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MarketWatch MarketPulseOct 21, 2020
Abbott Labs tops Q3 profit and sales estimates, offers upbeat guidance despite pandemic
Abbott Laboratories posted stronger-than-expected third-quarter earnings Wednesday and offered upbeat guidance for the full year, despite the uncertainty created by the pandemic. The company posted net income of $1.232 billion, or 69 cents a share, in the quarter, up from $960 million, or 53 cents a share, in the year-earlier period. Adjusted per-share earnings came to 98 cents, well ahead of the 91 cents FactSet consensus. Sales rose 9.6% to $8.853 billion from $8.076 billion, also ahead of the $8.539 billion FactSet consensus. The company received FDA emergency use authorization for is rapid COVID-19 test in August, with the test delivering results in 15 minutes. The company is now expecting full-year EPS of at least $2.35 and adjusted EPS of at least $3.55, compared with a current FactSet consensus of $3.34. "Our strong results and increased guidance are a direct reflection of our ability to innovate and deliver despite challenging conditions," during the pandemic, CEO Robert B. Ford said in a statement. Shares rose 1.4% premarket and have gained 25% in the year to date, while the S&P 500 has gained 6.6%.

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Yahoo BusinessOct 21, 2020
Xilinx Profit Tops Estimates, Sees Return to Growth
(Bloomberg) -- Xilinx Inc., the chipmaker in takeover talks with Advanced Micro Devices Inc., reported earnings that beat Wall Street estimates and said revenue will start rowing again in the current period.Sales will be $750 million to $800 million in the three months ending in December, the San Jose, California-based company said. Revenue even at the low end of the forecast would represent the company's first quarter of year-over-year growth in five such periods. Analysts on average projected $774 million.Xilinx Chief Executive Officer Victor Peng is trying to spread the use of his company's products into new areas such as data centers while combating the impact of disappearing sales to Huawei Technologies Co. and the global pandemic. The company is also negotiating a possible takeover by AMD, according to people familiar with the matter. Xilinx executives, speaking on a conference call, declined to discuss the potential deal.The chipmaker is confident the effort to push into data centers can sustain double-digit growth, even if orders are "choppy," Peng said. Xilinx reported that data center sales were up 30% in the fiscal second quarter and now account for 14% of the company's total revenue. "The data center market is being disrupted and we offer a lot of value," he said in an interview.While Xilinx sales come primarily from industrial and communications equipment makers, it's carving out a new niche in supplying owners of large data centers who use the chips to accelerate certain workloads. Its field programmabl

Wall Street Journal US BusinessOct 21, 2020
Chipotle Books Record Sales From Online Orders
Chipotle Mexican Grill reported its largest-ever quarterly sales as online orders helped offset lost restaurant traffic during the coronavirus pandemic, though the shift created costs that are weighing on profit.
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