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Kamis, 27 Februari 2020

Dow Jones Futures Tumble On US Virus First, Microsoft Coronavirus Warning, Trump After Stock Market Rally Fizzles - Investor's Business Daily

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Dow Jones Futures Tumble On US Virus First, Microsoft Coronavirus Warning, Trump After Stock Market Rally Fizzles Investor's Business Daily
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2020-02-27 12:52:00Z
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Best Buy earnings top estimates, driven by strong holiday sales - CNBC

Best Buy on Thursday reported fourth-quarter results that exceeded analysts' expectations, driven by strong sales of headphones, appliances and other items over the holidays.

Shares were down 2% in premarket trading amid rising market worries about coronavirus.

Best Buy Chief Financial Officer Matt Bilunas said the company is monitoring the coronavirus outbreak and expects most of its impact to be in the first half of the year.

He said the retailer factored the coronavirus into its first-quarter and full-year guidance, but he said "we view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives."

Here's what Best Buy reported compared with what analysts were expecting, based on a survey of analysts by Refinitiv:

Earnings per share, adjusted: $2.90 vs. $2.75 expected
Revenue: $15.2 billion vs. $15.05 billion expected
Same-store sales growth: 3.2% vs. 1.9% expected

Best Buy CEO Corie Barry said in an earnings call that the retailer's growth in the quarter was fueled by sales of headphones, computing, appliance, mobile phones and tablets and that helped offset a decline in gaming. It also saw growth in its in-home consultation and tech support businesses, she said.

"We offer compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability, and fast free delivery," she said.

In the fourth quarter ended Feb.1, Best Buy said net income grew to $745 million, or $2.84 per share, from $735 million, or $2.69 per share, a year earlier.

Excluding items, Best Buy earned $2.90 per share, which was higher than the $2.75 per share analysts were expecting, according to Refinitiv.

Best Buy said revenue grew to $15.2 billion, from $14.8 billion last year, and was higher than the $15.05 billion analysts expected.

Sales at stores open at least a year rose 3.2%. Analysts were expecting a 1.9% gain.

The retailer's forecast for fiscal 2021 calls for an adjusted earnings range of $6.10 to $6.30 per share and for same-store sales to be flat to up 2.0%. Revenue will be between $43.3 billion to $44.3 billion, the company said.

Analysts surveyed by Refinitiv were calling for Best Buy to earn $6.25 per share on revenue of $44.22 billion in fiscal 2021.

Over the holiday season, Best Buy offered next-day delivery on thousands of items with no minimum purchase or membership required. Customers could pick up products in store within an hour of placing an order.

The retailer also made it possible for shoppers in New York City and Chicago to pick up their purchases at 175 alternate pickup locations. In New York, customers could pick up at CVS and UPS and in Chicago, they picked up at UPS.

Best Buy has expanded the services side of its business as it's competed with Amazon on consumer electronics. It's capitalized on the rise of smart home devices by helping customers buy and set them up. For example, it offers Total Tech Support, an annual membership program that can help customers install a smart doorbell, mount a TV or troubleshoot a computer glitch. It costs $199.99 a year.

The retailer has also expanded into health. It acquired three health-related companies, including GreatCall, a connected health and emergency response services provider for senior citizens. It has piloted tech-enabled programs that could reduce healthcare costs. And it's hired a practicing emergency medicine physician, Dr. Daniel Grossman, to be its chief medical officer.

Previously, in the third-quarter earnings call, Barry said the company's health offerings are used by about 1 million seniors and the company wants to increase that to 5 million in fiscal 2025.

Best Buy's shares have gained about 36% over the past 12 months, bringing its market value to $21.3 billion.

Read the full press release here.

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2020-02-27 12:16:00Z
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Dow Jones Futures Tumble On US Virus First, Microsoft Coronavirus Warning, Trump After Stock Market Rally Fizzles - Investor's Business Daily

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Dow futures sink as US officials warn of coronavirus spread - CNN

Other major US indexes also declined in premarket trading. S&P 500 (SPX) and Nasdaq (COMP) futures each fell 0.8%.

The US Centers for Disease Control and Prevention said earlier that a resident of Solano County, California, tested positive for the virus without having "relevant travel history or exposure to another known patient." They warned that the case could indicate that the virus has begun moving through a community in the United States for the first time.

Coronavirus is fast becoming an 'economic pandemic'

The CDC announcement also came as President Donald Trump tried to assuage fears about the outbreak. At a press conference Wednesday, he defended the White House's response to the disease and stressed that the administration has resources devoted to combating the virus. Vice President Mike Pence is now in charge of the government's plan, he added.

CDC officials, though, have told Americans that health experts foresee the virus spreading in the United States.

The coronavirus has killed at least 2,800 people worldwide and infected 81,700. While the vast majority of cases have been recorded in mainland China, the virus has spread to every continent except Antarctica, sparking alarm. More than a dozen cases have been recorded in the United States.

Stock markets this week — many of which had been brushing off the virus — have been rattled by fears about how the virus could hurt the global economy and wreak havoc on supply chains. After Italy and South Korea recorded a sharp spike in infections over the weekend, the Dow plunged more than 1,000 points Monday.

The Dow has now lost more than 2,000 points, or 7%, this week. The S&P 500 has turned negative for the year.

Major stock markets in Europe opened sharply lower on Thursday. London's FTSE 100 (UKX) dropped 2.3%, while France's CAC 40 (CAC40) and Germany's DAX (DAX) shed 2.2%.

Anheuser-Busch InBev (BUD), the world's biggest brewer, was the latest big company to warn about the negative impact of the coronavirus. The maker of Budweiser estimated that the outbreak would result in lost sales of $285 million in China over the first two months of 2020. Danone (DANOY) and Diageo (DEO) issued similar warnings on Wednesday.

