Investor Alert



3:21 a.m. Oct. 14, 2021 - By Tonya Garcia
Walgreens profit and sales beat expectationsWalgreens Boots Alliance Inc. shares rose 2.5% in Thursday premarket trading after the pharmacy retailer reported fiscal fourth-quarter earnings and sales that beat expectations. Net income totaled $627 million, or 72 cents per share, up from $373 million, or 43 cents per share, last year. Adjusted EPS of $1.17 beat the FactSet consensus for $1.02. Sales of $34.26 billion rose from $30.37 billion and were also ahead of the FactSet consensus for $33.03 billion. U.S. comparable pharmacy sales rose 8.1% while Boots UK comparable pharmacy sales were up 11.4%. U.S. comparable retail sales increased 8.9% while Boots UK comparable retail sales rose 15%. Walgreens provided 13.5 million COVID-19 vaccinations in the quarter, and 34.6 million for the entire fiscal year. Walgreens has a virtual investor conference taking place on Thursday. Walgreens stock has gained 18.5% for the year to date, outpacing the S&P 500 index , which is up 16.2% for the period.
11:39 p.m. Oct. 10, 2021 - By Steve Goldstein
Asos shares tumble after profit warning and CEO departureFashion retailer Asos plunged 15% in early London trading after a profit warning and announcing the surprise departure of its chief executive. Citing supply-chain issues and higher costs, Asos said fiscal year adjusted pretax profit would fall to a range of £110 million to £140 million, from £193.6 million in the August-ending fiscal year, with first half sales in the single-digit growth range. Chief Executive Officer Nick Beighton has agreed to step down, and that Ian Dyson will become its next chairman.
5:34 a.m. Sept. 16, 2021 - By Mark Decambre
Dow climbs at the open but broader stock market kicks off Thursday's trade under pressureU.S. stock benchmarks were mixed Thursday morning, with the Dow industrials posting modest gains while the broader market was under pressure, after August retail sales showed an unexpected rise and a measure of activity in the Philadelphia Federal Reserve district came in stronger than expected. The Dow Jones Industrial Average rose 0.3% at 34,909, the S&P 500 index declined less than 0.1%, while the Nasdaq Composite Index was down 0.3% at 15,120. August retail sales rose 0.7%, defying forecasts for a 0.7% fall. Excluding autos, sales jumped 1.8%, compared with expectations for a rise of 0.2%. Meanwhile, Philadelphia Fed's activity index, which jumped to 30.7 in September from 19.4 a month earlier. At the same time, data showed first-time claims for unemployment benefits rose more than expected in the week ending Sept. 11, though continuing claims fell.
6:11 a.m. Aug. 24, 2021 - By Mark Decambre
Nasdaq Composite carves out fresh intraday record at Tuesday's open as stock market clambers higher U.S. stocks on Tuesday grinded higher toward all-time highs as investors responded positively to strong corporate earnings and the economic rebound against COVID-19, despite the spread of the delta variant of the disease. The Dow Jones Industrial Average gained 0.1% to 35,382, the S&P 500 index rose 0.1% and climbed near a record high at 4,489.88, and the Nasdaq Composite Index rose 0.3%, after carving out an intraday record at 15,003.20. In corporate news, Best Buy Co. Inc. shares were in focus after the consumer electronics retailer reported second-quarter earnings that beat expectations and raised its same-store sales guidance for the year. At the end of the week, Federal Reserve Chairman Jerome Powell is expected to deliver a speech that might provide some insights on the timing and scope of tapering asset purchases for the central bank.
