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Rental-Car Shortages Throw a Wrench Into American Vacation Plans

  • Rental-Car Shortages Throw a Wrench Into American Vacation Plans Rental-Car Shortages Throw a Wrench Into American Vacation Plans 4:55
    IPO Mania Continues IPO Mania Continues 9:05
    3 ways to take advantage of record low mortgage rates 3 ways to take advantage of record low mortgage rates 2:55
    How a Small Covid-19 Outbreak in China Is Pushing Toy Prices Higher How a Small Covid-19 Outbreak in China Is Pushing Toy Prices Higher 4:54
4:47 a.m. Today - By Tonya Garcia
BJ's Restaurants has cut items from its menu and limited dining room capacity due to staffing shortagesBJ's Restaurants Inc. Chief Executive Greg Levin said in a third-quarter earnings statement that staffing shortages have driven the company to shorten its menu, cut dining room capacity and cut hours in certain locations. "As a result, we finished the third quarter with comparable restaurant sales down 0.5%, compared to the same period in 2019," he said. "Looking forward, as our staffing levels improve, we expect sales to benefit as we seat more tables, expand back to pre-pandemic hours, and return all of our restaurants to full menus by early November." BJ's reported a net loss of $2.2 million, or 9 cents per share, after a loss of $6.6 million, or 30 cents per share, last year. Revenue of $282.2 million was up from $198.9 million last year. The FactSet consensus was for earnings of 8 cents per share and revenue of $292.3 million. Comparable restaurant sales grew 41.8%, below the 44.2% FactSet consensus. Comparable sales were down 0.5% compared with the the same period in 2019. BJ's plans to open eight restaurants in 2022. BJ's stock slipped 0.5% in Friday premarket trading, and is down 8.7% for the year to date. The S&P 500 index has gained 21.1% for the period.
3:15 a.m. Today - 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%.
2:18 a.m. Today - 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%.
6:51 a.m. Oct. 21, 2021 - By Steve Gelsi
U.S. Postal Service enacts tobacco, marijuana and hemp e-cigarette limitationsThe U.S. Postal Service on Thursday restricted the mailing of electronic nicotine delivery systems (ENDS), or e-cigarettes to consumers. The USPS's ban included products containing THC and hemp/CBD products in electronic delivery systems. Adults can make non-commercial shipments, but are limited to 10 shipments in a 30-day period. Hemp and CBD products that are not in the form of electronic delivery systems - such as vape pens - may be mailed if they contain less than 0.3% of THC. The rules were passed in reaction to the Preventing Online Sales of E-Cigarettes to Children Act (POSECCA) OK'd by Congress in 2020. POSECCA required online e-cigarette retailers to verify the age of customers for all purchases, required an adult with ID to be present for delivery, and required label shipping packages to show they contain tobacco products and comply with all state and local tobacco tax requirements.
6:05 a.m. Oct. 21, 2021 - By Jacob Passy
Existing-home sales improve in September, eating up available inventoryExisting-home sales rose 7% on a monthly basis in September, reaching a seasonally-adjusted, annual rate of 6.29 million, the National Association of Realtors said Thursday. Compared to a year ago, though, sales were down roughly 2%. The increase in sales was the result of improved inventory in recent months, which gave buyers more options to choose from and allowed more people to lock in purchases. However, inventory dropped nearly 1% from the previous month as of the end of September, and was down 13% from a year ago.
