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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.
12:09 p.m. May 6, 2021 - By Mark Decambre
Dow jumps over 300 points to log 23rd record close in 2021 and S&P 500 ends back above 4,200 amid late-session surgeU.S. stocks on Thursday finished a tumultous day firmly in positive territory and the Dow registered back-to-back record closes, supported by a round of strong corporate earnings and signs of continued improvement in the labor market as reflected in the jobless claims report ahead of a closely followed employment report due on Friday. The Dow Jones Industrial Average closed up by about 315 points, or 0.9%, to a record at 34,546, powered by gains in Goldman Sachs Group Inc. and Home Depot . The all-time closing high was the 23rd for the blue-chip index in 2021, outstripping all of the records produced in 2020, according to Dow Jones Market Data. The S&P 500 index closed up 0.8% at 4,200, while the Nasdaq Composite Index ended 0.4% higher at 13,633, snapping a four-session skid. A 1.4% rally in financials and a 1% rally in the technology sector helped to support Thursday's advance, which came as initial unemployment claims in the U.S. fell to 498,000 for first time in pandemic era, pointing to an improving labor market but also raising questions for some investors about the specter of rapidly rising inflation.
11:53 p.m. April 28, 2021 - By Barbara Kollmeyer
Nokia shares surge 13% after upbeat resultsShares of Nokia climbed 13% on Thursday after the Finnish telecom equpipment maker reported a "strong start" to the year and forecast-beating results. First-quarter revenue climbed 3% to €5.08 billion ($6.2 billion), beating expectations from analysts polled by FactSet for sales of €4.75 billion. Nokia reported a comparable net profit of €373 million, beating expectations of €90 million. Nokia expects full-year net sales to come in between €20.6 billion to €21.8 billion, and backed guidance for both 2021 and 2023. "The solid first quarter provides a good foundation for achieving the higher end of the 7% to 10% comparable operating margin range," said Pekka Lundmark, president and chief executive officer of Nokia, in the earnings release. "We expect our typical quarterly earnings seasonality to be less pronounced in 2021, and we continue to monitor overall market developments including visibility for semiconductor availability." He said Nokia has continued to deliver to customers despite the global semiconductor shortage.
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%.
3:32 a.m. April 28, 2021 - By Callum Keown
GlaxoSmithKline delivers profit beat, but sales disappointGlaxoSmithKline stock ticked higher on Wednesday after the British drugmaker beat profit expectations and said progress had been made on plans to split the company into two. GlaxoSmithKline reported turnover of £7.42 billion ($10.26 billion) in the first quarter, a 15% fall on the previous year at constant exchange rates, missing consensus estimates for £7.83 billion. Pre-tax profit fell 9% to £1.52 billion and operating profit declined 8% to £1.69 billion also lower than the Dow Jones consensus. However, adjusted earnings per share (EPS) of 22.9 pence beat the consensus for 21.9 pence. The company confirmed its full-year guidance for mid to high-single digit percentage adjusted EPS decline. Its 2022 outlook also remained unchanged, as the company saw meaningful improvements in revenues and margins. GlaxoSmithKline said it was "on track" to separate into two -- a new GSK and a standalone consumer healthcare company in 2022 -- and will reveal more details in June.
3:01 a.m. April 23, 2021 - By Ciara Linnane
Schlumberger shares jump 2% premarket as earnings beat estimatesSchlumberger Ltd. shares rose 2% in premarket trade Friday, after the energy giant posted better-than-expected earnings for the first quarter. The company had net income of $299 million, or 21 cents a share, in the quarter, down from $374 million, or 27 cents a share, in the year-earlier period. Revenue fell to $5.223 billion from $5.532 billion. The FactSet consensus was for EPS of 19 cents and revenue of $5.089 billion. Revenue was reduced by the divestiture of certain North America businesses in the fourth quarter of 2020, which generated $285 million in revenue in the fourth quarter of 2020 and $659 million in the first quarter of 2020. Excluding those divestitures, revenue was flat sequentially and down 23% year-on-year. "Looking ahead, we continue to be encouraged by constructive macroeconomic drivers. While the world is still grappling with COVID-19 infection rates, vaccination programs and fiscal stimulus packages are expected to support a rebound of economic activity and oil demand recovery through the year," Chief Executive Olivier Le Peuch said in a statement. Shares have gained 16% in the year to date, while the S&P 500 has gained 10%.
