McDonald's is planning to shutter hundreds of its outlets in Walmart stores by the end of the summer.
Walmart confirmed Friday that the fast-food restaurant chain will have around 150 locations after the closures.
down from 500 at the start of the year and from an overall peak of about 1,000, The Wall Street Journal reported.
A former McDonald's executive told Dow Jones that stand-alone McDonald's locations with drive-throughs were far more profitable, even before the pandemic.
According to the executive, a third of the sales from Walmart-sited McDonald’s restaurants came from Walmart employees, while many patrons visited them only to load “up on refills and condiments, diluting margins.”
Walmart is now considering other restaurant options “that don't rely solely on store traffic,” others familiar with the situation told Dow Jones.
Chaiken doubled his price target to $40 a share from $18.
In a note entitled "Prepare to Come About," Chaiken said that “while an exact return to cruise date is still in flux, it’s looking increasingly likely that a mid/late summer restart is reasonable."
According to Chaiken, demand and pricing continue to build for Carnival, and there is a good chance that volumes and price would be above pre-COVID levels in 2022.
Chaiken said that with $11.5 billion of liquidity, and the refund-to-new bookings ratio likely a positive cash inflow going ahead, “the conversation is changing away from 'survival' and more towards potential earnings catalysts.
Tesla's March deliveries in China lead to a solid outlook for the electric-car maker into the rest of 2021, according to Wedbush analyst Dan Ives.
On Friday, the China Passenger Car Association data showed that Tesla delivered 35,500 vehicles in March, about double the February level.
Ives mentioned in a note, "The narrative is [clear: Despite] the haters and bears focused on China EV sales softening in January, we have seen a storybook comeback from Tesla and domestic EV players NIO, Li Auto, Xpeng and others in this key region".
Wedbush expects a run rate of 300,000 units delivered in China for the year.Tesla has a target of delivering 850,000 vehicles worldwide.
"As this green tidal wave hits its next phase globally, ... the Tesla EV demand story is just starting to play out," Ives noted.
Wedbush maintained its outperform rating and $1,000 price target on Tesla shares.
Electric vehicle giant Tesla has raised prices in the U.S. - for the third time in the last month.
Model 3 Standard Range price has been hiked by $500 ($37,990 to $38,490); Model 3 Long Range non-performance price increased $500 ($46,990 to $47,490), while Model 3 Performance price raised by $1,000 ($55,990 to $56,990).
Model Y Long Range non-performance price increased $500 ($49,990 to $50,490).
Prices on the Model 3 have increased by $500 - $2,000 and Model Y by $500 - $1,000 since the start of the year.
The company's price increases over the last month potentially reflects strong demand.It delivered almost 5,000 more vehicles than they produced in the first quarter.
Tesla's vehicle inventory is at a nine days of supply, compared to the typical 60 to 80 days of supply that automakers’ inventories sit around.
Mining company Anglo American announced plans to spinoff its thermal coal operations in South Africa as it aims for a “responsible transition” away from the fossil fuel. The company said it will spin off its South African thermal coal operations to a new holding company, Thungela Resources Limited, conditional on shareholder approval on May 5. Thungela is a South African producer and exporter...
Cannabis company Canopy Growth announced that it would buy Supreme Cannabis for C$435 million (US$346 million) in a stock-and-cash deal. Under the terms of the deal, Canopy Growth will pay 0.01165872 share and C$0.0001 cash for each share of Supreme. The deal is expected to close in June, conditional upon regulatory and court approvals, and a vote of Supreme Cannabis shareholders. Earlier...
General Motors is idling another north American plant due to to global chip shortage, CNBC reported. General Motors will temporarily close its facility in Spring Hill, Tennessee later this month. According to the the automaker's estimate, chip shortages will hurt its 2021 operating profit by as much as $2 million. For the two weeks ended April 5, GM's Wentzville, Missouri assembly plant was...
Beverage company Constellation Brands posted fourth quarter earnings that surpassed analysts’ expectations, on the back of beer sales strength and demand for high-end beverages. The company’s diluted net earnings for the three months ending in February fell -5.3% from the year-ago quarter to $1.95 per share. Adjusted per-share earnings came in at $1.82, well above FactSet consensus of $1.58...
