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CSX (CSX) shares tumbled Thursday after the freight shipper reported worse-than-expected results and warned about the current quarter because of the impact of Hurricanes Helene and Milton.
The company posted third-quarter earnings per share (EPS) of $0.46, with revenue rising 1.3% year-over-year to $3.62 billion. Both were short of consensus estimates of analysts polled by Visible Alpha.
The company said revenue growth was limited by a drop in coal revenue, lower fuel surcharges, and other revenue declines.
Chief Executive Officer (CEO) Joe Hinrichs explained that over the past few weeks, "CSX, along with many of the communities in which we operate, was presented with significant challenges brought about by the recent hurricanes."
The company revised its outlook, noting that "external factors make Q4 more challenging." It predicted volume would grow "modestly," hurt by hurricane impacts, and it sees revenue down about $200 million because of falling fuel prices and softer coal markets.
CSX added that a drop in revenue and the storms' effects will likely reduce "sequential operating margin in Q4, limiting 2H margin expansion." In addition, it predicted capital expenditures (CapEx) of $2.5 billion, excluding costs to rebuild infrastructure damaged by the hurricanes.
The news sent shares of CSX down 5% Thursday and into negative territory for the year.
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Instablog9ja
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The Akwa Ibom State government has reportedly allocated N14.7 billion for repairs and purchases, including renovations of the governor’s and deputy governor’s lodges, and the acquisition of Toyota Prado SUVs for State House of Assembly members.
According to a report by civic tech organization BudgIT, and seen on SaharaReporters, N1 billion was set aside for the refurbishment of the governor’s office annex exterior.
Additionally, N9.3 billion was earmarked for repairs to the governor’s and deputy governor’s lodges.
The budget also includes N1 billion for Toyota Prados for assembly members and N1.5 billion for medical equipment for the government house.
Another N1.95 billion was spent on “backup” vehicles for the assembly members.
#Instablog9jaNews #TrendingStory #Awareness #StayUpdated Akwa Ibom Government Reportedly Allocates N14.7 Billion for Governor’s Lodge Renovation, SUVs for Lawmakers
The Akwa Ibom State government has reportedly allocated N14.7 billion for repairs and purchases, including renovations of the governor’s and deputy governor’s lodges, and the acquisition of Toyota Prado SUVs for State House of Assembly members.
According to a report by civic tech organization BudgIT, and seen on SaharaReporters, N1 billion was set aside for the refurbishment of the governor’s office annex exterior.
Additionally, N9.3 billion was earmarked for repairs to the governor’s and deputy governor’s lodges.
The budget also includes N1 billion for Toyota Prados for assembly members and N1.5 billion for medical equipment for the government house.
Another N1.95 billion was spent on “backup” vehicles for the assembly members.
#Instablog9jaNews #TrendingStory #Awareness #StayUpdated
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Instablog9ja
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A young man is currently battling for his life at the Lagos University Teaching Hospital (LASUTH) after an alleged encounter with operatives of the Lagos State Police Command.
It was gathered that the unfortunate incident occurred on Wednesday morning, October 16, in Ipaja area of the state.
According to X user Omorhemi, “Yesterday morning, police chased my friend’s husband until he f+ll into the canal. They took his slippers and the money that fell, then left when people started shouting. This happened at Federal bus stop, Ipaja Ayobo axis. He is currently unconscious at LASUTH.
The officers were in plain clothes. They stopped him on a bike, and the rider left. They searched him, accusing him of being a yahoo boy because of his tattoos. They began c%cking their g*ns, thr€@t€ning to sh%%t. He denied the accusation and tried to move away, but they chased him until he ran.“
Videos obtained shows the victim, who covered one of his hands with tattoos, being rescued from the canal by a group of young men.
Investopedia
7 hrs
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Shoppers kept hitting the stores in September, showing they could continue to boost the economy despite economists' calls for a slowdown.
U.S. retail sales increased by 0.4% in September, Census Bureau data showed. Consumers again surprised economists with their propensity to spend, as the $714.4 billion in sales was a slightly bigger jump than they expected.
What caught some economists’ attention was a measure of “core” spending that excludes sales at gas stations and auto dealerships. That measure rose 0.7% from the prior month.
“Despite worries about the financial health of the consumer and potential weakening in the labor market, U.S. retailers had a solid month in September,” Wells Fargo economists Tim Quinlan and Shannon Seery Grein wrote in a commentary.
The strong results could lead to better-than-expected growth in the U.S. Gross Domestic Product (GDP) for the third quarter, economists said.
"The September retail sales report shows the U.S. consumer still has formidable spending power that they continue to deploy in somewhat more targeted ways," wrote BMO Capital Markets' Chief U.S. Economist Scott Anderson.
Leading the way were “nonstore retailers,” which mainly includes online stores like Amazon (AMZN), as well as other e-commerce platforms and traditional catalog services. Online store sales rose 7.1% over the same time last year.
Sales were also improved at restaurants and bars, clothing stores, and health and beauty stores.
Furniture sales dropped 2.3% as home sale activity declined amid a high interest rate environment that has made home buying difficult for many.
The monthly data comes after the National Retail Foundation projected sales would continue to grow during the upcoming holiday shopping season.
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Investopedia
12 hrs
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Netflix (NFLX) earnings are coming after the bell Thursday, with analysts generally bullish on the streamer's stock—though they aren't currently calling for large price appreciation.
Of the 20 analysts covering Netflix tracked by Visible Alpha, 15 have "buy" ratings on the shares; there's only one "sell" rating.
The consensus price target is $732.26, about a 4% premium to to Wednesday's $702 close. The price targets used to determine that average vary from $550 to $820.
Analysts expect the streaming giant to post year-over-year revenue, profit, and subscriber growth ahead of the final quarter of 2024. Netflix shares dipped following the company's quarterly reports in April and July.
The shares were down more than 1% in morning trading, leaving the stock up more than 40% this year.
Here’s what you need to know about Netflix’s upcoming earnings report.
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Shares of Lucid Group (LCID) plunged Thursday as the struggling luxury electric vehicle (EV) maker announced that it plans to sell about 637 million shares on the market and to investors for a total of $1.67 billion. It also predicted a bigger quarterly loss than expected.
The carmaker wrote in a regulatory filing that it would be making 262.4 million shares available in a public offering. The underwriters would also have a 30-day option to pick up 39.4 million more shares.
In addition, Lucid said its majority shareholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF), indicated it would be purchasing another 374.7 million shares in a private placement concurrently with the public sale. It noted that with that acquisition, Ayar would hold a 58.8% stake in Lucid. Ayar also plans to buy additional shares if the underwriters exercise their option.
The company explained that the funds raised from both the public and private sale would go toward general corporate purposes, "which may include, among other things, capital expenditures and working capital."
Along with the share offering, Lucid reported that it anticipates a third-quarter loss of $765 million to $790 million, while analysts surveyed by Visible Alpha were looking for approximately $756 million. However, its revenue estimate of $199 million to $200 million was above forecasts. The company is scheduled to release its financial report on Nov. 7.
Lucid Group shares fell nearly 15% soon after markets opened Thursday and have lost a third of their value this year.
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