2:49 a.m. April 19, 2021 - By Ciara Linnane
Harley-Davidson to be subject to 56% tariff on EU imports, says will launch immediate legal challengeHarley-Davidson Inc. said Monday it has received notification from the Economic Ministry of Belgium that following a request from the European Union, it will be subject to the to the revocation of Binding Origin Information (BOI) credentials, effective today. Since 2019, the motorcycle maker has operated with those regulatory credentials, which allow it to supply EU markets with bikes produced at its international facilities at tariff rates of 6%. The move means it will now be subject to a 56% tariff rate within the EE, which will prevent it from being able to compete there. "This is an unprecedented situation and underscores the very real harm of an escalating trade war to our stakeholders on both sides of the Atlantic," Chief Executive Jochen Zeitz said in a statement. "The potential impact of this decision on our manufacturing, operations and overall ability to compete in Europe is significant. Imposing an import tariff on all Harley-Davidson motorcycles goes against all notions of free trade and, if implemented, these increased tariffs will pose a targeted competitive disadvantage for our products, against those of our European competitors." Harley-Davidson shares were up 7% premarket after it posted far stronger-than-expected first-quarter earnings just ahead of announcing the new EU tariffs.
5:50 a.m. April 6, 2021 - By Tomi Kilgore
Opera stock surges after upbeat first-quarter revenue outlookShares of Opera Ltd. surged 3.0% in morning trading Tuesday, after the Norway-based web browsers company said it expects first-quarter revenue to exceed previously provided guidance. In late February, when the company reported fourth-quarter results, Opera had said it expects revenue of $47 million to $48 million, which would represent 18% growth at the midpoint of that range. "The first quarter demonstrates our continued strong execution, with our core business performance exceeding our expectations thanks to combined search and advertising revenue growth rates in excess of 30% year-over-year," said Chief Financial Officer Frode Jacobsen. Opera also said Tuesday it expects first-quarter adjusted Ebitda (earnings before interest, taxes, depreciation and amortization) to be above previous guidance, which the company said in February that it expected to be "around breakeven." The company is projected to report first-quarter results on or around May 26. The stock has rallied 15.8% year to date, while the S&P 500 has gained 8.5%.
8:03 a.m. March 31, 2021 - By Michael Ashbaugh
Charting a stealth breakout attempt, S&P 500 tags fractional record high Focus: 10-year yield asserts higher plateau, FedEx extends earnings-fueled breakout, TNX, FDX, X, APD, VCELU.S. stocks are higher early Wednesday, rising as a largely-bullish first quarter concludes. Against this backdrop, the S&P 500 has tagged a fractional record high early Wednesday amid a stealth late-March breakout attempt that remains underway.
3:26 a.m. March 31, 2021 - By Tonya Garcia
Walgreens sales miss expectations after weak cold and flu seasonWalgreens Boots Alliance Inc. reported fiscal second-quarter net income of $1.03 billion, or $1.19 per share, up from $946.0 million, or $1.07 per share last year. Adjusted EPS of $1.40 beat the FactSet consensus for $1.10 per share. Sales of $32.78 billion were up from $31.34 billion last year but below the FactSet consensus for $36.59 billion. Walgreens total excludes sales from discontinued operations of $4.8 billion. Comparable sales in the U.S. fell 3.5% due to a weak cough, cold and flu season. Comp sales for Boots UK fell 17.9% as COVID-19 restrictions reduced foot traffic on major high streets and transportation hubs. "Overall, we have achieved a good financial quarter with results well ahead of expectations, despite significant impacts from COVID-19, and we have raised our full-year EPS guidance," said Walgreens' new Chief Executive Roz Brewer in a statement. The former Starbucks Corp. executive assumed the role on . "I am optimistic about our ability to drive sustainable, long-term value for our shareholders, while acknowledging that there is still work to be done to stabilize the base business." Walgreens raised its fiscal 2021 adjusted EPS guidance to mid-to-high single digit growth in constant currency from low single-digit growth. The pharmacy retailer also expects the $6.5 billion divestiture of to be complete before the end of the fiscal year. Walgreens says it has administered eight million COVID-19 vaccinations and conducted five million COVID-19 tests. Walgreens stock rose 2.6% in Wednesday premarket trading and have gained 15.8% over the past year. The S&P 500 index is up 53.2% for the last 12 months.
