11:50 AM EDT, 08/23/2024 (MT Newswires) -- All three major US stock indexes were up in late-morning trading Friday following Federal Reserve Chair Jerome Powell's speech earlier in the day at the Jackson Hole Economic Symposium that indicated that interest rate cuts were looming.

In company news, Intuit (INTU) reported fiscal Q4 non-GAAP earnings late Thursday of $1.99 per diluted share, up from $1.65 a year earlier and above the Capital IQ consensus analyst estimate of $1.85. Fiscal Q4 revenue was $3.18 billion, up from $2.71 billion in the year-ago period and above the Capital IQ consensus estimate of $3.09 billion. For fiscal Q1, the company expects non-GAAP EPS of between $2.33 and $2.38, below the Capital IQ consensus analyst estimate of $2.79. For fiscal 2025, Intuit expects non-GAPP EPS of $19.16 to $19.36 on revenue of $18.16 billion to $18.35 billion. Analysts expect EPS of $19.16 on revenue of $18.16 billion. The company also increased its quarterly dividend by 16% to $1.04 per share, payable Oct. 18. Shares of Intuit were down 7.5% around midday.

Workday (WDAY) reported fiscal Q2 non-GAAP earnings late Thursday of $1.75 per diluted share, up from $1.43 a year earlier and above the Capital IQ consensus analyst estimate of $1.65. Fiscal Q2 revenue was $2.09 billion, up from $1.79 billion in the year-ago period and above the Capital IQ consensus estimate of $2.07 billion. Workday said it expects fiscal Q3 subscription revenue of about $1.96 billion. Workday shares were up 11.2%.

Paramount Global ( PARAA ) was accused by Skydance Media of breaching the terms of its deal following the extension of Paramount's "go shop" period, The Wall Street Journal reported Thursday. The extension came after Paramount received a $6 billion acquisition offer from Edgar Bronfman Jr. Paramount shares were up 0.1%.

Delta Air Lines ( DAL ) said in a regulatory filing Friday that Chief Operating Office Michael Spanos is leaving the company, effective Aug. 31. The airline currently does not plan to appoint Spanos' successor, as executives John Laughter and Allison Ausband, who worked directly under Spanos, will now report directly to the CEO, The Wall Street Journal reported. Delta shares were up 2.8%.

Canadian National Railway ( CNI ) received a letter dated Aug. 23 from the Teamsters Canada Rail Conference informing it that the union intends to withdraw the services of its roughly 6,500 members at 10 a.m. ET on Aug. 26. Canadian National Railway ( CNI ) shares were up 2.5%.

Southwest Airlines ( LUV ) said Thursday that there's no ongoing work to change its "two bags fly free" policy. The statement comes after a Bloomberg report that stated that the airline issued a survey seeking customer feedback on bag fees, travel habits, loyalty status benefits and booking preferences. The airline said it regularly conducts surveys to guide its decision-making on products and services. Southwest ( LUV ) shares were up 4.7%.

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