Author: fortraders

Farfetch Limited (FTCH) saw its shares jump 17% in after-hours trading following the release of its Q1 results. The company reported EPS of ($0.16), $0.23 better than the analyst estimate of ($0.39). Revenue for the quarter came in at $556.4 million versus the consensus estimate of $515.51M.

DXC Technology Co (DXC) saw its shares fall 6% after the company reported Q4 EPS of $1.02, $0.03 worse than the analyst estimate of $1.05. Revenue for the quarter came in at $3.59 billion versus the consensus estimate of $3.62B. DXC Technology sees FY2024 EPS of $3.80-$4.05, versus the consensus of $3.48.

Flowers Foods (FLO) saw its shares drop 5% after the company reported Q1 EPS of $0.38, in-line with the analyst estimate of $0.38. Revenue for the quarter came in at $1.53B versus the consensus estimate of $1.55B. Flowers Foods sees FY2023 EPS of $1.15-$1.25, versus the consensus of $1.25.

Lazard Ltd, one of the world’s leading investment banks, is set to undergo a leadership change. Ken Jacobs, the current CEO, is expected to step down and be replaced by Peter Orszag, who currently runs the bank’s advisory unit. The move comes as the bank has seen a slump in dealmaking due to volatility in the capital markets, geopolitical tensions and rising interest rates.

Lazard’s stock rose 2.2% in extended trading following the news. The bank has also cut 10% of its workforce in response to the downturn. Rivals Goldman Sachs and Morgan Stanley have also reduced headcount as higher interest rates stymied client activity and weighed on investor sentiment.

The succession plan has been in place for some time and is now on track, according to lead director Richard Parsons. With the new leadership in place, Lazard is hoping to turn around its fortunes and capitalize on the current market conditions.

Ross Stores (NASDAQ:ROST) on Thursday raised its annual profit forecast after posting upbeat quarterly results, buoyed by budget-conscious customers increasingly shopping at the off-price retailer and easing freight costs. The company’s first-quarter merchandise margin rose 120 basis points as ocean freight costs eased.

The company now expects 2023 profit per share of $4.77 to $4.99, compared with its earlier forecast of $4.65 to $4.95. It posted first-quarter profit per share of $1.09, topping analysts’ average estimate of $1.06 per share. Same-store sales in the first quarter rose 1%, compared with estimates of a 0.4% rise.

The company sees second-quarter earnings per share between $1.07 and $1.14, compared with estimates of $1.25. CEO Barbara Rentler said that people were searching for even more compelling bargains and inflation had driven its customers to cut discretionary spending in some categories.

Sticky inflation has led consumers to cut spending on higher-priced goods, boosting sales at retailers such as Ross Stores and Burlington Stores (NYSE:BURL) Inc that offer products at affordable pricing. Jessica Ramirez, senior analyst at Jane Hali and Associates said that Ross Stores is taking a conservative approach in forecast given a cautious consumer sentiment especially among the lower income customers.

Pfizer’s RSV vaccine is the first of its kind and could become the first available maternal shot to protect babies from the illness. On Thursday, the U.S. Food and Drug Administration’s advisory committee voted unanimously that available data supported the vaccine’s efficacy and safety for giving the shot to women in their second or third trimesters of pregnancy. If approved, the vaccine could help protect infants up to 6 months of age from lower respiratory tract infection and severe disease.

Applied Materials (AMAT) shares rose 3.36% in after-hours trading following the strong Q2 results and guidance. The company is well-positioned to benefit from the ongoing semiconductor boom, and investors are optimistic about the company’s long-term prospects.

Importers who shifted cargo away from West Coast ports due to fears of disruption from labor contract talks have begun bringing some of that volume back. However, retailers and suppliers have been reworking distribution strategies and sending goods to the East Coast and Gulf of Mexico to position goods closer to where consumers live. This has caused a 10% gap in market share losses at West Coast container ports.

Large and small retailers have been diverting cargo away from West Coast ports since before the contract covering 22,000 dockworkers at ports stretching from California to Washington State expired on July 1. During the first three months of 2023, West Coast ports handled 40% of U.S. container import volume, compared to 45% during the same period in 2019.

Colgate-Palmolive Co has already begun reversing some of the 25% of containers it routed away from West Coast ports. Meanwhile, some importers have started sending goods to the port at Ensenada, Mexico, to avoid 25% tariffs and take advantage of lower warehouse and labor costs.

The Port of Los Angeles said April volume was down from last year’s record levels but up for the second consecutive month. Importers remain optimistic that the labor negotiation process will eventually lead to a rebalancing of cargo volume.

The Competition Bureau said it is seeking an end to the alleged practice, as well as a fine and other remedies.

Cineplex, Canada’s largest movie theatre chain, said it was reviewing the allegations and would respond in due course.

The Competition Bureau said it had received numerous complaints from consumers about the additional fees, which it said were not adequately disclosed. It said the fees can add up to 20% to the advertised price of a ticket.

The regulator said it was also seeking an order requiring Cineplex to inform consumers of the total price of tickets before they are purchased.

The Competition Bureau said it was taking the action to ensure that consumers are not misled by false or deceptive advertising. It said it was also seeking to ensure that businesses compete fairly in the marketplace.

Meta Platforms Inc has shared new details on its data center projects to better support artificial intelligence work. The company designed a first-generation chip in 2020 as part of the Meta Training and Inference Accelerator (MTIA) program to improve efficiency for the recommendations models it uses to serve ads and other content in news feeds. The chip was focused exclusively on an AI process called inference, and was found to be more efficient than competitor chips. Meta also provided an update on plans to redesign its data centers around more modern AI-oriented networking and cooling systems. The new design would be 31% cheaper and could be built twice as quickly as the company’s current data centers. Additionally, Meta has an AI-powered system to help its engineers create computer code, similar to tools offered by Microsoft, Amazon and Alphabet.