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Walmart Inc – Trading higher initially off of earnings, WMT raised its full-year earnings forecast on Tuesday and beat estimates for same-store sales as it benefited from additional stimulus checks. Sales at U.S. stores open at least a year rose 6%, excluding fuel, in the first quarter ended April 30. Online sales lost some momentum, rising 37%, compared with a surge of 74% in the year-earlier period and 69% in the prior quarter. Operating income rose 32.3% to $6.91 billion in the quarter, while Walmart reported adjusted earnings of $1.69 per share. Total revenue rose 2.7% to $138.31 billion.
Home Depot Inc – Easily surpassed estimates on both the top and bottom lines for the its fiscal Q1 results. EPS of $3.86 vs. $3.08 expected, while revenue was $37.5 billion vs. $34.96 billion expected. The retailer reported fiscal first-quarter net income of $4.15 billion, or $3.86 per share, up from $2.25 billion, or $2.08 per share, a year earlier, the company however did not provide a 2021 forecast.
Fisker Inc – Reported a quarterly adjusted loss of 11 cents per share for its latest quarter while the mean expectation of analysts was for a loss of 19 cents per share. Revenue for the period was zero, as expected. During its earnings call, the company also announced it will not hold or accept payment in bitcoin.
Baidu Inc – U.S.-listed shares of the Chinese internet search provider are gaining in early trading after the company posted Q1 total revenue rose to 28.13 billion yuan ($4.38 billion), topping estimates of 27.25 billion yuan. Baidu said “Core delivered a strong first quarter with revenue growing 34% year over year, powered by non-advertising revenue growing 70% year over year.” Wall Street expected results to range from $1.38 to $2.73 per share, with a forecasted mean of $1.66 per share.
Tencent Music Entertainment – Quarterly profit topped estimates, driven by strong growth in subscription revenue and advertising sales from its music streaming platform, TME and Sony Music Entertainment said Monday they had signed a multi-year extension of their digital distribution agreement. TME posted Q1 revenue rose to 7.82 billion yuan ($1.21 billion) compared with analysts’ expectations of 7.73 billion yuan. TME has been expanding its music library through new partnerships and multi-year licensing deals.
Macy’s Inc – Raised its annual sales outlook for the remainder of ’21 while also beating estimates with both its top and bottom line results. The company forecast adjusted earnings per share between $1.71 and $2.12 for 2021, compared with its earlier outlook of 40 cents to 90 cents. It expects sales between $21.73 billion and $22.23 billion, much higher than the $19.75 billion to $20.75 billion range it forecast earlier. EPS of $0.39 beat by $0.77, revenue of $4.71B (+56.0% Y/Y) beats by $420M.
AT&T – Set to extend losses from yesterday’s session down another 4% premarket, as a part of the $43b merger agreement announced yesterday with broadcaster Discovery Inc, T said i will cut its dividend payout ratio to the low 40% range from around 60% in the previous quarter.
Coinbase Global Inc – Announced plans for a $1.25b offering aftermarket yesterday, the offering will be in the form of convertible senior notes due 2026, available only for institutional investors who manage a minimum of $100 million in securities issued by other companies. These investors are defined as such pursuant to Rule 144A of the U.S. Securities Act.
AMC Entertainment – Actively traded in the premarket again this morning coming off a third straight, WSB driven rally for the stock. Analytics firm Ortex released data Tuesday showing investors are estimated to have lost $930 million on their short positions in meme stocks GameStop and AMC Entertainment over the last five trading days.
Stealth BioTherapeutics Corp – Reported quarterly results and also announced investment firm Morningside Ventures has agreed to provide $30 mln in additional payment during 2021 to advance the development of co’s lead drug candidate, elamipretide.
Ultralife Corp – Small-cap electronic component maker announced it has received a firm-fixed price contract from the U.S. Army for purchases of Conformal Wearable Batteries not to exceed $168 mln during the three-year base award period with the potential for up to an additional $350 mln.