Corporate Earnings

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Walmart Inc posted a bigger-than-expected increase in quarterly same-store sales and beat expectations for profit on Tuesday amid a surge in its online business with higher spending on electronics, sporting goods and groceries.

Sales at U.S. stores open at least a year rose 6.4%, excluding fuel, in the third quarter ended Oct. 31. Analysts had estimated an increase of 4.16%, according to IBES data from Refinitiv.

Walmart U.S. eCommerce sales grew 79% with strong results across all channels and helped boost same-store sales and profit margins.

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Cisco Systems Inc on Thursday reported a smaller-than-expected drop in first-quarter revenue as more people working from home during the COVID-19 pandemic drove demand for its teleconferencing tools, networking equipment and cybersecurity products.

Shares of the telecom equipment maker, which also said Scott Herren will succeed Kelly Kramer as chief financial officer starting Dec. 18, surged nearly 9% in extended trading.

After the coronavirus-driven lockdowns started earlier this year, demand for the company’s videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products surged as offices remained shut with more people working remotely.

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Walt Disney Co on Thursday reported quarterly revenue that was better than Wall Street expected as live sports returned to ESPN and the company's theme parks began recovering from shutdowns due to the coronavirus pandemic.

Overall revenue fell 23% to $14.71 billion in the quarter, above analysts’ average estimate of about $14.2 billion.

Disney’s adjusted loss per share, excluding one-time items of 20 cents, also beat Wall Street expectations of a more drastic 70 cents per share loss.

Disney shares jumped 5.6% to $143.12 in after-hours trading.

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Beyond Meat Inc's shares sank 22% on Tuesday as a slowdown in the pace of sales growth for its plant-based meat shocked investors, while a surprise announcement of a tie up with McDonald's Corp created more confusion than hunger on Wall Street.

The faux meat maker’s shares surged nearly 90% over the last year, as the company emerged as one of the leaders of a plant-based meat trend that has had fast-food chains falling over themselves in a rush to get the veggie products on their menus.

However, Beyond Meat said on Monday COVID-19 restrictions were cutting sales at many of the restaurants and food-service joints it supplies, while initial stocking up of its plant-based burgers and sausages at grocery stores had tapered down, leading to a surprise quarterly loss.

David Nelson, CFA CMT | |

Even before Pfizer's historic announcement that its COVID-19 vaccine trial was showing 90% efficacy, the S&P 500 was on track to break out above important resistance. Stocks have been held hostage trapped in a 350-point S&P trading range defined by the all-time September 2nd high and where 2020 started. In a near manic depressive state, investors have been caught in a tug of war with rising COVID-19 cases, increased shutdowns and political unrest on one side and falling unemployment, better economic data and strong earnings on the other.

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Warren Buffett’s Berkshire Hathaway Inc reported lower quarterly operating results on Saturday and said the coronavirus pandemic may cause further damage, even as gains in stocks such as Apple Inc fueled a more than $30 billion overall profit.

Some Berkshire operating businesses have rebounded from their spring depths, and analysts were encouraged that revenue fell just 3% from a year earlier.

But COVID-19, hurricanes and low interest rates hurt profit from insurance businesses, which include the Geico auto insurer, and the Precision Castparts aircraft parts unit projected thousands of additional job losses.

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Insurer American International Group Inc said on Friday it is considering an initial public offering or a private sale of nearly 20% of its life and retirement business to separate the unit from the rest of the company over the coming year.

The comments during AIG’s third-quarter earnings call offered further detail on how it might carry out the long-discussed divestiture, which it announced last week.

“We currently contemplate either an IPO or a private sale of up to 19.9% of Life and Retirement, followed by one or more dispositions of our remaining ownership interest over time,” President Peter Zaffino said on the call. AIG last week named Zaffino to take over as chief executive officer in March.

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ViacomCBS Inc beat analysts' estimates for quarterly revenue on Friday and nearly reached its annual streaming subscription target a full quarter ahead of time as lockdowns boosted demand for indoor entertainment.

The company said its domestic streaming services, CBS All Access and Showtime, had 17.9 million subscribers at the end of the third quarter. It had earlier forecast 18 million paid customers by the end of the year.

CBS All Access, wh...

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Bombardier CEO expects layoffs, capacity cuts after earnings miss
By Allison Lampert, Sanjana Shivdas


(Reuters) - Bombardier’s chief executive on Thursday said he expects layoffs as part of broader plans to cut excess capacity, after the plane-and-train maker missed on quarterly operating profits earlier in the day due to the coronavirus pandemic.

FILE PHOTO: Bombardier's logo is seen on the building of t...

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Uber Technologies Inc said on Thursday that demand for its food-delivery service expanded in the latest quarter, but its global rides business was seeing its slowest recovery rate in the United States, its most important market.

Uber executives cautioned that ride demand in Europe, which recovered faster than any other region in the quarter, was likely to decline as several countries on the continent reimposed lockdown measures.

The company’s shares were down 1% in after-hours trading as Uber recorded greater adjusted losses before interest, taxes, depreciation and amortization in the third quarter than Wall Street expected.