Aug. 1, 2024

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Pathward Financial (NASDAQ: CASH) — Pathward Financial delivered its earnings for the third quarter of the bank’s fiscal 2024. Revenue of $176.7 million was roughly in line with the $176.6 million analysts expected. However, earnings per share of $1.66 comfortably beat expectations for $1.55.

SAB BIO (NASDAQ: SABS) – As part of its rebranding to SAB BIO, the company issued an investor presentation in July that reiterated the progress being made with the company’s lead candidate, SAB-142, for the treatment of Type 1 diabetes. The company believes that it will be through phase one trials by the end of the year. SAB BIO also reiterated its financial position, which should leave the company funded through 2026.

First Interstate BancSystem (NASDAQ: FIBK) — First Interstate BancSystem delivered its second quarter earnings report July 25. Earnings per share of 58 cents beat expectations for 55 cents. Additionally, the bank believes that its year-end deposits and loans will be nearly flat from June 30 levels.

The Bancorp (NASDAQ: TBBK) — The Bancorp delivered its second quarter earnings report July 25. Revenue of $93.8 million was lower than the $96.41 million expected. Additionally, earnings per share of $1.05 came in slightly lower than the $1.07 expected.

Wells Fargo (NYSE: WFC) — Wells Fargo was one of the “big banks” to kick off earnings season in July. On July 12, the bank reported earnings per share of $1.33 on revenue of $20.69 billion. Both numbers were higher than analysts’ estimates. Additionally, the numbers were higher than a year ago. Wells Fargo also announced an increase to its dividend from 35 cents per share to 40 cents.

NorthWestern Energy (NASDAQ: NWE) — On July 30, NorthWestern Energy announced that it had entered into a definitive agreement to acquire Energy West Montana from Hope Utilities. The deal is valued at $39 million. The company also reported second quarter earnings per share of 53 cents on revenue of $319.9 million. Both numbers were higher than the same quarter in 2023.

CNH Industrial (NYSE: CNH) — On July 31, CNH Industrial reported 38 cents in adjusted earnings per share on revenue of $5.49 billion. Both numbers were down sharply from the prior year, which the company attributed to reduced demand for its farm equipment. The company also lowered its full-year forecast.

Citigroup (NYSE: C) — On July 12, Citigroup reported second quarter earnings per share of $1.52 on revenue of $20.14 billion. Both numbers beat analysts’ expectations and also were higher than the same quarter in 2023. In other news, the bank was fined $135.6 million by the Federal Reserve and the Office of the Comptroller of the Currency for “insufficient progress in resolving long-standing internal control and risk issues at the bank.”

McDonald’s (NYSE: MCD) — McDonald’s announced that it would extend its $5 Meal Deals through August in most U.S. markets as sales have exceeded expectations. Those results were not well reflected in the company’s earnings, which disappointed on the top and bottom lines. McDonald’s also ended a test run of its AI drive-thru technology partnership with IBM in over 100 restaurants.

Walmart (NYSE: WMT) — From July 10-13, Walmart+ members received first access to exclusive savings during Walmart+ Week. The retailer also announced plans to open five automated distribution centers for fresh food. This is part of the company’s goal to have two-thirds of its stores serviced by automation by 2026.

Target (NYSE: TGT) — From July 10-13, Target Circle members had an opportunity to shop thousands of items with up to 50 percent off savings during Target Circle week, a response to Walmart+ Week.

Macy’s (NYSE: M) — On July 15, Macy’s announced it was ending negotiations with Arkhouse Management and Brigade Capital. The activist investor groups proposed a $6.9 billion buyout to take the department store chain private.

Dillard’s (NYSE: DDS) — Dillard’s closed its 120,000-square-foot Eastwood Mall Clearance Center in Niles, Ohio. The company had announced that the closure was coming in its quarterly earnings report in May.

Amazon (NASDAQ: AMZN) — Amazon scored a win for its Prime streaming service by securing an NBA broadcast deal for the next 11 years. In other news, Amazon generated a record $14.2 billion in online spending during its July Prime Day.

Costco (NASDAQ: COST) — As expected, Costco announced that it will raise its annual membership fees effective Sept. 1. Gold Star and Business members will pay $65, up from $60. The Executive Membership fee will rise to $130 from $120, with the maximum annual 2 percent reward increasing to $1,250, up from $1,000. Past membership fees have resulted in an over 90 percent retention rate, which should boost the company’s earnings.

Ford Motor (NYSE: F) — Ford Motor reported second quarter earnings per share of 47 cents on revenue of $47.81 billion. Revenue was up more than 6 percent from the same quarter in 2023 largely because of momentum from its new F-150 truck.

General Motors (NYSE: GM) — General Motors reported second quarter earnings per share of $3.06 on revenue of $47.87 billion, which was higher than the same quarter in 2023. However, GM stock was down approximately 5 percent for the month with investors believing there will be softer demand for EVs for the remainder of the year.

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