Shares of ad giant Publicis plunge after cut to revenue guidance

Shares in French advertising conglomerate Publicis slumped after the group cut its 2019 revenue growth guidance. Late Thursday, the company reported lower-than-expected revenue for the second-quarter of 2019. Shares of Publicis plunged 8.5% to their lowest level since December 2012 in early trading on Friday. The company posted organic growth of 0.1% against analyst expectations of 0.7% for the quarter and put its 2020 targets under review. Brokerage Liberum downgraded Publicis to “hold” from “b


Shares in French advertising conglomerate Publicis slumped after the group cut its 2019 revenue growth guidance. Late Thursday, the company reported lower-than-expected revenue for the second-quarter of 2019. Shares of Publicis plunged 8.5% to their lowest level since December 2012 in early trading on Friday. The company posted organic growth of 0.1% against analyst expectations of 0.7% for the quarter and put its 2020 targets under review. Brokerage Liberum downgraded Publicis to “hold” from “b
Shares of ad giant Publicis plunge after cut to revenue guidance Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lucy handley
Keywords: news, cnbc, companies, plunge, liberum, giant, north, america, guidance, main, company, shares, publicis, weakness, ad, growth, cut, revenue


Shares of ad giant Publicis plunge after cut to revenue guidance

Shares in French advertising conglomerate Publicis slumped after the group cut its 2019 revenue growth guidance.

Late Thursday, the company reported lower-than-expected revenue for the second-quarter of 2019. Shares of Publicis plunged 8.5% to their lowest level since December 2012 in early trading on Friday.

The company posted organic growth of 0.1% against analyst expectations of 0.7% for the quarter and put its 2020 targets under review.

Arthur Sadoun, the company’s chair and chief executive, said the company’s $4.4 billion acquisition of data marketing business Epsilon was the main reason for the review.

North America, one of its main markets, was down 1.7%, due to some of its consumer-packaged goods (CPG) clients spending less on traditional advertising, the company said in a statement. CPG makes up around 25% of its clients overall.

Brokerage Liberum downgraded Publicis to “hold” from “buy,” according to Reuters. “Operationally, the weakness in North America is the biggest concern given Publicis is the strongest player in North American media buying, which should be the highest margin part of the business and we now have two major agencies (WPP and Publicis) both having weakness in North America, which raises questions as to what is happening in this particular market,” Liberum wrote.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lucy handley
Keywords: news, cnbc, companies, plunge, liberum, giant, north, america, guidance, main, company, shares, publicis, weakness, ad, growth, cut, revenue


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European stocks slightly higher on hopes of a Fed rate cut; Publicis down 8.5%

European stocks traded cautiously higher on Friday as market players increase their bets the U.S. Federal Reserve will cut interest rates this month. Industrials were the strongest performers with a 0.7% climb while media stocks fell 0.7% on the back of a sharp share price fall for French advertiser Publicis. New York Fed President John Williams said the Fed should “act quickly” while the economy is slowing and rates are low. However, a New York Fed spokesperson tried to temper those expectation


European stocks traded cautiously higher on Friday as market players increase their bets the U.S. Federal Reserve will cut interest rates this month. Industrials were the strongest performers with a 0.7% climb while media stocks fell 0.7% on the back of a sharp share price fall for French advertiser Publicis. New York Fed President John Williams said the Fed should “act quickly” while the economy is slowing and rates are low. However, a New York Fed spokesperson tried to temper those expectation
European stocks slightly higher on hopes of a Fed rate cut; Publicis down 8.5% Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, target, stocks, rate, williams, trade, billion, hopes, 85, shares, slightly, european, higher, publicis, york, fed, cut


European stocks slightly higher on hopes of a Fed rate cut; Publicis down 8.5%

European stocks traded cautiously higher on Friday as market players increase their bets the U.S. Federal Reserve will cut interest rates this month.

The pan-European Stoxx 600 was trading just above the flatline toward midday, having pared earlier gains. Industrials were the strongest performers with a 0.7% climb while media stocks fell 0.7% on the back of a sharp share price fall for French advertiser Publicis.