12:12 p.m. Aug. 5, 2021 - By Mark Decambre
S&P 500, Nasdaq close at records and Dow jumps nearly 300 points to retake perch at 35,000 ahead of Friday jobs reportThe S&P 500 and the Nasdaq Composite ended at records Thursday and the stock market closed solidly higher overall as shares of assets considered value tilted and information technology rose in tandem. The S&P 500 index closed up at around 4,429, up 0.6%, the Nasdaq Composite Index ended 0.8% higher at 14,895, while the Dow Jones Industrial Average finished up 170 points, or 0.8%, at 35,064, on a preliminary basis. Meanwhile, the small-capitalization Russell 2000 index rose by about 1.6%. The session marked the 43rd record for the S&P 500 in 2021 and the 27th for the Nasdaq Composite this year, its first, however, since July 26, according to Dow Jones Market Data. Gains on the session came a day ahead of an important report on jobs from the Labor Department and also after weekly data showed first-time claims for unemployment benefits last week fell to 385,000, down 14,000 from the previous week and in line with forecasts, while continuing claims fell below 3 million for the first time since March 2020. Separately, the June U.S. international trade deficit rose to a record, fueled by a surge in imports. Meanwhile, the Biden administration won a voluntary commitment from the auto industry that electric vehicles would comprise up to half of U.S. sales by the end of the decade. In corporate news, shares of Robinhood Markets Inc. ended down 28% after the online brokerage filed to sell up to 97.9 million Class A shares over time. In bonds, the 10-year Treasury note yield was at around 1.21% on Thursday after seeing an intraday low on Wednesday at 1.1255%. Yields and debt prices move in opposite directions.
3:25 a.m. Aug. 5, 2021 - By Tonya Garcia
Papa John's earnings beat expectations, dividend raisedPapa John's International Inc. reported second-quarter net loss of $79.9 million, or $2.30 per share, after net income of $15.7 million, or 48 cents per share, last year. Adjusted EPS of 93 cents beat the FactSet consensus for 74 cents. Revenue of $515.0 million was up from $460.6 million and also ahead of the FactSet consensus for $494.0 million. Comparable sales rose 5.2% in North America and were up 21.2% internationally. The FactSet consensus was for a 1% rise domestically and 18.4% growth around the world. Papa John's announced a 55.6% increase in the annual dividend to $1.40 from 90 cents. For the third quarter, the company has declared a 35-cent dividend to be paid on August 27 to shareholders of record at the close of business on August 16. Papa John's also announced an expanded partnership with Drake Food Service International that will result in 220 additional Papa John's restaurants by 2025, including more than 170 across Latin America, Spain and Portugal where Drake operates more than 280 restaurants and 50 in the U.K. In total Drake will run 560 Papa John's locations. In , Papa John's announced a new London headquarters. Papa John's stock has gained 35.7% for the year to date while the S&P 500 index is up 17.2% for the period.
3:46 a.m. Aug. 3, 2021 - By Tonya Garcia
Wolverine World Wide buys athletic brand Sweaty Betty in $410 million all-cash dealWolverine World Wide Inc. announced Tuesday that it has acquired British lifestyle brand Sweaty Betty in a $410 million all-cash deal. Wolverine funded the transaction with cash and credit. Founded in 1998, more than 80% of Sweaty Betty's sales come through direct-to-consumer channels. "The acquisition of Sweaty Betty complements our strategic shift over the last several years from a traditional footwear wholesaler into a consumer-obsessed, digital-focused growth company," said Wolverine Chief Executive Blake Krueger in a statement. Wolverine brands include the namesake label, Keds, Saucony and Merrell. "It also gives us a leadership position in the growing women's activewear category," he said. Wolverine expects the deal to be earnings accretive in a year. Wolverine acquired all of the shares of Lady of Leisure InvestCo Limited, the group that owns Sweaty Betty, from L Catterton and other shareholders. Wolverine stock rose 1.3% in premarket trading after the deal, and has gained 7.7% for the year to date. The S&P 500 index is up 16.8% for 2021 so far.
