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1:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
Big Lots stock sinks after results beat forecasts, but outlook was downbeat as supply chain challenges continueShares of Big Lots Inc. dropped 6.0% in premarket trading Friday, as the discount retailer swung to a narrower-than-expected fiscal third-quarter loss and sales that fell less than forecast, and provided a downbeat earnings outlook for the current quarter as supply chain issues weight on gross margin. The net loss for the quarter to Oct. 30 was $4.3 million, or 14 cents a share, after net income of $29.9 million, or 76 cents a share, in the year-ago period. The FactSet consensus for per-share losses was 16 cents. Sales fell 3.1% to $1.34 billion but was above the FactSet consensus of $1.32 billion, while gross margin declined to 38.9% to 40.5%. Same-store sales fell 4.7% but that beat expectations for a 5.2% decline. The company said that the fourth quarter is off to a "strong start," but said it expects supply chain challenges to continue in the near term. The company expects fourth-quarter EPS of $2.05 to $2.20, below the FactSet consensus of $2.39, as gross margin is expected to be down 150 basis points from a year ago, driven by freight headwinds. Separately, the company said it authorized a new $250 million stock repurchase program. The stock has declined 8.7% over the past three months through Thursday while the S&P 500 has gained 0.9%.
9:03 a.m. Dec. 2, 2021 - By Tomi Kilgore
Hibbett stock tumbles toward longest losing streak in over 13 months after BofA downgradeShares of Hibbett Inc. tumbled 7.0% in afternoon trading Thursday, putting them on track for their longest losing streak in over 13 months, after BofA Securities analyst Alexander Perry backed away from his bullish stance on the sporting goods retailer, citing expectations of lower demand as government stimulus fades. The stock has plunged 27.9% over the past seven sessions, since it closed at a record $99.69 on Nov. 22, which would be the longest stretch of losses since the eight-day losing streak that ended Oct. 30, 2020. Perry cut his rating to neutral from buy, while slashing his price target by 27% to $88. "We estimate there will be a 5-10% [year-over-year] decline in consumer income in C1H22 for someone earning $50,000 given headwinds from two rounds of economic impact payments (~$2,000), potentially lower lump sum Child Tax Credit payments (given advanced payments in 2021), and subdued real wage growth given rising inflation," Perry wrote in a note to clients. Despite the recent weakness, the stock has run up 55.7% year to date, while the SPDR S&P Retail ETF has climbed 44.0% and the S&P 500 has advanced 22.1%.
1:59 a.m. Nov. 23, 2021 - By Tomi Kilgore
Medtronic stock drops toward 8-month low after revenue miss and lowered full-year growth outlookShares of Medtronic PLC dropped 1.2% toward an eight-month low in premarket trading Tuesday, after the medical technology company beat fiscal second-quarter profit expectations but missed on revenue, citing the negative impact of the COVID-19 pandemic resurgence and healthcare staffing challenges on medical procedure volumes. Net income for the quarter to Oct. 29 nearly tripled to $1.31 billion, or 97 cents a share, from $489 million, or 36 cents a share, in the year-ago period. Revenue rose 2.6% to $7.85 billion but was below the FactSet consensus of $7.97 billion, while cost of sales fell 7.7%. Cardiovascular revenue rose 3.7% to $2.83 billion, medical surgical revenue increased 0.6% to $2.30 billion, neuroscience revenue fell 0.4% to $1.07 billion and diabetes revenue grew 1.9% to $585 million. For fiscal 2022, the company affirmed its adjusted EPS guidance range of $5.65 to $5.75, but cut its revenue growth outlook to 7% to 8% from 9%. The stock has shed 9.0% over the past three months through Monday, while the SPDR Health Care Select Sector ETF has slipped 2.8% and the S&P 500 has gained 4.5%.
4:08 a.m. Nov. 18, 2021 - By Steve Gelsi
Pfizer to supply U.S. government with 10 million doses of its antiviral for $5.29 billionPfizer said Thursday it has agreed to supply the U.S. government with 10 million doses of its COVID-19 antiviral and will receive $5.29 billion assuming the treatment is authorized. Paxlovid would be the first oral antiviral of its kind. Antivirals are expected to be a game changer in the pandemic as they can be taken at home, while existing treatments have to be administered by intravenous or subcutaneous infusion in a clinical setting. The drug maker has applied to the U.S. Food and Drug Administration for an emergency use authorization for the treatment and is also working to submit applications to regulatory agencies around the world. It's entered into a voluntary license agreement with the Medicines Patent Pool to expand access in 95 low- and middle-income countries with about 53% of the world's population.
2:20 a.m. Nov. 16, 2021 - By Ciara Linnane
UPDATE: Pfizer to allow generics companies to make its COVID-19 oral antiviral treatment, expand access to poorer countriesPfizer Inc. said Tuesday it has signed a voluntary license agreement with United Nations-backed public health organization the Medicines Patent Pool that will allow generics makers to manufacture its COVID-19 oral antiviral treatment. The move will help expand access to the drug to low and middle-income countries. Under the terms of the main license agreement, qualified generic medicine manufacturers worldwide that are granted sub-licenses "will be able to supply PF-07321332 in combination with ritonavir to 95 countries, covering up to approximately 53% of the world's population," the company said in a statement. "This includes all low- and lower-middle-income countries and some upper-middle-income countries in Sub-Saharan Africa as well as countries that have transitioned from lower-middle to upper-middle-income status in the past five years. " Pfizer will not receive royalties on sales in those countries and will also waive royalties on sales in all countries covered by the agreement as long as COVID remains classified as a Public Health Emergency of International Concern by the World Health Organization. Pfizer said last week it would seek an emergency-use authorization for the treatment "as soon as possible." The company released data from a double-blind Phase 2/3 clinical trial in 1,219 unvaccinated adults with COVID-19 who were at high risk of severe disease and found it reduced the risk of dying or ending up in the hospital by 89%. Less than 1% of the patients who took the drug were hospitalized by the 28-day mark, compared with the 7% who received the placebo and were hospitalized or died. Participants took two pills a day for five days. Antivirals are expected to become a game changer in the pandemic, as they can be taken at home, while the current treatments are done by infusion in a clinical setting. Pfizer shares were down 0.7% premarket but have gained 35% in the year to date, while the Dow Jones Industrial Average has gained 18% and the S&P 500 has gained 25%.