Markets were initially buoyed by comments from a top Fed official on Thursday that suggested the central bank would implement a pre-emptive “insurance” rate cut aimed at averting a major slump in economic growth.

New York Fed President John Williams said the Fed should “act quickly” while the economy is slowing and rates are low. “It’s better to take preventative measures than to wait for disaster to unfold,” he said in a speech Thursday.

However, a New York Fed spokesperson tried to temper those expectations after Williams’ speech, telling CNBC that his comments were part of an academic talk and “not about potential policy actions.”

Meanwhile, geopolitical tensions between the U.S. and Iran have given oil prices a boost. The U.S. said it had shot down an Iranian drone in the Strait of Hormuz, a key chokepoint for global crude flows. But Iran later denied the claims.

Elsewhere, investors looked for signs of progress in the U.S.-China trade dispute. U.S. and Chinese officials spoke over the phone Thursday, with Treasury Secretary Steven Mnuchin suggesting face-to-face talks could follow.

In terms of individual stocks, shares of Galapagos climbed 7.1% in morning trade after KBC Securities raised its price target on the Amsterdam-listed stock. AB InBev shares climbed 4.3% after it announced the sale of its Australian unit to Asahi.

At the other end of the European blue chip index, Publicis saw its shares fall 8.5% in early trade to their lowest level since December 2012, after the French advertising giant cut its revenue target following disappointing second-quarter results.

As for economic data, the European Central Bank said Friday that in the 12-month period to May, the euro zone’s current-account surplus widened to 30 billion euros ($33.7 billion) from 22 billion in April.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: elliot smith ryan browne, elliot smith, ryan browne
Keywords: news, cnbc, companies, target, stocks, rate, williams, trade, billion, hopes, 85, shares, slightly, european, higher, publicis, york, fed, cut


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Stocks making the biggest moves midday: Gannett, Microsoft, CrowdStrike, AMC & more

CrowdStrike Holdings — Shares of CrowdStrike climbed 15% after the cybersecurity company released its first quarterly results since its IPO in June. The company’s results were largely in line with estimates. Citizens Financial — The financial services company reported earnings per share of 95 cents a share, topping an analyst estimate and sending the stock up more than 6%. On Thursday, the company reported earnings per share of $3.28 on $7.12 billion in revenue. State Street — State Street share


CrowdStrike Holdings — Shares of CrowdStrike climbed 15% after the cybersecurity company released its first quarterly results since its IPO in June. The company’s results were largely in line with estimates. Citizens Financial — The financial services company reported earnings per share of 95 cents a share, topping an analyst estimate and sending the stock up more than 6%. On Thursday, the company reported earnings per share of $3.28 on $7.12 billion in revenue. State Street — State Street share
Stocks making the biggest moves midday: Gannett, Microsoft, CrowdStrike, AMC & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: fred imbert
Keywords: news, cnbc, companies, biggest, revenue, stocks, midday, making, microsoft, amc, company, share, shares, results, gannett, companys, crowdstrike, earnings, billion, street, moves, reported


Stocks making the biggest moves midday: Gannett, Microsoft, CrowdStrike, AMC & more

Traders work on the floor of the New York Stock Exchange (NYSE) the morning after Donald Trump won a major upset in the presidential election on November 9, 2016 in New York City.

Check out the companies making headlines midday:

Microsoft — Microsoft hit an all-time high following the company’s announcement of better-than-expected quarterly results. The company earned $1.37 per share, compared to a Refinitiv estimate of $1.21 per share. The company also beat revenue expectations, pulling in $33.72 billion, compared to a $32.77 billion consensus projection. The company’s strong results were driven by a 39% jump in cloud revenue.

Gannett — Gannet shares soared 20% after the Wall Street Journal reported that the USA Today publisher and GateHouse Media, another newspaper publisher, were in “advanced ” discussions about a merger.

CrowdStrike Holdings — Shares of CrowdStrike climbed 15% after the cybersecurity company released its first quarterly results since its IPO in June. The company’s results were largely in line with estimates. However, its revenue more than doubled on a year-over-year basis.

