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Wendy's Maintains Full-Year Outlook Following Surprise First-Quarter Revenue Growth

Wendy's (WEN) reiterated its full-year outlook on Friday as the fast food chain's fiscal first-quarter revenue unexpectedly increased year over year.The company continues to project adjusted earnings to come in between $0.56 and $0.60 per share for fiscal 2026. The current consensus on FactSet is for non-GAAP EPS of $0.57. Global systemwide sales are still pegged to be roughly flat.For the quarter ended March 29, Wendy's adjusted EPS fell to $0.12 from $0.20, but topped the Street's view for $0.10. Revenue increased 3.3% to $540.6 million, defying the average analyst estimate on FactSet for a decline to $518 million. On an adjusted basis, revenue improved 2.2%.The stock rose 4.7% in the most recent premarket activity."We are taking decisive action to strengthen the Wendy's system and improve performance," interim Chief Executive Ken Cook said in a statement. "Our focus on operational excellence is driving improvement in order accuracy and key customer satisfaction metrics."Same-restaurant sales around the world dropped 6.8%, more than the market's forecast for a decrease of 6.4%. In the US, the metric slipped 7.8% versus a 2.8% decline in the prior-year quarter. International same-restaurant sales edged down 0.4%, compared with growth of 2.3% last year."While our first-quarter results reflect a business in the early stages of a turnaround, we are making progress to improve our US business and are confident in the direction we are heading," according to Cook.Systemwide sales declined 5.5% on an annual basis in the quarter. International growth slowed down to 6% from 8.9%, while the US recorded a 7.3% drop. The company opened 50 new restaurants during the three-month period.Wendy's said it entered into a franchise agreement with an "experienced" restaurant operator to build up to 1,000 restaurants across China over the next decade, Cook said. "These actions are strengthening our foundation and positioning Wendy's to regain momentum and deliver sustainable growth and long-term value creation," the interim CEO added.Earlier in the week, McDonald's (MCD) and Burger King parent Restaurant Brands International (QSR) reported their first-quarter results that came in above Wall Street's estimates.

$WEN

US Markets92d ago

Stocks Rise Pre-Bell as Investors Assess Renewed Middle East Tensions, Await Jobs Report

The benchmark US stock measures were pointing higher before the open Friday as investors weigh renewed tensions in the Strait of Hormuz and await a key employment report for April.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.2% and the Nasdaq added 0.6% in premarket activity. The indexes finished the previous trading session down, snapping a two-day winning streak.The US and Iran exchanged fire in the Strait of Hormuz on Thursday, with both sides accusing each other of initiating the attack, according to several media outlets.The US Central Command said its forces intercepted "unprovoked" Iranian attacks and carried out "self-defense" strikes, as US navy destroyers transited the crucial waterway to the Gulf of Oman. Iran reportedly accused the US of striking multiple targets in and around the strait.In a social media post on Thursday, President Donald Trump threatened to strike Tehran "a lot harder, and a lot more violently" in the future if it doesn't agree to a peace deal. Later, Trump told ABC News that the strikes against Iran were "just a love tap" and that the ceasefire between the two countries remains in effect."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 on Thursday.West Texas Intermediate crude oil nudged 0.4% higher to $95.18 a barrel before the opening bell, while Brent inclined 0.7% to $100.83.Treasury yields were trending lower in premarket action, with the two-year rate retreating 2.2 basis points to nearly 3.9% and the 10-year rate off 2.4 basis points to 4.37%.The nonfarm payrolls report for last month is scheduled to be released at 8:30 am ET. Government data is expected to show that the US economy added 65,000 jobs in April, compared with a 178,000 gain reported for the month prior, according to a Bloomberg poll.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. On Wednesday, ADP (ADP) said employment in the US private sector grew at its fastest pace in more than a year.Friday's economic calendar also has the preliminary University of Michigan consumer sentiment report for May at 10 am, while the weekly Baker Hughes oil-and-gas rig count is out at 1 pm.On Thursday, a US trade court ruled that Trump's 10% global tariffs are not justified under a 1970s trade law, Reuters reported. In February, the Supreme Court invalidated Trump's reciprocal tariffs imposed in 2025 under the International Emergency Economic Powers Act. Following that decision, Trump announced a 10% global tariff, which he later said would rise to 15%.Shares of Airbnb (ABNB) moved 0.7% higher pre-bell after the vacation rental company reported higher-than-expected first-quarter revenue. Monster Beverage (MNST) climbed 6.5% as the energy drink firm's first-quarter results topped market estimates. CoreWeave (CRWV) fell 6.5% following its latest quarterly results.Iren (IREN) jumped 8.1% as the company said it secured a five-year artificial intelligence infrastructure cloud services contract with Nvidia (NVDA) worth $3.4 billion.Gold increased 0.4% to $4,730 per troy ounce, while bitcoin slipped 0.2% to $79,952.

