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Barry Callebaut Plunges 15% as Interim Volume Shrinks, Fiscal 2026 Profitability Outlook Weakens

Barry Callebaut (BARN.SW) shares dwindled 9% in early Thursday trading as fading demand, supply disruptions in North America, and a competitive overcapacity market dragged down interim sales volume and operating profit, forcing the Swiss chocolatier to downgrade its fiscal 2026 earnings guidance.Group volume in the six months ended Feb. 28 fell 6.9% year over year to 1,010,247 tonnes due to negative market dynamics, with global chocolate volumes dropping 5.1% and those for global cocoa declining 14.3%. Ultimately, the revenue of the chocolate and cocoa products company plunged to 6.75 billion francs from 7.29 billion francs a year ago.Operating profit or EBIT slipped 2.2% to 289.4 million francs and recurring EBIT by 5.7% to 310.9 million francs. Still, net profit attributable to Barry's shareholders surged annually to 89.4 million francs from 32.1 million francs amid lower income tax expenses. Additionally, a "significant and fast" decrease in cocoa bean prices, coupled with operational actions to reduce working capital, allowed the company to reduce net debt to 3.60 billion francs from 6.11 billion francs, which led to lower finance costs.As Barry intends to prioritize restoring volume and leading the market back to growth, it increased its fiscal 2026 volume outlook to expect a 1% to 3% volume decline, instead of the mid-single-digit decrease projected on Jan. 21. At the same time, Barry warned about a mid-teens contraction in recurring EBIT in local currencies during the 12-month term, with the profitability outlook subject to potential impacts from disruption in the Middle East.Previously, Barry anticipated a low- to mid-single-digit growth in recurring EBIT and a double-digit increase in recurring pretax profit in local currencies. Against this backdrop, the company noted that action was required to drive sustained profitable growth. While details will be announced in June, Barry intends to focus on key markets and segments, reintroduce a clear gourmet brand, and transition to a "smaller, more commercially focused" leadership team."As I reflect on my first few months at Barry Callebaut, it is clear that we have an unparalleled market position, deep expertise and fundamental growth opportunities. At the same time, we have significant work to do to reinvigorate the company after a turbulent period of industry disruption and transformation. We need to restore fundamentals, step-up service levels and empower our regional businesses," Chief Executive Officer Hein Schumacher said.

$BARN.SW

US Markets158d ago

J.B. Hunt First-Quarter Results Top Street Views

J.B. Hunt Transport Services (JBHT) reported better-than-expected first-quarter results as the transportation and logistics company recorded revenue growth in most of its business segments amid robust demand for its service offerings.Net earnings increased to $1.49 per share for the March quarter from $1.17 the year before, the company said late Wednesday, topping the consensus on FactSet of $1.44. Revenue improved 5% to $3.06 billion, ahead of the Street's view for $2.96 billion.The stock rose 2% in Thursday's most recent premarket activity."We experienced strong demand for our service offerings as a predominantly supply-driven freight recovery continued to gain steam, coupled with some modest improvements in demand," Chief Financial Officer Brad Delco said during an earnings call, according to a FactSet transcript. "This momentum was partially offset by the impact of weather, which negatively impacted incremental margins in the quarter."The company saw fuel surcharge programs protect its operations from volatility in fuel prices, Delco said on the call. "Fuel is generally a pass-through expense and typically has a small impact on profit dollars quarter-to-quarter," the CFO added.Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end of February, curtailing shipments through the crucial Strait of Hormuz.Sales in J.B. Hunt's intermodal business increased 2% to $1.5 billion boosted by a 3% gain in load volume. "Intermodal is a very fuel efficient solution for our customers," Delco told analysts. "So higher fuel prices enhance the value proposition of our leading intermodal franchise."Dedicated contract services sales inclined 2% to $840.6 million, driven by a 2% rise in productivity, or gross revenue per truck per week. The integrated capacity solutions segment saw revenue jump 20% to $322.7 million as volume climbed 10% on a yearly basis, while truckload sales advanced 23% to $205.4 million.Revenue in the final mile services segment declined 6% due to the impact of previously disclosed lost business, as well as demand stabilization across many of the company's end markets, but at lower levels than the prior-year period, J.B. Hunt said."We are executing extremely well across the organization on operational excellence in service, safety and lowering our cost to serve," according to Delco. "Without any meaningful tailwinds from price driven by this recent market inflection, we have already put ourselves on a path to restoring our margins."

