28/08/2022

Snowflake’s stock closed up 23% a day after the company reported second-quarter results that beat analyst estimates.

Revenue of the cloud data platform was $497 million during the quarter, which is higher than analyst expectations of $467 million. Snowflake’s largest sales segment, product revenue, grew 83% year-over-year to $466.3 million.

Analysts note that this is another strong quarter for Snowflake, and although the company’s executives have warned of the surrounding economic environment and uncertainty, they believe that Snowflake’s business will remain in its normal state, and analysts stated that its business is the fastest growing among software companies with huge profits and continuous expansion of profit margins.

Snowflake’s results were reflected in the optimism of analysts of Loop Capital, with their statement that the success of Snowflake was due to the continued demand momentum, correct ex*****on of tasks, the increasing flow of data warehouses to the cloud and the growth in the number of products and their use cases.

The analysts wrote in a message yesterday:

“With this in mind, we believe Snowflake is still in its early stages of seizing major opportunities in the market, especially with large organizations undertaking multi-year initiatives to move their businesses to the cloud.”

Snowflake expects product revenue to range between $500-505 million during the third quarter and in the range of $1.91-1.92 billion for the full year. Read more [Sluggish Revenue Growth Pushes Snowflake Stock to Crash].
📸: reuters

28/08/2022

Salesforce posted earnings and revenue above Wall Street analysts’ estimates but revealing disappointing outlooks for the 2023 fiscal year sent its stock down 7% during extended trading.

The software maker announced that its board of directors has approved a $10 billion share buyback program, a first for the company, but founder and co-CEO Marc Benioff said the move wouldn’t stop Salesforce from making the acquisitions. .

The company’s adjusted earnings per share for the second fiscal quarter were $1.19, beating analyst estimates of $1.02, while revenue came in at $7.72 billion, also beating expectations of $7.69 billion.

For the third fiscal quarter, Salesforce sees adjusted earnings of $1.20-1.21 per share on revenue of $7.82-7.83 billion, while analysts expect adjusted earnings of $1.29 per share on revenue of $8.07 billion, and the Salesforce’s revenue prospects would have been around $250 million higher if the exchange rates had not changed.

Salesforce has scaled back its fiscal 2023 guidance for both earnings and revenue, and now expects earnings of $4.71-4.73 per share and revenue of $30.9-31 billion, taking into account the $800 million of currency exchange difference, they expect $4.75 per share in adjusted earnings and $31.73 billion in revenue.

Ahead of the crash during extended trading, Salesforce shares are down 29% year-to-date compared to the performance of the broader S&P500 Index, which is down only 13%. Read More [Salesforce Stock Jumps After Raising Earnings Expectations].
📸: reuters

26/08/2022

French industrial group Schneider said it was considering buying a minority stake in software company Aviva, sending the British company’s shares volatilized by more than 32%.

Schneider, who previously owns a 60% stake in Aviva, revealed that it will decide on September 21 whether to make a full acquisition, given that the rise in shares gave the British company a market value of approximately 8.6 billion pounds ($10.1 billion), while Schneider shares rose only 0.6%.

Schneider had acquired a majority stake in Aviva in 2017 after the third attempt since 2015 through a reverse takeover that allowed the British company to regain its listing on the London Stock Exchange. The French group then paid about 3 billion pounds for the stake, and since then, Aviva’s stock has doubled in value, potentially forcing Schneider to pay a higher price in order to control the remaining shares.

But even as the shares rallied after the takeover reports, their value is still below the 4,000 pence peak they reached at the height of the Covid-19 epidemic.

Agiva products are used in the design and management of oil drilling rigs, ships and chemical plants, while the French group’s business includes electrical parts, energy management and industrial automation systems Schneider added that whether or not it makes the bid, it will remain committed to Aviva and its automation business model.
📸: CNBC

26/08/2022

Nordstrom has trimmed its full-year financial guidance as the supermarket chain faces a backlog of inventory and weak demand.

The retailer’s dent in expectations comes despite it posting higher-than-analysts’ earnings and sales in the second fiscal quarter, which sent its shares tumbling 14% during extended trading. Earlier in the day, Macy’s also scaled back its financial outlook for the year with the statement that consumer demand for some products such as apparel will be hit hard, forcing it to smash its prices to get rid of the backlog. Read More [Macy’s Annual Outlook Retracted Despite Strong Results].