12:01 a.m. March 30, 2021 - By Steve Goldstein
Credit Suisse shares crawl higher after Monday drop; one analyst cuts EPS view by 47%Credit Suisse shares edged higher Tuesday, after slumping 14% on Monday when it warned of a significant loss from a margin call of a U.S. client believed to be Archegos Capital Management. Berenberg analyst Eoin Murray cut his 2021 earnings per share estimate by 47%, and 2022 EPS view by 6%, incorporating a 3 billion franc loss on the U.S. fund and a 500 million franc hit from Greensill. Murray said Credit Suisse will have to suspend its stock buyback for the rest of 2021 and into 2022, and said "second order" effects may impact the bank. "It is likely to lead to a reassessment of how it takes and manages risk in our view. Whenever a bank does this, it inevitably leads to lower growth and lower revenues compared to market expectations," he said.
1:12 p.m. March 24, 2021 - By Andrew Keshner
Equal Pay Day: How paid-leave and child-care policies failed to close gender pay gap Women typically need at least one extra degree to earn as much as their male colleaguesWomen typically need at least one extra degree to earn as much as their male colleagues.
1:50 a.m. March 18, 2021 - By Steve Goldstein
Fevertree Drinks shares slump on margin guidanceShares of Fevertree Drinks fell as much as 11% as the maker of tonic water reported a 29% drop in earnings per share in 2020 on a 3% decline in revenue. It expects revenue growth of between 12% to 16% in 2021 on similar gross and EBITDA margins as in 2020. Analysts at Liberum Capital said the margin guidance was over 3 percentage points worse than expectations. The stock is up 158% over the last 12 months.
2:27 a.m. March 15, 2021 - By Steve Goldstein
Stellantis climbs as Deutsche Bank initiates coverage at buyShares of automaker Stellantis rose 3% to €15.02 in Milan as Deutsche Bank started coverage at buy with a €20 price target. Analyst Tim Rokossa says the merger of PSA and FCA will make it the fourth-largest automaker by sales, and that CEO Carlos Tavares is in an ideal position to combine the two companies' strengths. "Stellantis is a clear buy, in our view, due to the reasons for which investors traditionally chase auto stocks: earnings and cash flow momentum. Its lack of BEV product focus will limit the multiple that the market is willing to pay for, in our view," he added.
5:32 a.m. March 8, 2021 - By Mark DeCambre
Dow opens higher but tech stocks come under pressure Monday as investors wrestle with rise in Treasury yieldsStock-index benchmarks were trading mostly higher Monday morning, with tech-related shares under pressure as government bond yields extended their climb following Senate passage of a $1.9 trillion COVID-19 relief package. The Dow Jones Industrial Average [: DJIA] was trading up 121 points, or 0.4%, at 31,606, the S&P 500 index climbed 0.1% at 3,842, while the Nasdaq Composite Index was off 0.2% at 12,899. Expectations that aggressive fiscal spending coupled with a rapidly reopening economy as vaccine rollouts continue have fueled expectations for at least a near-term surge in inflation. That, in turn, has contributed to a rise in bond yields which has helped fuel a rotation away from growth-oriented stocks with high valuations toward stocks that have been left behind in the stock market's post-COVID recovery. In corporate news, shares of AMC Entertainment Holdings Inc. surged as the "meme" stock's bounce from last month's plunge continued, after Wedbush analyst Michael Pachter doubled his price target ahead of the company's earnings report, citing an increasing optimism over the post-pandemic environment. Pachter raised his target for the stock to $5.00 from $2.50, but that target was 38% below Friday's closing price of $8.05. Shares of AMC and GameStop Corp. have been a focus of retail investors and short sellers of late. GameStop tapped Chewy co-founder Ryan Cohen to lead its e-commerce shift, according to reports.