7:27 a.m. Oct. 20, 2021 - By Tonya Garcia
Adobe forecasts a record-setting online holiday shopping season but supply chain problems making many items scarceAdobe Inc. expects U.S. online holiday sales between Nov. 1 and Dec. 31 to reach $207 billion, a new record. That forecast represents a 10% rise versus 2020. The five-day period from Thanksgiving Day to Cyber Monday is expected to drive $36 billion in sales, about 17% of the entire season, however growth during that period is slowing. Shoppers and retailers are also feeling the impact of with out-of-stock messages soaring 172% compared with the pre-pandemic period. Adobe expects out-of-stocks to remain at that level and possibly increase for certain items. Apparel is experiencing the most out-of-stocks. The use of buy-now-pay-later (BNPL) options is also increasing, up 10% from last year and up 45% from 2019. "We are entering a second holiday season where the pandemic will dictate the terms," said Patrick Brown, vice president of growth marketing and insights at Adobe, in a statement. "Limited product availability, higher prices, and concerns about shipping delays will drive another surge towards e-commerce, as it provides more flexibility in how and when consumers choose to shop." The Amplify Online Retail ETF has slipped 1% for the year to date while the S&P 500 index is up 20.7% for the period.
3:49 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%.
4:37 a.m. Oct. 19, 2021 - By Tonya Garcia
Ulta to announce new Google partnership, 50 new stores per year during virtual investor eventUlta Beauty Inc. is hosting a virtual analyst and investor event on Tuesday where it plans to announce a partnership with Google , an investment in an AI retail technology company Adeptmind, and more. The Google partnership will leverage Ulta Beauty's GlamLab Virtual try-on tool for lipstick and eyeshadow within certain brands in Google search and on the YouTube platform. Ulta will also launch a $20 million Digital Innovation Fund that will partner with early-stage investors, entrepreneurs and others. Same-day delivery is coming to some markets, and cost-saving targets of $150 million to $200 million are set. For fiscal 2022 through fiscal 2024, Ulta Beauty is forecasting a compound annual growth rate (CAGR) of 5% to 7% for sales, low-double digit CAGR for earnings per share, comparable sales growth of 3% to 5% annually and 50 new stores per year. Ulta shares fell 4.2% in Tuesday premarket trading, but the stock is up 41.5% for the year to date. The benchmark S&P 500 index [s:spx] is up 19.5% for 2021 so far.
3:33 a.m. Oct. 19, 2021 - By Jaimy Lee
J&J's COVID-19 shot generated $502 million in sales in the third quarterShares of Johnson & Johnson were up 0.1% in premarket trading on Tuesday after the company said it brought in $502 million in worldwide sales of its COVID-19 vaccine in the third quarter of 2021 as part of its . That adds up to a total of $766 million in sales of its COVID-19 shot so far this year. J&J's stock is up 1.7% for the year, while the broader S&P 500 has gained 19.4%.
3:07 a.m. Oct. 18, 2021 - By Tomi Kilgore
CDW to pay $2.5 billion in cash to buy Sirius Computer Solutions from CD&RCDW Corp. announced Monday an agreement to buy Sirius Computer Solutions Inc. for $2.5 billion in cash from Clayton, Dubilier & Rice. Sirius Computer is an information technology solution integrator, which recorded 2020 sales of $2.04 billion. CDW's stock is will inactive in premarket trading. "As customers require increasingly complex and critical digital transformation initiatives, Sirius' broad portfolio of world-class technology-based solutions and services-led approach will immediately add to our capabilities to meet this demand," said CDW Chief Executive Christine Leahy. The deal is expected to close in December 2021. CDW's stock has rallied 34.9% year to date, while the S&P 500 has gained 19.0%.
5:29 a.m. Oct. 15, 2021 - By Tomi Kilgore
Ford stock gains after China sales report, with Q3 down but year-to-date sales upShares of Ford Motor Co. edged up 0.4% in premarket trading Friday, after the automaker reported overnight third-quarter China vehicle sales that fell from a year ago, amid continued challenges resulting from the semiconductor shortage, but outperformed its U.S. vehicle sales performance by a wide margin. The company said it sold 150,100 vehicles in Greater China during the quarter, down 8.7% from a year ago, while Lincoln brand passenger vehicle sales increased 24%. The year-to-date total has reached 457,000 vehicles, up 11% from the year-ago period. That compares with a 25.8% decline in third-quarter U.S. vehicles sales, with Lincoln-brands sales down 35.8%, according to a MarketWatch analysis of monthly data, and a 7.0% drop in year-to-date sales through September. Ford's stock has soared 75.8% year to date through Thursday, while shares of rival General Motors Co. have rallied 38.5% and the S&P 500 has advanced 16.8%.
