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Key highlights from Paychex (PAYX) Q2 2022 earnings results | AlphaStreet
Stock Market

Earnings Summary: A snapshot of TransDigm’s Q4 2023 results | AlphaStreet

by callingemout


TransDigm Group Incorporated (NYSE: TDG), a leading manufacturer and supplier of aircraft components, Thursday reported results for the fourth quarter that ended September 30, 2023.

  • Fourth-quarter net sales were $1.85 billion, up 23% from $1.51 billion generated in the prior year’s quarter
  • The company reported income from continuing operations of $414 million in Q4, up 56% year-over-year
  • Earnings per share from continuing operations came in at $7.23, up 82% from the prior year’s quarter
  • Q4 EBITDA, as defined, rose 28% annually to $963 million from $752 million in the fourth quarter of 2022
  • Adjusted earnings per share came in at $8.03, up 46% from $5.50 in the comparable period of last year
  • In fiscal 2024, net sales are anticipated to be in the range of $7,480 million to $7,680 million
  • Full-year net income from continuing operations is expected to be in the range of $1,641 million to $1,753 million



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JetBlue's stock loses altitude after facing 'staggering' weather delays — and warns of a wider-than-expected Q4 loss
Stock Market

JetBlue’s stock loses altitude after facing ‘staggering’ weather delays — and warns of a wider-than-expected Q4 loss

by callingemout


JetBlue Airways Corp.’s stock dropped sharply Tuesday to its lowest levels in more than a decade after the carrier warned it would post a wider-than-expected fourth-quarter loss, while it missed analyst estimates for its third-quarter loss and revenue.

“While we have been able to offset some of the costs associated with the challenging operational backdrop, the sheer magnitude of the air traffic control and weather-related delays has been staggering,” the carrier said.

The stock
JBLU,
-12.20%
sank 16.3% to $3.51 a share after it opened at the lowest price seen during regular-session hours since November 2011. If the losses hold, it’ll be the lowest close for Jet Blue stock since Nov. 23, 2011, when it ended the session at $3.40 a share.

JetBlue said it lost $153 million, or 46 cents a share in the third quarter. In the year-ago quarter, JetBlue reported net income of $57 million, or 18 cents a share.

Adjusted loss in the latest quarter was 39 cents a share, wider than the FactSet consensus estimate for a loss of 25 cents a share.

JetBlue’s revenue fell 8% to $2.35 billion, below the analyst estimate of $2.38 billion.

For the fourth quarter, JetBlue expects to report an adjusted loss of 55 cents to 35 cents a share against an analyst estimate of a loss of 15 cents a share.

Also read: Airline stocks rocked as Israel-Hamas war fuels profit concerns

JetBlue’s stock has plunged 46% over the past three months through Monday, while the U.S. Global Jets ETF
JETS
has tumbled 29.7% and the S&P 500 index
SPX
has lost 9.2%.



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How the Israel-Hamas war is rippling through markets and hurting Israel-focused ETF
Stock Market

How the Israel-Hamas war is rippling through markets and hurting Israel-focused ETF

by callingemout


Geopolitical tensions in the Middle East are weighing on investor sentiment in the exchange-traded fund market as traders watch for ripple effects from the Israel-Hamas war.

Shares of the iShares MSCI Israel ETF
EIS,
which holds Israeli stocks, finished Monday 0.7% lower while equities in the U.S. broadly rose, according to FactSet data. The fund has tanked since the Israel-Hamas war began earlier this month, down 10.2% so far in October, while seeing outflows over the past week. 

Last week the iShares MSCI Israel ETF suffered its biggest weekly loss since the COVID-19 crisis of March 2020, sinking 9.8%, FactSet data show. The fund tumbled 7.1% on Monday, Oct. 9 alone as investors reacted to Israel’s declaration of war following a surprise attack by Hamas. 

“The market is going to be watching if Iran gets involved” should Israel carry out a ground invasion into Gaza, said Anthony Saglimbene, chief market strategist at Ameriprise Financial, in an interview with MarketWatch on Monday in New York.

Spillover effects from the war could harm the U.S. economy should oil prices spike as a result, complicating the Federal Reserve’s efforts to bring down inflation to its 2% target in a so-called soft landing, according to Russell Price, chief economist at Ameriprise. High oil prices risk leading to a pullback in consumer spending in the U.S., with increased gas prices at the pump making it tougher for people to make purchases elsewhere in the economy.

“It would definitely hit consumer discretionary spending,” which could tip the U.S. into a “long forecast recession,” Price said during the interview. 

See: Yardeni raises odds of a recession after Hamas attack on Israel

U.S. oil prices fell Monday, settling at $86.66 a barrel after a sharp jump on Friday. Despite the recent rise, West Texas Intermediate crude
CL00,
-0.21%
remains below levels seen in late September, before the attack by Hamas, according to FactSet data. 

