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4:43 a.m. May 13, 2021 - By Jaimy Lee
One Medical's parent company says COVID-19 testing volume 'meaningfully' declined in April1Life Healthcare Inc. , which operates the One Medical direct primary care business, on Wednesday told investors that it started seeing a "meaningful drop" in COVID-19 testing in April as a greater number of Americans were vaccinated against the virus and the number of coronavirus cases in the U.S. continued to decline. 1Life CFO Bjorn Thaler cited a "faster-than-anticipated education in COVID-19 testing volumes," according to a FactSet transcript of the company's call. "As we look at the rest of the year, certainly we don't expect those numbers to come back," Thaler added. 1Life's stock is down 12.2% for the year, while the broader S&P 500 is up 8.1%.
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%.
4:22 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%.
1:22 p.m. May 11, 2021 - By Claudia Assis
Turbo Tax maker Intuit expects to set higher fiscal 2021 guidanceIntuit Inc. said late Tuesday it will likely surpass the high end of its fiscal 2021 full-year sales and GAAP and adjusted earnings guidance, set in February, but warned that its revenue and other metrics for its fiscal third quarter were lower than expected due to the tax-filing deadline extension to May 17. Intuit said it will update its fiscal 2021 guidance when it reports fiscal third-quarter earnings on May 25. For that quarter, the company said it expects to report sales between $4.165 billion to $4.170 billion, down from a prior guidance range of between $4.605 billion and $4.655 billion. It called for GAAP per-share earnings between $5.20 and $5.25, and adjusted EPS earnings between $6 to $6.05, down from a previous range of between $6.75 and $6.85.
10:39 a.m. May 8, 2021 - By Alessandra Malito
I’m a 57-year-old nurse with no retirement savings and I want to retire within seven years. What can I do? Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com Have a question about retirement, including where to retire? Email HelpMeRetire@marketwatch.com
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%.
6:31 a.m. May 6, 2021 - By Tonya Garcia
Wendy's takes a break from the chicken sandwich war to launch a cheeseburgerWendy's Co. said Thursday that it's launching the Bourbon Bacon Cheeseburger, offering the item for free between May 6 and May 9 with a $15 purchase on Postmates. The launch is notable after months in which fast-food chains have battled over dominance in the chicken category, with competitors like McDonald's Corp. among those . Chicken has become so prominent on fast-food menus some say it has contributed to a chicken shortage. "Following the success of our Pretzel Bacon Pub Cheeseburger and Jalapeno Popper Chicken Sandwiches on the Made to Crave platform, we wanted to go back to our roots," said Carl Loredo, Wendy's chief marketing officer, in a statement. Wendy's is scheduled to report its first-quarter earnings on May 12. Wendy's stock is up 4% for the year to date while the S&P 500 index has gained 10.5% for the period.
3:45 a.m. May 6, 2021 - By Jaimy Lee
Moderna says its COVID-19 vaccine has a 96% efficacy rate in teens who have received one shotModerna Inc. said Thursday that initial data from the study evaluating its COVID-19 vaccine in teens between the ages of 12 and 17 years old showed an efficacy rate of 96%, with no serious safety concerns. The Phase 2/3 clinical trial is testing the vaccine in 3,235 teens who have received at least one shot in the two-dose regimen and have not previously been infected with SARS-CoV-2. "Because the incidence rate of COVID-19 is lower in adolescents, the case definition is less stringent ... resulting in vaccine efficacy against milder disease," Moderna said in its earnings release. Pfizer Inc. is expected to have its emergency authorization for its COVID-19 vaccine expanded sometime in the next week to include 12 to 15 year olds. Data from Pfizer's study showed an efficacy rate of 100% in 2,260 teens who have had or not had COVID-19. Moderna's stock is up 55.8% for the year, while the S&P 500 has gained 10.9%.
3:28 a.m. May 6, 2021 - By Jaimy Lee
Moderna reports $1.7 billion in COVID-19 vaccine sales, posts first profit everModerna Inc. brought in $1.7 billion in sales of its COVID-19 vaccine in the first quarter of 2021, marking the company's first significant billion-dollar revenue haul this year and also the first time it's ever reported a GAAP profit. Moderna had earnings of $1.2 billion, or $2.84 per share, in the first quarter of 2021. This is compared to a loss of $124 million, or 35 cents per share, in the first quarter a year ago. The FactSet consensus was $2.39. Moderna had revenue of $1.9 billion for the quarter, up from $8 million in the same quarter a year ago. The FactSet consensus for revenue was $2.0 billion. This quarter marked the first time that the company has generated product revenue during the first three months of the year. About $1.7 billion of that came from sales of its COVID-19 vaccine. (Before receiving authorization from the Food and Drug Administration, it generated grant and collaboration revenue.) Moderna's stock is up 55.8% for the year, while the S&P 500 has gained 10.9%.