3:03 a.m. Nov. 15, 2021 - By Tonya Garcia
Tyson Foods beats on profit and sales, launches program with a goal of $1 billion in savingsTyson Foods Inc. reported fiscal fourth quarter net income totaling $1.36 billion, or $3.71 per share, up from $654 million, or $1.79 per share, last year. Adjusted EPS of $2.30 beat the FactSet consensus for $2.22. Sales of $12.81 billion were up from $11.46 billion last year and ahead of the FactSet consensus for $12.66 billion. Tyson brands include the namesake, Ball Park hot dogs and Jimmy Dean sausages. "To foster continuous improvement and faster decision making, we're launching a new productivity program designed to deliver more than $1 billion in annual savings by the end of 2024," said Chief Executive Donnie King in a statement. The program will focus on automation, operations and other areas of the business. For fiscal 2022, savings are expected to be $300 million to $400 million. Tyson has raised its dividend to 46 cents per share on class A shares, and to 41.4 cents per share on class B stock. The dividend is payable on December 15, 2021, to shareholders of record at the close of business on December 1, 2021. Tyson shares are up 26% for the year to date while the S&P 500 index is up 24.7% for the period.
3:01 a.m. Nov. 15, 2021 - Barrons.com
All Eyes on InfrastructureSoFi's Liz Young discusses the investment opportunities that could emerge following the passage of President Biden's $1 trillion infrastructure package. Plus, Morgan Stanley Investment Management's Jim Caron offers his outlook for rates and fixed income.
8:15 a.m. Nov. 9, 2021 - By Tomi Kilgore
TPI Composite stock tumbles toward 14-month low after earnings, kudos to UBS analyst Jon WindhamShares of TPI Composites Inc. tumbled 14.6% toward a 14-month low in afternoon trading Tuesday, after the wind blade maker reported a surprise large loss revenue that came up shy of expectations and lowered its full-year outlook, citing rising input and freight costs, uncertainty related to federal legislation and production delays. Kudos to UBS analyst Jon Windham, who , for the same reasons the company cited. The company reported late Monday that it swung to a net loss of $30.7 million, or 83 cents a share, from income of $42.4 million, or $1.13 a share, in the year-ago period, compared with the FactSet consensus for earnings of 6 cents a share. Sales grew 1.2% to $479.6 million, below the FactSet consensus of $481.4 million, while cost of sales jumped 11.1% to knock gross margin down to 1.5% from 10.3%. For 2021, the company lowered its sales guidance range to $1.72 billion to $1.74 billion from $1.75 billion to $1.80 billion and its estimate for average selling price per blade to "approximately" $165,000 from $165,000 to $170,000. The stock has plunged 49.7% year to date, while the First Trust Global Wind Energy ETF has declined 9.8% and the S&P 500 has gained 24.6%.
1:54 a.m. Nov. 8, 2021 - By Tomi Kilgore
KinderCare Learning sets IPO terms, as the profitable company could be valued at nearly $3 billionKinderCare Learnings Companies Inc. has set terms of its initial public offering, as the profitable Portland-based childhood education centers operator looks to raise up to $541.3 million. The company is offering 25.78 million shares in the IPO, which is expected to price between $18 and $21 a share. With 140.88 million shares expected to be outstanding after the IPO, the expected pricing could value the company at up to $2.96 billion. The stock is expected to list on the NYSE under the ticker symbol "KLC." Barclays, Morgan Stanley and Jefferies are the lead underwriters. The company recorded net income of $46.4 million on revenue of $1.33 billion during the nine months ended Oct. 3, after a loss of $1.4 million on revenue of $985.1 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has gained 5.5% over the past three months while the S&P 500 has tacked on 5.9%.
1:24 a.m. Nov. 8, 2021 - By Tomi Kilgore
Marriott Vacations swings to Q3 profit that beats expectations, says current quarter 'has started well'Marriott Vacations Worldwide Corp. reported Monday that it swung to a third-quarter profit that beat expectations, while revenue rose in line with forecasts, as contract sales nearly tripled to reach within 3% of pre-pandemic 2019 levels. The vacation ownership company's stock was still inactive in premarket trading. Net income was $10 million, or 23 cents a share, after a loss of $62 million, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of $1.60 from a per-share loss of 81 cents, while the FactSet consensus was for EPS of $1.41. Total revenue grew 62.1% from a year ago to $1.05 billion, matching the FactSet consensus, while contract sales jumped 171.4% to $380 million, with first-time buyers representing 30% of contract sales. Average revenue per member increased 16.8% to $42.95. "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," said Chief Executive Stephen Weisz. The stock has rallied 18.3% over the past three months through Friday while the S&P 500 has gained 5.9%.
