[ad_1]
Hasbro stock falls due to sales decline, toy maker warns of further decline
53 minutes ago
Hasbro (HAS) stock fell on Tuesday as the toy giant reported a plunge in revenue and warned of slowing demand due to tough economic conditions.
The GI Joe and Star Wars toy maker posted an unadjusted loss of $7.64 per share in the fourth quarter, compared with a loss of 93 cents in the year-ago quarter. Adjusted earnings per share (EPS) came in at 38 cents, well below expectations. Sales decreased 23% from the same period last year to $1.29 billion.
Sales in the company’s entertainment division rose 49%, while sales in its consumer products division fell 25%. Hasbro said sales for its Wizards of the Coast and digital games divisions increased 7%.
Hasbro expects full-year consumer products sales to decline 7% to 12%, pro forma entertainment sales to decline $15 million, and Wizards of the Coast and digital games sales to decline by 3%. He said he expected a decline of ~5%. The company added that it has increased its cost reduction plan to $750 million by the end of 2025, from the previous target of $350 million to $400 million annually.
Hasbro stock fell 3% to $49.77 Tuesday afternoon. Over the past year its value has decreased by more than 15%.
-Bill McCall
Coca-Cola’s sales soar in the fourth quarter as higher prices offset lower sales volume in North America
1 hour 50 minutes ago
The Coca-Cola Company (KO)’s fourth-quarter sales handily beat analysts’ expectations.
Net income for the quarter was $1.977 billion, or 46 cents per diluted share, down about 3% from a year ago. Excluding certain items and currency effects, adjusted earnings per share were 49 cents per diluted share, in line with analyst expectations compiled by Visible Alpha.
Revenue increased approximately 7% to $10.85 billion due to price increases. Excluding currency effects, organic revenue increased by his 12% on the back of his 25% growth in Europe, the Middle East and Africa. in Latin America, 23%; 13% in Asia Pacific; In North America, higher prices offset the impact of lower volumes.
The company expects organic revenue to grow 6% to 7% and adjusted EPS to grow 4% to 5% in 2024, but said it will face 4% currency headwinds in the first quarter of this year.
Coca-Cola’s stock price soared in early trading, but by early afternoon it was down about 0.8%, trading at $59.21.
-Mrinalini Krishna
Biogen falls as drug closure costs, multiple sclerosis drug sales weigh on profits
2 hours 37 minutes ago
Biogen (BIIB) stock was weighed down by costs associated with discontinuing production of its controversial Alzheimer’s disease drug Aduhhelm and sluggish sales of its multiple sclerosis drug, as the biotech company posted weaker-than-expected financial results. The stock fell more than 5% in early trading on Tuesday following the announcement.
The company reported fourth-quarter earnings per share (EPS) of $2.95, with revenue of $2.39 billion, down 6% year-over-year. Both estimates were missed.
Biogen said EPS had a negative impact of 35 cents related to previously disclosed Aduhelm closure costs. The company announced earlier this month that it would halt development and commercialization of the treatment, which has faced criticism over its effectiveness and cost.
Sales of multiple sclerosis drugs, Biogen’s biggest source of revenue, fell 8% to $1.17 billion due to increased competition.
Biogen shares were down 6.3% at $229.40 at midday Tuesday. Its value has fallen by about a fifth over the past year.
-Bill McCall
TradingView
TripAdvisor stock soars on news of committee considering proposed deal
3 hours 13 minutes ago
TripAdvisor (TRIP) shares rose to 13.13 on Tuesday morning after the online travel review and advice company announced it has formed a special committee to consider potential transaction proposals and has indicated an appetite for exploring strategic opportunities. % soared.
According to a statement released on the company’s website, the special committee will be made up of independent members of the TripAdvisor board of directors and will be responsible for “any and all proposals that may be submitted for potential transactions with respect to TripAdvisor. It is tasked with “evaluating alternatives.” ”
The company warned that the deal was not guaranteed and that the commission had “not made any decisions regarding the potential transaction.” It added that any potential transaction would require further checks and balances and would require approval from both the board of directors and a special committee.
TripAdvisor stock formed a double-dip pattern from May to November of last year, before quickly regaining key support around $17.10. Since then, the stock has continued to rise toward its 50-day moving average, with the exception of a few small retracements. If the price continues to rise, keep an eye on the chart for the resistance zone between $27 and $28 near the August 2022 and February 2023 swing highs.
-Timothy Smith
Arista Networks stock price falls as earnings forecasts are not perfect
3 hours 51 minutes ago
Shares of cloud networking company Arista Networks (ANET) fell Tuesday morning after the company reported quarterly profits that beat analysts’ expectations but failed to satisfy investors.
Arista’s net income was $614 million, or $1.92 per share, compared with profit of $427 million, or $1.35 per share, in the year-ago period. Sales increased approximately 21% year-on-year to $1.54 billion. Both sales and profits exceeded Wall Street consensus.
The company expects revenue for the quarter to be between $1.52 billion and $1.56 billion, roughly in line with analyst expectations. Adjusted gross margin is expected to contract slightly to 62% from 64.9% in the fourth quarter.
Expectations for Arista’s performance were high. The stock has doubled in the 12 months through Tuesday and is up more than 20% year-to-date.
Shares were trading 4% lower at $269.73 on Tuesday morning.
Bond yields soar as traders bet on lower interest rates
4 hours 52 minutes ago
U.S. Treasury yields rose sharply on Tuesday morning after January’s consumer inflation data came in better than expected, and traders tempered expectations for rate cuts this year.
The yield on the 10-year US Treasury note rose above 4.25% for the first time in two months. Two-year bonds soared more than 4.9%.
And traders further reduced expectations that the Fed will cut interest rates in the first half of this year. A month ago, federal funds rate futures trading data suggested the market was pricing in a 77% chance of a rate cut at the March Fed meeting. After Tuesday’s data, that probability remained at just 5%.
Even a rate cut in May is becoming increasingly unlikely. A month ago, the market believed there was a 0% chance that the federal funds rate would remain at its current 22-year high in May. Traders currently see a 60% chance of that happening.
Stocks that move the most before the market
5 hours 25 minutes ago
Profit:
- ZoomInfo Technologies Inc. (ZI): Shares of the sales and marketing software maker rose 16% after quarterly profit and revenue beat Wall Street expectations.
- JetBlue Airways (JBLU): The company’s stock soared more than 12% after activist investor Carl Icahn revealed he owns a 10% stake in the airline.
- TripAdvisor Inc. (TRIP): The online travel company’s stock rose more than 11% after the company announced it had formed a board of directors to evaluate “any potential transaction proposal.”
loss:
- Shopify Inc. (SHOP): The cloud e-commerce platform’s stock fell 12% despite better-than-expected quarterly profits and sales. The stock had risen 83% in the year leading up to Tuesday’s report.
- Arista Networks Inc. (ANET): The cloud networking company’s stock fell nearly 10% after fourth-quarter earnings and revenue beat analyst estimates. The company expected first-quarter sales to be slightly higher than expected.
- DataDog Inc. (DDOG): Shares of the data analytics platform developer fell 6% after the company reported full-year earnings and revenue guidance that fell short of analysts’ expectations.
Stock futures fall ahead of January CPI
6 hours 19 minutes ago
Futures contracts tied to the Dow Jones Industrial Average fell 0.2% in premarket trading Tuesday.
S&P 500 futures traded 0.4% lower.
Nasdaq 100 futures were down 0.7% a little more than an hour before the market opened.
[ad_2]
Source link