6:21 a.m. Oct. 14, 2021 - By Tomi Kilgore
Plug Power's stock pulls back to snap long win streak after unveiling highlights of annual SymposiumIn an apparent case of buy the rumor, sell the news, shares of Plug Power Inc. pulled back 4.4% in morning trading, putting them on track to snap a seven-day win streak, after the after the hydrogen and fuel-cell systems company unveiled some highlights of its much-anticipated annual Symposium. The stock had soared 12.8% on Wednesday, , and had soared 38% over the past seven days. The company said it now expects 2022 sales of $825 million to $850 million, which is above the FactSet consensus of $759.7 million. Plug also established 2025 sales guidance of $3 billion, which compares with the current FactSet consensus of $2.22 billion. Among other highlights, Plug said it was partnering with Fortescue Future Industries to form a 50-50 joint venture to build a gigafactory in Australia, entered into an agreement to buy liquified hydrogen transportation company Cryo Technologies and confirmed plans to generate 500 tons per day of liquid green hydrogen by the end of 2025. The stock has run up 21.0% over the past three months, while the S&P 500 has gained 1.1%.
7:43 a.m. Oct. 13, 2021 - By Tonya Garcia
Kroger comes to the northeast with a hi-tech customer fulfillment center offering delivery serviceKroger Co. has announced its entry into the northeast market with a customer fulfillment center powered by Ocado Group rather than a grocery store. The facility will offer next-day and same-day delivery. The two companies launched their first hi-tech facility in the U.S. . "Kroger's growing seamless ecosystem continues to scale, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and Kroger Delivery will help us reach this target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger is also adding two customer fulfillment centers (CFCs) in California, and entering the South Florida market with two smaller facilities. "We have a pipeline of sites in development across the U.S., with several scheduled to open next year, and we're excited to continue delivering the Kroger experience to more doorsteps," said Gabriel Arreaga, Kroger's senior vice president and chief supply chain officer, also in a statement. Kroger stock has gained 24.7% for the year to date while the S&P 500 index is up 15.5% for the period.
4:27 a.m. Oct. 11, 2021 - Barrons.com
IPO Mania ContinuesAmid a record year for IPOs in 2021, Spenser Skates, CEO and co-founder Amplitude, discusses the appeal of going public through a direct listing. Plus, Tom Bohn, CEO of the association for corporate growth, discusses the key catalysts that could continue driving M&A.
6:00 a.m. Oct. 8, 2021 - By Tomi Kilgore
Sirius XM stock falls after J.P. Morgan analyst backs away from long-time bullish stanceShares of Sirius XM Holdings Inc. shed 2.0% in morning trading Friday, after J.P. Morgan analyst Sebastiano Petti backed away from his long-time bullish stance on the satellite radio company, citing expectations of slowing auto sales, , and rising expenditures related to satellite builds. Petti cut his rating to neutral, after being at overweight at least as long as since January 2019, while cutting his stock price target to $7 from $8. Following management comments at recent industry conferences, Petti said he raised his third-quarter self-pay net subscriber additions estimate to 400,000 from 315,000 on record second-quarter trial starts, low churn, rising penetration and higher digital-only subscriptions. However, he trimmed his 2021 self-pay net adds estimate to 1.10 million from 1.15 million and dropped his 2020 estimate to 750,000 from 1.05 million, saying the chip shortage is likely to become "more acute in coming quarters." The stock has lost 3.2% year to date, while the S&P 500 has gained 17.2%.