5:37 a.m. Nov. 4, 2021 - By Tomi Kilgore
Penn National Gaming stock tumbles after big profit miss, as momentum slowed mid-quarterShares of Penn National Gaming Inc. tumbled 9.6% toward a three-month low in morning trading Thursday, after the online gaming and sports betting company and Barstool Sports partner reported a big third-quarter profit miss as momentum in its core business slowed in the second half of the quarter. Net income fell to $86.1 million, or 52 cents a share, from $141.9 million, or 93 cents a share, in the year-ago period, below the FactSet consensus for earnings per share of 85 cents. Revenue grew 33.8% to $1.51 billion, in line with the FactSet consensus, as gaming revenue rose 26.4% to $1.26 billion and food, beverage, hotel and other revenue jumped 87.8% to $255.6 million. Operating expense growth of 36.3% outpaced revenue growth. On the post-earnings conference call with analysts, Chief Executive Jay Snowden said "momentum slowed" in the second half of August and into September, due to Hurricane Ida, which "significantly" hurt results in the South region, and given regional flare ups of the delta variant of the COVID-19 virus. The stock, on track for the lowest close since Aug. 19, has dropped 23.9% year to date, while the S&P 500 has climbed 24.6%.
1:15 a.m. Nov. 4, 2021 - By Tomi Kilgore
Vista Outdoor stock surges on big earnings beat, with ammunition driving 49% jump in shooting sports salesShares of Vista Outdoor Inc. shot up 6.0% in premarket trading Thursday, after the outdoor and shooting sports products company reported big fiscal second-quarter profit and sales beats, with particular strength in the shooting sports segment, and provided an upbeat full-year outlook. Net income for the quarter to Sept. 26 rose to $139.5 million, or $2.36 a share, from $79.6 million, or $1.34 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $2.41 beat the FactSet consensus of $1.78. Sales grew 35.3% to $778.5 million, above the FactSet consensus of $722.6 million. Shooting sports sales rose 49% to $566 million, boosted by 65% growth in ammunitions, while outdoor products sales increased 9% to $212 million, as CamelBak and Action Sports led double-digit percentage growth in Outdoor Recreation. For fiscal 2022, the company expects adjusted EPS of $7.70 to $8.00, above the FactSet consensus of $6.13, and sales of $2.90 billion to $2.95 billion, compared with expectations of $2.78 billion. The stock had run up 82.7% year to date through Wednesday, while the S&P 500 has advanced 24.1%.
1:15 a.m. Nov. 3, 2021 - By Tomi Kilgore
Lumber Liquidators stock set to fall after profit and sales fall below expectationsShares of Lumber Liquidators Holdings Inc. were indicated down more than 2% in premarket trading Wednesday, after the wood flooring retailer reported third-quarter profit and sales that missed expectations, citing an "increasingly challenging" supply chain and inflationary environment. Net income fell to $8.8 million, or 30 cents a share, from $15.5 million, or 53 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share fell to 29 cents from 67 cents, missing the FactSet EPS consensus of 30 cents. Sales declined 4.6% to $282.2 million, below the FactSet consensus of $289.0 million. Cost of sales slipped 1.3%, lowering gross margin to 37.3% from 39.4%. Same-store sales fell 4.5%, while the range of two estimates from analysts surveyed by FactSet was down 2.0% to down 1.5%. "As anticipated, our sales to DIY customers were down versus last year, reflecting a shift in consumer spending to other product and service categories, as well as tough comparisons to the nesting spending that we saw in the third quarter of 2020," said Chief Executive Charles Tyson. Looking ahead, the company said it expects higher material and transportation costs to weigh on gross margins in the fourth quarter and into 2022, and will look to offset these higher costs through pricing and promotion strategies. The stock has slipped 3.2% over the past three months while the S&P 500 has gained 4.7%.
1:14 a.m. Nov. 3, 2021 - By Ciara Linnane
Teva Pharmaceuticals plans $5 billion sustainability-linked bond tied to climate and access to medicine targetsTeva Pharmaceutical Industries Ltd. said Wednesday it is planning to execute a $5 billion sustainability-linked bond that will be tied to climate and access to medicine targets. The Israeli generics company said the bond is the biggest of its kind from any sector and first issued by a generics company. The bond will be tied to a 25% reduction in Scope 1 and 2 greenhouse gas emissions and a 150% increase in access to essential medicines for patients in low- and middle-income countries by the end of 2025. Teva said it is also the only drug company to issue a bond with both social and environmental targets. The company recently said it is targeting reducing Scope 3 GHG emissions by 25% by 2030. It will disclose its performance against each target in its annual ESG Progress report. Shares were down 0.8% premarket and have gained about 5% in the year to date, while the S&P 500 has gained 23%.
3:47 a.m. Oct. 28, 2021 - By Tomi Kilgore
SolarWinds stock drops after swinging to a Q3 loss, providing downbeat Q4 outlookShares of SolarWinds Corp. dropped 4.7% in premarket trading Thursday, after the cyber security software company swung to a third-quarter loss while revenue beat expectation, although the fourth-quarter outlook was below current forecasts. The company recorded a net loss of $10.1 million, or 6 cents a share, after net income of $10.0 million, or 8 cents a share, in the year-ago period. Revenue slipped 1.9% to $181.3 million, as recurring revenue rose 4.5% to $152.0 million while license revenue fell 25.6% to $29.2 million. The results don't include any contribution from the N-able Inc. business, as the spinoff was completed on July 19. For the fourth quarter, the company expects adjusted EPS of 25 cents to 26 cents, below the FactSet consensus of 29 cents, and revenue of $180.0 million to $184.0 million, below expectations of $1.85 million. SolarWinds was the subject of that exposed data a number of federal agencies, and said over the summer that hackers had . SolarWinds' stock has tumbled 18.5% over the past three months through Wednesday, while the ETFMG Prime Cyber Security ETF rose 2.2% and the S&P 500 has tacked on 3.4%.