$JBHT

US Markets158d ago

Australian Unemployment Rate Holds Steady in April

Australia's seasonally adjusted unemployment rate logged at 4.3% in March, unchanged from March, reported the Australian Bureau of Statistics (ABS) on Thursday.The nation's labor participation rate, that is the percent of adults working or seeking work, also remained unchanged in March from February, at 66.8%.Likewise, the employment-to-population ratio remained at 64.0%, unchanged in March from the previous month.In March, there were 14.76 million people employed in Australia, up 0.2% on month and up 1.4% on year, reported the ABS.In somewhat better news, the cumulative number of hours worked by all employees in Australia in March rose 0.2% on month and 2.0% on year, said the ABS.Australia's employment picture may remain largely unchanged through 2026, if a recent forecast from the nation's central bank holds water.In February, the Reserve Bank of Australia said it expects Australian gross domestic product (GDP) expand by about 1.8% in 2026, undergirded by household consumption and public spending.The nation's unemployment rate should end the year near 4.3%, the same as the April rate, according to the RBA forecast.

ASX 200

US Markets158d ago

China's Economy Climbs 5% in Q1

China's economy accelerated in March as its production and demand grew despite the ongoing Middle East conflict.China's gross domestic product in the first quarter rose 5%, landing within the year's target range of between 4.5% and 5%, according to Thursday data from the National Bureau of Statistics.The official data beat market estimates of a 4.8% growth, which was also forecasted by analysts surveyed by Reuters. ING economists predicted 4.7% rise, while ANZ analysts foresaw a 4.6% increase.The NBS attributed the current GDP to an acceleration in the growth of the country's production and supply and improving market demand, as well as a rebound in market prices and stable employment.In a note, ANZ economists Raymond Yeung, Vicky Xiao Zhou and Zhaopeng Xing saw this as the end of deflation."Since the improvement in price is primarily due to cost push rather than demand pull, the risk has now shifted from deflation to stagflation," Yeung, Zhou and Xing said.The industrial output climbed 5.7% in March, weaker than the 6.3% rise in January and February but beating the 5.5% increase predicted by Reuters surveyed analysts. However, it missed the 5.8% predicted by ANZ.Meanwhile, retail sales, which increased 1.7% from a year earlier, missed expectations as it was lower than the 2.8% rise in the first two months of the year and the 2.3% increase predicted by Reuters-polled analysts and ANZ's 2.9% forecast.The unemployment rate averaged 5.3% in the first quarter and it was 5.4% in March.ING's chief economist for Greater China, Lynn Song, said China can withstand the effects of the ongoing war in Iran unless it is prolonged."China is well-placed to weather short-term disruptions, but could face more pressure if energy prices remain higher for longer," Song said. "We could see a greater impact of higher prices on import costs and input costs in the months ahead."ANZ maintained its full-year GDP outlook of 4.8% due to the strains of the Middle East war.

Shanghai Composite^SZSE

US Markets158d ago

Nasdaq, S&P 500 Hit New Highs Amid US-Iran Peace Talk Prospects

The Nasdaq Composite and the S&P 500 notched record highs on Wednesday, buoyed by hopes that another round of peace talks between the US and Iran will likely result in a deal.The Nasdaq rose 1.6% to 24,016, marking the 11th consecutive one-day gain in a row, while the S&P 500 advanced 0.8% to 7,023. Both are new closing highs. The Dow Jones Industrial Average fell 0.2% to 48,463.7.Most sectors ended in the red, led by materials, while tech saw the biggest gain.Microsoft (MSFT) shares climbed 4.6%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Reports suggest Washington and Tehran could return to Pakistan for a second round of talks ahead of the deadline for a two-week ceasefire between the US and Iran. The first round of negotiations in Islamabad ended without a breakthrough."We feel good about the prospects of a deal," White House Press Secretary Karoline Leavitt said Wednesday, CNN reported."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.West Texas Intermediate crude oil was down 0.1% at $91.16 a barrel in Wednesday late-afternoon trade, while Brent gained 0.1% to $94.91.In company news, shares of retail brokers jumped, with Robinhood Markets (HOOD) up 10%, the best performer on the S&P 500. Webull (BULL) jumped 11%, while Interactive Brokers Group (IBKR) rose 3.4%.The rally followed the approval by the US Securities and Exchange Commission of a rule change that would eliminate the $25,000 minimum equity requirement for so-called "pattern day traders."Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares climbed 4.5%, while Bank of America rose 1.8%.Snap (SNAP) rallied 7.9%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher, with the 10-year rate up 2.8 basis points at 4.28% and the two-year rate rising 1.5 basis points to 3.77%.Gold was last down 0.7% at $4,816.50 per troy ounce, while silver fell 0.3% to $79.32 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$BULL$CRM$HOOD$IBKR$IBM$MS$MSFT$SNAP