3:32 a.m. Oct. 6, 2021 - By Tomi Kilgore
Voyager Therapeutics stock rockets after license option deal with Pfizer that could be valued at $630 millionShares of Voyager Therapeutics Inc. rocketed 38.9% in premarket trading Wednesday, after closing at a record low in the previous session, after the gene therapy company announced a license option agreement with Pfizer Inc. that could valued at more than $600 million. Trading volume spiked up to 3.9 million shares ahead of the open, which compares with the full-day average of about 173,000 shares. The agreement allows Pfizer to exercise options to license novel capsids generated from Voyager's RNA-driven screener technology, which would be used by Pfizer to develop, make and commercialize gene therapies. As part of the agreement, Voyager will receive an upfront payment of $30 million, and is entitled to receive up to $20 million in exercise fees. Voyager will also be eligible to receive up to $580 million in milestone payments, and will be eligible to receive "mid- to high-single-digit tiered royalties" based on sales of Pfizer products using the licensed capsids. The stock, which closed at a record low of $2.47 on Tuesday, has tumbled 36.5% over the past three months while the S&P 500 has inched up 0.1%.
9:59 a.m. Oct. 4, 2021 - By Tomi Kilgore
3M stock hits 7-month low after J.P. Morgan downgradeShares of 3M Co. fell to a more than seven-month low before paring losses, after J.P. Morgan analyst Stephen Tusa downgraded the parent of Post-it and Scotch brands maker of N95 masks, citing a lack of fundamental direction and continued uncertainty regarding environmental liabilities. The stock was down 0.3% in afternoon trading, but was down as much as 1.6% at its intraday low of $173.78, the lowest price seen since Feb. 24. Tusa cut his rating to neutral, after being at overweight since Jan. 27, while trimming his price target to $210 from $215. "On the liability front, one could argue visibility is worse now than before, and the company's decision to report expenses in the segments, as opposed to breaking them out in corporate, is difficult to understand, while recent ear-plug suits are negative new news," Tusa wrote in a note to clients. " On the businesses, after a short bump on growth off of a bottom, the company is again missing big on margins on only a slight decline in sales and our historical concerns around an impaired business model here remain - economic recovery has not cured this problem, and companies that continually deliver big misses on only minor fundamental bumps are lower quality and deserve a discount." The stock has shed 11.9% over the past three months, while the Dow Jones Industrial Average has slipped 2.4%.
3:23 a.m. Oct. 1, 2021 - By Tonya Garcia
Keurig Dr. Pepper shares jump after $4 billion share buyback program announcedKeurig Dr. Pepper Inc. shares jumped 3.3% in Friday premarket trading after the beverage company announced a $4 billion share buyback program. Based on the current stock price, the program represents 8% of outstanding shares. The program is effective for four years starting January 1, 2022 and ending December 31, 2025. Keurig Dr. Pepper is hosting a virtual investor day event on Friday. The company also reaffirmed its 2021 guidance for adjusted earnings per share growth in the range of 13% to 15% and constant currency net sales growth in the range of 6% to 7%. The FactSet consensus is for EPS of $1.60, implying a 14.6% increase. Keurig Dr. Pepper shares are up 6.8% for the year to date while the S&P 500 index has gained 14.7% for the period.
4:16 a.m. Sept. 30, 2021 - By Ciara Linnane
Schnitzer Steel offers above-consensus guidance for Q4 on strong recycled metals market Schnitzer Steel Industries Inc. offered above-consensus guidance for its fiscal fourth quarter on Thursday, after the recycled metals market performed strongly with average ferrous selling prices at their highest since 2008 and non-ferrous market prices at or near multi-year highs. The Portland, Ore.-based company is now expecting per-share earnings to range from $1.40 to $1.48, and for adjusted per-share earnings to range from $1.75 to $1.83. That puts it well above the FactSet consensus of $1.57. "Market selling prices for finished steel products also continued to increase on strong demand and reached their highest levels in more than a decade," the company said in a filing with the Securities and Exchange Commission. Schnitzer is expecting ferrous and non-ferrous sales volumes to climb by 9% and 3% respectively, though ferrous sales volumes were hurt by the delayed arrival of one ship and non-ferrous volumes were constrained by container availability. The company is expecting to generate operating cash flow of about $139 million in the quarter, and will reduce its debt to $75 million the lowest since 2005. Shares were up 0.5% premarket and have gained 34% in the year to date, while the S&P 500 has gained 16%.
