Finances

Delta Air Lines, Inc. (DAL) reported fourth quarter and full-year earnings on Tuesday, January 13. Despite posting increased revenue and earnings, the airline company’s shares fell 5% in premarket trading following the release of the report.

The company’s fourth quarter revenue reached $16.0 billion. This is up 3% from $15.56 billion in revenue during the prior year and higher than analysts’ estimates of $15.7 billion. For the full year, revenue came in at $63.36 billion, up 3% from $61.64 billion in the previous fiscal year.

“The Delta team delivered a strong close to our Centennial year, demonstrating the differentiation and durability we have built,” said Delta CEO, Ed Bastian. “We generated $5 billion of pre-tax profit with a double-digit operating margin and record free cash flow of $4.6 billion, all while navigating a challenging environment. These results would not be possible without the exceptional efforts of our people and I look forward to celebrating our team next month with $1.3 billion of well-earned profit sharing."

Delta reported net income of $1.22 billion or $1.86 per adjusted share. This was up from net income of $843 million or $1.29 per adjusted share in the same quarter last year. For the full year, the company reported net income of $5.0 billion, an improvement from net income of $3.46 billion reported last year.

Delta’s total passenger revenue reached $12.9 billion, a 1% increase from the prior year. Domestic travel revenue was relatively unchanged, coming in at $9.2 billion. International passenger revenue jumped 5% as Transatlantic and Pacific travel remains strong. The company’s fourth quarter earnings were also highlighted by premium ticket revenue growth of 9% year-over-year. The company issued its full-year fiscal 2026 guidance and expects adjusted earnings per share between $6.50 to $7.50.

Delta Air Lines, Inc. (DAL) shares ended the week at $70.43, down 1% for the week.

JPMorgan Chase Releases Results

JPMorgan Chase & Co. (JPM) released its fourth quarter and full-year earnings on Tuesday, January 13. The financial company reported better-than-expected earnings and revenue for the quarter, but its stock fell approximately 3% after the release of the report.

Revenue came in at $46.77 billion during the fourth quarter, up 7% from revenue of $43.74 billion at this time last year. The results exceeded analysts’ expectations of $46.20 billion for the quarter. Full-year revenue totaled $185.6 billion, an increase from $180.6 billion in fiscal 2024.

“These results were the product of strong execution, years of investment, a favorable market backdrop and selective deployment of excess capital,” said JPMorgan Chase CEO, Jamie Dimon. “Looking ahead, we remain committed to investing our capital to drive future growth, and the Apple Card is one example of patient and thoughtful deployment of our excess capital into attractive opportunities. I want to reiterate how proud I am of our employees across the globe and how they work to support our customers and communities every single day."

The company reported net income of $13.03 billion for the quarter or $4.63 per adjusted share. This is down from $14.01 billion or $4.81 per adjusted share in the same quarter last year. For the full year, the company reported net income of $57.0 billion, a 2% decrease from net income of $58.5 billion in fiscal 2024.

JPMorgan’s Consumer & Community Banking segment generated revenue of $19.4 billion during the quarter, a 6% rise from $18.4 billion in the same quarter last year. The segment reported average deposits increased 1% year-over-year while client investment assets increased 17%. The company’s Commercial & Investment Bank segment garnered revenue of $19.4 billion, a 10% increase from $17.6 billion reported a year ago. Asset & Wealth Management revenue reached $6.5 billion for the quarter, a 13% increase from $738 million reported last year. During the quarter, JPMorgan established a $2.2 billion reserve towards its commitment to issuing the Apple credit card.

JPMorgan Chase & Co. (JPM) shares ended the week at $312.47, down 3% for the week.

H.B. Fuller Announces Earnings Report

H.B. Fuller Company (FUL) announced its fourth quarter and full-year earnings on Wednesday, January 14. The manufacturer of industrial adhesives and other specialty chemical products reported sales that missed expectations for the quarter, causing its shares to dip by 1% after the release of the report.

The company’s net revenue for the fourth quarter totaled $894.8 million. This was down 3% from revenue of $923.3 million during the same quarter last year and below analysts’ estimates of $902.5 million. Full-year revenue returned at $3.5 billion, a 3% decrease from $3.6 billion in fiscal 2024.

