Tag Archives: Dave & Buster's Entertainment Inc

Business

Carvana, MongoDB, TripAdvisor, Toll Brothers and more

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A mascot of TripAdvisor is seen at its display at a trade fair.

Axel Schmidt | Reuters

Check out the companies making headlines in midday trading.

Carvana — Shares of the online car dealership fell more than 32% after Carvana’s largest creditors signed an agreement to negotiate together with the company. Bankruptcy concerns around Carvana have grown since the company reported disappointing third-quarter results last month. The pact between the creditors was first reported by Bloomberg.

MongoDB — The database platform surged almost 22% following the company’s quarterly results. Mongo posted better-than-expected revenue for the most recent quarter and issued upbeat fourth-quarter revenue guidance, according to Refinitiv.

State Street — Shares of the asset manager jumped more than 8% after the company announced a new buyback plan. The company said it now intends to buy back up to of $1.5 billion of its common stock in the fourth quarter of 2022, $500 million more than the amount announced previously.

Online travel — Online travel stocks dropped after Wolfe Research downgraded the sector to market underweight from market weight, citing trouble ahead on the likelihood of a recession. The firm named a worse outlook for names such as Booking Holdings, Airbnb, TripAdvisor and Expedia. Shares of TripAdvisor and Expedia were down more than 6%. Booking Holdings fell more than 4%, and Airbnb shed 3%.

Stitch Fix — Shares gained 3%, bouncing back from an earlier dip during pre-market trading. On Tuesday, the company posted quarterly results that fell short of analysts’ expectations, according to FactSet. Stitch Fix also trimmed its full-year forecast.

Toll Brothers — Shares of the luxury homebuilder rose 7% after the company reported quarterly results. Toll Brothers posted home sales revenue that was better than Wall Street expectations, according to Refinitiv.

Dave & Buster’s Entertainment — Dave and Buster’s stock shed more than 4% despite the company posting solid quarterly revenue on Tuesday. The entertainment company also provided an update on the fourth quarter, noting that through the first five weeks of the period, pro forma combined walk-in comparable store sales declined 2.4% versus the comparable period in 2021. However, those sales have increased 15.7% over the same period in 2019.

SolarEdge Technologies — The solar stock gained 3.6% after Bank of America upgraded it to a buy from neutral. The firm said the stock could gain more than 20% as its outlook improved.

Campbell Soup — Shares rose more than 5% after Campbell Soup topped forecasts on the top and bottom lines in its latest earnings report. The food producer cited “inflation-driven pricing, brand strength and continued supply recovery” for its recent results.

Chinese tech stocks — Shares of U.S. listed China stocks declined even as Beijing announced it will lift some Covid restrictions. JD.com and Baidu were each lower by more than 2%.

Airlines — Airline stocks fell as a group during midday trading. Shares of Southwest Airlines declined nearly 4%, while American Airlines slid 4.3%. Shares of Delta Air Lines, Alaska Air Group and United Airlines each slipped more than 3%.

Lowe’s Companies — Shares added more than 3% after Lowe’s affirmed its full-year guidance, and announced a new $15 billion share repurchase program. The home improvement retailer is hosting its annual analyst and investor conference on Wednesday.

— CNBC’s Alex Harring, Yun Li, Tanaya Macheel, Jesse Pound and Samantha Subin contributed reporting

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Business

GameStop, Uber, Nielsen Holdings and more

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A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange (NYSE) March 29, 2022.

Brendan McDermid | Reuters

Check out the companies making headlines in midday trading.

GameStop — Shares of the video game retailer dropped 6% on huge trading volume. More than 8 million shares traded through 10:50 a.m. ET, already doubling its 30-day average full-day volume of 4.6 million. There were some large block trades of GameStop in early trading on the NYSE.

Nielsen Holdings – Shares spiked about 20% following news that a group of private equity investors led by Brookfield Business Partners will acquire the ratings company for $16 billion. The company had previously rejected a $9 billion offer from the same group.

NortonLifeLock — Shares for the cybersecurity company dropped 4.5% in midday trading. On Tuesday, Morgan Stanley downgraded NortonLifeLock’s stock to equal-weight, saying the firm sees “limited catalysts” for the cybersecurity company. A regulatory probe in the United Kingdom into NortonLifeLock’s $8.6 billion deal with Avast and higher inflation costs is weighing on the stock.