2:20 a.m. July 16, 2021 - By Tomi Kilgore
Autoliv stock sinks toward 4-month low after earnings miss, citing chip shortage and rising costsShares of Autoliv Inc. sank 6.8% toward a four-month low in premarket trading Friday, after the Sweden-based maker of automotive safety systems reported second-quarter profit and sales that missed expectations and cut its full-year outlook, citing the continued impact of the COVID-19 pandemic, the negative effect of the semiconductor shortage and continued rise in raw material prices. The company swung to net income of $104 million, or $1.19 a share, from a loss of $175 million, or $2.00 a share, in the year ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.20, below the FactSet consensus of $1.38. Sales jumped 93.0% to $2.02 billion, but was just shy of the FactSet consensus of $2.04 billion. The company lowered its 2021 net sales growth guidance to 20% to 22% from "around 23%." The company said prices of some key commodities has increased by more than 20% in the past three months, and expects full-year raw material costs to be a 130 basis point headwind to operating margin. "Supply shortage of semiconductors resulted in a Q2 [light vehicle production] that was 8% lower than what was expected at the beginning of the quarter, and 8% lower than th efirst quarter (according to IHS Markit, June 2021)," said Chief Executive Mikael Bratt. The stock has gained 3.1% year to date through Thursday, while the S&P 500 has advanced 16.1%.
7:40 a.m. July 12, 2021 - By Tomi Kilgore
Qiagen stock reverses lower after upbeat Q2 outlook, but downbeat Q3 viewShares of Qiagen N.V. slumped 4.5% in morning trading Monday, reversing an earlier intraday gain of as much 1.7%, after the Netherlands-based biotechnology company provided an upbeat second-quarter revenue outlook, citing stronger-than-expected sales of non-COVID product groups, but also a downbeat third-quarter estimate. The company, which is projected to report full results on or about July 29, said it expects second-quarter sales to rise 28% from a year ago to $567.3 million, which is above the FactSet consensus of $554.5 million, as non-COVID product sales increased 57% to $$08 million while COVID-19 product sales grew 13% to $160 million. The company expects adjusted earnings per share of 66 cents to 67 cents, which would be the FactSet consensus of 62 cents. For the third quarter, the company expects sales at constants currency exchange rates (CER) to be about the same level of year-ago sales of $483.8 million and adjusted EPS CER of about 52 cents to 53 cents, with currency movements expected to boost sales growth by 1-to-2 percentage rates and EPS growth by a penny a share. The FactSet consensus is currently for Q3 sales of $558 million and adjusted EPS of 58 cents. Separately, the company said it plans to buy back up to $100 million worth of its shares, which represents roughly about 9.1% of the company's market capitalization of $11.02 billion. The stock has shed 8.7% year to date, while the S&P 500 has gained 16.5%.
1:42 a.m. June 2, 2021 - By Steve Goldstein
Etsy buying fashion marketplace Depop for $1.6 billionOnline art seller Etsy says it's buying London-based privately held fashion marketplace Depop for $1.625 billion. Etsy said the price is subject to adjustments for working capital, transaction expenses, cash and indebtedness, and deferred and unvested equity for Depop management and employees. Depop recorded revenue of $70 million in 2020, and its gross merchandise sales have grown at an annual rate of nearly 80% from 2017 to 2020. Depop is expected to add to Etsy's top line growth rate and modestly dilute Etsy's adjusted EBITDA margin, the company said. Goldman Sachs advised Etsy, and Credit Suisse advised Depop.