Dow JonesNasdaq CompositeS&P 500$ABNB$IREN$MNST

US Markets92d ago

South Korea's Current Account Surplus Reaches Record High on Chip Exports

Buoyed by surging tech and semiconductor exports, South Korea's current-account surplus struck an all-time record in March, reported the Bank of Korea on Friday.The nation's current-account surplus reached $37.3 billion in March, dwarfing the previous zenith of $23.2 billion set in February, while notching South Korea's 35th-straight month of positive balance-of-payments, added the central bank.South Korea logged an international goods trade surplus of $35.1 billion in March, as exports ballooned to an all-time high of $94.3 billion, up 56.9% from a year earlier. The nation's imports increased by a lesser amount, 17.4% to $59.24 billion, noted the Bank of Korea.Central bank officials appeared confident South Korea's export boom would be sustained, despite geopolitical turmoil."The US-Iran war has hardly affected goods exports and imports in March," said a Bank of Korea statistician in a press conference, reported The Korea Herald. "The impact of the war will be seen in April, but it is not strong enough to change the overall trend."Exports of IT products in March rose 111.7% from a year earlier, including a 149.8% lift in chip shipments and a 167.5% increase in computer peripherals, reported The Korea Herald.In international services trade, South Korea registered a $1.29 billion deficit in March, said the Bank of Korea.In addition to the trade in goods surplus in March, South Korea's net primary income account surplus grew to $3.58 billion in March, elevated by increased dividend income from offshore direct and portfolio investments.Net primary income reflects earnings from global investments, such as interest and dividends from foreign subsidiaries, as well as wages earned by citizens working abroad, minus payments made to foreign investors from South Korean enterprises.The Bank of Korea also reported that offshore portfolio investors reduced their holdings of South Korean equities by $29.3 in March, on geopolitical concerns and profit-taking.Seoul's rising KOSPI equities index struck record highs in March, although the tech-heavy metric has continued to rally since, hitting another new all-time high on Friday.

^KOSPI

US Markets92d ago

Monster Beverage First-Quarter Results Top Street Views

Monster Beverage (MNST) shares rose early Friday as the company reported first-quarter results above market estimates amid strong growth in the energy drinks category.Adjusted earnings came in at $0.58 a share for the March quarter, up from $0.47 a year earlier, the energy drinks firm said late Thursday, while the consensus on FactSet was for $0.53. Sales climbed 27% to $2.35 billion amid a foreign-exchange tailwind of $89.3 million, topping the Street's view for $2.16 billion."We're pleased to report another quarter of strong financial results and cash generation," Chief Executive Hilton Schlosberg said during an earnings call, according to a FactSet transcript. "The global energy drink category remains healthy with continued robust growth."The stock increased 5.4% in the most recent premarket activity.Sales in the Monster energy drink segment advanced 28% to $2.19 billion, while the strategic brands division grew 29% to $126.7 million. Revenue in alcohol brands decreased 5.9% to $32.7 million. Sales to customers outside the US, which accounted for roughly 45% of total revenue, jumped by the same percentage to $1.06 billion. Sales in the US and Canada inclined by 16% year over year, according to Schlosberg.Gross profit as a percentage of sales declined to 55% from 56.5% last year due to geographical sales mix, increased aluminum can costs and higher freight-in expenses, partially offset by pricing actions, the company said.Tariffs and the increase in aluminum prices had a "modest" impact on Monster Beverage's results in the first quarter, Schlosberg said on the call. "Despite the modest impact on our business in the first quarter, the tariff landscape continues to be complicated and dynamic," the CEO noted.In February, the US Supreme Court invalidated President Donald Trump's reciprocal tariffs imposed in 2025 under the International Emergency Economic Powers Act. Following that decision, Trump announced a 10% global tariff, which he later said would rise to 15%.On Thursday, a US trade court ruled that Trump's 10% global tariffs are not justified under a 1970s trade law, Reuters reported."We do not believe, based on our business model, that the current tariffs will have a material impact on the company's operating results," Schlosberg told analysts. "However, based on current aluminum pricing and the Midwest premium, we expect a continued modest sequential increase in our costs through at least the end of 2026."

