Tag Archives: Cinemark Holdings Inc

Business

Foot Locker, Cinemark, Dell and others

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Check out the companies making headlines before the bell:

Foot Locker (FL) – Foot Locker shares slumped 16.1% in the premarket after the athletic apparel and shoe retailer gave a weaker-than-expected full-year profit and comparable-store sales outlook. The company cited changes in its vendor mix as well as a decline in fiscal stimulus versus a year ago. Foot Locker reported better-than-expected results for its fiscal fourth quarter, including an unexpected rise in comp sales.

Cinemark (CNK) – Cinemark jumped 3.7% in the premarket after the movie theater operator reported an unexpected quarterly profit and revenue that beat Wall Street forecasts. Attendance jumped as Covid-19 restrictions loosened.

Dell Technologies (DELL) – Dell tumbled 9% in premarket action after saying it expected its order backlog to swell this quarter, with supply chain issues limiting its ability to fulfill strong order demand.

Block (SQ) – Block surged 16.5% in premarket trading after the payments company formerly known as Square reported better-than-expected profit and revenue for its latest quarter. Block also gave an upbeat forecast for the current quarter and the full year amid growing success for its Cash App.

LendingTree (TREE) – The financial services company’s stock added 2.6% in the premarket after reporting a narrower-than-expected loss and revenue that exceeded analyst forecasts. LendingTree saw strong performance in its consumer segment during the quarter.

Coinbase (COIN) – Coinbase reported quarterly earnings of $3.32 per share, well above the consensus estimate of $1.85, with the cryptocurrency company’s seeing revenue also topping Wall Street forecasts. However, Coinbase said volatility in the cryptocurrency market will result in lower transactions volume this quarter. Coinbase fell 2% in premarket trading.

Beyond Meat (BYND) – Beyond Meat slid 10.8% in the premarket after reporting a wider-than-expected quarterly loss and revenue that fell slightly short of Wall Street forecasts. The maker of plant-based meat substitutes also issued a weaker-than-expected forecast as it expects a temporary disruption of U.S. retail growth.

Etsy (ETSY) – Etsy shares surged 17.4% in premarket action after the online crafts marketplace beat quarterly estimates and issued a strong forecast. Etsy earned $1.11 per share for its latest quarter, compared with a consensus estimate of 79 cents, as it continues to see elevated demand that first developed during the pandemic.

Zscaler (ZS) – Zscaler took an 11.6% hit in the premarket despite beating quarterly estimates on the top and bottom lines. Investors are focusing on the cybersecurity company’s weaker-than-expected outlook, although it reported its strongest year-over-year revenue growth in three years.

Farfetch (FTCH) – Farfetch soared 30.5% in premarket action even though its adjusted quarterly loss of 3 cents per share merely matched estimates and revenue fell below the consensus estimate. The luxury fashion seller was profitable on an adjusted basis for 2021, encouraging investors after a recent tumble in the stock’s price.

KAR Auction Services (KAR) – Carvana (CVNA) is buying KAR Auction Services’ vehicle auction business in the U.S. for $2.2 billion, as the online used-car seller moves to boost its physical presence. KAR soared 66.2% while Carvana rose 0.8% in the premarket.

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Entertainment

No Way Home’ ticket demand crashed box office sites

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Tom Holland stars as Peter Parker in Marvel’s “Spider-Man: No Way Home.”

Disney

When the clock stuck midnight on Nov. 29, tickets for “Spider-Man: No Way Home” went on sale. Within minutes domestic movie ticket sites began to crash as moviegoers rushed to snag seats for one of the most anticipated films of the year.

It is something that the box office has not experienced since the pandemic began and a sign that with the right releases, the movie theater industry has a “bright future,” experts say.

The pandemic battered cinemas, crushing demand and nearly bankrupting some of the industry’s largest exhibitors. The box office has been slow to rebound, but sustained momentum over the last six months has provided confidence in an eventual recovery.

Overnight, the latest installment of the Marvel Cinematic Universe, a co-production between Disney and Sony, has sparked even more optimism. Ticketing sites like Atom Tickets, Fandango and MovieTickets.com alongside movie theater sites like AMC, Cinemark and Regal saw a surge of demand for tickets leading many to crash or place visitors in hour-long online queues.

“There are different tiers of intense fan demand when it comes to box office pre-sales, and this film is clearly showing it belongs near the top with a select few others,” said Shawn Robbins, chief analyst at BoxOffice.com. “For anyone who doubted the communal draw of the theatrical experience over the past two years, look to this enthusiasm for ‘Spider-Man’ as a major inflection point during the box office recovery period and the sign of a bright future ahead.”

This kind of fervor has not been seen at the box office since 2019 when advanced tickets for titles like “Avengers: Endgame” and “Star Wars: The Rise of Skywalker” went on sale.

Movie theater chains have been eagerly awaiting the debut of “Spider-Man: No Way Home,” with some going as far as to provide additional incentives for moviegoers to pick up tickets for opening night.