GameStop said Ryan Cohen will be named as chairman of the company's board. Cohen is the manager of activist investor RC Ventures. Cohen, who is the founder of Chewy.com, invested in GameStop last year, and drove the company’s online sales business and shutter unprofitable stores in malls. He will be elected as company chairman and, be 100% compensated in GameStop equity alomg with other board...
Apple Inc. is postponing MacBook and iPad production amid the ongoing shortage in global semiconductors, according to a Nikkei Asia report. The report mentioned that supply constraints on semiconductors has led to shortage of chips that are mounted on MacBook Pro’s circuit board. The iPad is being slowed due to supply chain disruptions for display components. Apple is reportedly preparing to...
The analyst also cited the company’s launch of iGaming/sports betting platform in 10 states.
Argus estimates loss of -$2.70 a share this year for Wynn, compared to prior forecast of -$2.80.Argus boosted outlook on its 2022 profit to $2 a share from $1.85.
Staszak said that Wynn will have adequate cash to operate until the end of 3Q21 even amid modest revenue.
However, it experienced year-over-year decline in fiscal-third-quarter earnings and revenue.
For the three months ended Feb. 28, adjusted earnings came in at 96 cents a share, compared with 97 cents in the year-ago quarter.Analysts polled by FactSet expected 92 cents a share.
Revenue fell -2.6% year-over-year to $1.11 billion, in line with analysts’ estimates.
"Client retention remains strong and at record levels, and our results for the third quarter show that our resilient business model has helped us navigate the uncertainties created by COVID-19," President and Chief Executive Martin Mucci said in a statement.
Looking ahead, Paychex expects both revenue and adjusted earnings per share to range between flat with to down -2% in fiscal 2021.
It raised Alaska Air shares to overweight from equal weight.
Morgan Stanley initiated coverage of American Airlines with an underweight rating.
“We reiterate our attractive view on the U.S. airlines, despite the stocks [rising] 85% in the last five months,” wrote Morgan Stanley analyst Ravi Shanker.The analyst cited an expected “ clear path to re-opening” as he mentioned that consensus figures are too low given Morgan Stanley’s view of strong volume and cost tailwinds.
Golden Nugget Online Gaming shares got a buy rating from a Jefferies analyst who initiated coverage of the online gambling/sports entertainment company.
Analyst David Katz gave a $28 price target, citing “demonstrated leadership-level assets and capabilities."
"The magnitude and productivity prospects of the iGaming market have not been fully appreciated by [Wall] Street, ... and GNOG's positioning and product strength have been proven in New Jersey," Katz said.
According to Katz, Golden Nugget is a “compelling investment”.
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Delta said that starting May 1 it would allow passengers to sit in the middle seats in its planes. The carrier is the last U.S. airline to lift the middle-seat restriction, which was put in place last April due to the COVID-19 pandemic. It is easing the restriction on increased vaccinations and growing demand for travel. Delta Air Chief Executive Ed Bastian said that 65% of customers who flew...
Lam Research and Applied Materials shares were rated outperform by a Bernstein analyst who initiated coverage of the semiconductor equipment companies. Analyst Stacy Rasgon has a $700 share price target on Lam Research and $160 price target for Applied Materials. According to Rasgon, the semiconductor capital equipment companies have a “positive long-term structural stance." “Over the last...
Micron Technology posted fiscal-second-quarter adjusted earnings that surpassed Wall Street expectations. The chipmaker’s adjusted earnings for the quarter ended March 4 came in at 98 cents a share – doubling from the year-ago quarter’s 45 cents – and topping the 95 cents expected by analysts polled by FactSet. Revenue for the quarter climbed +30% year-over-year to $6.24 billion , compared to...
A mix-up of ingredients of Johnson & Johnson’s ( J&J ) COVID-19 vaccine and Astra Zeneca’s at an Emergent BioSolutions (EBS) manufacturing plant in Maryland ruined 15 million doses of J&Js vaccine, leading to deliveries getting halted. The mix-up occurred about two weeks ago, and all shipments from the plant have been halted by the Food and Drug Administration. The latter in probing into the...
Ford Motor Co. is temporarily suspending production of its F-150 pickup truck at two locations due to the ongoing computer chip shortages. The automaker plans to halt F-150 production at its Dearborn, Mich. Plant for two weeks, starting Monday, as well as at its Kansas City plant. Overtime shifts will be halted at both plants until July. The company plans to update the effect on its financial...