Movers: Bed Bath & Beyond, Credit Suisse, Coca-Cola, Fox Corp, Philips, Walt Disney

Scott Peters
24 Apr, 2023
New York City

Coca-Cola Company increased 0.5% to $64.35 after the beverage maker reported better-than-expected results in its latest quarter. 

Revenue in the first quarter increased 5% to $11.0 billion and net income attributable to shareholders rose 12% to $3.1 billion from $2.8 billion and diluted earnings per share advanced 72 cents from 64 cents a year ago. 

Revenue growth was driven by 11% increase in price and volume mix and 1% growth in concentrate sales. 

Unit case volume was flat in North America but declined 3% in Europe, Middle East and Africa after prices rose 22% in local currencies. unit case volume surged 10% in Asia Pacific on the price increase of 5%. 

Strong growth in unit case volume in Western Europe, Pakistan and South Africa was more than  offset by the suspension of business in Russia and the impact of the earthquake in Türkiye in February. 

The company reiterated its full-year 2023 revenue growth outlook between 7% and 8% and estimated commodities price inflation in mid single-digit on comparable cost of goods sold. 

Bed Bath & Beyond Inc plunged 31% to 20 cents and extended this year's loss to 87% after the company filed for bankruptcy protection on Sunday. 

The struggling household goods retailer had warned for months that the company may have to seek bankruptcy protection in the event it fails to raise enough capital. 

Credit Suisse Group AG increased 2.1% to 90 cents after the company reported a surge in revenue in its latest quarter and said deposit outflow slowed to 61 billion Swiss francs. 

The adjusted revenue, which excludes the write down of additional tier 1 bonds, declined and the bank swung to a loss. 

Fox Corp Class A fell 3.2% to $32.52 after Fox News announced  conservative prime time host Tucker Carlson's abrupt departure Monday. 

The announcement came days after the company settled with Dominion Voting System for at least $787.5 million in its defamation lawsuit, the largest award in the history of civil litigation against a media company.   

Fox is not out of legal woods yet and another voting tech company Smartmatic is seeking $2.7 billion in its defamation lawsuit and specifically names news anchors Maria Bartiromo, Lou Dobbs and Jeanine Pirro.

At least for now, Fox has publicly denied allegations and said Smartmatic's damages claims are "not rooted in sound financial analysis."

On February 7, a day after Smartmatic filed its lawsuit, Fox fired Lou Dobbs and canceled his weekday news program without giving any explanation. 

Walt Disney Company fell 0.4% to $99.14 and the company announced a second layoff on Monday that is expected to hit employees in California, Connecticut and New York.

The company had earlier said it plans to eliminate about 7,000 jobs as a part of its reorganization that is expected to save $5.5 billion. 

Philips NV soared 14.2% to $21.74 after the medical devices and consumer products maker reported a rise in sales and adjusted earnings in the first quarter. 

Group sales increased 2% to €4.17 billion from €3.92 billion and adjusted EBITA increased to 359 million from 243 million a year ago.   

Comparable sales increased 6% driven by a rise in double-digit sales in its diagnostics and treatment unit and low single-digit increase in sales in connected care businesses. 

Net loss increased after the company set aside 575 million related to the settlement of a class action lawsuit stemming from the Respironics recall in the U.S. 

Net loss expanded to 665 million from 151  million and loss per share rose to 75 cents from 14 cents a year ago.