“Our execution and agility in the quarter and throughout the year generated double-digit EPS growth and EBITDA at the top end of our full year guidance range amidst an unpredictable economic backdrop and challenging demand landscape,” said H.B. Fuller CEO, Celeste Mastin. “During this time, we helped our customers navigate this environment successfully—providing them with material optionality and flexibility while ensuring consistent quality and reliable availability wherever in the world they chose to make their products.”

H.B. Fuller reported net income of $29.7 million or $0.54 per adjusted share for the quarter. This is compared to a net loss of $7.4 million or $0.13 per adjusted share reported during the same quarter last year. For the full year, the company reported net income of $152.0 million or $2.75 per adjusted share. This was up from net income of $130.3 million or $2.30 per adjusted share in fiscal 2024.

The Minnesota-based company reported that net sales in the Hygiene, Health and Consumable Adhesives segment increased by 1%, reaching $400.0 million for the quarter. The Engineering Adhesives segment reported sales increased 4% in the fourth quarter to $276.3 million. Sales in the Building Adhesives Solutions segment fell by 3% to $218.5 million. Fourth quarter adjusted gross margin increased 290 points, reaching 32.5% in the quarter. H.B. Fuller Company issued its full-year 2026 guidance and expects net revenue to be flat to up to 2% and earnings per diluted share in the range between $4.35 and $4.70.

H.B. Fuller Company (FUL) shares ended the week at $60.54, down 7% for the week.

The Dow started the week of 1/12 at 49,500 and closed at 49,359 on 1/16. The S&P 500 started the week at 6,944 and closed at 6,940. The NASDAQ started the week at 23,577 and closed at 23,515.

U.S. Treasury yields fell midweek as inflation reports revealed consumer prices increased in December. Yields recovered toward the end of the week as the latest employment data showed the labor market remains resilient.

On Tuesday, the U.S. Bureau of Labor Statistics announced that the consumer price index (CPI), which measures the cost of dozens of everyday consumer goods, increased 0.3% in December, in line with economists’ forecast. The CPI year-over-year came in at 2.7%, which was also in line with economists’ projections.

“We have seen this movie before — inflation is not reheating, but it remains above target,” said chief economic strategist at Morgan Stanley Wealth Management, Ellen Zentner. “There is still only modest pass-through from tariffs, but housing affordability is not thawing. Today’s inflation report does not give the Fed what it needs to cut interest rates later this month.”

The benchmark 10-year Treasury note yield opened the week of January 12 at 4.18% and traded as low as 4.13% on Wednesday. The 30-year Treasury bond opened the week at 4.82% and traded as low as 4.79% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment decreased by 9,000 to 198,000 for the week ending January 10. This was less than the 215,000 claims that economists estimated. Continuing unemployment claims decreased by 19,000, reaching 1.88 million.

"We see no signs that labor market conditions are worsening," said lead U.S. economist at Oxford Economics, Nancy Vanden Houten. “While hiring remains depressed, employers have not pulled back further.”

The 10-year Treasury note yield finished the week of 1/12 at 4.23%, while the 30-year Treasury note yield finished the week at 4.84%.

Freddie Mac released its latest Primary Mortgage Market Survey on Thursday, January 15. The survey showed the 30-year mortgage rate decreased to the lowest level in over three years.

This week, the 30-year fixed rate mortgage averaged 6.06%, down from last week’s average of 6.16%. Last year at this time, the 30-year fixed rate mortgage averaged 7.04%.

The 15-year fixed rate mortgage averaged 5.38% this week, down from last week’s 5.46%. During the same week last year, the 15-year fixed rate mortgage averaged 6.27%.

“Late last week, mortgage rates dropped, driving the weekly average down to its lowest level in more than three years,” said Freddie Mac’s Chief Economist, Sam Khater. “The impacts are noticeable, as weekly purchase applications and refinance activity have jumped, underscoring the benefits for both buyers and current owners. It is clear that housing activity is improving and poised for a solid spring sales season.”

Based on published national averages, the savings rate was 0.39% as of 12/15. The one-year CD averaged 1.63%.

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