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    Goldman Sachs on Earnings Season Results and the Future Goldman Sachs on Earnings Season Results and the Future 4:37
    How Disney+ Became a Streaming Service Heavyweight How Disney+ Became a Streaming Service Heavyweight 6:26
12:59 p.m. Today - By Claudia Assis
HyreCar stock rises more than 6% as Q1 sales riseShares of HyreCar Inc. rallied more than 6% late Thursday after the peer-to-peer car-sharing platform reported a wider quarterly loss but sales came in slightly above expectations. HyreCar said it lost $7.2 million, or 37 cents a share, in the quarter, compared with $4.1 million, or 25 cents a share, in the year-ago period. Sales rose 29% to $7.45 million, "showing the resilience of our platform and the growing demand for our services as the country opens up," Chief Executive Joe Furnari said in a statement. Analysts polled by FactSet expected HyreCar to report a GAAP loss of 13 cents a share on sales of $7.2 million. The stock ended the regular trading day down 6.7%.
12:49 p.m. Today - By Claudia Assis
GoodRx stock heads lower after mixed Q1 resultsShares of GoodRX Holdings Inc. fell more than 5% in the extended session Thursday after the health-care company reported first-quarter sales slightly below Wall Street expectations and met the forecast for adjusted profit. GoodRx said it earned $1.7 million, breaking even on a per-share basis, in the quarter, compared with $27.3 million, or 8 cents a share, in the year-ago quarter. Adjusted for one-time items, the company earned 7 cents a share. Sales rose 20% to $160.4 million, the company said. Analysts polled by FactSet expected GoodRX to earn an adjusted 7 cents a share on sales of $160.6 million. Monthly active consumers rose 17% to 5.7 million people, it said. GoodRX guided for second-quarter revenue between $172 million and $176 million, and full-year 2021 revenue between $740 million and $760 million. The stock ended the regular trading day down 4%.
12:21 p.m. Today - By Mark DeCambre
Coinbase meets analysts' expectations in first-quarter earningsCrypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company's preliminary report that was released ahead of its April 14 listing on the Nasdaq. Investors were expecting Coinbase to report EPS of about $3.07 on revenue of $1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12. The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. The report comes amid a downturn for bitcoin and the broader crypto complex. Shares of Coinbase initially slumped 4% in afterhours trade, but later recovered to flat, after closing down 6.5% in regular trading Thursday. Investors will be eager to here more about the company's stance in addressing growing competition in the crypto trading space against the likes of Robinhood Markets and Gemini.
12:21 p.m. Today - By Claudia Assis
Oscar Health stock gains after first results as public companyOscar Health Inc. stock rose nearly 3% late Thursday after the digital health-insurance company reported its first results as a public company, missing Wall Street expectations but showing more subscribers than expected. Oscar said it lost $87.4 million, or 98 cents a share, in the first quarter, compared with a loss of $96.9 million, or $3.36 a share, in the year-ago quarter. Revenue rose to $369 million, from $88.4 million a year ago, the company said. Analysts polled by FactSet had expected Oscar to report a GAAP loss of 53 cents a share on sales of $598 million. Its membership grew 29%, it said. "We achieved very attractive first-quarter growth, while simultaneously lowering our medical loss ratio and administrative cost ratio year-over-year," Chief Executive Mario Schlosser said in a statement. Shares of Oscar ended the regular trading day down 7.4%. Oscar
3:02 a.m. Today - By Tomi Kilgore
Canada Goose stock jumps after surprise profit, revenue that rose well above forecastsThe U.S.-listed shares of Canada Goose Holdings Inc. rallied 2.3% in premarket trading Thursday, after the Canada-based luxury apparel maker reported a surprise fiscal fourth-quarter profit and revenue that rose well above forecasts and pre-pandemic levels, as ecommerce revenue more than doubled. Net income rose to C$2.9 million ($2.4 million), or 3 cents a share, from C$2.5 million, or 2 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 1 cent, compared with the FactSet per-share loss consensus of 12 cents. Revenue jumped 48.2% to C$208.8 million ($171.8 million), beating the FactSet consensus of C$158.9 million, as global ecommerce revenue increased 123.2%. The company said revenue rose in all geographic regions except Canada, which revenue fell 6.9% amid elevated mandatory retail closures relative to other markets. "Canada Goose has shifted from recovery to growth beyond pre-pandemic levels. We achieved our largest ever fourth quarter by revenue," said Chief Executive Dani Reiss. The stock has slipped 3.6% over the past three months through Wednesday, while the S&P 500 has gained 3.3%.
2:46 a.m. Today - By Tomi Kilgore
Casper stock rallies after revenue rises to a record to beat expectations as losses narrowShares of Casper Sleep Inc. surged 4.8% toward a three-month high in premarket trading Thursday, after the mattress-in-a-box seller reported a narrower loss and revenue that rose above expectation, and provided an upbeat outlook. The net loss narrowed to $21.2 million, or 52 cents a share, from $34.0 million, or $1.23 a share, in the year-ago period. The FactSet consensus for per-share losses was 53 cents. Revenue grew rose to a record $127.7 million from $113.0 million, beating the FactSet consensus of $125.0 million, as gross margin improved to 52.2% from 46.9%. "Our third-party manufacturing model is enabling us to effectively navigate industry-wide supply chain challenges as we meet growing demand for our products," said Chief Executive Philip Kim. For the second quarter, the company expects revenue of $146 million to $153 million, above the current FactSet consensus of $134.1 million. Casper's stock has lost 4.7% over the past three months through Wednesday but has run up 57.6% year to date, while the S&P 500 has gained 3.3% the past three months and advanced 8.2% this year.
