GameStop to close up to 200 stores by year’s end

GameStop is planning to close between 180 and 200 underperforming stores by the end of its fiscal year. The announcement Tuesday came after the company posted dismal fiscal second quarter earnings after the bell that missed analysts’ expectations and slashed its same-store sales forecast for the year. It said it now expects same-store sales to fall in the low teens, compared with previous expectations of a decrease between 5% and 10%. “Optimizing our store base for an increasingly digital world


GameStop is planning to close between 180 and 200 underperforming stores by the end of its fiscal year. The announcement Tuesday came after the company posted dismal fiscal second quarter earnings after the bell that missed analysts’ expectations and slashed its same-store sales forecast for the year. It said it now expects same-store sales to fall in the low teens, compared with previous expectations of a decrease between 5% and 10%. “Optimizing our store base for an increasingly digital world
GameStop to close up to 200 stores by year’s end Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: jasmine wu
Keywords: news, cnbc, companies, end, company, fiscal, yearthe, sales, stores, earnings, gamestop, 200, expectations, close, analysts, yearit, samestore


GameStop to close up to 200 stores by year's end

GameStop is planning to close between 180 and 200 underperforming stores by the end of its fiscal year.

The announcement Tuesday came after the company posted dismal fiscal second quarter earnings after the bell that missed analysts’ expectations and slashed its same-store sales forecast for the year.

It said it now expects same-store sales to fall in the low teens, compared with previous expectations of a decrease between 5% and 10%. The company’s stock was down 11.1% to $4.52 midafternoon Wednesday. The shares have fallen more than 60% year to date.

“Optimizing our store base for an increasingly digital world is essential for the future and increasing the profit productivity,” CEO George Sherman said on an earnings call with analysts Tuesday. But he also said the company has the “opportunity to do even better and expand profitability” by reducing the number of stores in some markets.


Company: cnbc, Activity: cnbc, Date: 2019-09-11  Authors: jasmine wu
Keywords: news, cnbc, companies, end, company, fiscal, yearthe, sales, stores, earnings, gamestop, 200, expectations, close, analysts, yearit, samestore


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves midday: Wendy’s, Starbucks, Maxar Technologies and more

The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan. HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a shar


The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan. HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a shar
Stocks making the biggest moves midday: Wendy’s, Starbucks, Maxar Technologies and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, earnings, maxar, verizon, wendys, technologies, company, supply, wall, shares, starbucks, share, moves, midday, firm, making, fell, stocks, biggest


Stocks making the biggest moves midday: Wendy's, Starbucks, Maxar Technologies and more

The Wendy’s Co. logo is seen on a cup displayed for a photograph at a restaurant location in Daly City, California.

Check out the companies making headlines in midday trading:

Wendy’s— Shares of fast-food restaurant chain Wendy’s tanked more than 10% following a downgrade to neutral from buy from Guggenheim, citing Wendy’s “risky” entry into the breakfast food category. The firm said the new initiative is diluting free cash flow generation, as it caused the food company to slash its 2019 outlook.

Maxar Technologies— Shares of the space conglomerate jumped 12.8% after J.P. Morgan began covering the stock with an overweight rating and a price target of $12 a share. The price target, set for the end of 2020, represents a 70% gain in Maxar’s stock. J.P. Morgan called Maxar “a high-risk/high-reward opportunity” as the company is in the early stages of a turnaround plan.

Ford Motor— Ford Motor shares dropped more than 3% after Moody’s downgraded the auto maker’s credit rating to junk from investment grade. The credit agency cited potentially weak earnings and cash flow as Ford kicks off a long and costly restructuring program.

Starbucks— Shares of Starbucks fell 4% after the Wall Street Journal reported the coffee chain agreed to give information to the Securities and Exchange Commission about its accounting practices.

Dollar General— Shares of discount retailer Dollar General fell 2.5% following a downgraded from Bernstein to market perform from outperform. The firm said it sees sales and earnings growth as “less certain” than in the past. Bernstein said it prefers Dollar Tree as a defensive play.

Mosaic—Shares of fertilizer company Mosaic rose more than 4% after it announced a $250 million share buyback plan. Mosaic also said it would slow its phosphate operations in Louisiana because more imports into the country have pushed down prices.

