U.S. Movers: Alibaba Group, Chipotle Mexican Grill, Ford Motor, NYCB, Uber

Scott Peters
07 Feb, 2024
New York City

Alibaba Group decreased 0.4% to $77.90 after the China-based e-commerce platform operator reported sharply lower quarterly earnings.

Revenue in the December quarter slowed to 5% to 260.35 billion yuan, or $36.67 billion, and net income plunged 77% to 10.7 billion yuan, or $1.5 billion, from a year ago, respectively.

The e-commerce giant also expanded its stock repurchase program by $25 billion to $35.3 billion through March 2027.

Chipotle Mexican Grill jumped 2.5% to $2,550.0 after the fast food restaurant operator reported sharply higher quarterly earnings following a surge in store traffic.

Net sales in the quarter increased 15.4% to $2.52 billion, net income rose to $282.1 million from $223.7 million, and diluted earnings per share advanced to $10.21 from $8.02 a year ago.

The restaurant chain operator said foot traffic increased 7.4% and comparable same-store sales advanced 8.4% from a year ago.

For the full year 2024, the company estimated a same-store sales increase in the "mid-single-digit" range and plans to open between 285 and 315 new stores.

New York Community Bank soared 10.6% to $4.65 and traded volatile after Moody's Investors Service lowered the regional bank's debt rating two notches to junk level.

Ford Motor Company increased 5.5% to $12.74 after the vehicle maker reported better-than-expected earnings and announced an additional dividend to shareholders.

Revenue in the fourth quarter rose 2% to $46 billion from $44 billion, net income swung to a profit of $1.3 billion from a loss of $0.5 billion, and diluted earnings per share were 32 cents compared to a loss of 13 cents a year ago.

The company declared a regular first-quarter dividend of 15 cents per share and announced a supplemental dividend of 18 cents per share payable on March 1 to shareholders on record on February 16.

The company also said it plans to defer certain investments in the EV business because mainstream adoption of electric vehicles is "happening at a slower rate" than the industry expected.

Uber Technologies declined 2% to $69.0 after the ridesharing platform operator reported a double-digit rise in revenue and bookings in its latest quarter.

Revenue in the fourth quarter increased 15% to $9.9 billion from $8.6 billion, net income increased to $1.4 billion from $595 million, and diluted earnings per share jumped to 66 cents from 29 cents a year ago.

Gross bookings in the quarter surged 22% to $37.6 billion from $30.7 billion, driven by a 29% increase in mobility bookings to $19.3 billion and a delivery booking surge of 19% to $17.0 billion.

Yum Brands declined 1.8% to $125.0 after the operators of Pizza Hut, KFC, and Taco Bell reported weaker-than-expected same-store sales increases in its latest quarter.

In the fourth quarter, worldwide system sales rose 5%, excluding foreign currency translation, with sales increasing at KFC chains by 7%, Taco Bell by 6%, and Pizza Hut by 1%.

Total revenues in the quarter increased 1% to $2.03 billion from $2.01 billion, net income surged 25% to $463 million from 371 million, and diluted earnings per share rose 26% to $1.62 from $1.29 a year ago.

The company increased its quarterly dividend to 60.5 cents from 57 cents a year ago.