2:45 a.m. Today - By Ciara Linnane
Trulieve first-quarter revenue beats estimates Trulieve Cannabis Corp. said Thursday it had net income of $30.1 million in the first quarter, up from $23.6 million in the year-earlier period. The multistate cannabis operator, which said Monday it has agreed did not offer per-share numbers. Revenue rose $193.8 million from $96.1 million a year ago and $168.4 million in the fourth quarter. The FactSet consensus was for net income of $34.7 million and revenue of $189.2 million. "Our continued strength in our home state of Florida, as well as the build out of our northeast hub, with progress in Pennsylvania, Massachusetts and West Virginia, has generated momentum for an exciting remainder of the year," Chief Executive Kim Rivers said in a statement. Shares were not active premarket, but have gained 25% in the year to date, while the Cannabis ETF has gained 26% and the AdvisorShares Pure US Cannabis ETF has gained 11%.
6:37 a.m. May 12, 2021 - By Tomi Kilgore
IPower stock set to go public, after IPO priced below recently lowered expected rangeIPower Inc. is set to go public Wednesday, after the California-based supplier hydroponic equipment, which are used by its consumers to grow vegetables, fruit, flowers and cannabis, said its initial public offering priced at $5 a share, which was below the recently lowered expected range of between $7 and $9 a share. The company raise $16.8 million as it sold 3.36 million shares in the IPO, that's up from an expected 3.00 million share offering as of May 7. When the company initially set terms for its IPO on April 27, the company said it was offering 5.00 million shares at an expected pricing of between $9 and $11 a share. With 24.6 million shares outstanding after the IPO, the pricing values the company at $123.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "IPW." D.A. Davidson, Roth Capital Partners and Tiger Brokers were the underwriters. For the six months ended Dec. 31, 2020, the company reported net income of $1.34 million on revenue of $26.21 million, after income of $577,222 on revenue of $15.51 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was shedding 2.2% and the S&P 500 was down 1.0%.
5:52 a.m. May 12, 2021 - By Tomi Kilgore
Array Technologies stock plummets below IPO price after profit miss, withdrawal of guidanceShares of Array Technologies Inc. plummeted 32.8% to pace all Nasdaq decliners, putting them on track to close below their IPO price for the first time, after the maker of ground-mounting systems used in solar energy projects missed first-quarter profit expectations and withdrew its full-year outlook citing continued increases in steel and freight costs. The company went public on Oct. 15 at an IPO price of $22 a share, and the stock closed as high as $51.05 on Jan. 22 before starting to sell off. The company reported late Tuesday net income that fell to $2.9 million, or 2 cents a share, from $73.7 million, or 61 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came in at 19 cents, below the FactSet consensus of 20 cents. Revenue dropped 44% to $245.9 million, due primarily to a reduction in the amount of investment tax credit (ITC) safe harbor-related shipments, but beat the FactSet consensus of $238.8 million. Gross margin decreased to 18% from 27%, amid higher input costs due to a "rapid increase in commodity prices and greater freight costs resulting in part from disruptions caused by the winter storm in Texas, as well as port closures and congestion." The stock has now tumbled 62.2% over the past three months, while the Renaissance IPO ETF has shed 26.2% and the S&P 500 has gained 4.8%.
4:42 a.m. May 12, 2021 - By Tomi Kilgore
Global-e to go public after IPO priced at top of range, valuing company at more than $3.5 billionGlobal-e Online Ltd. is set to go public Wednesday, after the direct-to-consumer, cross-border ecommerce platform company's initial public offering priced at $25 a share, at the top of the expected range of between $23 and $25 a share, to value the Israel-based company at about $3.56 billion. The company sold 15.0 million shares in the IPO to raise $375.0 million. The stock is expected to start trading on the Nasdaq under the ticker symbol "GLBE." Goldman Sachs, Morgan Stanley and Jefferies were the lead underwriters. The company reported a net profit of $725,000 on revenue of $136.4 million in 2020, after a loss of $7.5 million on revenue of $65.9 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has tumbled 25.5% over the past three months while the S&P 500 has gained 5.5%.
4:22 a.m. May 12, 2021 - By Tomi Kilgore
Toyota expects 15% of U.S. sales to be battery, fuel cell electric vehicles by 2030Toyota Motor Corp. said Wednesday it expects battery electric vehicles (BEV) and fuel cell electric vehicles (FCEV) to make up 15% of total U.S. sales by 2030. The Japan-based auto maker said that including hybrid electric vehicles (HEV) and plug-in hybrids (PHEV), 70% of the combined Toyota and Lexus vehicles sold will be electrified by 2030. Globally, Toyota expects to sell 8 million electrified vehicles by 2030, including 2 million BEVs and FCEVs. Toyota's U.S.-listed stock rose 2.6% in premarket trading, after the company reported and was well above expectations. The stock has lost 1.5% year to date through Tuesday, while shares of U.S.-based rival General Motors Co. have soared 33.8%, the iShares MSCI Japan ETF has edged up 0.3% and the S&P 500 has gained 10.5%.
