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The Norwegian Viva is docked at PortMiami's Terminal B ahead of its christening ceremony on Nov. 29, 2023, in Miami. Norwegian Cruise Line Holdings on Tuesday reported its first profitable year since 2019 as fourth-quarter losses narrowed dramatically. The cruise company reported strong growth and ticket demand with an encouraging 2024 forecast. Adjusting for one-time items, Norwegian reported a loss per share of 18 cents. "Norwegian Cruise Line Holding experienced a momentous year of growth and achievement in 2023," CEO Harry Sommer said in a statement.
Persons: Harry Sommer, it's, LSEG Organizations: Norwegian Cruise Line Holdings, Norwegian, Cruise Line, Royal Caribbean Cruises, Carnival Corp Locations: Norwegian, Miami, LSEG, Gaza
A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. Cava's stock rose 7% on Tuesday morning after the Mediterranean restaurant chain released its earnings report a day early. Cava reported fourth-quarter net income of $2.05 million, or 2 cents per share, swinging from a net loss of $18.85 million, or $13.72 per share, a year earlier. The company is forecasting same-store sales growth of 3% to 5% and adjusted earnings before interest, taxes, depreciation and amortization of $86 million to $92 million. Including Tuesday's stock move, the restaurant chain has a market value of $6.14 billion.
Persons: Cava Organizations: New York Stock Exchange, Investors, Wall Street, LSEG, CNBC PRO Locations: Cava, New York City, Cava's
Lowe's on Tuesday beat Wall Street's quarterly earnings and revenue estimates, even as the company continued to see customers tackle fewer home projects. It said it expects total sales of between $84 billion and $85 billion, which would be a drop from $86.38 billion in fiscal 2023. It anticipates comparable sales will decline between 2% and 3% compared with the prior year, and expects earnings per share of approximately $12 to $12.30. Excluding the costs associated with Lowe's sale of its Canadian retail business, earnings per share were $2.28. During the fourth quarter, Lowe's spent $404 million on share buybacks and paid $633 million in dividends.
Persons: Marvin Ellison, Lowe's, Wall Organizations: LSEG, CNBC PRO Locations: Bloomsburg, Lowe's
Beyond Meat — Shares skyrocketed more than 78% after the plant-based meat company beat revenue estimates in the fourth quarter. Beyond Meat reported revenue of $73.7 million, while analysts polled by LSEG, formerly known as Refinitiv forecast $66.7 million. Agilent Technologies — Shares surged 5% after Agilent posted adjusted earnings and revenue that beat Wall Street's estimates in the fiscal first quarter. Axon Enterprise — The weapons and technology stock ticked up nearly 6% after Axon issued full-year revenue guidance that exceeded expectations at the high end. Axon forecasts revenue of $1.88 billion to $1.94 billion, while analysts polled by FactSet expected $1.88 billion.
Persons: Agilent, FactSet, Sam Adams, Boston Beer, LSEG Organizations: LSEG, eBay, Wall, Urban, Boston Beer Company, Boston Locations: FactSet
An Electron rocket launches the Baby Come Back mission from New Zealand on July 17, 2023. Rocket Lab is making steady progress on the development of its Neutron vehicle, as the company reported fourth-quarter results that saw its contract backlog soar above $1 billion. Year over year, Rocket Lab's fourth-quarter net loss widened by about 36% as the company continues to spend heavily to create its Neutron rocket. Shares of Rocket Lab slipped 5% in after-hours trading from its close at $4.71. Rocket Lab forecast first-quarter revenue between $92 million and $98 million.
Persons: Peter Beck Organizations: Revenue, LSEG, Space Development Agency, Rocket Locations: New Zealand
Macy's on Tuesday said sales fell nearly 2% in the holiday quarter, as the 166-year-old department store operator unveiled its strategy to get back to growth. Macy's plans to close about 150 unproductive locations and to prioritize investing in about 350 other namesake locations. In the fiscal year that starts in early 2025, Macy's said it expects low-single digit comparable sales growth on an annual basis, including owned, licensed and marketplace sales. The namesake store's comparable sales on an owned-plus-licensed basis dropped by 4.7%, as the women's shoes and cold weather apparel and accessories categories struggled. At Bloomingdale's, comparable sales declined 1.6% on an owned-plus-licensed basis, as the men's and designer handbag businesses came in soft.