Nordstrom expects annual sales, including credit card revenue, to grow 5-7% instead of the previous 6-8% growth range, while it sees adjusted earnings per share of just $2.30-2.60 compared to the previous forecast range of -3.20 $3.50, However, analysts were expecting adjusted earnings per share of $3.04 with year-over-year revenue growth of 6.7%. Read more [Nordstrom Stock Flies After Changes in Rack].

Nordstrom’s second-quarter earnings, on an adjusted basis, came in at 81 cents per share, topping analysts’ estimates of just 80 cents, while the company raised $4.1 billion in revenue, beating expectations of $3.97 billion, and the Nordstrom’s net income during the quarter ending July 30 reached $126 million, or 77 cents per share, up from $80 million, or 49 cents per share, during the same quarter a year ago, and the online sales accounted for 38% of the total revenue value after growing by 6.3%. Read More [Nordstrom’s First Quarter Results Reflect the Market].
📸: Barron's

26/08/2022

Peloton has partnered with Amazon in an effort to expand its customer base and restore investor confidence as revenue growth slows from peaks during the pandemic and the company’s stock continues to plummet.

As part of the company’s first step away from its direct-to-consumer business, Peloton will begin today offering a selection of its connected fitness equipment and accessories on Amazon in the US, including the popular Peloton Bike, which retails at $1,445, the booster products known as the Peloton Guide will be sold, which costs $295, but the more expensive products will remain outside the partnership, such as the Bike Plus and the Tread treadmill. Following the news, Peloton stock was up 18% in early trading. .

Kevin Cornils, Peloton’s director of commercial marketing, said that there are about half a million pre-searches per month on Amazon for his company’s products, despite its lack of presence on the platform. Until now, the company had relied on its website and offline stores selling directly to the consumer, but under new CEO Barry McCarthy, who took over in February, Peloton has committed to expanding its global distribution network while reducing consumer purchase prices. In order to bring back the business venture to make profits. Read more [The Giant Peloton’s Shares Tumble Despite CEO Change].

Earlier this month, the company announced additional cost-cutting measures including laying off more employees, closing stores, raising prices and eliminating home delivery services. Read more [Peloton Closes Stores, Raises Prices & Lays Off Employees].
📸: CNBC

26/08/2022

The United States has closed the huge gap in mining the Bitcoin which was left wide open by China by the end of June this year. Despite the rumors exist in the whole market of the high power consumption, the officials in Texas state ” one of the most fastest growing crypto mining hubs in the United States” do believe that the operation of mining can gain a symbiotic relationship with the energy industry.

A new newsletter from the office of Comptroller Texas, revealed the pro-crypto stance of the state with plans to host long-term miners and operators. To simplify the public misconception regarding the energy usage of Bitcoin, the fiscal note highlighted that unlike “manufacturing facilities or industrial chemical plants, which can be expected to be around for decades”, the facilities of the cryptocurrency mining don’t place big electrical demands on the grid.

With more miner moving to the state, concerns regarding the power demand still exist, as the sudden increase in the number of miners threatens to disturb the balance between supply and demand. While other industries with a great hunger of power often continue production in the middle of fluctuations in the market. Moreover, one of the topics raised by the research associate Joshua Rhodes was:

“The difference is that Bitcoin mines (mining facilities) can come in so fast and may be gone so fast depending on the price of Bitcoin.”

Looking at the special crypto mining market positioning, Texas officials believe that miners can be part of the demand response programs. This process is adopted worldwide by energy-intensive industries.

Also, the study supposed that the increased mining operations could stimulate the additional energy infrastructure, especially in the remote areas.

By the time of writing this article, Bitcoin (BTC) is trading at $21,719.22 in green.
📸: Level Up Coding - gitconnected

26/08/2022

A whistleblower against Twitter claims that there is a massive deficit by Twitter on privacy, protection and moderate content according to complaints filed by the Securities and Exchange Commission, Federal Trade Commission and the Department of Justice.

The complaints were filed by a non-profit law firm called Whistleblower Aid, which represents former Twitter security chief Peiter Mudge Zatko and the company, which also represents Facebook whistleblower Francis Haugen, has confirmed the credibility of the reports, which led to a 5% drop in Twitter’s stock during morning trading.