AMC Entertainment — AMC Entertainment rose 9.6% after Credit Suisse initiated the movie theater chain as outperform. Credit Suisse noted its “bottom-up film forecast suggests industry box office growth for the next three quarters,” which it believes should “bolster investor sentiment as AMC’s ticket prices begin to normalize.”

American Express — American Express reported quarterly earnings and revenue that topped analyst expectations. The company posted earnings per share of $2.07 on $10.84 billion in revenue. Analysts polled by Refinitiv expected a profit of $2.04 per share on $10.82 billion in sales. However, American Express shares slid more than 2%.

Gentex — Gentex shares rallied more than 9% after the company, which makes commercial smoke detectors, posted earnings and revenue that were better than expected. The company reported second-quarter earnings per share of 42 cents on revenue of $468.7 million. Wall Street expected the company to report earnings per share of 40 cents on sales of $463.7 million.

Citizens Financial — The financial services company reported earnings per share of 95 cents a share, topping an analyst estimate and sending the stock up more than 6%. Citizens’ better-than-expected profit was driven by higher income from fees.

MSG Networks — Shares of MSG Networks slid 5.8% after an analyst at J.P. Morgan downgraded the regional television company to underweight from neutral. The analyst cited weakening subscriber revenue and moved the bank’s price target on the stock to $19 per share from $23.

Capital One Financial — Shares of Capital One rose 2.1% after the financial firm beat second-quarter estimates on the top and bottom lines. On Thursday, the company reported earnings per share of $3.28 on $7.12 billion in revenue. Analysts expected earnings of $2.87 per share and $7 billion in revenue, according to Refinitiv. CEO Richard Fairbank attributed the strong quarter to the success of the company’s ongoing “digital transformation.”

State Street — State Street shares jumped 6.7% on quarterly numbers that topped estimates. The financial services company posted earnings per share of $1.45 on sales of $2.873 billion. Wall Street analysts had forecast a profit of $1.39 per share on sales of $2.865 billion. The company also said its cost-cutting measures are expected to save it $400 million.

Cleveland-Cliffs — The mining and natural resource company’s stock jumped 4% after beating second quarter estimates for earnings and revenue. Cleveland-Cliffs reported $0.57 per share versus a Refinitiv estimate of $0.52 per share. “The New Normal in the global iron ore market has started to influence our results, offsetting weak steel prices in the United States during the second quarter,” CEO Lourenco Goncalves said in a statement.

Medallia — Medallia soared more than 76% on Friday as the software company’s initial public offering led to one of the year’s best debuts. The San Francisco-based company, which creates software to improve customer satisfaction, priced at $21 per share on Thursday night but quickly surpassed $30 per share once trading began.

—CNBC’s Mallika Mitra, Jesse Pound, Elizabeth Myong and Marc Rod contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: fred imbert
Keywords: news, cnbc, companies, biggest, revenue, stocks, midday, making, microsoft, amc, company, share, shares, results, gannett, companys, crowdstrike, earnings, billion, street, moves, reported


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JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.” The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround. “As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement. Also, given our strong liquidity position we ca


J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.” The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround. “As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement. Also, given our strong liquidity position we ca
JC Penney: We haven’t hired advisors ‘to prepare for an in-court restructuring or bankruptcy’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lauren thomas
Keywords: news, cnbc, companies, stores, bankruptcy, hired, prepare, advisors, department, restructuring, past, company, penney, debt, havent, store, shares, incourt, jc


JC Penney: We haven't hired advisors 'to prepare for an in-court restructuring or bankruptcy'

J.C. Penney on Friday afternoon said it hasn’t hired any advisors to prepare for an “in-court restructuring or bankruptcy.”

The statement followed a report Thursday evening that the embattled department store chain had hired advisors to explore debt restructuring options, potentially buying it more time for a turnaround.

“As a public company, we routinely hire external advisors to evaluate opportunities for the Company,” Penney said in a statement.

