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OCBC Profit Rises in Q1 as Wealth, Insurance Income Offset Margin Pressure

Oversea-Chinese Banking Corp. or OCBC (SGX:O39), posted a 5% rise in first-quarter attributable profit as record non-interest income, led by solid growth in wealth management, cushioned the impact of thinning lending margins in a declining interest rate environment.Net profit attributable to equity holders came in at SG$1.97 billion, up from SG$1.88 billion a year earlier, according to the company's earnings published Friday.Earnings per share rose to SG$1.76, compared with SG$1.67 in the year-ago period. Analysts polled by Visible Alpha had projected EPS of SG$0.43 for the period.Total income rose 5% to SG$3.83 billion from SG$3.66 billion, as non-interest income jumped 23% to SG$1.61 billion from SG$1.31 billion a year earlier.Net interest income, however, declined 5% year over year to SG$2.22 billion from SG$2.35 billion. Analysts polled by Visible Alpha had projected net interest income of SG$2.30 billion."The Group's solid Q1 performance was underpinned by record non-interest income, led by strong growth in wealth management." "Operating expenses were well managed, with cost-to-income ratio below 40%. Loans and deposits were higher, supported by continued momentum in strategic growth areas," the lender said.OCBC added that its acquisition of HSBC's wealth business in Indonesia fits well into its "Next Frontier strategy" as the lender looks to build up its wealth business in Indonesia.Despite the strong performance, OCBC issued a cautious outlook regarding the global landscape, highlighting that global conditions remain uncertain amidst persistent geopolitical tensions and elevated inflation risks.The lender noted that the near-term outlook will depend on the evolution of the war in the Middle East and its potential impact on energy supply and pricing.However, OCBC reaffirmed that it remains "well positioned to navigate uncertainties and deliver sustainable long-term value."

$SGX:O39

US Markets1d ago

Toyota Forecasts 22% Profit Drop for Next Fiscal Year on Middle East Headwinds

Toyota Motor (TYO:7203) warned that net income attributable to shareholders would slump 22% to 3 trillion yen in the fiscal year ending March 2027, as the world's largest automaker struggles to absorb shocks from the Middle East conflict.Sales for fiscal year 2027 are predicted to inch up 0.6% to 51 trillion yen, according to Toyota's fiscal year 2026 results published Friday.In a presentation accompanying its results, Toyota said the company may be unable to absorb the newly added impact from the Middle East.Bloomberg noted, citing data from the Japan Automobile Manufacturer's Association, that Japan's domestic carmakers import about 70% of their aluminum materials from the Middle East."[W]e expect operating income to decline for the third consecutive year. We believe this is because our response to changes in the operating environment has been limited to measures that can be implemented in the short term, while progress on the business structure transformation that should be pursued from a mid- to long-term perspective remains only partway complete," Toyota said.Toyota is targeting sales of 10.5 million Toyota and Lexus-branded vehicles in fiscal year 2027, boosted by strong demand at home. The company expects Japan sales to grow 25% next fiscal year, while overseas sales are forecast to decline 3%.Meanwhile, production of these vehicles are predicted to grow to 10 million units from 9.9 million units in fiscal year 2026.For the fiscal year ended March 31, 2026, Toyota's net profit plunged 19% year on year to 3.99 trillion yen, with earnings per share shrinking to 295.25 yen from 359.56 yen.Sales rose 5.5% year on year to 50.69 trillion yen, which it attributed to increased vehicle sales volume and the effects of price revisions that offset the 1.4 trillion yen impact of US tariffs.Operating income, however, tumbled 21.5% year on year to 3.77 trillion yen."Despite the impact of US tariffs, we were able to secure profits in line with our guidance due to increased vehicle sales volumes and the effects of price revisions underpinned by strong product competitiveness, as well as steadily accumulated improvement efforts such as expanded value chain revenues," Toyota said.Consolidated vehicle sales in fiscal year 2026 rose to 9.6 million units from 9.4 million units in the previous year, on the back of strong demand in Japan and North America.Toyota lifted its annual dividend for fiscal year 2026 to 95 yen per share from 90 yen per share a year earlier. It expects to raise its full-year dividend for the next fiscal year by 5 yen to 100 yen per share.

$TYO:7203

US Markets1d ago

Commerzbank Sets 'Ambitious' 2030 Targets, Insists on Independence Amid UniCredit Takeover Offer

Commerzbank (CBK.F) on Friday ramped up its long-term financial goals, unveiling a new, "ambitious" set of targets through 2030 as it reported strong first-quarter results.The German bank raised its 2028 revenue outlook to 15 billion euros from 14.2 billion euros, with a further increase to 16.8 billion euros projected by 2030, representing a 6% compound annual growth rate. Management expects a balanced contribution from both net interest and commission income to drive this growth.Commerzbank also pledged a cumulative 600 million-euro investment in artificial intelligence through 2030 as it plans additional job cuts of up to 3,000 roles.The new strategy is designed to reinforce the bank's independence amid an ongoing unsolicited takeover attempt by Italian peer and shareholder UniCredit (UCG.MI). "Our top priority is to create sustainable value for our stakeholders. We remain convinced of the strength and potential of our independent strategy, which is focused on profitable growth," Commerzbank said in its financial report.Commerzbank on Tuesday noted that UniCredit's takeover offer sits 8.7% below its Monday closing price of 34.02 euros. The Italian banking group proposed 0.485 of its shares for each of the German lender's shares, valuing the target at 31.07 euros per share.Looking at its first-quarter results, the German bank's income before risk result for the three months ended March 31 totaled 3.22 billion euros, compared with 3.07 billion euros previously. Net interest income slipped to 2.05 billion euros from 2.07 billion euros, while net commission income rose by 8.9% to 1.10 billion euros.Operating result also grew to 1.36 billion euros from 1.23 billion euros in the prior-year period, while consolidated profit attributable to shareholders was 913 million euros, against the 834 million euros earlier. EPS moved to 0.84 euro from 0.73 euro.Commerzbank also lifted its forecasts for 2026, with the bank now targeting consolidated net profit of 3.4 billion euros and net interest income of 8.6 billion euros, compared with previous projections of 3.2 billion euros and 8.5 billion euros, respectively.The German lender's shares rose more than 3% in early trading.