In the report, Zatko claimed that more than half of Twitter’s 500,000 servers are running outdated and out-of-date software and more than a quarter of employees’ computers have been out of date with updates, which could pose significant security risks, and he also noted that Twitter allowing board access to the platform’s production environment is “uncommon in a company of Twitter’s age and importance, as nearly all employees have access to systems or data that they shouldn’t.”

If government regulators find that Twitter has misled consumers about its security protocols, it may be a violation of a 2011 agreement with the Federal Trade Commission. Read more [Poor Results on Twitter as It Blames Elon Musk].

The complaint also mentioned inaccuracies and false claims made by Twitter to Elon Musk, who ran into a court dispute with it to get out of a deal to buy the social media company. Read more [Musk Files a Lawsuit Against Twitter Over its Acquisition].
📸: The Daily Item

26/08/2022

Dick’s Sporting Goods reported quarterly revenue and earnings above Wall Street analyst estimates while boosting its full-year financial outlook.

The sports products trading company expects a decline in comparable sales during 2022 by 6-2%, while it had previously predicted a decline between 8-2% due to the difficult comparison with sales of equipment and sportswear during the epidemic, and is now looking at adjusted earnings per share of $10-12 for the full year instead of its previous forecast of just $9.15-11.70, sending the company’s shares up 1% following the report. Read more [Dick’s Stock Rises Despite Lowering Expectations].

Dick’s indicated that net sales during the quarter increased significantly compared to the same period in 2019, and Executive Chairman Ed Stack stated that the results do not show that the company has benefited from sales growth only during the pandemic, but also reflects the structural changes that Dick’s made many years ago. Read more [Dick’s Stock Rises Despite Lowering Expectations].

The company’s adjusted earnings per share came to $3.68 during the second quarter ended July 30, exceeding analysts’ estimates of $3.58, and revenue during the quarter was $3.11 billion, compared to expectations of $3.07 billion, but net sales were down 5% year-over-year with comparable sales down 5.1%, and although the volume of purchases fell by 8.1%, it was offset by a 3.3% rise in average product prices.

Footwear, team sports and golf equipment were among the top-performing categories, while sportswear suffered from shipping delays, and the company noted that its inventory levels remain in good shape and ready for the back-to-school season. Read More [Macy’s Annual Outlook Retracted Despite Strong Results].
📸: Colorado.com
's_Sporting_Goods

26/08/2022

Macy’s announced a weaker outlook for the full year, citing a possible collapse in consumer spending, especially on some products such as apparel, which will force the supermarket chain to slash prices to get rid of excess merchandise and backlog.

These warnings come in conjunction with the announcement of the retail company’s disclosure of profits and revenues for the second fiscal quarter, which exceeded analysts’ estimates, and the company has been teasing consumers about launching its online store in the coming weeks after it was revealed for the first time last year.

Macy’s believes that revenues for the fiscal year 2022 will range between 24.34-24.58 billion dollars instead of its previous expectations between 24.46-24.7 billion dollars, and as for adjusted earnings per share, it will range between 4-4.2 dollars per share, which is lower than its previous guidance, which was between 4.53-4.95 dollars per share, while Wall Street analysts are looking at revenues equal to 24.36 billion dollars with earnings of 4.51 dollars per share. Read More [Target Profits Severely Decreased After Stock Disposal].

The guidance revision by Macy’s coincides with lowering annual expectations for retail giants such as Walmart and Target citing pressures surrounding earnings, and Kohls has also scaled back its guidance, saying middle-income consumers have been hit by inflation. Read more [Kohl’s Guidance Cuts and Blame on Inflation] and [Walmart’s Strong Results Push it To Confirm its Aspirations].

Macy’s earned $1 per share on an adjusted basis in the second fiscal quarter, beating analyst estimates of just 85 cents per share. The company raised $5.6 billion in revenue, beating estimates of $5.49 billion. It fell to $275 million, or 99 cents per share, from $345 million, or $1.08, during the same period a year ago. Macy’s stock grew 7% during the quarter compared to a year ago. Read More [Macy’s Results Beat Expectations in the Q1].
📸: CNBC

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