3:44 a.m. May 12, 2021 - By Tomi Kilgore
Lumentum stock sinks after revenue misses amid deployment delays, downbeat outlookShares of Lumentum Holdings Inc. sank 6.5% toward a seven-month low in premarket trading Wednesday, after the optical and photonic products company reported a fiscal third-quarter profit that matched expectations but revenue that missed, citing deployment delays in China, and provided a downbeat outlook. Net income jumped to $225.5 million, or $2.85 a share, from $43.4 million, or 56 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.40 from $1.26, matching the FactSet consensus of $1.40. Revenue increased 4.1% to $419.5 million, below the FactSet consensus of $433.4 million. "Out of an abundance of caution, we deferred $14.8 million of revenue due to delays in 5G deployments in China, which decreased our reported revenue accordingly," said Chief Executive Alan Lowe. For the fourth quarter, the company expects adjusted EPS of 92 cents to $1.14 and revenue of $360 million to $400 million, both below the FactSet consensus for EPS of $1.25 and for revenue of $410 million. Lumentum's stock has dropped 12.6% over the past three months through Tuesday, while the S&P 500 has gained 5.5%.
3:31 a.m. May 12, 2021 - By Tonya Garcia
Wendy's increases its dividend, share repurchase program and guidanceWendy's Co. shares rose 4.8% in Wednesday premarket trading after the fast-food chain reported first-quarter earnings that beat expectations and raised its guidance. Net income totaled $41.4 million, or 18 cents per share, up from $14.4 million, or 6 cents per share, last year. Adjusted EPS of 20 cents beat the FactSet consensus for 15 cents. Revenue of $460.2 million was up from $405.0 million last year and also ahead of the FactSet consensus for $445.0 million. Global same-restaurant sales rose 13% with the U.S. up 13.5% and international sales up 7.9%. The FactSet consensus was for global 14.5% growth with the U.S. up 12%. Wendy's raised its dividend by 11% to 10 cents per share, payable on June 15, 2021 to shareholders of record as of June 1, 2021. As of May 5, there were 221 million shares outstanding. The company also raised its share repurchase plan by $50 million to a total of $150 million. And Wendy's raised its full-year guidance. The company now expects adjusted EPS of 72 cents to 74 cents, and 8%-to-10% global systemwide sales growth. The company was previously guiding for 6%-to-8% sales growth. The FactSet consensus is for EPS of 69 cents and sales of $1.817 billion, implying 4.8% growth. Wendy's stock has gained 4% for the year to date while the S&P 500 index is up 10.5% for the period.
3:30 a.m. May 12, 2021 - By Tomi Kilgore
Papa John's to repurchase some of Starboard's stake, which is being converted to common stockPapa John's International Inc. said Wednesday that Starboard Value L.P.'s investment in preferred shares will converted to common stock, with the pizza seller repurchasing 31% of the preferred shares before the conversion. In 2019, Starboard had invested $250 million in Papa John's Series B convertible preferred stock with a total yield of about 5.4%, which were convertible to common stock at Starboard's option at a conversion price of $50.06. The stock closed Tuesday 93.8% above the conversion price at $97.01. At the time of the investment, Starboard's stake on a as-converted basis represented about 13.2% of the outstanding common stock. With Papa John's repurchase of preferred shares, Starboard's stake will be about 9.5% of the outstanding common stock. After the repurchase and conversion, the number of outstanding shares will increase by 3.5 million shares. The company will record a $110 million charge as a result of the transactions. Papa John's stock, which was still inactive in premarket trading, has lost 11.1% over the past three months, while the S&P 500 has gained 5.5%.
2:47 a.m. May 12, 2021 - By Tomi Kilgore
Wolverine World Wide profit matches forecasts while revenue comes up short, but full-year outlook liftedWolverine World Wide Inc. reported a first-quarter profit that matched expectations but revenue that came up a bit shy, while lifting its full-year outlook amid stronger-than-anticipated ecommerce growth. The stock was still inactive in premarket trading. The footwear and apparel company, which brands include Hush Puppies, Stride Rite and Saucony, said net income tripled to $38.5 million, or 45 cents a share, from $13.0 million, or 16 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 40 cents, matching the FactSet consensus of 40 cents. Revenue rose 16.3% to $510.7 million, below the FactSet consensus of $511.8 million, with owned ecommerce revenue growing 83.6%. Cost of goods sold increased 12.0%, with gross margin improving to 43.5% from 41.4%. For 2021, the company nudged up its revenue guidance range to $2.24 billion to $2.30 billion from $2.19 billion to $2.25 billion. "Our ongoing investment in digital fueled eCommerce growth of 84%, well ahead of our expectations. Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong," said Chief Executive Blake Krueger. "We anticipate growth to continue to accelerate moving forward." The stock has rallied 36.8% year to date, while the S&P 500 has advanced 10.5%.
12:53 p.m. May 11, 2021 - By Claudia Assis
Battery startup QuantumScape posts wider Q1 lossQuantumScape Corp. shares fell 4% in the extended session Tuesday after the battery-maker startup reported a wider-than-expected quarterly loss for its first quarter. QuantumScape said it lost $75 million in the quarter, or 20 cents a share, compared with a loss of 6 cents a share in the year-ago quarter. Analysts polled by FactSet had expected a loss of 7 cents a share for the quarter. In a letter to investors, the startup said it met a contractual milestone with Volkswagen AG and delivered battery cells for further testing at the car maker, an investor in the company, which resulted in an an additional $100 million into QuantumScape in April, it said. With proceeds from its follow-on equity offering, the Volkswagen investment, and public warrant exercises, it expects to enter 2022 "with greater than ($1.3 billion) in liquidity, reflecting a net increase of more than $300M compared to our liquidity entering the year," it said. Shares of QuantumScape ended the regular trading day up 3.6%.