$CBK.F$UCG.MI

US Markets1d ago

Mitsubishi Motors Swings to Loss in Q3 Fiscal Year

Mitsubishi Motors (TYO:7211) swung to a loss in the third quarter of the 2025-2026 fiscal year as the company felt the impact of the U.S. tariffs on its operations.The loss attributable to owners during the period was 4.49 billion Japanese yen, or 3.35 yen per share, according to the company's earnings published Tuesday.The attributable profit a year earlier was 33.2 billion yen, or 22.8 yen per share.Net sales slid 1% year on year to 1.977 trillion yen from 1.989 trillion yen."Price competition continues to be severe due to the continued aggressive export stance of Chinese manufacturers," the automobile company said during an investor call. "Furthermore, geopolitical and macroeconomic uncertainties remain high, including U.S.-China tensions, policy friction over green products, and concerns about a global economic slowdown."The impact of the tariffs eased at the start of the year as the U.S. made trade deals with China. However, the automobile industry continues to face challenges amid the Middle East conflict.Japanese automakers are forced to trim production and look for alternative supplies as the war in Iran affected aluminum supplies. Carmakers, such as Toyota (TYO:7203) and Denso (TYO:6902), purchased 70% of their aluminum imports from the Middle East, the Japan Times reported April 20, citing data from Japan's top auto lobby.Uncertainty still lingers despite the U.S. and Iran agreeing on a ceasefire. There is still the risk of metal supplies dwindling as the Strait of Hormuz has not yet fully opened.Meanwhile, Mitsubishi forecasted that its attributable profit for the full 2025-2026 fiscal year will jump 76% to 10 billion yen, with a basis earnings per share of 7.47 yen.Net sales for the full fiscal year are expected to grow to 2.900 trillion yen after the introduction of new models pushed sales volume higher, especially in December 2025, the company said.

$TYO:6902$TYO:7203$TYO:7211

US Markets1d ago

Japan Services Activity Hits 11-Month Low as Middle East Conflict Drives Input Costs to One-Year High

Japan's service sector growth slowed to an 11-month low in April as rising costs and weaker demand weighed on activity, while companies raised prices at one of the fastest rates on record, adding to concerns over mounting inflationary pressure ahead of a possible Bank of Japan rate increase.The au Jibun Bank Japan Services PMI business activity index fell to 51 in April from 53.4 in March, marking the weakest expansion since May 2025, according to data compiled by S&P Global Market Intelligence. A reading above 50 indicates growth.New business growth also softened to the slowest pace since October, while export demand contracted for the first time in five months as uncertainty linked to the Middle East conflict and elevated prices weighed on overseas sales.At the same time, input costs rose at the fastest rate in a year, driven largely by higher fuel and import expenses tied to the conflict and a weaker yen. Companies passed those costs on to customers, pushing selling prices to the third-steepest increase since the survey began in 2007.The broader composite PMI, which combines manufacturing and services activity, eased to 52.2 from 53, though manufacturing output expanded at the fastest pace in more than 12 years amid front-loaded demand."Underlying data indicated that the slowdown stemmed from more subdued growth across the service sector, as manufacturers reported the quickest rise in output in over 12 years amid reports of front-loading due to thewar in the Middle East," said S&P Global Market Intelligence's Economics Associate Director Annabel Fiddes.The data adds to signs that Japan's economy is entering a more difficult phase for policymakers, with slowing activity coinciding with persistent inflation pressure."The business mood continued to be dampened by lingering uncertainty over the war and the possibility of future price hikes and softer customer demand. Notably, optimism around the year-ahead slipped to the lowestsince the COVID-19 pandemic in August 2020," Fiddes added.Separate government data showed real wages in March rose 1% from a year earlier for a third straight monthly increase, while nominal wages climbed 2.7% to 317,254 yen. However, wage gains continued to lag inflation, with consumer prices rising 1.6%.The combination of softer services demand and accelerating price pressures could complicate the Bank of Japan's policy outlook as markets increasingly price in a possible rate increase in June. The central bank kept interest rates unchanged in April but warned that inflation could overshoot expectations as companies continue shifting toward higher wages and prices.

