Category: Stock Market News

Cracker Barrel Old Country Store Inc. reported fiscal second-quarter net income of $91.1 million, or $3.79 per share including a benefit $1.63 after the tax overhaul, up from $52.7 million, or $2.19 per share, for the same period last year. Adjusted EPS was $2.73. Revenue was $787.8 million, up from $772.7 million last year. The FactSet consensus was for EPS of $2.25 and revenue of $787.0 million. Same-restaurant sales fell 0.9% for the quarter and average check rose 2%. Same-store sales rose by 0.5%. The FactSet consensus was for same-restaurant sales growth of 1.7% and a same-retail sales decline of 1.3%. Cracker Barrel now expects fiscal 2018 EPS between $10.35 and $10.55 driven primarily by the tax law changes, and adjusted EPS between $9.30 and $9.50. Revenue is expected to be $3.1 billion. Same-restaurant sales are expected to grow 1% to 2%, and same-retail sales are expected to be flat. The FactSet consensus is for EPS of $9.07, sales of $3.0 billion, same-restaurant sales growth of 1.7%, and a same-retail sales decline of 0.7%. Cracker Barrel shares are indicating higher in Tuesday premarket trading, and shares are up 3% for the last year. The S&P 500 index is up 16.2% for the past 12 months.

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MGM Resorts International reported net income of $1.4 billion, or $2.42 per share, up from $24.7 million, or 4 cents per share, for the same period last year. The number includes a non-cash income tax benefit of $2.52 after the tax overhaul. Revenue totaled $2.6 billion, up from $2.5 billion last year. The FactSet consensus was for EPS of 9 cents and revenue of $2.5 billion. Domestic same-store sales were flat compared with last year, with same-store table games increasing 4% and same-store slots falling 2%. MGM shares fell 3.5% in Tuesday premarket trading, but are up 29.6% for the last year. The S&P 500 index is up 16.2% for the last 12 months.

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Domino’s Pizza Inc. shares fell nearly 2% in Tuesday premarket trading after the restaurant chain announced fourth-quarter revenue that missed estimates. Net income for the quarter totaled $93.3 million, or $2.09 per share, up from $72.7 million, or $1.48 per share, for the same period last year. Revenue was $891.5 million, up from $819.4 last year. The FactSet consensus was for EPS of $1.95 and sales of $905.0 million. Domestic same-store sales rose 4.2%, while the international division reported same-store sales growth of 2.5%. The FactSet consensus was for domestic same-store sales growth of 6% and international growth of 5.2%. Domino’s shares are up 17.5% for the last year, outpacing the S&P 500 index , which is up 16.2% for the period.

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General Mills Inc. announced Tuesday that it expects fiscal 2018 organic net sales to be at the high end of its previous range of flat-to-down 1%. The result would be in line with the previous year. The announcement was part of its growth plan, presented at the Consumer Analyst Group of New York (CAGNY) conference. The food company will focus on four key platforms for topline growth: snack bars, Häagen-Dazs ice cream, Old El Paso Mexican food and natural and organic food brands. Together, these platforms represented $4 billion in fiscal 2017 net sales, a quarter of worldwide net sales. The company will also focus on net product innovation and marketing, e-commerce, and rethink its portfolio. That includes divesting businesses that hinder growth, with the possible candidates totaling about 5% of company sales. Potential acquisitions will tick off three criteria: work with existing categories in North America and Europe, build scale in emerging markets like China and Brazil, and leveraging existing capabilities and create value. General Mills shares are down 4.7% for the last 12 months while the S&P 500 index is up 16.2% for the period.

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Walmart Inc. shares dropped in premarket trade Tuesday, with per-share adjusted earnings from the retail heavyweight missing Wall Street’s target. Fourth-quarter adjusted earnings came in at $1.33 a share, below the $1.37 per-share projection in a FactSet poll of analysts. Net earnings were $2.18 billion, or 73 cents a share, compared with $3.76 billion, or $1.22 a share, a year earlier. Quarterly sales were ahead of expectations. Total revenue rose to $136.3 billion from $129.75 billion a year ago, surpassing FactSet’s estimate of $134.91 billion. U.S. same-store sales increased by 2.6% compared with a 1.8% gain a year ago. Walmart shares fell 4% after the report, ahead of Tuesday’s opening bell.

