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Market Update

CBRE Group Inc declined about 8% to $82. 88 after the real estate leasing and advisory services provider reported on the worries of looming slowdown in commercial real estate market. 

Revenue in the second quarter revenue declined 0.7% to $7.7 billion and net income plunged 58.7% to $201 million from $487 million and diluted earnings per share fell to 64 cents from $1.48 a year ago. 

The company said comparison with the quarter last year was difficult because of "exceptional development earnings" in the quarter exceeded development operating profit in any year except 2021. 

The company said because of delayed recovery in capital markets core earnings per share in 2023 is expected to decline between 20% and 25% from the previous year. 

Advisory services revenue fell 21% to $2.04 billion, workspace solution, which includes office leases, rose 10.6% to $5.4 billion and real estate investment segment revenue fell 7.8% to $256 million. 

  


27 Jul, 2023

 

BJ's Restaurants Inc jumped nearly 10% to $36.39 from $33.34 after the company reported better-than-expected quarterly results. 

Revenue in the second quarter increased 6.1% to $349.7 million from $329.7 million and comparable restaurant sales increased 4.7% from a year ago. 

Net income increased to $11.9 million from $3.0 million and diluted earnings per share rose to 50 cents from 1 cent a year ago. 

The company opened its second new restaurant this quarter in San Antonio, Texas and plans to open five in the year and remodel between 35 and 40 restaurants of which 20 remodels have been completed. 

Restaurant level operating margin increased to 14.5% from 11.9% a year ago. 


27 Jul, 2023

 

Sweetgreen Inc declined 11.5% to $13.60 after the salad chain reported weaker-than-expected sales and comparable store sales decelerated from a year ago. 

Revenue in the second quarter increased 22% to $152.5 million from $124.9 million and same store sales change slowed to 3% from 16% a year ago. 

Average restaurant sales were stable around $2.9 million in the last four quarters.  

Restaurant-level profit was $31.1 million and restaurant-level profit margin was 20% compared to $23.1 million and 19% respectively in the prior year period. 

Net loss declined to $27.3 million from $40.5 million and diluted loss per share decreased to 24 cents from 37 cents a year ago. 

The salad chain forecasted fiscal year 2023 revenue between $575 million and $595 million and same store sales to increase between 2% and 6%, and restaurant level profit margin between 16% and 18% compared to the previous estimate between 15% and 17%. 

The company estimated net new restaurants opening between 30 and 35 in 2023. 


28 Jul, 2023

 

Intel Corporation jumped 6.7% to $36.73 after the chipmaker returned to profitability in the second quarter after losses in previous two quarters in a row. 

Revenue in the second quarter declined 15% to $12.9 billion from $15.3 billion and the company swung to a net income of $1.5 billion from a loss of $0.5 billion and diluted earnings per share was 35 cents compared to a loss of ($0.11) a year ago. 

The company announced a dividend of 12.5 cents a share payable on September 1 to shareholders on record on August 7. 

The company's third quarter sales also suggested improving sales and forecasted third quarter sales between $12.9 billion and$13.9 billion and gross margin of 39.1% and diluted earnings per share of 4 cents. 


28 Jul, 2023

 

Chevron Corp fell 0.8% to $158.50 after the oil company reported lower earnings from a year ago following a decline in energy prices. 

Revenue in the second quarter fell to $48.9 billion from $68.7 billion and net income declined to $6.0 billion from $11.6 billion and diluted earnings per share dropped to $3.20 from $5.95 a year ago. 


28 Jul, 2023

 

Exxon Mobil Corp declined 1.8% to $103.54  after the largest oil company reported mixed quarterly results. 

Revenue in the second quarter declined to $82.9 billion from $115.7 billion and net income attributable to shareholders fell to $7.9 billion from $17.9 billion and diluted earnings per share dropped to $1.94 from $4.21 a year ago. 


28 Jul, 2023

 

eBay Inc declined 9.3% to $44.25 after gross merchandise volume declined 2% to $18.2 billion in the second quarter. 

Revenue in the second quarter increased 5% to $2.5 billion from $2.4 billion and the online commerce platform swung to a profit of $172 million from a loss of $536 million and diluted earnings per share from continuing operations was 32 cents from a loss of 96 cents a year ago. 

The company returned $383 million to shareholders, including $250 million of share repurchases and $133 million paid in cash dividends. 

The company forecasted third quarter organic revenue on a currency neutral basis between $2.46 billion and $2.52 billion, an increase between 2% and 4% from a year ago and diluted earnings per share between 67 cents and 72 cents. 


27 Jul, 2023

 

Morningstar Inc soared 7.2% to $230.80 after the company reported quarterly results ahead of market expectations. 

Revenue in the second quarter increased 7.3% to $504.7 million and consolidated net income increased 19.9% to $36.1 million from $30.1 million and diluted earnings per share increased to 84 cents from 70 cents a year ago. 

