Target Corporation (NYSE:TGT) stock, like much of the retail sector, lost ground after Amazon.com (NASDAQ:AMZN) announced it was investing in one-day shipping. If it becomes a reality, keeping up will be costly. "This is about making it more expensive to catch up and affirms our world view that only the largest and smartest will survive," Bernstein analyst Brandon Fletcher said, according to Reuters. The box store reports fiscal first quarter results on May 22.
Shares closed 5.7% lower at $77.12.
Ford Motor Company (NYSE:F) stock revved up on Friday after the automaker cruised ahead of first quarter expectations late Thursday. The company posted earnings of $0.44 per share on revenue of $40.3 billion, topping estimates of $0.27 EPS on revenue of $37.1 billion. Investors were unbothered when the Detroit company announced Friday that the Justice Department has opened a criminal investigation into its emissions certification process. The automaker had been investigating whether incorrect calculations were used to create emissions data, according to Reuters.
Investors hit the road, driving the share price more than 10% higher to end the day at $10.38.
Intel Corporation (NASDAQ:INTC) stock slumped after the company posted disappointing guidance in its first-quarter results late Thursday. The chipmaker reported earnings of $0.87 per share that fell 6% year-over-year and revenue of $16.1 billion that held flat. That met the Street's EPS expectations and surpassed revenue estimates of $16 billion. The damage was done when the company said it expected second quarter EPS of $0.89 on revenue of $15.6 billion, versus expectations of $1.01 EPS on $16.9 billion. The full-year guidance told the same story: Intel expects $4.35 EPS on $69 billion in revenue, while the Street had called for $4.50 EPS on $71 billion in revenue.
Shares dropped 9% to finish at $52.43.
Shutterfly Inc (NASDAQ:SFLY) jumped on an upgrade from Raymond James after posting a better-than-expected first quarter loss late Thursday. The personalized photo company’s loss nearly tripled to $2.44 per share as revenue grew 63% to $324.7 million. Street analysts had forecast a loss of $2.54 per share on revenue of $323.1 million. The California company also ticked up its guidance, raising its expected 2019 EPS range by $0.05 to between $0.61 and $1.11. That was enough for Aaron Kessler to upgrade the stock to Outperform from Market Perform, according to MarketWatch.
The stock was picture perfect, gaining nearly 4% to $43.85.
Mattel Inc (NASDAQ:MAT) shares cooled following early progress after the company kept its first-quarter loss in check late Thursday. The toy producer posted an adjusted loss of $0.44, nearly half its loss in the year ago quarter and better than the $0.56 per share loss called for by analysts. Revenue slowed 3% to 689.2 million, beating expectations of $645 million. Barbie gross sales increased 7%.
Investors drove the share price 1.1% lower to $12.14.
Amazon.com Inc (AMZN) took a leap after the company crushed first quarter earnings expectations and teased the possibility of one-day shipping. EPS more than doubled to $7.09, racing past Street expectations of $4.72. Revenue grew 17% to $59.7 billion, right in line with estimates. The biggest bombshell came on the earnings call, when CFO Brian Olsavsky announced that the company would invest $800 million next quarter to make one-day shipping the new normal for Amazon Prime.
Shares climbed 2.5% to $1,950.63.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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