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Launching Into 2021's Second Half

  • Launching Into 2021's Second Half Launching Into 2021's Second Half 7:22
4:25 a.m. Oct. 15, 2021 - By Tomi Kilgore
Prologis stock jumps after earnings beat expectations, amid record increases in market rentsShares of Prologis Inc. rallied 1.7% toward a fifth straight gain Friday, after the real estate investment trust focused leasing logistics facilities reported third-quarter earnings that rose above expectations, and boosted its full-year outlook, amid record increases in market rents and valuations. Net income more than doubled to $722.0 million, or 97 cents a share, from $298.7 million, or 40 cents a share, in the year-ago period. Core funds from operations per share increased to $1.04 from 90 cents, beating the FactSet consensus of $1.03. Total revenue rose 9.3% to $1.18 billion, above the FactSet consensus of $1.04 billion. Average occupancy was 96.6%, up from 96.0% in the second quarter, and with 98.0% of property leased as of Sept. 30. Cash rent change was up 12.9%, with cash same-store net operating income grew 6.7%. For 2021, the company raised its core FFO guidance range to $4.11 to $4.13 from $4.04 to $4.08, compared with the FactSet consensus of $4.07. "Our third quarter results were underpinned by record increases in market rents and valuations," said Chief Executive Hamid Moghadam. "With vacancies at unprecedented lows, space in our markets is effectively sold out." The stock has rallied 36.2% year to date through Thursday, while the SPDR Real Estate Select Sector ETF has advanced 26.3% and the S&P 500 has gained 16.8%.
4:50 a.m. Aug. 13, 2021 - By Tomi Kilgore
WeWork's Q2 net loss widens from a year ago but is less than half that of Q1 as recovery acceleratesWeWork reported Friday a second-quarter net loss that widened slightly from a year ago, but was less than half that of the first-quarter, as the flexible-office-space company said recovery trends that started earlier this year accelerated. by way of a merger with special purpose acquisition company (SPAC) BowX Acquisition Corp. WeWork reported a net loss of $888.85 million for the quarter ended June 30, compared with a loss of $863.83 million in the year-ago period but down from . Revenue fell 32.7% from a year ago to $593.48 million, and was down slightly from $598 million in the first quarter, but the company said revenue increased sequentially each month in the second quarter. The company expects third-quarter revenue to improve to $650 million to $700 million. "Regardless of how companies are thinking about the future of work, access to a space to collaborate, innovate, mentor and build culture remains critical," said Chief Executive Sandeep Mathrani. "The demand from businesses of all sizes accelerated through the quarter and steadily continued into July, delivering strong sales momentum that will drive occupancy and revenue growth." BowX Acquisition's stock edged up 0.1% in premarket trading.
4:52 a.m. Aug. 3, 2021 - By Tomi Kilgore
Expeditors beats earnings expectations, sees logistics challenges remaining for rest of the yearExpeditors International of Washington Inc. reported Tuesday second-quarter profit and revenue that rose well above expectations, and said logistics challenges are likely to remain through the rest of the year while demand is expected to remain robust. The airfreight and ocean freight company's stock was still inactive in premarket trading. Net income rose to $316.4 million, or $1.84 a share, from $183.9 million, or $1.09 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.63. Revenue increased 49.7% to $3.61 billion, above the FactSet consensus of $3.40 billion. Cost of transportation and other expenses rose 56% to $2.60 billion. "Robust demand is bumping up against capacity constraints in the air and ocean markets, all of which is made more challenging by limited warehouse space, staffing constraints, port congestion, equipment dislocations, and driver shortages, not to mention additional disturbances such as the closure of the Yantian port due to a COVID-19 outbreak in May or the blockage of the Suez Canal back in March," said Chief Executive Jeffrey Musser. "While we remain optimistic that conditions will improve over time, we are unable to predict when that might take place, or how even the recovery might be, and we believe that demand will likely continue to outstrip capacity in both air and ocean for the near term, keeping buy/sell rates unsettled for at least the duration of 2021." The stock has rallied 12.0% over the past three months, while the Dow Jones Transportation Average has dropped 8.0% and the Dow Jones Industrial Average has gained 2.1%.
