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MarketWatch MarketPulseAug 06, 2020
ViacomCBS shares soar 6% premarket after earnings top estimates despite ad slowdown
ViacomCBS Inc. shares rose 6% premarket Thursday, after the company posted better-than-expected profit and sales for the second quarter, even as the coronavirus pandemic hurt advertising revenue. The company said it had net income of $478 million, or 77 cents a share, in the quarter, down from $971 million, or $1.57 a share, in the year-earlier period. Adjusted per-share earnings came to $1.25, ahead of the 95 cents FactSet consensus. Revenue fell 12% to $6.275 billion from $7.143 billion, also ahead of the FactSet consensus of $6.181 billion. "Despite the impact of COVID-19 on revenue in the quarter, we're successfully managing through the effects of the pandemic, reaffirming the strength of our combined operations," Chief Executive Bob Bakish said in a statement. Affiliate revenue rose 2%, while advertising revenue fell 27%, hurt as COVID-19 dampened global demand. Domestic streaming and digital video revenue rose 25% to $489 million. Content licensing revenue was flat, and theatrical revenue was "immaterial" with cinemas closed during the pandemic. Publishing revenue fell 8%, driven by lower print book sales. The company said it's on track with the rebrand and relaunch of CBS All Access in early 2021. Shares have fallen 38% in the year to date, while the S&P 500 has gained 3%.

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
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
UPDATE: Bausch Health shares soar 27% premarket after confirming to spin off eye-care business
Bausch Health Cos. shares soared 27% in premarket trade Thursday, after the company said it is planning to spin off its eye-care business into a separate public company, confirming a Wall Street Journal report. The business, known as Bausch & Lomb, accounted for nearly half of the company's $8.6 billion in revenue last year, the WSJ reported. Bausch said the move will allow it to focus on expanding its position in GI, aesthetics and dermatology, neurology and international pharma. The company said it will complete the spinoff in stages, and will start by reporting Bausch & Lomb as a separate segment starting in the first quarter of 2021. Timing of the spinoff will then depend on a range of factors, including regulatory approvals. The move further breaks apart the former Valeant, which acquired Bausch & Lomb for $8.7 billion in 2013, under then-CEO Michael Pearson. Under Pearson, Valeant had used acquisitions to aggressively grow and become a popular stock, until the company was caught up in a series of drug pricing and accounting scandals. Shares have fallen 35% in the year through Wednesday, while the S&P 500 has gained 3%.

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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Bausch Health shares soar 23% premarket on report to spin off eye-care business (MarketWatch MarketPulse)

MarketWatch MarketPulseAug 06, 2020
Burger King, Popeyes parent Restaurant Brands profit, sales fall less than expected
Burger King parent Restaurant Brands International Inc. reported Thursday second-quarter profit that beat expectations, as revenue fell 25% but topped forecasts. The stock was still inactive in premarket trading. Net income dropped to $106 million, or 35 cents a share, from $142 million, or 55 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 29 cents. Total revenue fell to $1.05 billion from $1.40 billion, above the FactSet consensus of $1.04 billion. Burger King same-store sales fell 13.4%, to beat the FactSet consensus for a 15.7% decline; Tim Hortons same-store sales declined 29.3% to miss expectations of a 29.1% drop; and Popeyes Louisiana Kitchen same-store sales rose 24.8% to come up short of expectations of 27.3% growth. "The COVID-19 pandemic has introduced a host of unprecedented challenges, but our proactive and coordinated response across the globe has helped drive a significant recovery in performance since March," said Chief Executive Jose Cil. "By the end of the quarter, we were back to 90% of our prior year system-wide sales with 93% of our restaurants open worldwide, which speaks to the strength and resilience of our three amazing brands and business model." The stock has lost 9.5% year to date 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
Mylan swings to profit as sales fall slightly short of estimates
Mylan N.V. said Thursday it had net income of $39.4 million, or 8 cents a share, in the second quarter, after a loss of $168.5 million, or 33 cents a share, in the year-earlier period. The company said its adjusted net income came to $574.3 million compared with 532.8 million a year ago, but did not offer an adjusted per-share figure. Revenue fell to $2.731 billion from $2.852 billion. The FactSet consensus was for EPS of 99 cents and revenue of $2.735 billion. "We now expect the overall COVID-19 recovery efforts will occur slower than anticipated and may continue throughout the rest of the year," the company said in a statement. "As a result, we expect total revenues, which absorbed a 2% net decline related to COVID-19 in the first half of the year, to have an overall similar negative impact for the second half of the year." Mylan now expects full-year revenue to range from $11.5 to $12.0 billion. The company is expecting the acquisition of Pfizer's Upjohn business to be completed in the fourth quarter. Shares were slightly higher premarket, but have fallen 16% in the year to date, while the S&P 500 has gained 3%.

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.



Forbes HeadlinesAug 05, 2020
Say Hello To The Largest Virtual Care Company: Telavongo, The $38 Billion Merger Between Teladoc And Livongo
Teladoc (NYSE: TDOC), the multi-billion dollar market leader in telemedicine, has agreed to purchase Livongo (NDAQ: LVGO), the multi-billion dollar market leader in remote patient monitoring for $18.5 billion, creating the market's first $38 billion full-stack virtual health company.
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