“By working with some of the best firms in the industry, we are taking positive and proactive measures, as we have done in the past, to improve our capital structure and the long-term health of our balance sheet. We have no significant debt maturities coming due in the near term, and we continue to maintain a strong liquidity position. Also, given our strong liquidity position we can confirm that we have not hired any advisors to prepare for an in-court restructuring or bankruptcy.”

Penney has roughly $4 billion in debt coming due in the next few years, with more than $1.5 billion currently available under a revolving credit line, according to SEC filings.

The Plano, Texas-based retailer’s sales continue to dwindle, as the company hasn’t been able to invest in the latest tech, modern fixtures and other ways to draw shoppers into stores. Penney’s apparel business also hasn’t been able to keep pace with fast-fashion players such as Zara. And the department store sector as a whole is troubled, with more and more consumers shopping directly with brands such as Nike and Kate Spade, bypassing wholesalers.

Luxury department store chain Barneys New York, for example, is making preparations for a bankruptcy filing that could come as soon as this month, people familiar have told CNBC. Nordstrom is trading nearly $20 a share lower than a $50-a-share buyout offer it rejected two years ago as too low. Saks owner Hudson’s Bay Company is considering going private after its shares fell nearly 50% in the year through June. And shares of Macy’s are down 40% through the past year.

Still pruning its real estate, Penney has said it plans to shut 18 of its department stores in 2019, with additional closures a possibility if the situation doesn’t improve. Penney still operates more than 800 stores across the country. And some analysts have estimated it could still need to shut more than 100.

According to the report on Thursday, Penney in recent weeks had been talking with lawyers and bankers who specialize in advising troubled companies on debt restructurings and other financial workouts.

Penney shares were down more than 17.5% by Friday afternoon to trade below $1. The stock has fallen more than 60% over the past 12 months. Shares, which have a market value of roughly $285.5 million, sank below $1 for the first time in December 2018.

— CNBC’s Lauren Hirsch contributed to this report.

WATCH: Retail is not lousy, retailers are lousy: Expert


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: lauren thomas
Keywords: news, cnbc, companies, stores, bankruptcy, hired, prepare, advisors, department, restructuring, past, company, penney, debt, havent, store, shares, incourt, jc


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Dow falls 150 points, heads for 3-day losing streak

Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results. The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter. IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT di


Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results. The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter. IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT di
Dow falls 150 points, heads for 3-day losing streak Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, offset, 05, wall, streak, reported, dow, 150, betterthanexpected, shares, wealth, growth, falls, fell, heads, points, 3day, losing, earnings


Dow falls 150 points, heads for 3-day losing streak

Stocks fell for a third straight day on Thursday as Wall Street digested a mixed batch of corporate earnings results.

The Dow Jones Industrial Average dropped 150 points, or 0.5%, while the S&P 500 slid 0.4%. The Nasdaq Composite lagged, falling 0.6%.

Netflix shares plunged more than 11% after the streaming giant reported a surprise loss in U.S. subscribers coupled with slower-than-expected international membership growth. Those metrics — which are key for Netflix — offset a better-than-expected earnings per share result for the previous quarter.

IBM shares, meanwhile, briefly fell at the open before recovering after the company reported its fourth consecutive revenue decline. Declining sales from IBM’s IT division offset growth in its cloud business.

Morgan Stanley posted better-than-expected quarterly results, driven by its wealth management and fund divisions. The stock rose 0.5%.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: fred imbert
Keywords: news, cnbc, companies, offset, 05, wall, streak, reported, dow, 150, betterthanexpected, shares, wealth, growth, falls, fell, heads, points, 3day, losing, earnings


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Analysts stick by plunging Netflix shares, see comeback this quarter driven by ‘Stranger Things’

Wall Street analysts were urging clients to remain calm in the wake of Netflix’s disappointing earnings report. The company said Wednesday after the bell that it only added 2.7 million global subscribers in the second quarter while Wall Street expected the number to be closer to 5 million. Many analysts are already predicting the streaming giant will bounce back in the third quarter, anchored by its original show, “Stranger Things.” Strong content is still going to be the backbone for Netflix dr