3:49 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 .
6:03 a.m. Sept. 24, 2021 - By Jacob Passy
New home sales jump in August despite record pricesU.S. new-home sales increased 1.5% to an annual rate of 740,000, the government said Friday. The figure equates to how many homes would be sold over a yearlong period of time if the same number were bought in each month based on the rate of sales in July. Compared to a year ago, sales were down 24%.The median forecast of economists polled by MarketWatch was that new home sales would come in at an annual rate of 720,000 for August. The median sales price of new houses sold in August was $390,900, rising slightly from the previous month to reach a new record high.
6:16 a.m. Sept. 23, 2021 - By Steve Gelsi
Canadian retail cannabis sales set record, shares riseShares of Canadian cannabis companies rose on Thursday after Statistics Canada reported record sales in July. New Cannabis Ventures reported that July retail sales for the country reached C$338.9 million, up 6% from June. Sales for July rose 45.6% from a year ago. Shares of Tilray Inc. rose 3.2%, Canopy Growth advanced by 3.4%, Aurora Cannabis gained 3.1% and Village Farm International added 3.5%. Sitting out the gains, Ayr Wellness dipped 0.3%.
6:03 a.m. Sept. 22, 2021 - By Jacob Passy
Existing-home sales retreat in August as buyers wait for better pricesExisting-home sales dropped 2% to a seasonally-adjusted, annual rate of 5.88 million in August, the National Association of Realtors said Wednesday. Compared with August 2020, home sales were down 1.5%. Economists polled by MarketWatch had projected existing-home sales to come in at 5.87 million. The median sales price of an existing home was up nearly 15% year-over-year at $356,700.
3:00 a.m. Sept. 22, 2021 - By MarketWatch
3 ways to take advantage of record low mortgage ratesMortgage rates remain near historic lows as a result of the Fed's efforts to boost the economy amid the COVID-19 pandemic. Here's how hopeful and current homeowners can benefit.
4:43 a.m. Sept. 17, 2021 - By Tomi Kilgore
MasterCraft cuts sales outlook provided just 2 weeks ago, after a delay in shipment of a key partShares of MasterCraft Boat Holdings Inc. sank 5.8% in premarket trading Friday, after the recreational powerboat maker cut its fiscal first-quarter revenue growth outlook, citing a "temporary delay" in the shipment of a key component from an engine parts supplier. The company said it expects the timing of the shipment of the component to shift to the fiscal second-quarter. The company now expects net sales growth "approaching" the 30% range, compared with guidance provided two weeks ago of the mid-30% range. Meanwhile, the company affirmed its full-year guidance for sales growth in the "high-teens" percentage range. "While we are experiencing a temporary delay in customer deliveries, importantly, our production starts have not been impacted, resulting in a build up of work in process inventory," said Chief Executive Fred Brightbill. The stock has gained 2.7% year to date through Thursday, while the S&P 500 has advanced 19.1%.
10:30 a.m. Sept. 15, 2021 - By Tomi Kilgore
Exact stock surges as changes to Pfizer's sales agreement a 'positive,' analyst saysShares of Exact Sciences Corp. rallied 8.0% in afternoon trading Wednesday, after the molecular diagnostics company said it taking over the selling of its Cologuard at-home colon cancer screening test from Pfizer Inc. , and said it was discussing with Pfizer "material changes" to their promotion agreement. The company said it learned in late August that Pfizer cut the sales positions supporting its business tasked with selling Cologuard, so Exact offered those displaced sales representatives jobs. Exact said it added about 400 sales reps in September, bringing the total to more than 850 sales reps. The company said it expects those reps to be "more productive" than when they were at Pfizer, since they will be fully focused on selling Cologuard, and because Pfizer was not making in-personal sales calls in 41 states because of its COVID-19 policies, which were different than Exact's policies. Analyst Bruce Jackson at Benchmark reiterated his buy rating and $165 price target on Exact's stock, saying the disclosed changes were, "Overall, positive for Exact." The stock has dropped 14.5% over the past three months, while the S&P 500 has gained 5.4%.