3:19 a.m. May 6, 2021 - By Tomi Kilgore
Norwegian Cruise stock drops after wider-than-expected loss, revenue missShares of Norwegian Cruise Line Holdings Ltd. fell 2.0% in premarket trading Thursday, after the cruise operator reported a wider-than-expected first-quarter loss and revenue that fell more than forecast, while cash burn was in line with forecasts and said it was preparing to return to service this summer. The net loss narrowed to $1.37 billion, or $4.16 a share, from $1.88 billion, or $8.80 a share, in the year-ago period. Excluding nonrecurring items, per-share losses widened to $2.03 from 99 cents, compared with the FactSet loss consensus of $2.02. Revenue plunged 99.8% to $3.1 million, below the FactSet consensus of $11.2 million. Monthly average cash burn was in line with the company's guidance of $190 million, and Norwegian expects second-quarter cash burn to average $190 million a month. The company said 2022 booking trends "are very positive driven by strong pent up demand," with the booked position for the first half of 2022 "meaningfully ahead" of the pre-pandemic 2019's record levels. "As for the resumption of cruises from the U.S., we continue to engage in dialogue with the U.S. Centers for Disease Control and Prevention," said Chief Executive Frank Del Rio. "Our team is working through the recently issued and modified technical guidance for which additional clarification is needed on how the incorporation of vaccine requirements impacts the Conditional Sail Order and our path forward." The stock has rallied 20.8% over the past three months through Wednesday while the S&P 500 has gained 7.2%.
2:43 a.m. May 6, 2021 - By Tomi Kilgore
Regeneron stock rises, as profit, revenue and sales of SARS-CoV-2 antibody cocktail beat expectationsShares of Regeneron Pharmaceuticals Inc. rose 0.8% in premarket trading Thursday, after the biotechnology company beat first-quarter profit and revenue expectations, with sales of its REGEN-COV antibody cocktail to the SARS-CoV-2 virus also topping forecasts. Net income rose to $1.12 billion, or $10.09 a share, from $625 million, or $5.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $9.89 from $6.60, beating the FactSet consensus of $8.68. Revenue increased 38% to $2.53 billion, topping the FactSet consensus of $2.50 billion, as REGEN-COV sales of $262 million beat expectations of $254.6 million. For 2021, the company cut its capital expenditures guidance range to $585 million to $650 million from $600 million to $680 million. The stock has lost 3.3% over the past three months through Wednesday, while the iShares Nasdaq Biotechnology ETF has dropped 11.9% and the S&P 500 has gained 7.2%.
2:15 a.m. May 6, 2021 - By Tomi Kilgore
Becton Dickinson beats profit expectations, plans to spin off Diabetes Care businessBecton Dickinson & Co. reported Thursday fiscal second-quarter profit and sales that rose above expectations, boosted by $480 million in COVID-19 testing sales, and announced plans to separate its Diabetes Care business into an independent publicly traded company. The medical technology company's stock was still inactive in premarket trading. Net income for the quarter to March 31 rose to $277 million, or 95 cents a share, from $145 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, such as purchase accounting adjustments and European regulatory initiative related costs, adjusted earnings per share came to $3.19, above the FactSet consensus of $3.04. Revenue grew 15.4% to $4.91 billion, topping the FactSet consensus of $4.89 billion, as medical revenue rose 1.7% and life sciences revenue increased 10.4% while interventional revenue fell 3.9%. For 2021, the company expects adjusted EPS growth of 24% to 25%, while the FactSet consensus of $12.86 implies 26.1% growth. Separately, the company said it expects the spinoff to occur through a distribution of stock in the new company to its shareholders, with the deal expected to be completed in the first half of 2022. The stock has lost 1.9% over the past three months, while the S&P 500 has gained 7.2%.
1:21 a.m. May 6, 2021 - By Steve Goldstein
Vaccine makers lower after U.S. says it supports IP waiversVaccine makers Pfizer , BioNTech and Moderna each traded lower by 3% to 5% in premarket trade on Thursday, following the announcement from U.S. Trade Representative Katherine Tai that the U.S. supports the waiver of intellectual-property protections on COVID-19 vaccines. Another maker of COVID-19 vaccines, AstraZeneca , was flat in London trade. Moderna also is scheduled to report earnings on Thursday.