In the U.S. equities market, energy stocks stand to benefit from any rise in oil prices while airlines would risk falling under pressure from higher jet fuel prices and a potential drop in air travel on concerns tied to the war, said Justin Burgin, vice president of equity research at Ameriprise. 

Shares of the U.S. Global Jets ETF
JETS
closed 1.6% higher on Monday, bouncing after a more than 5% slump last week, according to FactSet data. By contrast, the Energy Select Sector SPDR Fund
XLE
surged 4.5% last week. 

The S&P 500’s energy sector
XX:SP500.10
ended Monday up 0.7% as the broader U.S. stock market climbed even higher. The S&P 500 index
SPX,
a measure of U.S. large-cap stocks, rose 1.1%, while the Dow Jones Industrial Average
DJIA
gained 0.9% and the technology-heavy Nasdaq Composite
COMP
advanced 1.2%, according to FactSet data.

While the iShares MSCI Israel ETF, which has $118 million of assets under management, fell Monday, shares of smaller Israel-focused ETFs increased.

The ARK Israel Innovative Technology ETF
IZRL
closed 0.5% higher, while the BlueStar Israel Technology ETF
ITEQ
gained 1% and the VanEck Israel ETF
ISRA
rose 0.5%, according to FactSet data. But all three funds remained down so far in October. 

Investors pulled $2.6 million from the iShares MSCI Israel ETF over the past week through Friday, bringing this year’s outflows to $5.2 million, FactSet data show.

In equities elsewhere in the Middle East, shares of the iShares MSCI Saudi Arabia ETF
KSA
jumped around 2.8% on Monday. 

While analysts at Yardeni Research warned in a note last week that a potential tightening of sanctions on Iran oil could cause crude to spike above $100 a barrel and “trigger a worldwide recession,” they also said that it’s more likely “Saudi Arabia would increase its production and exports to keep the price of oil” below that level.

Meanwhile, aerospace and defense stocks stand to rise amid the war, said Ameriprise’s Burgin.

The iShares U.S. Aerospace & Defense ETF
ITA,
Invesco Aerospace & Defense ETF
PPA
and the SPDR S&P Aerospace & Defense ETF
XAR
all booked gains on Monday, after each climbing more than 4% last week, according to FactSet data.



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Colin Kaepernick’s unassuming cover letter to the general manager of the New York Jets
Stock Market

Colin Kaepernick’s unassuming cover letter to the general manager of the New York Jets

by callingemout


“‘I would love to offer you a risk-free contingency plan.’”

That’s Colin Kaepernick, who took his last snap as an NFL quarterback on New Year’s Day in 2017, addressing New York Jets general manager Joe Douglas in a letter dated Sept. 21 and given a wider public audience this week.

Kaepernick, who led the San Francisco 49ers to the Super Bowl in 2013 and went on to make headlines for his social activism (including, of course, his decision to kneel during the pregame playing of the national anthem as a silent protest against institutional racism and perceived policing malpractice), observes in his letter to the Jets front-office chief that this young season is not shaping up as the Jets hoped, as exemplified by a 1-2 record and the loss for the season of future Hall of Fame quarterback Aaron Rodgers in his first offensive series as a member of the Jets.

University of Michigan head football coach Jim Harbaugh, shown with Colin Kaepernick in April 2022, is listed as a reference on Kaepernick’s letter to New York Jets general manager Joe Douglas.


Jaime Crawford/Getty Images

From the archives (June 2020): NFL condemns racism, admits ‘we were wrong’ — Colin Kaepernick has more support now, still long way to go

Also see (February 2020): Colin Kaepernick: ‘I want to tell the story’ behind taking the knee

Kaepernick, however, doesn’t pitch himself as a replacement for Rodgers — at 39 four years Kaepernick’s senior — in his letter to Douglas. He doesn’t even argue that he should be hired to back up the Jets’ backup, Zach Wilson, whom Kaepernick characterizes as having “the tools to do this.”

Instead, Kaepernick, who purportedly has kept in game shape over the years even as NFL quarterbacking opportunities have failed to come his way (or, to critics of NFL management, been collusively kept from him), writes that he “would be honored and extremely grateful for the opportunity to come in and lead the practice squad,” effectively emulating each successive Jets opponent’s quarterback on weekdays with no chance of taking the field on Sunday.

Should he prove his mettle on the scout team, he concedes, he would ultimately hope to move up the Jets depth chart. For the team, he says, he’d have been brought aboard as “a risk-free contingency plan.”

Key Words: Too soon? Chicago sausage slinger and New York tabloid were among the swiftest to make light of that Aaron Rodgers injury.



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Labor Day holiday to cap 'busiest summer travel period on record' at airports
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Labor Day holiday to cap ‘busiest summer travel period on record’ at airports

by callingemout


The U.S. Transportation Security Administration expects to screen more than 14 million people at airports during the Labor Day holiday weekend, with Friday projected to be the busiest day.