3:40 a.m. Sept. 15, 2021 - By Jaimy Lee
U.S. to pay $2.9 billion for an additional 1.4 million doses of Regeneron's COVID-19 therapyShares of Regeneron Pharmaceuticals Inc. gained 2.1% in premarket trading on Wednesday, the day after the company said the U.S. government had purchased an additional 1.4 million doses of its monoclonal antibody treatment for COVID-19 for $2.9 billion. The treatment, which costs $2,100 per dose, is free to Americans at high risk of hospitalization and death who have tested positive or have been exposed to the virus. Most of the doses are expected to be delivered in the final three months of 2021. "With COVID cases, hospitalizations, and deaths all elevated again in the U.S., demand is likely to remain high through year-end, and most likely through the winter," SVB Leerink analyst Geoffrey Porges told investors. He predicts that the treatment will generate $5.4 billion in total sales in 2021. Regeneron's stock has soared 33.5% so far this year, while the broader S&P 500 is up 18.9%.
4:36 a.m. Sept. 14, 2021 - By Tonya Garcia
Holiday retail sales forecast to reach $1.28 trillion to $1.30 trillion: DeloitteDeloitte is forecasting a 7% to 9% increase in holiday retail sales this year, reaching a total of $1.28 trillion to $1.30 trillion during the November to January period. E-commerce is expected to grow 11% to 15% to between $210 billion and $218 billion. "As vaccination rates rise and consumers are more comfortable being outside of the home, we are likely to see increased spending on services, including restaurants and travel, while spending on goods will continue to hold steady," said Daniel Bachman, Deloitte's U.S. economic forecaster, in a statement. "A steady decline in the savings rate to pre-pandemic levels will support consumer spending and keep retail sales elevated this season." Mastercard SpendingPulse a 7.4% U.S. retail sales rise for the holiday season. The SPDR S&P Retail ETF has run up 43.8% for the year to date while the benchmark S&P 500 index is up 19% for the period.
3:18 a.m. Sept. 14, 2021 - By Tonya Garcia
Kroger partners with Instacart for nationwide "Kroger Delivery Now" serviceKroger Co. announced Tuesday that it has partnered with Instacart to launch "Kroger Delivery Now," offering groceries and other essentials delivered in 30 minutes. The service offers more than 25,000 items and reaches as many as 50 million homes. "Last year, Kroger achieved more than $10 billion in e-commerce sales, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and expect Kroger Delivery Now will help us reach that target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger's portfolio of grocery store chains includes the namesake, Ralphs, Fred Meyer and King Soopers. Kroger and Instacart first partnered in 2017. Kroger reported that beat expectations on Friday. Kroger shares have run up 35% for the year to date while the S&P 500 index has gained 19% for the period.
6:20 a.m. Sept. 13, 2021 - By Tonya Garcia
Mastercard SpendingPulse forecasts 7.4% U.S. holiday retail sales growth this yearMastercard SpendingPulse released its holiday forecast on Monday, with U.S. retail sales expected to rise 7.4% for the season, excluding autos and gas. Shoppers are expected to return to stores with in-store sales forecast to jump 8.9% versus 2020, or up 6.6% excluding autos and gas. And e-commerce is expected to increase 7.6%. "This holiday season will be defined by early shopping, bigger price tags and digital experiences. Over the past two years, retailers have learned a lot about what shoppers want and need, bringing us into an exciting new age of retail resilience," said Steve Sadove, senior advisor for Mastercard Inc. With supply chain challenges and labor shortages impacting retail, Mastercard SpendingPulse expects promotions to launch early. And with high savings and federal stimulus boosting bank accounts, the group expects splurges on things like luxury items to continue through the holidays. and the are among those that have already announced seasonal hiring plans. The SPDR S&P Retail ETF has gained 44.4% for the year to date while the benchmark S&P 500 index is up 18.7% for the period.