8:09 a.m. March 1, 2021 - By Michael Ashbaugh
Charting successful technical tests: S&P 500, Nasdaq knife from major support Focus: Gold’s technical breakdown, Starbucks tags record highs, GLD, SBUX, MXL, OII, GRPNU.S. stocks are firmly higher early Monday, rising after a strong batch of economic data and amid stabilizing Treasury yields. Against this backdrop, the S&P 500 and Nasdaq Composite have knifed from major support amid an unusually strong March start.
4:06 a.m. Feb. 24, 2021 - By Tonya Garcia
TJX profit and sales take a hit after COVID-19-related store closuresTJX Cos. shares fell 2.7% in Wednesday premarket trading after the off-price retailer reported fourth-quarter earnings and sales that missed expectations. Net income totaled $325.5 million, or 27 cents per share, down from $984.8 million, or 81 cents per share last year. Sales totaled $10.94 billion, down from $12.21 billion last year. The FactSet consensus was for EPS of 62 cents and sales of $11.48 billion. TJX, whose portfolio of stores includes TJ Maxx and Marshalls, says Q4 sales took a $950 million to $1.05 billion hit due to COVID-19-related store closures in Canada and Europe. Earnings per share were reduced by 18 cents to 21 cents. Stores in Canada were closed for about 32% of the fourth quarter, and European stores were closed 63%. There are currently about 690 stores closed due to the pandemic, most in Europe where the company expects stores to be closed for 67% of the first quarter. Due to the ongoing uncertainty from the coronavirus, TJX did not provide financial guidance. TJX stock has gained 13.7% over the past year while the S&P 500 index is up 20.3% for the period.
2:12 a.m. Feb. 24, 2021 - By Ciara Linnane
Icon agrees to acquire PRA Health Sciences in cash and stock deal valued at about $12 billionIcon PLC, a provider of outsourced drug and device development to the drug and medical device industries, said Wednesday it has agreed to acquire PRA Health Sciences Inc. in a cash and stock deal valued at about $12 billion. Under the terms of the deal. Icon will pay $80 per share in cash plus 0.4125 shares of Icon stock for a roughly 30% premium over PRA's closing price Tuesday. PRA shares jumped 17% premarket on the news. "PRA's mobile and connected health platforms and real world data and information solutions together with ICON's Accellacare site network, home health services and wearables expertise, will be combined to deliver differentiated decentralised and hybrid trial solutions to meet growing customer needs," Icon said in a statement. The deal is expected to close in the third quarter, to be "highly accretive" to Icon earnings in the first year after close and to boost them by 20%-plus after that. The combined company will be headquartered in Dublin and continue to be led by CEO Steve Cutler, and CFO Brendan Brennan. Icon shares were not active premarket, but have gained 27% in the last 12 months, while the S&P 500 has gained 16%.
3:08 a.m. Feb. 23, 2021 - By Tomi Kilgore
Medtronic profit falls less than forecast, while revenue rises above expectationsMedtronic PLC reported Tuesday fiscal third-quarter profit that fell less than expected, while sales rose more than forecast. The medical technology and services company's stock slipped 2.0% in premarket trading, after rising 2.1% on Monday. Net income for the quarter to Jan. 29 fell to 1.27 billion, or 94 cents a share, from $1.92 billion, or $1.42 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share declined to $1.29 from $1.44, but topped the FactSet consensus of $1.15. Sales rose 0.8% to $7.78 billion, matching the FactSet consensus. Among the company's business segments, cardiac and vascular sales fell shy of expectations, while minimally invasive therapies, restorative therapies and diabetes sales rose above expectations. The company did not provide financial guidance given uncertainties resulting from the COVID-19 pandemic. "Our Q3 results reflect that our business is well on the way to returning to growth, with sequential improvements in both revenue and earnings, despite the impact of the COVID resurgence on procedure volumes in late December and January," said Chief Executive Geoff Martha. The stock has gained 4.3% over the past three months through Monday, while the S&P 500 has advanced 8.4%.