Sanderson Farms— Shares of chicken producer Sanderson Farms fell more than 4% after the company received a subpoena related to the Department of Justice’s investigation into chicken pricing. The ongoing investigation is looking into allegations that poultry producers like Sanderson, Tyson Foods, and Pilgrim’s Pride conspired to fix poultry prices.

Mallinckrodt— Shares of pharmaceutical company Mallinckrodt soared more than 50% after the drugmaker sold its contract development and manufacturing unit BioVectra to an affiliate of private-equity firm H.I.G. Capital for about $250 million.

HD Supply Holdings— Shares of industrial distributor HD Supply tanked nearly 8% after missing analysts’ estimates for its second-quarter earnings. HD Supply reported revenue of $1.620 billion, compared to the $1.632 forecast by Wall Street analysts, according to FactSet. The company also issued full-year earnings per share guidance on the low end of the estimated range. The company see earnings per share of $3.45 to $3.60 per share, compared to the consensus estimate of $3.58 a share.

Verizon—Shares of wireless carrier Verizon popped 1.5% after being named to Citi’s “positive catalysts” watch list. Citi said it expects shares of Verizon to trade higher into the company’s next earnings report due to a low rate environment. Verizon is know for its high and stable 4.1% dividend yield.

— CNBC’s Michael Sheetz and Fred Imbert contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, earnings, maxar, verizon, wendys, technologies, company, supply, wall, shares, starbucks, share, moves, midday, firm, making, fell, stocks, biggest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp


Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million comp
GameStop shares tank after earnings miss, cuts sales forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine wu
Keywords: news, cnbc, companies, cents, loss, compared, shares, company, share, miss, earnings, sales, tank, million, gamestop, cuts, gaming, forecast


GameStop shares tank after earnings miss, cuts sales forecast

Shares of GameStop fell more than 15% in extended trading Tuesday after the company reported second quarter earnings and sales that missed analysts’ expectations while significantly lowering its same-store sales forecast.

The company has been struggling to grow sales as consumers increasingly turn to purchasing games and gaming consoles online, through e-commerce sites such as Amazon. Trends such as gaming on smartphones or on a computer have also grown in popularity, which are stealing sales from GameStop’s brick-and-mortar shops. It also has been a while since consumers have gotten excited about a new gaming system.

“While we experienced sales declines across a number of our categories during the quarter, these trends are consistent with what we have historically observed towards the end of a hardware cycle,” CFO Jim Bell said, in a written statement.

Here’s what the company reported compared with what Wall Street expected, based on a survey of analysts by Refinitiv:

Adjusted earnings per share: loss of 32 cents vs. 21 cent loss expected

Revenue: $1.29 billion vs. $1.34 billion expected

GameStop lowered its same-store sales forecast for the fiscal year. It said it now expects sales at stores open at least 12 months to fall in the low teens, compared with prior expectations of a decrease between 5% and 10%.

It also said it plans to spend less on capital expenditures, lowering its forecast to a range of $90 million to $95 million compared with a previous expectation of $100 million to $110 million.

“We will continue to manage the underlying businesses to produce meaningful cash returns, while maintaining a strong balance sheet and investing responsibly in our strategic initiatives,” Bell said.

GameStop said its net loss widened to $415.3 million, or $4.15 a share, from a loss of $24.9 million, or 24 cents a share, a year earlier. Excluding a $400.9 million impairment charge and other items, the company’s adjusted loss from continuing operations was 32 cents a share. Analysts expected a loss of 21 cents a share, according to a survey from Refinitiv.

It might be too soon to tell whether the earnings miss is a blow to Michael Burry’s thesis about GameStop. In August, the investor, who is most known for his calls on the subprime mortgage market that were featured in the book “The Big Short,” said he believed GameStop still had upside potential. Sony and Microsoft’s upcoming consoles will have physical optic drives, which will extend GameStop’s life significantly, he told Barron’s. He said the stock looks worse than it is. Shares of GameStop jumped more than 18% on that report.

