News

Corporate Earnings

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Johnson & Johnson raised its annual profit forecast for the second time this year in quarterly results on Tuesday, a day after it was the second major drug company to call a temporary halt to trials of its experimental coronavirus vaccine.

With shares in the company falling on investor worries about the fate of the vaccine, finance chief Joseph Wolk said it was unclear how long the suspension in the trials, due to an unexplained illness of one particip...


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Citigroup Inc trounced estimates for third-quarter profit on Tuesday, as this year's rollercoaster ride for global financial markets drove a surge in the bank's trading revenue, countering the impact of ultra-low interest rates.

Adding to the bullish message from bumper results from peer JPMorgan, the bank reported respectively 18% and 15% jumps in revenue from bond and stock market trading and its shares rose around 2% afte...


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JPMorgan Chase & Co comfortably beat Wall Street estimates for third-quarter profit on Tuesday as the largest U.S. bank gained from a boom in trading in financial markets and set aside virtually no provisions for loan losses.

JPMorgan is widely seen as a barometer for the health of the broader economy, and its robust performance this quarter bodes well for Bank of America and other large lenders reporting this week.


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(Reuters) - Costco Wholesale Corp recorded high coronavirus-related costs for the second straight quarter, overshadowing its better-than-expected results and sending the company's shares down 3% in extended trading on Thursday.

The warehouse chain spent about $281 million on employee bonuses and sanitizing its warehouses in the fourth quarter, mirroring a trend of rising costs across U.S. retailers during the health crisis.

Costco had estimated in May that COVID-19-related costs would exceed $100 million, but would be lower than the $283 million incurred in the prior quarter.

“$281 million is over $100 million but quite a bit larger,” Chief Financial Officer Richard Galanti said on an earnings call.

The company cited the $2-an-hour premium paid to employees as a factor for the jump in costs. The bonus costs Costco $14 million a week.


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Nike Inc comfortably beat analysts' estimates for quarterly revenue and profit on Tuesday, powered by a rebound in demand in China and strong online sales, sending its shares up about 9%.

The footwear maker has benefited from its focus on direct-to-consumer sales, especially through its own outlets and apps, as the pandemic has forced customers to avoid shopping at malls and department stores.

The Nike brand’s digital sales surged 82% in the first quarter ended Aug. 31, with at least double-digit rises recorded in all regions.

Overall, sales in China, where the economy opened from lockdowns much earlier than in other parts of the world, rose 6%.

In North America, the company’s biggest market, sales fell 2% to $4.23 billion, but easily beat analysts’ estimate of $3.39 billion, according to IBES data from Refinitiv.


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FedEx’s profit jumped 67% in its latest quarter, as online shopping soared among customers avoiding stores and shipments between businesses improved.

The delivery giant reported Tuesday that it earned $1.25 billion during the three months that ended Aug. 31, FedEx’s fiscal first quarter. That was up from $745 million a year earlier.

Its revenue rose to $19.32 billion, up 13% from $17.05 billion in last year’s quarter...


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U.S. supermarket chain Kroger Co said on Friday it expects full-year comparable sales to rise more than 13% after reporting better-than-expected quarterly results, driven by a surge in online grocery sales as customers cooked more at home during the COVID-19 pandemic.

The virus outbreak has led to consumers cooking more meals at home, leading to rising demand for groceries and canned soups, as people work from home and classes a...


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Peloton Interactive Inc beat analysts’ estimates for quarterly revenue on Thursday as the exercise bike maker benefited from a surge in subscribers and demand for its fitness products during the coronavirus pandemic.

Shares of the company rose 8% in extended trading as it forecast full-year revenue above Wall Street expectations.

Stay-at-home stocks like Peloton have benefited from increased demand during the COVID-19 pandemic as closed gyms and fitness clubs...


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Business software maker Oracle Corp beat quarterly revenue expectations on Thursday as more companies signed up for its cloud services and software to support their remote workforce amid the COVID-19 pandemic.

Total revenue rose 1.6% to $9.37 billion, bea...


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American Eagle Outfitters Inc reported a smaller-than-expected quarterly loss on Wednesday, as people working from home due to the COVID-19 pandemic shopped online for comfortable athleisure and lounge apparel from its Aerie label.

The company debuted a new Aerie activewear line in July featuring soft athletic apparel, helping online sales more than double in the second quarter at the brand.

Total revenue fell 15% to $883.5 million in the three months e...