2 hours ago
Jeep, Dodge’s Stellantis maker, posts record annual profit, announces $4.47 billion payout to shareholders
Stellantis CEO Carlos Tavares discusses the Ram 1500 Revolution EV Concept during his keynote address at the Consumer Electronics Show (CES) in Las Vegas, Nevada, on January 5, 2023.
Robin Beck | AFP | Getty Images
Carmaker Stellantis on Wednesday reported record full-year results, reporting a 26% increase in net profit to 16.8 billion euros ($17.9 billion) and a 41% annual jump in global battery and electric vehicle sales.
The company, which is based in the Netherlands and was formed in 2021 from the merger of the Italian-American Fiat Chrysler Group and the French PSA Group, said that net revenues increased by 18% to 179.6 billion euros.
The results also show the effectiveness of the company’s electrification strategy in Europe, said Carlos Tavares, Stellantis CEO, with 288,000 battery and electric vehicles (BEVs) sold in 2022 and 23 BEVs now on the market.
“We now have the technology, products, raw materials and complete battery ecosystem to lead the same transformative journey in North America, starting with the first all-electric Ram cars from 2023 and Jeep from 2024,” said Tavares.
Read the full story here.
Stellantis share price.
10 hours ago
Where the MAs stand after Tuesday’s sell-off
This is where all the major averages for 2023 and February stand after posting the worst session of the year and worst day since December 15th.
Dow Jones Industrial Average:
- It decreased by 0.05% in 2023
- It fell by 2.81% in February
- 10.35% from a record high
- 81.89% off pandemic low
Standard & Poor’s 500:
- Up 4.11% over the year
- It fell 1.94% in February
- 17.04% from a record high
- 82.37% off pandemic low
- Up 9.8% over the year
- It is down 0.8% this month
- 29.11% from a record high
- 73.30% off low epidemic level
Samantha Sobin, Chris Hayes
11 hours ago
Palo Alto Networks pops up when routing is up
Palo Alto Networks stock jumped more than 7% in extended trading after the cybersecurity provider beat Wall Street estimates for the fourth quarter and management raised fiscal earnings guidance for the third quarter.
For the most recent quarter, the software manufacturer reported adjusted earnings of $1.05 per share on revenue of $1.66 billion. Analysts had expected earnings per share of 78 cents on $1.65 billion, according to Refinitiv. Revenue also grew by 26% year-over-year.
Management said it expects adjusted earnings for fiscal year 2023 to be between $3.97 and $4.03 per share. That’s up from the $3.37 to $3.44 EPS guidance from November.
Palo Alto Networks is moving on earnings
– Samantha Sobin, Jordan Novet
11 hours ago
Toll Brothers, Coinbase among stocks move after hours
Here are some of the stocks that move in extended trading:
Coinbase – Shares of the cryptocurrency trading platform fell more than 1%. The company beat analyst expectations for higher and lower profit, according to Refinitiv.
Toll Brothers – Homebuilder stock added 3% on better-than-expected earnings report. The company also said that it has seen an increase in demand since the beginning of 2023.
CoStar Group Commercial real estate stock fell more than 16% after sharing guidance for the current quarter that fell short of estimates, according to StreetAccount.
Read the full list of stocks that move after the bell here.
– Samantha Sobin
11 hours ago
JPMorgan’s chief strategist sees another 5% drop in the stock market
The stock market could see a 5% drop in the near term, while experimental high-tech stocks could drop 5% to 10%, JPMorgan’s Marko Kolanovic told CNBC’s “The Closing Bell: Overtime” on Tuesday.
The chief global market strategist maintains a 4,200 price target on the S&P 500 for 2023. He said that leaves room for a potential near-term sell-off, followed by potential lows, before the Fed starts — or signals — a rate cut.
“We really think the Fed will need to cut interest rates for the market to go higher on a sustainable basis,” Kolanovic said.
The broader index fell 2 percent on Tuesday to close at 3,997.34, completing its worst day since December 15, when it fell 2.5 percent.
– Piya Singh
11 hours ago
Stock futures open slightly higher
“Devoted student. Bacon advocate. Beer scholar. Troublemaker. Falls down a lot. Typical coffee enthusiast.”