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American Express (AXP) reported better net income than expected and lifted its full-year profit outlook in its third-quarter results Friday morning, following a string of strong reports from several of the country's biggest banks.
The credit card and financial services provider reported $16.64 billion in revenue, up from last year's $15.38 billion and just under the $16.67 billion consensus estimate of analysts compiled by Visible Alpha. Net interest income (NII) came in at $4.01 billion, up from $3.44 billion a year ago and above the $3.92 billion expectation.
Profit rose to $2.51 billion, or $3.49 per share, up from $2.45 billion and $3.30, respectively. Analysts had expected $2.38 billion and an identical $3.30-per-share result as last year. The company also lifted its full-year profit outlook, now projecting earnings per share (EPS) of $13.75 to $14.05, up from $13.30 to $13.80 previously.
Shares of American Express fell 4.4% soon after markets opened Friday to $273.31. They are up about 45% since the start of the year.
The report from American Express comes after a number of big banks posted better-than-expected earnings over the last week, but also increased their provisions for credit losses (PCLs), as data has shown Americans falling behind on debt like credit cards and car loans.
The card provider also lifted its PCL to $1.36 billion, just above the $1.34 billion analysts had expected.
UPDATE—This story has been updated with the latest stock price information.
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Instablog9ja
2 hrs
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The Actors Guild of Nigeria (AGN) has indefinitely suspended actress Halima Abubakar following accusations of defamation against her colleagues and prominent Nigerians.
In a statement posted on their official Instagram page, the AGN disclosed that a special investigative panel found Halima Abubakar guilty of making defamatory statements about her colleagues and patrons, as well as spreading false claims about extramarital affairs involving high-profile individuals.
As a result of the panel’s findings, the suspension takes immediate effect, barring Halima from participating in any AGN activities or film projects during this period.
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Investopedia
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Procter & Gamble (PG) missed sales and net income estimates in its fiscal 2025 first-quarter earnings report Friday morning, but its adjusted profit beat expectations.
The company behind consumer products like Tide and Old Spice saw sales decline 1% year-over-year to $21.74 billion, below analysts' consensus estimates of $21.99 billion, according to Visible Alpha. P&G's net income came in at $3.99 billion, down from $4.56 billion a year ago and the $4.60 billion expectation.
P&G said it started a restructuring effort to its business in Argentina and Nigeria, and after accounting for the roughly $800 million in restructuring costs recorded in the quarter, P&G's adjusted profit of $4.76 billion came in just above estimates.
Chief Executive Officer (CEO) Jon Moeller said the company's results "keep us on track to deliver within our guidance ranges" for the full fiscal year.
Sales increased in P&G's Health Care and Fabric & Home Care units, but fell in the Beauty and Baby, Family & Feminine Care segments.
P&G shares were down less than 1% at $170.45 as markets opened Friday. They are up about 15% this year.
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Investopedia
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Tesla (TSLA) reports earnings Wednesday after the bell, weeks after its robotaxi-unveiling event left investors and analysts with a number of questions.
Analysts expect Tesla's quarterly revenue to rise to $25.41 billion from $23.35 billion the same time last year, according to Visible Alpha. The EV maker is also expected to report that profit fell slightly to $1.68 billion from $1.85 billion a year ago.
Analysts are somewhat split on Tesla stock, with the 19 analysts tracked by Visible Alpha holding nine "buy," seven "hold," and three "sell" ratings. Their average target price, $223.22, is just above Tesla's Thursday closing stock price of $220.89.
Tesla's third-quarter deliveries came in above estimates earlier this month but failed to spark a rally for the stock like last quarter's numbers did.
Wedbush Securities analysts said that, following the deliveries report, surpassing estimates was a "step in the right direction," but acknowledged that they and the broader market were hoping Tesla would beat projections by a wider margin.
However, Webdbush said after the delivery data and the robotaxi event that they retained their "outperform" rating and $300 price target—and "would be buyers on any weakness" in Tesla stock.