2:33 a.m. Oct. 28, 2021 - By Ciara Linnane
Pfizer and BioNTech say U.S. government has purchased additional 50 million pediatric doses of their COVID vaccinePfizer Inc. and German partner BioNTech SE said Thursday the U.S. government has purchased an additional 50 million pediatric doses of their COVID-19 vaccine, as it prepares to start dosing children. The additional order includes vaccines for children below the age of 5, assuming they will receive regulatory authorization. The new doses are expected to be delivered by April 30 of 2022. The order marks the final purchase option for the government under its existing supply agreement with the companies, bringing the total number of doses secured to 600 million, including doses for adults and adolescents. "Separately, Pfizer and BioNTech have agreed to provide a total of 1 billion doses to the U.S. government at a not-for-profit price for donation to low- and lower-middle-income countries," the companies said in a joint statement. Earlier this week, an FDA advisory committee recommended dosing children aged 5 to 11. The FDA has yet to weigh in on that vote, and the CDC will meet next week to make the final decision. Both stocks were higher premarket.
3:20 a.m. Oct. 26, 2021 - By Tomi Kilgore
Paccar stock falls after surprise profit decline, but revenue rose above forecastsShares of Paccar Inc. shed 0.8% in premarket trading Tuesday, after the truck maker reported a surprise decline in third-quarter profit but revenue that rose above forecasts, as the semiconductor shortage reduced deliveries by more than 17%. Net income fell to $377.7 million, or $1.08 a share, from $385.5 million, or $1.11 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.20. Sales and revenue grew 4.4% to $4.74 billion, above the FactSet consensus of $4.73 billion, while total revenue grew 4.3% to $5.15 billion to top expectations of $5.11 billion. Cost of sales and revenue rose 5.6% to $4.18 billion. The company's Kenworth, Peterbilt and DAF brands delivered 32,800 trucks during the quarter, while the undersupply of chips reduced truck deliveries by about 7,000 vehicles. "PACCAR expects global truck production to improve as supply chain deliveries are resolved," said Chief Executive Preston Feight. The company expects 2021 capital investments of $525 million to $550 million and research and development expenses to be $320 million to $330 million. The stock has gained 1.1% year to date through Monday, while the S&P 500 has advanced 21.6%.
2:15 a.m. Oct. 26, 2021 - By Tomi Kilgore
JetBlue stock gains after a narrower-than-expected loss, revenue that rose 4-fold to beat forecastsShares of JetBlue Airways Corp. rose 0.5% in premarket trading Tuesday, after the air carrier reported a narrower-than-expected third-quarter loss, revenue that rose four-fold to top forecasts and provided an upbeat outlook. The company swung to net income of $130 million, or 40 cents a share, from a loss of $393 million, or $1.44 a share, in the year-ago period. Excluding nonrecurring items, which would include government payroll assistance, the adjusted per-share loss was 12 cents, compared with the FactSet loss consensus of 18 cents. Revenue rose 300.8% to $1.97 billion, topping the FactSet consensus of $1.93 billion, as revenue passengers rose 321.8% to 9.08 million. Load factor increased to 79.9% from 42.6% but came up short of expectations of 82.3%, as capacity rose 134.1% to 16.17 million available seat miles. Departures increased 139.4% to 76,918. "September took the brunt of the bookings softness associated with rising case counts tied to the Delta variant," said Chief Operating Officer Joanna Geraghty. "That said, trends have stabilized and are improving. We expect robust revenue acceleration throughout the quarter as the holidays approach and demand continues to meaningfully improve." The stock has lost 8.3% over the past three months through Monday, while the U.S. Global Jets ETF has slipped 4.3% and the S&P 500 has gained 3.3%.
2:15 a.m. Oct. 22, 2021 - By Ciara Linnane
HCA Healthcare blows past earnings estimates as it books gain on sale of facilities, offers upbeat guidanceHCA Healthcare Inc. blew past earnings estimates for the third quarter on Friday, and offered guidance that was above consensus as the coronavirus pandemic caused a surge in demand for hospital care. The Nashville, Tenn.-based hospital operator said it had net income of $2.269 billion, or $7.00 per share, compared to $668 million, or $1.95 per diluted share, in the year -earlier period. Revenue rose to $15.276 billion from $13.311 billion. The FactSet consensus was for EPS of $4.06 on revenue of $14.476 billion. "During the third quarter we experienced the most intense surge yet of the pandemic, and our colleagues and physicians delivered record levels of patient care to meet the demand caused by the Delta variant," CEO Sam Hazen said in a statement. The results included a gain on sales of facilities of $1.047 billion, or $2.43 a share. Same-facility admissions rose 6.8% in the quarter from the year-earlier period, while same-facility emergency room visits jumped 31.2%. The company is now expecting full-year EPS to range from $17.20 to $17.80 and for revenue to range from $58.7 billion to $59.3 billion. The FactSet consensus is for EPS of $17.05 and $57.872 billion. Shares were up 1% premarket and have gained 58% in the year to date, while the S&P 500 has gained 21%.