8:00 a.m. Feb. 18, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback, S&P 500 tags first support Focus: Airlines tag 11-month highs, JETS, SPOT, TXN, CVX, ZNGAU.S. stocks are lower early Thursday, pressured after disappointing weekly jobs data and a soft batch of quarterly earnings reports. Against this backdrop, the S&P 500 has extended a downturn from recent record highs, pulling in to tag first support (3,885).
12:06 p.m. Feb. 12, 2021 - By Mark DeCambre
Stock market clinches trifecta of record closing highs ahead of Presidents Day holidayMajor U.S. stock indexes on Friday finished on a higher note, notching a series of record highs on the back of optimism about a fresh round of COVID spending, strong corporate earnings and progress in rollowuts of vaccines to combat the viral pandemic. The Dow Jones Industrial Average closed up less than 0.1% to end at around 31,458, enough for a record peak for the blue-chip index, aided by gains in Goldman Sachs Group Inc. and Amgen Inc. . The S&P 500 index closed up 0.5% to reach about 3,935, while the Nasdaq Composite Index ended the day up 0.5% at an all-time closing high at roughly 14,095. For the week, the Dow finished up 1%, the S&P 500 closed with a 1.2% gain, while the Nasdaq Composite booked a 1.7% weekly advance. U.S. markets will be closed on Monday in observance of Presidents Day.
8:03 a.m. Feb. 11, 2021 - By Michael Ashbaugh
Charting a bullish holding pattern: U.S. benchmarks sustain February breakout Focus: Oil & Gas Exploration ETF sustains breakout, Nvidia reaches uncharted territory, XOP, NVDA, VEEV, SAIL, HPU.S. stocks are mixed early Thursday, vacillating after the latest batch of generally solid quarterly earnings reports. Against this backdrop, each big three U.S. benchmark has asserted a week-to-date holding pattern, of sorts, consolidating an early-week break to record territory.
4:20 a.m. Feb. 11, 2021 - By Tomi Kilgore
Kellogg stock slips after profit and sales miss, but guidance is for surprise earnings growth this yearShares of Kellogg Co. slipped 0.2% in premarket trading Thursday, after the cereal and snacks company reported fourth-quarter profit and sales that missed expectations, but pointed toward surprise growth in full-year earnings. Net income for the quarter to Jan. 2 rose to $385 million, or 59 cents a share, from $360 million, or 42 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share slipped to 86 cents from 91 cents, but below the FactSet consensus of 89 cents. Sales rose 7.5% to $3.46 billion, but came up shy of the FactSet consensus of $3.51 billion. Europe showed the strongest growth with sales rising 15%, led by cereal. North America sales rose 8%, as strength in retail channel sales helped offset weakness in away-from-home channels. For 2021, the company expects adjusted EPS to rise about 1%, while the current FactSet EPS consensus of $3.96 implies a 0.8% decline. The stock has dropped 11.4% over the past three months through Wednesday, while the SPDR Consumer Staples Select Sector ETF has eased 1.4% and the S&P 500 has gained 9.4%.
3:16 a.m. Feb. 11, 2021 - By Tomi Kilgore
Molson Coors stock sinks after profit, revenue miss as Europe weakness weighsShares of Molson Coors Beverage Co. sank 3.1% in premarket trading Thursday, after the beer brewer reported a fourth-quarter adjusted profit and sales that missed expectations, weighed by weakness in Europe amid further on-premise restrictions in the U.K. amid a surge in COVID-19 cases. On a net basis, the company swung to a net loss of $1.37 billion, or $6.32 a share, from income of $163.7 million, or 75 cents a share, in the year-ago period. Excluding nonrecurring items, such as a $1.5 billion Europe goodwill impairment charge, adjusted earnings per share declined to 40 cents from $1.02, missing the FactSet consensus of 77 cents. Sales fell 7.7% to $2.29 billion, below the FactSet consensus of $2.41 billion, as North America sales slipped 0.8% while Europe sales tumbled 37.2%. For 2021, the company expects sales growth in the mid-single digit percentage range, when excluding current impacts. "While uncertainty and on-premise challenges remain, particularly in Europe, we anticipate 2021 to be a year of both top-line growth, as we begin to benefit from the early successes of our revitalization plan, and of investment, as we continue to drive toward long-term revenue and underlying EBITDA growth," said Chief Financial Officer Tracey Joubert. The stock has run up 15.6% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.