2:42 a.m. May 5, 2021 - By Tomi Kilgore
AmerisourceBergen stock falls after profit beats forecasts but revenue was a bit lightShares of AmerisourceBergen Corp. fell 0.7% in premarket trading Wednesday, after the pharmaceuticals and health care products company reported a first-quarter profit that beat expectations but revenue that came up a bit light. Net income fell to $435.3 million, or $2.10 a share, from $960.3 million, or $4.64 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $2.53 from $2.40, to top the FactSet consensus of $2.48. Revenue increased 3.7% to $49.15 billion, below the FactSet consensus of $49.98 billion. Pharmaceutical distribution services revenue grew 3.4% to $47.1 billion, as specialty product sales, including COVID-19 treatments, increased, but missed expectations of $47.4 billion. Cost of goods sold rose 3.5% to $47.62 billion. For 2021, the company revised its adjusted EPS guidance range up to $8.45 to $8.60 from $8.40 to $8.60. The stock has rallied 28.7% year to date through Tuesday, while the S&P 500 gained 10.9%.
2:22 a.m. May 5, 2021 - By Tomi Kilgore
Fresh Del Monte stock set to rally after profit more than triples, tops expectationsShares of Fresh Del Monte Produce Inc. were indicated up about 4% in premarket trading Wednesday, after the fresh fruit and vegetables producer reported a first-quarter profit that more than tripled from a year ago, even as sales slipped given continued COVID-19 restrictions on foodservice customers and given hurricane-related supply disruptions. Net income rose to $42.7 million, or 90 cents a share, from $13.0 million, or 27 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 88 cents, while the average EPS estimate of two analysts surveyed by FactSet was 36 cents. Sales declined 2.7% to $1.09 billion, while the average sales estimate of two analysts was $1.11 billion, as fresh and value-added products sales fell 4.5% to $631.0 million and banana sales declined 2.1% to $418.2 million. The stock has run up 19.9% year to date through Tuesday, while the S&P 500 has gained 10.9%.
2:13 a.m. May 5, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to selloff after profit beat expectations but sales came up shortShares of Lumber Liquidators Holdings Inc. were indicated down about 5% in premarket trading Wednesday, after the wood flooring retailer reported first-quarter profit that beat expectations but sales that came up short, as results continued to be impacted by tariffs on certain products imported from China. Net income fell to $10.6 million, or 36 cents a share, from $12.2 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 34 cents, above the FactSet consensus of 23 cents. Net sales rose 6.0% to $283.5 million, below the FactSet consensus of $293.1 million, as same-store sales grew 6.9% to miss expectations of a 10.4% rise. The company said same-store sales were driven by strong demand for installation and home improvement projects and shutdowns related to the COVID-19 pandemic a year ago. Cost of sales rsoe 3.4% to $167.9 million. The company did not provide financial guidance, citing uncertainties surrounding the impact of the COVID-19 pandemic as it relates to consumer spending and supply chain disruptions. The stock has dropped 19.5% year to date through Tuesday, while the S&P 500 has climbed 10.9%.
5:29 a.m. May 4, 2021 - By Tomi Kilgore
Ford April vehicle sales jumped to nearly 200,000, as EV sales soared nearly fourfoldFord Motor Co. said Tuesday that total U.S. April vehicle sales rose 64.8% from a year ago to 197,813 vehicles, boosted by a near fourfold rise in electric vehicle (EV) sales. April retail sales were 57.1% above 2020 results, but were also 23.7% above pre-pandemic April 2019 results. EV sales rose 262% to a monthly record of 11,172 vehicles, representing 5.6% of total vehicles sold, amid new product offerings. Total April truck sales grew 47.5% to 97,054 vehicles, SUV sales surged 119.8% to 90,383 vehicles and car sales dropped 20.9% to 10,376 vehicles. Transaction pricing in April rose to a record $43,600 per vehicle. Ford's stock, which slipped 0.6% in premarket trading, has rallied 32.3% year to date through Monday, while shares or rival General Motors Co. have hiked up 37.3% and the S&P 500 has gained 11.6%.
