The Atlanta Journal-Constitution
Earnings reports spur markets Noteworthy among strong earners
Along with China’s cutting of $75 billion on tariffs affecting pork, soybean and other imports from the U.S., solid corporate earnings had much to do with surging stock markets in the United States and elsewhere Thursday.
■ Twitter: The social media platform surged 15.1% after the messaging service reported surprisingly good growth for daily users and solid revenue in the fourth quarter. The most recent quarter marks the first time the company’s revenue topped $1 billion.
■ Nokia: The company reported fourth-quarter profit that exceeded expectations, bringing relief to investors concerned about the Finnish company’s checkered performance in the early stages of 5G rollouts. Its shares were up 4.7% Thursday.
■ The New York Times: An array of news coverage helped keep digital subscriptions rising last quarter, with earnings and revenue beating analysts’ expectations. Times shares jumped 12.7% and reached their highest point in 15 years.
■ Toyota: The auto giant’s shares rose 2.6% in Tokyo after it reported a higher-than-expected quarterly profit and raised its full-year forecast despite a production shutdown in China, falling demand and rising technology costs.
Restless investors
Online mattress pioneer Casper Sleep began its initial trading day on the New York Stock Exchange at $14.50 and ended the day at $13.50, failing to come close to what Casper’s venture-capital investors thought it was worth a few months ago.
Weaker showings
■ Yum Brands: The operator of Pizza Hut, Taco Bell and KFC fell 3% after reporting weak fourth-quarter profit. Also, China made up 27% of KFC’s total sales and 17% of Pizza Hut’s sales in the fourth quarter.
■ WWE: Shares fell nearly 9.2% to $44.51 as the company’s financial outlook underscored the struggle it faces to reenergize wrestling fans. WWE’s first-quarter operating income forecast trailed Wall Street’s estimate of $67.5 million.