World News

Philip Morris Revises 2019 Reported Earnings Forecast For Restructuring Charges

Ryanair dampens expectations on Boeing Max deliveries

Ryanair says it has dampened expectations that it would receive the entirety of its planned delivery of Boeing 737 Max airplanes next year.

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As the Ireland-headquartered reported profit of 1.15 billion euros ($1.28 billion) for the half-year to September, in line with the same period of 2018, CEO Michael O’Leary said the airline now expects to receive its first Max planes in March 2020.

O’Leary said Monday that “we have reduced our expectation of 30 Max aircraft being delivered to us in advance of peak summer 2020 down to 20 aircraft and there is a real risk of none.”

Europe’s busiest airline has said it would cut flights and close some bases because of delays to deliveries of the plane, which has been grounded globally after two fatal crashes.

Twilio’s stock drops after another lowered profit outlook, citing ‘calculation error’

Shares of Twilio Inc. TWLO, -3.18% 3.2% toward a 10-month low in morning trading Monday, after the chat software company disclosed a "calculation error" that led it to lower its full-year profit outlook for a second time in less than a week. In a filing with the Securities and Exchange Commission, the company said it now expects 2019 adjusted earnings per share of 12 cents to 13 cents, compared with the FactSet consensus of 14 cents. Last Thursday, the stock plummeted 10.3% after Twilio reported late-Wednesday third-quarter earnings that beat expectations but provided a downbeat outlook, cutting its 2019 adjusted EPS guidance range to 16 cents to 17 cents from 17 cents to 18 cents. The stock, which is now on track to close at the lowest level since Jan. 4, has plunged 29.7% over the past three months, while the S&P 500 SPX, +0.47% has gained 5.0%.

Poll focused on battleground states finds Trump leading Warren, but trailing Biden

President Donald Trump leads Democratic White House hopeful Elizabeth Warren by an average of two points in six battleground states, according to a new poll.

But Trump trails Joe Biden in those same key states by two points, and the president is about even with Bernie Sanders, the poll from The New York Times Upshot and Siena College also found.

Pollsters surveyed 3,766 registered voters from Oct. 13 to Oct. 26 in Michigan, Pennsylvania, Wisconsin, Florida, Arizona and North Carolina. They reported a margin of error of 4.4 points for individual state polls, except for Michigan where it was 5.1 points, and the overall battleground sample has a margin of error of 1.8 points.

The pollsters’ findings suggest that Trump remains highly competitive in the battleground states likeliest to decide his re-election, an Upshot report said. In the 2016 White House race, Trump was victorious thanks to his wins in these six crucial states.

Biden had been the Democratic presidential front-runner for several months, but his star has started to fade this fall. The former vice president is continuing to lead the crowded 2020 Democratic field in national polls, but Warren has the edge in surveys focused on Iowa, which will deliver the first voter verdicts in the party’s primary.

Funko price targets move in opposite directions after earnings

Price targets for Funko Inc. FNKO, +0.59%, the toy and collectibles maker, moved in opposite directions at two research groups after the company reported third-quarter earnings that beat consensus, but growth shows signs of moderating. Late Thursday, the company reported net income was $15.5 million, or 25 cents per share, up from $7.6 million, or 6 cents per share, last year. Adjusted EPS of 38 cents beat the FactSet consensus for 32 cents. Sales of $223.3 million were up $176.9 million and ahead of the $220.0 million FactSet outlook. Stifel analysts rate Funko stock buy, but cut its price target to $25 from $30 based on "healthy albeit decelerating growth." Analysts at D.A. Davidson focused on the the sales growth, which were helped by "Frozen 2" and "Star Wars." "Although 2020 will not be as strong a year for new content as 2019, it should be comparable to 2018," wrote analysts led by Linda Bolton Weiser. For 2020, growth drivers include Pokemon and the "Wonder Woman" sequel. Funko shares closed Friday down 15.6%, but have bounced back 0.3% in Monday trading. Shares have fallen 32.5% over the past three months, though they’ve rallied 16% for the year to date. The S&P 500 index SPX, +0.47% is up nearly 23% for the year to date.

McDonald’s stock leads the Dow losers, cuts 33 points off the Dow’s price

Shares of McDonald’s Corp. MCD, -2.39% slumped 2.5% in morning trading Monday, enough to pace the Dow Jones Industrial Average’s DJIA, +0.51% decliners, after the fast-food giant pushed out former Chief Executive Steve Easterbrook for violating company policy, by having a consensual relationship with an employee. The stock’s price decline of $4.86 was lowering the Dow’s price by about 33 points, while the Dow was up 129 points. McDonald’s stock has now shed 11.8% over the past three months, to make it the worst performer in the Dow during that time frame, while the Dow has gained 3.7% the past three months.

Philip Morris Revises 2019 Reported Earnings Forecast For Restructuring Charges

Philip Morris International Inc. (PM) revised its full-year 2019 reported earnings per share forecast to be at least $4.53 at prevailing exchange rates, from prior forecast of at least $4.73. The company said it revised 2019 reported earnings per share forecast only for restructuring charges of $0.20 per share in Germany.

As part of the company’s global manufacturing infrastructure optimization, its German affiliate, Philip Morris Manufacturing GmbH reached an agreement with employee representatives to end cigarette production in its factory in Berlin, Germany. Philip Morris expects to record estimated pre-tax charges of approximately $355 million in connection with the agreement. Approximately 950 employees are impacted under the agreement.