Asian markets were mixed. Japan's Nikkei 225 (N225) closed down 2.1%, while Hong Kong's Hang Seng (HSI) added 0.3%. South Korea's Kospi (KOSPI) fell 1%.

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2020-02-27 09:12:00Z
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Rabu, 26 Februari 2020

Wall Street set to open higher after four-day selloff - Investing.com

By Medha Singh

(Reuters) - Wall Street's main indexes rose about 1% on Wednesday after suffering their worst four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Investors were cautious as the U.S. Centers for Disease Control and Prevention urged Americans to prepare for the virus to spread in the United States. President Donald Trump said he will hold a news conference on the coronavirus at 6 p.m. ET (2300 GMT).

As of Wednesday, death toll in Italy had crossed 19 and new cases in South Korea rose above 1,260, while Greece and Brazil reported their first cases of the virus.

"It's unclear if it's something that will be resolved in weeks or months or a longer time," said Chester Spatt, professor of finance at Carnegie Mellon University.

"There is potential for shock to both supply and demand sides of the economy. The magnitude of the shock is uncertain right now."

All major S&P sectors were trading higher, with technology leading the charge on a 1.6% gain. Defensive utilities, real estate and consumer staples were the laggards.

At 09:46 a.m. ET, the was up 291.27 points, or 1.08%, at 27,372.63 and the S&P 500 was up 39.01 points, or 1.25%, at 3,167.22. The was up 138.33 points, or 1.54%, at 9,103.94.

The Dow has lost more than 1,900 points in the past two days alone, while the Nasdaq has slid 8.9% from its record peak hit last Wednesday.

The S&P 500, which is down 7.8% from its all-time high, has lost about $1.74 trillion in market capitalization in the last two sessions, according to S&P Dow Jones Indices senior analyst Howard Silverblatt.

Among stocks, TJX (NYSE:) Cos Inc jumped 7.8% as the offprice retailer beat quarterly same-store sales estimates.

Beyond Meat (NASDAQ:) Inc rose 6.1% as Starbucks Corp (NASDAQ:) said its Canadian stores would start selling the company's plant-based breakfast sandwich next week.

Walt Disney (NYSE:) Co slipped 0.6% on news Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek.

Advancing issues outnumbered decliners by a 3.63-to-1 ratio on the NYSE and by a 2.91-to-1 ratio on the Nasdaq.

The S&P index recorded one new 52-week highs and 12 new lows, while the Nasdaq recorded 10 new highs and 56 new lows.

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2020-02-26 14:29:00Z
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Bob Iger on stepping down as Disney CEO: 'I don't want to run the company anymore' - CNBC

The Walt Disney Company Chairman and CEO Bob Iger

Kimberly White | Getty Images Entertainment | Getty Images

Disney's Bob Iger elaborated a bit Wednesday on his stunning decision to step down as CEO and become executive chairman effective immediately.

"I don't want to run the company anymore," Iger said via phone, a day after his announcement.

The long-tenured chief cited 20 years and 81 earnings calls and said he wants to concentrate on the creative pipeline of the company.

Iger told me his desire to step down coalesced around Thanksgiving when he raised it with the board, which had already been targeting candidates.

Bob Chapek, who most recently was chairman of Disney parks, will become the CEO. Iger will remain as executive chairman through 2021, focusing on the creative strategy of the company.

When it comes to the long transition, Iger told me there is "no rule book on this stuff" and this is what works for the company.

Disney shares were down slightly in early trading Wednesday.

Correction: This story was revised to correct the day of Iger's announcement. It was Tuesday.

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2020-02-26 14:14:00Z
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Wall Street set to open higher after four-day selloff - Reuters

A trader works on the floor of the New York Stock Exchange shortly after the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020. REUTERS/Lucas Jackson

(Reuters) - U.S. stock index futures were mixed on Wednesday after the Dow and the S&P 500 indexes suffered their sharpest four-day percentage fall in more than a year on fears of the economic damage from the global spread of the coronavirus.

Demand for defensive plays such as gold remained high as the World Health Organization (WHO) cautioned that the rapid spread of the virus to more places was inevitable, even as the outbreak in China had peaked. The U.S. Centers for Disease Control and Prevention also warned that a pandemic was likely.

As of Wednesday, death toll in Italy had crossed 19, new cases in South Korea rose above 1,260, while first case of the virus infection was reported in Greece and Brazil.

The three main indexes have fallen in the past four sessions, with the Dow losing more than 1,900 points in the past two days, while the S&P 500 has lost about $1.74 trillion in market capitalization in the same period, according to S&P Dow Jones Indices senior analyst Howard Silverblatt.

The S&P 500 is down 7.8% from its intraday record high hit last Wednesday, while the Nasdaq is down 8.9% from the peak. If an index closes down 10% or more from its closing high, it would confirm a correction territory.

At 7:25 a.m. ET, Dow e-minis were down 42 points, or 0.15%. S&P 500 e-minis were up 0.25 points, or 0.01% and Nasdaq 100 e-minis were down 3 points, or 0.03%.

Among stocks, Walt Disney Co slipped 2.2% in premarket trading on news Robert Iger will step down as chief executive officer, handing the reins to Disney Parks head Bob Chapek.

Beyond Meat Inc rose 5.6% as Starbucks Corp said its Canadian stores will start selling the company’s plant-based breakfast sandwich next week.

(This story corrects milestone in lede)

Reporting by Medha Singh in Bengaluru

Our Standards:The Thomson Reuters Trust Principles.

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2020-02-26 13:01:00Z
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