3:52 a.m. May 4, 2021 - By Jaimy Lee
Bausch reports a $610 million loss in the first quarter of the yearShares of Bausch Health Cos. Inc. were down 2.3% in premarket trading on Tuesday after the company said it faced continued pressure on sales from the COVID-19 pandemic into the first quarter of this year. Bausch had a loss of $610 million, or $1.71 per share, in the first quarter of 2021, compared with a loss of $152 million, or 43 cents per share, in the same quarter a year ago. Bausch did not provide adjusted earnings per share for the quarter. The company reported $2.02 billion in sales for the first quarter of the year, up from $2.01 billion in the like quarter a year ago. The FactSet consensus was $2.05 billion. Much of Bausch's business continues to be affected by the pandemic, it said, citing declining sales of irritable bowel syndrome drug Xifaxin and lower sales of eye-care products for the quarter. Bausch said it still plans to move forward with spinning off the Bausch + Lomb eye-care business, which had $881 million in sales for the quarter, up from $875 million in the first quarter of 2020. Bausch's other business focuses on pharmaceuticals; it had $1.14 billion in sales, compared with $1.13 billion in the same quarter a year ago. Bausch's stock has gained 51.0% since the start of the year, while the S&P 500 is up 11.6%.
3:44 a.m. May 4, 2021 - By Tomi Kilgore
Warner Music stock rises after profit and revenue beats, boosted by 23% growth in streamingShares of Warner Music Group Corp. advanced 0.9% in premarket trading Tuesday, after the music recorder and publisher reported a fiscal second-quarter profit and revenue that beat expectations, boosted by 23% growth in streaming revenue. The company swung to net income of $117 million, or 22 cents a share, from a loss of $74 million, or 15 cents a share, in the year-ago period. The FactSet consensus for net earnings per share was 16 cents. Revenue grew 16.7% to $1.25 billion, above the FactSet consensus of $1.18 billion. Recorded music revenue increased 16.8% to $1.06 billion, above expectations of $1.01 billion, with a 23.2% jump in streaming revenue reflected "accelerated revenue growth in emerging streaming platforms such as Facebook, TikTok and Peloton. Music publishing revenue rose 15.7% to $192 million, beating expectations of $174.9 million. The stock has gained 0.7% year to date through Monday, while the S&P 500 has rallied 11.6%.
3:01 a.m. May 4, 2021 - By Tomi Kilgore
Pfizer beats earnings expectations and lifts guidance, as COVID-19 revenue outlook increases 73%Shares of Pfizer Inc. jumped 1.6% toward a near five-month high in premarket trading Tuesday, after the drug giant beat earnings expectations and raised its full-year outlook, as revenue expectations for its COVID-19 vaccine jumped 73%. Net income rose to $4.88 billion, or 86 cents a share, from $3.36 billion, or 60 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share increased to 93 cents from 63 cents, and beat the FactSet consensus of 77 cents. Revenue grew 45% to $14.58 billion, above the FactSet consensus of $13.54 billion. Vaccine revenue tripled, to $4.89 billion from $1.61 billion, while oncology revenue rose 18% to $2.86 billion and internal medicine revenue grew 11% to $2.59 billion. For 2021, the company raised its guidance ranges for adjusted EPS to $3.55 to $3.65 from $3.10 to $3.20 and for revenue to $70.5 billion to $72.5 billion from $59.4 billion to $61.4 billion, as revenue expectations for the COVID-19 vaccine (BNT162b2) increased to $26 billion from $15 billion. The revenue projection for BNT162b2 includes guidance for 1.6 billion doses expected to be delivered this year. The stock, which is on track to open at the highest prices seen since mid-December, has gained 8.2% year to date through Monday, while the S&P 500 has advanced 11.6%.
12:05 p.m. May 2, 2021 - By Quentin Fottrell
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11:38 a.m. May 1, 2021 - By MarketWatch
These money and investing tips can help you decide whether to ‘sell in May and go away’These money and investing stories were popular with MarketWatch readers over the past week.
9:31 a.m. April 30, 2021 - By Tomi Kilgore
Goodyear's outlook for raw material cost increases more than doubled, stock turns lowerShares of Goodyear Tire & Rubber Co. sank 2.4% in afternoon trading Friday, reversing an earlier intraday gain of as much as 2.0%, after the tire seller reported , but also more than doubled its full-year outlook for raw materials cost increases. Chief Financial Officer Darren Wells said on the post-earnings conference with analysts that raw materials costs for 2021 are expected to increase by $325 million to $375 million, largely in the second half of the year, compared with previous estimates for an increase of $125 million to $175 million. For the first quarter, however, raw material costs actually declined by $15 million, but prices increases were expected to "catch up some" over the coming quarters. Meanwhile, pricing in the quarter improved by $64 million as the company raised prices ahead of the raw material price increases.
