MarketBeat August market recap
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Pathward Financial (NASDAQ: CASH) — Pathward Financial is one of four finalists for the International Customer Management Institute’s 2024 Global Contact Center Awards. The bank is competing in the Best Medium Contact Center category. The awards “honor and recognize the companies, contact centers and individuals leading the industry forward.”
SAB BIO (NASDAQ: SABS) — SAB BIO named Lucy To as chief financial officer effective Aug. 12. The hiring of To follows the May announcement that CFO Michael King was leaving to accept a CEO position at a privately held oncology company.
First Interstate BancSystem (NASDAQ: FIBK) — On Aug. 15, First Interstate BancSystem paid a cash dividend of 47 cents per share to shareholders of record on Aug. 5. The dividend was announced July 24, the day before the bank reported its second quarter 2024 earnings.
The Bancorp (NASDAQ: TBBK) — On Aug. 24-25, The Bancorp was a vendor at the Business Brokers of Florida conference. The bank’s small- business lending booth showed attendees how The Bancorp could create a customized solution to grow their business.
Wells Fargo (NYSE: WFC) — Wells Fargo has announced its intention to sell the majority of its commercial mortgage servicing business to Trimont, a global loan services provider. The deal is a response to the pressure that U.S. banks are facing in the commercial real estate market because of elevated interest rates.
NorthWestern Energy (NASDAQ: NWE) — As part of its commitment to clean energy, NorthWestern Energy commemorated 10 years of delivering hydroelectric power in its Montana service territory. The celebration was part of National Hydropower Day celebrations, which took place Aug. 21 at Ryan Island Park in Great Falls.
CNH Industrial (NYSE: CNH) — In August, CNH Industrial’s global leadership team began working to deliver the company’s strategic priorities faster and more effectively within its agriculture segment. The goal is to help the unit deliver profitable long-term global growth.
Citigroup (NYSE: C) — On Aug. 23, Citigroup issued a cash dividend of 56 cents per share to shareholders of record on Aug. 5. The dividend was announced July 18, following the bank’s earnings report July 12.
McDonald’s (NYSE: MCD) — The rollout of CosMc’s, the company’s quick bites and beverage-focused spinoff restaurant, continued with the launch of its sixth location in Texas, this one in Fort Worth. The restaurant focuses on serving a limited menu of McDonald’s staples, as well as a variety of beverages, including lemonades, teas, coffees and slushies.
Walmart (NYSE: WMT) — In preparation for the upcoming holiday season, Walmart announced plans to provide Marketplace Seller services to transport its goods from Asia directly to U.S. warehouses. Additionally, these sellers will fulfill orders and manage returns from any e-commerce website.
Target (NYSE: TGT) — On Aug. 21, Target delivered quarterly earnings per share of $2.57 on revenue of $25.02 billion. Both numbers were higher than the same quarter the prior year. The company attributed this in part to its increased emphasis on digital sales and omnichannel retailing, which led to a 4 percent increase in digital sales.
Macy’s (NYSE: M) — On Aug. 21, Macy’s reported earnings of 53 cents per share on revenue of $4.94 billion. The revenue came in lighter on a year-over-year basis, but the company expressed excitement about the success of its First 50 initiative. The stores that were part of that initiative reported a 0.8 percent increase in comparable sales.
Dillard’s (NYSE: DDS) — Dillard’s reported second quarter earnings per share of $4.59 on revenue of $1.49 billion. Both numbers were lower than analysts’ expectations, with management citing concerns about a challenging consumer environment in the quarter.
Amazon (NASDAQ: AMZN) — On Aug. 1, Amazon reported its second quarter earnings. The company generated earnings per share of $1.23 on revenue of $147.98 billion. Both numbers beat expectations. The company is expected to be a beneficiary of lower interest rates that may spur consumer spending.
Costco (NASDAQ: COST) — On Aug. 7, Costco reported net sales of $19.26 billion in its retail month ending Aug. 4. Sales were up 7.1 percent from the $17.99 billion it reported for the same month in 2023.
Ford Motor (NYSE: F) — At a time when the electric vehicle industry is facing demand pressure, Ford Motor announced additional actions in its electrification portfolio. The intention is to deliver a profitable, capital-efficient and growing EV business with more consumer choices.
General Motors (NYSE: GM) — On Aug. 15, General Motors announced a 15-year renewable energy purchase agreement with NorthStar Clean Energy to provide solar power at three GM assembly plants. NorthStar’s Newport Solar project in Arkansas will support the electricity needs of the plants. This is the company’s largest power purchase deal to date.
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