5:35 a.m. May 27, 2021 - By Mark Decambre
Dow rises over 200 points early Thursday as weekly a jobless-claims report falls for 4th straight weekU.S stock indexes on Thursday were trading mostly higher, after a slew of economic data releases that are expected to spur discussion among investors about the Federal Reserve's response to the strengthening economic recovery. The Dow Jones Industrial Average was trading 246 points, or 0.7%, to 34,568, the S&P 500 index was trading 0.3% at 4,209, and the Nasdaq Composite Index was trading flat but in negative territory at 13,732. The trading action comes after a reading of initial jobless claims sank 38,000 to 406,000 in the week ended May 22, the government said Thursday. That's the fewest number of requests for compensation since the onset of the pandemic nearly 15 months ago. In other economic data, the Commerce Department said U.S. gross domestic product grew at a 6.4% annualized pace in the first quarter, unrevised from its initial estimate. Separately, durable-goods orders fell 1.3% in April while so-called core orders rose 1%. An April pending home-sales index scheduled for 10 a.m. is expected to slow to 1% after a 1.9% March reading. Meanwhile, Sen. Shelley Moore Capito of West Virginia said she and a small group of other Republicans are proposing infrastructure spending of $928 billion over eight years, as they unveiled their counteroffer amid ongoing negotiations with President Joe Biden's administration. Shares of Ford Motor were trading near a 5-year high as the vehicle maker said it was upping its commitment to electric vehicles.
5:33 a.m. May 20, 2021 - By Mark Decambre
Dow industrials open higher, tries to avoid 4th straight decline after fall in weekly jobless claimsU.S. stock benchmarks rose on Thursday after data show a further fall in first-time claims for jobless benefits. The Dow Jones Industrial Average rose 0.2% to around 33,954, the S&P 500 index rose 0.4% to to 4,133, while the Nasdaq Composite Index advanced 0.7% to 13,388. All three main equity benchmarks were trying to avoid a fourth straight drop. Investors were parsing data that showed that first-time applications for U.S. unemployment benefits fell to a pandemic low last week, the government reported Thursday. Initial jobless claims fell 34,000 to 444,000 in the week ended May 15. Economists surveyed by Dow Jones and The Wall Street Journal had forecast new claims to fall to a seasonally adjusted 452,000. Separately, a Philadelphia Fed gauge of regional factory activity declined. The data come after Fed minutes from Wednesday, showed that "a number of participants suggested that if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases." In corporate news, Hormel Foods Corp. , reported Thursday fiscal second-quarter profit and sales that topped expectations, and raised its full-year outlook, even as volumes declined.
4:32 a.m. May 19, 2021 - By Tonya Garcia
TJX earnings beat expectations though COVID-related store closures still weighTJX Cos. reported fiscal first-quarter net income of $533.9 million, or 44 cents per share, after a loss of $887.5 million, or 74 cents per share, last year. Sales of $10.09 billion were up from $4.41 billion last year. The FactSet consensus was for EPS of 31 cents and sales of $8.61 billion. All U.S. stores were operating during the quarter, but the off-price retailer still had locations shuttered in other regions for 14% of the days in the first quarter due to COVID-19. European locations were closed for 76% of the days, and Canadian stores were closed 25%. Still, it was a marked improvement from last year when stores around the world were shut for half the days. Three hundred locations around the globe are currently temporarily closed. Open-only comp store sales were up 16% in the most recent quarter. Open-only comp store sales only account for the days when stores were open during fiscal Q1 2022 and the same period in fiscal 2020. Due to the continued uncertainty of the pandemic, TJX did not provide guidance. However, the company said open-only comp store sales at the start of the second quarter have been similar to the first quarter. The TJX lineup includes TJ Maxx and HomeGoods. TJX stock slipped 0.9% in Wednesday premarket trading, but is up 4.2% for the year to date. The S&P 500 index has gained 9.9% for 2021 so far.
2:48 a.m. May 14, 2021 - By Tomi Kilgore
Graphic Packaging stock surges toward a record after $1.45 billion deal to buy AR PackagingShares of Graphic Packaging Holding Co. surged 6.9% into record territory in premarket trading Friday, after the consumer packaging company announced an agreement to buy AR Packaging Group AB for about $1.45 billion in cash from CVC Capital Partners Fund IV. Graphic Packaging said AR Packaging is Europe's second largest producer of fiber-based consumer packaging. The company said it expects the deal to add $1.1 billion in annual sales, result in $40 million in synergies and immediately add to earnings after the deal closes, which is expected to occur in four to six months. "Acquiring AR Packaging will result in significant value creation opportunities for our customers, our employees, and our stockholders as we bring together two leading providers of fiber-based consumer packaging solutions with long histories of innovation and creative packaging design," said Graphic Packaging Chief Executive Michael Doss. The stock has rallied 16.3% over the past three months through Thursday, while the S&P 500 has gained 4.5%.