9:41 a.m. May 11, 2021 - By Tomi Kilgore
NortonLifeLock stock surges to pace S&P 500 gainers after upbeat earnings, increased buyback programShares of NortonLifeLock Inc. shot up 9.5% toward an 8-month high in afternoon trading Tuesday, enough to pace the S&P 500's gainers, after the consumer cyber safety company reported record fourth-quarter profit and revenue that beat expectations, provided an upbeat outlook and boosted its stock repurchase program. The company reported late Monday net income for the quarter to April 2 that slipped to $194 million, or 33 cents a share, from $231 million, or 36 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 40 cents beat the FactSet consensus of 38 cents. Revenue rose 9.4% to $672 million, above the FactSet consensus of $660.2 million. For the first quarter, the company expects adjusted EPS of 40 cents to 42 cents, which compares with the FactSet consensus as of the end of April of 39 cents. Separately, the company said it was adding $1.5 billion to its stock repurchase program, which currently has $274 million authorization remaining. "We accelerated growth, expanded our international footprint, and added freemium capability," said Chief Executive Vincent Pilette. "In the fourth quarter alone, we added 2 million new customers, and achieved record revenue and profit." The stock has gained 11.1% year to date, while the ETFMG Prime Cyber Security ETF has slipped 2.9% and the S&P 500 has advanced 10.5%.
2:47 a.m. May 11, 2021 - By Ciara Linnane
Perrigo shares down 1.6% premarket as earnings fall short of estimatesPerrigo Co. Plc share slid 1.6% in premarket trade Tuesday, after the Dublin-based provider of consumer self-care products posted weaker-than-expected earnings for its first quarter. The company said it had net income of $3 million, or 2 cents a share, in the quarter, down from $58 million, or 42 cents a share, in the year-earlier period. Excluding special items, adjusted per-share earnings came to 50 cents, below the 57 cents FactSet consensus. Sales fell to $1.010 billion from $1.083 billion, also below the $1.025 billion FactSet consensus. Perrigo has spent the past two years changing from a healthcare company to a consumer self-care company and announced the sale of its generic drug business on March 1. That deal is expected to generate about $2 billion in cash. "We have made the necessary investments in infrastructure, capabilities, talent and capacity, and as a result have restored Perrigo to growth, all while weathering the storm of a horrific global pandemic," Chief Executive Murray S. Kessler said in a statement. Earnings and sales declines were due to consumer pantry loading a year ago and a historically weak cough and cold season this year, both caused by COVID-19, he said. "Looking ahead to the rest of the year, we are encouraged to see the recent increases in retail store foot traffic, more people traveling again, and children returning to school in the fall," he said. The company is still expecting fiscal 2021 adjusted EPS to range from $2.50 to $2.70, compared with a FactSet consensus of $2.62. Shares have fallen 3.6% in the year through Monday, while the S&P 500 has gained 11.5%.
2:47 a.m. May 11, 2021 - By Tomi Kilgore
Aramark loss narrows more than expected as revenue beats forecastsAramark reported Tuesday a narrower-than-expected fiscal second-quarter loss, revenue that fell less than forecast and raised its free cash flow outlook, citing "clear positive trends" for its businesses as the recovery from the COVID-19 pandemic takes hold. The food, facility and uniform company's stock was still inactive in premarket trading. The net loss for the quarter to April 2 narrowed to $77.6 million, or 30 cents a share, from $202.3 million, or 80 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss was 24 cents, beating the FactSet loss consensus of 34 cents. Revenue fell 24.4% to $2.82 billion, but topped the FactSet consensus of $2.75 billion. For fiscal 2021, the company raised its free cash flow guidance to a range of neutral to $250 million from neutral to $200 million, and said it expects organic revenue improvement over the course of the year. The stock has lost 2.2% year to date, while the S&P 500 has gained 11.5%.
12:54 p.m. May 10, 2021 - By Claudia Assis
Callaway Golf stock jumps 6% after Q1 profit, sales top viewsShares of Callaway Golf Co. rose more than 5% in the extended session Monday after the golf equipment and apparel maker reported first-quarter profit and sales that blew past Wall Street expectations and said demand for its goods has been "unprecedented" amid the pandemic. Callaway said it earned $272 million, or $2.19 a share, in the quarter, compared with $29 million, or 30 cents a share, in the first quarter of 2020. Adjusted for one-time items, the company earned $77 million, or 62 cents a share. Sales rose 47% to $652 million, Callaway said. Analysts polled by FactSet expected GAAP EPS of 12 cents a share and adjusted EPS of 14 cents a share on sales of $562 million. "Our golf equipment business is continuing to experience unprecedented demand while our soft goods business and Topgolf business are recovering from the pandemic faster than anticipated," Chief Executive Chip Brewer said in a statement. "Although the COVID-19 pandemic continues, especially in international markets, we are pleased with the current state and trends of our business." The stock ended the regular trading day down 3.9%.