2:16 a.m. Feb. 11, 2021 - By Tomi Kilgore
PepsiCo stock edges up after profit and revenue top forecasts, dividend raised by 5%Shares of PepsiCo Inc. edged up 0.1% in premarket trading Thursday, after the beverage and snack company reported fourth-quarter profit that topped expectations, revenue that rose above forecasts and raised its dividend. Net income rose to $1.85 billion, or $1.33 a share, from $1.77 billion, or $1.26 a share, in the year-ago period. Excluding nonrecurring items, core earnings per share grew to $1.47 from $1.45, above the FactSet consensus of $1.46. Revenue increased 8.8% to $22.46 billion, beating the FactSet consensus of $21.80 billion. In North America, Frito-Lay revenue rose 5.7% to $5.44 billion, just shy of the FactSet consensus of $5.48 billion; Quaker Foods revenue increased 8.3% to $836 million, above expectations of $808.4 million; and PepsiCo Beverages revenue grew 8.6% to $6.79 billion, beating forecasts of $6.60 billion. Latin America revenue fell 5.2% to $2.41 billion, but beat expectations of $2.29 billion, while Europe revenue rose 3.8% to $4.04 billion to top forecasts of $3.93 billion. "We ended the year on a strong note with our global beverage business having accelerated while our global snacks and food business remained resilient in the fourth quarter," said Chief Executive Ramon Laguarta. Separately, the company raised its annual dividend by 5%, to $4.30 a share from $4.09 a share, effective with the dividend to be paid in June. The stock has lost 4.3% over the past three months through Wednesday, while the S&P 500 has gained 9.4%.
8:18 a.m. Feb. 10, 2021 - By Michael Ashbaugh
Bull trend pauses: S&P 500, Nasdaq digest breaks to uncharted territory Focus: Industrial sector’s breakout attempt, Zoom Video and McDonald’s signal trend shifts, XLI, XM, MCD, SWKS, HOLXU.S. stocks are mixed early Wednesday, treading water after a generally strong batch of quarterly earnings reports and ahead of scheduled remarks by the Federal Reserve Chairman. Against this backdrop, each big three U.S. benchmark is digesting its latest break to record territory amid thus far muted mid-week selling pressure.
8:08 a.m. Feb. 4, 2021 - By Michael Ashbaugh
Charting bullish follow-through: S&P 500, Nasdaq challenge record closes Focus: Crude oil extends February breakout, Alphabet’s earnings-fueled spike, USO, GOOGL, APPN, GOGO, FANGU.S. stocks are higher early Wednesday, rising as the major benchmarks build on a strong February start. In the process, the S&P 500 and Nasdaq Composite have challenged their respective record closes — S&P 3,855 and Nasdaq 13,636 — as they vie to register their latest records. Both benchmarks have extended a bullish reversal from relatively well-defined support.
8:06 a.m. Feb. 3, 2021 - By Michael Ashbaugh
Charting a bullish reversal, S&P 500 nails the breakdown point Focus: Retail sector asserts cooling-off phase, Homebuilders hold the breakout point, XRT, XHB, CYBR, KMX, SWIR, WIXU.S. stocks are mixed early Wednesday, treading water after a solid batch of quarterly earnings reports and economic data. Against this backdrop, the S&P 500 has extended its rally from major support, rising to challenge its breakdown point (3,830).