7:09 a.m. April 30, 2021 - By Tomi Kilgore
Colgate-Palmolive sales beat supported by price increases of double the inflation rateShares of Colgate-Palmolive Co. surged 1.6% in morning trading Friday, on the heels of the oral, personal and home care company's , in which profit and sales beat expectations. Total sales rose 6.0%, while the cost of sales grew 4.6%. On the post-earnings conference call with analysts, Chief Executive Noel Wallace said the company was "battling the cost inflation across the board," according to a FactSet transcript, and he didn't expect those headwinds to abate any time soon. He said pricing was an important element of growth, as is cost management. Overall pricing increased 4.5%, including a rise of 5.5% in North America. In comparison, the rose 0.5% in March, which pushed headline inflation up 2.3% over the past year. The stock has lost 5.2% year to date, while the SPDR Consumer Staples Select Sector ETF has edged up 3.0% and the S&P 500 has gained 11.4%.
4:45 a.m. April 30, 2021 - By Jaimy Lee
AbbVie's stock is up 2.0% as Humira sales top $4.8 billion in sales in the first quarterShares of AbbVie Inc. gained 2.0% in premarket trading on Friday after it beat earnings expectations and saw a noticeable jump in pharmaceutical revenue for the first quarter of 2021. The diagnostics company had earnings of $3.5 billion, or $1.99 earnings per share, in the first quarter of 2021, compared with $3.0 billion, or $2.02 earnings per share, in the same quarter a year ago. AbbVie's adjusted earnings per share for the quarter were $2.95, against a FactSet consensus of $2.81. The company generated $13.0 billion in revenue for the quarter in 2021, up from $8.6 billion in the same quarter in 2020. The FactSet consensus was $12.7 billion. Rheumatoid arthritis drug Humira remains AbbVie's top-selling drug with $4.8 billion in sales, up from $4.7 billion in the same quarter a year ago. Botox, the cosmetic filler, had sales of $477 million. AbbVie closed its acquisition of Allergan, which marketed Botox, in May of last year. The company raised its guidance for the year, with adjusted EPS projected to be $12.37 to $12.57 for 2021, from $12.32 to $12.52. AbbVie's stock is up 3.5% for the year, while the S&P 500 has gained 12.1%.
4:16 a.m. April 29, 2021 - By Tomi Kilgore
Royal Caribbean stock jumps after narrower-than-expected loss, CDC notice on potential summer restartShares of Royal Caribbean Group rallied 3.0% in premarket trading Thursday, as investors cheered a narrower-than-expected first-quarter loss and that could pave the way for U.S. sailings to restart this summer. Net losses for the quarter narrowed to $1.13 billion, or $4.66 a share, from $1.44 billion, or $6.91 a share, in the year-ago period. Excluding nonrecurring items, adjusted per-share losses came to $4.44, beating the FactSet loss consensus of $4.61. Total revenue dropped 97.9% to $42.0 million, below the FactSet consensus of $43.9 million. The average monthly cash burn during the quarter was $300 million, slightly higher than expectations. "Last night, the CDC notified us of some clarifications and amplifications of their Conditional Sail Order which addressed uncertainties and concerns we had raised," said Chief Executive Richard Fain. "Although this is only part of a very complex process, it encourages us that we now see a pathway to a healthy and achievable return to service, hopefully in time for an Alaskan season." The stock has rallied 34.6% over the past three months through Wednesday, while the S&P 500 has gained 12.6%.
4:46 a.m. April 28, 2021 - By Emily Bary
Discovery stock falls after earnings miss expectationsShares of Discovery Inc. are off nearly 8% in premarket trading Wednesday after the media company's first-quarter earnings fell short of expectations. The company posted net income of $140 million, or 21 cents a share, down from $377 million, or 55 cents a share, a year earlier. The FactSet consensus was for 33 cents in GAAP earnings per share. Revenue rose to $2.79 billion from $2.68 billion a year earlier and came in roughly flat with the FactSet consensus, which was calling for $2.77 billion. The company finished the first quarter with 13 million direct-to-consumer subscribers on a global basis and now has more than 15 million paying subscribers. "Key metrics, including subscriber additions, customer engagement, and retention, are exceeding our expectations and demonstrating sustained momentum into the second quarter," Chief Executive David Zaslav said in a release. Cowen & Co. analyst Doug Creutz wrote in a note to clients that Discovery's "portfolio subscriber trends improved [quarter over quarter], and DTC subscriber growth continues to make headway," though he noted that the company's adjusted operating income before depreciation and amortization of $837 million came in below his forecast. Shares of Discovery have lost 4.9% over the past three months, through Tuesday's close, compared with a 10.5% rise for the S&P 500 over that span.
