Fred Imbert, Peter Schacknow
Stephen Desaulniers | CNBC
Disney (DIS) — Disney shares dipped 0.8% after the media giant failed to update the guidance for its online streaming service, Disney+. The company had previously forecast subscriber growth between 60 million and 90 million by fiscal 2024. The subscriber growth overshadowed better-than-expected earnings and revenue for the company.
Snap (SNAP) — Shares of the social media company dropped more than 9% on the back of disappointing quarterly revenue. Snap reported sales of $561 million for the previous quarter. Analysts polled by Refinitiv expected revenue of $563 million. The company’s average revenue per user (ARPU) — a key metric for social media companies — also missed analysts’ expectations.
Chipotle Mexican Grill (CMG) — The fast-casual food chain posted earnings for the previous quarter that beat analysts’ expectations, sending the stock up more than 1%. Chipotle reported an adjusted profit of $2.86 per share, topping a Refinitiv estimate of $2.75 per share. The burrito chain also had same-store sales growth — a key metric for restaurant chains — that beat estimates.
Ford Motor (F) — Ford dropped more than 7% in the premarket after reporting a loss of $1.7 billion for the fourth quarter and issuing disappointing guidance for 2020. The company’s quarterly loss was driven in part by higher pension contributions and increasing labor and warranty costs.
Gilead Sciences (GILD) — Gilead reported earnings per share of $1.30, missing a Refinitiv estimate of $1.67 per share. The biotechnology company also issued full-year earnings guidance ranging between $6.05 per share and $6.45 per share — that’s below a Refinitiv estimate of $7.01 per share. Gilead shares were down 0.7% in the premarket.
Humana (HUM) — Humana shares traded 2.1% higher in the premarket on the back of better-than-expected quarterly results. The managed care company earned $2.28 per share on revenue of $16.295 billion. Analysts polled by Refinitiv expected earnings of $2.20 per share on sales of $16.19 billion. Humana also issued better-than-expected earnings guidance for 2020.
Merck (MRK) — Merck reported a weaker-than-expected revenue for the previous quarter and announced it will spin off its women’s health business to focus on oncology, vaccines, hospitals and animal health. The company posted sales of $11.868 billion for the previous quarter, missing a Refinitiv estimate of $11.982 billion.
Tesla (TSLA) — An analyst at Canaccord downgraded the high-flying electric car maker to hold from buy. The analyst said investors will “likely get a more attractive entry point” in the future after the stock’s recent run higher.
Pinterest (PINS) — A Loop Capital analyst initiated Pinterest with a buy rating and a price target of $29 per share. The target implies a 29% upside from Tuesday’s close of $22.46 per share. The analyst cited a “great potential as an advertising and eCommerce platform” for Pinterest.