12:32 p.m. May 10, 2021 - By Claudia Assis
RealReal posts another quarterly loss, but sales riseShares of RealReal Inc. weaved between gains and losses in the extended session Monday after the e-commerce retailer of secondhand luxury goods reported a narrower first-quarter loss and sales that were above Wall Street expectations. RealReal said it lost $56 million, or 62 cents a share, in the quarter, compared with a loss of 44 cents a share in the year-ago quarter. Adjusted for one-time items, the company lost 49 cents a share. Revenue rose 27% to $98.8 million, the company said. Analysts polled by FactSet expected a GAAP loss of 53 cents a share on sales of $96 million. The company said it expects gross merchandise value between $320 million and $330 million for the second quarter, which would be 75% to 80% year-on-year growth. The stock ended the regular trading day down 10%.
12:19 p.m. May 10, 2021 - By Claudia Assis
Virgin Galactic reports wider Q1 loss, says pandemic still crimping businessVirgin Galactic Holdings Inc. stock fell more than 5% in the extended session Monday after the space-tourism company reported a wider-than-expected quarterly loss and said it continues to see pandemic-related, ongoing delays in its business and operations. Virgin reported a net loss of $130 million, or 55 cents a share, in the first quarter, compared with a net loss of $377 million in the first quarter of 2020. Analysts polled by FactSet expected Virgin to report a GAAP loss of 28 cents a share for the quarter. The company said it ended the quarter with $617 million in cash and equivalents. "We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program," Chief Executive Michael Colglazier said in a statement. Virgin Galactic ended the regular trading session down 8.5%.
5:28 a.m. May 10, 2021 - By Tomi Kilgore
Workhorse stock drops after revenue was less than half what was expectedShares of Workhorse Group Inc. dropped 7.2% toward a more than 10-month low after, after the electric truck maker swung to a net loss and reported revenue that were less than half what was expected, as the number of trucks produced reached its target later than anticipated. The net loss was $120.5 million, after net income of $4.8 million in the year-ago period. Excluding non-cash adjustments, the operating loss widened to $16.5 million from $9.1 million, while the FactSet loss consensus was $19.8 million. The company did not provide per-share information. Sales rose to $521,060 from $84,300, below the FactSet consensus of $2.3 million. The company produced a total of 38 C-Series vehicles year to date. "Although we had planned to have achieved our year-to-date number of trucks produced sooner, we took the additional time to ensure that we were building top-quality vehicles for our customers while improving our production processes," said Chief Executive Duane Hughes. The stock, on track to open at the lowest price seen during regular-session hours since June 26, 2020, has plummeted 74.9% over the past three months through Friday, while the S&P 500 has gained 8.3%.
4:51 a.m. May 10, 2021 - By Tonya Garcia
Revlon launches turnaround program focused on the namesake and Elizabeth Arden brandsRevlon Inc. stock fell 5.3% in Monday premarket trading after the beauty company reported first-quarter earnings and sales that fell short of Street expectations. Net loss totaled $97.4 million, or $1.79 per share, after a loss of $216.6 million, or $4.02 per share, last year. Sales of $445 million were down from $453 million last year. The FactSet consensus was for a loss of $1.08 per share and sales of $520 million. E-commerce net sales increased to 13% of total sales from 12% of net sales last year. The beauty company announced the Revlon Global Growth Accelerator Program, a transformation designed for margin and revenue growth. "This will enable the company to maximize the potential of our iconic brand portfolio with a focus on Revlon and Elizabeth Arden in key markets as well as continue to expand our digital and e-commerce capabilities," said Chief Executive Debra Perelman in a statement. The company experienced double-digit net sales growth in its Elizabeth Arden and fragrance businesses in the first quarter. Revlon stock has slumped 6% for the year to date while the S&P 500 index is up 12.7% for the period.
4:49 a.m. May 10, 2021 - By Tomi Kilgore
Trade Desk stock tumbles even after 10-for-1 stock split, profit and revenue that beat expectationsShares of Trade Desk Inc. tumbled 11.1 % toward a 6-month low in premarket trading Monday, even after the provider of advertising buying services reported better-than-expected first-quarter profit and revenue and announced a 10-for-1 stock split. The company said the stock split will be enacted in the form of a stock dividend, which will be distributed on June 16 to shareholders of record on June 9; the stock will start trading on a split-adjusted basis on June 17. Net income fell to $22.6 million, or 45 cents a share, from $24.1 million, or 50 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $1.41 from 90 cents and beat the FactSet consensus of 80 cents. Revenue grew 36.8% to $219.8 million, above the FactSet consensus of $216.9 million. Total operating expenses increased 41.5% to $212.0 million, with sales and marketing expenses climbing 62.6% and technology and development spending rising 46.5%. The company expects second-quarter revenue of between $259 million and $262 million, above the current FactSet consensus of $253 million. Trade Desk's stock has slumped 17.4% year to date through Friday, while the S&P 500 has gained 12.7%.
4:23 a.m. May 10, 2021 - By Tonya Garcia
Tyson earnings beat expectations but warns of mounting margin pressureTyson Foods Inc. stock rose 1% in Monday premarket trading after the protein manufacturer reported fiscal second-quarter earnings and sales that beat expectations. Net income totaled $476 million, or $1.30 per share, up from $376 million, or $1.03 per share, last year. Adjusted EPS of $1.34 was up from 80 cents last year and ahead of the FactSet consensus for $1.15. Sales of $11.30 billion were up from $10.89 billion last year and also beat the FactSet consensus for $11.19 billion. "We're seeing substantial inflation across our supply chain, which will likely create margin pressure during the back half of the year," said Dean Banks, Tyson's chief executive in a statement. COVID-19-related expenses for the second quarter totaled $95 million. Costs include personal protective equipment for workers and COVID testing. Tyson has over pandemic-related deaths among its workers, and after allegations that managers were betting on which workers would get COVID-19. Tyson stock has gained 22.3% for the year to date while the S&P 500 index is up 12.7% for the period.
