McDonald's Corp (NYSE:MCD) stock reached an all-time high by Wednesday's close after Wells Fargo upped its price target. Analyst Jon Tower raised his target to $218 from $203 and reiterated an Outperform rating, according to TheFly. That’s an 11% premium over Tuesday’s close of $195.26. Tower predicts strong top-line growth when the fast food chain reports on April 30, citing the company’s efforts to increase US traffic.
Shares sizzled, dropping 1.2% to close at $197.59.
New Age Beverages Corporation (NASDAQ:NBEV) stock fizzed up after the company announced an signed a 10-year extension of its licensing agreement with the family of Bob Marley. The beverage company first acquired the Marley license in 2017 and now has it locked up until 2020. The Colorado and Utah-based company produces a line of Bob Marley-themed drinks including a tea called Marley’s Mellow Mood, which saw a 70% increase in demand in 2018. New Age plans to release a cannabidiol-infused version of the drink later this year.
Shares jumped nearly 6% to finsh at $5.51.
AT&T Inc (NYSE:T) dipped after the company posted first quarter results that missed on revenue. The telecommunications giant saw earnings tick up to $0.86 per share from the year ago quarter and revenue increase nearly 18% to $44.8 billion. Analysts expected $0.86 EPS on revenue of $45.1 billion. Net income fell to $4.1 billion from $4.7 billion a year earlier. Some of the miss can be pinned on the company’s WarnerMedia division, which brought in revenue of $8.4 billion, trailing Street expectations of $8.5 million, according to IBES data from Refinitiv.
Shares slumped 4.1% to $30.78.
Boeing Co (NYSE:BA) shares made some headway as the company saw first quarter net income increase Wednesday morning. Net income rose to $106 million from $66 million the previous year. The aerospace company posted first quarter EPS down 13% year-over-year to $3.16 as revenue declined 2% to $22.9 billion, missing Street estimates of $3.33 EPS on revenue of $23.5 billion. The company said it would announce new full-year guidance at a later date that takes into account the impact of the grounding of its 737 MAX planes worldwide.
The stock took flight, up 0.4% to $375.46.
Anadarko Petroleum Corporation (NYSE:APC) stock got a jolt Wednesday as another potential buyer jumped into the fray with an acquisition offer – two weeks after the oil producer reached a deal with Chevron. Occidental Petroleum Corp (NYSE:OXY) made a $57 billion offer worth $76 per share, easily topping the $65 per share Chevron agreement. Occidental, which has made three acquisition proposals to Anadarko since late March, increased the cash percentage of its latest offer to 50%. The Chevron agreement was 25% cash and 75% stock. If Anadarko were to accept the new offer, it would have to pay Chevron a $1 million break fee.
The two Texas oil companies saw their stock head in opposite directions. Anadarko surged nearly 12% to $71.67, while Occidental fell 0.6% to $62.02. Chevron dropped 3.1% to $118.28.
Snap Inc (NYSE:SNAP) swung back down following a pre-market bump after the company reported first quarter losses late Tuesday that were less than analysts expected. The social media player lost $0.10 per share compared to a loss of $0.17 in the previous year. Analysts expected a loss of $0.12. Revenue grew 39% year-over-year to $320 million, topping Street estimates of $306.5 million. Daily active users grew 2% to 190 million from a quarter ago but fell by 1 million year-over-year.
Shares ended the day down 6.2% at $11.25.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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