Persons: Spring, Tony Spring, Macy's, Arkhouse Organizations: Arkhouse Management, Brigade Capital Management, LSEG, Revenue Locations: New York City, Macy's
Norwegian Cruise Line — The cruise ship operator soared 18% on strong forward guidance. Unity expects adjusted EBITDA to range between $45 million and $50 million, versus the $113 million expected by analysts polled by FactSet. Viking Therapeutics — The clinical-stage biotech soared more than 90% after fulfilling primary and secondary endpoints in its Phase 2 GLP-1 study. Earnings came in at $1.57 per share, beating expectations of $1.47 per share, according to LSEG, formerly known as Refinitiv. Revenue of $1.92 billion matched analysts' expectations.
Persons: Viking, LSEG, Cava, Wells, Duolingo, CarGurus, — AutoZone, Microstrategy, , Sarah Min, Michelle Fox, Alex Harring, Jesse Pound, Yun Li Organizations: Cruise, Unity Software, FactSet, Therapeutics, Hess Corporation, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Hess, Bank of America Securities, Seaport Research Partners, CleanSpark Locations: Cava
Unity shares sink on weak guidance
  + stars: | 2024-02-26 | by ( Jonathan Vanian | In | ) www.cnbc.com   time to read: +2 min
Unity Software shares plummeted 17% in extended trading on Monday after the gaming software company issued weaker-than-expected guidance for the current quarter. The company said going forward, it would only provide revenue guidance for its "strategic portfolio," which includes its engine, cloud and monetization business units. The company said first-quarter guidance for its strategic portfolio would come in between $415 million and $420 million. "We are right sizing our cost structure to grow from a healthy financial position," Unity said in a shareholder letter. WATCH: Unity Software cutting 25% of workforce
Persons: Unity, John Riccitiello, James Whitehurst, Riccitiello's Organizations: Unity Software, Luna, Red Hat, Unity, Software
Jensen Huang speaks onstage during The New York Times Dealbook Summit 2023 at Jazz at Lincoln Center on November 29, 2023 in New York City. Nvidia briefly surpassed $2 trillion in market cap during intraday trading Friday as its stock continues to rally following the company's rosy earnings report Wednesday. Shares of Nvidia rose more than 2% Friday morning after closing up 16% Thursday. Nvidia reported $12.29 billion in net income during the quarter, up a staggering 769% from $1.41 billion last year. Nvidia makes the pricey graphics processors for the servers that power large AI models.
Persons: Jensen Huang Organizations: New York Times, Jazz, Lincoln Center, Nvidia, LSEG Locations: New York City
Discovery — Shares dropped 10% after the media conglomerate posted disappointing fourth-quarter results and failed to give 2024 free cash flow guidance. Discovery reported a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG, formerly known as Refinitiv, had expected a per-share loss of 7 cents on revenue of $10.35 billion. Carvana — Shares of the used car marketplace jumped 34% after the struggling company posted its first-ever annual profit. Insulet — Shares slipped 4.5% after the company reported a disappointing revenue forecast for the first quarter.