$^N225

US Markets1d ago

S&P 500, Nasdaq Snap 2-Day Record Run as Oil Prices Rise in Volatile Session

The S&P 500 and the Nasdaq Composite fell from record closing highs on Thursday as oil prices rose in what turned out to be a choppy trading session for crude.The S&P 500 closed 0.4% lower at 7,337.1, while the Nasdaq slipped 0.1% to 25,806.2. The Dow Jones Industrial Average dropped 0.6% to 49,597. All three indexes snapped a two-day advance that propelled the S&P 500 and the Nasdaq to all-time highs.Barring communication services and technology, all sectors were in the red, led by materials and energy.West Texas Intermediate crude was last up 0.7% at $95.73 a barrel, swinging between gains and losses during Thursday late-afternoon trade. Brent was up 0.1% at $101.36. Both benchmarks fell sharply Wednesday amid prospects of a diplomatic breakthrough between the US and Iran.Iran is still reviewing "messages" from the US via Pakistani mediation, CNN reported, citing Iranian media. Tehran has set out new rules for ships looking to transit ross the crucial Strait of Hormuz, the news outlet reported."Markets continue to be cautiously optimistic toward the prospect of a US-Iran deal to end the war despite the appearances of the US administration pumping the deal vastly more than the other side," Scotiabank said in a note.US Treasury yields were higher, with the 10-year rate up 4.5 basis points at 4.40% and the two-year rate rising 5.4 basis points to 3.92%.In company news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand. The luxury fashion company's shares slumped 12%, the second-worst performer on the S&P 500.Planet Fitness (PLNT) shares slid 31% after the fitness center operator tempered its full-year expectations amid fewer-than-projected member additions in the first quarter.Shake Shack (SHAK) shares plummeted 28% after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.Datadog (DDOG) shares surged 31%, the top gainer on the S&P 500. The software maker raised its full-year outlook after posting first-quarter results that topped the Street expectations.In economic news, US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday.The report comes ahead of the official April nonfarm payrolls data to be released on Friday.Official data are expected to show that the US economy added 65,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus. On Wednesday, ADP (ADP) said that employment in the US private sector grew at its fastest pace in more than a year.Gold was up 0.3% at $4,709.90 per troy ounce in Thursday late-afternoon trade, while silver jumped 2.7% to $79.40 per ounce.

$^DJI$^IXIC$^SPX$ADP$DDOG$PLNT$SHAK$TPR

US Markets1d ago

Airbnb Trails First-Quarter Earnings Views, Beats on Revenue Amid Demand Strength

Airbnb's (ABNB) first-quarter earnings lagged Wall Street's estimates, while the vacation rental company reported higher-than-expected revenue amid demand momentum.Earnings per share rose to $0.26 from $0.24 a year earlier, but trailed the FactSet-polled consensus of $0.30. Revenue increased 18% year-over-year to $2.68 billion, above the Street's $2.62 billion view.Revenue benefited from strong growth in nights stayed and "a meaningful increase" in average daily rate, Airbnb said in a shareholder letter.Gross booking value, which includes host earnings, service and cleaning fees and taxes, advanced 19% annually to $29.2 billion, compared with $27.82 billion modeled by analysts.Nights and seats booked grew 9% to 156.2 million, compared with the Street's 155.8 million view. The metric represents the total number of nights booked for stays and seats booked for services and experiences, net of cancellations and alterations."We're navigating a period of macroeconomic and geopolitical uncertainty," the company said. "We saw that show up in slightly elevated cancellations this quarter in (Europe, the Middle East, and Africa) and Asia Pacific, primarily driven by the conflict in the Middle East."For the second quarter, Airbnb forecast revenue of $3.54 billion to $3.60 billion, reflecting annual growth of 14% to 16%. The consensus is for $3.46 billion.Gross booking value is seen rising in the low-double-digit range amid gains in nights and seats booked, Airbnb said.The company expects the full-year revenue growth to accelerate to low to mid-teens, compared with the prior outlook that called for growth of at least low double digits. The consensus indicates $13.71 billion in revenue this year.Shares rose 1.8% in after-hours trade. The stock is up about 3.5% since the start of the year through Thursday's close.

$ABNB

US Markets1d ago

April Used Vehicle Wholesale Prices Fall Sequentially, Rise Annually, Cox Report Shows

Wholesale prices of used vehicles in the US decreased sequentially, but rose annually last month amid growing purchasing interest in electric vehicles, Cox Automotive said Thursday.The Manheim used vehicle value index reached 211.9 in April on a seasonally adjusted basis, down 1.6% from the previous month, but up 1.8% from a year earlier. Without adjustments, wholesale vehicle prices rose 0.4% sequentially and 2.8% annually, according to the automotive services and technology provider."The Manheim index fell in April and non-seasonally adjusted values weren't quite as strong as normal for this time of year," Cox Chief Economist Jeremy Robb said. "That doesn't mean prices are weak -- current values are declining at normal rates for this time of year and remain elevated against long-term averages for the end of April."Used EV prices rose 7.2% annually and 1.4% sequentially last month, while the non-EV measure increased 1.1% year over year, but was down 2.2% from March, according to the report."Affordability remains front and center, and that's driving some increased demand for older vehicles at Manheim, as well as changing the calculus for consumers shopping for EVs," Robb said. "As we get into the summer months, we will continue to see off-lease EV maturities multiply at Manheim, and that may put downward pressure on valuations."In terms of vehicle segments, EVs outperformed the overall market, while luxury vehicles continue to show "strong" performance annually, Cox said."A strong tax refund season drove consumers toward used vehicles early this year, and that kept demand and values high at Manheim through the spring market," Robb said.However, higher gas prices amid disruptions to energy supplies caused by the US-Israel war with Iran "are soaking up a lot of the extra money in consumers' pockets, and currently there's no end in sight," Robb said.US retail gasoline prices averaged $4.558 per gallon Thursday, compared with $3.154 a year ago, according to data from AAA, a travel organization that tracks fuel prices in the country.Iran is reviewing "messages" from the US via Pakistani mediators and has yet to finalize its response to a proposal by Washington to end the war, which started at the end of February, CNN reported Thursday, citing Iranian media.

