MarketBeat May market recap
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Pathward Financial (NASDAQ: CASH) – In May 2024, Pathward Financial launched an updated and expanded suite of offerings for its Solutions for Financial Institutions to include expanded offerings for commercial finance solutions and merchant services. This will help small and midsized banks and credit unions who will no longer need to use their own resource to build and operate these functions.
SAB Biotherapeutics (NASDAQ: SABS) – SAB Biotherapeutics achieved a key milestone as the U.S. Food & Drug Administration (FDA) provided clearance for the biotech company’s investigational new drug application for SAB-142 to proceed with its phase 1 clinical trial. SAB-142 is the company’s novel immunotherapy platform to help prevent the onset or slow the progression of type 1 diabetes (T1D).
First Interstate BancSystem (NASDAQ: FIBK) – On May 20, First Interstate BancSystem hosted its annual shareholder meeting. The company highlighted its diversified deposit base and loan portfolio which has allowed the stock to outperform its peers and deliver a consistent dividend with a compound annual growth rate (CAGR) of over 16 percent for the last 10 years.
The Bancorp (NASDAQ: TBBK) – TBBK stock is up more than 9 percent in the month after The Bancorp reported first-quarter earnings. Analysts continue to bid the stock higher on the quality of its assets which many analysts believe warrants the bank’s premium valuation.
Wells Fargo (NYSE: WFC) – In May 2024, Wells Fargo launched the Signify Business Cash World Elite Mastercard. This new offering gives business owners elite benefits such as unlimited 2 percent cash rewards on business purchases, with no caps or categories to track and no annual fee.
NorthWestern Energy (NASDAQ: NWE) – NorthWestern Energy is joining other utilities in an effort to challenge the Environmental Protection Agency’s (EPA’s) proposed regulations on its Colstrip Plant in Montana. The EPA’s new regulations would force the plant to spend billions of dollars to employ carbon capture technology, which the company argues is unavailable and not cost-effective.
CNH Industrial (NYSE: CNH) – This month, investors in CNH Industrial will notice something different. The company changed its stock symbol (ticker symbol) from CNHI to CNH. No action is required by shareholders as the stock continues to trade on the New York Stock Exchange.
Citigroup (NYSE: C) – With inflation still affecting the cost of shelter for millions of Americans, it’s significant to note that Citgroup was named the #1 Affordable Housing Lender in the U.S. for the 14th consecutive year by Affordable Finance Magazine. The bank financed $6.5 billion in affordable housing up from $6.3 billion in 2022.
McDonald’s (NYSE: MCD) – On May 21, McDonald’s launched its limited-time Grandma McFlurry. The soft-serve ice cream treat features a special syrup and candy pieces like the ones your grandmother would hide in her purse.
Walmart (NYSE: WMT) – In conjunction with National Pet Month, Walmart announced that Walmart+ members will be able to access a new telehealth benefit for their pets as part of a partnership with Pawp. The platform will launch later this year and provide 24/7 access to Pawp’s veterinary professionals at a time when costs are rising and access to care is becoming more difficult.
Target (NYSE: TGT) – In an effort to help customers stretch their dollars, Target announced that it will lower the everyday regular prices on approximately 5,000 frequently shopped items across its assortment. This announcement includes the 1,500 items the company has already reduced prices on.
Macy’s (NYSE: M) – In May 2024, Macy’s announced that it had directed approximately $1.8 billion in spending in 2023 through its Mission Every One initiative. The company has pledged $5 billion through 2025 to the social purpose platform that just completed its second year. The platform uses the funds to create a more equitable and sustainable future for all.
Dillard’s (NYSE: DDS) – On May 18, Dillard’s released its first-quarter earnings report. The retailer delivered earnings per share (EPS) of $11.09 on revenue of $1.55 billion. The company’s EPS was higher than analysts expected; however, both numbers were slightly lower than in the same quarter in 2023.
Amazon (NASDAQ: AMZN) – Amazon Prime members received another benefit on May 30. Prime members can order from hundreds of thousands of restaurants with Grubhub directly on Amazon.com and the Amazon Shopping app. As long as customers retain their Prime membership, they will receive an ongoing Grubhub+ membership fee valued at $120.
Costco (NASDAQ: COST) – Costco delivered its third quarter 2024 earnings report on May 30. The company announced lower prices on several of the company’s Kirkland Signature products. The company also announced that it plans to raise its membership fee at some point in 2024, but it didn’t announce a date for the increase.
Ford Motor (NYSE: F) – Ford delivered its April sales report on May 2. Total sales were down 2.4 percent, but electric vehicle sales were up 129.4 percent. However, it’s important to note that EV sales make up only 4.4 percent of the company’s total sales.
General Motors (NYSE: GM) – In its continued efforts to advance the company’s driverless mission, GM announced that it would begin supervised autonomous driving in Phoenix.
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