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Daily's Pre-Market: Citigroup, Carnival, UPS, Pfizer, and Apple

  • Writer: Mathieu Desfosses
    Mathieu Desfosses
  • Jan 31, 2024
  • 2 min read

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New York sues Citibank for alleged failure to reimburse fraud victims

  • New York Attorney General Letitia James sued Citibank for allegedly failing to protect and reimburse victims of electronic fraud.

  • The attorney general’s office said the alleged failure cost victims millions of dollars.

  • In a statement, Citi said the bank “works extremely hard” to prevent threats and assist customers who become victims of fraud.


Carnival reroutes cruises as Red Sea tensions rise

  • Carnival announced on Tuesday that it would reroute cruise itineraries for a dozen ships scheduled to transit the Red Sea as tensions rise in the Middle East.

  • Carnival expects the rerouting to affect its adjusted earnings per share by 7 cents to 8 cents in 2024.

  • Repeated attacks on vessels by Iranian-backed Houthi Rebels have forced major shipping and oil companies to divert their routes, adding days to shipping times and driving up costs.


UPS announces 12,000 job cuts, says package volume slipped last quarter

  • UPS fell short of Wall Street revenue estimates Tuesday, reporting drops in shipping volume, both internationally and domestically.

  • The company also announced 12,000 layoffs as part of an effort to align resources in 2024.

  • UPS’s 2024 outlook expects revenue to range from $92 billion to $94.5 billion,


Pfizer beats earnings estimates as declining Covid business loses less revenue than expected

  • Pfizer posted a surprise adjusted fourth-quarter profit, as the company’s declining Covid business lost less revenue than expected.

  • The pharmaceutical giant reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the U.S. government. 

  • The results come after a rocky year for the company, which grappled with plummeting demand for its Covid products as the world emerged from the Covid-19 pandemic.


Apple iPhone shipments may see ‘significant decline’ in 2024, analyst says

  • Apple may see a drop in iPhone shipments this year, due in part to the growing popularity of foldable phones, analyst Ming-Chi Kuo says.

  • Huawei’s resurgence in the Chinese market is also having an impact on Apple’s business, according to Kuo of TF International Securities.

  • In 2023, Apple for the first time became the top smartphone vendor in China by shipments.



 
 
 

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