Huntington Ingalls reported fourth-quarter 2021 adjusted earnings of $2.84 per share, which declined 34.7% from $4.35 reported in the prior-year quarter. Total revenues came in at $2,677 million.
Shares in Delta Air Lines (NYSE: DAL) were up around 3% as of afternoon trading today. In a nutshell, the earnings report helped to assuage fears that the recovery in the commercial aviation markets would be stalled by a combination of geopolitical tensions, rising fuel prices, and COVID-19 outbreaks in key Asian countries, China and Japan. Fuel prices came in higher than expected in Q1.
Bed Bath & Beyond ( BBBY -2.45% ) shareholders lost ground to the market on Thursday as their stock dropped 3% compared to a 0.4% decline in the S&P 500. The specialty retailer's shares were down by as much as 9% earlier but recovered a bit and are still in positive territory so far in 2022. The drop came in the wake of an earnings report that showed significant struggles around sales growth and profitability.
Rent the Runway had a strong start out of the gate, but its gains vanished as its first trading day wore on and the stock closed down 8%. Shares started trading at $23 apiece, or 9% above Rent the Runway’s initial public offering price of $21. That initial surge gave the fashion rental platform a fully diluted valuation of over $1.7 billion. The stock ended at $19.29. The Runway’s IPO had priced at the top end of its expected range. It sold 17 million shares for $21 each, after marketing 15 million shares for between $18 and $21.
WHAT ELSE HAPPENED?
US equities mostly lower in Thursday afternoon trading, near worst levels.
Airlines, cruiselines, hotels, OTAs, investment banks, managed care, hospitals, drug stores, industrial metals among the best performers.
Treasuries under pressure across the curve following a brief rate reprieve. Dollar stronger on euro cross while also firmer vs yen.
Gold down 0.5%
Bitcoin futures off 2.7%
WTI crude up 2.0% off morning weakness after news the EU may be moving toward a phased-in ban on Russian oil.