Persons: DraftKings, Rivian, Bloomin, overshadowing, Nio, LSEG, Carvana, William Blair, Raymond James, Nextdoor, Nirav Tolia, Insulet, FactSet, EOG, , Alex Harring, Samantha Subin, Brian Evans, Lisa Kailai Han, Jesse Pound, Michelle Fox, Sarah Min Organizations: Warner Bros, , Discovery, LSEG, Barclays, UBS, Holdings, EV, JPMorgan Locations: U.S
Discovery missed analyst targets for both profit and revenue in the fourth quarter but boosted free cash flow as its streaming service Max ended 2023 profitable for the first time. Discovery generated $3.31 billion in free cash flow in the fourth quarter and ended 2023 with $6.16 billion in free cash flow, up 86% from a year prior. Chief Executive Officer David Zaslav has prioritized boosting free cash flow and shrinking the company's debt. Discovery paid down $1.2 billion of debt in the quarter and $5.4 billion in debt in 2023. Here's what the company reported for the quarter ended Dec. 31, versus analysts' estimates, according to LSEG, formerly known as Refinitiv:
Persons: Max, David Zaslav, Zaslav Organizations: Warner Bros . Discovery, Writers Guild of America, Alliance of Motion Pictures, Television Producers, Warner Bros, Discovery, Max, Disney, Comcast, Paramount Global Locations: Warner Bros . Discovery Atlanta, Atlanta , Georgia, U.S
This would likely push the Federal funds target range to between 4.5% to 4.75% by the end of this year, he said. Take a look at the stocks Barclays thinks are best-positioned for lower rates later this year. Darden Restaurants is one of the consumer names Barclays believes can outperform when the Fed loosens rates. Clothing retailer Gap is another stock Barclays believes will be a rate-cut cycle winner. GPS YTD mountain The Gap shares in 2024 Agribusiness company Bunge also made the cut.
Persons: Terrence Malone, Malone, Jeff Bernstein, Bernstein, Jason Goldberg, Goldberg, Adrienne Yih, Bunge, Ben Theurer, , Michael Bloom Organizations: Barclays, Darden, Olive Garden, LongHorn, Fifth, Bancorp, Old Navy, Banana, Analysts, Bunge Locations: Olive, Banana Republic
Moderna on Thursday posted a surprise quarterly profit, in part boosted by deferred revenue, even as the company saw slumping sales from its Covid vaccine, its only marketable product. The biotech company booked fourth-quarter sales of $2.81 billion, with sales of its Covid shot dropping 43% from the same period a year ago. That includes charges related to the company's efforts to scale back manufacturing of its Covid shot and write-downs of unused doses of the vaccine. Still, the deferred revenue boosted Moderna's full-year Covid vaccine sales to $6.7 billion, an amount the company first unveiled in January. It booked $18 billion in revenue in 2022 and expects sales from the shot to drop even further in 2024.
Persons: Jamey Mock, Moderna, Mock Organizations: Moderna, LSEG, Revenue, CNBC, Food, Drug, Merck Locations: Gavi
Shares of electric vehicle makers Rivian and Lucid plummeted Thursday after the companies reported disappointing results and stagnant production in their fourth-quarter earnings after the bell Wednesday. Rivian forecast it will make 57,000 vehicles in 2024, slightly less than the 57,232 vehicles the company produced last year. Rivian and Lucid make up a fraction of EV sales compared with the industry leader, Tesla. A Cox Automotive analysis found that Rivian accounted for just over 4% of EV sales in 2023, while Lucid made up 0.5%. Electric truck maker Nikola reported worse-than-expected revenue and a slightly better-than-expected loss per share in its earnings Thursday.
Persons: Lucid, RJ Scaringe, Peter Rawlinson, EVs, Tesla, Nikola, — CNBC's Michael Wayland Organizations: Wall, LSEG, Cox, EV Locations: Saudi Arabia
Block stock rose as much as 14% in extended trading Thursday after the payments company reported fourth-quarter earnings that beat analyst estimates on gross profit and showed strong growth in its Square and Cash App revenue. Revenue: $5.77 billion vs. $5.70 billion expectedBlock posted $2.03 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company's core transactional businesses. Its Cash App business reported $1.18 billion in gross profit, a 25% year-over-year rise. The company, which is run by Jack Dorsey, said its Cash App Card has 23 million monthly actives in December, up 20%.
Persons: Jack Dorsey, Dorsey Organizations: Twitter Inc, Inc, Cash Locations: Miami , Florida
First-quarter revenue is expected to be $175 million to $215 million, far below the $406 million forecast. Teladoc posted $661 million in revenue, below the $671 million consensus forecast from LSEG, formerly known as Refinitiv. Wingstop — The restaurant chain slipped 4% despite reporting fourth-quarter earnings and revenue that topped analysts' estimates. However, total revenue growth came down for the fourth consecutive quarter. Wix.com reported fourth-quarter earnings of $1.22 per share, more than the consensus estimate from StreetAccount of earnings of 96 cents per share.
