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    • Breaking News
    Nov 9, 2023
    • MGM Resorts advanced 3% to $39.85 after the hotel and casino operator reported better-than-expected quarterly results and the company announced its stock repurchase plan.

      Revenue in the quarter increased to $3.97 billion from $3.4 billion, primarily because of a rebound in MGM China operations after the ending of COVID-related travel restrictions.

      The company swung to net income of $211.8 million from $1.06 billion, and diluted earnings per share rose to 46 cents from a loss of $1.45 a year ago.

      Las Vegas strip revenue, adjusted for the sale of The Mirage, decreased to $2.1 billion from $2.2 billion a year ago.

      MGM China revenue soared to $813 million from $87 million, an increase of 829% from a year ago and 10% compared to the third quarter in 2019.

      During the quarter, the company repurchased 13 million shares of its common stock for $572 million, and about $806 million are still available in the current stock repurchase plan.

      The company's board also approved a new stock repurchase program of $2 billion, in addition to the existing February 2023 stock buyback plan.
      • Lyft declined 3.3% to $10.30 after the digital ride hailing company reported weaker-than-expected quarterly results and guided that weak bookings are expected to persist in the current quarter.

        Revenue in the third quarter increased to $1.15 billion from $1.05 billion, net loss shrank to $12.1 million from $422.2 million, and diluted loss per share dropped to 3 cents from $1.18 a year ago.

        Active riders increased to 22.4 million from 20.3 million, and revenue per active rider edged slightly lower to $51.67 from $51.88 a year ago.

        The rebound in travel was reflected in the gross bookings for the ride services during the quarter.

        Gross bookings jumped to $3.55 billion from $3.08 billion, and the company offered bookings to range between $3.6 billion and $3.7 billion in the fourth quarter.

        The company lowered its growth outlook in the current quarter to grow in "mid-single-digits" from the previous quarter, and as a percentage of revenue, the fourth quarter adjusted EBITDA margin will be "roughly in line" with the 4% achieved in the second quarter.
        • Disney jumped 4.3% to $88.12 after the theme park operator and media company reported better-than-expected quarterly results and added plans to expand its cost reduction plans to $7.5 billion from $5.5 billion.

          Revenue in the fiscal fourth quarter ending in September increased 5% to $21.2 billion from $20.2 billion, net income advanced to $694 million from $254 million, and diluted earnings per share rose to 14 cents from 9 cents a year ago.

          Revenue in the entertainment segment, which includes television and streaming businesses, increased 2% to $9.5 billion; in the experiences segment, which includes theme parks, vacation clubs, and cruises, it rose 13% to $8.2 billion; and in sports, it was flat at $3.9 billion.

          In the direct-to-consumer segment, which includes Disney+, Disney+ Hotstar, and Hulu, revenue increased 12% to $5.0 billion, and operating losses shrank to $420 million from $1.4 billion a year ago.
          • Nov 8, 2023
          • Robinhood Markets Inc. dropped 12.4% to $8.55 after the online trading platform reported weaker-than-expected sales of $467 million in the third quarter.

            Revenue in the third quarter increased by 29% to $467 million, driven by a 96% increase in net interest income to $251 million.

            Net loss in the quarter shrank to $85 million from $175 million, and diluted loss per share fell to 9 cents from 20 cents a year ago.

            Average revenue per user increased by 27% to $80, and monthly active users fell 16% to 10.3 million.

            Net deposit inflow in the quarter was $4 billion, and assets under custody surged 34% to $87 billion, reflecting higher equity valuations and a continued net inflow of assets.
            • eBay Inc. declined 5.8% to $38.45 after the online marketplace reported mixed quarterly results.

              Revenue in the third quarter increased 5% to $2.5 billion from $2.4 billion, the company swung to a net profit of $1.3 billion from a loss of $69 million, and diluted earnings per share increased to $2.47 from a loss of 13 cents a year ago.

              The company guided fourth-quarter revenue to fall between $2.47 and $2.5 billion and diluted earnings per share between 70 cents and 75 cents.

              eBay estimated full-year 2023 revenue to range between $10.02 billion and $10.08 billion and diluted earnings per share between $4.53 and $4.58.
              • Roblox Corp. jumped 15.2% to $40.44 after the company reported stronger-than-expected quarterly results.

                Revenue in the third quarter increased 38% to $713.2 million from $517.7 million, net loss declined to $277.8 million from $301.9 million, and diluted loss per share fell to 45 cents from 50 cents a year ago.

                Bookings on the platform jumped 20% to $839.5 million, and average daily active users soared 20% to 70 million.
                • Toast Inc. plunged 16.5% to $14.39 after the restaurant software developer swung to a quarterly loss.

                  Revenue in the quarter rose 34% to $1.03 billion from $752 million, net loss shrank to $31 million from $98 million, and diluted loss per share declined to 9 cents from 19 cents a year ago.

                  Gross payment volume soared 34% to $33.7 billion, and the average revenue run rate in the third quarter was up 40% to $1.218 billion.

                  However, the stock fell on worries that the macroeconomic headwinds may continue to negatively impact same-store sales and slow gross volume through the platform.

                  For the full year 2023, Toast expects revenue in the range of $3.83 billion to $3.86 billion, up from the previous range between $3.81 billion and $3.87 billion.
                  • Rivian Automotive Inc. fell 4.5% to $16.63 after the company reported quarterly results and a weak production outlook.

                    Revenue in the third quarter jumped to $1.1 billion from $536 million, net loss fell to $1.4 billion from $1.8 billion, and diluted loss per share decreased to $1.19 from $1.57 a year ago.

                    During the quarter, vehicle deliveries jumped to 15,564 from 6,584 a year ago.

                    The company increased 2023 production guidance by 2,000 to 54,000 vehicles.
                    • Nov 7, 2023
                    • WeWork Inc. closed at 84 cents in Monday's trading but dropped as low as 11 cents in Tuesday's pre-market trading after the company filed for Chapter 11 bankruptcy protection in New Jersey federal court.

                      The company said its liabilities are between $10 billion and $50 billion and said it has entered into agreements with most of its secured note holders.

                      WeWork was valued at $47 billion in 2019 fund raising led by SoftBank but was forced to accept a sharply lower valuation of about $8 billion when it agreed to go public through a special purpose acquisition company in 2021.
                      • WE
                      • Tripadvisor Inc. soared 10% to $17.76 after the online travel platform company reported better-than-expected quarterly results.

                        Revenue in the third quarter increased 16% to $533 million from $459 million, net income increased 8% to $27 million from $25 million, and diluted earnings per share rose to 19 cents from 17 cents a year ago.

                        On September 7, the company's board authorized a $250 million stock repurchase plan over the next two years.