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Investopedia
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Crocs (CROX) shares gained more than 7% Tuesday as the footwear maker posted record sales and boosted its guidance on “robust consumer demand" for its eponymous shoe brand.
The company reported first-quarter diluted earnings per share (EPS) of $2.50, up 4.6% from the year-ago period, with revenue up 6.2% to $939 million. Both were well above analyst estimates compiled by Visible Alpha. Direct-to-consumer (DTC) revenue increased 11.8%. The company's gross margin rose to 55.6% from 53.9%.
North American sales were 9% higher at $383 million, while international sales soared 21.3% to $361 million.
Sales for the Crocs brand gained 14.6% to $744 million. However, the company reported its Heydude brand sales dropped 17.2% to $195 million, and CEO Andrew Rees said that because of that, the company was reducing the brand’s revenue expectations for the rest of the year. It now expects Heydude sales to decline 8% to 10%. In February, the company had predicted they would be flat to slightly up.
Despite that change, the company now sees full-year adjusted EPS in the range of $12.25 to $12.73, compared with the previous outlook of $12.05 to $12.50.
Crocs also announced Susan Healy would become its new CFO beginning June 3. She’ll replace Anne Mehlman, who was recently appointed president of the Crocs brand. Healy previously served as CFO at auto auction site Insurance Auto Auctions (IAA).
Crocs shares finished 7.8% higher at $136.49 Tuesday, and have added about 46% for 2024 so far.
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Investopedia
1 h
15
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The spot price of gold was 0.4% lower at $2,315.52 per ounce as of 3 p.m. ET Tuesday as the U.S. dollar gained on the pound and yen, with comments by several Federal Reserve officials that could give hints as to the future of interest rates in focus.
Minneapolis Federal Reserve Bank President Neel Kashkari said Tuesday it could be likely that interest rates would linger at their current 23-year high levels for “an extended period of time.” Kashkari indicated he expects inflation to move “sideways” for a while, pushing the Fed to hold rates steady. Worries about when the Fed might cut rates could negatively impact the price of gold.
Federal Reserve Bank of Richmond President Thomas Barkin said yesterday he sees the U.S. economy slowing, which should ease inflation further. He added that recent volatility in economic data supported the Fed’s decision to take its time on lowering borrowing costs.
Speeches are scheduled this week from a number of other Fed speakers as well. In addition, the University of Michigan Consumer Sentiment Index will be released on Friday, giving a glimpse of how consumers feel about inflation and where it’s heading.
Despite Tuesday’s slide, the price of gold remained close to 12% higher for 2024 so far.
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Instablog9ja
2 hrs
14
The Central Bank of Nigeria (CBN) has suspended charges on cash deposits until September 30, 2024.
The apex bank disclosed this in a circular dated May 6, 2024, signed by Adetona Adedeji, CBN’s director of banking supervision.
On May 1, banks resumed the collection of processing fees on cash deposits. Based on the directive, 2 percent was to be charged on deposits above N500,000 for individuals, while corporate account holders were to be charged 3 percent on deposits above N3,000,000.
According to the latest circular to financial institutions and non-financial institutions, CBN said the processing fees have been suspended. “Please refer to our letter dated December 11, 2023, referenced BSD/DIR/PUB/LAB/016/023 on the above subject, suspending processing charges imposed on cash deposits above N500,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions” issued on December 20, 2019,” CBN said.
The Central Bank of Nigeria (CBN) hereby extends the suspension of the processing fees of 2% and 3% previously charged on all cash deposits above these thresholds until September 30, 2024.”
CBN directed financial institutions to continue to accept all cash deposits from the public without any charges till the end of the third quarter.
Top Stock Movers Now: Walt Disney, Datadog, Ferrari, And More
U.S. Equities Were Higher At Midday...
Investopedia
3 hrs
10
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U.S. equities were higher at midday following the latest earnings news and ahead of more data that could impact the Federal Reserve's stance on the future of interest rates. The Dow, S&P 500, and Nasdaq all gained.
Kenvue (KVUE) shares jumped as the consumer health products maker spun off from Johnson & Johnson (JNJ) posted better-than-expected profit and announced layoffs as it moved to cut costs.
Shares of International Paper (IP) also took off following a report that Brazilian pulp producer Suzano is offering almost $15 billion to buy the firm.
Fidelity National Information Services (FIS) shares rose as the financial technology firm beat earnings estimates and raised its guidance and share repurchase program.
Walt Disney (DIS) shares sank as the entertainment giant reported a net loss caused by billions in restructuring and other impairment charges and gave a soft outlook for subscribers and experiences, though Disney reported a surprise profit in its direct-to-consumer entertainment segment.
Shares of Palantir Technologies (PLTR) slumped after the artificial intelligence (AI) software maker’s outlook failed to impress. Similar concerns affected Datadog (DDOG), as the cloud monitoring and security firm’s shares fell despite better-than-expected results for the first quarter. Datadog also announced President Amit Agarwal was stepping down.
Ferrari (RACE) shares fell after the luxury car maker's shipped vehicles were roughly flat in the first quarter, even as earnings topped expectations.
Oil futures advanced and gold prices fell. The yield on the 10-year Treasury note tumbled. The U.S. dollar gained versus the pound and yen, but slipped against the euro. Trading in most major cryptocurrencies was mixed.
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Legit
4 hrs
15
An old post has surfaced showing Nigerian singer David Adeleke Davido lashing out at Nollywood actress Mercy Johnson Okojie and her husband, Prince Odi Okojie.
The post, which originated in a comment thread on Eniola Badmus' Instagram account, revealed Davido's disgust for the movie star. The former DMW boss accused Mercy Johnson and her heartthrob of being evil.
Recall that the actress has been entangled in some sort of controversy among her colleagues, including her alleged childhood friend, who claimed she was a witch.
In the old post, Eniola Badmus celebrated Mercy Johnson for allegedly delivering her fourth child years ago, which was later debunked by her husband at that time.
Davido took advantage of the chance to air his frustrations, referring to the pair as "wicked people" and reluctantly sent his congratulatory message.
A concerned fan demanded to know the cause for his harsh remark, and the Unavailable singer replied:
"Just evil set of People."See the post below:
Nigerians react to Davido's comments
Legit.ng compiled the reactions below:
chizzyazuoma:
"This is not the full gist start from the beginning."pricilliafunmi:
"Nawa o where dem hear d gist from."p_lexy:
"Dem show am pepper."promcy_o:
"Something occurred ooo."i_am_candydessie:
"Na wah oo . Mercy Johnson and davido ki Lon lockdown na . Lets us know."nwannedoris:
"@davidoofficial this is too low of you. You are a parent yourself. Stop being immature."Angela Okorie claps back at Mercy Johnson's hubby
Meanwhile, Legit.ng previously reported that Angela Okorie clapped back at Mercy Johnson's husband, Prince Okojie, for claiming she was battling mental issues.
Okorie criticised Prince Okojie, whom she called a houseboy under his wife’s alleged witchcraft influence.
She added that Prince would remain under Mercy's spell for the rest of his life.
Source: Legit.ng
Instablog9ja
4 hrs
11
Angels in heaven are celebrating as singer Frankie Jay declares God’s sovereignty.
He said don’t blame us if we believe in God so much! As children we watched our mothers cry to God and miracles happened! Fees got paid, rent got paid! There was food no matter how hard it got. Mama had one name on her lip and that was Jesus! Don’t underestimate the power of prayers