5:54 a.m. May 11, 2021 - By Tomi Kilgore
Blink Charging adds more than 7,000 EV charging ports in Europe through purchase of Blue CornerBlink Charging Co. said Tuesday it has acquired Belgium-based electric vehicle charging ports operator Blue Corner N.V., for EUR20 million ($24 million) in cash and stock. The deal adds 7,071 charging ports across Belgium, Luxembourg, France and the Netherlands to Blink's European charging network. "We are very excited about this acquisition and the opportunity it provides Blink to have a significant presence in Europe quickly," said Blink Chief Executive Michael Farkas. "As a key contributor to the expanding EV landscape, we are continuously looking for opportunities to strategically increase our global assets while also making EV charging more accessible." Farkas noted that EVs have a "much higher" market share in Europe, as sales of plug-in EVs in Europe rose 137% to 1.4 million vehicles in 2020, compared with a 4% increase to 328,000 vehicles in the U.S., according to ev-volumes.com. Blink's stock fell 2.6% in morning trading amid a broad-market selloff, with the technology-friendly Nasdaq Composite and the S&P 500 both down 1.0%.
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.
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.
3:59 a.m. April 21, 2021 - By Jaimy Lee
Vertex to study experimental gene-editing therapy as treatment for sickle cell, beta-thalassemiaVertex Pharmaceuticals Inc. said Tuesday it plans to pay $1.1 billion to Crispr Therapeutics AG as part of a deal to test an experimental gene-editing therapy for sickle cell disease and transfusion-dependent beta-thalassemia. The companies previously set up a development deal in 2015; as part of the amended one, which was announced Tuesday, Vertex will pay the Swiss genome-editing company a new $900 million upfront payment, with an additional $200 million available for meeting regulatory milestones, to test the investigational therapy for the blood disorders. In exchange, Vertex will provide 60% of costs and get 60% of profits from future sales if the therapy is approved and commercialized. Since the start of the year, Vertex's stock is down 6.8%, shares of Crispr Therapeutics have dropped 20.5%, and the S&P 500 is up 10.1%.
4:15 a.m. April 13, 2021 - By Tonya Garcia
General Mills venture capital arm invests in U.K.-based dessert companyGeneral Mills Inc.'s venture capital arm, 301 INC, said Tuesday that it will invest up to $20 million in Pots & Co., a London-based company that specializes in potted desserts. Now sold in U.K. supermarkets, the investment will help fund the company's growth strategy. Founded in 2012, Pots & Co. had $19.5 million in sales in 2020 and is known for the ceramic pots from Valencia, Spain in which its desserts are sold. Pots & Co. is expanding distribution to the West Coast and Rocky Mountain regions of the U.S., exploring U.S. manufacturing options, and the company is working on savory pots, including mezze-style dips. General Mills brands include Old El Paso and Nature Valley while 301 INC seeks out emerging brands. General Mills stock is up 3.7% for the year to date while the S&P 500 index has gained 9.9% for the period.