FedEx – FedEx shares gained 4.2% on news that CEO Fred Smith will step down on June 1. Smith, who founded the package and delivery company more than 50 years ago, will serve as executive chairman. President and Chief Operating Officer Raj Subramaniam will replace him as CEO.

Uber — Shares rose 6% as the ride-hailing company is close to a deal to include San Francisco taxis to its app, The New York Times reported. The report comes after Uber last week announced an agreement to offer New York City taxi rides on its platform.

Dave & Buster’s — Shares of the arcade company soared 10% despite missing on the top and bottom lines of its quarterly results. Dave & Buster’s said that business “strengthened” in the first eight weeks of the first quarter with same-store sales up 5.4% over the same period in 2019.

Reynolds Consumer Products — Shares of the maker of consumer products fell nearly 3% in midday trading after Goldman Sachs double downgraded the stock to sell from buy. The Wall Street firm said consensus estimates are too high for Reynolds.

Stellantis — Shares of the automaker rose 7% in midday trading despite news that it is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.”

Jefferies — Shares of Jefferies popped more than 7% in midday trading after reporting better than expected quarterly profit and revenue.  Jefferies earned $1.23 per share, well above the 89 cent consensus estimate, according to Refinitiv.

UnitedHealth Group — Health care giant UnitedHealth Group announced a deal to buy LHC Group for $170 per share. LHC Group rose 1% in midday trading while UnitedHealth Group was about flat.

— with reporting from CNBC’s Samantha Subin, Sarah Min, Hannah Miao, Tanaya Macheel and Yun Li.

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Business

Nielsen Holdings, FedEx, LHC Group and more

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

Nielsen Holdings (NLSN) – The TV ratings company’s stock surged 20.9% in the premarket after it agreed to be acquired by a private-equity consortium for $28 per share. The deal is worth $16 billion, including assumed debt.

FedEx (FDX) – FedEx CEO Fred Smith will step down from that role at the company he founded more than 50 years ago. He’ll become executive chairman on June 1 and will be replaced as CEO by President and Chief Operating Officer Raj Subramanian. FedEx shares rose 2% in the premarket.

LHC Group (LHCG) – UnitedHealth (UNH) will buy the home health-care specialist for $5.4 billion in cash, or $170 per share, according to The Wall Street Journal. LHC will become part of UnitedHealth’s Optum health-care services unit. LHC shares jumped 7.5% in premarket action.

Uber Technologies (UBER) – Uber is close to an agreement with a San Francisco taxi company to include taxis in its ride-hailing platform in that city, according to people familiar with the matter who spoke to The New York Times. Uber recently struck a similar agreement in New York City. The stock added 1.9% in premarket action.

Jefferies Financial (JEF) – The asset management firm’s stock rallied 3.7% in the premarket after reporting better-than-expected quarterly profit and revenue. Jefferies earned $1.23 per share, well above the 89 cents a share consensus estimate, even as profit fell from a year earlier amid what the company called a “challenging” trading environment.

GameStop (GME) – GameStop remains on watch as the videogame retailer’s stock rides a 10-session winning streak that has seen it gain 143%. Another “meme stock” on a roll is movie theater operator AMC Entertainment (AMC), which surged 45% Monday, its best day since last June. GameStop fell 3.5% in premarket trading, while AMC slid 4.5%.

Stellantis (STLA) – The automaker is laying off an undisclosed number of workers at its Illinois Jeep plant in an effort to “operate the plant in a more sustainable manner.” The plant saw several layoffs last year as well as it tried to deal with the impact of the global semiconductor shortage. Stellantis shares jumped 4.5% in premarket trading.

Southwest Gas (SWX) – The energy producer will sell $400 million in shares at $74 per share to help repay debt used in its $2 billion acquisition of Questar Pipelines in December. That deal had been opposed by investor Carl Icahn, whose offer to buy Southwest at $82.50 per share was rejected by the company on Monday. Southwest fell 3.4% in the premarket.

Dave & Buster’s (PLAY) – The restaurant chain’s stock slumped 5.9% in the premarket after a top and bottom-line miss for its latest quarter. Dave & Buster’s fell 8 cents a share shy of estimates, with quarterly earnings of 52 cents per share. Dave & Buster’s said its results were strong in light of ongoing Covid-19 headwinds.

Pinterest (PINS) – Shares of the image-sharing site operator slid 2.7% in premarket trading after Morgan Stanley downgraded it to “equal-weight” from “overweight.” Morgan Stanley points to challenging user trends, including a greater proportion of time spent on activities with lower monetization potential.