1:18 a.m. Oct. 22, 2021 - By Tomi Kilgore
Autoliv stock falls after profit falls more than 50% to miss expectations as supply shortages weighed on LVPThe U.S.-listed shares of Autoliv Inc. fell 0.6% in premarket trading Friday, after the Sweden-based auto safety systems maker reported third-quarter adjusted profit that was half of last year's and missed expectations, as shortages of semiconductor supplies and other components led to a 20% drop in light vehicle production (LVP). Net income fell to $60 million, or 68 cents a share, from $99 million, or $1.12 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share dropped 50.7%, to 73 cents from $1.48, to miss the FactSet consensus of 81 cents. Sales declined 9.3% to $1.85 billion, just below the FactSet consensus of $1.87 billion. For 2021, the company expects sales growth of "around 11%," while the current FactSet consensus of $8.41 billion implies 13% growth. "The decline in LVP, unpredictable changes in customer call-offs and higher raw material costs resulted in reduced profitability despite significant cost control measures, including headcount reductions," said Chief Executive Mikael Bratt. The stock has gained 3.4% year to date through Thursday, while the S&P 500 has climbed 21.3%.
2:17 a.m. Oct. 21, 2021 - By Tomi Kilgore
American Airlines stock rises after a narrower-than-expected loss, as revenue nearly tripledShares of American Airlines Group Inc. rose 0.8% in premarket trading Thursday, after the air carrier reported a narrower-than-expected third-quarter loss on revenue that nearly tripled, while load factor came up short. The air carrier swung to net income of $169 million, or 25 cents a share, from a loss of $2.40 billion, or $4.71 a share, in the year-ago period. Excluding nonrecurring items, which would include benefits from government payroll support programs, the adjusted per-share loss came to 99 cents, beating the FactSet loss consensus of $1.04. Total revenue grew 182.7% to $8.97 billion, above the FactSet consensus of $8.92 billion, as passenger revenue jumped 213.3% to $7.96 billion. Load factor improved to 78.7% from 58.9% but missed the FactSet consensus of 80.9%. The company said it ended the quarter with about $18 billion of available liquidity. The company said it expects fourth-quarter revenue to be down about 20% from the same period in 2019, while the current FactSet revenue consensus of $9.30 billion implies a 17.8% decline. The stock has dropped 8.8% over the past three months through Wednesday, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
1:57 a.m. Oct. 21, 2021 - By Tomi Kilgore
Southwest results beat expectations, sees 'operational challenges' in October costing $75 million in revenueSouthwest Airlines Co. reported Thursday a narrower-than-expected third-quarter loss as passenger revenue nearly tripled, as overall demand remained "quite strong" despite a deceleration in traffic in August and September as a result of surging COVID-19 cases. The air carrier's stock was little changed in premarket trading. The company swung to net income of $446 million, or 73 cents a share, from a loss of $1.16 billion, or $1.96 a share, in the year-ago period. Excluding non-recurring items, such as $763 million in benefits related to the Payroll Support Program, adjusted per-share losses came to 23 cents, compared with the FactSet loss consensus of 27 cents. Total revenue rose 161.0% to $4.68 billion, above the FactSet consensus of $4.58 billion, as passenger revenue grew 190.7% to $4.23 billion. Load factor improved to 80.7% from 44.9% but came up shy of expectations of 82.1%. For October, revenue and booking trends continue to improve, but the company sees negative impacts of $40 million from the delta variant and of $75 million as a result of flight cancellations from operational challenges. The stock has lost 6.9% over the past three months, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
2:49 a.m. Oct. 20, 2021 - By Jaimy Lee
Biogen's stock is up on strong earnings; new Alzheimer's drug had $300,000 in sales in Q3Shares of Biogen Inc. were up 1.8% in premarket trading on Wednesday after the company beat expectations for the third quarter despite lower-than-expected utilization of Aduhelm, its controversial and closely watched new Alzheimer's disease treatment. Biogen had net income of $329.2 million, or $2.22 per share, in the third quarter of 2021, compared with net income of $701.5 million, or $4.47 per share, in the same quarter a year ago. Adjusted earnings per share were $4.47, against a FactSet consensus of $4.09. Biogen's revenue was $2.7 billion in the third quarter of the year, down 18% from $3.37 billion in the same three months of last year, against a FactSet consensus of $2.6 billion in revenue. The drop in revenue is due to several factors, including ongoing declining sales in its multiple-sclerosis portfolio and weak uptick of Aduhelm, which reported sales of $300,000. "The potential uptake of Aduhelm in the U.S. is delayed, but we continue to believe in its long-term potential," CEO Michel Vounatsos said in a news release. The company updated its guidance for the year, saying it now expects revenue of $10.8 billion to $10.9 billion in 2021, compared with previous guidance of $10.6 billion to $10.8 billion. It also expects adjusted EPS of $18.85 to $19.35, compared with previous guidance of $17.50 to $19.00. Biogen's stock is up 9.5% for the year, while the broader S&P 500 is up 20.3%.
2:16 a.m. Oct. 20, 2021 - By Tomi Kilgore
Baker Hughes misses profit and revenue forecasts as Hurricane Ida, inflation and supply constraints weighedShares of Baker Hughes Co. sank 1.8% in premarket trading Wednesday, after the oilfield products and services company reported third-quarter profit and revenue that missed expectations, as results were hurt by Hurricane Ida, cost inflation in chemicals and supply-chain constraints. The company swung to net income of $8 million, or a penny a share, from a loss of $170 million, or 25 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to 16 cents from 10 cents, but missed the FactSet consensus of 21 cents. Revenue edged up 0.9% to $5.09 billion but was below the FactSet consensus of $5.33 billion, while total costs and expenses declined 7.5% to $4.72 billion. "As we look ahead to the rest of 2021 and into 2022, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas," said Chief Executive Lorenzo Simonelli. "However, the pace of growth is being hampered by the COVID-19 Delta variant, global chip shortages, supply chain issues, and energy supply constraints." The stock, which closed at a 2 1/2-year high as recently as Monday, has run up 34.1% over the past three months through Tuesday, while the SPDR Energy Select Sector ETF has rallied 21.9% and the S&P 500 has gained 4.6%.