3:50 a.m. May 10, 2021 - By Jack Denton
BioNTech shares soar 8% as COVID-19 vaccines drive revenue surgeShares in BioNTech surged 8% in premarket trading on Monday, after the German biotechnology group reported first-quarter earnings. Jointly with Pfizer , BioNTech co-developed the first COVID-19 vaccine to receive the green light from regulators following large-scale clinical trials. The group reported revenue of €2.05 billion ($2.49 billion) in the first three months of the year, outpacing expectations for €1.7 billion, according to FactSet consensus. Revenue in the same period in 2020 was €27.7 million. Net profit surged €1.13 billion in the first quarter of 2021, up from €53.4 million in 2020. BioNTech said that it had supplied more than 450 million doses of its COVID-19 vaccine to 91 countries or territories as of May 6, with signed agreements for more than 1.8 billion doses in 2021. The estimated revenue from COVID-19 vaccine deliveries, based on the currently signed contracts, is €12.4 billion. The group said there was no evidence that its COVID-19 vaccine needed to be adapted to deal with variants of the virus that have been identified.
3:47 a.m. May 10, 2021 - By Tonya Garcia
Coty earnings miss expectations but CoverGirl making gainsCoty Inc. stock sank 4.6% in Monday premarket trading after the global beauty company's fiscal third-quarter earnings missed expectations. Net loss totaled $18.5 million, or 2 cents per share, after a loss of $271.6 million, or 36 cents per share, last year. Adjusted EPS was breakeven after a loss of 14 cents last year. The FactSet EPS consensus was for a penny per share. Revenue of $1.028 billion was down from $1.063 billion last year and ahead of the FactSet consensus for $1.026 billion. The company is in the midst of a strategic growth plan, with the CoverGirl brand gaining market share in the U.S. over the past five weeks. The plan also includes re-positioning plans for Rimmel and Max Factor in Europe and cutting sales in what Chief Executive Sue Nabi called "low-quality channels." Coty reiterated its guidance for full-year revenue of $4.5 billion to $4.6 billion and cost reductions of about $300 million in fiscal year 2021. The FactSet consensus is for full-year revenue of $4.536 billion. Coty stock has gained 47.3% for the year to date while the S&P 500 index has gained 12.7% for the period.
3:23 a.m. May 10, 2021 - By Tomi Kilgore
Air Products profit misses expectations as COVID-19 and weather weigh, but sales beat forecastsShares of Air Products & Chemicals Inc. slumped 2.3% in premarket trading Monday, after the industrial gases company reported a fiscal second-quarter profit that came up short of expectations, while sales beat forecasts, as the COVID-19 pandemic and a severe winter storm in the U.S. Gulf Coast weighed on results. Net income for the quarter to March 31 was $473.1 million, or $2.13 a share, after earnings of $477.8 million, or $2.15 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 2% to $2.08, below the FactSet consensus of $2.12. The company said it estimates COVID-19 reduced adjusted EPS by 10 cents to 15 cents. "Adjusted EPS improved over the prior year, we continued to improve pricing, and we again generated strong cash flow," said Chief Executive Seifi Ghasemi. Sales grew 12.9% to $2.50 billion, above the FactSet consensus of $2.34 billion, while cost of sales increased 19.5%. For 2021, the company expects adjusted EPS of $8.95 to $9.10, surrounding the FactSet consensus of $9.02. The stock has rallied 14.6% over the past three months through Friday, while the S&P 500 has gained 8.3%.
3:20 a.m. May 10, 2021 - By Tomi Kilgore
Marriott's stock falls after profit beats expectations but revenue falls shyShares of Marriott International Inc. dropped 1.2% in premarket trading Monday, after the hotel operator reported first-quarter profit that beat expectations but revenue that fell shy, with occupancy increasing to nearly half by the end of the quarter. The company swung to a net loss of $11 million, or 3 cents a share, from net income of $31 million, or 9 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 10 cents from 49 cents but beat the FactSet consensus of 4 cents. Total revenue dropped 50.5% to $2.32 billion, below the FactSet consensus of $2.38 billion, as revenue per available room (RevPAR) fell 46.3%, both worldwide and in the U.S. and Canada. Occupancy improved during the quarter to 49% in March from 33% in January. "In our largest region, the U.S. & Canada, demand increased rapidly as vaccine rollouts accelerated," said Chief Executive Tony Capuano. "Leisure demand gained momentum, particularly in ski and beach resort destinations." The cic not provide financial guidance given uncertainties associated with the COVID-19 pandemic. The stock has climbed 15.7% over the past three months through Friday, while the S&P 500 has gained 8.3%.