3:15 a.m. Sept. 13, 2021 - By Tomi Kilgore
Marriott Vacations to reinstate dividend, sees contract sales at low end of guidance rangeMarriott Vacations Worldwide Corp. said it expects third-quarter contract sales to be at the lower end of its previously provided guidance range of $380 million to $410 million, as the vacation ownership company said the recent increase in COVID-19 cases and the wildfires around Lake Tahoe have led to "modestly elevated" cancellation rates. Average estimate of two analysts surveyed by FactSet is for contract sales of $400 million. The company also said it is reinstating its quarterly dividend of 54 cents a share, which it last paid in February 2020. The reinstated dividend will be paid to shareholders of record on Sept. 23 on Oct. 7. Separately, the company said it has authorized the repurchase of up to $250 million, which could represent 3.9% of the company's $6.36 billion in market capitalization as of Friday's close. The stock, which was still inactive in premarket trading, has dropped 14.0% over the past three months, while the S&P 500 has gained 5.0%.
3:17 a.m. Sept. 10, 2021 - By Tomi Kilgore
Vista Outdoor to pay $474 million to buy Foresight Sports, to boost golf technology offeringsVista Outdoor Inc. announced Friday an agreement to buy San Diego-based golf performance analysis and game enhancement company Foresight Sports for $474 million. The deal could also include up to $25 million if sales milestones are reached. Vista Outdoor expects the deal to close in the third quarter of fiscal 2022, which for the company ends December. The company expects the deal to immediately add to earnings after closing. "The addition of Foresight Sports immediately positions Vista Outdoor as one of the top technology players in the golf industry," said Vista Outdoor Chief Executive Chris Metz. "Together under the same roof, Bushnell Golf and Foresight Sports will elevate their brands' strengths, engage and expand into new segments of the industry and drive growth and brand awareness at unprecedented scale." Vista Outdoor's stock, which is still inactive in premarket trading, has run up 69.5% year to date, while the S&P 500 has advanced 19.6%.
10:47 a.m. Sept. 9, 2021 - By Tonya Garcia
Burger King hops onto the celebrity meal bandwagon with Keep It Real dealsBurger King said Thursday that it will launch three celebrity mashup meals, dubbed Keep It Real deals, starting Sunday, September 12. Rapper Nelly has collaborated on the Cornell Haynes Jr Meal, which includes a Whopper and small Sprite. Brazilian entertainer Anitta has partnered for the Larissa Machado Meal, made with an Impossible Whopper. And TikTok star LilHuddy has lent his name to the Chase Hudson Meal, which has a Spicy Ch'King sandwich and chocolate shake. Each of the meals is named after the real names of the participating celebrities. Celebrity collaborations have become a trend at fast-food chains with McDonald's Corp. driving sales through its and Taco Bell, a Yum Brands Inc. chain, creating a new role for its partnership with . Burger King is part of the Restaurant Brands International Inc. portfolio. Restaurant Brands shares are up 5.6% for the year to date while the S&P 500 index has gained 19.7% for the period.
10:07 a.m. Sept. 8, 2021 - By Jacob Passy
Fed's Beige Book says economic growth dropped to 'a moderate pace'Economic growth slowed to a moderate pace in early July through August, according to the latest edition of the Federal Reserve's Beige Book that was released Wednesday. The central bank noted that safety concerns tied to the delta variant of COVID-19 prompted a pullback in dining out and travel, which weigh on the greater economy. Supply shortages, including limited inventories of automobiles and homes for sales, also contributed to the economy's retreat from its stronger pace of growth earlier this year. At the same time, businesses reported to the Fed that they were finding it easier to pass cost increases along to consumers via higher prices. The central bank noted that inflation was "steady at an elevated pace."