$MNST

US Markets92d ago

Nikon Swings to Full-Year Loss, Weighed by Weaker Sales

Nikon (TYO:7731) swung to a loss in the fiscal year ended March 31 as sales slowed down.The loss attributable to owners was 86.1 billion yuan, compared with an attributable profit of 6.12 billion yen a year ago, according to the company's earnings published Friday.The company posted a loss per share of 261.57 yen, versus an earnings per share of 17.17 yen in the prior year.Revenue slid 5.3% year on year to 677.2 billion yen from 715.3 billion yen due to lower sales in precision equipment, such as FPD lithography and semiconductor lithography systems.The precision equipment segment's revenue fell 17% year on year to 167.3 billion yen.The imaging products business remains one of the Japanese photographic equipment company's main drivers of the group's earnings. However, its revenue slipped 1.8% year on year to 290.1 billion yen amid tight competition and the impacts of the U.S. tariffs. The company's sale of its stake in Mark Roberts Motion Control also contributed to the decline in the segment's revenue.On the whole, the company's net sales dropped 14% to 387.9 billion yen from 452.8 billion yen in the previous year.Moreover, the components business segment's revenue rose to 76.1 billion yen from 74.1 billion yen in the previous year. Revenue beat the expected drop as the segment saw a boost in sales of video measuring systems for electronic components and semiconductor applications, as well as FPD photomask substrates.Japan's semiconductor industry seems to be withstanding the impact of the Middle East war, which threatens the global supply of oil and energy. Helium, which is drawn as a waste gas from liquefied natural gas plants, is one form of ingredient used in the production of semiconductors, according to the Observer Research Foundation on April 13. Uncertainty continues to grip energy exports and imports, as the Strait of Hormuz remains partially closed.Meanwhile, the company announced a full-year dividend of 40 yen per share.For the 2027 fiscal year, the company forecasted a return to profitability, expecting an attributable profit of 10 billion yen, or 30.36 yen per share.Revenue is anticipated to rise 9.3% year on year to 740 billion yen. The company expects to announce a dividend payout of 20 yen per share for the same period.Nikon's shares jumped nearly 6% at the close.

TYO:7731

US Markets92d ago

Nintendo's Fiscal 2026 Profit Jumps 52%; Warns of Tough Year Ahead With Switch Price Hikes

