Home Depot missed its revenue expectation in the first
quarter 2023 and lowered revenue forecasts for the rest of the year, which led to a 1.5 per cent decline on the day.
Disney has requested a Florida court dismiss a lawsuit by the board of supervisors that Republican Governor Ron DeSantis had handpicked to oversee Walt Disney World’s operations. Disney was down 1.7 per cent this morning.
Facebook parent Meta has spun out the enterprise startup Kustomer, which it bought in 2020 for approximately US$1 billion. Meta is undergoing cost cutting and plans to lay off about 21,000 workers by early summer. Meta was up 0.2 per cent at the time of writing.
Rest of the World
The European Union showed small growth in their first quarter trade data, confirming a 0.1 per cent Gross Domestic Product growth. Employment rose 0.6 per cent, exports rose 8.5 per cent and imports kept steady, which has led to the trade deficit decreasing from 59.7 billion euros to 2.6 billion euros.
New Zealand
The NZX 50 had another relatively unchanged day, up 0.1 per cent or 8.27 points, finishing at 11,945.87 points.
Hallenstein Glassons continued to give back to last week’s rally when they were up 11.9 per cent after being added to the NZX 50 Index. Yesterday they lost another 6.9 per cent, following a 2.7 per cent decline on Monday.
Manawa Energy released its financial results for financial year 2023 resulting in the share price falling 1.6 per cent. It announced net profit of $444 million up from $120 million for financial year 2022, as well as a dividend of 8.5 cents per share to be paid on 16 June.
Auckland Airport released April passenger volumes, which were 80 per cent of the 2019 pre-Covid equivalent.
International passengers (excluding transits) were 79 per cent of April 2019, with transit and domestic passengers at 71 per cent and 82 per cent respectively. Auckland Airport rose 0.3 per cent yesterday.
Australia
The ASX 200 fell 0.5 per cent to 7234.7 points, following weaker than expected Chinese economic data and concerns of more interest rate hikes. Healthcare and Technology sectors were down 1.0 per cent and 0.8 per cent respectively.
Despite the sector falling, technology platform company Life360 was the biggest winner on the day, gaining 11.7 per cent after reporting their first quarter 2023 results yesterday. Revenue was up 34 per cent since the results last year, reporting higher adjusted profits a quarter earlier than expected.
James Hardie Industries also performed well on Tuesday, rising 8.3 per cent.
The company released fourth quarter 2023 and full year 2023 results. Global Net Sales increased 4.0 per cent to a record figure for 2023.
Guidance for the first quarter of fiscal year 2024 was released, guiding Adjusted Net Income to be in the range of US$145 million to US$165 million. No full year guidance was released.
The minutes from early May’s Reserve Bank of Australia meeting were released yesterday which outlined that further higher interest rates may be necessary in the battle against inflation.
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