3:20 a.m. July 29, 2021 - By Ciara Linnane
Northrop Grumman blows past estimates for second quarter, raises guidanceDefense contractor Northrop Grumman Corp. blew past earnings estimates for the second quarter on Thursday, and raised its full-year guidance. The Falls Church, Va.-based company posted net income of $1.04 billion, or $6.42 a share, for the second quarter, up from $1.01 billion, or $6.01 a share, in the year-earlier period. Sales rose 3% to $9.2 billion from $8.9 billion. The FactSet consensus was for EPS of $5.84 and sales of $8.8 billion. "Based on the strength of our growth and performance year-to-date and our enhanced outlook for the year, we have increased our 2021 sales and EPS guidance," Chief Executive Kathy Warden said in a statement. Aeronautics systems sales edged down to $2.913 billion from $2.925 billion, while defense systems sales fell to $1.427 billion from $1.886 billion. Mission systems sales rose 6% to $2.588 billion from $2.446 billion and space systems sales rose 34% to $2.748 billion. The company is now expecting full-year transaction adjusted EPS of $24.40 to $24.80, up from prior guidance of $24.00 to $24.50. The transaction referred to is the sale of the company's IT services business in the first half. It expects sales to range from $35.8 billion to $36.2 billion, up from prior guidance of $35.3 billion to $35.7 billion. Shares were slightly lower premarket, but have gained 18% in the year to date, while the S&P 500 has gained 17%.
3:49 a.m. July 28, 2021 - By Tomi Kilgore
Boeing stock jumps after swinging to surprise profit, as commercial airplanes revenue more than triplesShares of Boeing Co. powered up 3.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a surprise profit, amid higher commercial volume and lower period costs. Net income for the quarter to June 30 was $587 million, or $1.00 a share, after a loss of $2.38 billion, or $4.20 a share, in the year-ago period. Excluding nonrecurring items, Boeing swung to core earnings per share of 40 cents from a per-share loss of $4.79, beating the FactSet consensus for a per-share loss of 83 cents. Revenue rose 44.0% to $17.00 billion to beat the FactSet consensus of $16.60 billion. Among Boeing's business segments, Commercial Airplanes revenue rose 268% to $6.02 billion, to top the FactSet consensus of $6.00 billion, as deliveries increased to 79 from 20; Defense, Space & Security revenue grew 4% to $6.88 billion, above expectations of $6.78 billion; and Global Services revenue increased 17% to $4.07 billion, topping expectations of $3.69 billion. The company said the 737 MAX program is producing at a rate of 16 planes per month, with the rate expected to gradually increase to 31 per month in 2022. "While our commercial market environment is improving, we're closely monitoring COVID-19 case rates, vaccine distribution and global trade as key indicators for our industry's stability," said Chief Executive David Calhoun. The stock has edged up 3.8% year to date through Tuesday, while the Dow Jones Industrial Average has gained 14.6%.
3:13 a.m. July 27, 2021 - By Tomi Kilgore
Raytheon stock rallies after profit, revenue and FCF beats and raised outlookShares of Raytheon Technologies Corp. rallied 1.4% in premarket trading Tuesday, after the aerospace and defense company reported second-quarter profit, revenue and free cash flow that were above expectations and raised the full-year outlook, as commercial aerospace continued to recover and amid strength in its defense businesses. The company swung to net income of $1.03 billion, or 68 cents a share, from a loss of $3.84 billion, or $2.55 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $1.03, above the FactSet consensus of 93 cents. Revenue rose 13% to $15.88 billion to top the FactSet consensus of $15.83, as revenue beats by the Pratt & Whitney, intelligence and space and missiles and defense businesses helped offset a Collins aerospace miss. Free cash flow was $966 million, well above the FactSet consensus of $775.8 million. The company raised its 2021 outlook for EPS to $3.85 to $4.00 from $3.50 to $3.70 and for revenue to $64.4 billion to $65.4 billion from $63.9 billion to $65.4 billion. The stock has advanced 20.2% year to date through Monday, while the S&P 500 has gained 17.7%.
3:47 a.m. July 26, 2021 - By Tomi Kilgore
Lockheed Martin stock slips after profit came up shy of forecasts, but full-year outlook raisedShares of Lockheed Martin Corp. fell 0.6% in premarket trading Monday, after the aerospace and defense contractor reported a second-quarter profit that came up shy of expectations, amid performance issues in aeronautics, but revenue that rose above forecasts. Net income rose to $1.82 billion, or $6.52 a share, from $1.63 billion, or $5.79 a share, in the year ago period. The FactSet consensus for net earnings per share was $6.56. The company said results included a per-share loss of 61 cents recorded at Aeronautics related to performance issues on a classified program. The FactSet consensus for adjusted EPS was $6.52. Sales 5.0% to $17.03 billion, above the FactSet consensus of $16.94 billion. Among business segments, missiles and fire control, rotary and mission systems and space sales beat expectations while aeronautics came up short. For 2021, the company raised its EPS guidance range to $26.70 to $27.00 from $26.40 to $26.70 while affirming its sales outlook of $67.3 billion to $68.7 billion. The stock has gained 7.3% year to date through Friday, while the S&P 500 has advanced 17.5%.