Persons: SolarEdge, Teladoc, Alan Shaw, , Dow, Wingstop, Wix.com, CNBC's Hakyung Kim, Michelle Fox, Lisa Kailai Han, Jesse Pound, Samantha Subin, Yun Li, Sarah Min Organizations: Nvidia, Wall, Palo Alto Networks, Toll, Norfolk Southern, Barclays, Walgreen Boots, Dow Jones, Walgreens, Alliance, Dow Jones Industrial, Walgreens Boots Alliance, HSBC —, HSBC, Bank of Communications, Garmin —, Garmin Locations: Palo, billings, LSEG, U.S, China
NVDA 5Y mountain Nvidia 5 years The Nvidia phenomenon is something for all investors to take note of and study. The first question we got on the call was in relation to the sustainability of the Data Center sales momentum. Generative AI isn't possible in a data center built for traditional general-purpose computing. In fact, Nvidia believes AI inferencing was responsible for about 40% of Data Center sales over the past year. This is why Nvidia was designated by Jim Cramer and the Club as an "own it, don't trade it" stock.
Persons: Jensen Huang, it's Nvidia's, Thursday's, we've, Colette Kress, we're, Nvidia's Huang, Huang, inferencing, It's, Jim Cramer, Apple's, Jim Cramer's, Jim, Ann Wang Organizations: Nvidia, Revenue, U.S, Data, Microsoft, Moore's Law, world's, Management, Software, Enterprise, Club, Apple, CNBC Locations: tacking, China, Taipei, Taiwan
Lucid Group — Shares slid nearly 7% in extended trading after the electric vehicle company posted a revenue miss as losses widened. Etsy — The online marketplace saw shares drop 6% in extended trading after the company posted an earnings miss. Etsy posted earnings per share of 62 cents, compared to an LSEG estimate of 78 cents. In the fourth quarter, Rivian lost $1.36 per share, 4 cents lower than the per share estimate from LSEG. Synopsys' earnings came in at $3.56 per share, excluding items, higher than an LSEG estimate of $3.43 per share.
Persons: Etsy, Rivian, Synopsys Organizations: Nvidia, Rivian, Wall
Shares of cybersecurity company Palo Alto Networks plunged 19% in extended trading Tuesday, after the company reported a beat on the top and bottom lines but lowered its full-year guidance for revenue and billings. Palo Alto Networks also expects full-year revenue to range between $7.95 to $8 billion, compared to its prior guidance of $8.15 to $8.2 billion. Analysts surveyed by LSEG expected the company to guide to fiscal third-quarter revenue of $2.04 billion, but Palo Alto Networks now expects revenue to range between $1.95 billion and $1.98 billion. The new billings guidance represents full-year growth of between 10% and 11% versus previous guidance showing 16% to 17% billings growth. Similarly, Palo Alto Networks now expects full-year revenue growth between 15% and 16%, down from initial guidance showing 18% to 19% growth.
Persons: Nikesh Arora, LSEG, Arora Organizations: Palo Alto Networks, billings, Palo Alto Locations: billings
Rosenblatt's price target is now the highest forecast for the stock on Wall Street. Caterpillar — Shares pulled back 2% following a downgrade to in line from Evercore ISI, which noted concern over a longer-than-expected outlook for earnings growth. Analyst Brian Mullan hiked his price target on US Foods to $59 from $45, or roughly 19% upside from Friday's closing price of $49.58. Capital One stock pulled back more than 4%. Arm Holdings — Stock in the chipmaker slid about 4% as investors pulled back bets on the stock after its massive rally .