12:12 a.m. Oct. 20, 2021 - By Steve Goldstein
Novavax shares tumble after report on vaccine manufacturing difficultiesNovavax shares tumbled 16% in premarket action after that meets regulators' quality standards, citing three people with direct knowledge of the company's problems. The report said Novavax's troubles mean the international consortium known as COVAX is now likely to fall short of its 2 billion dose target to lower and middle-income countries by the end of 2022 by more than 1 billion doses. The report said Novavax's difficulties are more concerning than the analytics and testing issues disclosed in Securities and Exchange Commission filings. Novavax told Politico that it still plans on filing for emergency use authorization by the end of the year and will fulfill all its committed doses both in the U.S. and globally.
3:15 a.m. Oct. 19, 2021 - By Tomi Kilgore
Kansas City Southern's stock slumps after profit misses expectations as volumes declinedShares of Kansas City Southern slumped 1.1% in premarket trading Tuesday, after the railroad operator reported third-quarter profit that fell short of expectations, as auto plant shutdowns resulting semiconductor shortages, service interruptions from right-of-way blockages and increased regulation of shipments into Mexico led to a 3% decline in carload volumes. Net income fell to $156.1 million, or $1.71 a share, from $189.7 million, or $1.01 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.02, below the FactSet consensus of $2.04. Revenue rose 12.8% to $744.0 million, above the FactSet consensus of $722.4 million. Operating expenses increased 26.8% to $492.1 million, including a 13.5% rise in compensation and benefits costs to $133.3 million and a 53.5% jump in fuel costs to $78.0 million. "We are encouraged that despite several commercial headwinds, our network is performing extremely well and we are delivering near record velocity and dwell," said Chief Executive Patrick Ottensmeyer. The stock has rallied 13.1% over the past three months through Monday, while the Dow Jones Transportation Average has advanced 7.1% and the Dow Jones Industrial Average has tacked on 3.8%.
2:47 a.m. Oct. 19, 2021 - By Tomi Kilgore
ManpowerGroup stock drops after profit beats expectations but revenue missesShares of ManpowerGroup dropped 3.2% in premarket trading Tuesday, after the workforce services company reported third-quarter profit that beat expectations but revenue that came up short, as "strong" demand and a continued economic recovery was tempered by supply chain constraints and the continued impact of the COVID-19 pandemic. Net income jumped to $97.7 million, or $1.77 a share, from $10.3 million, or 18 cents a share, in the year-ago period. Excluding nonrecurring items, earnings per share came to $1.93, above the FactSet consensus of $1.91. Revenue grew 12.1% to $5.14 billion, but was below the FactSet consensus of $5.30 billion. Cost of services increased 11.1% to $4.29 billion, as gross margin improved to 16.6% from 15.8%. The company said expects fourth-quarter EPS of between $1.99 and $2.07, which surrounds the FactSet consensus of $2.04. "Global demand remained strong as our clients continue to look for skilled talent in a tight labor market and leverage our capabilities and workforce solutions expertise that help them achieve their desired business outcomes," said Chief Executive Jonas Prising. The stock has rallied 25.5% year to date through Monday, while the S&P 500 has gained 19.5%.
11:46 a.m. Oct. 5, 2021 - By Claudia Assis
Hovnanian lowers fiscal 2021, Q4 guidance on supply-chain delays Shares of Hovnanian Enterprises Inc. fell 3% in the extended session Tuesday after the home builder lowered its guidance for the full-year 2021 and the fourth quarter ending Oct. 31, saying it was "not immune to the same supply-chain delays that our peers have mentioned recently." Those snags "have been even more pronounced" in the month since its September fiscal third-quarter call, Chief Executive Ara K. Hovnanian said in a statement. Fourth-quarter revenues are seen in a range between $780 million and $830 million, and adjusted EBITDA expected to be between $85 million and $100 million. Hovnanian called for revenues between $2.75 billion and $2.80 billion for fiscal 2021, and an adjusted EBITDA between $330 million and $345 million. A "healthy" contract pace, with higher home prices and margins, along with an increase in community count, "should lead to further growth in both total revenues and adjusted pretax income in fiscal 2022," the company said. The company had guided fourth-quarter revenues between $830 million and $880 million, and adjusted EBITDA between $100 million and $115 million. For fiscal 2021, the guidance in early September called for revenues between $2.80 billion and $2.85 billion, and adjusted EBITDA between $345 million and $360 million. Hovnanian shares ended the regular trading day up 1.5%.
2:49 a.m. Sept. 30, 2021 - By Steve Gelsi
CarMax shares fall after company misses earnings estimateCarMax Inc. said Thursday its second-quarter net income fell about 4% to $285.3 million or $1.72 a share, from $296.7 million, or $1.79 a share in the year-ago period. The car retailer said earnings per share fell due to last year's Covid-related cost savings. Sales rose to $7.99 billion, a record, from $5.37 billion in the year-ago period. Analysts expected earnings of $1.88 a share and sales of $6.91 billion, according to a survey by FactSet. Shares of CarMax fell nearly 8% in pre-market trades. The stock is up 55% so far this year compared to a 16% increase by the S&P 500 .