4:09 a.m. July 12, 2021 - Barrons.com
Launching Into 2021's Second HalfBarron's reporters Carleton English, Al Root and Lisa Beilfuss break down bank earnings, inflation concerns and hawkish rhetoric from the Fed, respectively. Plus, the latest on the billionaire space race and a top tech CEO's unique take on the cloud.
12:21 p.m. May 13, 2021 - By Mark DeCambre
Coinbase meets analysts' expectations in first-quarter earningsCrypto platform Coinbase late Thursday reported first-quarter earnings of $3.05 per share, or $771.51 million, on revenue of $1.8 billion from $585 million in the previous period. The results were mostly in line with investor expectations and matched the company's preliminary report that was released ahead of its April 14 listing on the Nasdaq. Investors were expecting Coinbase to report EPS of about $3.07 on revenue of $1.814 billion, according to a consensus of analysts estimates polled by FactSet, as of May 12. The company said that monthly transacting users, or MTUS, more than doubled to 6.1 million from 2.8 million in its previous three-month period. Coinbase also boasts 56 million verified users. The company says it expects user growth between 5.5 million and 9 million. The report comes amid a downturn for bitcoin and the broader crypto complex. Shares of Coinbase initially slumped 4% in afterhours trade, but later recovered to flat, after closing down 6.5% in regular trading Thursday. Investors will be eager to here more about the company's stance in addressing growing competition in the crypto trading space against the likes of Robinhood Markets and Gemini.
12:19 p.m. May 10, 2021 - By Claudia Assis
Virgin Galactic reports wider Q1 loss, says pandemic still crimping businessVirgin Galactic Holdings Inc. stock fell more than 5% in the extended session Monday after the space-tourism company reported a wider-than-expected quarterly loss and said it continues to see pandemic-related, ongoing delays in its business and operations. Virgin reported a net loss of $130 million, or 55 cents a share, in the first quarter, compared with a net loss of $377 million in the first quarter of 2020. Analysts polled by FactSet expected Virgin to report a GAAP loss of 28 cents a share for the quarter. The company said it ended the quarter with $617 million in cash and equivalents. "We continue to make strides towards our strategic objectives and have solid momentum as we focus on completing our flight test program," Chief Executive Michael Colglazier said in a statement. Virgin Galactic ended the regular trading session down 8.5%.
3:44 a.m. April 28, 2021 - By Tomi Kilgore
Boeing stock drops after losses narrowed but were wider than expected, while FCF beat forecastsShares of Boeing Co. dropped 1.2% in premarket trading Wednesday, after the aerospace and defense giant reported a wider-than-expected first-quarter loss and revenue that was roughly in line, as a miss in the commercial airplanes business was mostly offset by a beat in defense, space and security. Net losses narrowed to $561 million, or 92 cents a share, from $641 million, or $1.11 a share, in the year-ago period. Excluding nonrecurring items, the core per-share loss of $1.53 was wider than the FactSet loss consensus of 97 cents. Revenue fell 10.0% to $15.22 billion, compared with the FactSet consensus of $15.24 billion. Among Boeing's business segments, commercial airplanes revenue dropped 31% to $4.27 billion, below the FactSet consensus of $5.09 billion, even as deliveries increased to 77 from 50. Defense, space and security revenue rose 19% to $7.19 billion, beating expectations of $6.35 billion, while global services revenue declined 19% to $3.75 billion to fall shy of expectations of $3.87 billion. Free cash flow was negative $3.68 billion, beating expectations of negative $3.94 billion. "While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery," said Chief Executive Dave Calhoun. The stock has rallied 13.3% year to date through Tuesday, while the Dow Jones Industrial Average has advanced 11.0%.
3:08 a.m. April 27, 2021 - By Tomi Kilgore
Raytheon's stock gains after profit beat and upbeat outlook, but revenue came up a little shortShares of Raytheon Technologies Corp. edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations, and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents. Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations wile Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. "We are confident in our outlook for the remainder of 2021," said Chief Executive Greg Hayes. "With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners." The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average has gained 12.1%.