Wall Street analysts were urging clients to remain calm in the wake of Netflix’s disappointing earnings report. The company said Wednesday after the bell that it only added 2.7 million global subscribers in the second quarter while Wall Street expected the number to be closer to 5 million. Many analysts are already predicting the streaming giant will bounce back in the third quarter, anchored by its original show, “Stranger Things.” Strong content is still going to be the backbone for Netflix dr
Analysts stick by plunging Netflix shares, see comeback this quarter driven by ‘Stranger Things’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: michael bloom
Keywords: news, cnbc, companies, shares, quarter, netflix, analysts, comeback, strong, stranger, netflixs, street, subscriber, driven, stick, plunging, slate, wall, things


Analysts stick by plunging Netflix shares, see comeback this quarter driven by 'Stranger Things'

Wall Street analysts were urging clients to remain calm in the wake of Netflix’s disappointing earnings report.

The company said Wednesday after the bell that it only added 2.7 million global subscribers in the second quarter while Wall Street expected the number to be closer to 5 million. It also reported an unexpected loss in U.S. subscribers.

Shares of Netflix were down more than 10% to $323.24 in midmorning trading Thursday.

Many analysts are already predicting the streaming giant will bounce back in the third quarter, anchored by its original show, “Stranger Things.”

“Early 3Q trends are strong, led by Stranger Things S3, & we believe churn rates have receded closer to pre-price increase levels,” J.P. Morgan analyst Doug Anmuth said.

Strong content is still going to be the backbone for Netflix driving subscriber growth going forward, analysts say.

“Conversely, in 2H’19, there should be a positive impact from an improving slate and we are, therefore, optimistic about the company’s opportunity to grow subscriber additions y/y in a FY basis,” said Piper Jaffray’s Michael Olson.

“Some will say this miss suggests maturation or lack of pricing power; we see neither. We would note Netflix misses have been followed by strong qtrs, and, along those lines, we expect Netflix’s very strong 2H slate will lead to a rebound in sub growth,” Credit Suisse analysts said.

In fact, the second quarter has traditionally been rough, according to analysts at Raymond James.

“The reality is 2Q has been a tough quarter for three of the past four years, and it’s likely a combination of factors driving softness,” they said.

“It will likely take strong results over the next two quarters to refute these controversies and drive a more meaningful move higher.”

Here’s what else the major analysts are saying about Netflix’s earnings report:


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: michael bloom
Keywords: news, cnbc, companies, shares, quarter, netflix, analysts, comeback, strong, stranger, netflixs, street, subscriber, driven, stick, plunging, slate, wall, things


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Cramer: Netflix went from ‘easy money to hard money’ in one fell swoop

In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.” And if you have to guess, it’s no longer easy money, it’s hard,” the host said. And I’d much rather chase easy money every day of the week than ha


In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.” And if you have to guess, it’s no longer easy money, it’s hard,” the host said. And I’d much rather chase easy money every day of the week than ha
Cramer: Netflix went from ‘easy money to hard money’ in one fell swoop Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tyler clifford
Keywords: news, cnbc, companies, maybe, host, fell, netflix, cramer, services, price, shares, went, easy, money, swoop, hard


Cramer: Netflix went from 'easy money to hard money' in one fell swoop

The once-consistent Netflix has “suddenly become erratic” as investors grapple with the company’s second-quarter subscriber woes, CNBC’s Jim Cramer said Thursday.

The share price tumbled more than 10% during the session and the reaction from portfolio managers influenced moves in the rest of the market as the averages digested earnings, he said. The Dow Jones Industrial Average added a little more than 3 points, snapping a two-day losing streak. The S&P 500 gained 0.36% and the Nasdaq Composite rose 0.27%.

“We’ve seen Netflix stumble before, especially maybe after a price hike, but not quite like this. In one fell swoop, Netflix went from easy money to hard money,” the “Mad Money” host said. “In a single quarter, Wall Street went from sanguine to skeptical.”

Netflix shares surged in January after the video platform announced that it would raise prices between 13% and 18%. A basic plan was increased to $9 from $8 and its most expensive plan increased to $16 from $14.

The domestic subscription based shrunk by 126,000 in the second quarter, which Netflix attributed to multiple factors including regional price increases and a “pull-forward effect” from the first quarter.

