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MarketWatch MarketPulseAug 06, 2020
Bristol-Myers Squibb's stock is up on better-than-expected earnings
Shares of Bristol-Myers Squibb gained 4.2% in premarket trading on Thursday on better-than-expected earnings and a positive patent ruling for its blockbuster blood thinner Eliquis that was announced Wednesday evening. The drugmaker had a loss of $85 million, or 4 cents a share, in the second quarter of 2020. It had a gain of $1.4 billion, or 87 cents a share, in the same quarter a year ago. Adjusted earnings per share for the second quarter were $1.63 per share. The FactSet consensus was $1.48. Sales jumped to $10.1 billion for the quarter, up from $6.2 billion in the same quarter in 2019, against a FactSet consensus of $10.0 billion. The revenue increase was primarily driven by the company's acquisition of Celgene, which closed in November. Bristol said that it had expected a $600 million hit to sales for the quarter as a result of lower demand for its products during the pandemic. Sales of Eliquis gained 6% to $2.1 billion during the quarter, while revenue for the cancer therapy Opdivo tumbled 9% to $1.6 billion. Bristol's stock is down 7.0% for the year, while the S&P 500 has rallied 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Papa John's stock falls after earnings beat but revenue falls short
Shares of Papa John's International Inc. fell 2.2% in Thursday premarket trading after the pizza delivery chain reported second-quarter revenue that was below expectations. Net income totaled $15.7 million, or 48 cent per share, up from $4.9 million, or 15 cents per share, last year. Revenue totaled $460.6 million, up from $399.6 million last year. Sales for the quarter reached a record, according to a statement from Chief Executive Rob Lynch. The FactSet consensus was for EPS of 47 cents and revenue of $467.0 million. North American comparable sales rose 28% while international comparable sales were up 5.3%. The FactSet consensus was for domestic growth of 11.1% and international growth of 3%. Papa John's hired 20,000 workers during the quarter and will add another 10,000. Papa John's stock has rallied 57% for the year to date while the S&P 500 index [s:s px] is up 3% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Gannett's stock sinks after swinging to loss, revenue rises after acquisition
Shares of USA Today parent Gannett Co. Inc. slumped 4.8% in premarket trading to reverse an earlier gain, after the media company reported it swung to a large second-quarter loss after an impairment charge while revenue rose 90%, boosted by the Legacy Gannett acquisition. The net loss was $436.9 million, or $3.32 a share, in the year-ago period, after net income of $2.8 million, or 5 cents a share, in the year-ago period. The results included $394 million goodwill and impairment charge and $66.3 million of depreciation and amortization. Revenue rose to $767.0 million from $404.4 million, as advertising and marketing services revenue grew 74% to $356.9 million and circulation revenue jumped 127% to $342.6 million. The one analyst surveyed by FactSet was expecting revenue of $744.0 million. Digital advertising and marketing revenue totaled $168.8 million, or 22% of total revenue, while digital-only subscribers increased 31% to 927,000. The stock has tumbled 73.8% year to date through Wednesday, while the S&P 500 has gained 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Vista Outdoor's stock soars after surprise profit and sales beat, upbeat guidance
Shares of Vista Outdoor Inc. soared 13.5% toward a near three-year high in premarket trading Thursday, after the ammunition and outdoor gear seller reported a surprise fiscal first-quarter profit and sales that rose well above expectations, and provided an upbeat second-quarter outlook. For the quarter to June 28, the company swung to net income of $40.5 million, or 69 cents a share, from a loss of $16.6 million, or 29 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 51 cents, while the FactSet consensus was for a breakeven quarter. Sales rose 4.2% to $479.1 million, well above the FactSet consensus of $405.8 million. Shooting sports sales increased 8% to $334 million, driven by continued demand for personal protection and a resurgence in outdoor recreation activities, to offset a 4% decline in outdoor products sales to $145 million, as the COVID-19 pandemic hurt hydration and golf sales. For the fiscal second quarter, Vista expects sales of $495 million to $515 million, above the current FactSet consensus of $468 million. "We had an incredible start to our fiscal year, and we see continued strength going forward in both our Outdoor Products and Shooting Sports segments, with increasing participation rates across all of our categories," said Chief Executive Chris Metz. The stock, which is on track to open at the highest price seen during regular-session hours since November 2017, has more than doubled (up 143.9%) year to date through Wednesday, while the S&P 500 has gained 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseAug 06, 2020
Norwegian Cruise's stock falls after swinging to wider-than-expected loss as revenue plunged 99%
Shares of Norwegian Cruise Line Holdings Ltd. dropped 2.8% in premarket trading Thursday, after the cruise operator swung to a wider-than-expected loss with revenue tumbling 99.0% to miss forecasts, as operations remain suspended amid the COVID-19 pandemic. The net loss was $715.2 million, or $2.99 a share, after net income of $240.2 million, or $1.11 a share, in the year-ago period. Excluding non-recurring items, such as expenses related to the extinguishment and modifications of debt, the adjusted loss per share was $2.78, compared with the FactSet consensus of $2.26. Revenue fell to $16.9 million from $1.66 billion, as passenger ticket revenue declined 98.8% to $13.8 million and onboard and other revenue sank 99.4% to $3.1 million. The company now expects monthly cash burn of $160 million during the suspension of operations, which is at the high end of previous expectations due to additional interest expense related to a July capital raise, maintaining more ships in warm layup, increased costs associated with travel restrictions for crew and additional marketing investments. The stock has tumbled 76.5% year to date through Wednesday, while the S&P 500 has gained 3.0%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



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