Investing.com - Australian stocks are predicted to experience a slight dip at Thursday's open, following a mixed close for Wall Street overnight.
In the US, the S&P 500 saw a flat close, while the Dow Jones Industrial Average added 0.4% and the NASDAQ Composite fell 0.2%. Iron ore also faced a downturn, which subsequently affected BHP (ASX:BHP) Group Ltd ADR (NYSE:BHP) and Rio Tinto ADR (NYSE:RIO) in London.
In company news, the Commonwealth Bank Of Australia (ASX:CBA) reported a 3% fall in profit for the March quarter compared to the first half of the 2024 financial year, with earnings amounting to $2.4 billion. This result is also a 5% drop from the same quarter of the previous year. Home loan lending volumes saw a 3.1% growth on an annualised basis in the March quarter compared to the December quarter.
The bank also reported a gradual increase in doubtful debts over the past year, with loan impairment expenses totalling $191 million for the quarter. Consumer arrears exceeding 90 days on home loans and credit cards reached 0.65% and 0.94% respectively, while personal loans in arrears for more than 90 days hit 1.25%. Operating expenses grew by 2%, with operating profit declining by 1%.
Retailer JB Hi-Fi Ltd (ASX:JBH) reported a 0.3% drop in Australian same-store sales for the March quarter compared to the previous year. Over the nine months to March 31, JB Hi-Fi sales remained flat, while The Good Guy sales fell 7.3%.
Orica Ltd (ASX:ORI) reported a 10% increase in its earnings before interest and tax for the six months to March 31, but warned of rising costs.
Online furniture retailer Temple & Webster Group Ltd (ASX:TPW) reported a 30% sales increase for the calendar year to May 5, driven by repeat and new customers. The company expects its EBITDA (operating income) margins for the 2024 financial year to be between 1 and 3%.
Baby Bunting Group Ltd (ASX:BBN) reported a 7.4% decline in same-store sales for the nine months to March 31, citing lower consumer spending, cost of living pressures, and price competition. The company also revised its pro forma profit guidance for the 2024 financial year to between $2 million and $4 million.