3:40 a.m. April 28, 2021 - By Jaimy Lee
Teva's stock gains after it beats earnings expectationsShares of Teva Pharmaceutical Industries Ltd. gained 0.6% in premarket trading after the drug maker beat earnings expectations for the first quarter, even though sales of its multiple-sclerosis drug continue to dwindle. Teva had earnings of $77.0 million, or 7 cents per share, in the first quarter of 2021, compared to $66.0 million, or 6 cents per share, in the same quarter a year ago. Adjusted earnings per share were 63 cents, beating the FactSet consensus of 59 cents. Teva's revenue for the quarter was $3.9 billion, down from $4.3 billion in the first quarter of 2020. The FactSet consensus was $4.0 billion. The company attributed the decline in revenue to a number of factors, including a 5% drop in sales in North America and falling sales of Copaxone in North America, down 17% to $164 million, and in Europe, down 8% to $100 million. Copaxone was once the company's top-selling drug. Teva reaffirmed its guidance for 2021, saying it still expects revenue of $16.4 billion to $16.8 billion and EPS of $2.50 to $2.70. Teva's stock is up 10.4% for the year, while the S&P 500 has gained 11.4%.
3:00 a.m. April 28, 2021 - By Tomi Kilgore
Chili's parent Brinker stock rises after profit and revenue miss, but outlook is above expectationsShares of Chili's restaurant parent Brinker International Inc. surged 2.2% in premarket trading Wednesday, after the restaurant operator reported fiscal third-quarter profit and revenue that missed expectations, as Winter Storm Uri weighed on results, but provided an upbeat outlook for the current quarter. Net income for the quarter to March 24 was $33.9 million, or 73 cents a share, after $30.8 million, or 81 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 78 cents, missing the FactSet consensus of 82 cents. Total revenue fell 3.7% to $828.4 million, below the FactSet consensus of $849.1 million, as same-store sales fell 3.3% to miss expectations of a 0.8% decline. Chili's same-store sales were flat, below expectations of 1.6% growth. The company estimates Winter Storm Uri reduced sales by $10.5 million and adjusted EPS by 6 cents. For the fiscal fourth quarter, the company expects adjusted EPS of $1.55 to $1.70 and revenue of $950 million to $1.0 billion, above the FactSet consensus for EPS of $1.27 and revenue of $942 million. The stock has rallied 16.0% year to date through Tuesday, while the S&P 500 has advanced 11.5%.
2:41 a.m. April 28, 2021 - By Tomi Kilgore
Humana beats profit and revenue expectations, affirms full-year outlookHumana Inc. reported Wednesday first-quarter profit and revenue that rose above expectations, boosted by strong individual Medicare Advantage and state-based contract membership growth. The health insurance services company's stock was still inactive in premarket trading. Net income rose to $1.04 billion, or $6.39 a share, from $717 million, or $3.56 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share grew to $7.67 from $5.40, and beat the FactSet consensus of $7.07. Revenue increased 9.2% to $20.67 billion, above the FactSet consensus of $20.49 billion. The company affirmed its 2021 guidance ranges for adjusted EPS of $21.25 to $21.75 and its individual Medicare Advantage membership growth of 425,000 to 475,000. The FactSet consensus for 2021 EPS is $21.54. The stock has gained 9.4% year to date, while the S&P 500 has advanced 11.5%.
2:16 a.m. April 28, 2021 - By Tomi Kilgore
Six Flags stock set to rally after losses were narrower than expected, attendance more than double forecastsShares of Six Flags Entertainment Corp. were indicated up about 2% in premarket trading Wednesday, after the theme park operator reported a wider first-quarter loss that beat expectations, and revenue that fell less than forecast, as attendance was more than double what was anticipated. The net loss for the quarter to April 4 was $95.8 million, or $1.12 a share, after a loss of $84.5 million, or $1.00 a share, in the year-ago period. The FactSet per-share loss consensus was $1.30. Revenue fell 20% from a year ago, and 36.0% from a pre-pandemic 2019 period, to $82.02 million, beating the FactSet consensus of $47.2 million. Attendance declined 19% from a year ago to 1.3 million, due primarily to pandemic-related limitations on park operations, but was above expectations of 600,000, while total guest spending per capita fell 0.8% to $56.16 to miss expectations of $57.10. "We continue to make progress on our transformation plan as we implement new technology to modernize the guest experience and drive operational efficiencies. We are already seeing significant benefits in 2021," said Chief Executive Mike Spanos. The stock has soared 43.8% year to date through Tuesday, while the S&P 500 has gained 11.5%.