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USA Today parent Gannett Co. Inc. said Tuesday it had a net loss of $13.6 million, or 12 cents a share, in the fourth quarter, after earnings of $24.6 million, or 21 cents a share, in the year-earlier period. Adjusted per-share earnings came to 55 cents, ahead of the FactSet consensus of 46 cents. Revenue fell to $854.2 million from $866.9 million, but was also ahead of the FactSet consensus of $853 million. Digital revenue rose to $1.0 billion and accounted for 31.6% of total revenue, Chief Executive Robert Dickey said in a statement. The company is now expecting 2018 revenue of $2.93 billion to $3.03 billion, compared with a FactSet consensus of $3.02 billion. Shares were not yet active premarket, but have gained 28% in the last 12 months, while the S&P 500 has gained 16%.

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Qualcomm Inc. is ready to sweeten its bid for NXP Semiconductors to around $44 billion, as it tries to win shareholder support for the acquisition, The Wall Street Journal reported Tuesday, citing people familiar with the matter. The San Diego-based chip maker initially offered $110 a share, valuing NXP at $39 billion. Qualcomm is expected to lift its bid to around $127.50 a share, with the offer coming as soon as this week, the report said. Shares in Qualcomm were down 0.5% in premarket trading at $64.26. Shares in NXP were 3.4% higher, at $122.58.

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The oil industry collectively needs at least $10 trillion in fresh investments by 2040 to replace declining fields and ensure adequate supply to meet demand from the world’s growing population, UAE Energy Minister Suhail bin Mohammed al-Mazroui said on Tuesday. Speaking at the International Petroleum Week conference in London, al-Mazroui – who also holds the OPEC presidency in 2018 — called for more investments as the market starts to rebalance after years of oversupply. “This year is going to be an interesting year where we are expecting to achieve the balance in the market between supply and demand and most importantly to see some significant investments come into the sector,” the OPEC president said. “We are talking about 22 years [until 2040] and we know it takes about five years from deciding to invest to finalize the project. So I think we as OPEC are keen to see this restoration in the market and to work with everyone.” Al-Mazroui also said there is an “aspiration” that OPEC and the group of non-cartel countries in the output deal can continue their cooperation beyond 2018.

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The nomination of Philip Lane, Ireland’s central bank governor, to become the European Central Bank’s next deputy was withdrawn Monday, opening the door for Spain’s candidate to take the No. 2 spot at the ECB. Lane’s nomination was withdrawn by Ireland’s Finance Minister Paschal Donohoe, who said indications pointed to Spanish Economy Minister Luis de Guindos succeeding Vitor Constâncio as the ECB’s vice president. “[It] is crucial that the election of a new vice president for the ECB is based on consensus, and should not be a source for any disagreement,” Donohoe said in a statement. “I believe Professor Lane is an exceptionally well-qualified candidate who would make an ideal person to serve on the executive board of the European Central Bank,” said Donohue.

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A Russian athlete has failed a preliminary doping test at the Winter Olympics in Pyeongchang, South Korea, the New York Times reported Sunday. Alexander Krushelnytsky, who won a bronze medal with his wife in mixed-doubles curling, reportedly tested positive for traces of meldonium, a heart medication that the World Anti-Doping Agency has banned as a performance-enhancer since 2015. A second test will be applied, and if positive, the bronze medal may be stripped. The result is another embarrassment for Russian athletes, after the International Olympic Committee banned Russia from the Winter Games for systemic doping, although it allowed about 160 Russian men and women to compete under the moniker Olympic Athletes From Russia. Those athletes had to pass strict tests to compete at Pyeonchang. Meldonium is the same substance that tennis star Maria Sharapova tested positive for in 2016, leading to a 15-month suspension.

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