2:20 a.m. Feb. 3, 2021 - By Tomi Kilgore
Spotify reports revenue that rises above expectations, but provides downbeat outlook; stock fallsSpotify Technology S.A. reported Wednesday a narrower-than-expected fourth-quarter loss, as revenue and monthly active users (MAUs) topped forecasts, but provided a downbeat first-quarter revenue outlook. The U.S.-listed shares of the Luxembourg-based digital music service dropped 6.7% in premarket trading, after surging 9.5% over the past two days. Net losses widened to EUR125 million ($150.3 million), or EUR0.66 a share, from EUR101 million, or EUR0.58 a share, in the year ago period. The FactSet per-share loss consensus was EUR0.51. Revenue grew 9.8% to EUR2.17 billion ($2.61 billion), beating the FactSet consensus of EUR2.14 billion, as MAUs increased 27% to 345 million to top expectations of 343.8 million. Gross margin of 26.5% was above the top end of the company's guidance range, while free cash flow fell 56% to EUR74 million but beat the FactSet consensus of EUR46.5 million. For the first quarter, the company expects revenue of EUR1.99 billion to EUR2.19 billion, just shy of the FactSet consensus of EUR2.20 billion. The stock has run up 45.9% over the past three months through Tuesday, while the S&P 500 has gained 13.6%.
8:11 a.m. Jan. 29, 2021 - By Michael Ashbaugh
Charting a corrective bounce: S&P 500 stalls at the breakdown point Focus: Semiconductor sector tests key trendline, Microsoft sustains earnings-fueled breakout, SMH, MSFT, COF, APTV, NTAPU.S. stocks are firmly lower early Friday, pressured to conclude previously constructive January price action. Against this backdrop, each big three benchmark has pulled in to this week’s second test of notable support. The response to each area, and Friday’s monthly close, will likely add color.
12:35 p.m. Jan. 28, 2021 - By Mark DeCambre
Dow rebounds day after short-selling sparked selloff helped lead to worst drop in 3 months; GameStop, AMC get poundedU.S. stock indexes ended higher Thursday afternoon, but off the best levels of the session, as investors focused on earnings reports and economic data following steep losses for major indexes on high trading volumes on Wednesday. Investors continued to monitor volatile trading in shares of GameStop Corp. that underlined concerns about speculative excess. The Dow Jones Industrial Average [: DJIA] rose around 300 points, or 1%, at 30,603, the S&P 500 index gained 1% to 3,787, but finished off its best level around 3,830, while the Nasdaq Composite Index closed 0.5% higher at 13,337, but also off its intraday peak at 13,508. All closing levels are based on preliminary levels. Markets focused on a raft of earnings on Thursday as well as economic updates on gross domestic product and jobless claims, which momentarily overshadowed the action in GameStop and AMC Entertainment Holdings [: AMC], among a batch of stocks that have been the talk of Wall Street as Main Street , as they are the center of a battle between professional investors betting that shares of those stocks will fall in value and average investors attempting to push the value of those heavily shorted companies ever-higher. On Thursday, shares of GameStop sank 44% on Thursday but are still holding onto a nearly 200% gain so far this week. Those for AMC ended down 57% and are up 146% so far this week. A reading of those seeking initial jobless claims in the week ended Jan. 23, fell by 67,000 to a seasonally adjusted 847,000, marking the lowest level in three weeks, but layoffs were still high early in 2021 as the economy wrestled with a winter surge in the coronavirus. Separately, a report on U.S. economic growth, or GDP, showed that the economy grew at a modest 4% annual pace in the final three months of 2020.
8:00 a.m. Jan. 27, 2021 - By Michael Ashbaugh
Charting an intraday downdraft, S&P 500 retests near-term support (3,764) Nasdaq maintains gap support, Small- and mid-cap benchmarks retest near-term floorsU.S. stocks are firmly on the defensive early Wednesday, pressured after a mixed batch of quarterly earnings reports, and ahead of the Federal Reserve’s latest policy directive, due out this afternoon. Against this backdrop, the S&P 500 has ventured under its breakout point (3,826), pulling in to an initially successful retest of familiar near-term support (3,764).
10:33 a.m. Jan. 25, 2021 - By Ciara Linnane
Biden to reinstate travel bans amid fears about new variants as global case tally heads toward 100 million Dr. Fauci says Johnson & Johnson’s one-dose vaccine could bet emergency use authorization within two weeksThe global tally of confirmed cases of the coronavirus-borne illness COVID-19 headed closer to 100 million on Monday with the U.S. accounting for a quarter of that total, as President Joe Biden prepared to reinstate travel restrictions against foreign citizens visiting the U.S. from Brazil, the U.K, Ireland and much of the rest of Europe, as well as South Africa.