Arrive early and “pack your patience,” TSA administrator David Pekoske said Tuesday.

The TSA said it expects nearly 3 million air travelers at airports’ security checkpoints on Friday. Traveler volumes during the summer travel period are higher than summer 2019, “marking the busiest summer travel period on record,” the agency said.

For Labor Day weekend, which the TSA extends through Sept. 6, passenger volumes are expected to be 11% higher than last year.

Demand for air travel has remained elevated throughout the summer, keeping airfares high and tempers frayed in the skies and at airports.

Related: American Airlines fined for leaving thousands stranded on tarmac

Delta Air Lines Inc.
DAL,
+3.21%
Chief Executive Ed Bastian said in July that, after years of spending on goods, consumers now want to travel, and air-travel tickets are their No. 1 big-ticket purchase priority.

Airlines are also counting on a busy post-summer shoulder season, either with rising numbers of business travelers or as those with more flexible plans, priced out of summer tickets, choose to travel in September and October.

At the same time, aviation infrastructure is still fragile, as airlines struggle to get new, and more fuel-efficient, planes, with order books at Boeing Co.
BA,
+0.08%
and Airbus SE
AIR,
+0.24%
stretching into the next decade.

See also: Boeing’s 737 Max sales to China is a ‘significant positive’ for jet maker

The U.S. Global JETS ETF
JETS,
+1.73%
has gained 14% in the year to date, compared with an advance of around 17% for the S&P 500 index
SPX,
+1.45%.



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ACN Earnings: Key quarterly highlights from Accenture’s Q1 2022 financial results | AlphaStreet
Stock Market

Earnings Summary: Highlights of TransDigm’s Q3 2023 results | AlphaStreet

by callingemout


Defense technology company TransDigm Group Incorporated (NYSE: TDG) reported an increase in earnings and sales for the third quarter of 2023.

  • Third-quarter net sales came in at $1.74 billion, up 25% from $1.39 billion reported in the prior-year quarter
  • Earnings per share from continuing operations increased 50% from last year to $6.14 in Q3
  • Net income from continuing operations climbed 47% year-over-year to $352 million
  • Adjusted earnings per share was $7.25 in the latest quarter, up 49% from $4.85 recorded in the third quarter of 2022
  • Q3 EBITDA totaled $915 million, up 31% from $696 million in the prior year’s quarter
  • The company also reaffirmed fiscal-2023 financial guidance to reflect its continued strong performance



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Pete Buttigieg warns of potential for flight delays as July 1 5G deadline looms
Stock Market

Pete Buttigieg warns of potential for flight delays as July 1 5G deadline looms

by callingemout


Last year, American wireless carriers paused plans to launch higher-power 5G networks around U.S. airports amid concerns about interference with airplanes’ altimeters.

Now airlines aren’t expected to get any additional time to upgrade their planes’ equipment to avoid the interference, and instead they are facing a deadline of July 1. That’s when AT&T
T,
-0.83%,
Verizon
VZ,
-0.95%
and other wireless companies are slated to start running networks at higher power levels.

Transportation Secretary Pete Buttigieg on Friday warned of the potential for flight delays for some carriers
JETS,
-1.32%
who haven’t taken action by July 1.

Buttigieg said more than 80% of the domestic fleet serving U.S. airports has been retrofitted, but there is “a significant number of aircraft still awaiting retrofit, including many operated by foreign air carriers.”

“This means on bad-weather, low-visibility days in particular, there could be increased delays and cancellations,” the Transportation Department chief said.

Altimeters give a plane’s height and are used in particular on low-visibility days. Only aircraft with retrofitted altimeters will be able to perform low-visibility landings, Buttigieg said.

The Biden administration official’s warnings on Friday came in a letter that he wrote to Airlines for America, an industry group that lobbies for carriers.

“Passengers must not bear the brunt of any airline’s inability to equip sufficient aircraft to be able to operate safely in the 5G C-band environment,” Buttigieg wrote.

Related: Biden proposes cash compensation from airlines for flight cancellations or major delays



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Biden proposes cash compensation from airlines for flight cancellations or major delays
Stock Market

Biden proposes cash compensation from airlines for flight cancellations or major delays

by callingemout


President Joe Biden rolled out a plan on Monday that targets how airlines handle flight cancellations and significant delays that are within a carrier’s control.

Biden said his administration will propose a new regulation later this year that would require airlines to provide cash compensation in addition to refunds and amenities for stranded passengers.

“Airline…



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American Airlines pilots vote ‘overwhelmingly’ to strike as contract talks continue
Stock Market

American Airlines pilots vote ‘overwhelmingly’ to strike as contract talks continue

by callingemout


American Airlines Group Inc.’s stock rose 1% Monday, reversing course from premarket as the airline’s pilots voted “overwhelmingly” in favor of authorizing a strike if necessary.