Nintendo's (TYO:7974) attributable profit grew 52% in fiscal 2026 on a blowout in sales but foresees a weaker year ahead.The Kyoto-headquartered game manufacturer's attributable profit rose to 424.1 billion yen in the year through March 31, 2026, from 278.8 billion yen in the previous fiscal year, according to a Friday disclosure to the Tokyo Exchange.The figure beat the 418.6 billion yen estimate by analysts at Visible Alpha.Earnings per share jumped to 364.51 yen from 239.47 yen in the preceding year. Visible Alpha analysts estimated earnings per share at 358.51.Revenue surged 99% to 2.313 trillion yen from 1.165 trillion yen in the previous fiscal year. Despite the surge, the figure failed to meet the forecast of 2.322 trillion yen by Visible Alpha analysts.Dedicated video game platform sales, including hardware and software, surged 107% to 2.240 trillion yen from 1.084 trillion yen.Hardware sales of its Pokémon Pokopia game, released in March, jumped to 19.9 million units, while its Mario Kart World software saw sales reach 14.7 million units, including bundle sales.Sales of the Nintendo Switch, which has reached its 10th year, totaled 3.8 million units, down 65% from the 10.8 million units in fiscal 2025, the game manufacturer said.Intellectual property sales fell 9.7% year over year to 73.5 billion yen as movie-related revenue declined.Its spring offering, "Super Mario Galaxy Movie," grossed $800 million worldwide in its first four weeks.For fiscal 2027, the game manufacturer forecasts net profit to plunge 27% to 310 billion yen and sales to slide 11% to 2.050 trillion yen, taking into account an impact of 100 billion yen from rising component prices, including memory, and tariffs.Sales of the Nintendo Switch 2, which reached 19.9 million in fiscal 2026, could fall 17% to 16.5 million in fiscal 2027, still signaling "a solid level of adoption" for the device in its second year since launch, the company said.Nintendo Switch sales are forecast to fall 47% to 2 million units in fiscal 2027, the company said.Also on Friday, the company announced price adjustments for its Nintendo Switch and Nintendo Switch 2 consoles at home and overseas.In Japan, effective May 25, the price of Switch 2 will increase 20% to 59,980 yen from 49,980 yen. Nintendo Switch prices will also increase across its OLED, standard and Lite variants.In the US, Nintendo will hike the price of the Switch 2 to $499.99 from $449.99. The price adjustment for the newer console, starting Sept. 1, will also take effect in Canada and Europe.The company retained the price of its Nintendo Switch model in the US, Canada and Europe, but warned of further price revisions for the Switch 2 and the standard Switch in other regions.Nintendo declared a dividend of 177 yen per share, more than double the 85 yen declared in the previous fiscal year. For fiscal 2027, Nintendo could pay a dividend of 162 yen per share.

TYO:7974

US Markets92d ago

Intertek Shares Down After Rejecting EQT's Takeover Bid for Third Time

Intertek Group (ITRK.L) again rejected Swedish private equity giant EQT's (EQT.ST) latest revised takeover offer, saying the unsolicited conditional proposal "significantly undervalues" the company and its future prospects.Following the news, Intertek shares were down 3% in London on Friday midday, while those of EQT were trading less than 1% lower in Stockholm.EQT, via its EQT X EUR SCSp and EQT X USD SCSp funds, submitted a sweetened proposal of 58 pounds sterling per share in cash to acquire the UK-based quality assurance provider, according to a Friday release. Previously, Intertek's board "unanimously and unequivocally" rejected EQT's earlier offers of 54 pounds per share and 51.50 pounds per share.Intertek said its board "carefully reviewed" the further improved indicative offer, concluding that it did not reflect the group's value and comes with considerable execution risk."[The] Board of Intertek continues to firmly believe that the strategic review announced on 14 April to evaluate the potential separation, either through a sale or demerger, of Intertek Energy & Infrastructure from Intertek Testing & Assurance presents a significant value creation opportunity for Intertek shareholders," the group said. "The Strategic Review and separation are capable of being carefully managed with a view to maximising the value creation to shareholders and minimising value leakages."With regard to its strategic review, Intertek added that it is giving precedence to a sales-led process, noting that its energy and infrastructure business has already drawn interest from potential buyers.Meanwhile, people with knowledge of the matter told Bloomberg News that several of Intertek's top shareholders, including PineStone Asset Management, are calling on the company to hold open talks with EQT following the latest rebuffed offer. Some investors are also reportedly hoping for EQT to further sweeten its bid to 60 pounds per share, with Intertek likely to be more willing to consider that amount.