US Markets1d ago

April Layoff Announcements Rise Amid Tech Job Cuts

US job cuts increased in April to the third-highest total for the month since 2009 as technology companies continued to announce layoffs amid a shift toward artificial intelligence, Challenger Gray & Christmas said Thursday.Employers in the US announced 83,387 layoffs last month, up 38% from March, but down 21% year over year, according to the outplacement and executive coaching firm. The consensus was 70,000 job cuts in a Bloomberg-compiled survey.The technology sector led the workforce reductions for April, with 33,361 cuts, reflecting an annual increase of 33%."Technology companies continue to announce large-scale cuts and are leading all industries in layoff announcements," Andy Challenger, the firm's chief revenue officer, said in a statement. "They are also often citing AI spend and innovation. Regardless of whether individual jobs are being replaced by AI, the money for those roles is."Meta Platforms (META) announced plans to let 8,000 employees go and cancel 6,000 open roles in April, while Snap (SNAP) said it will lay off about 1,000 employees.So far this year, about 16% of total job cuts have been attributed to AI, up from 13% through March, according to Challenger Gray & Christmas.Employers announced a total of 300,749 job cuts for the first four months of the year, about half of those recorded in the same period last year, the firm said.The report comes a day before the April nonfarm payrolls report.Official data is expected to show Friday that the US economy added 65,000 nonfarm jobs in April, compared with a 178,000 increase reported for the previous month, according to a Bloomberg-compiled consensus. On Wednesday, ADP (ADP) said that employment in the US private sector grew at its fastest pace in more than a year.Separately, the seasonally adjusted number of initial jobless claims increased to 200,000 for the week ended May 2 from the previous week's upwardly revised level of 190,000, the Department of Labor reported Thursday. The consensus was for a 205,000 reading.For the week ended April 25, continuing claims fell by 10,000 to about 1.77 million, below Wall Street's estimate of 1.8 million.Price: $616.52, Change: $+3.63, Percent Change: +0.59%

$META$SNAP

US Markets1d ago

Equities Fall Intraday, Oil Rises as Traders Monitor Middle East Developments

US benchmark equity indexes were lower intraday, while oil prices were moving higher, as investors monitored developments regarding a potential peace deal between Washington and Iran.The Dow Jones Industrial Average was down 0.7% at 49,571 after midday Thursday, while the S&P 500 lost 0.4% to 7,338.3. The Nasdaq Composite shed 0.1% to 25,811.1. The S&P 500 and the Nasdaq hit new peaks in the previous session.Barring technology, all sectors were in the red intraday Thursday, led by energy.West Texas Intermediate crude was up 1.4% at $96.45 a barrel, while Brent rose 0.7% to $102.02. Both benchmarks fell sharply Wednesday amid prospects of a diplomatic breakthrough between the US and Iran."The sell-off partly unwinds the conflict-driven rally in energy prices, but losses were pared as the market remains cautious," ING Bank said in a report Thursday. "Crude inventories in the US continue to tighten, while buyers have become more reliant on US barrels to offset disrupted Middle Eastern supply."The US and Iran are edging toward a temporary pact to halt the war, Reuters reported, citing sources and officials. Iran is reviewing a proposal to stop the fighting, but leave the most contentious issues unresolved, according to the report.Iran is still reviewing "messages" from the US via Pakistani mediation and has yet to finalize its response to a Washington proposal to end the conflict, CNN reported, citing local Iranian media. Tehran has issued a set of new rules for ships looking to cross the crucial Strait of Hormuz, the news outlet reported, citing a document it saw.US Treasury yields were higher intraday, with the 10-year rate up 4.3 basis points at 4.39% and the two-year rate rising 5.2 basis points to 3.92%.In company news, Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand. The luxury fashion company's shares were down 10%, the second-worst performer on the S&P 500.Planet Fitness (PLNT) shares slid 32% after the fitness center operator tempered its full-year expectations amid fewer-than-projected member additions in the first quarter.Shake Shack (SHAK) shares plummeted 29% after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.Datadog (DDOG) shares surged 26%, the top gainer on the S&P 500. The software maker raised its full-year outlook after posting first-quarter results that topped the Street expectations.Gilead Sciences (GILD), McKesson (MCK), Cloudflare (NET), Airbnb (ABNB), Monster Beverage (MNST), and CoreWeave (CRWV) are expected to report after the closing bell Thursday.Gold was up 0.1% at $4,699.80 per troy ounce, while silver jumped 2.7% to $79.37 per ounce.

