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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
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
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.



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Gannett swings to large loss, revenue jump 90% after closing Legacy Gannett acquisition (MarketWatch MarketPulse)
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