3:12 a.m. May 10, 2021 - By Ciara Linnane
Party City shares jump 7.4% premarket after better-than-expected quarter, upbeat guidanceParty City Holdco Inc. shares jumped 7.4% in premarket trade Monday, after the retailer posted a narrower-than-expected loss for the first quarter, sales that topped estimates and offered upbeat guidance for the current quarter. Party City said it had a net loss of $14.1 million, or 13 cents a share, in the quarter, narrower than the loss of $541.5 million, or $5.80 a share, posted in the year-earlier period. The company's adjusted per-share loss came to 5 cents, well ahead of the 18 cents loss consensus of FactSet analysts. Sales rose to $426.8 million from $414.0 million a year ago, also ahead of the $405.0 million FactSet consensus. "Despite operating in a pandemic impacted environment with fewer in-person celebrations, brand comparable sales increased 0.4% versus 2019," Chief Executive Brad Weston said in a statement. "While social gatherings were suppressed for a significant portion of the quarter, we were very encouraged by first quarter results and sales momentum which continued into April." The company is now expecting second-quarter revenue of $475 million to $490 million, ahead of the FactSet consensus for $383.0 million. It expects brand same-store sales to climb 92% to 97%, compared with a FactSet consensus of 77.5%. Shares have gained 29% in the year to date, while the S&P 500 has gained 12.7%.
3:10 a.m. May 10, 2021 - By Tomi Kilgore
Energizer stock jumps after adjusted profit and sales beats, raised outlookShares of Energizer Holdings Inc. jumped 1.7% toward a nine-month high in premarket trading Monday, after the batteries and lighting products company beat adjusted profit and sales expectations and raised its full-year outlook, boosted by elevated demand in its battery and auto businesses. The net loss for the quarter to March 31 narrowed to $14.3 million, or 21 cents a share, from $121.8 million, or $1.75 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 77 cents from 37 cents, beating the FactSet consensus of 60 cents. Sales grew 16.7% to $685.1 million, above the FactSet consensus of $625.9 million, boosted by new distribution, increased replenishment volumes and favorable pricing. For fiscal 2021, the company raised its adjusted EPS guidance range to $3.30 to $3.50 from $3.10 to $3.40, and said it now expects sales growth of 5% to 7% while the current FactSet sales consensus of $2.88 billion implies 4.9% growth. The stock has rallied 19.8% year to date through Friday, while the S&P 500 has advanced 12.7%.
2:55 a.m. May 10, 2021 - By Ciara Linnane
US Foods narrows loss as sales beat estimates US Foods Holding Corp. posted better-than-expected first-quarter earnings Monday, as volumes began to recover from last year's pandemic-driven slump. The foodservice distributor posted a net loss of $39 million, or 18 cents a share, in the quarter, narrower than the loss of $132 million, or 60 cents a share, posted in the year-earlier quarter. Adjusted per-share earnings came to 12 cents, or three times the 4 cents FactSet consensus. Sales edged down to $6.295 billion from $6.339 billion, but were also ahead of the $5.945 billion FactSet consensus. "During the first quarter, we saw a meaningful recovery in case volume with our restaurant and hospitality customers," Chief Executive Pietro Satriano said in a statement. "This momentum has continued into the early part of the second quarter as restrictions on in-person dining continue to be lifted in markets across the country." Total case volume was down 0.9% from a year ago but showed improvement through the quarter. US Foods is not offering guidance due to the uncertainty created by the pandemic. Shares were not yet active premarket, but have gained 22% in the year to date, while the S&P 500 has gained 12.7%.
2:48 a.m. May 10, 2021 - By Tomi Kilgore
Procore Technologies sets IPO terms, to be valued at up to $8.3 billionProcore Technologies Inc. has set terms of its initial public offering, which would value the California-based construction management software company up to about $8.3 billion. The company is looking to raise up to $615.6 million, as it plans to offer 9.47 million shares in the IPO, which is expected to price between $60 and $65 a share. The stock is expected to list on the NYSE under the ticker symbol "PCOR." Goldman Sachs, J.P. Morgan, Barclays are Jefferies are the lead underwriters. The company plans to use the proceeds from the IPO to increase capitalization and financial flexibility, and create a public market for its common stock. Procore recorded a net loss of $99.2 million on revenue of $328.6 million in 2020, after a loss of $83.1 million on revenue of $236.0 million in 2019. The company is looking to go public at a time that the Renaissance IPO ETF has dropped 25.8% over the past three months while the S&P 500 has gained 8.3%.
4:46 a.m. May 7, 2021 - By Tomi Kilgore
Nikola stock rises, toward snapping 8-day losing streak, after narrower-than-expected lossShares of Nikola Corp. rallied 3.6% in premarket trading Friday, putting them on an early track to snap a 8-session losing streak, after the electric vehicle maker reported a narrower-than-expected first-quarter loss while reporting no revenue, which was in line with forecasts. Net losses widened to $120.2 million, or 31 cents a share, from $33.1 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss widened to 14 cents from 12 cents but beat the FactSet loss consensus of 27 cents. There was no revenue, after solar revenue of $58,000 a year ago. Looking ahead, the company expects to deliver the first Nikola Tre battery-electric vehicle (BEV) to customers during the fourth quarter of 2021, to break ground on the first commercial hydrogen station i 2021 and start vehicle trial production at its JV facility in Germany in June and at its facility in Arizona in July. The stock, which has tumbled 17.9% over the past eight sessions, has dropped 33.6% year to date through Thursday, while the S&P 500 has gained 11.9%.
