2 hours ago
Jeep, Dodge-maker Stellantis reports record annual profit and announces $4.47 billion payout to shareholders
Stellantis CEO Carlos Tavares speaks about the Ram 1500 Revolution EV concept truck during his keynote speech at the Consumer Electronics Show (CES) in Las Vegas, Nevada January 5, 2023.
Robyn Beck | AFP | Getty Images
Automaker Stellantis announced record full-year results on Wednesday, reporting a 26% increase in net income to 16.8 billion euros ($17.9 billion) and a 41% annual increase in global sales of batteries and electric vehicles.
The Netherlands-headquartered company, which was formed in 2021 from the merger of Italian-American conglomerate Fiat Chrysler and French PSA group, said net sales rose 18% to €179.6 billion.
Stellantis CEO Carlos Tavares said the results also showed the effectiveness of the company’s electrification strategy in Europe, with 288,000 batteries and electric vehicles (BEV) sold in 2022 and 23 BEVs now on the market.
“We now have the technology, the products, the raw materials and the entire battery ecosystem to undertake the same transformational journey in North America, beginning with our first all-electric Ram vehicles in 2023 and Jeep in 2024,” Tavares said.
Read the whole story here.
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Stellantis stock price.
10 hours ago
Where the big averages stand after Tuesday’s sell-off
Here are all the key moving averages for 2023 and February after posting their worst session of the year and worst day since December 15th.
Dow Jones Industry Average:
- Decrease of 0.05% in 2023
- Down 2.81% in February
- 10.35% off record high
- 81.89% off Pandemic Low
S&P 500:
- Up 4.11% for the year
- Down 1.94% in February
- 17.04% off record high
- 82.37% off Pandemic Low
Nasdaq Composite:
- Up 9.8% for the year
- Down 0.8% this month
- 29.11%% off record high
- 73.30% off Pandemic Low
— Samantha Subin, Chris Hayes
11 hours ago
Palo Alto Networks appears on Guidance Lift
Palo Alto Networks stock rose more than 7% in extended trading after the cybersecurity provider topped Wall Street’s estimates for the most recent quarter and management raised third-quarter earnings guidance.
For the most recent quarter, the software maker posted adjusted earnings of $1.05 per share on sales of $1.66 billion. Analysts were expecting earnings per share of 78 cents to $1.65 billion, according to Refinitiv. Revenue also grew 26% year over year.
Management expects fiscal 2023 adjusted earnings to be between $3.97 and $4.03 per share. That’s up from the $3.37 EPS forecast to $3.44 in November.
See grafic…
Palo Alto Networks moves on profit
– Samantha Subin, Jordan Novet
11 hours ago
Toll Brothers, Coinbase Among Stocks Moving After Hours
These are some of the stocks moving in extended trading:
Coinbase – Shares of the crypto trading platform are down more than 1% recently. According to Refinitiv, the company beat analysts’ expectations for revenue and earnings.
Toll Brothers – The homebuilder stock rose 3% on a better-than-expected earnings report. The company also said demand has been increasing since early 2023.
CoStar Group – The commercial real estate stock plummeted more than 16%, according to StreetAccount after sharing guidance for the current quarter that fell short of estimates.
Read the full list of stocks moving after the bell here.
— Samantha Subin
11 hours ago
JPMorgan chief strategist sees another 5% decline in the stock market
The stock market could see a 5% drop in the near-term, while high-beta tech stocks could fall between 5% and 10%, JPMorgan’s Marko Kolanovic told CNBC’s Closing Bell: Overtime on Tuesday.
The chief global market strategist has a price target of 4,200 for the S&P 500 for 2023. This, he said, leaves room for a possible short-term sell-off followed by possible bottoms before the Fed begins – or signals – to cut rates.
“We really believe that the Fed needs to cut rates for the market to sustain a recovery,” Kolanovic said.
The broader index slipped 2% on Tuesday to close at 3,997.34, ending its worst day since December 15 when it fell 2.5%.
– Pia Singh
11 hours ago