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    • Breaking News
    Aug 7, 2023
    • Sovos Brands Inc soared 25% to $22.52 after the pasta sauce maker agreed to be acquired by Campbell Soup for $2.33 billion or $23 a share. 

      Including the debt, the purchase price is $2.7 billion and Campbell said it plans to finance part of the deal with the help of new debt.  

      Separately, Sovos reported organic sales in its latest quarter jumped 16.3% from a year ago. 

      Three months ago,  Campbell Soup agreed to sell Emerald Nuts for an undisclosed amount to Flagstone Foods. 
      • Aug 6, 2023
      • Berkshire Hathaway Inc Class A jumped 3% to a record high of $550,000 after the diversified conglomerate said its operating earnings jumped 6.6% to $10.04 billion or $6,928.40 per Class A share. 

        Revenue in the second quarter jumped to $92.5 billion from $76.2 billion, largely driven by the recent acquisition of Pilot Travel Centers which generated $14.75 billion in revenue in the period. 

        The company's cash hoard soared to $147.4 billion, from $130.6 billion in the first quarter and higher interest rates also helped the company to generate more cash. 

        Berkshire repurchased $1.4 billion of its own stock, significantly lower than the $4.4 billion repurchase in the first quarter. 
        • Aug 4, 2023
        • Booking Holdings Inc rose 12.1% to $3,185.0 after the online travel booking company reported higher-than-expected second quarter revenue and earnings. 

          Revenue rose 15% to $5.5 billion from $4.3 billion and net income soared to $1.3 billion from $0.9 billion and diluted earnings per share rose to $35.16 from $21.15 a year ago. 

          Gross travel bookings net of cancellation rose 15% to $39.7 billion and room nights booked increased 9% to 268 million, rental car days jumped 24% to 20 million and airline tickets advanced 58% to 9 million.   

          The company forecasted record summer travel season in the third quarter.  
          • Airbnb Inc was nearly unchanged at $141.0 after the online short-term stay booking platform reported revenues and booking rose at a slower-than-expected pace in the quarter. 

            Second quarter revenue increased 18% to $2.5 billion from $2.1 billion and net income soared 72% to $650 million from $379 million and diluted earnings per share advanced to 98 cents from 56 cents a year ago. 

            The company reported the most profitable second quarter on GAAP basis. 

            The company generated $909 million of operating cash flow and operating cash flow jumped 13% from a year ago and 644% from four years ago to $900 million. 

            Gross booking value rose 13% from a year ago to $19.1 billion and nights and experiences booked increased 11% driven by growth in all regions to 115.1 million. 

            Active listings increased 19% to 7 million, and the booking platform added record net active listings in any quarter, and active listings have accelerated in every quarter in the last ten quarters. 

            Average daily rate declined 1% from a year ago in North America but rose 8% in the Europe, Middle East and Africa but overall daily rate increased 1% to $166. 

            In the second quarter, guests traveling more than 3,000 miles increased 20% compared to a year ago and cross-border represented 45% of total gross nights booked, up from 43% in the second quarter of 2022, but still below 50% in the corresponding period in 2019. 

            The company forecasted third quarter revenue between $3.3 billion and $3.4 billion and estimated upward pressure in average daily room rate and  "a modest sequential increase in the annual growth rate" of nights and experiences booked from the second quarter. 
            • Block Inc declined 6.6% to $68.80 after the company reported second quarter earnings per share of 39 cents and revenue of $5.53 billion. 

              Revenue in the second quarter increased to $5.5 billion from $44 billion and net loss shrank to $125.8 million from $209.7 million and diluted loss per share eased to 20 cents from 36 a year ago. 

              The company reported earnings and sales ahead of market expectations. 
              • Aug 3, 2023
              • ZoomInfo Technologies Inc dropped 25.6% to $19.0 after the company forecasted a decline in revenue in the third quarter. 

                Revenue in the second quarter increased 16% to $308.6 million from $267.1 million and net income rose to $38.1 million from $15.9 million and diluted earnings per share advanced to 9 cents from 4 cents a year ago. 

                The company guided third quarter revenue between $309 million and $312 million.  

                The company revised lower fiscal year 2023 revenue range between $1.275 billion and $1.285 billion from the previous range of $1.225 billion and $1.235 billion. 
                • DoorDash Inc increased 0.6% to $86.50 after the delivery company reported better-than-expected revenue in its latest quarter. 

                  Revenue in the second quarter increased 33% to $2.2 billion from $1.6 billion and net loss in the quarter shrank to $172 million from $263 million and diluted loss per share eased to 44 cents to 72 cents a year ago. 

                  Gross market volume increased 26% to $16.5 billion from $13.1 billion and total orders increased 25% to 532,000 from 426,000 a year ago. 
                  • Qualcomm Inc plunged 9.6% to $116.80 after the semiconductor chipmaker reported weaker-than-expected revenue in the fiscal third quarter and forecasted lighter-than-expected revenue in the current quarter. 

                    Revenue in the fiscal third quarter ending on June 25 declined 23% to $8.5 billion from $10.9  billion and net income declined to $1.8 billion from $3.7 billion and diluted earnings per share dropped to $1.60 from $3.29 a year ago. 

                    Revenue for smartphone chipsets declined 25% to $5.2 billion and automotive applications rose 13% to $434 million and for connected devices dropped 25% to $1.5 billion from $1.95 billion a year ago. 

                    Demand for smartphones in China has not rebounded to the projected levels and the China region accounts for about 61% of Qualcomm sales. 

                    Qualcomm Inc said overall smartphone shipments are expected to decline in high single-digit percentage rate in 2023. 
                    • PayPal Holdings Inc declined 8.8% to $66.70 despite the company meeting earnings expectations set by some investors. 

                      The payment processing company said second quarter revenue increased 7% to $7.29 billion and the company swung to net income of $1 billion from a loss of $341 million and diluted earnings per share was 92 cents compared to a loss of 29 cents a year ago. 

                      Total payment volume increased 11% to $376 million from $339.8 million a year ago. 

                      PayPal forecasted third quarter revenue to increase 8% to $7.4 billion and diluted earnings per share between 85 cents and 87 cents.  

                      The company anticipated stock repurchase in the current year to reach $5 billion. 

                      PayPal and KKR announced an exclusive multi-year relationship for European buy now, pay later and under the terms of the agreement, private credit funds and accounts managed by KKR will purchase up to €40 billion of current and future BNPL loans originated in the UK and other European countries. 

                      The deal is expected to close in the second half and upon closing PayPal expects to receive proceeds of $1.8 billion.
                      • Etsy Inc declined 9.6% to $86.88 after the company reported second quarter earnings that met analysts' estimates but forecasted revenue in the third quarter below expectations. 

                        Consolidated revenue in the second quarter increased 7% to $629 million from $585.1 million and net income declined 15.3% to $61.9 million from $73.1 million and diluted earnings per share fell to 45 cents from 51 cents a year ago. 

                        The company operates three online platforms, Etsy, Reverb and Depop and reports consolidated results. 

                        Gross merchandise sales inched lower 0.6% to $3.01 billion from $3.02 billion and number of active sellers increased 12.3% to 8.3 million and active buyers rose 2.5% to 96.2 million. 

                        The company guided third quarter gross market sales between $2.95 billion and $3.1 billion and revenue between $610 million and $645 million.