2:59 a.m. April 13, 2021 - By Ciara Linnane
UPDATE: OrganiGram stock slide 10% premarket as loss widens, revenue falls short of estimates as COVID weighsOrganiGram Holdings Inc. said Tuesday it had a net loss of C$66.4 million ($52.8 million) in its fiscal second quarter to Feb. 28, wider than the loss of C$6.8 million posted in the year-earlier quarter. The Canadian cannabis company did not provide a per-share figure. Revenue fell to C$14.6 million from C$23.2 million. The FactSet consensus was for revenue of C$19.1 million. Revenue was hurt by missed sales opportunities, as a "significant number" of facility staff had to isolate after certain employees tested positive for COVID-19. The company said last week it had acquired The Edibles & Infusions Corp. for C$22 million in stock, plus up to an additional C$13 million in shares, in its first deal since It said it was unable to fulfill demand for its products totaling about C$7 million in the second quarter due to production and processing constraints. Revenue was further hurt by certain provincial boards aiming to manage lower levels of inventory, it said, citing Alberta as an example. "Although Q2 2021 results were challenged by industry dynamics, COVID-19 and staffing limitations at our facility, we believe there are excellent prospects ahead for the industry, Organigram and our shareholders," Chief Executive Greg Engel said in a statement. The company is expecting third-quarter revenue to be higher than the second quarter as staffing is restored and fulfilment rates recover. However, that target could be missed if COVID infections resurface. The company said it has C$232 million in cash and short-term investments and has repaid all balances under its credit agreement with BMO. OrganiGram shares were down 10% premarket, but have gained 107% in the year to date, while the Cannabis ETF has gained 48% and the S&P 500 has gained 9.9%.
6:08 a.m. April 12, 2021 - By Tonya Garcia
Beyond Meat expands European distributionPlant-based meat alternative company Beyond Meat Inc. said Monday that it has expanded distribution in Europe. Sainsbury's in the U.K has doubled its distribution of Beyond Burgers nationwide, and Waitrose has launched both Beyond Burger and Beyond Sausage. Beyond Meat is coming to 1,000 new retail locations across Germany in April and May. Beyond Mince is expanding in Switzerland, and has been made available in The Netherlands. Beyond Meat launched a co-manufacturing facility in June 2020 and has acquired its first manufacturing facility. Plant-based food sales soared in 2020, with Starbucks Corp. experiencing a shortage of oat milk shortly after the launch of its oat milk-based drinks on . There are also reports that Beyond Meat competitor Impossible Foods is preparing for a . Impossible Foods has hired an Apple Inc. vet as . Beyond Meat stock slipped 1.2% in early Monday trading, but is up 3% for the year to date. The S&P 500 index is up 9.8% for 2021 so far.
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.
2:15 a.m. March 25, 2021 - By Tomi Kilgore
Royal Philips to sell Domestic Appliances business in a deal valued at about $4.4 billionThe U.S.-listed shares of Koninklijke Philips N.V. , known as Royal Philips, rallied 1.3% in premarket trading Thursday, after the Netherlands-based diversified technology, consumer products and health care company announced an agreement to sell its Domestic Appliances business in a deal valuing the business at EUR3.7 billion ($4.4 billion) to investment firm Hillhouse Capital. The business at EUR2.2 billion in sales in kitchen, coffee, garment care and home care appliances. As part of the deal, Philips and Domestic Appliances will enter into a 15-year exclusive brand license agreement to use the Philips brand, with annual payments representing a value of EUR700 million. Philips said the deal concludes its major divestments. "Going forward, our focus is on extending our leadership in health technology and continuing our transformation into a solutions company supporting professional healthcare customers achieve the Quadruple Aim and consumers with their personal health," said Royal Philips Chief Executive Frans van Houten. The stock has rallied 54.5% over the past 12 months, while the S&P 500 has advanced 57.1%.
4:57 a.m. March 23, 2021 - By Tonya Garcia
General Mills to sell its stake in Yoplait European operations, take ownership of Canadian Yoplait businessGeneral Mills Inc. said Tuesday that it has entered into a memorandum of understanding to sell its 51% stake in European Yoplait operations to French dairy cooperative Sodiaal. In exchange, the food company will take full ownership of the Canadian Yoplait business, acquiring Sodiaal's 49% ownership, and royalty-free use of the Yoplait and Liberté brands in the U.S. and Canada. The European Yoplait business that Sodiaal is taking had net sales of $740 million in 2020. General Mills' wholly-owned yogurt operations in the U.S. and Canada generated $1.4 billion in net sales in fiscal 2020. "[W]e're taking another step toward advancing our Accelerate strategy and further reshaping our portfolio to drive profitable growth for the long term," said General Mills Chief Executive Officer Jeff Harmening in a statement. "This transaction improves our growth profile, enhances our margins, and creates value for our shareholders. Additionally, it increases our focus on the brand platforms that have the greatest growth potential." The transaction is expected to close by the end of 2021. Other General Mills brands include Pillsbury, Betty Crocker, and Cinnamon Toast Crunch cereal, which was getting a lot of attention on Twitter Tuesday morning for what one customer . General Mills stock has gained 30% over the past year while the S&P 500 index is up 76.1% for the period.
