GM, CVS, Shopify, Papa John’s, Wendy’s and more


Take a look at some of the biggest drivers in the pre-market:

General Motors (GM) – The automaker announced quarterly earnings of 62 cents per share, compared to a consensus estimate of 30 cents per share. Revenues also exceeded Wall Street forecasts. According to GM, the results were “severely impacted” by the economic impact of the coronavirus epidemic.

CVS Health (CVS) – CVS earned $ 1.91 per share in its final quarter, beating the consensus estimate of $ 1.63 per share. Revenues were also higher than estimated, and the company has maintained its earnings per share forecast for 2020, although it has said it will keep more details due to uncertainty. CVS has benefited from the storage of drugs by consumers in the midst of the virus epidemic.

New York Times (NYT) – The newspaper’s editor earned 7 cents per share before estimates, with quarterly earnings of 17 cents per share. Revenues also exceeded estimates, but the company said it expects advertising revenues to drop 50% to 55% in the current quarter.

Shopify (SHOP) – The e-commerce platform provider gained 19 cents per share adjusted for its last quarter, compared to analysts’ estimates of a loss of 19 cents per share. Revenues also exceeded expectations as the pandemic spurred more merchants to do business online.

Papa John’s (PZZA) – The pizza chain earned 41 cents per adjusted share in its last quarter, 2 cents per share above estimates, although earnings fell short of expectations. The company said the pandemic started to affect sales in late January when stores in China and South Korea were closed. Dad John’s also withdrew his forecast for 2020.

Wendy’s (WEN) – Wendy’s announced quarterly earnings of 9 cents a share, a penny lower than expected. Revenues were also lower than expected. Comparable restaurant sales were down 0.2% from a Refinitiv estimate of an increase of 2%. Wendy’s has also reduced its quarterly dividend to 5 cents per share from 12 cents per share.

Waste Management (WM) – Waste Management exceeded estimates by 3 cents per share, with quarterly earnings of 93 cents per share. First quarter revenues are also higher than estimated. The pace has come despite a drop in industrial waste collection in the midst of the Covid-19 pandemic. The company said it remains committed to its dividend, but has suspended share buybacks for the foreseeable future.

Walt Disney (DIS) – Disney announced quarterly earnings of 60 cents per share, without the consensus estimate of 89 cents per share. Revenues exceeded expectations. The company said the Covid-19 pandemic had a $ 1.4 billion impact on its profits and that the fallout would impact all aspects of its entertainment activities for the foreseeable future. Disney also announced the elimination of its dividend in the first half.

Mattel (MAT) – Mattel lost 56 cents a share in its final quarter, more than expected a loss of 41 cents a share. Revenues from the toy maker also fell short of estimates, and he expected sales to drop sharply in the current quarter due to coronavirus blockages. Mattel has also withdrawn its previous directions for 2020.

Pinterest (PINS) – Pinterest reported a quarterly loss of 10 cents per share, 1 cent more than analysts had expected. Revenues exceeded estimates, but Pinterest said ad spending is slowing and spending will continue to grow this quarter.

Activision Blizzard (ATVI) – Activision Blizzard gained 76 cents per share in its last quarter, well above the consensus estimate of 38 cents per share. Revenues from the video game maker also exceeded expectations. The company has also given an optimistic outlook for 2020 as it benefits from home hosting linked to the virus.

Electronic Arts (EA) – Electronic Arts beat estimates by 10 cents per share, with quarterly earnings of $ 1.08 per share. Revenues are slightly above Wall Street forecasts. Like its rival Activision, Electronic Arts has also benefited from increased engagement with its video games from people taking refuge at home.

Beyond Meat (BYND) – Beyond Meat gained 3 cents per share in its final quarter, compared to estimates of a loss of 7 cents per share. The factory-based hamburger maker also saw revenue exceed estimates as sales to supermarkets helped offset the drop in restaurant sales.

Cheesecake Factory (CAKE) – Cheesecake Factory reported quarterly earnings of 4 cents per share, compared to expectations of a loss of 38 cents per share. Restaurant chain revenues are higher than expected, although comparable restaurant sales fell 12.9% in the quarter.

Planet Fitness (PLNT) – Planet Fitness missed estimates of 18 cents per share, with quarterly earnings of 16 cents per share. The fitness center operator’s revenues were also much lower than estimated. The company said it believed the Covid-19 pandemic would ultimately create a more favorable building environment for its system.

Nordstrom (JWN) – Nordstrom will permanently close 16 sites that have been closed since mid-March due to the coronavirus epidemic. It plans to gradually reopen its other stores and is also implementing economic restructuring.

AbbVie (ABBV) – AbbVie has received Federal Trade Commission approval for its $ 63 billion deal to buy rival drug maker Allergan (AGN). The companies agreed to cede an investigational drug for autoimmune diseases and a treatment for cystic fibrosis in order to gain approval.

CORRECTION: Dad John’s earned 41 cents per adjusted share in his last quarter, 2 cents per share above estimate.


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