WeWork, the flexible office space company, said in the extended session Thursday that it lost more than $2 billion in its first quarter. The company reported a net loss of $2.06 billion on revenue of $598 million. Occupancy rose to 50% from 47% in the fourth quarter, WeWork said. “WeWork continued to see encouraging signs of recovery with sales activity, a critical indicator of future revenue, ramping over the first quarter, as the company achieved gross desk sales of 24k in January, 25k in February, and 38k in March,” the company said in a statement. The company said it finished the quarter with $2.2 billion in cash and unfunded cash commitments. . Back in March WeWork announced it would go public via a merger with BowX Acquisition Corp. BOWX and get $1.3 billion, a year and a half after WeWork postponed its own IPO plans. BowX shares rose 1.8% after hours, following a 2.5% rise to close the regular session at $13.16.
President Biden is mandating a federal government strategy to quantify climate-change risks to public and private financial assets.
California is the first state in the nation to require that nearly all the miles traveled by ride-hailing drivers take place in electric vehicles by 2030.
Blue Origin has launched a bidding war to join its first astronaut crew in space this summer
The Democratic-run Senate, with some Republican support, is working toward passing legislation this month that targets China and aims to support the American semiconductor industry, in a fresh sign of bipartisan agreement on how to handle Beijing and a key U.S. sector.
Happy Thursday MarketWatchers. Don’t miss these top stories. This has not been Airbnb’s week. Read More ‘Louise came to our house to lament that she would need to borrow from her sister and Ada in order to even pay the $1,000’ Read More ‘The sum is rather large, and I’m going to be asked at [...]
This has not been Airbnb’s week.
Shares of Deckers Outdoor Corp. rose more than 7% in the extended session Thursday after the maker of Ugg boots, Teva sandals and other footwear and apparel reported fiscal fourth-quarter earnings well above Wall Street expectations. Deckers said it earned $33.5 million, or $1.18 a share, in the quarter, compared with 57 cents a share in the year-ago period. Sales rose 50% to $561.2 million, from $374.9 million a year ago. Analysts polled by FactSet had expected earnings of 82 cents a share on sales of $447 million. There was “broad-based” demand for Ugg-brand products and growth for its Hoka brand of running shoes, Deckers Chief Executive Dave Powers said in a statement. The company guided for full-year 2022 sales between $2.95 billion and $3 billion, and EPS between $14.05 and $14.65. The stock ended the regular trading day down 3.7%.
Palo Alto Networks Inc. shares rose in the extended session Thursday after the cybersecurity company reported results that topped Wall Street estimates and hiked its outlook for the year.
Applied Materials Inc. continued to benefit from the shortage in semiconductors at the start of 2021, as financial results beat expectations and shares moved higher in late trading.
U.S. stocks on Thursday finished higher for the first time in four sessions, buoyed by upbeat labor-market data as investors shook off worries that a pickup in inflation could force the Federal Reserve to start reining in its accommodative monetary policy sooner than initial projections. The Dow Jones Industrial Average rose by about 186 points, or 0.6%, the SP 500 index gained 1.1% to around 4,159, while the Nasdaq Composite Index finished the session up 1.8% at about 13,535. Initial jobless claims fell 34,000 to 444,000 in the week ended May 15. Economists surveyed by Dow Jones and The Wall Street Journal had forecast new claims to fall to a seasonally adjusted 452,000. Meanwhile, the Conference Board Leading Economic Index saw a second consecutive solid gain in April, a sign the economy’s recovery from the pandemic is gathering momentum. Separately, a Philadelphia Fed gauge of regional factory activity declined in May, pulling back from a 50-year high in April. In corporate news, Ralph Lauren Corp. delivered results Thursday morning that blew past earnings estimates for its fiscal fourth quarter, and said it may close more stores in fiscal 2022. Shares were down 9%. Meanwhile, Coinbase Global halted a six-session drop for the crypto platform as a rout in bitcoin gave way to a modest rebound in the nascent and volatile sector.
Aurora Cannabis Inc. filed for a potential sale of $300 million in fresh shares Thursday, and mentioned the possibility of a U.S. acquisition. The Canadian cannabis company announced that it planned a $300 million at-the-market share offering while releasing quarterly earnings last week, and filed a prospectus with the Securities and Exchange Commission for the sale on Thursday. In both the prospectus and a news release announcing the filing, Aurora suggested the proceeds would be used toward finding an acquisition target in the U.S. market. “Aurora believes this filing will provide maximum flexibility for the Company to pursue select acquisitions going forward, including within the U.S.,” the company stated in its release. “Aurora confirms that its current cash position remains strong at approximately $525 million as of May 13, 2021. Given the strength of Aurora’s current cash position, it is not expected to need to access the ATM Program without an accretive use of proceeds.” Aurora agreed to purchase a U.S. CBD company last year, but could be looking for a more traditional marijuana asset in the U.S. as many of the country’s states legalize recreational sales of the drug. Canadian companies are not allowed to own cannabis companies in the U.S., as the drug is still federally illegal in the country, but can acquire warrants to own a company if or when the drug is decriminalized federally. Aurora’s U.S.-listed stock was about 1.5% higher heading into the close Thursday, after falling nearly 40% in the past three months.
‘They are signaling ‘we are going to get all kinds of indications of people spending crypotcurrency,’ one observer said
Coinbase’s Chief Product Officer issues a mea culpa on Thursday, a day after the popular investing platform was among a number of venues facing glitches and outages during a brutal crypto selloff.
Hormel Foods stock jumped 8.3% in Thursday trading after fiscal second-quarter results beat expectations and the food company raised its outlook.
Shares of Snap Inc. are up nearly 6% in Thursday trading after the company revealed new details about its user traction while rolling out new features for the Snapchat app.
Oil futures settled lower on Thursday, down for a third consecutive session, with U.S. prices at their lowest since late April. Prices have declined on the “premise that Iranian supply could find its way back on to the market,” said Michael Hewson, chief market analyst at CMC Markets UK. European Union officials reportedly “expressed confidence that a deal could be reached in anticipation that the U.S. could ease some of the sanctions on Iran,” and Iranian President Hassan Rouhani has claimed that an agreement has been reached on a number of key issues, although some other smaller issues remain, Hewson said. West Texas Intermediate oil for June delivery , which expired at the end of the session, fell $1.31, or 2.1%, to end at $62.05 a barrel on the New York Mercantile Exchange. Front-month contract prices marked their lowest finish since April 26, according to FactSet data. July WTI oil , which is now the front month, lost $1.41, or 2.2%, to settle at $61.94.
Shares of Foot Locker Inc. dropped 4.2% in afternoon trading, and were headed for a third straight loss, ahead of the athletic shoe and accessories retailer’s fiscal first-quarter report. The stock has now slid 10.2% since closing Monday at a four-year high of $65.82. The company is scheduled to report quarterly results before Friday’s opening bell, with the FactSet consensus estimates for earnings per share of $1.12, net sales of $1.90 billion and same-store sales growth of 53.7%. The stock has declined on the day earnings were reported the past two quarters by and average of 6.9%, and after six of the past eight reports, by an average of 10.0%, according to FactSet data. The stock gained an average of 4.7% the two times it rose after earnings. Foot Locker’s stock has rallied 46.1% year to date, while the SPDR SP Retail ETF has climbed 41.2% and the SP 500 has gained 10.8%.
Every week we highlight the most timely exchange-traded fund news, from new launches to inflows and performance.
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