“I’ll blame myself. I got it wrong,” Cramer said. “We thought Netflix was the kind of company that could raise prices with impunity. If that’s not the case, we need to take it out of the bin of consistency and put it in the bin of the episodic and perhaps even, heaven forbid, dispensable.”

Netflix also faces more competition from companies such as Disney and Comcast-subsidiary NBCUniversal, who have plans to launch their own streaming services and pull their respective popular TV shows “The Office” and “Friends” from the platform. Last month, Cramer ranked Netflix second to Disney on his list of the top seven streaming services to invest in.

For the amount of content that consumers can get on Netflix, the host said he thought a price increase would not have a negative impact on the subscriber base.

“This makes it a much less compelling story,” he said. “I have a very simple rule of thumb, here in Cramerica: Always go for the easy money not the hard money, no matter how much you might be tempted.”

Cramer said that Netflix can no longer be compared to the likes of Costco, Amazon Prime, Spotify or Apple, who all offer services people are willing to pay for “without thinking about it.” He’s not alone: Gene Munster, founding partner of Loup Ventures, said he thinks the company’s best days are behind it.

“If it’s not part of that club, you have to guess how much people are willing to shell out what they’re paying. And if you have to guess, it’s no longer easy money, it’s hard,” the host said.

Netflix’s stock price lost more than 37 points, closing down Thursday at $325.21 per share. Shares are up more than 21% in 2019, but down more than 13% in the past year.

“I’m not saying it’s a bad story, maybe it’s already making a comeback,” Cramer said. But, then again, maybe it’s not — and that’s why it’s hard money. And I’d much rather chase easy money every day of the week than hard money ever.”

Disclosure: Cramer’s charitable trust owns shares of Amazon, Apple, Disney and Comcast. NBCUniversal is the parent company of CNBC.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: tyler clifford
Keywords: news, cnbc, companies, maybe, host, fell, netflix, cramer, services, price, shares, went, easy, money, swoop, hard


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Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast

A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019. Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO. For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s growth initiatives include expa


A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019. Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO. For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s growth initiatives include expa
Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, loss, forecast, release, york, ipo, quarter, stock, pet, rises, shares, chewy, sales, narrows, pharmacy, company, line, million, results


Chewy stock rises after release of its first results since IPO, loss narrows in line with forecast

A dog sits in front of the New York Stock Exchange (NYSE) during Chewy Inc.’s initial public offering (IPO) in New York, U.S., on Friday, June 14, 2019.

Chewy shares rose Thursday after the pet e-tailer reported first-quarter sales climbed 45% as its loss narrowed, in line with the forecast it issued at the time of its recent IPO.

For the quarter ended May 5, Chewy said its loss narrowed to $29.6 million from a loss of $59.8 million in the year-ago period. Chewy’s profitability has been a concern for some. Dog food is heavy, and therefore expensive to ship.

Sales rose to $1.1 billion from $763.5 million a year ago, continuing Chewy’s strong momentum with pet owners. The company reported roughly 11.3 million active customers for the quarter and $343 in net sales per active customer.

Chewy’s growth initiatives include expansion of its private label business and the launch of Chewy Pharmacy, an online pet pharmacy. In the first quarter, Chewy opened a pharmacy in its Phoenix, Arizona, fulfillment center. It also rolled out improvements to its mobile app.

The retailer recorded auto-ship sales of $743.9 million, up nearly 56% from the quarter prior.

The first-quarter results, which are in line with previous guidance set forth in the company’s prospectus for its June initial public offering, sent shares of Chewy up about 1% in aftermarket trading. Shares of the company are down 9.5% since its debut, which had valued the company at more than $14 billion.

Chewy, founded in 2011 by Ryan Cohen and Michael Day, calls itself the “largest pure-play pet e-tailer in the United States.” It has distinguished itself from many of its competitors with customer service that includes 24/7 access and two-day shipping of online orders.

