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Snap’s Middle East Headwind

Snap’s Middle East Headwind

Plus, Ford's supplemental dividend.

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Photo by Alexander Shatov on Unsplash

Today is Wednesday, February 7, 2024.

The Early Bird Index today is 66.47.

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Snap’s Middle East Headwind

Snapchat parent Snap (NYSE: SNAP) plummeted by 32.66% in after-hours trading on Tuesday after the technology company posted disappointing financial results.

Financials: Snap reported earnings of 8 cents per share in the past quarter, which was better than expected. But revenue only reached $1.36 billion, which was lower than expected.

Details: The company is projecting a loss between -$55 million to -$95 million in the current quarter.

Quote: “We estimate that the onset of the conflict in the Middle East was a headwind to year-over-year growth of approximately 2 percentage points in Q4.” - Snap’s letter to investors.

Final Thoughts: Snap was up 42% in the past year before these results. While the company’s premium service (Snapchat+) grew its subscribers, there are still so many problems with Snap’s current outlook.

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Notables

Notable Earnings Today: Walt Disney (NYSE: DIS), Alibaba Group (NYSE: BABA), PayPal Holdings (Nasdaq: PYPL), CVS Health (NYSE: CVS), Arm Holdings (Nasdaq: ARM), Yum! Brands (NYSE: YUM), Roblox (NYSE: RBLX), Hilton (NYSE: HLT), Uber Technologies (NYSE: UBER), Wynn Resorts (Nasadq: WYNN), Allstate (NYSE: ALL), XPO (NYSE: XPO), Paycom Software (NYSE: PAYC), Scotts Miracle-Gro (NYSE: SMG), Mattel (Nasdaq: MAT), News Corp. (Nasdaq: NWSA), Fox Corp (Nasdaq: FOXA), Emerson Electric (NYSE: EMR), McKesson (NYSE: MCK), Bunge (NYSE: BG), Ares Capital (Nasdaq: ARCC), Equifax (NYSE: EFX), Axcelis Technologies (Nasdaq: ACLS), Confluent (Nasdaq: CFLT), New York Times (NYSE: NYT), Adient (NYSE: ADNT), Annaly (NYSE: NLY), ASGN (NYSE: ASGN), Berry Global Group (NYSE: BERY), Black Hills Corp (NYSE: BHK), Carlyle Group (Nasdaq: CG), CoreCivic (NYSE: CXW), Coty (NYSE: COTY), Dayforce (NYSE: DAY), Encompass Health (NYSE: EHC), EnerSys (NYSE:ENS), Envista (NYSE: NVST), Everest Group (NYSE: EG), First American Financial (NYSE: FAF), FleetCor (NYSE: FLT), Globe Life (NYSE: GL), GoPro (Nasdaq: GPRO), Green Plains (Nasdaq: GPRE), Griffon (NYSE: GFF), Hain Celestial (Nasdaq: HAIN), Kennametal (NYSE: KMT), Knowles (NYSE: KN), MasterCraft (Nasdaq: MCFT), MKS Instruments (Nasdaq: MKSI), Molina Healthcare (NYSE: MOH), Monolithic Power (Nasdaq: MPWR), Murphy USA (NYSE: MUSA), NETGEAR (Nasdaq: NTGR), Omega Health (NYSE: OHI), O'Reilly Automotive (Nasdaq: ORLY), Paycor (Nasdaq: PYCR), Penske Automotive Group (NYSE: PAG), Performance Food Group (NYSE: PFGC), Radian Group (NYSE: RDN), Radware (Nasdaq: RDWR), Reynolds Consumer Products (Nasdaq: REYN), Silicon Labs (Nasdaq: SLAB), TechTarget (Nasdaq: TTGT), TTM Technologies (Nasdaq: TTMI), Vishay Intertechnology (NYSE: VSH).

Notable IPOs Today: American Healthcare REIT (NYSE: AHR).

Notable Equity Crowdfunding Campaigns Ending Today: ZenniHome (Wefunder).

Notable Economic Events Today: Trade Balance / Imports / Exports (8:30 a.m. ET), Atlanta Fed GDPNow (11:30 a.m. ET), Consumer Credit (3:00 p.m. ET).

Ford's Supplemental Dividend

Photo by Dan Dennis on Unsplash

Shares of Ford (NYSE: F) jumped 6.30% in after-hours trading on Tuesday after the automobile giant posted better-than-expected financial results.

Powering the Story: In addition to its normal quarterly dividend of 15 cents per share, Ford is giving its shareholders an extra supplemental, one-time dividend of 18 cents per share.

Final Thoughts: While Ford’s EV business is struggling, the other business units performed well in the last quarter. The stock is down 10% in the last 12 months.

New Sports Streaming Service Announced

ESPN, which is part of Disney (NYSE: DIS), along with Fox (Nasdaq: FOX) and Warner Bros Discovery (Nasdaq: WBD) announced a new joint streaming venture for sports that will launch this fall.

Final Thoughts: Fox and Warner Bros Discovery ticked up in after-hours trading, while Disney slipped. FuboTV (NYSE: FUBO) fell 8%. This new service could shake up the industry.