Walmart, Home Depot, Kohl’s, Moderna & more
Walmart (WMT) – The retail giant reported quarterly profit of $1.18 per share, 6 cents a share above estimates. Revenue came in above forecasts as well. Same-store sales were up 10%, compared to a consensus estimate of 7.2%. Walmart withdrew its 2020 guidance due to virus-related uncertainty and also announced it would discontinue the jet.com brand.
Home Depot (HD) – The home improvement retailer earned $2.08 per share for the first quarter, below the consensus estimate of $2.27 a share. Revenue and comparable-store sales beat Street forecasts, but the bottom line was weighed down by pandemic-related expenses. Home Depot also suspended its full-year outlook.
Kohl’s (KSS) – The retailer lost $3.20 per share for the first quarter, wider than the loss of $1.80 per share that analysts were expecting. Kohl’s also declined to provide comparable-store sales figures, citing closures. The company said it took steps to improve its liquidity and ended the quarter with $2 billion in cash.
Advance Auto Parts (AAP) – The auto parts seller earned 91 cents per share for the first quarter, missing the $1.73 a share consensus estimate. Revenue was also below forecasts, with comparable-store sales falling a greater-than-expected 9.3%.
Moderna (MRNA) – Moderna priced a secondary stock offering of 17.6 million common shares at $76 per share, while granting the underwriters an option to buy up to 2.64 million additional shares at the same price. The biotech firm’s stock had surged 20% Monday on positive vaccine study results, closing at $80.
Walt Disney (DIS) – Disney’s top streaming executive, Kevin Mayer, is leaving to become CEO at popular video app TikTok. Mayer had led the successful launch of the Disney+ streaming service in late 2019, and his departure is cited among the reasons for a downgrade of the stock to “hold” from “buy” at Loop Capital.
Southwest Airlines (LUV) – In a Securities and Exchange Commission filing, the airline said it sees May operating revenue down 85% to 90% from a year ago, with June operating revenue down 80% to 85%. Southwest said it is seeing a modest improvement in passenger demand and bookings.
J.C. Penney (JCP) – Amazon.com (AMZN) is said to be eyeing all or part of the bankrupt retailer, according to a Women’s Wear Daily report.
Baidu (BIDU) – Baidu reported better-than-expected earnings and revenue for the first quarter, while the Chinese search engine giant also gave an upbeat current-quarter revenue forecast as China-based businesses reopen after strict lockdowns.
Sony (SNE) – Sony will take full control of its publicly listed financial arm, Sony Financial Holdings, through a $3.7 billion tender offer.
Tesla (TSLA) – The automaker’s car registrations in China fell 64% in April compared to March, according to figures from auto consulting firm LMC Automotive.
Delta Air Lines (DAL) – Delta will keep jets no more than 60% full through at least July, according to sources who spoke to Reuters. Delta had said yesterday that it would cap first class seating at 50% and main cabin at 60% through June 30.
Amazon.com (AMZN) – Amazon had listings for 36,000 job openings at the end of April, 19% more than a year earlier, according to a review done by analysts at Citi. At the same time, job listings at Alphabet (GOOGL), Facebook (FB), and Netflix (NFLX) fell from a year earlier.
Carvana (CVNA) – The automotive e-commerce company announced a 5 million share offering of its class A common stock, planning to use proceeds for general corporate purposes.