MarketBeat June market recap
July 5, 2023
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Pathward Financial (NASDAQ: CASH) – Pathward Financial made two noteworthy announcements in June. On June 20, the company announced that it was partnering with the financial technology company Propel Holdings to provide a line of credit for credit-challenged consumers. The two companies share a commitment to credit inclusion. Then on June 27, Pathward was named the funding partner for Avolta, an Arizona company that needs funding to build two dairy farms. Avolta chose Pathtward because of its credible reputation as a USDA lender and its ability to provide creative and flexible solutions.
SAB Biotherapeutics (NASDAQ: SABS) – On June 21, SAB Biotherapeutics delivered a presentation on the “positive safety and pharmacologic data from a Good Laboratory Practice (GLP) toxicology study for SAB-142″ at the Federation of Clinical Immunology Societies in Boston. This drug, which is still in the preclinical stage, is a first-in-its-class, fully human immunotherapeutic treatment that is being developed in hopes of delaying the onset and progression of Type 1 diabetes. The biotech company is planning to begin Phase 1 trials in the fall of 2023.
First Interstate BancSystem (NASDAQ: FIBK) – On June 21, First Interstate BancSystem launched a mobile application called First Interstate Bank Mobile. The app combines users’ personal and banking mobile applications into a unified app. In a separate announcement, the bank is retiring seven of the nine legacy routing numbers from its acquisition of Great Western Bank beginning July 31.
The Bancorp (NASDAQ: TBBK) – On June 13, The Bancorp announced it was extending its relationship with the fintech company Chime Financial. The long-term partnership will allow each company to continue to do what it does best. Specifically, The Bancorp will maintain its key role as a banking partner and continue to hold Chime member deposit accounts. Chime will continue to focus on designing innovative, easy-to-use, FDIC-insured banking services for everyday people.
Wells Fargo (NYSE: WFC) – Wells Fargo is partnering with Unidos, a nonprofit, nonpartisan Hispanic civil rights organization, as the first anchor funder for its Home Ownership Means Equity initiative. The HOME initiative aims to create 4 million Latino homeowners by 2030. This is part of the bank’s $25 million philanthropic investment in Unidos and nonprofit affiliate partners working to advance Latino homeownership.
NorthWestern (NASDAQ: NWE) – NorthWestern Corp., which primarily operates under the brand NorthWest Energy, will host a public meeting July 11 in Yellowstone, Montana. The purpose of the meeting is to discuss topics related to Madison River operations. On June 30, shareholders of record as of June 15 will receive a cash dividend of 64 cents per share.
CNH Industrial (NYSE: CNHI) – In honor of International Women in Engineering Day on June 23, CNH Industrial spotlighted iGLOW as part of its A Sustainable Year series. iGLOW is one of CNH’s inaugural employee resource groups that focuses on “developing inclusivity, growth, leadership and opportunity for women in North America.” In separate news, the company announced the completion of the fourth $50 million tranche in its $300 million share buyback program.
Citigroup (NYSE: C) – Citigroup had the distinction of being named the Best Sub-Custodian Bank in Latin America by Global Finance magazine for the 20th consecutive year. Citigroup also announced a collaboration with Best Buy that will allow the retailer to offer Citigroup’s Bridge platform to its suppliers looking for loans between $100,000 and $10 million. The Bridge platform includes a group of over 75 community and regional banks and Community Development Financial Institutions, including over 20 Minority Depository Institutions and four women-owned banks.
McDonald’s (NYSE: MCD) – On June 20, McDonald’s paid a $1.52 per share cash dividend to shareholders of record as of June 5. And if you live in Canada, you can use some of that dividend to sample the company’s limited-time Caramel Corn McFlurry, which incorporates caramel sauce and caramel popcorn into its iconic frozen treat.
Walmart (NYSE: WMT) – In an effort to deliver on its pledge to bolster its next- or two-day shipping program, Walmart opened the second of four planned next-generation Walmart fulfillment centers. The 2.2-million-square-foot facility near Indianapolis is expected to employ 1,000 workers.
Target (NYSE: TGT) – Target was one of the first brick-and-mortar retailers to experiment with omnichannel concepts like BOPUS, or buy online, pick up in store. The company recently announced the launch of its Target Last Mile Delivery extension, which is designed to enhance the company’s ability to provide next-day delivery for more of the store’s customers. The first store opened in Smyrna, Georgia, and is partnering with Shipt to deliver up to 1,500 packages per day.
Macy’s (NYSE: M) – On June 1, Macy’s delivered its earnings report for the first quarter. The company generated revenue of $4.98 billion, slightly lower than the $5.01 billion analysts expected. However, on the bottom line, the company delivered earnings per share of 56 cents, which was over 20 percent better than the 45 cents per share analysts expected.
Amazon (NASDAQ: AMZN) – Artificial intelligence is all the rage these days, but Amazon is reminding its business customers that it has been a leader in AI for a long time. That leadership position is behind the company’s launch of its AWS Generative AI Innovation Center, a program to help customers successfully build and deploy generative AI solutions.
Costco (NASDAQ: COST) – Costco has been an outlier among retail stocks. The stock is up 13 percent this year. And in June, the warehouse club announced its May sales results, which showed net sales of $18.45 billion, a 1.2 precent increase from the $18.23 billion in the prior year. In other news, the company is taking a page from Netflix (NASDAQ: NFLX) by taking steps to crack down on warehouse club card sharing.
Ford Motor (NYSE: F) – In June, Ford opened its Cologne Electric Vehicle Center in Germany. The hi-tech production facility will be the first carbon-neutral assembly plant and will help make Ford’s EVs accessible to millions of European customers. And for customers still looking for an internal combustion engine vehicle, Ford announced its 2024 Ford Ranger, which it promotes as the most connected and capable version of its popular truck.
General Motors (NYSE: GM) – The EV race ultimately will be won not only by the companies that can bring vehicles to scale but also by those that add value throughout the EV energy chain. To that end, General Motors recently launched three bundle options for its Ultium home customers. These will allow customers to leverage vehicle-to-home bidirectional charging technology, stationary storage and additional energy management products.
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