Starbucks Fiscal Q2 Non-GAAP Earnings, Revenue Decline; Shares Slump Premarket

/ / Consumer Discretionary /

Starbucks (SBUX) shares sank more than 12% in premarket activity Wednesday after the company reported fiscal Q2 adjusted earnings and sales that missed the market’s expectations. The company reported fiscal Q2 non-GAAP earnings late Tuesday of $0.68 per share, down from $0.74 a year earlier. Analysts polled by Capital IQ expected $0.80 Net revenue for the quarter ended March 31 was $8.56 billion, down from $8.72 billion a year earlier. Analysts surveyed by Capital IQ expected $9.16 billion. Comparable-store sales during the quarter were down 4% worldwide, the company said. Analysts polled by Capital IQ expected 1% growth.

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AMD Drags Down Nvidia Stock After Disappointing Guidance — Barrons.com

/ / Technology /

By Brian Swint AMD stock was falling early Wednesday after disappointing investors on guidance for sales of processors used in data centers. It could be a warning for Nvidia. Both semiconductor makers have benefited from the excitement around artificial intelligence and enjoy strong valuations. That’s based on high expectations for future growth as companies invest in more computing power to run AI software. For AMD, those expectations weren’t met. Even though earnings were in line, its new guidance for data-center chips of $4 billion was seen as lowball. While still higher than the previous estimate of $3.5 billion, some analysts were predicting that it should be much higher. “We are firm believers in AMD’s revitalized product roadmap strategy, and product traction is compelling,” said KeyBanc strategists led by John Vinh. “However, expectations for share gains and growth are high. We’re concerned that any moderate downtick to expectations could add substantial

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Amazon Gets More Fuel for AI Race

/ / Consumer Discretionary /

By Dan Gallagher Big tech is having a spending party this year, and the biggest tech of all won’t be sitting it out. It helps that Amazon.com’s investors have been there before. The sector’s sales leader posted strong first-quarter results on Tuesday afternoon. Revenue growth beat Wall Street’s targets across nearly all of the company’s segments, while operating income more than tripled year over year to a new high of $15.3 billion, beating analyst estimates by 36%. That put Amazon’s operating margin above 10% for the first time in the company’s history, according to data from S&P Global Market Intelligence. Investors weren’t fazed by Amazon’s projection for revenue and earnings growth in the second quarter being a bit below Wall Street’s projections. That has become commonplace for a company known to issue conservative forecasts; Amazon’s operating income projection has been below analysts’ consensus forecasts for nine of the past 12

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Estee Lauder Expects Deeper Drop in FY Sales on Soft Chinese Market

/ / Consumer Discretionary /

By Sabela Ojea Estée Lauder logged higher in sales in the latest quarter amid a recovery in its Asia travel retail business, but guided for a deeper drop in full-year sales amid a continued softness in the prestige beauty market in Mainland China. The beauty company behind Clinique, MAC Cosmetics and La Mer, on Wednesday posted a fiscal third-quarter net profit of $330 million, or 91 cents a share, compared with $156 million, or 43 cents a share, for the same period a year earlier. Stripping out one time items, the company’s earnings per share came in at 97 cents, ahead of the 50 cents per share anticipated by analysts. Sales rose 5% to $3.94 billion, beating analysts expectations of $3.92 billion and in line with management views. The company said skin care and makeup sales rose 8% and 3%, respectively, also seeing a sequential recovery these categories. Sales for

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Pfizer Q1 Adjusted Earnings, Revenue Decline; 2024 Adjusted Earnings Outlook Lifted — Shares Gain Pre-Bell

/ / Health Care /

Pfizer (PFE) reported Q1 adjusted earnings Wednesday of $0.82 per diluted share, down from $1.23 a year earlier. Analysts polled by Capital IQ expected $0.51. Revenue for the quarter ended March 31 was $14.88 billion, down from $18.49 billion a year earlier. Analysts surveyed by Capital IQ expected $13.92 billion. The drug company said it now expects 2024 adjusted EPS of $2.15 to $2.35, up from its prior guidance of $2.05 to $2.25. Analysts polled by Capital IQ expect $2.21. Revenue for the current year is still projected to be $58.5 billion to $61.5 billion, the company said. Analysts surveyed by Capital IQ are looking for $59.94 billion. Shares of the company were up 1.7% in recent Wednesday premarket activity.

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CFRA Maintains Buy Opinion On Shares Of Advanced Micro Devices, Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We keep our 12-month target at $200, on P/E of 36.8x our ’25 EPS view, below 5-year historical average/above peers. We adjust our ’24 EPS estimate to $3.54 from $4.10 but keep ’25 at $5.44. AMD posts Q1 EPS of $0.62 vs. $0.60, beating the $0.61 consensus. Sales rose 2% and provided Q2 outlook (+6% Y/Y) largely in line with expectations, as investors were hoping for more amid a strong AI capex environment. Still, Data Center momentum (+80%) remains strong, as it incrementally boosts ’24 GPU server outlook ($4B from $3.5B) given better MI300X visibility from cloud players (Microsoft, Meta, Oracle) and enterprise momentum. Easy comparisons and PC recovery drove Client (+85%), while we expect an enterprise refresh cycle for AI PCs to start in the 2H.

