Corporate Earnings

Kimberly Redmond | |

Simon Property Group Inc, the biggest mall owner in the U.S., is optimistic that retail will make a strong rebound in 2021 after a tumultuous 2020.

The country's largest operator of shopping malls reported net income of $271.5 million, or $0.86 per diluted share, for the fourth quarter, just missing the $0.87 estimate by analysts. Funds from operations (FFO) were $786.6 million, or $2.17 per diluted share, missing estimates of $2.22.

Simon chief exec...

Reuters | |

Ford Motor Co (NYSE: F) on Thursday more than doubled the amount of money it plans to invest on electric and autonomous vehicles, to $29 billion, even as it posted a fourth-quarter net loss of $2.8 billion.

The No. 2 U.S. automaker also said the global semiconductor chip shortage could lead to a 10% to 20% loss in first-quarter production, resulting in a potential hit to operating earnings of $1 billion to $2.5 billion. But its shares gained 1.5% in after-hours trading as the fourth-quarter operating results and 2021 profit forecast were above Wall Street’s expectations.

Reuters | |

Gilead Sciences Inc (Nasdaq: GILD) on Thursday forecast its 2021 results above Wall Street estimates after posting a 26% rise in fourth-quarter 2020 revenue, driven by sales of its antiviral drug, remdesivir, which is used to treat COVID-19 patients.

Shares of Gilead were up 2.6% in extended trading.

Gilead said the COVID-19 pandemic continues to affect its sales, including its treatments for hepatitis C and HIV, due to fewer people going to their doctors. It expects a gradual recovery in underlying market dynamics starting the second quarter of this year.

Reuters | |

Royal Dutch Shell’s profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company’s retail network and trading business helped cushion the blow.

The Anglo-Dutch oil major’s annual profit slumped 71% to $4.8 billion as its oil and gas production and profits from refining crude into fuels dropped sharply.

In a sign of confidence, however, Shell said it planned to raise its dividend in the first quarter of 2021, which would be the second slight increase since its slashed its payout by two-thirds at the start of last year due to the pandemic.

Reuters | |

Qualcomm Inc shares fell 7.6% in after-hours trading on Wednesday as the company said that semiconductor supply constraints that have roiled the industry were hampering its sales growth.

The results come as chip shortages force automakers such as General Motors Co on Wednesday to cut production at multiple plants. While Qualcomm does not make the chips that are holding up automotive plants, the company works with some of the same chip contract manufacturers that are backed up. Qualcomm executives told Reuters that supplies will remain tight through the first half of 2021 without detailing the supply issue.

Kimberly Redmond | |

Chipotle Mexican Grill Inc plans to add hundreds of new restaurants this year.

In an interview with CNBC, the fast-casual chain’s chief executive officer Brian Niccol said Chipotle aims to open 200 locations and hire 15,000 new employees to staff stores.

The planned openings would bring Chipotle’s store count to nearly 2,000 locations.

Reuters | |

Google parent Alphabet Inc (Nasdaq: GOOGL) on Tuesday topped quarterly sales expectations for its advertising and Cloud businesses, helped in part by the pandemic, and said it will resume big spending on hiring and facility construction.

Alphabet shares jumped about 8% to $2,067 in extended trading.

Google, which generates more revenue from internet advertising than any other company, benefited from lockdowns that drove retail and other clients online, helping offset cutbacks by travel and entertainment advertisers.

Reuters | |

McDonald’s Corp missed Wall Street estimates for quarterly profit and revenue on Thursday as a second round of pandemic lockdowns in parts of Europe hurt its business and countered the hamburger chain’s sales growth in the U.S. market.

Several European countries announced tough restrictions as the health crisis spiraled out of control late last year, adding to the woes of the restaurant industry, which was already reeling from the impact of the COVID-19 for much of the year.

Reuters | |

By Tracy Rucinski, Sanjana Shivdas

(Reuters) - Shares in American Airlines Group Inc AAL.O surged as much as 60% in premarket trading after it was mentioned on Reddit's WallStreetBets forum and it posted a slimmer-than-expected quarterly loss on Thursday.


Reuters | |

By Akanksha Rana and Tina Bellon

(Reuters) - Tesla Inc’s fourth-quarter profit fell short of Wall Street expectations on Wednesday and the company failed to provide a clear target for 2021 vehicle deliveries, sending shares down 4.4% in extended trade.

The disappointing results come after shares of the electric carmaker led by CEO Elon Musk surged nearly 700% over the past 12 months, a valuation rooted in expectations that Tesla will quickly and profitably e...