Currently, the stock is trading at around $5 and has fallen almost 60% since January. The company has a market value of $521 million.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: jasmine wu
Keywords: news, cnbc, companies, cents, loss, compared, shares, company, share, miss, earnings, sales, tank, million, gamestop, cuts, gaming, forecast


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves after hours: GameStop, RH and more

That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wal


That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wal
Stocks making the biggest moves after hours: GameStop, RH and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: ganesh setty, jasmine wu
Keywords: news, cnbc, companies, stocks, revenue, cents, expected, company, adjusted, making, share, earnings, moves, hours, refinitiv, consensus, million, gamestop, biggest


Stocks making the biggest moves after hours: GameStop, RH and more

Check out the companies making headlines after the bell:

Shares of GameStop plummeted more than 16% after the company cut its forecast and reported second quarter earnings that fell short of expectations. The company said it expects adjusted full-year earnings per share between $1.15 and $1.30. That range is well below the $1.49 per share Wall Street had projected, according to a Refinitiv consensus estimate. For the second quarter, the gaming retailer reported an adjusted loss per share of 32 cents and revenue of $1.29 billion. Wall Street expected an adjusted loss of 21 cents a share and $1.34 billion in revenue, according to Refinitiv consensus estimates.

Zscaler shares plunged nearly 20% following weak earnings guidance and a fourth-quarter earnings miss. The company posted an adjusted loss of 7 cents per share compared to expected profit of 1 cent per share. Revenue, however, came in better than expected at $86.1 million, compared with the $82.8 million forecast by analysts polled by Refinitiv.

Shares of RH, formerly known as Restoration Hardware, jumped as much as 6% after posting better-than-expected second-quarter earnings and revenue. The home-furnishing company reported adjusted earnings per share of $3.20 and $707 million in revenue. Analysts had expected earnings of $2.70 a share and $698 million in revenue, according to Refinitiv consensus estimates. The company also raised its third-quarter forecast, saying it now expects adjusted earnings per share between $2.08 and $2.18. Wall Street had projected third-quarter adjusted earnings of $1.82 per share, according to a Refinitiv consensus estimate.

The stock later lost those gains and was last seen trading about 3% below its closing price. As of their Tuesday close, RH shares have gained more than 32% so far this year.

Dave and Buster’s shares plunged 13% after the company lowered its outlook “in light of a competitive environment” and reported weaker-than-expected same-store sales. The company said comparable store sales declined 1.8% during the second quarter, compared with the 0.5% decline expected by analysts polled by Refinitiv. That news overshadowed earnings and revenue that topped expectations. The restaurant and entertainment company posted adjusted earnings per share of 90 cents and revenue of $345 million, compared to Refinitiv consensus estimates of 84 cents and $344 million, respectively.


Company: cnbc, Activity: cnbc, Date: 2019-09-10  Authors: ganesh setty, jasmine wu
Keywords: news, cnbc, companies, stocks, revenue, cents, expected, company, adjusted, making, share, earnings, moves, hours, refinitiv, consensus, million, gamestop, biggest


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

KBW downgrades Bank of America, says Fed rate cuts will hit earnings

The 10-year yield hasn’t done this in 20 years, and it could be a… The yield on the U.S. 10-year Treasury hasn’t been this oversold since 1998, and that could mean rates are due for a lift, says Miller Tabak’s Matt Maley. Trading Nationread more


The 10-year yield hasn’t done this in 20 years, and it could be a… The yield on the U.S. 10-year Treasury hasn’t been this oversold since 1998, and that could mean rates are due for a lift, says Miller Tabak’s Matt Maley. Trading Nationread more
KBW downgrades Bank of America, says Fed rate cuts will hit earnings Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: michael sheetz
Keywords: news, cnbc, companies, tabaks, bank, treasury, earnings, rates, nationread, mean, oversold, miller, matt, fed, kbw, yield, 10year, downgrades, america, cuts, hit, rate


KBW downgrades Bank of America, says Fed rate cuts will hit earnings

The 10-year yield hasn’t done this in 20 years, and it could be a…

The yield on the U.S. 10-year Treasury hasn’t been this oversold since 1998, and that could mean rates are due for a lift, says Miller Tabak’s Matt Maley.