4:56 a.m. Sept. 24, 2021 - By Tomi Kilgore
Carnival's stock rises after Q3 business updateShares of Carnival Corp. surged 1.3% in morning trading, after the cruise operator provided an update on its third quarter. The company reported a net loss of $2.8 billion, wider than the loss of $2.1 billion in the sequential second quarter, but narrower than the $2.9 billion loss seen in the year-ago quarter. In the pre-pandemic third quarter of 2019, Carnival had net income of $1.8 billion. The adjusted third-quarter loss was $2.0 billion, compared with an adjusted loss of $1.7 billion a year ago. The company did not provide per-share loss figures. The company said the cruises operating in the third quarter were cash flow positive, and the company expects this to continue. Monthly average cash burn during the quarter was $510 million, which is better than previous guidance. Booking volumes for all cruises during the third quarter were down from the second quarter but higher than the first quarter, as concerns over the spread of the delta variant weighed on booking volumes in August. Meanwhile, cumulative advanced bookings for the second half of 2022 are "ahead of a very strong 2019." The update comes a day after Carnival said it expected to have by the end of October. Carnival's stock has lost 8.9% over the past three months, while the S&P 500 has gained 4.2%.
4:15 a.m. Sept. 23, 2021 - By Emily Bary
Dell announces $5 billion share-buyback programDell Technologies Inc. offered a series of long-term guidance figures ahead of an analyst-day event Thursday. At the event, Dell plans to announce that it expects compound annual revenue growth of 3% to 4% through fiscal 2026, as well as compound annual growth in non-GAAP diluted earnings per share of at least 6% in the same span, according to a release. The company also intends to announce its expectation for net income to adjusted free-cash flow conversion of at least 100% during this span. Dell plans to announce the approval of a share-buyback program of up to $5 billion that becomes effective in November upon the expected completion of its VMware spinoff. The company intends to begin issuing a quarterly dividend "with an attractive yield" in the first quarter of fiscal 2023, subject to board approval. The company will be targeting an annual dividend of about $1 billion. It will also be aiming to return 40% to 60% of adjusted free-cash flow to shareholders through dividends and repurchases beginning in fiscal 2023. "We consider the details thus far to be net-positive - most notably a more meaningful capital return story," Wells Fargo's Aaron Rakers wrote in a note to clients. Dell shares are up 2.2% in premarket trading. They're near flat over a three-month span, as the S&P 500 has risen 3.5%.
1:12 a.m. Sept. 22, 2021 - By Tomi Kilgore
Pfizer, BioNTech to provide additional 500 million COVID-19 vaccine doses to U.S. government for donationPfizer Inc. and BioNTech SE announced Wednesday plans to provide an additional 500 million doses of their COVID-19 vaccine to the U.S. government. The additional doses will be sold at "not-for-profit" prices, for donation to low- and lower-middle-income countries, as defined by Gavi's COVAX Advanced Market Commitment (AMC) and the 55 member states of the African Union. That brings the total number of doses to be supplied to the U.S. government for donation to 1 billion. Pfizer shares gained 0.6% in premarket trading and BioNTech's stock rose 0.6%. Delivery of the additional doses began in August, and the total 1 billion doses are expected to be delivered by the end of September 2022. The doses will be produced at Pfizer's facilities in Kalamazoo, Michigan, Andover, Massachusetts, Chesterfield, Missouri and McPherson, Kansas. Shares of Pfizer have climbed 19.3% year to date through Tuesday and BioNTech have rocketed 318.7%, while the S&P 500 has gained 15.9%.
9:08 a.m. Sept. 13, 2021 - Barrons.com
All Eyes on AppleWedbush's Daniel Ives previews Apple's upcoming product launch from Cupertino. Plus, BlackRock's Gargi Chaudhuri makes the bull case for U.S. and European equities heading into the end of 2021.
6:28 a.m. Sept. 13, 2021 - By Victor Reklaitis
House Democrats propose hike in capital-gains tax to 25% for high earners as of MondayThe Democratic-run House Ways and Means Committee on Monday released and a that propose an increase in the capital-gains tax rate for high-income individuals to 25%. The preexisting rate of 20% would apply to transactions made before Monday, according to their legislative text and summary. That's after President Joe Biden's proposed budget in May backed a and assumed the increase took effect in late April.
10:17 a.m. Sept. 8, 2021 - By Ellie Ismailidou
Incorporating ESG into your bond portfolioESG investing has traditionally been related to equities, but in recent years has become a popular growth frontier for fixed income. Here's what investors should know.
2:02 a.m. Sept. 8, 2021 - By Tomi Kilgore
Korn Ferry swings to big profit beat as fee revenue rises to a record, provides upbeat outlookKorn Ferry reported Wednesday fiscal first-quarter profit and sales that rose above expectations, as the executive search and consulting company experienced record fee revenue that increased in all lines of its business. The stock was still inactive in premarket trading. For the quarter to July 31, the company swung to net income of $74.8 million, or $1.37 a share, from a loss of $30.8 million, or 58 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.37 was well above the FactSet consensus of $1.07. Total revenue grew 69.5% to $588.1 million, beating the FactSet consensus of $540.5 million. Fee revenue increased 70.1% to $585.4 million, as executive search fee revenue rose 80.6% to $216.9 million and recruitment process outsourcing, professional search data fee revenue increased 102.8% to $139.3 million, consulting fee revenue grew 49.5% to $148.5 million and digital data fee revenue rose 44% to $80.7 million. For the second quarter, the company expects EPS of $1.30 to $1.44, above the FactSet consensus of 92 cents. The stock has rallied 67.8% year to date through Tuesday, while the S&P 500 has gained 20.3%.
