In early trading Thursday, the Dow Jones industrials were up 0.25%, the S&P 500 up 0.62% and the Nasdaq up 1.21%.
After U.S. markets closed on Wednesday, Chewy reported better-than-expected earnings per share (EPS) and revenue, primarily due to higher prices for pet food. Sales of non-discretionary pet items rose 18.5%, the company said. Hard-to-please investors want to know where Chewy and its rivals expect to get growth going forward. Shares traded down more than 5% Thursday morning.
KBHome also beat consensus estimates on the top and bottom lines. Deliveries of new homes were down 3% year over year but selling prices rose 2% to an average of $494,500. Fiscal 2023 revenue guidance was in line with expectations. Shares traded up 7% early Thursday.
Before U.S. markets opened on Thursday, Accenture reported EPS and revenue above estimates and issued current quarter guidance in line with consensus estimates. Guidance for fiscal 2023 was above the current estimates. Shares traded up 4%.
Darden Restaurants also beat top-line and bottom-line estimates as overall same-store sales rose nearly 12%. The owner of the Olive Garden and Longhorn Steakhouse chains raised the top end of EPS guidance and the revenue above estimates for the 2023 fiscal year. Shares traded up 0.7%.
General Mills reported sales and profits above expectations and issued upside guidance for full-year EPS and organic net sales. Shares traded up 3.4%.
Here is a preview of what to expect when these two companies report results first thing Monday morning.
BioNTech
Germany-based BioNTech S.E. (NASDAQ: BNTX) and Pfizer developed one of the first COVID-19 vaccines, driving the German company’s share price up by more than 800%. Shares are still up nearly 200% over the past three years since that August 2021 peak. In the past 12 months, however, shares have fallen by about 23.5%.
BioNTech has built a cash pile of nearly $13.2 billion and dropped $200 million of that on a private U.S. firm called OncoC4, developers of a new cancer drug that will have to take on Bristol-Myers Squibb’s Yervoy and AstraZeneca’s Imjudo antibody immunotherapy treatments.
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