US Markets158d ago

Fed's Beige Book Shows Growth in Economic Activity Despite Middle East Tensions

Most Federal Reserve districts saw growth in economic activity since early March despite hostilities in the Middle East, the US central bank said in its latest Beige Book released Wednesday.Eight districts reported a slight to moderate rise in economic activity, while the remaining four saw little change or declining activity, according to the latest document, prepared by the New York Fed based on data collected by April 6.The previous Beige Book, which was released March 4, showed that most Fed districts reported economic growth since mid-January, while the overall outlook was "optimistic." Information for that report was collected before the US-Israel war with Iran broke out at the end of February."The conflict in the Middle East was cited as a major source of uncertainty that complicated decision-making around hiring, pricing, and capital investment, with many firms adopting a wait-and-see posture," according to the latest report Wednesday.Reports suggest Washington and Tehran could return to Pakistan for a second round of talks ahead of the deadline for a two-week ceasefire between the US and Iran. The first round of peace talks in Islamabad ended without a breakthrough.Consumer spending edged higher despite a harsh winter weather in some areas and higher fuel prices, the Fed said."Many districts continued to report signs of consumer financial strain, increased price sensitivity, and rising demand at food banks and other social service organizations, while spending among higher-income consumers was resilient," the Beige Book showed.Activity was described as mixed in the agriculture sector, with rising crop prices offsetting the surge in fertilizer and fuel costs.US farmers are facing fertilizer affordability constraints as supply disruptions caused by the effective closure of the Strait of Hormuz have pushed prices higher, according to the American Farm Bureau Federation.A vast majority of districts saw moderate price increases overall, although all reported sharp gains in energy and fuel costs due to the Middle East conflict, according to the Beige Book. US consumer inflation accelerated to its highest monthly reading in nearly four years in March, the Bureau of Labor Statistics reported Friday.Employment was steady to up slightly, with one district reporting a slight decline, the Fed document showed. On the labor front, demand was seen stable in most districts amid low turnover and minimal layoffs, the Fed document showed."Business outlooks varied amid widespread uncertainty about future conditions," the Beige Book said.The Fed should be "nimble" in adjusting monetary policy in light of heightened risks to inflation and employment driven by the Iran war, minutes from the central bank's March 17-18 policy meeting showed last week.

US Markets158d ago

Retail Brokers Rally as SEC Approves Proposal to End Pattern Day Trade Minimum Balance

Shares of retail brokers rallied on Wednesday after the US Securities and Exchange Commission approved a rule change that would eliminate the $25,000 minimum equity requirement for so-called "pattern day traders."Under the original rule that dates back to 2001, pattern day traders, or investors who execute four or more day trades within five business days, were required to keep a minimum $25,000 equity in their margin accounts.The Financial Industry Regulatory Authority, Wall Street's self-regulatory watchdog, had proposed a rule change to replace that restriction with intraday margin provisions reflecting investors' market exposure.The SEC approved FINRA's proposal, according to a notice issued Tuesday.Shares of retail brokerage Robinhood Markets (HOOD) rallied 10% on Wednesday, while Webull (BULL) jumped 11%. Interactive Brokers Group (IBKR) rose 3.4%.The SEC notice must be published in the Federal Register to take effect, The Wall Street Journal reported.The new framework allows investors to execute trades without frequency limits and redeploy capital throughout the same trading session, Webull said on Wednesday."The shift in intraday margin rules represents a meaningful evolution in how active traders can participate in the markets," Webull Group President Anthony Denier said in a statement.

$BULL$HOOD$IBKR

US Markets158d ago

Starbucks Turnaround Strategy Delivering Results, Tigress Financial Says

Starbucks' (SBUX) turnaround efforts are delivering tangible results, as comparable sales turned positive for the first time in eight quarters in the company's fiscal first quarter, Tigress Financial Partners said Wednesday.The coffee giant launched its "Back to Starbucks" strategy in September 2024 to reignite traffic growth and unlock long-term margin expansion.The first quarter offered early evidence that the strategy is working, Tigress said in a note to clients Wednesday. In January, the company reported that revenue for the three months through December rose 5.5% year over year to $9.92 billion, surpassing the FactSet-polled consensus at the time. Global comparable store sales grew 4%."(The first quarter) marked a definitive inflection point, delivering the first US transaction growth in two years and the first positive comparable sales in eight quarters," Tigress Director of Research Ivan Feinseth said.The brokerage resumed coverage of the Starbucks stock with a buy rating and a $122 price target, saying bullish drivers include a new joint venture in China and its artificial intelligence-driven "Deep Brew" predictive inventory management platform."(Starbucks') turnaround execution, capital-efficient licensed model, historically supported multiples, and clear growth catalysts in store expansion and emerging markets will drive a reacceleration of business performance trends," Feinseth said.The company is scheduled to report second-quarter results April 28.Price: $98.83, Change: $+0.36, Percent Change: +0.37%

$SBUX

US Markets158d ago

Equities Mostly Rise Intraday as Trump Reportedly Says War Likely 'Very Close to Over'

