Wednesday’s Headlines: Disney CEO Bob Iger Steps Down Effective Immediately
1. Bob Iger will step down as Disney CEO and assume the role of executive chairman, Disney announced on Tuesday. Bob Chapek, who most recently served as chairman of Disney parks, experiences, and products, will assume the role of CEO, effective immediately. Iger has been instrumental in making Disney a significant player in the streaming space, ushering through the acquisition of Fox’s entertainment business and opening Shanghai Disneyland. Get the full story here.
2. Home improvement giant Home Depot reported better-than-expected fourth-quarter earnings and same-store sales early Tuesday. Earnings rose slightly to $2.28 a share with same-store sales up 5.2%, while revenue fell 2.7% to $25.78 billion from the year before, mostly due to the fact that fiscal 2018 had a 53 week year, which added approximately $1.7 billion in Q4 2018. The company provided guidance of earnings per share up 2% to $10.45 with same-store sales expected to rise between 3.5% and 4%, suggesting sales of $114.33 billion. Get the complete report here.
3. American Tower reported fourth-quarter earnings on Tuesday that beat analysts' forecasts, revenue fell short of expectations as the company continues to invest in 5G deployment. The telecom company announced earnings per share of $1.26 on revenue of $1.92 billion versus $1.02 on revenue of $2.13 billion in the same period last year. The company also posted funds from operations worth $1.95 per share, marking the third quarter in four where the company has surpassed FFO estimates. Read the full report here.
Planet Fitness reported quarterly earnings of $0.44 per share on top of quarterly sales of $191.5 million, beating the analyst consensus. The company expects fiscal year 2020 sales increase of 12% year-on-year, and an adjusted EPS increase of 16% year-on-year. CEO Chris Rondeau said: "2019 was filled with many important milestones and financial achievements."