PetSmart, which is backed by private equity firm BC Partners, acquired Chewy in 2017 for $3 billion.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: lauren hirsch
Keywords: news, cnbc, companies, loss, forecast, release, york, ipo, quarter, stock, pet, rises, shares, chewy, sales, narrows, pharmacy, company, line, million, results


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Stocks making the biggest moves midday: CSX, Nu Skin, Ralph Lauren, Seattle Genetics & more

The company’s results were driven by strong organic revenue growth in uniforms and First Aid kits. Abbott Laboratories — The healthcare company’s stock gained 3.7% after it raised earnings guidance. The company’s results were impacted by lower trading commissions and an 8% rise in expenses. Seattle Genetics — Seattle Genetics rose over 18% as investors cheered record sales of Adcetris, a drug used to treat Hodgkin’s lymphoma. Piper Jaffray raised the company’s stock to overweight from neutral, c


The company’s results were driven by strong organic revenue growth in uniforms and First Aid kits. Abbott Laboratories — The healthcare company’s stock gained 3.7% after it raised earnings guidance. The company’s results were impacted by lower trading commissions and an 8% rise in expenses. Seattle Genetics — Seattle Genetics rose over 18% as investors cheered record sales of Adcetris, a drug used to treat Hodgkin’s lymphoma. Piper Jaffray raised the company’s stock to overweight from neutral, c
Stocks making the biggest moves midday: CSX, Nu Skin, Ralph Lauren, Seattle Genetics & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: fred imbert
Keywords: news, cnbc, companies, seattle, stock, earnings, sales, company, lauren, stocks, share, cents, companys, skin, nu, revenue, shares, midday, results, making, moves, ralph, genetics


Stocks making the biggest moves midday: CSX, Nu Skin, Ralph Lauren, Seattle Genetics & more

Traders work on the floor of the New York Stock Exchange (NYSE) in New York.

Check out the companies making headlines midday on Wednesday:

CSX — CSX dropped more than 10% after the transportation company’s second-quarter earnings missed estimates and it cut its revenue forecast. CSX reported earnings of $1.08 on revenue of $3.06 billion. Analysts surveyed by Refinitiv were expecting earnings per share of $1.11 on revenue of $3.14 billion. CSX executives say the company’s disappointing second-quarter earnings were due to a “softer industrial environment. ”

Cintas — Shares of Cintas, which manufactures uniforms, jumped 7.6% to a new 52-week high profits topped estimates. The company’s results were driven by strong organic revenue growth in uniforms and First Aid kits.

Bank of New York Mellon — The New York-based bank reported better-than-expected earnings for the second quarter, sending its stock up 2.5%. Bank of New York Mellon posted earnings per share of $1.01 while analysts polled by Refinitv expected a profit of 95 cents per share. The company’s results were driven by stronger-than-forecast fee revenue.

Comerica — Comerica shares slid 3.1% after the bank reported weaker-than-forecast quarterly numbers. The company posted earnings per share of $1.94 on revenue of $853 million. Analysts expected a profit of $2 per share on sales of $859 million. A lower-than-expected net interest income weighed on Comerica’s results.

Abbott Laboratories — The healthcare company’s stock gained 3.7% after it raised earnings guidance. The company expects earnings per share for fiscal 2019 to range between $3.21 per share and $3.27, up from a range of $3.15 and $3.25.

Interactive Brokers — Shares of the online brokerage fell 2.4% after reporting disappointing 2019 Q2 earnings. The company’s second quarter earnings-per-share were 46 cents. Analysts polled by Refinitiv expected a profit of 53 cents per share. The company’s results were impacted by lower trading commissions and an 8% rise in expenses.

Seattle Genetics — Seattle Genetics rose over 18% as investors cheered record sales of Adcetris, a drug used to treat Hodgkin’s lymphoma. The company said Adcetris generated $159 million in U.S. and Canada sales. The Adcetris overshadowed mixed quarterly results. Piper Jaffray raised the company’s stock to overweight from neutral, citing the drug’s strong performance.

Nu Skin Enterprises — Shares of Nu Skin Enterprises plunged more than 18%, hitting a new 52-week low, after the health and beauty products distributor said China’s crackdown on health products is weighing on sales. The company pre-announced disappointing second-quarter results and slashed its full-year 2019 earnings forecast.