Persons: Rosenblatt, FactSet, Piper Sandler, Brian Mullan, Biden, — CNBC's Pia Singh, Sarah Min, Michelle Fox, Jesse Pound Organizations: Walmart, LSEG, Revenue, Caterpillar —, ISI, Foods, Intel —, Bloomberg, Discover Financial, Capital, Arm
Palo Alto Networks has been at the forefront of this trend because it's the best-of-breed in 21 categories. PANW 1Y mountain Palo Alto Networks 1 year However, we're not going to try to go in and out of Palo Alto. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. Nikesh Arora, Palo Alto Networks Adam Galica | CNBC
Persons: billings, Nikesh Arora, Arora, We've, Jim Cramer, we're, , I'm, Jim, Let's, Jim Cramer's, Galica Organizations: Palo Alto Networks, Revenue, LSEG, billings, Alto Networks, Securities and Exchange Commission, SEC, Palo, CNBC Locations: U.S, cybersecurity, billings, Palo, Palo Alto
Home Depot on Tuesday said quarterly sales declined nearly 3% year over year, but it surpassed Wall Street's earnings and revenue expectations despite the cooler demand. On a call with CNBC, Chief Financial Officer Richard McPhail said demand dipped throughout the year as consumers returned to more typical spending patterns. The home improvement retailer said it expects total sales to grow about 1% in fiscal 2024, which includes an additional week. That compares with a 1.6% increase expected by Wall Street, according to StreetAccount. Home Depot shares fell slightly during early trading Tuesday after the company shared its quarterly results and outlook.
Persons: Richard McPhail, McPhail Organizations: CNBC, Wall, Depot, LSEG, Home Depot
SolarEdge tumbles on weak first quarter guidance
  + stars: | 2024-02-20 | by ( Spencer Kimball | ) www.cnbc.com   time to read: +1 min
SolarEdge 's stock tumbled Tuesday after the company gave weak guidance for the first quarter. Revenues: $316 million, vs. $354 million expected. SolarEdge reported a net loss of $162 million for the fourth quarter, or $2.85 per share, compared to a net profit of $20.8 million in the year-ago period. Excluding certain items, the company reported a loss of 92 cents per share for the quarter, beating the $1.17 loss per share expected by Wall Street. SolarEdge's posted revenues of $316 million for the quarter, down 65% from the $890.7 million in sales the company reported in same period in 2022.
Persons: SolarEdge, SolarEdge's, Zvi Lando, Lando Organizations: LSEG, Wall
In this article WMT Follow your favorite stocks CREATE FREE ACCOUNTwatch nowWalmart said Tuesday that quarterly revenue rose 6%, as shoppers turned to the big-box retailer throughout the holiday season and the company's global e-commerce sales grew by double digits. Yet, he said even after the holiday rush, Walmart saw continued sales strength. Walmart said it expects consolidated net sales to rise 4% to 5% in its fiscal first quarter. Comparable sales, an industry metric also known as same-store sales, rose 4% for Walmart U.S. At Sam's Club, comparable sales increased 1.9%, including fuel. Global e-commerce sales jumped 23% year over year, topping $100 billion in total.
Persons: John David Rainey, Rainey, Walmart's, Doug McMillon, McMillon Organizations: Walmart, CNBC, Electronics, LSEG, Walmart U.S, Sam's Club, Global, Home Locations: U.S
Jensen Huang, CEO of Nvidia, arrives for the Inaugural AI Insight Forum in the Russell Building on Capitol Hill on Sept. 13, 2023. Nvidia's stock price has soared fivefold since the end of 2022, as demand has skyrocketed for its graphics processing units that sit at the heart of the artificial intelligence boom. Nvidia's chips, such as the H100, are used by AI developers to create cutting-edge models like the ones OpenAI used to develop ChatGPT. The company's market cap climbed to about $1.8 trillion last week, surpassing Alphabet and Amazon and now trailing only Microsoft and Apple . "NVDA's stock appreciation has been parabolic," analysts at Bank of America wrote in a report Thursday.
Persons: Jensen Huang, Davidson, Gil Luria, Luria, Thomas O'Malley, O'Malley, There's, Ben Reitzes Organizations: Nvidia, Investors, Microsoft, Apple, Bank of America, Google, Barclays, Taiwan Semiconductor Manufacturing Company, Melius Locations: FactSet
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