Tesla stock has moved less than 1% in each trading session this week after falling 8% last Friday, the day after the EV maker's robotaxi event. Tesla showcased the prototype "Cybercab," along with a larger capacity "Robovan" and projections from CEO Elon Musk on when Tesla's self-driving software could be approved, a step toward the autonomous taxis becoming legal to operate on the road.
Following the event, analysts said the lack of details about whether Tesla would plan to operate its fleet of robotaxis or sell them to customers, and the lack of an anticipated lower-cost Tesla model announcement, were among the factors driving the stock lower.
JPMorgan analysts, with an "underweight" rating and $130 price target, said the next day that the event was "notably lacking in detail," and said it affirmed their belief that Tesla stock's recovery from the lows it faced in the first half of the year was driven primarily by excitement for the recent robotaxi event rather than EV sales or earnings.
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Instablog9ja
4 hrs
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Graduates from Akwa Ibom State, who were kidn@pped last year in Zamfara while en route to their National Youth Service Corps (NYSC) duty in Sokoto State, have recounted their ordeals in captivity.
The eight ex-corps members, abd¥cted on August 17, 2023, alongside their bus driver, were ambushed on the Zamfara highway.
Speaking in Uyo on Thursday, several of the survivors described ongoing health challenges and post-tr@umatic stress from their time in the kidnappers’ den.
Solomon Daniel, who was held the longest and released after over a year of captivity, described how he was transported by motorcycle from Zamfara to Kaduna through bush paths, constantly guarded by over 10 armed men until his eventual rescue by security operatives.
He explained that he was separated from his colleagues for refusing to pay a ransom, as his widowed mother could not afford the amount demanded by their captors.
“I went through h£ll. I survived by chewing leaves and drinking filthy water. I never knew if I would make it out alive.
I was tort+red daily from morning till evening. For three months, I couldn’t defecate or urinate. I thought d€ath was inevitable,” he recounted.
Another victim, Victoria Bassey, shared her harrowing experience: “I never imagined I would survive such horrendous conditions. Even during our menstrual periods, we couldn’t bathe. We were forced to drink flood water to stay alive.”
Etim Bassey explained how the kidnappers, disguised in military uniforms, set up a fake checkpoint in Zamfara, where their bus was intercepted.
“We thought it was a real checkpoint, as the area was blocked with logs and manned by armed men in military attire, who then forced us into the forest,” he said.
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Shares of The Travelers Companies (TRV) jumped more than 7% to close at a record high $264.82 Thursday, marking one of the top daily performances in the S&P 500 after the insurer reported better-than-expected profits for the third quarter.
Although Travelers reported a year-over-year uptick in catastrophe losses, strong growth in premiums and investment income helped the insurer more than triple its net income year-over-year to $1.26 billion, blowing past analysts' estimates.
Travelers reported third-quarter catastrophe losses of $939 million, up from $850 million a year earlier. The steeper losses primarily reflected the impact of Hurricane Helene, which caused devastating damage across several southeastern states at the end of the quarter, as well as severe wind and hail storms in multiple areas.
Despite the adverse impact of these events, Travelers managed to achieve strong bottom-line growth, thanks in part to higher premiums. Net written premiums reached a record level of $11.3 billion, up 8% year-over-year (YOY), with growth in all three of Travelers' reporting segments: business insurance, bond and specialty insurance, and personal insurance.
An increase in investment income also helped Travelers weather the impact of Helene and other natural disasters. The insurer's net investment income jumped 18%.
Travelers' consolidated combined ratio, a measure of an insurer's profitability that is calculated by dividing the sum of losses and related expenses over earned premiums, came in at 93.2%, an improvement of 7.8 percentage points from a year ago. A combined ratio below 100% indicates that an insurance firm is generating an underwriting profit.
With Thursday's gains, Travelers shares have gained about 39% so far in 2024, well ahead of the S&P 500's nearly 23% year-to-date gain.
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