$^DJI$^IXIC$^SPX$ABNB$CRWV$DDOG$GILD$MCK$MNST$NET$PLNT$SHAK$TPR

US Markets1d ago

Tapestry Raises Full-Year Outlook After Third-Quarter Beat; Stock Falls Amid Subdued Kate Spade Views

Tapestry (TPR) raised its fiscal 2026 outlook after delivering a third-quarter beat, but provided a subdued fourth-quarter sales guidance for its Kate Spade brand, sending the luxury fashion company's shares lower Thursday.The Coach parent now anticipates full-year adjusted revenue in the area of $7.95 billion, up from its previous outlook of more than $7.75 billion. Adjusted earnings are pegged at around $6.95 a share versus its prior guidance range of $6.40 to $6.45. The current consensus on FactSet is for non-GAAP EPS of $6.53 and sales of $7.83 billion.For the quarter ended March 28, non-GAAP EPS jumped to $1.66 from $1.03 a year earlier, while net sales climbed 21% to $1.92 billion. Wall Street's views were for $1.30 and $1.79 billion, respectively.For the ongoing quarter, the company projects EPS of about $1.20, Chief Financial Officer and Chief Operating Officer Scott Roe said on an earnings conference call Thursday, according to a FactSet transcript."For (the fourth quarter) specifically, our guidance embeds pro-forma revenue growth of low-double digits on both a reported and a constant currency basis," Roe told analysts. This incorporates a low-teens growth rate at Coach and a high-single-digit decline at Kate Spade, according to Roe.Tapestry shares were down 10% in afternoon trade.Sales at the Coach brand jumped 31% to $1.70 billion in the third quarter, while Kate Spade saw a 10% drop to $219.6 million.Although top-line trends at Kate Spade improved sequentially, they fell "slightly below expectations, which included pressure from our strategic pullback in promotions at retail," Chief Executive Joanne Crevoiserat said on the call."We also know that turnarounds take time and the path to long-term growth is not always linear," Crevoiserat said. "We are continuing to track the leading indicators of growth, informed by our success and learnings at Coach."In fiscal 2026, the company now expects to return $1.6 billion to shareholders through dividends and share buybacks, up from its previous outlook of $1.5 billion.Price: $131.48, Change: $-17.35, Percent Change: -11.66%

$TPR

US Markets1d ago

Shake Shack Stock Plunges as Inclement Weather Hurts First-Quarter Performance

Shake Shack (SHAK) shares plummeted Thursday after the fast food chain operator's first-quarter results fell short of Wall Street's estimates amid weather-related headwinds.The company broke even in terms of non-GAAP earnings per share, compared with $0.14 adjusted EPS a year earlier and the FactSet-polled consensus that called for $0.12 in EPS. Revenue grew 14% to $366.7 million, while same-store sales rose 4.6%.Analysts expected revenue of $372.4 million and 4.7% in comparable sales growth in the quarter ended April 1.Inclement weather weighed down comparable sales by 240 basis points and impacted adjusted earnings before interest, taxes, depreciation and amortization in the first quarter, Chief Executive Rob Lynch said in a statement.The company's shares plunged about 30% intraday Thursday.Restaurant level margins slightly missed the company's own expectations amid higher operating expenses and "some mix impact" of marketing initiatives," the company said in a shareholder letter.For 2026, Shake Shack maintained its revenue guidance of $1.6 billion to $1.7 billion, continuing to expect same-store sales to grow by a low single-digit percentage. Analysts in a FactSet poll are projecting sales of $1.66 billion and same-store sales growth of 3%."Our sales momentum is building in (the second quarter) and that we are reiterating our 2026 guidance for same Shack sales restaurant level margins and our long-term financial targets," Lynch said on an earnings conference call, according to a FactSet transcript.Shake Shack appointed Michelle Hook as its chief financial officer, effective May 11. Hook previously served as CFO of Portillo's (PTLO).Katherine Fogertey stepped down as Shake Shack CFO in March.Fast-food giant McDonald's (MCD) logged first-quarter results above the Street's views on Thursday, a day after Burger King parent Restaurant Brands International (QSR) posted stronger-than-expected financials.Last week, Yum Brands (YUM) reported first-quarter comparable sales growth at KFC and Taco Bell.Price: $69.55, Change: $-26.97, Percent Change: -27.94%

$MCD$PTLO$QSR$SHAK$YUM

US Markets1d ago

Datadog Raises Full-Year Outlook After First-Quarter Beat; Shares Jump

Datadog (DDOG) raised its full-year outlook on Thursday after the software maker posted first-quarter results that topped Wall Street expectations.The company lifted its 2026 adjusted earnings forecast to $2.36 to $2.44 a share on revenue of $4.3 billion to $4.34 billion. The previous outlook was EPS of $2.08 to $2.16 on revenue of $4.06 billion to $4.1 billion. Analysts surveyed by FactSet expect non-GAAP EPS of $2.16 on revenue of $4.4 billion.The stock jumped 31% in Thursday trading. The shares have climbed 38% this year."There is no change to our overall view that digital transformation and cloud migration are long-term secular growth drivers for our business, but we now have an additional secular growth driver with AI," CEO Olivier Pomel said on the earnings call, according to a FactSet transcript.In the first quarter, adjusted EPS rose to $0.60 from $0.46, beating the consensus estimate of $0.51. Revenue in the three months ended March 31 climbed 32% to $1.01 billion, ahead of expectations for $960.1 million.Billings advanced 37% to $1.03 billion, and remaining performance obligations surged 51% to $3.48 billion, Chief Financial Officer David Obstler said on the call."Our growth accelerated in each month of Q1, and we see a continuation of these healthy growth trends in April," Obstler said.In the second quarter, Datadog expects adjusted EPS of $0.57 to $0.59 on revenue of $1.07 billion to $1.08 billion. Analysts project non-GAAP EPS of $0.50 on revenue of $1.02 billion.Price: $187.61, Change: $+43.90, Percent Change: +30.54%