3:50 a.m. May 7, 2021 - By Tomi Kilgore
DraftKings stock turns up after loss quadruples to miss expectations, but revenue triples to beat forecastsShares of DraftKings Inc. rose 1.4% in premarket trading Friday, reversing an earlier loss, after the sports betting company reported a first-quarter loss that more than quadrupled and was wider than expected, but revenue that nearly tripled to beat forecasts and raised its full-year outlook. The net loss, which was not provided in the earnings press release, increased to $346.3 million from $82.1 million in the year-ago period. The FactSet consensus for net losses was $200.1 million. Revenue rose 252.6% to $312.3 million, well above above the FactSet consensus of $236.2 million. (The company did not immediately respond to a request for comment on why it did not provide net-loss information on the public release.) Cost of revenue grew 167.6 million to $183.2 million while sales and marketing increased 299.3% to $228.7 million. Monthly unique payers (MUP) increased 114%, with an average of 1.5 million MUPs engaged each month, while average revenue per MUP increased 48% to $61, helping by increased engagement with iGaming and mobile sports betting offerings. The stock has tumbled 18.8% over the past three months through Thursday, while the S&P 500 has gained 8.1%.
3:49 a.m. May 7, 2021 - By Ciara Linnane
Cronos shares slide premarket after earnings fall short of estimatesCronos Group Inc.'s U.S.-listed shares slid 4.2% in premarket trading Friday, after the Canadian cannabis company posted weaker-than-expected earnings for the first quarter. Cronos said it had a net loss of C$161.6 million ($132.7 million), or 44 cents a share, in the quarter, after income of C$75.7 million, or 20 cents a share, in the year-earlier period. Revenue net of excise taxes came to C$12.6 million, up from C$8.43 million a year ago. The FactSet consensus was for a loss of 11 cents a share and revenue of C$20.2 million. Chief Executive Kurt Schmidt said earnings were in Canada were impacted by "market dynamics due to the COVID-19 pandemic and ensuing stay-at-home orders and various other restrictions." The company's adult-use brand named Spinach will launch edibles in the coming weeks, a new category for the Canadian market. Shares have gained 10% in the year to date, while the Cannabis ETF has gained 36% and the S&P 500 has gained 11.9%.
3:17 a.m. May 7, 2021 - By Ciara Linnane
AMC Networks profit beats estimates but revenue falls shortAMC Networks Inc. posted better-than-expected profit for the first quarter on Friday, but revenue fell short of estimates. The network said it had net income of $237.9 million, or $2.02 a share, in the quarter, up 7% from $222.5 million, or $1.22 a share, in the year-earlier period. Excluding restructuring charges and other special items, adjusted per-share earnings came to $2.98, a full dollar ahead of the $1.98 FactSet consensus. Revenue fell 5.8% to $691.7 million from $734.4 million, missing the $724.0 million FactSet consensus. The company overhauled its reporting of operating segments in the quarter, to reflect a reorganized operating structure focused on a multi-platform distribution approach. Streaming services and IFC Films are now included in domestic operations, and not international and other, as they were before. The company booked restructuring charges of $4.1 million in the quarter, relating to severance and other personnel costs, as well as $4.5 million relating to costs to terminate distribution in certain territories. Shares were not yet active premarket, but have gained 27% in the year to date, while the S&P 500 has gained 11.9%.
2:56 a.m. May 7, 2021 - By Tomi Kilgore
USA Today parent Gannett reports wider loss and lower revenue, while digital-only revenue increasesUSA Today parent Gannett Co. Inc. reported Friday a wider net loss on revenue that fell more than some analysts expected, citing negative impacts from the COVID-19 pandemic as well as "general trends" hurting the publishing industry. The Net loss widened to $142.3 million, or $1.06 a share, from $80.2 million, or 61 cents a share, in the year-ago period. Revenue dropped 18.1% to $777.1 million, as advertising and marketing services revenue declined 20.3% and circulation revenue fell 13.2% to $325.4 million. The average estimate of two analysts surveyed by FactSet were for a per-share loss of 13 cents and revenue of $792 million. Digital-only circulation revenue rose 46.7% to $23.2 million, while digital advertising and marketing services revenue reached $195.2 million or 25.2% of total revenue. The stock, which was still inactive in premarket trading, has lost 5.7% over the past three months while the S&P 500 has gained 8.1%.
2:46 a.m. May 7, 2021 - By Ciara Linnane
Spectrum Brands blows past estimates, raises FY21 sales guidanceSpectrum Brands Holdings Inc. posted stronger-than-expected earnings for its fiscal third quarter Friday, and raised its fiscal 2021 guidance. The owner of household brands swung to a profit of $36.8 million, or 88 cents a share, in the quarter to March 29, from a loss of $59.2 million, or $1.29 a share, in the year-earlier period. Adjusted per-share earnings came to $1.76, well ahead of the 99 cents FactSet consensus. Sales rose to $1.149 billion from $937.8 million, also ahead of the $1.032 billion FactSet consensus. Sales at the company's hardware and home improvement division rose 18.4% to $389.5 million. "Security sales reflected growth across retail, e-commerce and new build channels," the company said. Home and personal care sales rose 28% to $297.9 million, driven by strength in small kitchen appliances. Pet care sales rose 23.9% to $293.6 million, driven by aquatics and companion animal categories, while home and garden sales rose 21% to $168.8 million. Spectrum Brands is now expecting fiscal 2021 sales to rise by double-digits, compared with earlier guidance of high single-digit growth. The company is raising its total savings gross target from productivity improvements to $200 million from $150 million. The board has approved a new 3-year, $1 billion share buyback program. Shares were not yet active premarket, but have gained 16% in the year to date, while the S&P 500 has gained 11.9%.
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