2:54 a.m. Sept. 2, 2021 - By Tomi Kilgore
MasterCraft stock rallies after swinging to big profit beat as sales tripled to a recordShares of MasterCraft Boat Holdings Inc. ran up 4.9% in premarket trading Thursday, after the recreational powerboat company swung to a fiscal fourth-quarter profit that was well above expectations, as sales tripled to a record, and provided an upbeat full-year outlook. Net income for the quarter to June 30 was $16.5 million, or 87 cents a share, after a loss of $2.8 million, or 15 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 98 cents, above the FactSet consensus of 78 cents, after a per-share loss of 10 cents last year. Sales grew 204.4% to $155.5 million, beating the FactSet consensus of $142.3 million. Gross margin improved to 23.9% from 14.5%, citing overhead absorption from higher sales volume, lower warranty costs and lower dealer incentives. For fiscal 2022, the company expects adjusted EPS to grow in the high-teens percentage range, while the FactSet EPS consensus of $3.51 implies a 6.0% rise, and sales are expected to increase in the high-teens range, while the FactSet consensus of $586.9 million implies 11.6% growth. The stock has declined 6.2% over the past three months through Wednesday, while the S&P 500 has gained 7.5%.
3:29 a.m. Sept. 1, 2021 - By Tomi Kilgore
Medical Properties Trust raised earnings outlook, announces deal to sell an interest in 8 hospitals for a premiumShares of Medical Properties Trust Inc. rose 0.6% in premarket trading Wednesday, after the real estate investment trust announced a deal to sell an interest in acute care hospitals it owns and raised its earnings outlook. The REIT (MPT) said it reached an agreement with Macquarie Infrastructure Partners V (MIP V) to form a partnership in which an MIP V subsidiary buys a 50% stake in eight Massachusetts-based hospitals currently owned by MPT and operated by Steward Health Care System, in a deal that values the portfolio at $1.78 billion. "This transaction's portfolio valuation is a 48% increase over our original investment in these hospitals made in 2016, and the compelling value creation reflects the strength of MPT's underwriting process, which allows our team to identify operators and strategies that are likely to result in long-term and sustained improvement in operating results," said Medical Properties Trust Chief Executive Edward Aldag. Separately, MPT said based on year-to-date transactions, it raised its guidance for annual net income to $1.81 to $1.85 per share for normalized funds from operations, from $1.72 to $1.76. MPT's stock has lost 6.0% year to date through Tuesday, while the SPDR Real Estate Select Sector ETF has soared 30.4% and the S&P 500 has advanced 20.4%.
1:13 a.m. Aug. 27, 2021 - By Tomi Kilgore
Big Lots stock sinks toward 7-month low after profit and sales miss, surprise loss outlook for current quarterShares of Big Lots Inc. sank 6.0% toward a 7-month low in premarket trading Friday, after the discount retailer reported fiscal second-quarter profit and sales that missed expectations, and provided a surprise loss outlook for the current quarter, as supply chain and freight headwinds are expected to continue to weigh on gross margins. Net income for the quarter to July 31 was $37.7 million, or $1.09 a share, after income of $452.0 million, or $11.29 a share, in the year-ago period, which included a $341.9 million after-tax benefit. The FactSet consensus for earnings per share was $1.12. Net sales fell 11.4% to $1.46 billion, just shy off of the FactSet consensus of $1.48 billion, while the same-store sales decline of 13.2% missed expectations of an 11.4% decrease. "Our results for the quarter were tempered by continued supply chain and freight headwinds, as well as other inflationary pressures," said Chief Executive Bruce Thorn. Looking ahead, the company expects a third-quarter per-share loss of 10 cents to 20 cents, compared with the FactSet consensus for EPS of 5 cents, and expects full-year EPS of $5.90 to $6.05, which is below expectations of $6.66. The stock, which is on track to open at the lowest price seen since Jan. 26, has dropped 15.9% over the past three months through Thursday, while the SPDR S&P Retail ETF has edged up 0.9% and the S&P 500 has gained 6.4%.
2:50 a.m. Aug. 26, 2021 - By Tomi Kilgore
Sanderson Farms beats profit and sales expectations, as rise in demand and prices offset chicken feed costsSanderson Farms Inc. reported Thursday that rose five-fold to top expectations and revenue that also rose above forecasts, as "significantly improved" demand and prices for products sold helped offset sharp increases in feed costs. Shares of the chicken producer, processor and distributor were still inactive in premarket trading. Net income rose to $164.8 million, or $7.38 a share, from $32.8 million, or $1.48 a share, in the year-ago period. The FactSet consensus for earnings per share was $6.78. Sales rose 41.4% to $1.35 billion, above the FactSet consensus of $1.28 billion. Average quoted market price for boneless breast meat rose 71.4%, for bulk leg quarter grew 66.3% and for chicken breast tenders increased 107.3%. Meanwhile, average feed costs per pound of poultry processed increased 45.8%, while prices paid for corn mean grew 87.7% and for soybean meal rose 50.1%. "Our financial results for the third quarter of fiscal 2021 reflect significantly improved demand and prices for products sold to food service customers, continued strong demand for products sold to retail grocery store customers, reduced volumes due to planned egg set reductions that we implemented during the early stages of the COVID-19 pandemic, and higher costs of feed grains," said Chief Executive Joe Sanderson. The stock has rallied 16.0% over the past three months while the S&P 500 has tacked on 7.2%.
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