$DDOG

US Markets1d ago

Planet Fitness Tempers Outlook After Weak First-Quarter Member Growth; Shares Plunge

Planet Fitness (PLNT) shares cratered on Thursday as the fitness center operator tempered its full-year expectations amid fewer-than-expected member additions in the first quarter.Planet Fitness now expects full-year adjusted net income per share to increase about 4%, compared with its prior guidance that called for an increase of 9% to 10%. Revenue is forecast to grow about 7%, down from about 9% previously projected.Analysts in a FactSet poll are looking for full-year non-GAAP earnings of $3.37 per share on sales of $1.45 billion, compared with $3.07 and $1.32 billion the company reported for 2025.System-wide same club sales growth is now pegged at 1%, down from the previous estimate of 4% to 5%. Analysts expect same-store sales to increase by 4.6% this year.In the first quarter, same club sales grew 3.5%, while analysts expected a 3.6% increase. Planet Fitness added more than 700,000 net new members, below its own expectations, Chief Executive Colleen Keating said on a conference call."(The year) is off to a slower than expected start from a net member growth perspective as we faced internal and external headwinds during our peak sign-up period," Keating said in a statement.Shares of Planet Fitness sank 33% in Thursday trade, taking their year-to-date loss to more than 60%.The company saw "solid" trends of member additions in the first two weeks of the year, but severe winter weather conditions in January and February disrupted that momentum, Keating told analysts, according to a FactSet transcript. Several storms hit on Mondays, the company's busiest join day of the week, she said."We anticipated that our March campaign, Black Card First Month Free, which was very successful during the same time last year would improve our join momentum over the remainder of (the first quarter) and into (the second quarter)," Keating said on the call. "Yet, as we move through March and into early April, our join trends remain below our plan."Adjusted EPS in the March quarter increased to $0.74 from $0.59 a year earlier and surpassed the consensus of $0.63. Revenue jumped 22% to $337.2 million, while analysts expected $298.6 million."We are sharpening our marketing to prioritize capturing demand and driving net member growth. Additionally, we are pausing the planned national Black Card price increase pending a broader pricing review," Keating said in the statement. "While we are resetting near-term expectations, we expect that these actions will help set the stage for enhanced top and bottom-line results in 2027."Price: $43.15, Change: $-20.81, Percent Change: -32.54%

$PLNT

US Markets1d ago

Ajinomoto's Fiscal 2026 Profit Surges 92% on Semiconductor Surge

Food and materials producer Ajinomoto (TYO:2802) reported strong earnings for fiscal 2026, driven in part by business lines exposed to the semiconductor industry.Ajinomoto's attributable net profit jumped 92% to 134.7 billion yen, with earnings per share nearly doubling to 138.36 yen from 69.77 yen a year earlier.Sales for the year rose 3.5% to 1.58 trillion yen.Though known for its long history in frozen foods and seasonings, Ajinomoto has, in recent years, sold increasing volumes of Ajinomoto Build-up Film (ABF) to semiconductor manufacturers.The rising number of semiconductors produced globally, along with the increasing complexity of the chips, has resulted in record film sales, according to the company.The "increase in functionality of semiconductor packages has progressed in line with the expansion of semiconductor applications.""Accordingly, package boards are increasingly large and multi-layered and the use of ABF is also increasing, with further evolution expected in the future," Ajinomoto said in its earnings presentation.Ajinomoto has earmarked 1.2 billion yen to build a new ABF factory in Japan's Gifu Prefecture, according to a separate release on Thursday. Construction will begin in 2028, with operations slated to commence in 2032.Meanwhile, in the fourth quarter alone, Ajinomoto reported a net income of 44.93 billion yen, reversing a 12.17 billion yen loss in the year-earlier period. Quarterly sales rose 10% to 419.5 billion yen.The company plans to pay a year-end dividend of 24 yen per share for fiscal 2026.For the upcoming year, Ajinomoto maintains a positive outlook and expects continued growth in core segments. The company expects sales in the 12 months starting April 1 to rise 8.8% year-on-year to 1.72 trillion yen, but expects net profit to fall 10.9% to 120 billion yen, or 126.16 yen per share.Ajinomoto shares closed up 1.6% in Tokyo trading Thursday.