9:50 a.m. April 27, 2021 - By Tomi Kilgore
UPS has profitably delivered nearly 200 million COVID-19 vaccine doses around the worldUnited Parcel Service Inc. didn't provide details on Tuesday on how much money it made during the first quarter from delivering COVID-19 vaccines, except to say that segment is profitable. "We do make money on vaccines as you can appreciate, principally because of the value-added attributes to the vaccines," said Chief Executive Carol Tomé in the conference call with analysts, according to a FactSet transcript. She added that progress with the global vaccine rollout is a key reason that forecasts for an economic recovery are moving higher, which helps boost the outlook for UPS. She said as of last week, UPS had delivered more than 1.1 million shipments, with about 196 million vaccine doses, to about 50 countries and territories, and achieved a "near-perfect" on-time delivery -- 99.9% -- with those deliveries. UPS stock, which soared 11.2% in afternoon trading after blow out first-quarter results reported before the open, has now run up 90.6% over the past 12 months, while the Dow Jones Transportation Average has hiked up 84.1% and the Dow Jones Industrial Average has climbed 40.7%.
9:31 a.m. April 27, 2021 - By Tomi Kilgore
UPS stock breaks out as Pres. Biden's rescue package led to $6.4 billion reduction in pension liabilitiesShares of United Parcel Service Inc. broke out to record highs Tuesday, as they soared 10.8% in afternoon trading to pace the S&P 500's gainers, in the wake of the package delivery giant's . In the two weeks leading up to the earnings report, the stock had closed within a relatively narrow range of $175.81 on Monday to a record $179.71 on April 16. What helped boost UPS profit to a record was the . UPS Chief Financial Officer Brian Newman said on the post-earnings conference all with analysts said that law prompted UPS to remeasure the International Brotherhood of Teamsters' pension plan at current discount rates, "which have significantly increased since year-end," resulting in a $6.4 billion reduction in pension liability. That helped add a $2.5 billion mark-to-market pension benefit to first-quarter net income, which rose to a record $4.79 billion. UPS stock rally helped push the Dow Jones Transportation Average up 203 points, or 1.4%, as well as rival FedEx Corp.'s stock up 4.6%, while the Dow Jones Industrial Average fell 29 points or 0.1%.
4:13 a.m. April 26, 2021 - By Tomi Kilgore
W.R. Grace to be bought by Standard Industries in a deal implying a market cap of $4.6 billionW.R. Grace & Co. announced Monday an agreement to be acquired by privately held Standard Industries Holdings Inc. in a deal valued at $7.0 billion, including W.R. Grace's pending pharma fine chemistry acquisition. W.R. Grace's stock is currently halted for news. Under terms of the deal, which is expected to close in the fourth quarter of 2021, Standard will acquire all W.R. Grace shares for $70 in cash per share, a 9.0% premium to Friday's closing price of $64.24. With 66.19 million shares outstanding, the per-share bid implies a market capitalization for the specialty chemical company of $4.63 billion. W.R. Grace will suspend its dividend as part of the deal, and will not host an conference call when it reports earnings on May 6. W.R. Grace's stock has rallied 17.2% year to date through Friday, while the S&P 500 has gained 11.3%.
8:08 a.m. April 25, 2021 - By Quentin Fottrell
Despite falling jobless claims, America’s poverty rate just reached the highest level since the pandemic began ‘This disconnect between poverty and unemployment is not surprising’‘This disconnect between poverty and unemployment is not surprising.’