AMC partnered with and Sony Pictures to offer 86,000 non-fungible tokens (NFTs) to members of its AMC Stubs Premiere, AMC Stubs A-List and AMC Investor Connect who ordered tickets for the Dec. 16 opening of “Spider-Man: No Way Home” in advance.

Box office analysts were already optimistic that the latest Spider-Man film could top $100 million during its December debut, but this high demand for tickets is even more encouraging for the film’s opening.

The previous solo films for Tom Holland’s Spider-Man opened at $117 million in 2017 and $92 million in 2019, according to data from Comscore.

“It would be entirely fitting that a Spider-Man movie could potentially be the first pandemic-era release to break the $100 million opening weekend mark,” said Paul Dergarabedian, senior media analyst at Comscore, noting that Sam Raimi’s 2002 “Spider-Man” was the first film in the history of cinema to open to more than $100 million at the box office.

“It should come as no surprise that pre-release online ticket sales for ‘No Way Home’ are, in essence, breaking the internet as excited fans clamor to be the first in the virtual line to grab their tickets for the film.”

Disclosure: Comcast is the parent company of NBCUniversal and CNBC. NBCUniversal owns Fandango.

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Business

Athene, Apollo Global, GE, AerCap & more

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Take a look at some of the biggest movers in the premarket:

Apollo Global (APO), Athene (ATH) – The private-equity firm’s shares gained 8% in premarket trading following news that it will merge with retirement services company Athene in an all-stock transaction that values Athene at about $11 billion. Athene shares surged 19.6%.

McAfee (MCFE) – The cybersecurity company’s shares jumped 10.9% in premarket trading, following news that it sold its enterprise business to privately held Symphony Technology Group for $4 billion in cash.

Walt Disney (DIS) – Disney will be able to reopen Disneyland after more than a year. California officials cleared theme parks and stadiums to open at reduced capacity on April 1. Separately, Disney’s “Raya and the Last Dragon” topped the weekend box office with $8.6 million in ticket sales, though that opening was muted after movie theater chain Cinemark (CNK) declined to show the film. Disney rose 1.5% premarket.

General Electric (GE) – GE is near a $30 billion deal to merge its aircraft leasing business with Ireland’s AerCap (AER), according to people familiar with the matter who spoke to The Wall Street Journal. An announcement is expected as soon as today, in what would be the latest restructuring move by GE. Its stock jumped 2.3% in the premarket, while AerCap shares surged 12.3%.

Adaptive Biotechnologies (ADPT) – Adaptive Biotechnologies received emergency use authorization from the Food and Drug Administration for its “T-Detect” test which confirms a recent or prior Covid-19 infection in patients. Its shares soared 11.3% in premarket action.

AT&T (T) – AT&T said Securities and Exchange Commission accusations against three employees are meritless and vowed to challenge them. The SEC alleges that the employees selectively shared information about smartphone sales in 2016, which prompted those analysts to lower their revenue forecasts.

Bumble (BMBL) – The dating service operator received a number of positive analyst recommendations, with Cowen rating the stock “outperform” in new coverage and Stifel and Citi initiating coverage with a “buy” rating, and Bumble shares rose 3.4% Friday. Analysts feel that Bumble is poised for a post-pandemic jump in usage. Despite the positive recommendations, the stock fell 2.8% in premarket trading.

GameStop (GME) – The video game retailer’s stock continues its volatile trading amid more Reddit-related momentum, up 11.4% in the premarket after rising for three straight sessions at the end of last week.

Xpeng (XPEV) – The China-based electric vehicle maker’s shares gained 2.2% in premarket trading after it reported a loss of $120.7 million for its latest quarter, 42% smaller than it had been in the year-ago quarter. Xpeng competitor Nio (NIO) fell 3.1% in premarket action after Jeffries cut its price target on the stock to $38.80 from $60.

Facebook (FB) – A racial bias investigation of Facebook by the Equal Employment Opportunity Commission has been designated as “systemic,” according to attorneys for four plaintiffs who spoke to Reuters. The plaintiffs are accusing Facebook of bias in hiring and promotions, although the EEOC has not brought any allegations against the social media giant and the investigation may not result in any findings of wrongdoing. Facebook lost 1% in premarket trading.

Coherent (COHR) – Coherent said a revised takeover proposal from optical electronics maker II-VI (IIVI) is superior to its pending merger agreement with Lumentum (LITE). Coherent – a developer of laser-based technology – gave Lumentum until 11:59 p.m. PT on March 11 to submit a revised proposal, or it intends to accept II-VI’s proposal of $170 per share in cash and 1.0981 shares of II-VI common stock for each Coherent share. II-VI stock fell 2.2% in the premarket.

VF Corp (VFC) – VF was upgraded to “buy” from “hold” at Pivotal Research, which cited a variety of factors including relatively easy comparable sales comparisons for Vans and a positive outlook for North Face and Timberland.

Pearson (PSON) – Pearson shares jumped 5.9% in premarket action after the educational publishing company announced a strategy update that more directly targets consumers.

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