Movers: Chipotle, eBay, McDonald's, Meta Platforms, Morningstar, Royal Caribbean Cruises

Scott Peters
27 Jul, 2023
New York City

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. 

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.   

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. 

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. 

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. 

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.