The Allied Pilots Association, a union that represents 15,000 American Airlines pilots, said that with more than 96% of its members participating, more than 99% had voted in favor of authorizing a strike. Talks with American Airlines AAL continue.

“We…



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As AMC’s stock surged, an Invesco ‘reopening’ fund sold shares of the meme because that is how the smart-beta ETF works
Stock Market

As the Fed launched its first rate hike in four years, China ETFs explode higher and uranium funds implode

by callingemout


Happy Thursday! Another turbulent week in markets and single-country stock ETFs and funds focused on energy have been at the centerpiece of volatility over the past several sessions. Some funds, almost literally, went nuclear, while China internet pegged exchange-traded vehicles enjoyed a bounce. We’ll talk about some of that this week.

All this happened against the backdrop of the first interest-rate increase since 2018 by the Federal Reserve, with the promise of tighter policy on the horizon. Goodbye, easy-money days.

In any case, this may be my last week regularly handling ETF Wrap (Though, I might make an occasional guest appearance).

Please, send tips, or feedback, on Twitter to Christine Idzelis at @cidzelis and find Mark at @mdecambre or LinkedIn to tell us what you think.

Rosenbluth exits CFRA

Todd Rosenbluth has left CFRA to become director of research at ETF Trends, replacing Dave Nadig. Rosenbluth has been a vital contributor to ETF Wrap, while he served as head of mutual funds and ETFs at CFRA.

Nadig said he was “super excited” to have Rosenbluth on board.

The Fed and ETFs

On Wednesday, the Federal Reserve raised its benchmark interest rate by a quarter percentage point, as widely expected, and laid out plans for a more aggressive strategy of “ongoing increases” in the months ahead to combat high U.S. inflation.

Inflation is running at a 40-year peak, and Fed Chairman Jerome Powel has a tall task ahead of him. The Fed is shifting away from two years of easy-money policy that cushioned the economy during the pandemic.

The Fed now sees its policy rate hitting 1.9% by the end of this year, jumping to 2.8% in 2023 and staying at that level in 2024. Rates at 2.8% would start to soften economic growth, according to Fed calculations.

What does that mean for ETFs?

We’ve written a ton on the subject but a rising interest rate environment is one in which banks might flourish, due to their business models of borrowing short-term and lending out longer-term.

Analysts have pointed to the Financial Select Sector SPDR Fund
XLF,
+0.23%
and the SPDR S&P Regional Banking ETF
KRE,
-0.19%
and the SPDR Bank ETF
KBE,
-0.13%,
as solid bets. All of those funds are up on the week thus far.

But it might be a tough slog for banks if the so-called yield curve inverts. Read more about that here.

Commodity ETFs shine

Commodity-pegged ETFs are enjoying a moment in the sun, with investment flows picking up steam, amid concerns that the Russia-Ukraine war will disrupt supplies and push prices even higher.


Strategas ETF Research

“The category has taken in the 2nd most inflows since the Russian Invasion of Ukraine (just behind treasuries), and we’d also note over the +$15 Bn inflows over
the last two months marks one of the stronger historical readings we can find,” Todd Sohn, researcher at Strategas writes.

ETFs going nuclear

Although the price of uranium has been on the rise, ETFs pegged to it haven’t done as well.

MarketWatch’s Myra Picache notes that uranium prices have gained about 40% since Russia’s invasion of Ukraine, touching levels the market hasn’t seen in more than a decade—even though the war has little immediate impact on global supplies of the fuel used to generate nuclear energy.

Prices of the radioactive element were at $59.75 a pound on March 10, according to data from nuclear-fuel consulting firm UxC, marking the richest levels since March 2011.

ETFs, on the other hand, were swooning this week. Chalk it up to a bit of breather after a run-up, the NorthShore Global Uranium Mining ETF was down substantially on the week, as was the Global X Uranium ETF. Both funds are higher for the month, and year to date period, up at least 5% on the month and at least 11% so far in 2022, respectively.

A good chunk of the interest in uranium is pegged to climate-change commitments, since nuclear power is a reliable power source that provides zero greenhouse gas emissions.

China ETFs’ very good day

The KraneShares CSI China Internet ETF soared Wednesday, notching its best daily gain in its history, as China vowed to support its economy.

A separate China-focused fund, the iShares MSCI China ETF
MCHI,
+4.60%,
 which has nearly $6 billion in assets, also soared on Wednesday to its best day on record, dating back to its inception in 2011.

The rally came as Beijing said it would work to stabilize Chinese stock markets and boost economic growth in the first quarter with “concrete actions,” according to state-run Xinhua News Agency.

Read more here.

The good
…and the bad
Top weekly inflows
Popular ETF reads





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