8:14 a.m. Jan. 25, 2021 - By Michael Ashbaugh
Charting mixed follow-through: Nasdaq extends to latest record high Focus: Transports hold the breakout point, Netflix digests earnings-fueled spike, IYT, NFLX, IP, AKAM, CMIU.S. stocks are mixed early Monday, vacillating ahead of this week’s full slate of quarterly earnings reports. Against this backdrop, the Nasdaq Composite has extended its prevailing statistically unusual breakout — tagging another record high — while the S&P 500 has pulled in to a shaky intraday retest of its breakout point (3,826).
5:35 a.m. Jan. 25, 2021 - By Mark DeCambre
Nasdaq touches record high but Dow lags in Monday morning trade as investors brace for busiest week of earningsStock indexes traded mixed Monday, with tech-related shares surging ahead of a busy week of earnings that features results from tech giants Apple Inc. , Tesla Inc. and Facebook Inc. . The Dow Jones Industrial Average [: DJIA] was down 0.3% at 30,903, the S&P 500 index was trading 0.3% at 3,854, while the Nasdaq Composite Index advanced 1.2% to a record intraday high at around 13,714. Large-cap tech-related companies have been the big winners of the COVID-19 pandemic, thriving from the stay-at-home environment, which has also accelerated a number of positive tech trends.
8:25 a.m. Jan. 22, 2021 - By Michael Ashbaugh
Charting a bull-trend pullback: S&P 500 retests the breakout point Focus: Solar sector sustains 2021 breakout, Apple tags record close amid stealth breakout attempt, TAN, AAPL, MGA, DE, MDCU.S. stocks are lower early Friday — though off the session’s worst levels — pressured amid virus concerns, and a not well-received batch of influential earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite continue to digest respectable mid-week rallies to record territory, against an otherwise bullish bigger-picture backdrop.
7:56 a.m. Jan. 20, 2021 - By Michael Ashbaugh
Charting bull-flag breakouts: S&P 500, Nasdaq tag record highs Focus: Health care sector vies to extend January breakout, XLV, MCHP, AXP, UBER, SLBU.S. stocks are firmly higher early Wednesday, rising amid Inauguration Day and following a solid batch of quarterly earnings reports. Against this backdrop, the S&P 500 and Nasdaq Composite have staged bull-flag breakouts, rising to tag their latest record highs.
10:56 p.m. Jan. 19, 2021 - By Barbara Kollmeyer
IAG agrees to acquire Air Europa for a deferred, lower price tag of €500 millionInternational Airlines Group on Wednesday announced a cut-price deal for Air Europa worth €500 million ($607 million). Under terms of the deal, IAG-owned Iberia Airlines will acquire all shares of the rival airline from owner Globalia Corporacion Empresarial, but the amount to be paid has been reduced from €1 billion, and will be deferred until the sixth anniversary of the deal's completion. Revised deal terms are dependent on negotiations between Iberia and industrial holding company Sociedad Estatal de Participaciones Industriales regarding financial support it provided to Air Europa in 2020. The deal is expected to complete by the second half of 2021, but still subject to EU approval. IAG expects the purchase of the Spanish airline to "generate significant cost and revenue synergies," now expected by 2026, and be earnings accrective in the first full year after the deal is competed.
5:36 a.m. Jan. 19, 2021 - By Tomi Kilgore
FedEx to cut up to 6,300 jobs in Europe, pay up to $575 million in severanceShares of FedEx Corp. after the package delivery company said it will cut between 5,500 and 6,300 jobs in Europe as it nears the completion of the network integration of TNT Express. FedEx's stock rose 1.4% in morning trading. The cuts will be across operational teams and back-office functions. FedEx expects to pay severance in the range of $300 million to $575 million in cash as a result of the job cuts, which charged expected to be incurred through fiscal 2023. Annualized savings from the cuts are expected to be between $275 million and $350 million, starting in fiscal 2024. FedEx's stock has dropped 9.2% over the past three months, while the Dow Jones Transportation Average has advanced 11.6% and the Dow Jones Industrial Average has gained 10.0%.
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