A customer leaves a Big Lots store in Clifton, New Jersey.
Emile Wamsteker | Bloomberg | Getty Images
Discover the companies that make the headlines for lunch.
Big Lots – Big Lots stocks fell nearly 30% after the retailer posted a quarterly shortfall. The company reported earnings per share of $ 2.39 in the fourth quarter, lower than analysts’ expectations of $ 2.68 per share, according to FactSet. Big Lots also said it expects a “difficult” first quarter in part due to “the impact on sales of the coronavirus supply chain disruption”.
Apple – Apple stocks fell 1.7% after falling more than 4% earlier today. Apple stocks briefly plunged into bearish territory, down more than 20% from their 52-week high. Apple is concerned that the coronavirus will harm demand in China and disrupt its supply chain. The company said last week that it is unlikely to meet its first quarter forecast due to the impact of the virus.
Cruise lines – Cruise stocks stopped their long dip and traded higher on Friday morning. Norwegian Cruise Lines climbed 4.6%, while Royal Caribbean increased 3.9% and Carnival increased 3.2%. The three are still down about 20% or more for the week. Deutsche Bank demoted Royal Caribbean and Norwegian to stay overnight, and kept Carnival on hold, saying in a note that “we cannot recommend buying them realistically.”
Wayfair – Wayfair’s shares fell more than 12% following its disappointing results. The online furniture retailer reported a loss of $ 2.80 per share, higher than the loss of $ 2.65 per share expected on Wall Street, according to Refinitiv. The question for Wayfair has long been how to make a profit. The company has been criticized for spending too much money on advertising to acquire new customers on the Internet.
Airlines – Major airline stocks fell on Friday as flight cancellations and travel advisories continued to increase due to the epidemic. Delta, American and United all lost more than 3% and United has announced that it is cutting flights to Asia. Southwest and JetBlue were down more than 1%.
Beyond Meat – The alternative meat business fell more than 17% after announcing a surprise quarterly loss. Beyond Meat posted a loss of 1 cent per share for the previous quarter, although quarterly revenues tripled year over year.
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