10:06 a.m. Feb. 18, 2021 - By Tomi Kilgore
FirstEnergy's stock surges to lead S&P 500 gainers after Icahn discloses plan to buy a stakeShares of FirstEnergy Corp. shot up 9.5% toward a seven-month high in afternoon trading Thursday, enough to space the S&P 500's gainers, as investors seemed to focus more on billionaire activist investor Carl Icahn's plan to buy a stake in the electric utility than on the company's profit and revenue miss. The company disclosed in its 10-K filing with the Securities and Exchange Commission that it was notified that Icahn "has a present good faith intention to acquire voting securities" of the company, in an amount somewhere between $184 million and $919.9 million. The company said it didn't know if Icahn had already acquired shares or derivatives to buy shares, and doesn't know Icahn's intentions. Separately, the company reported fourth-quarter net earnings of $242 million, or 45 cents a share, after a loss of $111 million, or 20 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted EPS of 32 cents was below the consensus analyst estimate of 47 cents, according to FactSet. Revenue fell 7.4% to $2.5 billion, below the FactSet consensus of $2.9 billion. FirstEnergy's stock has tumbled 33.1% over the past 12 months, while the SPDR Utilities Select Sector ETF has lost 11.8% and the S&P 500 has gained 16.2%.
5:04 a.m. Jan. 29, 2021 - By Tomi Kilgore
Tesla stock gets second $1,000+ price target, from Argus ResearchThere are now two Wall Street analysts that have targets for Tesla Inc.'s stock of more than $1,000, after Argus Research's Bill Selesky boosted his target by 30% in the wake of the electric vehicle (EV) market leader's . The stock fell 0.6% in premarket trading Friday, after losing 5.4% over the past two days. Selesky reiterated his buy rating and raised his price target to $1,010 from $777. That would make him the second-most bullish on Tesla, of the 37 analysts surveyed by FactSet, behind only Oppenheimer's Colin Rusch, . Selesky said he expects EVs to account for an increasingly larger portion of auto sales, as lower costs for battery packs makes them more affordable to the average car buyer, and Tesla is the "undisputed leader" in the EV space. "We also believe that Tesla is well positioned to expand in the Chinese market and further believe that the incoming Biden Administration will offer rebates and new tax incentives to encourage consumers to buy EVs, which we think favors Tesla versus all the rest," Selesky wrote in a note to clients. The stock has soared 103.4% over the past 30 days through Thursday, while the S&P 500 has gained 14.4%.
2:45 a.m. Jan. 28, 2021 - By Tomi Kilgore
Northrop Grumman reports big profit, sales beats but provides downbeat outlookShares of Northrop Grumman Corp. were indicated down nearly 1% in premarket trading Thursday, after the aeronautics and defense company reported big fourth-quarter profit and sales beats but provided a downbeat outlook for 2021. The company swung to net income of $330 million, or $1.97 a share, from a loss of $409 million, or $2.43 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose to $6.59 from $5.61, above the FactSet consensus of $5.76. Sales rose 17% to $10.21 billion, beating the FactSet consensus of $9.27 billion, as sales from its aeronautics, defense, mission systems and space business segments all rose above forecasts. Based on what the company currently expects from the impact of the COVID-19 pandemic, 2021 adjusted EPS is expected to be $23.15 to $23.65, below the current FactSet consensus of $24.17, and sales are expected to be $35.10 billion to $35.50 billion, compared with forecasts of $37.44 billion. Earlier this week, the company said it increased its stock repurchase program by $3 billion. The stock has slipped 0.5% over the past three months through Wednesday, while the S&P 500 has gained 14.7%.
3:47 a.m. Jan. 27, 2021 - By Tomi Kilgore
Boeing stock drops after loss widens to more than $8 billion, misses expectations by wide marginShares of Boeing Co. sank 1.7% in premarket trading Wednesday, after the aerospace and defense giant reported a fourth-quarter loss of that widened to more than $8 billion, to miss expectations by a wide margin, while revenue fell a little less than forecast, amid strength in its defense, space and security business. The net loss was $8.44 billion, or $14.65 a share, after a loss of $1.01 billion, or $1.79 a share, in the year-ago period. Excluding non-recurring items, the core per-share loss was $15.25, compared with the FactSet loss consensus of $1.64. The results reflected a $6.5 billion charge on the 777X program and a tax valuation allowance, which was partially offset by a lower 737 MAX customer considerations charge. Revenue dropped 15% to $15.30 billion, above the FactSet consensus of $15.06 billion. Commercial airplanes revenue fell 37% to $4.73 billion, missing expectations of $4.87 billion; defense, space and security revenue increased 14% to $6.78 billion, exceeding forecasts of $6.39 billion; and global services revenue dropped 20% to $3.73 billion, topping expectations of $3.72 billion. The stock has rallied 30.2% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 12.7%.
