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MarketWatch MarketPulseOct 29, 2020
Skechers stock drops even as profit and revenue fall less than forecast
Shares of Skechers USA Inc. dropped 5.5% in after-hours trading Thursday, even as the shoe seller reported a third-quarter profit and revenue that fell less than expected, as direct-to-consumer same-stores sales dropped 22%. Net income fell to $64.3 million, or 41 cents a share, from $103.1 million, or 67 cents a share, in the year-ago period, as the COVID-19 pandemic continued to impact results worldwide. Excluding non-recurring items, adjusted earnings per share declined to 53 cents from 67 cents, but topped the FactSet consensus of 36 cents. Sales slipped 3.9% to $1.30 billion, above the FactSet consensus of $1.20 billion, as domestic wholesale sales rose 6.3%, while international wholesale sales eased 0.5% and direct-to-consumer sales dropped 16.9%. The company did not provide financial guidance given the ongoing uncertainties resulting from the COVID-19 pandemic. The stock, which closed Thursday's regular session up 4.4%, has lost 19.2% year to date, while the S&P 500 has gained 2.5%.

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.



Yahoo BusinessOct 29, 2020
Amazon posts Q3 earnings that blow away estimates; COVID-19 effect boosts sales
The tech giant has entrenched itself as one of the biggest beneficiaries of the coronavirus pandemic. 


CNBC BusinessOct 29, 2020
Starbucks earnings top estimates as sales rebound quicker than expected in U.S., China
Starbucks' global same-store sales fell 9% in its fiscal fourth quarter.

USA Today MoneyOct 29, 2020
Walmart pulls guns, ammunition from store displays ahead of election amid concerns of civil unrest
Walmart has pulled guns and ammunition from the sales floor ahead of the election but will still sell the products in stores.      

CNBC BusinessOct 29, 2020
Budget airline shares jump on sunnier outlook for travel despite pandemic
Sales came in ahead of estimates at both Spirit and Allegiant, and both discount airlines' executives have touted an increase in demand recently.

RELATED ARTICLES
Wine Sales Soar During Pandemic Says Leading Wine Educator Kevin Zraly. (Forbes Headlines)
Kellogg tops earnings estimates and raises guidance as demand for at-home food is high during pandemic (MarketWatch MarketPulse)

Yahoo BusinessOct 29, 2020
Apple beats profit estimates but weak iPhone sales pull down shares
Despite delays with its best-selling iPhones, the Cupertino, California-based company had consistently beaten sales expectations this year and released a slew of new products and services that its customers have embraced while largely homebound during the pandemic. Apple said revenue and profits for the fiscal fourth quarter ended on Sept. 26 was $64.7 billion and 73 cents per share, compared with analyst estimates of $63.7 billion and 70 cents per share, according to IBES data from Refinitiv. Sales of iPhones declined 20.7% to $26.4 billion, a sharper fall than the analyst expectations of a 16.2% drop, according to IBES data from Refinitiv.


RELATED ARTICLES
Apple sales beat driven by Macs and Watches, CEO 'optimistic' about 5G iPhone sales (Yahoo Business)
NewsWatch: Apple posts best September sales in history despite late iPhone debut, but stock dips (MarketWatch)

The Motley FoolOct 29, 2020
Why Avid Technology Stock Is Surging Today
The tech provider is seeing a demand turnaround, although sales were still down.

MarketWatch MarketPulseOct 29, 2020
Bloom Energy stock falls 13% after company's Q3 sales disappoint
Shares of Bloom Energy Corp. fell more than 13% in the extended session Thursday after the alternative-energy company reported a narrower-than-expected adjusted loss for its third quarter but sales fell short of forecasts. Bloom said it lost $12 million, or 9 cents a share, in the quarter, compared with a loss of $52 million, or 44 cents a share, in the year-ago quarter. Adjusted for one-time items, Bloom lost 4 cents a share, compared with 12 cents a share a year ago. Sales fell to $200 million from $224 million a year ago, Bloom said. Analysts polled by FactSet had expected Bloom to report a loss of 16 cents a share on sales of $225 million in the quarter. Bloom shares ended the regular trading day up 0.8%.

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.



MarketWatchOct 29, 2020
Earnings Results: Apple posts best September sales in history despite late iPhone debut, but stock dips
Even without any new iPhones to provide a boost, Apple Inc. was able to sport record September-quarter revenue.

MarketWatch MarketPulseOct 29, 2020
Avis Budget Group beats Q3 estimates but profit and sales hit by pandemic effect on travel
Avis Budget Group Inc. shares jumped 4% in after-hours trade Thursday, after the rental car company topped earnings estimates for the third quarter, even as profit and revenue slid sharply as travel slowed significantly during the pandemic. The company said it had net income of $45 million, or 63 cents a share, in the quarter, down sharply from $189 million, or $2.50 a share, in the year-earlier period. Adjusted per-share earnings came to $1.13, above the 40 cents FactSet consensus. Revenue tumbled 44% to $1.534 billion from $2.763 billion, but was ahead of the $1.443 billion FactSet consensus. The company said it cut $1 billion of costs in the quarter, bringing the year-to-date total to $2 billion, and said it's on track to cut $2.5 billion for the full year. "We remain focused on what we can control," Chief Executive Joe Ferraro said in a statement. The company is expecting to see the normal seasonal effects in the fourth quarter, and expects the travel environment to remain challenged. Shares have gained 14% in the year to date, while the S&P 500 has gained 2.5%.

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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