In today’s briefing:
- Soft commodities dominate 2023 – US orange crop falls to 86-year low
- Micron Technology: How This DRAM & NAND Leader Is Surviving In A Challenging Market – Key Drivers
- Walgreens Boots Alliance Inc.: Advancements In Healthcare & Key Drivers
- Nike Inc.: Continued Franchise Expansion
- ETH’s Big Post-Shapella Rally
- Chevron Corporation: U.S. Production Growth & Other Developments
- Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers
- Carnival Corporation: Improving Liquidity For The Cruise Leader – Key Drivers
- CarMax Inc.: A Mixed Bag Auto Retail Player – Key Drivers
- Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers
Soft commodities dominate 2023 – US orange crop falls to 86-year low
- USDA on Tuesday pegged the 2022-2023 U.S. orange crop at 62.25 million boxes (2.57 million tonnes), an 86-year low and down 23% on the year.
- That is less than 20% of U.S. output in the record 1997-1998 season.
- Florida, which has previously accounted for more than 80% of the annual U.S. orange crop, is seen producing an 87-year low of 16.1 million boxes, down 61% on the year.
Micron Technology: How This DRAM & NAND Leader Is Surviving In A Challenging Market – Key Drivers
- Micron Technology’s results in the quarter were disastrous as the company failed to meet the revenue expectations of Wall Street and reported wider-than-expected losses.
- Total fiscal revenue was down, whereas DRAM revenue represented 74% of the total revenue.
- Revenue from the Mobile Business Unit was up and Embedded Business Unit revenue was down.
Walgreens Boots Alliance Inc.: Advancements In Healthcare & Key Drivers
- Walgreens Boots Alliance produced a strong second quarter which happened to be an all-around beat.
- Also, this quarter served as a turning point in their transition to the healthcare industry.
- Besides that, Boots had a fantastic quarter in the international segment, achieving retail comp growth of 16% over the same period last year.
Nike Inc.: Continued Franchise Expansion
- Nike delivered another strong quarter with revenue growth across all geographies, channels, and brands.
- It had strong digital growth, fueled by increased traffic on its apps and mobile.
- In APLA, the brand momentum of Nike continues to fuel strong growth.
ETH’s Big Post-Shapella Rally
- Last week, the Shapella upgrade went live without a hitch, enabling millions of staked ETH to be withdrawn.
- While Ethereum’s Merge upgrade last September was more of a “buy the rumor sell the news” type of event, Shapella appears to have had the opposite impact on price.
- ETH spot prices dropped by nearly 18% post-Merge while they are up 11% since Shapella, despite fears of mass selling.
Chevron Corporation: U.S. Production Growth & Other Developments
- Chevron had a decent year in 2022, with improved financial performance, increased production of traditional energy, and progress in developing lower carbon businesses.
- The company had a mixed result in the last quarter as it surpassed the revenue expectations of Wall Street but delivered lower-than-expected earnings.
- The company generated decent free cash flows, surpassing its previous high in 2021 by over $15 billion, resulting in a strong dividend increase and a buyback of almost 4% of its shares.
Incyte Corporation: Continued Diversification In Derma & Oncology – Key Drivers
- Incyte Corporation generated strong financial performance in the last quarter and managed an all-around beat.
- Revenues from the commercialized items in the company’s current portfolio increased by 18% year over year.
- We give Incyte Corporation a ‘Hold’ rating with a revised target price.
Carnival Corporation: Improving Liquidity For The Cruise Leader – Key Drivers
- Carnival Corporation had a decent quarter with revenues above expectations and narrower-than-expected losses.
- The company’s onboard and other revenue continued at a high pace consistent with the second half of 2022, reflecting ongoing consumer strength and the quality of its onboard product.
- It is intended to give amazing facts personalized to Carnival Cruise Line guests in order to increase revenue yields and margins.
CarMax Inc.: A Mixed Bag Auto Retail Player – Key Drivers
- CarMax delivered a mixed result in the fourth quarter as it failed to meet revenue expectations of Wall Street but managed an earnings beat.
- CarMax Auto Finance generated $1.9 billion, resulting in a penetration of 44.7% net of 3-day payoffs.
- The weighted average contract rate paid to new clients was 10.9%, an increase of 110 basis points from the third quarter and 270 basis points from the same time the previous year.
Otis Worldwide: Equipment Growth & Acceleration Of Service Portfolio – Key Drivers
- Otis entered the year with good momentum and delivered an all-around beat with improved organic growth in its last result as it continues to execute its four strategic pillars – advancing digitization, accelerating service portfolio growth, and sustaining new equipment growth while focusing on and empowering the organization.
- Strong service performance, particularly on price and volume, was partially offset by commodities in new equipment, mixed headwinds, and higher corporate costs.
- The pricing on new equipment orders in the quarter rose, led by the Americas, with a solid performance in APAC and EMEA.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