$EQT.ST$ITRK.L

US Markets92d ago

Indonesia Foreign Reserves Decline on Currency Stabilization Efforts

Indonesia's foreign-exchange reserves declined to the lowest level in April in nearly two years, as Bank Indonesia sustained interventions to defend the nation's currency, the rupiah.Indonesia's foreign-exchange reserves fell to $146.2 billion last month, down from $148.2 billion in March, marking the lowest level of the international financial buffer since July 2024, reported Bank Indonesia. The reserve has fallen by $10.27 billion this year.Bank Indonesia cited its "rupiah stabilization policy" in April, that is ongoing intervention in the foreign-exchange markets, for the shrinking foreign reserve position, with several other factors.In general, Bank Indonesia has been spending US dollars in its foreign exchange reserve to buy and hold Indonesian rupiahs, thus increasing demand for the rupiah and the currency's relative scarcity, with the goal of undergirding the rupiah's value.The Indonesian rupiah, which has been declining against the US dollar for several years, has lost 5% of its exchange rate against the greenback in the last 12 months, despite Bank Indonesia market interventions.Indonesia's foreign-exchange reserves also slipped in April due to lower tax and services receipts, external debt repayments, as well as national government bond sales, added Bank Indonesia.Although declining, Indonesia's foreign-exchange reserves remain adequate cover nearly six months of imports, which is above the benchmark of three months promoted by the International Monetary Fund (IMF).Foreign-exchange reserves are assets held by a nation's central bank, generally denominated in US dollars or euros, including cash and non-domestic government bonds. Central bank gold hoards are also regarded as foreign reserves.In addition to managing currency-exchange rates, an ample amount of foreign reserves can help a central bank buttress a nation's financial stability, by allowing national government to manage economic shocks and fund necessary imports in times of stress, such as oil.Nations largely accrue foreign reserves by running trade surpluses, by inflows of money from offshore investments, by direct inward foreign direct investment, and by remittances sent home by offshore workers.

^JKSE

US Markets92d ago

NTT's Fiscal 2025 Profit Rises 3.7% as Revenue Reaches Record High

NTT's (TYO:9432) attributable profit jumped 3.7% during the year ended March 31 on record-high operating revenue.The Japanese telecommunication giant saw attributable profit rise to 1.037 trillion yen in fiscal 2025 from 1 trillion yen in fiscal 2024, according to a Friday filing with the Tokyo Exchange.Basic earnings per share grew to 12.61 yen from 11.96 yen.Operating revenue increased 5.1% to 14.4 trillion yen from 13.7 trillion yen a year earlier.Its integrated information and communications segment jumped 3.9% to 6.458 trillion yen from 6.213 trillion yen as the company expanded its customer base.The global solutions business segment grew 7.9% to 5.005 trillion yen from 4.639 trillion yen as demand for digitalization in the Japan segment grew and the company capitalized on full-stack solutions in its overseas segment.The telecommunications company's regional communications division saw a 3.1% growth to 3.210 trillion yen from 3.112 trillion yen amid business structure reform in operations harnessing digital transformation and artificial intelligence.Operating profit grew 3.4% to 1.706 trillion yen from 1.650 trillion yen.For fiscal 2026, NTT expects profit to decline 5.5% to 980 billion yen and operating revenue to rise 4.5% to 15.1 trillion yen. Operating profit may increase 0.2% to 1.710 trillion yen.Meanwhile, NTT set an interim target of up to 17 million tons for greenhouse gas emissions in 2030 before reaching net zero in 2040.The company plans to pay out a dividend of 5.4 yen per share in fiscal 2026, an increase for the 16th straight year.NTT also intends to buy back up to 14 billion shares for up to 200 billion yen between May 11, 2026 and March 31, 2027.

TYO:9432

US Markets92d ago

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 Markets92d 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 Markets92d 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 Markets92d 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:6902TYO:7203TYO:7211

US Markets93d 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.

Nikkei 225

US Markets93d 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.

Dow JonesNasdaq CompositeS&P 500$ADP$DDOG$PLNT$SHAK$TPR

US Markets93d 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 Markets93d 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 Markets93d 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 Markets93d 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.

Dow JonesNasdaq CompositeS&P 500$ABNB$CRWV$DDOG$GILD$MCK$MNST$NET$PLNT$SHAK$TPR

US Markets93d 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

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US Markets92d ago

Stocks Rise Pre-Bell as Investors Assess Renewed Middle East Tensions, Await Jobs Report

Dow JonesNasdaq CompositeS&P 500$ABNB$IREN$MNST