US benchmark equity indexes were mostly higher intraday as President Donald Trump reportedly said the Iran was likely "very close to over."The Nasdaq Composite was up 1% at 23,873.7 after midday Wednesday, while the S&P 500 rose 0.4% to 6,998.1. The Dow Jones Industrial Average fell 0.3% to 48,376.9. Among sectors, consumer discretionary and technology paced the gainers, while industrials saw the steepest drop.Microsoft (MSFT) shares were up 4.4%, the top gainer on the Dow, with fellow tech majors Salesforce (CRM), Apple (AAPL), and IBM (IBM) among the best performers on the index.Trump said he sees the US-Israel war with Iran "as very close to over," news outlets reported, citing an interview on Fox Business Network conducted Tuesday and broadcast Wednesday. "We'll see what happens," Trump reportedly said. "I think they want to make a deal very badly."The army chief of mediator Pakistan arrived in Iran to try to prevent a renewal of the conflict, media outlets reported Wednesday."Markets have grown more confident that the Middle East crisis is moving toward a resolution, with the US and Iran arranging a second round of talks, and Tehran seemingly willing to halt shipments to avoid testing the US naval blockade," ING Bank said in a report.Iran's military has threatened to shut down shipping operations in the Red Sea, as well as the Persian Gulf and Sea of Oman if a US blockade of its ports continues, CNN reported.West Texas Intermediate crude oil was up 0.7% at $91.87 a barrel intraday, while Brent gained 0.6% to $95.40.In economic news, US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."US Treasury yields were higher intraday, with the 10-year rate up 3.2 basis points at 4.29% and the two-year rate rising 2.1 basis points to 3.78%.In company news, Morgan Stanley (MS) and Bank of America's (BAC) first-quarter results topped Wall Street's estimates. Morgan Stanley's shares were up 4.6%, while Bank of America rose 2.2%.Snap (SNAP) shares jumped 7.6%. The social media company plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.Gold was down 0.7% at $4,815.30 per troy ounce, while silver fell 0.4% to $79.18 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAPL$BAC$CRM$IBM$MS$MSFT$SNAP

US Markets158d ago

Homebuilder Confidence Tumbles to Lowest Since September Amid Macro Woes

US homebuilder confidence sank this month to the lowest since September amid economic uncertainty, as well as increasing building material costs and interest rates, the National Association of Home Builders and Wells Fargo said Wednesday.The housing market index, which covers new single-family homes, fell four points sequentially to 34 in April. The consensus was a 37 reading in a survey compiled by Bloomberg."Builder sentiment has fallen back in spring as buyers face ongoing elevated interest rates and growing economic uncertainty," NAHB Chairman Bill Owens said. "The year started with hopes for housing momentum growth, but risks with respect to the Iran war, energy costs, and declines for consumer confidence have slowed the market."A US navy blockade of Iranian ports in the Strait of Hormuz has been enforced after the US-Iran peace negotiations in Pakistan over the weekend ended without a deal. Still, a two-week ceasefire between Washington and Tehran holds. The war started at the end of February, sending energy prices soaring amid the closure of the crucial strait.The index gauging sales expectations decreased seven points sequentially to 42 in April, the NAHB survey showed Wednesday. The measure charting prospective buyers fell three points to 22, while current sales conditions moved down four points to 37, according to the report.About 36% of homebuilders cut prices this month, compared with 37% in March. The average price reduction was 5% in April, down from 6% the month prior, while the use of sales incentives was 60%, down from 64%."With oil prices higher in the US, 62% of builders reported suppliers have increased building material costs due to higher fuel prices, including gas and diesel," NAHB Chief Economist Robert Dietz said. "With near-term economic risks elevated, 70% of builders reported challenges pricing homes given uncertainty about material costs."Separately, the Mortgage Bankers Association said Wednesday mortgage applications in the US rose 1.8% in the week through Friday on a seasonally adjusted basis as rates fell. Without adjustments, applications increased 2%."Given the evolving situation in the Middle East and its impact on energy and commodity prices, mortgage rates declined last week," with the 30-year fixed rate hitting 6.42%, its lowest in a month, said Joel Kan, the MBA's deputy chief economist. "This dip in rates helped to support an increase in conventional refinance applications, which had declined for five consecutive weeks."The refinance index increased 5% week over week, while the seasonally adjusted purchase index decreased 1%, according to the report.

