Nike, Square, Boeing and more

Nike, Square, Boeing and more

A customer uses an Apple Inc. iPhone to make a payment on a Square Inc. device in San Francisco, California, U.S., on Tuesday, March 27, 2018.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines after the bell.

Nike — The athletic apparel company’s stock soared 8% in extended trading after Nike posted third-quarter revenue that beat analysts’ expectations. Nike reported revenue of $10.10 billion, while analysts polled by Refinitiv expected $9.80 billion. Though the company experienced weakness in China because of store closures from the coronavirus, it also saw growth in North America and a boost from its digital business. Nike CEO John Donahoe said the company is even beginning to see a “recovery” in China. “We know it’s in times like these that strong brands get even stronger. … No one is better equipped than Nike to navigate the current climate,” Donahoe said Tuesday in a statement.

Square — Shares of the mobile payment company rose 3% after the market closed. Square announced today that it would be refunding all March software subscription fees for businesses that currently use Square Appointments, Retail, Restaurants, Loyalty, Team Management, Payroll, Marketing and Square Online Store. “We’re all facing unique challenges right now, and for business owners, the stakes are particularly high,” the company said in a statement on its website.

Square also cut its first-quarter guidance and expects to report a net income loss per share because of the coronavirus. The company also withdrew its full-year 2020 guidance and said in a statement that the coronavirus began impacting the company’s growth in March.

Boeing — The plane manufacturer’s stock was up 4% after the closing bell. President Donald Trump said Tuesday that he would not let Boeing go out of business because of the economic disruption caused by the coronavirus pandemic. “You have to help them temporarily,” Trump said in a Fox News interview. Trump also said that Boeing was likely to give stock to U.S. citizens.

Wynn Resorts — The hotel and casino developer’s stock climbed 2% in extended trading after the company announced that its executives agreed to forgo between 33% and 100% of their salaries for the rest of 2020 in exchange for shares of Wynn stock. The company said that it is taking this measure in response to the financial downturn caused by coronavirus. The salary reductions will help offset expenses and ongoing employee payroll, as the company is paying employees to retain them during the closure of its hotels and casinos. Wynn CEO Matt Maddox agreed to relinquish 100% of his salary in exchange for company shares for the remainder of 2020. 

Facebook — The social media giant’s stock fell 1% after the market closed. The company announced that while it had seen a 50% increase in messaging usage in places hit hard by the coronavirus, it had also seen a weakening in its ads business in countries that are using aggressive actions to curb the outbreak. “Our business is being adversely affected like so many others around the world,” said Alex Schultz, VP of Analytics, and Jay Parikh, VP of Engineering, in a statement on the company’s website. 

View original Post


Please enter your comment!
Please enter your name here