Albertsons Stock Sinks as Grocer Issues Soft Full-Year Profit Outlook
9 minutes ago
Shares of Albertsons (ACI) fell sharply Tuesday, a day after the supermarket chain reported a weaker-than-expected profit outlook for fiscal 2025.
The Boise, Idaho-based company posted fiscal 2024 fourth-quarter adjusted earnings per share (EPS) of $0.46 on sales of $18.80 billion. Analysts polled by Visible Alpha expected $0.40 and $18.65 billion, respectively.
However, Albertsons’ full-year adjusted EPS projection of $2.03 to $2.16 missed consensus projections of $2.28.
Shares of Albertons, which last month announced that CEO Vivek Sankaran would be retiring May 1 and replaced by COO Susan Morris, were down over 7% in Tuesday morning trading.
Albertsons stock is up modestly since its $24.6 billion combination with Kroger (KR) was called off in December, when a pair of judges sided with the Federal Trade Commission and ruled that their merger likely would have resulted in lower wages and higher prices.
Boeing Stock Falls as China Tells Carriers To Stop Jet Deliveries, Report Says
54 minutes ago
Boeing (BA) shares fell Tuesday after Beijing reportedly told its airlines not to take more deliveries of the American company’s jets, as the trade war between the U.S. and China heats up.
Beijing also “asked that Chinese carriers halt any purchases of aircraft-related equipment and parts from U.S. companies,” Bloomberg reported, citing people familiar with the matter.
China last Friday hiked its tariffs on imports from America to 125%, in retaliation for the 145% duties its goods face from the U.S. The report said the 125% tariffs on U.S. imports would “have more than doubled the cost of U.S.-made aircraft and parts, making it impractical for Chinese airlines to accept Boeing planes.”
Boeing shares, which have fallen 10% year-to-date entering Tuesday, were down a further 2% in morning trading.
Boeing didn’t immediately respond to a request for comment.
Bank of America Stock Jumps After Topping Earnings Estimates
1 hr 43 min ago
Shares of Bank of America (BAC) rose in early trading Tuesday after the financial giant’s first-quarter results came in better than expected.
The firm recorded earnings per share (EPS) of $0.90 on revenue of $27.37 billion. Analysts were projecting $0.82 and $26.80 billion, respectively, per Visible Alpha.
Bank of America reported net interest income (NII) of $14.44 billion, in line with the analyst consensus.
Despite largely stronger-than-expected Q1 results thus far, a number of executives at big banks have been less bullish on the macroeconomic outlook for 2025 amid uncertainty about how the Trump administration’s tariffs will impact the economy.
“Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality,” Bank of America CEO Brian Moynihan said. He added that Bank of America is well-positioned to continue growing even “though we potentially face a changing economy in the future.”
Shares of Bank of America, which topped estimates in each quarter of 2024, were up more than 4% Tuesday morning. They entered the day down roughly 17% since the start of the year.
Stock Futures Tick Lower After 2 Days of Gains
2 hr 23 min ago
Futures contracts connected to the Dow Jones Industrial Average were down 0.3% in premarket trading on Tuesday.
S&P 500 futures were off 0.2%.
Nasdaq 100 futures were also down 0.2%.
