Wholesale inflation showed its biggest drop in three years and a profitable forecast is helping boost Delta Air Lines stock despite posting a quarterly loss. Here’s what investors need to know today.
1. Wholesale Price Report Shows Inflation Easing
The Labor Department's Producer Price Index (PPI) fell 0.5% in March after the index was unchanged in February. On an annual basis, the index was up 2.7%, easing from a rate of 4.9% in February. Excluding food, energy, and trade services, the index edged 0.1% higher last month and was up 3.6% year-over-year, down from 4.5% the month before.
2. Delta Shares Going Up After Profit Forecast
Delta Air Lines (DAL) shares are rising 4.5% in pre-market trading after the carrier posted a quarterly loss largely due to a new pilot contract, but forecast a profit ahead of the peak summer travel season. Delta forecast second quarter growth in revenue and profit that were ahead of analyst estimates.
3. IBM Looks to Sell Weather.com
IBM is exploring the sale of its Weather.com business. The most likely buyer is a private equity firm and the price could be $1 billion.
4. Fashion Brand LVMH Shares Jump on Soaring Sales
LVMH Moet Hennessy Louis Vuitton (LVMUY) shares jumped 3.4% after the luxury products maker reported its sales soared as shoppers in China bounced back from strict lockdowns to shell out for luxury goods. Overall, LVMH reported revenue of about $23.1 billion for the first quarter, a rise of 17% from the same period a year ago and beating analyst estimates. The company said there had been a “significant rebound” in sales in Asia.
5. Purell Maker Seeks Buyer
Gojo Industries, the maker of Purell hand sanitizer, hired JPMorgan to find a buyer for the company. With $1 billion in annual sales, the company could be valued at around $3 billion.