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.
6:47 p.m. March 14, 2021 - By Janet Kersnar
As U.K. eases COVID-19 lockdown restrictions, Pandemic Year 2 provides equal helpings of anxiety and hope Camden, a North London hamlet home to both haves and have-nots, attempts to get back on its feet one year laterCamden, a North London hamlet home to both the haves and have-nots, attempts to get back on its feet one year later.
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.
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%.
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%.
11:04 a.m. Feb. 1, 2021 - By Jaimy Lee
Bank of America downgrades Moderna stock over concerns about valuationShares of Moderna Inc. tumbled 8.2% in trading on Monday after Bank of America analysts downgraded the company's stock to underperform from neutral, citing valuation concerns. Until December, Moderna was a clinical-stage company that had yet to bring to market a single therapy, but it now has one of two authorized COVID-19 vaccines in the U.S. The company's stock is up 52.7% so far this year and has soared 677.6% over the past 12 months. Moderna "shares continue to run...attaining levels that are increasingly difficult to justify on a fundamental basis," the Bank of America analysts wrote in a Feb. 1 note to investors. They estimate that Moderna's COVID-19 vaccine will have about 14% of the COVID-19 vaccine market in the U.S. and Europe, and it will generate peak sales of $12.8 billion in 2022, a sales figure that is expected to decline to less than $1 billion by 2027. The emergence of two other viable COVID-19 vaccine candidates, which are being developed by Johnson & Johnson and Novavax Inc. , also cut into analyst expectations, though neither experimental vaccine has received emergency use authorization from the Food and Drug Administration or has so far reported efficacy rates as high as Moderna or BioNTech SE /Pfizer Inc.'s vaccines. "The number of vaccine options with compelling characteristics (single injection, lower cost, clean safety) could begin to weigh on Moderna's margins and market share longer-term," Bank of America analysts concluded. The S&P 500 is up 13.5% over the last 12 months.
11:22 p.m. Jan. 18, 2021 - By Steve Goldstein
Logitech International shares jump after lifting outlookShares of Logitech International jumped 8% in early Swiss trade as the computer peripheral maker upgraded its 2021 outlook. It now sees 57% to 60% sales growth at constant currencies on $1.05 billion in non-GAAP operating income, compared to its previous outlook of 35% to 40% sales growth and $700 million to $725 million of operating income. Its fiscal third-quarter operating income tripled to $448 million on sales growth of 80% in constant currencies, helped by demand for accessories for webcams and tablets, video conferencing, audio and wearables and gaming.
11:02 a.m. Jan. 15, 2021 - By Ciara Linnane
Global deaths from COVID-19 top 2 million as U.S. suffers most weekly fatalities since start of the pandemic Weekly deaths exceed CDC’s estimate for flu-related deaths for entire 2019-2020 season The global case tally for the coronavirus-borne illness COVID-19 climbed above 93 million on Friday and the death toll climbed above 2 million, with the U.S. leading all nations by cases and fatalities.
