With India’s largest airline IndiGo entering the long-haul segment, industry experts see it as a step towards the country becoming a global aviation hub as growing prosperity fuels an air travel boom in the world's fifth-largest economy.A firm order for 30 Airbus wide-body aircraft by IndiGo along with purchase rights for another 70, coupled with Air India’s 70 wide-body aircraft order in 2023.
Open FlipPhillips 66 PSX shares are trading lower after it reported first-quarter FY24 results. Revenue of $36.436 billion exceeded the consensus of $33.075 billion. Adjusted EPS of $1.90 missed the consensus of $2.17. Midstream segment adjusted pre-tax income stood at $613 million, vs. $754 million in the fourth quarter of fiscal 2023. The Chemicals segment adjusted pre-tax income.
Open FlipUS consumer sentiment fell in April on dimmer views of personal finances and the economy as inflation expectations climbed.Most Read from BloombergJavier Milei Fuels Wild Rally That Makes Peso No. 1 in WorldPlunging Home Prices, Fleeing Companies: Austin’s Glow Is FadingHuawei’s New Phone Runs Latest Version of Made-in-China ChipUS Economy Slows and Inflation Jumps.
Open FlipCentene Corporation CNC reported first-quarter sales of $40.41 billion, up 11% Y/Y, beating the consensus of $36.14 billion. Premium and service revenues increased 4% to $36.3 billion, driven by membership growth in the Marketplace business due to strong product positioning and overall market growth, partially offset by recent divestitures in the Other segment and lower Medicaid membership.
Open FlipIn a recent prediction, Strike CEO Jack Mallers has forecasted a potential seven-figure price for Bitcoin BTC/USD during the current cycle, driven by efforts to save the bond market. Mallers, the head of Bitcoin’s Lightning Network wallet Strike, believes that Bitcoin could appreciate between 297% and 1,486% from its current level, Daily Hodl reported on Friday.
Open FlipTesla bull Ross Gerber has suggested that the tech sector’s earnings reports are indicative of substantial AI infrastructure spending. What Happened: Gerber took to X, formerly Twitter, on Thursday to express his views on the tech sector’s earnings reports. He believes that the consistent trend of these reports points towards a significant increase in AI infrastructure spending.
Open FlipAutoliv, Inc. ALV shares are trading higher on Friday. The company reported first-quarter adjusted earnings per share of $1.58, beating the analyst consensus of $1.42. Quarterly sales of $2.62 billion beat the street view of $2.60 billion. Sales rose by 4.9% year over year. Adjusted operating margin in the quarter under review expanded to 7.6% from 5.3%, driven mainly by volume growth.
Open FlipTech billionaire and X owner Elon Musk reiterated his belief that the TikTok ban could give the U.S. government the power to ban any app they want to. What Happened: Musk expressed his concerns about the potential ban of TikTok in the U.S. and its implications for national security. He agreed that such a ban would set a dangerous precedent, allowing the government to ban any app.
Open FlipFriday, AbbVie Inc ABBV reported first-quarter adjusted EPS of $2.31, down 6.1% Y/Y, beating the consensus of $2.23. Net revenues reached $12.31 billion, up 0.7%, beating the consensus of $11.92 billion. Sales were up 1.6% on an operational basis. “First quarter results were well ahead of our expectations, driven by excellent performance from our ex-Humira growth platform,” said Robert.
Open FlipThe Securities and Exchange Board of India (Sebi) has asked BSE to pay regulatory fee to the former based on annual turnover fee considering notional value in case of options contract.BSE in its filing to the exchanges on Friday stated that the regulator has also asked the company to pay differential regulatory fee for the past periods with applicable interest of 15% per annum.
Open FlipAlphabet and Microsoft ignited a rally in technology stocks on Friday with earnings that showed big AI investments were driving growth, allaying doubts that their costly bets would take time to pay off after a soft forecast from Meta Platforms. Alphabet rose 10%, crossing $2 trillion in market value with a gain of about $180 billion as it sweetened the pot for investors with its maiden dividend.
Open FlipHindalco (HNDL), Vedanta (VEDL) and NACL ratings were upgraded by Kotak Institutional Equities (KIE) while the targets were revised up to 44% in the metal sector after recovery apparently pushed the market into deficit.Among the three companies, HNDL is the preferred pick for aluminum while NACL is KIE’s top ‘sell’.Aluminum demand in 1QCY24 has exceeded expectations.
Open FlipOn Wednesday, Meta Platforms Inc META topped Wall Street estimates with its first quarter results. But, stock plunged 16% due to a light revenue guidance that overshadowed the fact its revenue grew at a fastest quarterly rate since 2021 and net income more than doubled. Like Apple Inc AAPL, Meta didn’t talk much about AI, until now.
Open FlipAlphabet breached the $2 trillion market value mark for the first time since November 2021 on Friday, as investors cheered the Google parent announcing its first-ever dividend and a $70 billion stock buyback.The stock was last trading up 11.7% at $173.55, after hitting a record high moments after the market opened.
Open FlipUS stocks opened higher on Friday on megacaps' boost after robust quarterly results from Alphabet pushed its market value over $2 trillion while an in-line reading for a key inflation print calmed jitters around elevated interest rates. The Dow Jones Industrial Average rose 28.9 points, or 0.08%, at the open to 38,114.7. The S&P 500 rose 36.2 points, or 0.72%, at the open to 5,084.65.
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