Boston Beer’s Beverages Smash
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Align Technology (ALGN) +35.0%
Nordstrom (JWN) +9.0%
Booking Holdings (BKNG) +5.3%
TrueCar (TRUE) +5.1%
Tripadvisor (TRIP) +5.1%
Moving Down ⬇️
Trupanion (TRUP) -6.0%
PayPal (PYPL) -4.3%
Sea Limited (SE) -4.0%
Stitch Fix (SFIX) -3.4%
1. Boston Beer’s (SAM) Q3 earnings report was a hit amid increased demand for its boozy seltzer and tea drinks, with shares reaching $918.08 on Thursday. The brewer, whose shares have doubled this year, reported adjusted earnings per share (EPS) of $6.10, versus $5.24 expected with earnings of $80.8 million. Its revenue soared to $492.8 million compared to year-ago revenues of $378.47 million. "The direct financial impact of the pandemic has primarily shown in significantly reduced keg demand from the on-premise channel’ the company said on Thursday. Read the full story here.
2. Despite a 9% decline in revenue year-over-year (YoY), Coca-Cola (KO) still smashed earnings expectations, sending shares up in pre-market trading. The famous soda-maker posted EPS of $0.55 versus $0.46 expected on revenue of $8.65 billion, beating analysts’ predictions of $8.36 per share. The beverage giant reported a Q3 net income of $1.74 billion, which is down from $2.59 billion the year prior. During its report, Coke reiterated its mission is to cut its less-popular products in order to streamline its portfolio, to focus on those brands that have more potential growth. Check out the full story here.
3. As other companies report earnings, Facebook (FB) is on the hunt to make more; it’s now considering charging businesses for some of its WhatsApp services. More than 50 million businesses use the tool to chat and sell products directly and Mark Zuckerberg wants a cut of the pie in return for offering hosting and inventory functions. Unlike its Instagram and Facebook businesses, the $16 billion purchase of Whatsapp has not yet proved profitable. WhatsApp’s acquisition is among the list that faces scrutiny from the House Judiciary subcommittee on antitrust charges, over concerns Facebook has monopolized the social media sector. Read the full story here.
Align Technology shares soared 35% on Thursday following its smashing of earnings expectations. We covered the story here.
Find more earnings from last night here: Silicon Valley Bank
The Santa Clara-based bank posted a net income of $441.7 million, or $8.47 per share, compared to $228.9 million, or $4.42 per share in Q2. “We had an exceptional quarter driven by outstanding balance sheet growth, higher core fee income, strong investment banking revenue, and solid credit resulting in a reduction of reserves,” said CEO Greg Becker.
There is 1 company on the MyWallSt shortlist that will report earnings today. Get this week’s full calendar here.