3:48 a.m. Jan. 26, 2021 - By Tomi Kilgore
Lockheed Martin misses profit views but beats on sales, stock fallsShares of Lockheed Martin Corp. slipped 1.1% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit that rose less than expected while sales topped forecasts, and provided an in-line full-year outlook. Net income rose to $1.79 billion, or $6.38 a share, from $1.50 billion, or $5.29 a share. The FactSet consensus for net earnings per share was $6.40. Sales grew 7.3% to $17.03 billion, above the FactSet consensus of $16.95 billion, as aeronautics, rotary and mission systems and space sales topped forecasts while missiles and fire control sales came up shy. The company said favorable contract award timing, strong operational performance and lower travel and overhead costs as a result of COVID-19 restrictions partially offset the impacts of COVID-19 on financial results. For 2021, the company expects EPS of $26.00 to $26.30 and sales of $67.10 billion to $68.50 billion, surrounding the FactSet consensus for EPS of $26.18 and sales of $67.97 billion. The stock has lost 6.8% over the past three months through Monday, while the S&P 500 has gained 13.4%.
3:07 a.m. Jan. 26, 2021 - By Tomi Kilgore
Raytheon's stock jumps after profit and sales beat expectations, while outlook was mixedShares of Raytheon Technologies Corp. rose 2.6% in premarket trading Tuesday, after the aerospace and defense company reported fourth-quarter profit and revenue that beat expectations, while providing a mixed outlook for the first quarter. Net income fell to $135 million, or 9 cents a share, from $1.14 billion, or $1.32 a share, in the year-ago period. Excluding non-recurring items, such as $976 million in charges and acquisition accounting adjustments, adjusted earnings per share came to 74 cents, above the FactSet consensus of 69 cents. Sales rose 40.4% to $16.42 billion, above the FactSet consensus of $16.24 billion, as Pratt & Whitney sales beat expectations while intelligence and space and missiles and defense sales came up short. For the first quarter, Raytheon expects adjusted EPS of 70 cents to 75 cents, compared with the FactSet consensus of 70 cents, and expects sales of $14.8 billion to $15.4 billion, below expectations of $15.73 billion. The stock has tacked on 9.0% over the past three months through Monday, while the Dow Jones Industrial Average has advanced 11.8%.
10:22 a.m. Nov. 10, 2020 - By Ciara Linnane
Coronavirus update: U.S. adds another 130,000 cases in a day: ‘This is what exponential math looks like,’ says expert Per capita new case numbers are highest in North Dakota, South Dakota, Iowa and Wisconsin, filling hospitals and raising concerns that systems will be overwhelmed The global tally of confirmed cases of the coronavirus illness COVID-19 climbed above 51 million on Tuesday with cases racing across the U.S. and Europe as more localities opted to impose restrictions on movement to curb the spread.
3:27 a.m. Oct. 29, 2020 - By Ciara Linnane
Coronavirus update: Pandemic sets record case numbers across the U.S. as White House suggests the crisis is over U.S. has counted a record 500,000 new cases in the past week, and hospitals in isolated areas of the Midwest are rapidly fillingThe coronavirus pandemic continued to set records across the U.S. on Wednesday, even as the administration of President Donald Trump touted its first-term accomplishments in a news release that suggested it had ended the crisis that has cost more than 226,000 American lives and shows no signs of abating.
3:41 a.m. Oct. 28, 2020 - By Tomi Kilgore
Boeing's stock gains after narrower-than-expected loss, but revenue missedShares of Boeing Co. rose 0.6% in premarket trading Wednesday, after the aerospace and defense giant swung to a narrower-than-expected third-quarter adjusted loss, while revenue fell more than forecast. The company reported a net loss of $466 million, or 79 cents a share, after net income of $1.17 billion, or $2.05 a share, in the year-ago period. Excluding non-recurring items, Boeing swung to a core loss per share of $1.39 from EPS of $1.45 a year ago, but beat the FactSet loss consensus for a per-share loss of $2.35. Revenue fell 29% to $14.14 billion, just below the FactSet consensus of $14.20 billion. Among Boeing business segments, commercial airplanes revenue dropped 56% to $3.60 billion, missing the FactSet consensus of $3.96 billion, as commercial airplanes deliveries fell 55% to 28. Defense, Space & Security revenue slipped 2% to $6.85 billion but beat expectations of $6.83 billion and global services revenue declined 21% to $3.69 billion but topped expectations of $3.64 billion. The company did not provide financial guidance. "The global pandemic continued to add pressure to our business this quarter, and we're aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term," said Chief Executive Dave Calhoun. The stock has tumbled 52.4% this year through Tuesday, enough to make it the Dow Jones Industrial Average worst year-to-date performer. In comparison, the Dow has slipped 3.8% in 2020.
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