Revenue for Pitchbook, M&A database, subscription increased 21% to $121 million, Morningstar Data gained 79% to $69.4 million and Morningstar Direct rose 9% to $49.9 million. 


27 Jul, 2023

 

Royal Caribbean Cruises Ltd surged 8.7% to $109.70 after the cruise company reported better-than-expected quarterly results and lifted its annual estimate on the back of revenue acceleration. 

Revenue in the second quarter soared to $3.5 billion from $2.2 billion and the company swung to a net income of $462.2 million from a loss of $520 million and diluted earnings per share was $1.70 from a loss of $2.05 a year ago. 

Cruise company said bookings in the quarter were significantly ahead of pre-Covid 2019 levels and customer deposits were at a record high $5.7 billion. 

"Demand for 2023 sailings has significantly exceeded expectations and bookings for 2024 sailings are up significantly versus all prior years at record prices. 

Demand from the North American consumer has remained incredibly strong throughout the year, and booking volumes from European consumers who are booking European cruises this summer have accelerated," the company noted in the earning release. 


27 Jul, 2023

 

McDonald's Corp increased 1.8% to $296.94 after the burger chain reported better-than-expected revenue and adjusted earnings. 

Global same store sales increased 11.7% and the U.S. comparable store sales rose 10.3% compared to 3.7% a year ago because of promotional meals celebrating the 52nd birthday of McDonald's character Grimace. 


27 Jul, 2023

 

Chipotle Mexican Grill, Inc plunged 9.0% to $1,900 after the fast-casual food chain operator reported mixed quarterly results. 

total revenue increased 13.6% to $2.5 billion and comparable store sales rose 7.4%. 

Net income in the quarter jumped to $341.8 million from $259.9 million and diluted earnings per share jumped to $12.32 from $9.25 a year ago. 

Chipotle guided third quarter comparable restaurant sales to increase in the low to mid-single digit and full-year sales are expected to increase in mid to high-single digit. 

The company plans to open between 255 and 285 stores, including between 10 to 15 relocations to add drive throughs, depending on construction, utility and permit delays.   


27 Jul, 2023

 

Meta Platforms Inc jumped 6.8% to $319.08 after the company reported better-than-expected earnings on the back of strong advertising revenue. 

Total revenue increased 11% to $31.9 billion from $28.8 billion and net income declined 16.8% to $7.8 billion from $6.7 billion and diluted earnings per share dropped to $2.98 from $2.46 a year ago.  

The company repurchased $793 million of Class A common stock in the first quarter and as of June 30, 2023, the company had $40.91 billion available and authorized for repurchases. 


27 Jul, 2023

 

Teladoc Health Inc soared 25.5% to $28.60 after the online healthcare provider reported better-than-expected quarterly results. 

Revenue in the second quarter increased 10% to $652.4 million and net loss shrank to $65 million from $3.1 billion and diluted loss per share fell to 40 cents from $19.22 a year ago. 

The prior year's quarter included a non-cash goodwill charge of $3.03 billion or $18.78 a share. 

The company guided revenue in the third quarter between $650 million and $675 million and net loss per share between 50 cents and 40 cents and membership level at about 86 million. 

The online healthcare provider estimated revenue for the full-year 2023 between $2.6 billion and $2.675 billion and diluted loss per share between $1.25 and $1.60. 


26 Jul, 2023

 

Union Pacific Corp soared 10.3% to $237.23 despite the company reporting a decline in revenue in its latest quarter. 

Revenue in the second quarter declined 5% to $6 billion from $6.3 billion and net income fell 14% to $1.6 billion from $1.8 billion and diluted earnings per share dropped to $2.57 from $2.93 a year ago. 

The company proposed a dividend payment of $1.30 a share, same as previous quarter and no share repurchases are planned for the remainder of the year.  

The company appointed Jim Vena as chief executive as of August 14 and also appointed Doyle Simons and Doyle Wiehoff to its Board of Directors, effective immediately. 


26 Jul, 2023

 

Coca-Cola Company increased 0.6% to $62.62 after the company reported quarterly results. 

Net revenue in the second quarter ending in June increased 11% to $11.9 billion and consolidated net income soared 33% to $2.5 billion from $1.9 billion and diluted earnings per share 59 cents from 44 cents a year ago. 

Cash flow from operations increased by $83 million to $4.6 billion for the six months ending in June but free cash flow declined $45 million to $4.0 billion in the respective period. 

Unit case volumes declined 1% in North America and fell 5% in Europe, Middle East and Africa but rose 4% in Latin America. 

The company revised its full-year organic revenue growth outlook to a new range between 8% and 9% and the company estimated commodity inflation in mid single-digit on a comparable basis including hedged position. 


26 Jul, 2023