Sioux Falls Business market recap: November
December Market Recap
Pathward Financial (NASDAQ: CASH) made headlines in November with the announcement of an expanded partnership with BridgePeak Energy Capital, a prominent renewable energy lender service provider. This strategic partnership aims to develop a digital-first loan platform for renewable energy projects, broadening Pathward’s offerings to include solar and storage projects, in addition to its existing focus on biogas, waste-to-value hydrogen fuel cells, and electric vehicle charging infrastructure projects.
SAB Bio (NASDAQ: SABS), a clinical-stage biotechnology company, shared exciting updates in its third-quarter earnings report. The company successfully completed enrollment for its phase one study of lead candidate SAB-142, with no observed serum sickness. Top-line data from the study is expected by the end of 2024, and SAB Bio is well-positioned financially to fund its operations through 2026.
First Interstate BancSystem (NASDAQ: FIBK) reported an increase in commercial lending in its third-quarter earnings report, with a $10.5 billion commercial loan portfolio representing 58 percent of total loans. Notably, Montana has the largest concentration of these loans, making up 17 percent of the bank’s loan portfolio.
The Bancorp (NASDAQ: TBBK) is hosting two events in Florida in December focused on helping organizations streamline vehicle and equipment procurement, management, and maintenance. The events, Lawn Doctor in Charlotte Harbor from Dec. 8-10 and Weedman in Orlando from Dec. 11-13, will provide valuable insights for attendees.
Wells Fargo (NYSE: WFC) is looking forward to potentially shedding the $1.95 trillion asset cap imposed by the Federal Reserve in 2018, with the anticipation of a more lenient regulatory environment under the incoming Trump administration. This cap has had a significant financial impact on the bank, costing more than $10 million in earnings.
NorthWestern Energy (NASDAQ: NWE) has collaborated with engineering students at South Dakota State University to provide hands-on experience in renewable energy. The partnership includes classroom presentations and site tours, such as a recent visit to the company’s renewable natural gas station in Brookings.
CNH Industrial (NYSE: CNH) showcased its dedication to sustainability with the release of the ninth edition of “A Sustainable Year,” a magazine highlighting the company’s progress toward a sustainable future. The company also reported quarterly earnings, delivering an earnings per share of 24 cents on revenue of $4.65 billion.
Citigroup (NYSE: C) recently announced a reduction in its base lending rate from 8 percent to 7.75 percent and a minority investment in Pylon, a programmatic mortgage infrastructure provider. This strategic move integrates Citi’s mortgage trading desk liquidity directly into the Pylon platform, enhancing efficiency and accessibility for customers.
McDonald’s (NYSE: MCD) addressed concerns about food safety following an E. coli outbreak in October. The FDA confirmed no food safety issues at McDonald’s restaurants, with a CDC report indicating a low public health risk. The company also secured a new slivered onion supplier for around 900 locations.
Walmart (NYSE: WMT) reported strong third-quarter earnings, with earnings per share of 58 cents on revenue of $169.59 billion. These numbers reflect year-over-year growth and emphasize Walmart’s position as a key player in providing value to consumers.
Target (NYSE: TGT) announced quarterly revenue of $25.24 billion and earnings per share of $1.85, slightly below analyst expectations and lower year over year. Aggressive Black Friday promotions and exclusive offerings, such as the “Taylor Swift | The Eras Tour” book, demonstrate Target’s commitment to engaging customers.
Macy’s (NYSE: M) faced challenges in November with an ongoing investigation into accounting practices and the discovery of hidden expenses, leading to a partial earnings report. The company plans to release a full earnings report on December 11.
Dillard’s (NYSE: DDS) reported quarterly net income of $124.6 million, or $7.73 per share, with a decrease in comparable store sales by 4 percent compared to the prior year. Despite this, the company remains focused on strategic growth and operational excellence.
Amazon (NASDAQ: AMZN) continued its growth trajectory, posting revenue of $158.8 billion and an earnings per share of $1.43. The company also announced a $4 billion investment in the artificial intelligence startup Antropic to stay competitive in the AI landscape.
Costco (NASDAQ: COST) reported strong net sales of $20.03 billion for the four weeks ending Nov. 3, showing a 7.2 percent increase from the previous year. The retailer also saw an 8 percent year-over-year gain in net sales, totaling $44.65 billion.
Ford Motor (NYSE: F) delivered solid quarterly earnings with an earnings per share of 49 cents on revenue of $46.20 billion. While the
