Cognizant forecasts full-year revenue below expectations
Cognizant Technology Solutions Corporation forecasts full-year revenue below expectations, reflecting a persistent weakness in demand for IT services. The company’s shares dropped 4% during extended trading, as businesses reduce technology and outsourcing expenses amidst sticky inflation and higher interest rates. Peer companies Tata Consultancy Services and Infosys also reported slow profit growth and missed targets, indicating a slowdown in the IT services sector. Cognizant anticipates revenue of $19 billion to $19.8 billion in 2024, falling short of analysts’ expectations, reflecting ongoing challenges in the IT services sector.
ELF Beauty Gears Up for Upcoming Earnings Report
ELF Beauty (ELF) is set to report its fiscal third-quarter results on February 6, with analysts expecting a significant increase in profit and revenue. The company’s stock has shown strong momentum in recent months, with a solid rally and positive technical indicators. ELF Beauty’s upcoming earnings report is eagerly anticipated by investors and analysts as the company continues to capture attention with its positive performance.
Report Reveals Concerning Findings About Boeing 737 Max Incident
A new report from the US National Transportation Safety Board reveals concerning findings about a Boeing 737 Max incident, where a door on an Alaska Airlines plane may not have been properly secured, leading to a rapid loss of cabin pressure. The report’s findings raise concerns for Boeing’s corporate culture and quality control processes, as inspections have revealed loose bolts and fixings on other planes of the same specification.
Fortinet Reports Strong Q4 2023 Results, Shares Surge
Fortinet (FTNT) reports strong Q4 2023 results, with a surge in shares after exceeding market expectations for earnings, revenue, and billings. The company projects Q1 2024 EPS and revenue in line with analyst estimates, attributing the success to growth in Security Operations and SASE billings.
Chipotle’s Quarterly Earnings Exceed Analysts’ Expectations
Chipotle Mexican Grill has reported quarterly earnings and revenue that exceeded analysts’ expectations, with a significant increase in restaurant traffic. The company’s same-store sales surpassed estimates, and its foot traffic rose by 7.4% in the quarter, defying the industry-wide trend of declining visits. Chipotle’s positive outlook for 2024 reflects its strong performance and strategic expansion plans, positioning the company as a strong player in the restaurant industry.
ESPN, Fox, and Warner Bros. Discovery Announce Joint Sports Streaming Service
ESPN, Fox, and Warner Bros. Discovery are teaming up to launch a new sports streaming service, offering a skinnier bundle of linear networks tailored for sports fans. The platform will include all the broadcast and cable networks owned by the three companies that carry sports, along with ESPN+. Consumers can subscribe directly via a new app or bundle the product with Disney+, Hulu, and Max. This move comes as the value of sports media rights is on the rise and viewers have shifted away from traditional cable.
Ford Motor Company Exceeds Expectations for Fourth Quarter and Provides Positive 2024 Outlook
Ford Motor Company has exceeded Wall Street’s expectations for the fourth quarter, reporting better-than-expected financial results and providing a positive outlook for 2024. The company’s forecast includes adjusted earnings before interest and taxes (EBIT) of between $10 billion and $12 billion, adjusted free cash flow of $6 billion to $7 billion, and capital spending of $8 billion to $9.5 billion, surpassing analyst expectations. Ford also announced a special dividend of 18 cents per share and a first-quarter regular dividend of 15 cents per share, leading to a surge in shares during afterhours trading.
Landscape Capital Management L.L.C. Makes Significant Changes to Holdings in Snap Inc.
Landscape Capital Management L.L.C. significantly reduced its holdings in Snap Inc. by 92.7% in the third quarter, selling 794,780 shares and leaving them with 62,568 shares. Meiji Yasuda Asset Management Co Ltd. also increased its shares in Snap by 7.4% during the 2nd quarter, reflecting dynamic activity within the stock market.
Wendy’s Offers Free Dave’s Single Cheeseburger with Any Purchase
Wendy’s is offering a free Dave’s Single cheeseburger with any purchase at participating restaurants from February 5 to February 12. Customers can redeem the offer through the Wendy’s app with no specific purchase minimum. This promotion coincides with the Super Bowl and includes a $0 delivery fee for app orders on game day. Wendy’s is also introducing breakfast burritos and bringing back the classic vanilla Frosty, delighting patrons with exciting additions to their menu lineup.
DocuSign to Lay Off 6% of Workforce in Restructuring Plan
DocuSign announces a restructuring plan, including laying off 6% of its workforce, in an effort to enhance financial and operational efficiency. The majority of impacted employees will come from sales and marketing departments. The announcement led to a more than 6% drop in DocuSign’s shares. The company aims to meet or exceed its fourth-quarter and fiscal-2024 guidance and will share further details about the restructuring plan when fourth-quarter results are released.