was falling 11% after reporting that its charge-off rate—the percentage of outstanding debt that credit card issuers write off as a loss—rose to 4.11% in the fourth quarter, up from 2.13% a year earlier. Discover also said its provision for credit losses at the end of the quarter was $1.9 billion, up $1 billion from a year earlier, driven by the increase in net charge-offs and a higher reserve build. Fourth-quarter earnings at Discover also missed analysts’ estimates.
was down 11% after the health insurer reduced its fiscal 2023 adjusted earnings outlook to about $26.09 a share. It expects GAAP earnings for the year of $20 a share.
Taiwan Semiconductor Manufacturing
reported fourth-quarter profit that fell 19% from a year earlier but still topped analysts’ expectations. Revenue in U.S. dollars fell 1.5% in the quarter to $19.62 billion but rose but 13.6% from the third quarter. U.S.-listed shares of the Taiwan-based chip maker were up 6.1% after Taiwan Semiconductor said it expects revenue growth this year of at least 20%, more than double the rate of the wider chip market.
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rose 1.2%. India’s newest airline, Akasa Air, has ordered 150
737 MAX planes. Akasa will be purchasing 737-10 airplanes and 737-8-200 jets. The order doesn’t include the 737 MAX 9, which has been grounded by the Federal Aviation Administration following an incident on an Alaska Airlines flight earlier this month.
again has been banned from selling current versions of the
Watch with blood oxygen sensors in the U.S. in connection with a patent-infringement case filed against the tech giant by medical device maker
Masimo
.
The company said it would disable the blood oxygen feature, according to reports. Apple shares were rising 1.8% to $185.89, however, after analysts at BofA Securities upgraded the stock to Buy from Neutral and raised the price target to $225 from $208.
reported a narrower-than-expected adjusted loss in the fourth quarter and a revenue decline of 2.5% to $2.6 billion, which just edged estimates. The aluminum-products maker said it expects lower production in 2024. The stock was down 0.2%.
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fell 15% to $2.32 after disclosing in a filing that it will be selling up to $1 billion of shares. The clean-energy company said it entered into an at-the-market issuance sales agreement with B. Riley Securities that would allow it to sell up to $1 billion in common stock.
Sheryl Sandberg said she plans to leave the board at
Sandberg, who resigned as the company’s chief operating officer in 2022, said in a post on Facebook she wouldn’t be standing for reelection at the annual shareholder meeting in May. Shares of Meta, which owns Facebook and Instagram, was up 0.8%.
LiveRamp
,
the data-software company, said it expects to report fiscal third-quarter revenue of $174 million, up 10% from a year earlier and higher than the company’s previous guidance of $165 million.
also said it would be acquiring acquire Habu, a data clean room software provider, in a cash-and-stock deal valued at about $200 million. The stock rose 8.3%.
was up 8.7% to $9.09 after analysts at Morgan Stanley upgraded shares of the car-rental company to Overweight from Equal Weight. The price target was reduced to $15 from $16. The company last week said it would sell about 20,000 electric vehicles in the U.S.
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rose 3.2%. Shares of the computer components developer were raised to Outperform from Peer Perform at Wolfe Research.
Write to Joe Woelfel at joseph.woelfel@barrons.com
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