Trading Nation

read more


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: michael sheetz
Keywords: news, cnbc, companies, tabaks, bank, treasury, earnings, rates, nationread, mean, oversold, miller, matt, fed, kbw, yield, 10year, downgrades, america, cuts, hit, rate


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

DocuSign rises more than 21% on revenue beat and strong guidance

Shares of enterprise cloud company DocuSign shot up 21.7% Friday after the company reported better-than-expected revenue and strong guidance. For its second quarter of 2020, DocuSign reported $236 million in revenue, well above the Refinitiv consensus estimate of $221 million. The company also provided strong guidance for the third quarter and full fiscal year. Raising its outlook for the full year 2020, DocuSign now expects total revenue to fall between $947 million and $951 million. Previously


Shares of enterprise cloud company DocuSign shot up 21.7% Friday after the company reported better-than-expected revenue and strong guidance. For its second quarter of 2020, DocuSign reported $236 million in revenue, well above the Refinitiv consensus estimate of $221 million. The company also provided strong guidance for the third quarter and full fiscal year. Raising its outlook for the full year 2020, DocuSign now expects total revenue to fall between $947 million and $951 million. Previously
DocuSign rises more than 21% on revenue beat and strong guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: lauren feiner
Keywords: news, cnbc, companies, earnings, company, guidance, beat, share, strong, reported, million, docusign, revenue, rises, fall, quarter


DocuSign rises more than 21% on revenue beat and strong guidance

Shares of enterprise cloud company DocuSign shot up 21.7% Friday after the company reported better-than-expected revenue and strong guidance.

The rally added about $1.7 billion to the company’s market cap, bringing it to $9.8 billion.

For its second quarter of 2020, DocuSign reported $236 million in revenue, well above the Refinitiv consensus estimate of $221 million.

The company also provided strong guidance for the third quarter and full fiscal year. Raising its outlook for the full year 2020, DocuSign now expects total revenue to fall between $947 million and $951 million. Previously, the company said it expected full-year revenue to fall between $917 million and $922 million.

DocuSign fell short of expectations for earnings, however, reporting 1 cent in adjusted earnings per share compared with analyst estimates of 4 cents per share, according to Refinitiv.

Subscribe to CNBC on YouTube.

WATCH: DocuSign CEO on automating agreements and blockchain


Company: cnbc, Activity: cnbc, Date: 2019-09-06  Authors: lauren feiner
Keywords: news, cnbc, companies, earnings, company, guidance, beat, share, strong, reported, million, docusign, revenue, rises, fall, quarter


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Palo Alto Networks CEO Nikesh Arora on earnings and growth

Palo Alto Networks CEO Nikesh Arora on earnings and growth10:15 AM ET Thu, 5 Sept 2019Shares of Palo Alto Networks popped more than 9% ahead of the bell on Thursday. The company topped Wall Street earnings estimates. Nikesh Arora, Palo Alto chairman and CEO, joins “Squawk on the Street” to discuss.


Palo Alto Networks CEO Nikesh Arora on earnings and growth10:15 AM ET Thu, 5 Sept 2019Shares of Palo Alto Networks popped more than 9% ahead of the bell on Thursday. The company topped Wall Street earnings estimates. Nikesh Arora, Palo Alto chairman and CEO, joins “Squawk on the Street” to discuss.
Palo Alto Networks CEO Nikesh Arora on earnings and growth Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, arora, earnings, palo, networks, nikesh, ceo, wall, alto, topped, street, growth


Palo Alto Networks CEO Nikesh Arora on earnings and growth

Palo Alto Networks CEO Nikesh Arora on earnings and growth

10:15 AM ET Thu, 5 Sept 2019

Shares of Palo Alto Networks popped more than 9% ahead of the bell on Thursday. The company topped Wall Street earnings estimates. Nikesh Arora, Palo Alto chairman and CEO, joins “Squawk on the Street” to discuss.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, arora, earnings, palo, networks, nikesh, ceo, wall, alto, topped, street, growth


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves after hours: DocuSign, Lululemon and more

Check out the companies making headlines after the bell:Shares of DocuSign surged as much as 22% after the company reported better-than-expected second-quarter revenue and issued strong third-quarter and full-year revenue guidance. That news outweighed DocuSign’s second quarter earnings per share, which fell 3 cents short of Refinitiv consensus estimates. Analysts had expected a loss per share of 23 cents on revenue of $104 million, according to Refinitiv consensus estimates. Analysts had expect