US Markets158d ago

US Farmers Face Fertilizer Affordability Challenges Amid Hormuz Closure, Survey Shows

US farmers are facing fertilizer affordability constraints as supply disruptions caused by the effective closure of the Strait of Hormuz have pushed prices higher, according to the American Farm Bureau Federation.A survey conducted by the advocacy group between April 3 and April 11 showed that about 70% of more than 5,700 farmers surveyed couldn't afford all their fertilizer requirements.The ongoing fertilizer affordability challenges appeared to be "most acute" in the South and Northeast regions, with farmers also hit by soaring farm diesel prices, according to a Tuesday report posted on the Farm Bureau's website."Nearly six in 10 farmers report worsening finances, reflecting rising fertilizer and fuel costs during spring planting and underscoring the urgent need for immediate economic assistance to keep farms gates open," said the author of the report, Faith Parum, who is an economist at the American Farm Bureau Federation.Shipments through the Strait of Hormuz have been disrupted as Iran prevented commercial vessels from passing through the narrow waterway since the war with the US and Israel started at the end of February. The strait carries around one quarter of global seaborne oil trade and about one-third of all seaborne trade in fertilizers, according to a recent UN Trade and Development report.A US navy blockade of Iranian ports in the strait has been enforced after the US-Iran peace negotiations in Pakistan over the weekend ended without a deal. Still, a two-week ceasefire between Washington and Tehran holds."Fuel and fertilizer markets are the most volatile since Russia's invasion of Ukraine, and the duration of disruptions in the Middle East and closure of the Strait of Hormuz will ultimately determine farm production expenses in the months ahead -- a variable that significantly impacts farm margins given historically low crop prices," Parum said.The survey showed that just 19% of farmers in the South were able to secure their fertilizer purchases ahead of the spring planting season, compared with 67% in the Midwest.Farm diesel prices have surged 46% since the start of the war, Parum said."Higher energy prices also increase the cost of producing nitrogen fertilizer, which relies heavily on natural gas as feedstock," she said. "These overlapping increases in fuel and fertilizer expenses help explain why more than 90% of farmers surveyed reported that their financial conditions have worsened or remained the same since last year."

US Markets158d ago

Morgan Stanley's Quarterly Results Beat Estimates Amid Investment Banking, Trading Gains

Morgan Stanley (MS) on Wednesday posted stronger-than-expected first-quarter results as sharp gains in investment banking and trading activity helped boost revenue to a record.Earnings per share jumped to $3.43 for the March quarter from $2.60 a year earlier and surpassed the FactSet-polled consensus of $3. Revenue climbed 16% to $20.58 billion, while analysts expected $19.74 billion.Revenue in the institutional securities division rose to $10.72 billion from $8.98 billion in the prior-year period, driven by a 36% surge in investment banking to $2.12 billion. Equity and fixed income groups also posted strong gains, at 25% and 29%, respectively.Wealth management revenue advanced 16% to a record $8.52 billion."Institutional securities benefited from robust client engagement and strength globally," Chief Executive Ted Pick said in a statement. "Wealth Management demonstrated continued momentum, with net new assets of $118 billion and fee-based asset flows of $54 billion."Shares of Morgan Stanley were up 5.5% intraday. The stock has risen 8.9% so far this year.Bank of America (BAC) reported its first-quarter performance on Wednesday, with both earnings and revenue topping market estimates amid double-digit gains in investment banking and asset management fees.JPMorgan Chase (JPM) and Citigroup (C) reported better-than-expected first-quarter results on Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted financials above Street projections.Price: $192.50, Change: $+9.16, Percent Change: +5.00%

$BAC$C$GS$JPM$MS$WFC

US Markets158d ago

Snap to Cut 16% of Global Workforce; Stock Gains

Snap (SNAP) plans to lay off about 1,000 employees, or roughly 16% of its full-time workforce, as part of Chief Executive Evan Spiegel's efforts to reduce costs.The job cuts are aimed to reallocate resources to high-priority initiatives, the social media company said in a Wednesday regulatory filing. In addition, the group is closing more than 300 open roles.Snap expects to reduce its annualized cost base by more than $500 million by the second half, "helping to establish a clearer path to net-income profitability," Spiegel said in a note to staff."While these changes are necessary to realize Snap's long-term potential, we believe that rapid advancements in artificial intelligence enable our teams to reduce repetitive work, increase velocity, and better support our community, partners, and advertisers," Spiegel said.The company estimates pretax charges of $95 million to $130 million from the workforce reductions, majority of which are expected to be incurred during the second quarter, the company said in the filing.Snap's shares rallied 6.3% in Wednesday trade. The stock has lost 26% so far this year.In 2024, the company disclosed plans to reduce its global headcount by about 10%, less than two years after it said it will lay off 20% of its workforce and discontinue certain projects.As a result of the latest job cuts, Snap expects adjusted operating expenses of roughly $2.75 billion for 2026, down from its previous guidance of about $3 billion, according to an investor presentation. The company reiterated its infrastructure cost outlook of $1.6 billion to $1.65 billion.For the first quarter, the Snapchat parent projects revenue of about $1.53 billion, representing annual growth of 12%, at the high end of its previously issued guidance range. The current consensus on FactSet is for sales of $1.52 billion.Price: $5.91, Change: $+0.31, Percent Change: +5.45%

