1 hour ago
Singapore Airlines to record record profit in 2023
Singapore Airlines posted a record operating profit of S$2.73 billion ($2.03 billion) for the 2023 fiscal year ending March 31, surpassing the previous record of S$2.69 billion set last year.
Net profit also hit a new record at S$2.67 billion, an increase of 24% year-on-year. Full-year sales rose 7% year-on-year to S$19.01 billion.
The airline, named the world's best airline in 2023 by Skytrax, said its performance was driven by increased passenger revenue, albeit cargo revenue.
In light of this result, SIA's Board of Directors declared a dividend of 38 cents per share, bringing the total dividend for the year to 48 cents.
— Lim Huijie
1 hour ago
Japan's first quarter GDP contracted by 2%, more than expected
People crossing the street in the Ginza district of Tokyo.
Philip Fong | AFP | Getty Images
According to official data, Japan's economy contracted at an annual rate of 2% in the first quarter of 2024.
Preliminary gross domestic product (GDP) for the first quarter fell more than expected, compared to the 1.5% decline expected in a Reuters poll..
The latest statistics could also jeopardize the Bank of Japan's interest rate hike plans.
At its last monetary policy meeting on April 26, the Bank of Japan left the base interest rate unchanged at 0% to 0.1%, stating that monetary policy would depend on future economic conditions.
— Shreyashi Sanyal
2 hours ago
CNBC Pro: Citi names one lesser-known stock to buy for the AI opportunity and gives it 22% upside.
Citi recently named a lesser-known company as an acquisition target for “data and AI opportunities.”
Citi noted that the company said its total addressable market has tripled thanks to artificial intelligence opportunities.
CNBC Pro subscribers can read more here.
— Tan Weizhen
2 hours ago
CNBC Pro: India's mid-cap stocks are in a 'bubble', investor says – and names the only stock he owns
6 hours ago
Q2 What are the best “Magnificent 7” stocks so far?Not Nvidia
Rafael Enrique | Light Rocket | Getty Images
The best-performing Magnificent Seven stock in the middle of the second quarter was Alphabet, which owns Google and YouTube, with gains of about 14.15%. So far this quarter, Apple is up about 10.8%, Nvidia is up his 4.8% and Amazon is up his 2.4%. All four stocks outperformed the S&P 500, which rose about 2.1%.
In contrast, Microsoft (+0.6%), Tesla (-0.7%), and Meta Platform (-1%) all underperformed the S&P 500 in Q2.
The best-performing sector this quarter was the S&P 500 Utilities, which rose 9.9%, more than double the second-place S&P 500 Communications Services (up 3.9%). S&P 500 Information Technology (+2.8%) also outperforms his S&P 500.
All eight other sectors in the S&P 500 lagged the overall benchmark for the quarter, with real estate down 2.1%. Consumer optional, 2.0% off. Healthcare decreased by 1.5%.
— Scott Schnipper
7 hours ago
Inflation remains “frustratingly high,” says Bankrate's Hamrick.
Mark Hamrick, senior economist at Bankrate, said April's consumer price index showed a slight easing in inflation and, unlike the disappointing high in March, there were “no nasty surprises”. said he was welcomed.
That said, he noted that interest rates will still remain high for an extended period of time.
“Overall growth is 3.4% year-over-year and core (excluding food and energy) growth is 3.6%, which remains frustratingly high,” Hamrick said. “Given the situation in the fight against inflation, it is necessary for interest rates to continue rising in the short term.”
— Michelle Fox
7 hours ago
This week's rally in clean energy stocks was not a response to China tariffs, says Raymond James
A worker installs solar panels during a SunPower installation on a home in Napa, California, on July 17, 2023.
David Paul Morris | Bloomberg | Getty Images
Several clean energy stocks have risen this week, but in some cases without company-specific news, some investors are wondering what was behind the gains.
Raymond James equity analyst Pavel Molchanov said Tuesday's rally was not a response to U.S. tariffs on China. Molchanov said some of the stocks that soared had nothing to do with tariff policy.
Yesterday's rally was “simply a rally in meme stocks, with the most shorted stocks gaining the most,” analysts told clients in a research note Wednesday.
Residential solar power company SunPower had the strongest rise in the clean tech sector, rising 34% since the beginning of the week.
“Yesterday, clean technology investors were given a necessary reminder of how emotionally volatile these stocks can be from day to day,” Molchanov said.
— Spencer Kimball