Check out the companies making headlines after the bell:Shares of DocuSign surged as much as 22% after the company reported better-than-expected second-quarter revenue and issued strong third-quarter and full-year revenue guidance. That news outweighed DocuSign’s second quarter earnings per share, which fell 3 cents short of Refinitiv consensus estimates. Analysts had expected a loss per share of 23 cents on revenue of $104 million, according to Refinitiv consensus estimates. Analysts had expect
Stocks making the biggest moves after hours: DocuSign, Lululemon and more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: elizabeth myong, lauren thomas
Keywords: news, cnbc, companies, stocks, docusign, company, refinitiv, revenue, biggest, share, moves, hours, earnings, consensus, reported, cents, estimates, lululemon, million, making


Stocks making the biggest moves after hours: DocuSign, Lululemon and more

Check out the companies making headlines after the bell:

Shares of DocuSign surged as much as 22% after the company reported better-than-expected second-quarter revenue and issued strong third-quarter and full-year revenue guidance. That news outweighed DocuSign’s second quarter earnings per share, which fell 3 cents short of Refinitiv consensus estimates. Dan Springer, CEO of DocuSign, cited the company’s growing number of customers.

Crowdstrike fell 8% despite reporting a smaller-than-expected second-quarter loss. The cybersecurity company reported an adjusted second-quarter loss per share of 18 cents on revenue of $108 million. Analysts had expected a loss per share of 23 cents on revenue of $104 million, according to Refinitiv consensus estimates. George Kurtz, CrowdStrike’s co-founder and chief executive officer, said the company has seen “rapid subscription revenue growth.” The stock has been on a tear this year, more than doubling in price since its June IPO.

Shares of Zoom Video slipped despite better-than-expected earnings for the second quarter. The conferencing service company reported adjusted earnings per share of 8 cents on revenue of $146 million. Analysts had expected earnings per share of 1 cent on revenue of $130 million, according to Refinitiv consensus estimates. Eric Yuan, founder and chief executive officer of Zoom, said the company has seen “increased profitability and free cash flow.” Zoom stock has rocketed since going public in April, closing at $92.69 on Thursday.

Lululemon rose as much as 5% after beating analysts’ expectations for the second quarter driven by 35% growth in men’s sales. The athletic apparel retailer reported earnings per share of 96 cents on revenue of $883 million. Analysts had expected earnings per share of 89 cents on revenue of $846 million, according to Refinitiv consensus estimates. Lululemon’s comparable store sales were also up 15% and the company forecast promising third-quarter earnings per share and revenue.


Company: cnbc, Activity: cnbc, Date: 2019-09-05  Authors: elizabeth myong, lauren thomas
Keywords: news, cnbc, companies, stocks, docusign, company, refinitiv, revenue, biggest, share, moves, hours, earnings, consensus, reported, cents, estimates, lululemon, million, making


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Starbucks shares fall after weaker-than-expected 2020 forecast

Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings. Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.” The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference. Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided t


Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings. Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.” The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference. Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided t
Starbucks shares fall after weaker-than-expected 2020 forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: amelia lucas
Keywords: news, cnbc, companies, billion, earnings, company, growth, model, forecast, grismer, starbucks, fiscal, 2020, released, fall, weakerthanexpected, shares


Starbucks shares fall after weaker-than-expected 2020 forecast

Starbucks released Wednesday a weaker-than-expected forecast for its fiscal 2020 earnings.

Shares of the company slid more than 3% in premarket trading. The coffee chain’s stock, valued at $116 billion, is up 50% so far this year, as of Tuesday’s close.

Starbucks said that it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.”

The company released the outlook in a slideshow for a presentation by CFO Pat Grismer at Goldman Sachs’ Global Retailing Conference.

Grismer said that one-time tax benefits realized in fiscal 2019 will be a significant headwind to earnings growth in fiscal 2020. He also said that Starbucks decided to purchase about $2 billion worth of shares in fiscal 2019 instead of fiscal 2020.