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Marriott Q1 Earnings, Revenue Rise; Q2 Earnings Outlook Issued — Shares Fall Pre-Bell

/ / Consumer Discretionary /

Marriott International (MAR) reported Q1 adjusted earnings Wednesday of $2.13 per diluted share, up from $2.09 a year earlier. Analysts polled by Capital IQ expected $2.16. Revenue for the quarter ended March 31 was $5.98 billion, up from $5.62 billion a year earlier. Analysts surveyed by Capital IQ expected $5.95 billion. For Q2, the hotel, resort, and entertainment company expects adjusted earnings of $2.43 to $2.48 per diluted share. Analysts polled by Capital IQ expect $2.51. For 2024, the company now expects adjusted earnings of $9.31 to $9.65 per diluted share from the previous guidance of $9.18 to $9.52 per share. Analysts polled by Capital IQ expect $9.44. Shares of the company were down more than 1% in recent Wednesday premarket activity.

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Estee Lauder Companies’ Fiscal Q3 Adjusted Earnings, Net Sales Increase

/ / Consumer Discretionary /

Estee Lauder Companies (EL) reported fiscal Q3 adjusted earnings Wednesday of $0.97 per diluted share, up from $0.47 a year earlier. Analysts polled by Capital IQ expected $0.50. Net sales for the quarter ended March 31 were $3.94 billion, compared with $3.75 billion a year ago. Analysts surveyed by Capital IQ expected $3.92 billion. The company said it expects fiscal Q4 adjusted earnings of between $0.18 and $0.28 per diluted share. Analysts polled by Capital IQ expect $0.75. For fiscal year 2024, the company said it now expects adjusted earnings of $2.14 to $2.24 per diluted share, compared with $2.08 to $2.23 anticipated previously. Analysts polled by Capital IQ expect $2.25.

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Mastercard Q1 Adjusted Earnings, Net Revenue Rise

/ / Industrials /

Mastercard (MA) reported Q1 adjusted earnings Wednesday of $3.31 per diluted share, up from $2.80 a year earlier. Analysts polled by Capital IQ expected $3.24. Net revenue for the quarter ended March 31 was $6.35 billion, up from $5.75 billion a year earlier. Analysts surveyed by Capital IQ expected $6.34 billion. Mastercard shares were down 4% in recent premarket activity.

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Starbucks’ Stock Sinks 9% as ‘Cautious’ Consumers, More Headwinds Hit Profit, Revenue

/ / Consumer Discretionary /

By Claudia Assis CEO cites ‘disappointing’ performance as same-store sales slide worldwide Starbucks Corp. spooked investors late Tuesday, detailing how a trifecta of fewer people at its stores, cautious consumers and fiercer competition for a morning joe hit its quarterly revenue, and sank the stock more than 9% in the after-hours session. “Let me be clear from the beginning, our performance this quarter was disappointing and did not meet our expectations,” Chief Executive Laxman Narasimhan said on a call with analysts after the results were released. “A deteriorating economic outlook” in several markets has weighed on customer traffic and the impact is felt broadly across the industry, the CEO said. The company reported sliding comparable-store sales across the globe, only in part offset by higher tickets. In key markets, including the U.S., declining foot traffic is a problem, as consumers – particularly the occasional customer- continue to be “cautious,” Narasimhan

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Skyworks Solutions Says Phone, Tablet Demand Was Light in 2Q

/ / Technology /

Skyworks Solutions, a semiconductor maker, is seeing weaker-than-expected demand for tablets and phones. The company, which makes networking components with industrial, defense and mobile-device applications, says with 2Q results that end-market demand in mobile, which includes smartphones, tablets and smartwatches, was below normal seasonal trends. Skyworks expects another sequential drop in mobile as inventory clears. The commentary may be an early sign that a broader recovery in the smartphone market is stumbling. Shares fall 9.5% to $96.51 after-hours.

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Marathon Petroleum(MPC.US) Q1 2024 Earnings Conference

/ / Energy /

The following is a summary of the Marathon Petroleum Corporation (MPC) Q1 2024 Earnings Call Transcript: Financial Performance: Marathon Petroleum Corporation reported Q1 earnings per share of $2.58 and generated $3.3 billion of adjusted EBITDA, notably despite having 4 of their largest refineries in turnaround. They invested over $1.3 billion in capital expenditures, investments, and acquisitions in the quarter. The company announced an additional $5 billion share repurchase authorization, bringing the total capital returned to shareholders to $35 billion since May 2021, thus reducing the MPC share count by nearly 50%. The company increased its cash holdings by about $2 billion in Q1, culminating in a total of roughly $7 billion. Business Progress: Two new independent directors joined the MPC board from March 1. The company has plans to meet rising global oil demand primarily driven by requirements for transportation fuels. Investments are being channeled predominantly into refining large competitively

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