$TYO:2802

US Markets2d ago

McDonald's First-Quarter Results Top Street Views Despite 'Challenging' Environment

McDonald's (MCD) reported better-than-expected first-quarter results on Thursday, while comparable sales rebounded more than market estimates despite what the company described as a "challenging" environment.The fast-food giant's adjusted earnings came in at $2.83 a share for the March quarter, up from $2.67 the year before, topping the consensus on FactSet for $2.74. Revenue increased 9% to $6.52 billion, surpassing the Street's view for $6.47 billion.The stock was up 3.2% in the most recent premarket activity.Comparable sales rose 3.8%, rebounding from a 1% decline in the prior-year quarter. The average analyst estimate on FactSet was for growth of 3.7%."McDonald's delivered this quarter," Chief Executive Chris Kempczinski said in a statement. "Our 6% global system-wide sales growth shows how we executed with discipline, proving that we can drive results even in a challenging environment."US same-store sales grew 3.9%, mainly buoyed by positive check growth, according to the company.UBS Securities said earlier in the week it expected McDonald's to record a 3.5% gain in US comparable sales versus consensus for a 4% increase, with momentum seen moderating into the ongoing quarter amid softer trends due to high fuel prices and macro pressures.Same-store sales advanced 3.9% in the international operated markets, led by the UK, Germany and Australia. In the international developmental licensed markets, the metric moved 3.4% higher, led by Japan, McDonald's said.Total operating costs and expenses rose to $3.56 billion from $3.31 billion last year.On Wednesday, Restaurant Brands International (QSR) posted first-quarter results above Wall Street's estimates, while the Burger King parent's comparable sales growth was in line with consensus. Last week, KFC and Taco Bell owner Yum Brands (YUM) reported better-than-expected first-quarter results.

$MCD

US Markets2d ago

UOB's Q1 Profit Slides 4% on Lower Interest Income Amid 'Softer' Operating Environment

United Overseas Bank's (SGX:U11) net profit slipped 4% in the first quarter on lower net interest and fee income amid a softer operating environment for the Singaporean bank.The bank logged net profit of SG$1.44 billion, down from SG$1.49 billion in the year-ago period, according to a Thursday filing with the Singapore Exchange.The figure also underscores the "resilience of (UOB)'s franchise," the lender said.Earnings per share slipped to SG$3.40 from SG$3.49 in the year-ago period. Analysts polled by Visible Alpha had projected earnings per share of SG$0.83 for the period.Net interest income fell 4% year over year to SG$2.32 billion from SG$2.41 billion but still beat Visible Alpha's estimate of SG$2.31 billion.Despite recording lower interest income, the bank's customer loans grew 4% to SG$353.8 billion from SG$341.2 billion, helping minimize the impact of margin pressures from the lower interest rate environment, UOB said.The non-performing loan ratio was at 1.5% in the first quarter, unchanged from the linked quarter but lower than the 1.6% recorded in the year-ago quarter.Credit costs on loans remained within expectations at 26 basis points.Net fee income declined 8% to SG$637 million from the record-high of SG$694 million in the year-ago period amid a "more cautious and risk-off market sentiment."Deposits jumped 6% to SG$426.7 billion from SG$401.3 billion. Assets under management jumped 5% to SG$198 billion from SG$188 billion."While global uncertainty remains elevated, business activity held up across our key segments," CEO Wee Ee Cheong said in a statement.For 2026, UOB forecasts loans to grow in single digits and full-year net interest margin to range between 1.75% and 1.8%.The bank expects fees to grow in single digits, while it forecasts operating costs to rise in low single digits. Credit expenses could increase between 25 and 30 basis points.UOB also expects wealth income to double by 2030, Reuters reported Thursday, citing Wee.

$SGX:U11

US Markets2d ago

Stocks Rise Pre-Bell as Traders Monitor Developments on Potential US-Iran Peace Deal

US equity markets were moving higher before the opening bell Thursday as investors monitor the latest developments over a potential peace deal between the US and Iran.The S&P 500 and the Dow Jones Industrial Average were up 0.1% each, while the Nasdaq was slightly in the green in premarket activity. The indexes finished Wednesday trading higher, with the S&P 500 and the Nasdaq recording their highest close ever and biggest one-day percentage gains since April 8.President Donald Trump told reporters on Wednesday that the US has had "very good talks" with Iran over the past 24 hours, but said there's no deadline on when he expects Tehran to respond to a US proposal to end the war, according to CNN.American and Iranian officials are closing in on a one-page memorandum of understanding to end the war and establish a framework for nuclear negotiations, Axios reported Wednesday, citing sources.In a separate social media post on Wednesday, Trump said US operations against Iran will be "at an end" if Tehran agrees to US demands. "If they don't agree, the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before," Trump said.Iran is expected to give mediators its response to the proposal on Thursday, a regional source told CNN.West Texas Intermediate crude oil dropped 2.2% to $93.03 a barrel before the open, while Brent decreased 2.1% to $99.14."A deal announcement would move futures further immediately, in fact even the potential of a deal is already triggering a decline in oil prices," Rystad Energy Chief Oil Analyst Paola Rodriguez-Masiu said in remarks emailed to. The physical market's recovery won't be as quick as the futures market predicts, Rodriguez-Masiu said, pointing to a six-to-eight-week lag between the strait reopening and oil flows normalizing.Treasury yields were down in premarket action, with the two-year rate retreating 2.3 basis points to 3.85% and the 10-year rate off 2 basis points to 4.33%.Shares of DoorDash (DASH) jumped 10% pre-bell after the food delivery company reported first-quarter earnings ahead of Wall Street's estimates. Warner Bros. Discovery (WBD) nudged 0.5% lower, while Snap (SNAP) fell 10% following their latest quarterly results.McDonald's (MCD), Sempra (SRE), Vistra (VST), Datadog (DDOG), Becton Dickinson (BDX), Tapestry (TPR) and US Foods (USFD) report their latest financial results before the bell, among others. Gilead Sciences (GILD), McKesson (MCK), Cloudflare (NET), Airbnb (ABNB), Monster Beverage (MNST) and CoreWeave (CRWV) are scheduled to announce their earnings after the markets close.Employers in the US announced 83,387 layoffs last month, up 38% from March, Challenger, Gray & Christmas said Thursday.Thursday's economic calendar also has the weekly jobless claims bulletin at 8:30 am.On Wednesday, ADP data showed that employment in the US private sector grew at its fastest pace in more than a year in April. The government's nonfarm payrolls report is out on Friday.Federal Reserve Bank of Minneapolis President Neel Kashkari is slated to speak at 1 pm, while Cleveland Fed President Beth Hammack speaks at 2:05 pm. New York Fed President John Williams' remarks are due at 3:30 pm.Gold increased 1% to $4,740 per troy ounce, while bitcoin declined 0.7% to $80,844.