$SNAP

US Markets158d ago

South Korea Unemployment Rates Declines to 2.7% in March

Despite Persian Gulf turmoils, South Korea's seasonally adjusted unemployment rate declined to 2.7% in March, down from 2.9% in February, striking a four-month low, reported the Ministry of Data and Statistics (MDS) on Tuesday.The economically active population, that is, citizens aged 15 or more and employed or seeking work, rose to 28.8 million in March, up from 28.6 million a year earlier.The number of unemployed persons in March fell 884,000, down from 993,000 in February, added the MDS.Despite the generally good overall employment numbers in March, some details of the South Korean worker picture "remain weak," said ING Think, an arm of the Dutch investment house.The decline in the March unemployment rate "for example, was partly due to workers exiting the labor market rather than to job growth," said ING Think. "Also, most of the job growth was concentrated in low-wage, low-skilled service positions and self-employment. By contrast, manufacturing and salary-based employment declined."While good-paying factory jobs became more scarce, the most jobs added in March were in the categories of eating out, accommodation, transportation, and information & communications, said ING Think."These jobs are mostly non-regular and low-wage, having a limited positive impact on household spending. We think this trend indicates subdued domestic demand," advised ING Think.The Middle East and related supply snags, including tight oil markets, are likely to worsen the South Korea employment picture in coming months, added ING Think."We are also concerned that supply disruptions lasting beyond two months could weaken labor market conditions across a broader range of industries. Petrochemical activity, including Naphtha Cracking Centers utilization rates, have already dropped to their lowest levels in March," said ING Think. "This type of enforced production slowdown is expected to become widespread and to start hurting employment in other sectors."

^KOSPI

US Markets158d ago

Bank of America First-Quarter Results Top Street Views; CEO Moynihan Sees 'Resilient' US Economy

Bank of America's (BAC) first-quarter results topped Wall Street's estimates buoyed by double-digit gains in investment banking and asset management fees, while Chief Executive Brian Moynihan said factors including robust consumer spending indicate a resilient US economy.The banking giant's per-share earnings increased to $1.11 for the March quarter from $0.89 a year earlier, surpassing the FactSet-polled consensus of $1.01. Total revenue, comprising net interest and noninterest income, improved 7% to $30.27 billion, ahead of the Street's view for $29.95 billion.The stock was up 1.2% in the most recent premarket activity.JPMorgan Chase (JPM) and Citigroup (C) reported better-than-expected first-quarter results on Tuesday, while Wells Fargo's (WFC) revenue missed market views. On Monday, Goldman Sachs (GS) posted first-quarter results above Street projections.Bank of America's consolidated net interest income climbed 9% to $15.75 billion, while noninterest income inclined to $14.53 billion from $13.8 billion in the prior-year quarter.The lender remains "watchful of evolving risks," but saw healthy client activity, including "solid consumer spending and stable asset quality, indicating a resilient American economy," Moynihan said in the earnings release. JPMorgan CEO Jamie Dimon also said Tuesday that the US economy remained resilient and that consumers were "still earning and spending."Energy prices have soared in the aftermath of the US-Israel war with Iran that began at the end of February, curtailing shipments through the crucial Strait of Hormuz. Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal, but a two-week ceasefire between Washington and Tehran still holds.Revenue in Bank of America's global wealth and investment management division advanced 12% to $6.71 billion, boosted by a 15% rise in asset management fees to $4.2 billion, reflecting higher market valuations and robust asset under management flows.The global banking segment saw 5% growth in revenue to $6.29 billion, driven by a 21% jump in investment banking fees to $1.8 billion. Consumer banking revenue rose to $11.05 billion from $10.49 billion a year ago.Global markets revenue inclined 8% to $7.11 billion, buoyed by higher sales and trading revenue. The bank's fixed income, currencies and commodities revenue increased 2% to $3.5 billion, while equities revenue climbed 30% amid increased client activity.Provision for credit losses fell to $1.34 billion from $1.48 billion in the 2025 quarter.

