We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
The reality of market surroundings has taken a toll this Wednesday, with all four major indexes down notably on the day: the Dow -0.66%, the S&P 500 -0.82%, the Nasdaq -1.66% and the Russell 2000 -1.55%. The Dow is now -1.2% from its latest intraday high on Monday, while the Nasdaq is now nearly -2% over the past four sessions. Inflation is the reality taking a bite out of fresh gains in near-term trading.
For companies reporting after the closing bell today, the selling mostly continues. The Walt Disney Co. (DIS - Free Report) is trading down -4% on misses both on top and bottom lines for its fiscal Q4. Earnings of 37 cents per share on $18.53 billion came up short of the 51 cents per share on $18.85 billion in revenues, respectively, from the Zacks consensus. Disney typically does not give future guidance in its earnings statements.
Chief among Disney’s disappointments this afternoon were Disney+ streaming subscriber totals, which registered 118.1 million in the quarter, down from 124.5 million expected. Low single-digit subscriber adds, to 2.1 million from 9 million estimated, and Average Revenue per User also came in lower than analysts were looking for. Its Parks segment brought in $640 million in the quarter, barely two-thirds of what was expected. This is only Disney’s fifth earnings miss in the past five years.
Beyond Meat (BYND - Free Report) is having an even tougher time in late trading on its Q3 report, marking the company’s sixth straight miss on the bottom line: -87 cents per share versus -41 cents expected. Revenues beat the Zacks consensus slightly to $106.4 million in the quarter, although Beyond Meat had earlier guided lower on its Q3 top line. Next quarter revenue guidance for the company is now well short of the $131.6 million Zacks consensus prior to the report; Beyond Meat is now looking at $85-110 million next quarter. Shares have plummeted -14.4% in after hours trading, now -24% year to date.
Digital payment provider Affirm Holdings (AFRM - Free Report) is enjoying a very strong after-hours trading period, however, following a widely mixed fiscal Q1 report late Wednesday: -$1.13 per share was far lower than the -30 cents anticipated, while revenues of $269 million in the quarter were far better than the $250.75 million in the Zacks consensus.
The “buy now, pay later” service, which boasts big clients like Peloton (PTON - Free Report) , Shopify (SHOP - Free Report) and Amazon (AMZN - Free Report) , increased Gross Margin Volume +84% year to date on +138% growth in Active Consumers (ex-Peloton). Affirm shares, which dumped -15% in regular trading, is now +26.4% in the late session.
Image: Bigstock
Markets Sell Off Mid-Week; DIS, AFRM, BYND Report
The reality of market surroundings has taken a toll this Wednesday, with all four major indexes down notably on the day: the Dow -0.66%, the S&P 500 -0.82%, the Nasdaq -1.66% and the Russell 2000 -1.55%. The Dow is now -1.2% from its latest intraday high on Monday, while the Nasdaq is now nearly -2% over the past four sessions. Inflation is the reality taking a bite out of fresh gains in near-term trading.
For companies reporting after the closing bell today, the selling mostly continues. The Walt Disney Co. (DIS - Free Report) is trading down -4% on misses both on top and bottom lines for its fiscal Q4. Earnings of 37 cents per share on $18.53 billion came up short of the 51 cents per share on $18.85 billion in revenues, respectively, from the Zacks consensus. Disney typically does not give future guidance in its earnings statements.
Chief among Disney’s disappointments this afternoon were Disney+ streaming subscriber totals, which registered 118.1 million in the quarter, down from 124.5 million expected. Low single-digit subscriber adds, to 2.1 million from 9 million estimated, and Average Revenue per User also came in lower than analysts were looking for. Its Parks segment brought in $640 million in the quarter, barely two-thirds of what was expected. This is only Disney’s fifth earnings miss in the past five years.
Beyond Meat (BYND - Free Report) is having an even tougher time in late trading on its Q3 report, marking the company’s sixth straight miss on the bottom line: -87 cents per share versus -41 cents expected. Revenues beat the Zacks consensus slightly to $106.4 million in the quarter, although Beyond Meat had earlier guided lower on its Q3 top line. Next quarter revenue guidance for the company is now well short of the $131.6 million Zacks consensus prior to the report; Beyond Meat is now looking at $85-110 million next quarter. Shares have plummeted -14.4% in after hours trading, now -24% year to date.
Digital payment provider Affirm Holdings (AFRM - Free Report) is enjoying a very strong after-hours trading period, however, following a widely mixed fiscal Q1 report late Wednesday: -$1.13 per share was far lower than the -30 cents anticipated, while revenues of $269 million in the quarter were far better than the $250.75 million in the Zacks consensus.
The “buy now, pay later” service, which boasts big clients like Peloton (PTON - Free Report) , Shopify (SHOP - Free Report) and Amazon (AMZN - Free Report) , increased Gross Margin Volume +84% year to date on +138% growth in Active Consumers (ex-Peloton). Affirm shares, which dumped -15% in regular trading, is now +26.4% in the late session.
Questions or comments about this article and/or its author? Click here>>