4:13 a.m. April 23, 2021 - By Tomi Kilgore
United Airlines domestic June schedule expected to be two-thirds of schedule 2 years agoUnited Airlines Holdings Inc. said Friday it expects its June domestic flight schedule to be two-thirds of what it was in June 2019, while its overall network schedule for the month is expected to be 60% of its scheduled in the pre-pandemic period. The stock rose 0.9% in premarket trading. The outlook comes as the air carrier said it is adding 480 flights to its U.S. schedule in June, including adding new flights to Hawaii, Alaska and Montana, as the company ramps up for the beginning of the peak summer travel season. "As leisure travel continues to return this summer, we are adding more flights to our June schedule to national parks, Alaska, Hawaii, Florida and other popular destinations," said Ankit Gupta, vice president of domestic planning at scheduling. The company said the new routes are part of its strategy to capitalize on "pent-up customer demand for leisure travel with friends and family." The stock has rallied 21.1% over the past three months through Thursday, while the U.S. Global Jets ETF has advanced 13.8% and the S&P 500 has gained 7.6%.
4:00 a.m. April 23, 2021 - By Tomi Kilgore
American Airlines stock bounces after Raymond James analyst backs away from bearish stanceShares of American Airlines Group Inc. climbed 1.2% in premarket trading Friday, after analyst Savanthi Syth at Raymond James said she was no longer bearish on the air carrier, as the recent selloff has provided to a more-balanced risk-reward profile. Syth raised her rating to market perform, after being at underperform since November. The stock fell 4.5% on Thursday after , to mark the 12th decline in the past 13 sessions, a stretch in which the stock tumbled 17.2%. Over the same time, the U.S. Global Jets ETF had lost 8.3% while the S&P 500 gained 1.4%. "The healthy domestic/near-international recovery (particularly in markets where American is strong), funds from PSP2 and PSP3, as well as pension relief included with PSP3 have lowered risks in the near- to medium-term relative to our late-November downgrade of AAL," Syth wrote in a note to clients.
4:22 a.m. April 22, 2021 - By Tomi Kilgore
SmartRent to go public after merger with SPAC Fifth Wall, in a deal valuing combined company at $2.2 billionSmartRent.com Inc., a provider of smart home operating systems, said Thursday it will go public through a merger with special purpose acquisition company (SPAC) Fifth Wall Acquisition Corp. I , in a deal that values the combined company at $2.2 billion. When the deal closes, which is expected to occur in the third quarter of 2021, the combined company is expected to have about $513 million in cash. SmartRent said it expects to achieve positive Ebitda (earnings before interest, taxes, depreciation and amortization) by 2022, and that 80% of its unit projections through 2022 come from already committed units. Fifth Wall's stock, which started trading on Feb. 5, rose 1.7% in premarket trading.
3:47 a.m. April 22, 2021 - By Jaimy Lee
Biogen's stock is up, though revenue fell 25% for the quarterShares of Biogen gained 1.4% in premarket trading on Thursday after the drug maker beat earnings expectations and even though it saw revenue drop 25% for the quarter. Biogen had earnings of $410.2 million, or $2.69 per share, in the first quarter of 2021, compared to $1.4 billion, or $8.10 per share, in the like quarter in 2020. Adjusted earnings per share were $5.34, against a FactSet consensus of $4.97. Biogen's revenue fell roughly 25% to $2.69 billion for the quarter, down from $3.53 billion in the first quarter of last year. The FactSet consensus was $2.65 billion. Its top-selling drug is multiple-sclerosis therapy Tecfidera, which generated $479.3 million in revenue for the quarter, down from $1.1 billion in the same quarter last year. The company said its guidance for the year assumes "rapid erosion of Tecfidera in the U.S." in 2021. It also raised its outlook for adjusted EPS to $17.50 to $19.00, from $17.00 to $18.50. Biogen said it expects that aducanumab, its somewhat controversial Alzheimer's disease drug candidate, will get approved by U.S. regulators by June 7. Biogen's stock is up 10.2% for the year, while the S&P 500 has gained 10.1%.
12:36 p.m. April 21, 2021 - By Claudia Assis
Whirlpool stock rises after company beats Q1 views, raises guidanceShares of Whirlpool Corp. rose more than 1% in the extended session Wednesday after the appliances maker reported first-quarter earnings that were above Wall Street expectations and raised its guidance. Whirlpool said it earned $433 million, or $6.81 a share, in the quarter, compared with $2.45 a share in the year-ago period. Sales rose to $5.36 billion, from $4.33 billion a year ago. Analysts polled by FactSet had expected the company to report GAAP earnings of $5.45 a share on sales of $4.82 billion. Whirlpool raised its guidance for full-year net sales growth to 13%, compared with growth around 6% in a previous estimate. It increased its EPS estimate for the year to between $23.10 and $24.10, from between $17.80 and $18.80. The company earlier this week raised the dividend to $1.40. Shares of Whirlpool ended the regular trading day down 0.7%.
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