$BAC

US Markets159d ago

Stocks Down Pre-Bell as Traders Monitor Developments on US-Iran Peace Talks

The main US stock measures were pointing lower in Wednesday's premarket activity as traders monitor updates on the potential revival of peace talks between the US and Iran and await more bank earnings.The S&P 500, the Dow Jones Industrial Average and the Nasdaq declined 0.2% each before the opening bell. The indexes finished Tuesday trading higher, with the Nasdaq extending its winning streak to a tenth consecutive session.President Donald Trump told the New York Post on Tuesday that additional negotiations with Iran over a peace deal "could be happening over next two days" in Pakistan. A second round of talks between Washington and Tehran is currently under discussion, although nothing has been officially scheduled yet, CNBC reported Tuesday, citing a White House official.In a Fox Business interview, Trump said he views the Iran war as "very close to over."Over the weekend, US-Iran peace negotiations in Pakistan ended without a deal. Following that setback, the US navy started a blockade of Iranian ports in the crucial Strait of Hormuz. A two-week ceasefire between the US and Iran, however, still holds.West Texas Intermediate crude oil inclined 1.8% to $92.96 a barrel in premarket action, while Brent rose 2.2% to $90.13.The International Energy Agency on Tuesday forecast global oil demand to turn negative this year due to the Middle East conflict, penciling in the sharpest consumption decline in the second quarter since the COVID-19 pandemic.Treasury Secretary Scott Bessent reportedly said at an event on Tuesday that the Trump administration's tariffs may be restored by July to the levels in place before the Supreme Court invalidated them in February.Treasury yields were moving upwards before the open, with the two-year rate gaining 0.4 basis points to 3.76% and the 10-year rate adding 0.6 basis points to 4.26%.Bank of America (BAC), Morgan Stanley (MS), Progressive (PGR), PNC Financial Services (PNC), M&T Bank (MTB) and First Horizon (FHN) are all scheduled to post their quarterly earnings before the bell, among others. J.B. Hunt Transport Services (JBHT) releases its results after the markets close.ASML's (ASML) US-listed stock nudged 0.8% lower pre-bell after the Dutch chip equipment maker reported its quarterly results. Broadcom (AVGO) gained 3.1% as the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's artificial intelligence compute infrastructure.Government data on Tuesday showed that producer prices growth steadied in March as wholesale costs of energy surged amid volatility stemming from the Iran war.Wednesday's economic calendar has the weekly mortgage applications bulletin at 7 am ET, followed by the Empire State manufacturing index for April and the import and export prices report for March, both at 8:30 am. The housing market index for this month is out at 10 am, while the EIA domestic petroleum inventories report is due at 10:30 am.The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, posts at 2 pm.Fed Governor Michael Barr is slated to speak at 8:30 am, while Fed Vice Chair for Supervision Michelle Bowman speaks at 1:45 pm.Gold slipped 0.7% to $4,818 per troy ounce, while bitcoin ticked down 0.2% to $74,132.

Dow JonesNasdaq CompositeS&P 500$ASML$AVGO$BAC$FHN$JBHT$META$MS$MTB$PGR$PNC

US Markets159d ago

Hermès Tumbles as Middle East War Hits First-Quarter Sales

Hermès International's (RMS.PA) first-quarter sales fell short of expectations, weighed down by a 290 million-euro hit from currency fluctuations and weaker tourist flows amid the ongoing war in the Middle East.Shares dropped over 9% in Paris as of midday Wednesday.The French luxury goods group's total revenue for the three months ended March 31 declined 1.4% year over year on a reported basis to 4.07 billion euros, below the Visible Alpha consensus of 4.16 billion euros. At constant exchange rates, total revenue was up 5.6%, the company said in a same-day earnings release.By geographical area, sales at constant exchange rates in Europe, excluding France, gained 9.7%, while the Americas region and the Asia-Pacific region, excluding Japan, saw a 17.2% and 2.2% growth, respectively. Japan booked a 9.6% increase in sales, while the Middle East and France logged declines of 5.9% and 2.8% amid a slowdown in tourist flows as a result of the war.Hermès also saw growth in sales across its sectors, at constant currency, with the exception of the Watches segment, which posted a 3.7% fall, while the Perfume and Beauty and the Ready-to-wear and Accessories segments recorded stable sales."Hermes has delivered 1Q26 revenues of EUR4.1bn (+5.6% organic) which are 2% below consensus (+7.1%) however in line with RBC estimates (+5.9%). Stronger than expected Americas and Europe ex-France is offset by weaker France (lower tourist flows) and APAC," analysts at RBC Capital Markets said in a quick take note. "These results are likely to be met with some disappointment despite moderating expectations and relatively soft share price performance coming into the print."Looking ahead, Hermès confirmed its goal of achieving revenue growth at constant exchange rates over the medium term, despite global economic, geopolitical and monetary uncertainties.