“But again, I want to reinforce that our growth-at-scale agenda is delivering against our expectations,” Grismer said. “I would say that we’re firing on all cylinders from an operating performance perspective with the focus and discipline necessary to drive growth at scale for a company like Starbucks and our long-term double-digit EPS growth model is fully intact.”


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: amelia lucas
Keywords: news, cnbc, companies, billion, earnings, company, growth, model, forecast, grismer, starbucks, fiscal, 2020, released, fall, weakerthanexpected, shares


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Stocks making the biggest moves midday: Box, Tyson Foods, Michaels, Navistar & more

Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City. Navistar — Shares of Navistar surged more than 11% after the truck maker reported better-than-expected earnings. Tyson Foods — Shares of Tyson Foods tumbled 5.6% after the meat processor lowered its 2019 earnings forecast. Michaels Companies — The arts and crafts specialty retail company’s stock soared 7.4% after the company announced strong second-quarter earnings. Tapestry — Shares of Tapestry


Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City. Navistar — Shares of Navistar surged more than 11% after the truck maker reported better-than-expected earnings. Tyson Foods — Shares of Tyson Foods tumbled 5.6% after the meat processor lowered its 2019 earnings forecast. Michaels Companies — The arts and crafts specialty retail company’s stock soared 7.4% after the company announced strong second-quarter earnings. Tapestry — Shares of Tapestry
Stocks making the biggest moves midday: Box, Tyson Foods, Michaels, Navistar & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: yun li
Keywords: news, cnbc, companies, stocks, box, truck, navistar, company, earnings, foods, stock, tyson, biggest, share, zeitlin, york, moves, making, midday, michaels, companys, tapestry, shares


Stocks making the biggest moves midday: Box, Tyson Foods, Michaels, Navistar & more

Traders work on the floor of the New York Stock Exchange (NYSE) on August 23, 2019 in New York City.

Check out the companies making headlines in midday trading:

Box — Shares of Box soared more than 11% after hedge fund Starboard Value disclosed that it had taken a 7.5% stake in the software company. Starboard, which has previously invested in Yahoo and Symantec, is now Box’s third largest shareholder. At one point in March, Box was trading around $24 per share, but the stock had slumped to about $13 per share last month.

Navistar — Shares of Navistar surged more than 11% after the truck maker reported better-than-expected earnings. The company earned $1.56 per share in the second quarter, beating the consensus estimate of $1.22. Navistar also raised its guidance for full year truck deliveries.

Tyson Foods — Shares of Tyson Foods tumbled 5.6% after the meat processor lowered its 2019 earnings forecast. The company cited many challenges including a recent fire at one of its slaughterhouses and volatility in the commodity market.

Michaels Companies — The arts and crafts specialty retail company’s stock soared 7.4% after the company announced strong second-quarter earnings. The company reported second quarter adjusted earnings per share of 19 cents, which was 5 cents above the estimate. Comparable store sales were also up 0.3% compared to the 1% decline estimated. Mark Cosby, Interim CEO, cited the company’s focus on sales and its customer base.

Activision Blizzard — Shares of video game maker Activision Blizzard rose 4% after BMO upgraded the stock to outperform from market perform and hiked its price target to $60 from $43, implying about 17% upside for the stock. The firm also raised its earnings estimates for next year on its strong conviction the company’s restricting plans and investments in standout games will boost financial performance.

Starbucks — Shares of Starbucks fell more than 1% after the coffee chain issued a weaker-than-expected forecast for its fiscal 2020 earnings. The company said it expects fiscal 2020 earnings per share to be below its “ongoing growth model of 10%.”

Tapestry — Shares of Tapestry rose 3.8% after the company announced that its board chairman, Jide Zeitlin, would take over as chief executive officer. Zeitlin replaces Victor Luis, who had been at Tapestry for 13 years. The clothing and apparel company, which owns Coach and Kate Spade, has seen its stock price fall more than 30% so far this year.

— CNBC’s Jesse Pound, Elizabeth Myong and Maggie Fitzgerald contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-09-04  Authors: yun li
Keywords: news, cnbc, companies, stocks, box, truck, navistar, company, earnings, foods, stock, tyson, biggest, share, zeitlin, york, moves, making, midday, michaels, companys, tapestry, shares


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post