The airline reported a quarterly loss of 82 cents per share, smaller than the $1.13 per share loss anticipated by Wall Street. Revenue was slightly below forecasts, with Alaska Air saying demand was more than 90% below normal.
The industrial materials maker earned 84 cents per share for the first quarter, above the 75 cents a share consensus estimate and at the high end of the company’s guidance of 82 to 84 cents a share given on April 20. DuPont also slashed capital spending plans by $500 million and raised its cost-savings target for this year to $180 million.
The pharmaceutical company reported quarterly earnings of $1.64 per share for its latest quarter, beating the consensus estimate of $1.43 a share. Revenue was below forecasts, however, and Mallinckrodt said the next few quarters will be “challenging” due to the impact of Covid-19.
Regeneron reported quarterly profit of $6.60 per share compared to a consensus estimate of $6.13 a share. Revenue beat Wall Street forecasts as well, boosted by increased demand for its eye drug Eylea.
The furniture and home goods retailer lost $2.30 per share for its latest quarter, 30 cents a share less than analysts had been expecting. Revenue beat estimates. Wayfair reported 2.1 million active customers, 29% above year-ago levels.
The oil refiner reported a quarterly loss of 16 cents per share, smaller than the 31 cents a share loss projected by the Street. Revenue came in above estimates, although Marathon said the Covid-19 pandemic is significantly impacting demand for the transportation fuels that it produces.
The automaker reported a larger-than-expected loss for the first quarter and missed revenue estimates as well. The automaker also said it was unable to provide guidance due to uncertainties surrounding the coronavirus outbreak, and that it remains committed to its planned merger with Peugeot parent PSA Groupe.
The entertainment company reported quarterly earnings of $1.47 per share, missing the consensus estimate of $1.84 a share. Revenue missed forecasts as well, however AMC said it does not expect Covid-19 to impact its liquidity position or ability to pay debt. The company continues to generate significant levels of free cash flow.
L Brands agreed to end its $525 million deal to sell a 55% stake in its Victoria’s Secret unit to private equity firm Sycamore Partners. Sycamore had sued to terminate the deal, saying L Brands had breached the terms by closing nearly all Victoria’s Secret locations without its permission. The agreement settles all pending litigation and neither side will pay a termination fee.
Shake Shack reported quarterly earnings of 2 cents per share, beating the consensus estimate of a breakeven quarter. The restaurant chain’s revenue was shy of forecasts, however, and Shake Shack said it cannot reasonably estimate the impact of the coronavirus outbreak. It did add that demand is showing signs of rebounding.
Starbucks plans to reopen more than 85% of its U.S. stores by the end of the week, although service will be limited to pickup, delivery, and drive-thru.
Chegg beat estimates on both the top and bottom lines for its latest quarter, with the online education company also giving an upbeat current-quarter forecast on the surge in in-home learning.
AIG reported quarterly earnings of 11 cents per share, well below the consensus estimate of 72 cents a share. Revenue beat forecasts. AIG withdrew its previously issued guidance, and the insurance company said that Covid-19 would represent the largest-ever catastrophe loss for the industry.
Amerisource Bergen has reportedly approached Walgreens (WBA) about a possible deal for its drug wholesaling unit. Reuters reports that the drug distributor would be willing to pay about $6 billion for the business.
Hertz hired an additional adviser to help with a planned bankruptcy filing for the car rental company, according to The Wall Street Journal. Hertz is said to have hired FTI Consulting, and is also working with law firm White & Case and investment bank Moelis.
Tenet said the Covid-19 pandemic would have a significant impact on its current quarter results, with the hospital operator seeing patient visits to its hospitals decline significantly during the second half of March. Patient volumes have been hit by deferrals of elective procedures.
Bill Ackman’s Pershing Square has a 9.6% stake in the parent of Popeyes, Tim Hortons, and Burger King. Ackman feels the stock is undervalued but told CNBC he is supportive of the company’s management.