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US Markets159d ago

ASML Boosts 2026 Total Net Sales Target Amid AI-driven Demand

ASML Holding (ASML.AS) upgraded its full-year 2026 total net sales outlook following a strong first-quarter performance driven by heightened demand for artificial intelligence-related infrastructure.The Dutch semiconductor equipment manufacturer said Wednesday it is targeting total net sales of between 36 billion euros and 40 billion euros, up from the previously guided range of 34 billion euros to 39 billion euros. Meanwhile, the company retained its gross margin guidance of between 51% and 53%.For the second quarter, ASML anticipates total net sales of between 8.4 billion euros and 9 billion euros, with a projected gross margin of 51% to 52%."The semiconductor industry's growth outlook continues to solidify, driven by ongoing AI-related infrastructure investments. Demand for chips is outpacing supply. In response, our customers are accelerating their capacity expansion plans for 2026 and beyond, supported by long-term agreements with their customers," President and Chief Executive Officer Christophe Fouquet said, adding that ASML's order intake continues to be very strong due to rising customer demand.The upgraded outlook comes as ASML reported that US GAAP total net sales for the three months ended March 29, 2026, were 8.77 billion euros, against the 7.74 billion euros in the three months ended March 30, 2025. Net system sales contributed 6.28 billion euros to the total amount, while gross profit as a percentage of net sales stood at 53%, compared with the year-ago 54%.Additionally, net income for the three-month period was 2.76 billion euros, against the 2.36 billion euros previously, and EPS moved to 7.15 euros from 6 euros.In the first quarter, ASML reported that it repurchased 1.1 billion euros worth of shares, marking the start of its 12 billion-euro buyback program scheduled through 2028.By Wednesday midday, the Amsterdam-listed stock declined almost 1%.

$ASML.AS

US Markets159d ago

Broadcom Expands Partnership With Meta for AI Compute Infrastructure

Broadcom (AVGO) shares rose early Wednesday after the chipmaker expanded its partnership with Meta Platforms (META) to support the technology giant's artificial intelligence compute infrastructure.Broadcom will deploy technology for Meta's training and inference accelerator, or MTIA, silicon chips, under the multi-year deal, with plans to extend through 2029, the companies said in a joint statement late Tuesday. The partnership includes an initial commitment of more than one gigawatt of computing capacity.The companies plan to co-design and scale hardware required to bring generative AI features and "personal superintelligence" to Meta-owned social media applications, such as WhatsApp, Instagram, and Threads. Broadcom plans to provide its ethernet networking solutions to help Meta scale its AI systems.Broadcom's stock increased 2.9% in the most recent premarket activity, while Meta edged up 0.2%."We are pleased to expand our strategic collaboration with Meta as they pioneer the next frontier of artificial intelligence," Broadcom Chief Executive Hock Tan said in the statement. "This initial MTIA deployment is just the beginning of a sustained, multi-generation roadmap to serve the trajectory of massive growth over the next few years."Given the scale of the expanded partnership, Tan will step down from Meta's board of directors and serve in an advisory role for the Facebook parent, the statement said."Meta is partnering with Broadcom across chip design, packaging, and networking to build out the massive computing foundation we need to deliver personal superintelligence to billions of people," according to Meta CEO Mark Zuckerberg. "As we roll out more than (1 GW) of our custom silicon to start and then multiple gigawatts over time, this partnership will give us greater performance and efficiency for everything we're building."Last week, Broadcom entered into a long-term deal to produce AI chips for Alphabet's (GOOG, GOOGL) Google and expanded its collaboration with Amazon-backed (AMZN) AI startup Anthropic.

$AVGO$META

US Markets159d ago

South Korean Imports Soar in March on Iran War Cost Pressures

South Korea's import prices jumped 16.1% month on month in March, according to preliminary data from the Bank of Korea released on Wednesday.The surge is the biggest on a month-on-month basis in nearly three decades due to cost pressures stemming from the war in Iran, Bloomberg reported separately the same day.On a yearly basis, imports jumped 18.4%, led by raw materials exports, which surged 40% year over year.Export prices increased 16.3% on a monthly basis, according to the central bank. The rise shows broad inflationary pressure across trade flows, according to the news outlet.The increases in both indicators also reflect a rise in crude costs coupled with a weaker won, according to Bloomberg.Exports surged 28.7% year over year, led by a 28.7% yearly increase in manufacturing goods, the central bank said in its release."The outlook for consumer inflation will likely be influenced by a combination of factors, including how the conflict in the Middle East unfolds, and the effectiveness of the government's price stabilization measures," Bloomberg quoted BOK Price Statistics Chief Lee Moon-hee as saying.South Korea's growth outlook is seen to rise 1.9% in 2026, while inflation is seen to accelerate to 2.5% this year from a previous forecast of 1.8%, according to the International Monetary Fund's World Economic Outlook.The forecast follows the central bank's siren on an increase in price pressures, with inflation exceeding a 2.2% forecast for 2026, Bloomberg said, citing Governor Rhee Chang Yong.The net barter terms of trade index gained 22.8% year over year in US dollar terms.

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US Markets159d ago

Stocks Down Pre-Bell as Traders Monitor Developments on US-Iran Peace Talks

Dow JonesNasdaq CompositeS&P 500$ASML$AVGO$BAC$FHN$JBHT$META$MS$MTB$PGR$PNC