5:35 a.m. Jan. 13, 2021 - By Mark DeCambre
Dow struggles for altitude Wedneday morning as investors await Trump's second impeachment vote in the HouseU.S. stock benchmarks opened flat to slightly lower Wednesday morning after a report on inflation and ahead of a crucial House vote on impeaching President Donald Trump for a second time one week before he is set to leave office on Jan. 20. The Dow Jones Industrial Average [: DJIA] rose 25 points, or less than 0.1%, to trade at 31,091, the S&P 500 index gained 3 points, or less than 0.1%, to reach around 3,805, the Nasdaq Composite Index advanced 18 points, or 0.2%, to 13,093. The Democratic-controlled House is expected to vote later in the afternoon to impeach Trump for his role in encouraging a violent mob last week to attack the Capitol. A reading on inflation, the consumer-price index, was relatively tame, rising 0.4% in December, while the core index minus volatile food and energy prices was up 0.1%, matching the MarketWatch consensus. The annual headline number ticked up to 1.4%, but the core reading remained at 1.6%. The headline CPI number has now risen for seven months straight. In corporate news, shares of Shares of Plug Power Inc. [: PLUG] were higher, after more than doubling over the past few days. Meanwhile, Target Inc. is in focus after the big-box retailer reported that same-store sales rose 17.2% during the November/December holiday period, as traffic increased by 4.3% and average ticket rose 12.4%. Separately, Intel said that its CEO Bob Swan is stepping down effective Feb. 15, and will be replaced by VMWare CEO Pat Gelsinger will take over the position, sources told Faber.
10:15 a.m. Jan. 12, 2021 - By Ciara Linnane
U.S. heads toward 23 million COVID-19 cases as three lawmakers test positive after Capitol lockdown News adds to fears that last week’s attack on the U.S. seat of government created two superspreader eventsThe number of confirmed global cases of the coronavirus-borne illness COVID-19 climbed above 91 million on Tuesday, and the U.S. case tally headed toward 23 million, as three Democratic lawmakers who were forced to shelter in place during last week’s attack on the Capitol tested positive for the virus.
9:22 a.m. Jan. 11, 2021 - By Tomi Kilgore
Tata Motors stock soars, as electrified vehicles made up more than half of latest quarter's salesThe U.S.-listed shares of Tata Motors Ltd. ran up 14.1% in afternoon trading Monday, toward the highest close since April 2019, after the India-based automaker, which brands include Land Rover and Jaguar, reported fourth-quarter retail sales data, and stressed its commitment to an electrification strategy. The company's U.K.-based Jaguar Land Rover unit said it sold 128,469 vehicles during the quarter ended Dec. 31, down 9.0% from the same period a year ago, but up 13.1% from the previous quarter. Sales in China were up 19.1% on the year and up 20.2% sequentially. More than half of retail sales for the quarter (53%) were of electrified vehicles, lifting the share of electrification to 43.3% of total sales for 2020. Jaguar Land Rover said the share of electrification is "poised for further growth in 2021 and beyond." Tata's stock has soared 62.8% over the past three months, while the S&P 500 has gained 9.7%.
10:56 a.m. Jan. 4, 2021 - By Ciara Linnane
U.S. heads toward 21 million COVID-19 cases and 353,000 deaths as vaccine program continues to lag all targets ‘Last mile’ vaccine distribution has been far slower than required, ‘with millions of doses still sitting on the shelves,’ says Raymond James analystThe global case tally for the coronavirus-borne illness COIVID-19 climbed above 85 million on Monday, as the U.S. headed toward 21 million cases and 353,000 deaths, as the vaccine program continued to advance with fits and starts and to lag all early targets.
10:23 a.m. Dec. 30, 2020 - By Ciara Linnane
U.S. sets record for COVID-19 hospitalizations, as country’s first case of new U.K. variant is found in Colorado Health experts continue to lament slow rollout of vaccines in U.S. after much-ballyhooed authorizations were granted in early December The U.S. set a fresh record for hospitalizations of patients with COVID-19 on Wednesday and the first case of the highly infectious U.K variant of the coronavirus was found in Colorado, as health experts continued to lament the delayed rollout of vaccines that is hampering the economic recovery.
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