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Advance Auto Parts sees 'headwinds' from cooler, wet springExternal Link

Advance Auto Parts Inc. shares fell slightly more than 1% in the extended session Monday after the specialty retailer reported lower-than-expected adjusted profit in the first quarter. Advance Auto Parts earned $140 million, or $2.26 a share, in the quarter, compared with $186 million, or $2.81 a share, in the year-ago quarter. Adjusted for one-time items, the company earned $3.57 a share. Sales rose 1.3% to $3.4 billion. Analysts polled by FactSet expected adjusted earnings of $3.59 a share on sales of $3.4 billion. Advance Auto Parts said that sales were weaker in the final six weeks of the quarter, mostly thanks to "headwinds" from an expected lap of the DIY sales boost from the 2021 stimulus checks as well as a slower start to the spring selling season due to cooler temperatures and rainy weather. "These headwinds have subsided during the first four weeks of our second quarter with comparable sales growth within our full-year guidance range," it said. The company kept its 2022 guidance intact, including expectations of sales between $11.2 billion and $11.5 billion, and adjusted per-share earnings between $13.30 and $13.85. Shares of Advance Auto Parts ended the regular trading day up 0.7%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 May 2022 20:51:54 GMT
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Lithium producer Albemarle ups 2022 guidance on higher contract prices External Link

Lithium producer Albemarle Corp. late Monday upgraded its guidance for the year, mostly thanks to additional lithium contract renegotiations following blowout first-quarter earnings earlier this month. Albemarle said it expects fiscal 2022 sales between $5.8 billion and $6.2 billion, compared with a prior guidance of sales between $5.2 billion and $5.6 billion, and adjusted per-share earnings between $12.30 and $15, from $9.25 to $12.25 a share. It kept expectations for cash expenditures the same, between $1.3 billion and $1.5 billion. The company expects average realized pricing for lithium to be up about 140% year-over-year from variable-price contracts and increased market pricing, it said. Volume is expected to be up between 20% and 30% due to new capacity, unchanged from the previous outlook, the company said. Shares of Albemarle rose 0.5% in the extended session Monday after ending the regular trading day up 2.8%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 May 2022 20:31:11 GMT
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Dow climbs more than 600 points, U.S. stocks end sharply higher as Wall Street banks jumpExternal Link

All three major stock benchmarks ended sharply higher Monday, kicking off the week with gains as shares in the financials sector jumped. The Dow Jones Industrial Average closed up almost 619 points, or about 2%, while the S&P 500 climbed around 1.9% and the Nasdaq Composite rose about 1.6%, according to preliminary FactSet data. The financials sector booked the biggest gains in the S&P 500 index, rising around 3.2% Monday, as Wall Street banks JPMorgan Chase & Co. and Citigroup Inc. each jumped around 6%, preliminary FactSet data show.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 May 2022 20:05:13 GMT
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House panel investigating if Rep. Madison Cawthorn improperly promoted a cryptocurrencyExternal Link

The House Ethics Committee said in a statement Monday that it has established an investigative subcommittee that "shall have jurisdiction to determine whether Representative Madison Cawthorn may have: improperly promoted a cryptocurrency in which he may have had an undisclosed financial interest, and engaged in an improper relationship with an individual employed on his congressional staff." Cawthorn, a North Carolina Republican who lost his re-election bid last week in a GOP primary, had been dealing with calls that he should face an insider-trading investigation, after a Washington Examiner report raised questions about the congressman's moves with LGBCoin, a cryptocurrency. Cawthorn's chief of staff, Blake Harp, said the lawmaker and his staff "welcome the opportunity to prove that Congressman Cawthorn committed no wrongdoing and that he was falsely accused by partisan adversaries for political gain," according to multiple published reports.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 May 2022 19:18:35 GMT
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Gold closed higher Monday for third straight sessionExternal Link

Gold futures edged higher Monday, booking a third session in a row of gains for the precious metal, as a soaring dollar pulled back from recent highs. Gold for June delivery added $5.70, or 0.3%, to settle at $1,847.80 an ounce on Comex, after Friday snapping four straight weeks in a row of declines. The string of gains lifted the most-active gold contract to its highest settlement value since May 11, according to Dow Jones Market Data. The rally also comes as a surging dollar retreated 0.9% on Monday, as measured against a basket of six major rivals. A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 23 May 2022 17:41:42 GMT
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