$^DJI$^IXIC$^SPX$ABNB$BDX$CRWV$DASH$DDOG$GILD$MCD$MCK$MNST$NET$SNAP$SRE$TPR$USFD$VST$WBD

US Markets2d ago

Snap First-Quarter Loss Narrows; Flags Ad Revenue Hit From North America Headwinds, Middle East Conflict

Snap's (SNAP) first-quarter loss narrowed more than market expectations, although the social media company saw persistent headwinds in its North America advertising business and recorded an up to $25 million impact from the Middle East conflict, sending its shares down early Thursday.The Snapchat parent reported a net loss of $0.05 a share for the quarter ended March, compared with a loss of $0.08 the year before, it said late Wednesday. The consensus on FactSet was for a GAAP loss of $0.07 per share. Revenue improved 12% to $1.53 billion, in line with the Street's view."In (the first quarter), we demonstrated substantial financial progress with revenue at the top end of our guidance range," Chief Financial Officer Derek Andersen said during an earnings call, according to a FactSet transcript. "More broadly, we believe (the first quarter) provides early evidence that the strategic framework we laid out last fall is beginning to translate into more durable revenue growth, a more efficient cost structure, and a clear path to net income profitability."Advertising revenue inclined 3% to $1.24 billion, mainly boosted by gains in direct response advertising revenue, the company said in an investor letter. However, the growth was partially offset by continued headwinds in the group's North America large client advertising business, as well as an impact of about $20 million to $25 million from the Middle East war in March, according to Snap.The stock fell 9.8% in the most recent premarket activity."Large advertisers in North America remained a headwind to advertising growth in (the first quarter)," Chief Executive Evan Spiegel said on the call. "We're not satisfied with that outcome, but we're beginning to see encouraging signs that this part of the business is improving."Other revenue surged 87% to $285 million. Daily active users rose 5% to 483 million, ahead of the average analyst estimate of 475.7 million. Average revenue per user advanced to $3.17 from $2.96 in the prior-year quarter, but missed the market's forecast of $3.21.For the ongoing quarter, the company anticipates revenue to come in between $1.52 billion and $1.55 billion. The Street is looking for $1.54 billion. The guidance assumes that the operating environment in the Middle East "remains consistent" relative to the "magnitude" of headwinds that Snap faced in March and April. The company cautioned that the trajectory of the geopolitical situation in the region is uncertain.The US and Iran are reportedly closing in on a one-page memorandum of understanding to end their war and establish a framework for nuclear negotiations.Snap's outlook also assumes no contribution from Perplexity as it "amicably" ended its relationship with the software firm in the first quarter.In November, the company announced it was partnering with Perplexity to integrate its AI-powered answer engine with the chat interface of Snapchat. Perplexity was set to pay Snap $400 million for one year as part of the deal.

$SNAP

US Markets2d ago

Italy's UniCredit Set to Divest Part of Russian Unit to UAE Investor

UniCredit (UCG.MI) reached a nonbinding deal to sell part of its Russian subsidiary to a "well-established private investor" in the United Arab Emirates, as part of plans to refocus its operations in Russia around international payments.Under the terms of the potential transaction, the Italian banking group intends to spin off part of AO Bank's activities into a new separate entity, which UniCredit would fully own, according to a Thursday release. Meanwhile, the remaining operations would be sold to the unspecified buyer, who has "long standing ties to the local institutional and business community" in the UAE.UniCredit expects the divestment to result in a cumulative negative impact of between 3 billion euros and 3.3 billion euros on its net income. However, the bank noted that this will not affect its shareholder distribution or its net profit targets for the 2028 to 2030 period.The group added that the deal is anticipated to boost its overall capital position with a 35 basis-point improvement."The transition has been structured and shall be executed to ensure continuity and stability for clients and employees. Customers utilizing UniCredit's payment solutions to and from Russia will maintain access to the current set of operations throughout the process," the group said.UniCredit noted that both parties will work together to finalize the structure of the planned divestment. The deal is expected to close in the first half of 2027, subject to both parties reaching a binding agreement, the implementation of the spin-off of part of AO Bank's activities, and relevant regulatory approvals.

$^DFMGI$^FADGI$UCG.MI

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US Markets2d ago

Stocks Rise Pre-Bell as Traders Monitor Developments on Potential US-Iran Peace Deal

$^DJI$^IXIC$^SPX$ABNB$BDX$CRWV$DASH$DDOG$GILD$MCD$MCK$MNST$NET$SNAP$SRE$TPR$USFD$VST$WBD