3:29 a.m. Sept. 8, 2021 - By Tonya Garcia
Sherwin-Williams lowers guidance as raw material access, Hurricane Ida take tollSherwin-Williams Co. shares fell 2.4% in Wednesday premarket trading after the paint company lowered its third-quarter guidance. The company now expects sales to rise or fall in the low-single-digit percent range versus previous guidance for an increase in the mid-to-high-single digit percent range. The FactSet consensus is for sales of $5.522 billion, suggesting an increase of 7.8%. "We are now expecting raw material availability, including the unfavorable impact of Hurricane Ida, to negatively impact our third-quarter consolidated sales by a high-single digit percentage," said Chief Executive John Morikis in a statement. Access to raw materials hurt second-quarter sales by about 3.5%, he said. "We continue to see strong demand across the pro architectural and industrial end markets we serve. However, persistent and industry-wide raw material availability issues have not improved as anticipated, impacting our ability to fully meet the strong demand." Sherwin-Williams continues to guide for a full-year sales increase in the high-single- to low-double digit percent range and earnings per share of $9.15 to $9.45. The FactSet consensus is for sales of $20.43 billion, implying an 11.3% increase, and EPS of $9.40. Sherwin-Williams brands include the namesake, Dutch Boy, Krylon and Minwax. Sherwin-Williams stock has run up 23.6% for the year to date while the S&P 500 index is up 20.3% for the period.
3:02 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%.
10:36 a.m. Sept. 2, 2021 - By Tomi Kilgore
Smith & Wesson stock tumbles after sales miss, Wedbush sees pressure for the rest of the yearShares of Smith & Wesson Brands Inc. tumbled 11.5% in afternoon trading Thursday, after the gun maker reported , but revenue came up short. After five straight quarters of record revenue, as the company benefited from COVID-19-related lockdowns, Chief Executive Mark Smith said although firearms demand remained "very strong," the company did witness "a return to normal summer seasonality" during the quarter. Analyst James Hardiman at Wedbush reiterated his neutral rating but cut his stock price target to $24 from $28. "Despite positive near-term earnings dynamics, investors have made it clear that they perceive [Smith & Wesson] to be a major pandemic beneficiary, which puts downward pressure on the stock over the course of 2021," Hardiman wrote in a note to clients. The stock has rallied 24.0% year to date, while the S&P 500 has advanced 20.6%.
3:54 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%.
8:57 a.m. Sept. 1, 2021 - By Steve Gelsi
Wells Fargo shares weaken on regulatory frictionWells Fargo & Co. fell 5% on Wednesday following analyst comments on a Bloomberg report that said bank regulators remain unsatisfied with steps the bank has taken to strengthen internal controls and compensate victims of auto insurance and mortgage rate locks. The bank has been working to satisfy the Federal Reserve's 2018 order to keep its assets below $1.95 trillion until it boosts governance and risk controls in the wake of its sales practices. Bloomberg reported on Tuesday that the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are weighing more potential sanctions. J.P. Morgan analyst Vivek Juneja said Wednesday that Wells Fargo stock, "does not reflect any potential for further regulatory issues or delays...and hence any possibility of fallout from the OCC and CFPB's concerns would impact the stock." Any sizeable fine would reduce share buybacks, especially if the bank has to boost its operational risk capital, he said.
5:26 a.m. Sept. 1, 2021 - By Tomi Kilgore
Robinhood discloses SEC is reviewing registration of stock sales by selling stockholdersRobinhood Markets Inc. disclosed Wednesday that the Securities and Exchange Commission staff is reviewing the zero-commission trading platform's registration statement filed on Aug. 5 for the by selling shareholders. Robinhood said Wednesday that once the SEC staff completes its review of the registration for the sale of shares (Resale S-1), it plans to file an "acceleration request" to ask the SEC to declare the registration effective two business days later. "No sales can be made off the Resale S-1 until the SEC staff completes their review and declares it effective," the company said in a statement. "At this time, we cannot predict how long that process will take." Robinhood's stock fell 1.4% in premarket trading. It had dropped as much as 4.9% intraday on Tuesday, but bounced to close up 1.6%, amid over the company's practice of payment-for-order-flow. The stock has soared 26.1% over the past month through Tuesday, while the S&P 500 has gained 2.9%.
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