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May 2, 2024

Carvana soared 35% to $118.0 after the automotive retailer reported higher-than-expected revenue in the first quarter.

Net sales in the first quarter rose to $3.06 billion from $2.60 billion, net income attributable to shareholders swung to a profit of $28 million from a loss of $160 million, and diluted earnings per share were 23 cents from a loss of $1.51 a year ago.

Vehicles sold in the first quarter rose 16% from a year ago to 91,878, and gross profit jumped to 19.3%.

Gross per unit in the first quarter jumped to $6,802 from $6,432 a year ago.

CVNA

Qualcomm increased 5.2% to $172.78 after the advanced chipmaker reported better-than-expected earnings in its latest quarter and issued strong guidance for the current quarter.

Revenue in the fiscal second quarter ending on March 24 rose 1% to $9.38 billion, net income surged 37% to $2.3 billion from $1.7 billion, and diluted earnings per share advanced 36% to $2.06 from $152 a year ago.

During the fiscal second quarter, the company returned $1.6 billion to stockholders, including cash dividends of $895 million, or 80 cents per share, and $731 million through repurchases of 5 million shares of its own common stock.

The company guided fiscal third quarter revenue to range between $8.8 billion and $9.6 billion and GAAP earnings per share between $1.74 and $1.94.

QCOM

May 1, 2024

Starbucks Corp. dropped 13% to $77.0 after the coffee chain operator reported weaker-than-expected revenue and earnings in the first quarter.

The expensive coffee chain is battling an uneven and fragile economic recovery in China, its second-largest market, and elevated inflation in the U.S. is keeping customers away from discretionary purchases.

Global comparable store sales declined 4%, driven by a 6% decline in comparable transactions, partially offset by a 2% increase in average ticket.

North America and U.S. comparable store sales declined 3%, driven by a 7% decline in comparable transactions, partially offset by a 4% increase in average ticket.

Consolidated revenue in the fiscal second quarter ending in arch declined 1.8% to $8.6 billion from $8.7 billion, net income dropped 15% to $772.4 million from $908.3 million, and diluted earnings per share declined to 68 cents from 79 cents a year ago.

The company increased cash dividends per share to 57 cents from 53 cents a year ago.

SBUX

AMD fell 6.8% to $147.70 after the advanced chipmaker reiterated its full-year outlook, dampening expectations of sales and earnings revisions.

Revenue in the first quarter increased 2% to $5.47 billion from $5.35 billion, net income swung to a profit of $123 million from a loss of $139 million, and diluted earnings per share were 7 cents compared to a loss of 9 cents a year ago.

For the second quarter, AMD projected revenue of $5.7 billion with a band of $300 million, representing growth of 6% from a year ago at the midpoint of the revenue range.

AMD

Pinterest soared 16.6% to $39.03 after the social media company reported better-than-expected revenue and earnings in the first quarter.

Revenue in the first quarter increased 23% to $740 million from $603 million, net loss shrank to $24.8 million from $208.6 million, and diluted loss per share eased to 4 cents from 31 cents a year ago.

The company projected second-quarter revenue between $835 million and $850 million, representing growth between 18% and 20% from a year ago.

PINS

Super Micro Computer dropped 14% to $738.50 after the company announced lower-than-expected third-quarter revenue of $3.85 billion and higher-than-expected adjusted earnings per share of $6.65.

Net sales in the fiscal third quarter ending in March increased to $3.85 billion from $1.28 billion, net income soared to $402.5 million from $85.5 million, and diluted earnings per share advanced to $6.56 from $1.53 a year ago.

The company estimated for the fiscal fourth quarter ending in June revenue between $5.1 billion and $5.5 billion and diluted earnings per share between $7.20 and $8.05, including $30 million in expenses related to stock-based compensation.

SMCI

Amazon.com rose 1.6% to $177.85 after the online retailer and cloud services provider reported better-than-expected revenue and earnings in the first quarter after advertising revenue soared 24%.

Net sales in the first quarter increased 13% to $143.3 billion from $127.4 billion, net income soared to $10.3 billion from $3.2 billion, and diluted earnings per share advanced to 98 cents from 31 cents a year ago.

Sales in North America increased 12% from a year ago to $86.3 billion, and international sales rose 10%, or 11% in constant currency, to $31.9 billion.

The company said revenue in the current quarter is expected to range between $144 billion and $149 billion, representing an increase between 7% and 11%.

The Amazon Web Services business soared 17% to $25 billion, calming the worries that the division's growth had topped out following slower growth last year.

The company said it plans to invest $10 billion in Mississippi, the single largest capital investment in the state's history, and build two data center complexes and generate 1,000 jobs.

AMZN

Apr 25, 2024

Southwest Airlines plunged 7% to $27.0 after the regional airline reported a wider-than-expected loss in the first quarter, and the company said it anticipates fewer plane deliveries from Boeing.

Revenue in the first quarter increased 11% to $6.3 billion, net loss expanded to $231 million from $159 million, and diluted loss per share increased to 39 cents from 27 cents a year ago.

The airline said it expects to receive a total of 20 Boeing 737 Max 8 airplanes compared to its previous estimate of 46 planes in 2024, and the company plans to delay retiring some of its older planes and look for ways to cut costs.

LUV

American Airlines Group rose 5.2% to $14.63 after the company reported better-than-expected quarterly results.

Revenue in the first quarter increased 3.1% to $12.6 billion from $12.2 billion; the company swung to a net loss of $312 million compared to a profit of $10 million; and diluted earnings per share were a loss of 48 cents compared to a profit of 2 cents.

The company said it lowered its debt by $950 million in the first quarter, and it is on track to lower its debt by $15 billion by 2025.

The company estimated its adjusted diluted earnings per share for the second quarter between $1.15 and $1.45 and for the full year between $2.25 and $3.25.

AAL

Meta Platforms plunged 14.5% to $421.80 after the social networking site operator projected weaker-than-estimated revenue.

Revenue in the first quarter increased 27% to $36.5 billion from $28.6 billion, net income rose 117% to $12.4 billion, and diluted earnings per share advanced to $4.71 from $2.20 a year ago.

In the quarter, the company repurchased $14.64 billion of its common stock and paid $1.27 billion in dividends.

The company guided second-quarter revenue to range between $36.5 billion and $39 billion and revised its full-year revenue to a range between $96 billion and $99 billion compared to the previous estimate of $94 billion and $99 billion.