Yahoo Finance Trending tickers: Crest Nicholson, PageGroup, Baidu and United Airlines
The latest investor updates on stocks that are trending on Monday
Crest Nicholson (CRST.L)
UK homebuilder Crest Nicholson cut its annual profit forecast for the third time in six months due to issues at its Brightwells Yard regeneration scheme in Farnham.
The housebuilder said it was now predicting an adjusted pre-tax profit of £41m ($52m) for the financial year to October, compared with the £45m to £50m range previously expected. That would mark a 70% reduction from £137.8m in 2022.
Crest Nicholson said on Monday it was expecting to incur further costs in relation to the delayed completion of a regeneration scheme in Farnham, on top of around £11m flagged last year.
The firm won the contract for the Brightwells Yard regeneration scheme in 2003 but was slow to get off the ground and has since seen several changes to the construction plans.
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"Although it is too early to gauge customer behaviour, we have been encouraged by an increase in customer interest levels and inquiries this calendar year," Crest Nicholson said in a statement.
PageGroup (PAGE.L)
PageGroup said its 2023 full year operating profit was expected to be slightly below previous guidance as fourth-quarter profits fell as it battles a downturn in the labour market.
The recruitment company said it shed 224, or 3.7%, of its fee-earning roles and axed 224 jobs to cut costs.
Gross profit for the fourth quarter fell 8.9% lower year on year at £237m. In the UK, gross profit tumbled 19.9% in the quarter with the EMEA business down 6.5%.
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It warned that full-year earnings are now expected to be slightly below the £120m to £125m it guided for previously.
“We experienced a slower end to the quarter as customer uncertainty was compounded by the proximity to year end salary reviews and bonuses, which combined to make trading particularly challenging,” PageGroup said in a trading update.
Baidu (9888.HK)
Shares in the search engine firm plunged by almost 12% after a report linked its Ernie AI platform to Chinese military research into artificial intelligence.
The South China Morning Post reported that scientists at Chinese military labs were testing an artificial intelligence system based on the company’s large-language model ErnieBot.
Baidu said in a statement that it “has no affiliation or other partnership with the academic institution in question.”
Despite the denial, the report fuelled concerns that any potential affiliation with the Chinese military could attract sanctions from the US.
Baidu debuted Ernie, the country’s earliest answer to OpenAI’s ChatGPT, in 2023 and amassed 100 million users in the months after its public rollout.
United Airlines (UAL)
Shares in the airline were lower in premarket trading after plunging 10% on Friday as it prepares to report earnings after the close of markets on Monday.
Analysts expect United Airlines to post earnings of $1.61 per share for the quarter.
The company has been under the spotlight after it found loose bolts on plug doors on multiple 737 Max 9 aircraft during inspections. The airline said it has 79 737-9 aircraft in its fleet, and the findings will be remedied in order to return the aircraft to service.
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The airline has also been hurt by a rise in oil prices, which is putting pressure on fuel costs across the industry.
Watch: China's Baidu plunges despite denial of military link report
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