Levi Strauss — Shares of Levi Strauss dropped 5.1% after the apparel company was downgraded by Goldman Sachs to sell from neutral. The bank cited a high valuation relative to peers and skepticism that the denim company could expand its margins.

Farfetch — An analyst at BTIG initiated Farfetch with a buy rating and a $26 price target, sending the stock up 3.9%. The analyst cited “ample avenues” for the luxury goods retailer to expand it total addressable market.

Ralph Lauren — Ralph Lauren shares fell 4.4% after Goldman Sachs downgraded the clothing company to sell from neutral, citing headwinds in the company’s core North American market and “brand-specific challenges.”

Redfin — Redfin shares rose 2.8% after an analyst at Susquehanna upgraded the real estate company to positive from neutral, citing an “attractive” risk/reward trade off.

Bank of America — The bank’s stock rose 1.7% on stronger-than-expected second-quarter results that were driven by the company’s retail banking operation. Bank of America posted a profit of 74 cents per share on revenue of $23.23 billion. Analysts polled by Refinitiv expected earnings of 71 cents and sales of $23.195 billion.

—CNBC’s Marc Rod, Mallika Mitra, Elizabeth Myong and Jesse Pound contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: fred imbert
Keywords: news, cnbc, companies, seattle, stock, earnings, sales, company, lauren, stocks, share, cents, companys, skin, nu, revenue, shares, midday, results, making, moves, ralph, genetics


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Andrew Left’s Citron Capital posted net return of 24.7% in first half of 2019

Andrew Left’s Citron Capital posted a net return of 24.7% after fees and expenses in the first half of 2019, according to an investment letter posted on the fund’s website Wednesday, but said “it has been an extraordinarily challenging environment to be a short seller.” In Citron’s investment letter, the firm said: “While Citron can’t justify Beyond Meat’s (BYND) absurd valuation, we cannot ignore unfavorable technical dynamics (e.g., tight float and high borrow cost). In May, Left said Citron b


Andrew Left’s Citron Capital posted a net return of 24.7% after fees and expenses in the first half of 2019, according to an investment letter posted on the fund’s website Wednesday, but said “it has been an extraordinarily challenging environment to be a short seller.” In Citron’s investment letter, the firm said: “While Citron can’t justify Beyond Meat’s (BYND) absurd valuation, we cannot ignore unfavorable technical dynamics (e.g., tight float and high borrow cost). In May, Left said Citron b
Andrew Left’s Citron Capital posted net return of 24.7% in first half of 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, left, trading, short, investment, citron, andrew, letter, 247, lefts, net, posted, capital, half, shares, meat, return, position, 2019


Andrew Left's Citron Capital posted net return of 24.7% in first half of 2019

Andrew Left’s Citron Capital posted a net return of 24.7% after fees and expenses in the first half of 2019, according to an investment letter posted on the fund’s website Wednesday, but said “it has been an extraordinarily challenging environment to be a short seller.”

Citron said in the letter that the firm was able to find opportunities in the initial public offering market betting against shares of Jumia Technologies and betting on disruptive business models such as Revolve.

Citron also made remarks on its stance in shares of Beyond Meat, which Left in May said on Twitter he was shorting because valuations had become “Beyond Stupid.”

In Citron’s investment letter, the firm said: “While Citron can’t justify Beyond Meat’s (BYND) absurd valuation, we cannot ignore unfavorable technical dynamics (e.g., tight float and high borrow cost). We were able to capitalize on trading around our position in Beyond Meat, which was another top contributor to fund performance during 1H 2019.”

In May, Left said Citron believed Beyond Meat shares would go back to $65 a share. Beyond Meat shares are currently trading around $170 a share.

In June, Left confirmed to CNBC that he had covered his short position in the stock.


Company: cnbc, Activity: cnbc, Date: 2019-07-17
Keywords: news, cnbc, companies, left, trading, short, investment, citron, andrew, letter, 247, lefts, net, posted, capital, half, shares, meat, return, position, 2019


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