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Ford stock soars on news of strong fourth-quarter profit, 2024 outlook and special dividend
35 minutes ago
Ford (F) stock rose Wednesday after the company reported better-than-expected fourth-quarter profits, predicted strong earnings in 2024 and announced plans to return more cash to shareholders. It increased by more than %.
Ford’s earnings per share were 29 cents, down from 51 cents a share in the year-ago period, but more than double what analysts expected. Fourth-quarter sales rose 4% to $46 billion, also exceeding expectations.
Ford expects adjusted earnings before interest and taxes to be $10 billion to $12 billion in 2024, compared to $10.4 billion in 2023. These estimates represent the high end of the $10 billion to $10.5 billion the company predicted in November. Six-week strike by the United Auto Workers union.
Ford also announced a first-quarter regular dividend of 15 cents per share and an additional dividend of 18 cents to be paid on March 1. The company said it aims to distribute 40% to 50% of its adjusted free cash flow to shareholders. The automaker expects it to be between $6 billion and $7 billion in 2024.
Despite Wednesday’s rally, Ford stock has fallen about 7% over the past year.
-Kevin George
Disappointing fourth-quarter sales plunge, outlook for 2024 weak
1 hour 52 minutes ago
Snap (SNAP) on Wednesday morning after the parent company of instant messaging app Snapchat reported top-line numbers that were lower than analysts expected and issued a weaker outlook for the current quarter due to the impact of the Middle East conflict. ‘s stock price plummeted more than 30%. This contributed to the slowdown in digital advertising.
The Santa Monica, Calif.-based company’s fourth-quarter revenue was $1.36 billion, up 5% from a year earlier, but missed Wall Street’s expectations of $1.38 billion. This marks the sixth consecutive quarter of single-digit growth or sales declines. Snap said the ongoing war between Israel and Hamas contributed to the lower-than-expected revenue for the period.
Looking forward, the company’s first quarter revenue guidance range is $1.095 billion to $1.135 billion, representing 11% to 15% year-over-year growth, although the midpoint of that range remains That fell short of street expectations of $1.117 billion.
Source: TradingView.com.
Since bottoming near $8.50 in late September, SNAP has trended upward for several months, then leveled off to its 50-day moving average. Watch to see if the stock can close above the key $12 level during this post-earnings decline. In this area on the chart, support from a multi-month horizontal trendline and rising 200-day moving average converges.
Snap fell 34% to $11.48 about an hour after the opening bell.
-Timothy Smith
NYCB stock continues to fall after liquidity update and board changes
2 hours 30 minutes ago
New York Community Bancorp (NYCB) shares fell as much as 10% in early trading Wednesday, with losses widening on concerns about the company’s unexpected fourth-quarter loss and commercial real estate exposure.
NYCB shared an update on deposits and liquidity on Tuesday night to reassure investors concerned about credit rating agency Moody’s decision to downgrade the bank’s debt to junk status.
“Despite the downgrade by Moody’s, our deposit ratings by Moody’s, Fitch and DBRS remain investment grade,” CEO Thomas Cangemi said in a press release. “Moody’s downgrade is not expected to have a material impact on our contractual arrangements.”
And earlier Wednesday, the bank appointed board member Alessandro Dinero as executive chairman, adding that Dinero “will continue to work with President and CEO Thomas to improve all aspects of the bank’s operations.” We will work with Mr. R. Kangemi and the rest of the senior management team.” Dinero joined the board in 2022 when New York CB acquired Flagstaff Bank, where he had been CEO since 2013.
NYCB stock has lost more than 60% of its value in the last month, with most of that decline coming after the company reported an unexpected loss on January 31st. Shares fell more than 20% yesterday to close at $4.20 following the downgrade by Moody’s. Lowest price since 1997.
Stocks that move the most before the market
3 hours 23 minutes ago
Profit:
- Fortinet Inc. (FTNT): Shares of the cybersecurity company rose more than 8% after quarterly earnings and billings beat Wall Street expectations.
- Ford Motor Co. (F): The company’s stock rose more than 5% after the company beat profit estimates and said it expects a better-than-expected 2024.
- Warner Bros. Discovery (WBD): Shares of Warner Bros. Discovery rose more than 3% after the company announced it would partner with Disney’s ESPN (DIS) and Fox (FOXA) to launch a sports streaming service. Disney shares fell about 1% in premarket trading, while Fox rose nearly 5%.
loss:
- Snap Inc. (SNAP): The social media company’s stock fell 30% after it reported lower-than-expected fourth-quarter earnings, citing headwinds from the Middle East conflict.
- Alibaba Group Holding (BABA): Chinese e-commerce giant Alibaba’s U.S. deposit receipts fell more than 4% as fourth-quarter sales also fell short of expectations.
- Uber Technologies (UBER): The ride-hailing software company’s stock fell 2% despite posting strong revenue and bottom line results in its quarterly report. The stock price has doubled in the 12 months leading up to Wednesday’s earnings release.
Stock futures rise
3 hours 44 minutes ago
In premarket trading Wednesday, futures contracts tied to the Dow Jones Industrial Average rose 0.2%.
S&P 500 futures rose 0.3%.
The Nasdaq 100 rose 0.4% before the opening bell.
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