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Business

Jim Cramer says investors should use these rules to build a turbulence-proof portfolio

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Investors should follow a certain set of rules when building their portfolios to weather the market volatility that Monday’s rally suggests could happen, Jim Cramer said.

“When you see new, unseasoned merchandise exploding higher, along with names like Tesla surging on … a stock split, it tells you there might be a little too much excitement, a little too much froth, for the entire market. One or two of these runs would be fine, but when you see all of the speculative assets roaring in an overbought market,” prepare for some turmoil, the “Mad Money” host said.

Tesla is looking to split its stock to pay a stock dividend to shareholders, according to a filing Monday. The news led to Tesla stocks rising 8%, leading a tech rally for the day that included names like Microsoft and Amazon.

The Dow Jones Industrial Average gained 0.27%, while the S&P 500 rose 0.7%. The Nasdaq Composite increased 1.3%.

The Cboe volatility index, Wall Street’s fear gauge, closed below 20 for the first time since mid-January.

On the heels of the market gains, Cramer listed rules investors should consider to successfully weather potential market turbulence down the line. Here are his suggestions:

  • The most important rule is to own an oil stock, since fuel prices are increasing. “My favorites are Chevron for a steady dividend. It’s pulled back too, and Devon [Energy] also pulled back, which pioneered a new way to reward shareholders,” Cramer said.
  • Choose some low price-to-earnings multiple stocks. Cramer said Google-parent Alphabet and Facebook-parent Meta, both at “historically cheap valuations,” are good options that can withstand soaring inflation.
  • Consider a health care stock that can do well even if the Federal Reserve‘s interest rate hikes slow the economy down. “My favorite remains Eli Lilly,” Cramer said.
  • Own stock of a consistent retailer that can keep ahead of inflation. Cramer recommended Costco and said to avoid Dave & Buster’s.
  • Own one or two speculative stocks, but be careful. “I think it’s a great way to stay interested in the stock market. … But if you’re going to speculate, you have to be prepared for the possibility that these stocks could go to zero. Never buy something like AMC or GameStop with money you can’t afford to lose,” Cramer said.

Disclosure: Cramer’s Charitable Trust owns shares of Amazon, Microsoft, Alphabet, Meta, Chevron, Devon, Eli Lilly and Costco.

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Business

Carnival, Nike, Match and more

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The Carnival Cruise Ship ‘Carnival Vista’ heads out to sea in the Miami harbor entrance known as Government Cut in Miami, Florida June 2, 2018.

RHONA WISE | AFP | Getty Images

Check out the companies making headlines in midday trading.

Carnival — Carnival shares rose 4% after the cruise line said voyages for the third quarter were cash flow positive and expects this to continue. Shares of Norwegian Cruise Line gained 3.2% and Royal Caribbean added 3%.

Match Group — Shares of Match Group rose 3.6% after the online dating platform announced on Thursday that it will sell shares of its common stock in a registered direct offering. The price per share and number of shares of common stock issued will be calculated by a volume-weighted average price during a five-day averaging period starting Friday, the company said.

Merck — Shares of the pharmaceutical giant rose 1.2% on Friday after Merck and AstraZeneca announced that treatment using the drug Lynparza showed positive results in a phase-three trial. The trial results suggest that the treatment slows the progression of prostate cancer and show a trend toward increased survival, the companies said.

Nike — The apparel stock fell more than 6% after Nike cut its full-year guidance for sales growth. The company said supply chain issues in Vietnam were slowing sales. Nike now projects mid-single-digit revenue growth for its 2022 fiscal year, down from prior guidance of low-double-digit growth.

Costco — Shares of the retailer jumped more than 2% following Costco’s fourth-quarter results. The company beat top- and bottom-line estimates during the quarter, earning $3.90 per share excluding items on $62.68 billion in revenue. Analysts surveyed by Refinitiv were expecting $3.57 per share on $61.3 billion in revenue.

Salesforce — Salesforce extended its Thursday gains, rising 2.2% after Piper Sandler upgraded the stock to overweight from neutral, saying it’s confident the company could see “a multi-year period of multiple and profit expansion.” The stock jumped on Thursday after the software company raised its full-year 2022 revenue guidance.

Coinbase — Shares of the cryptocurrency exchange slid about 1.6% even after Needham reiterated the stock as a buy. Cryptocurrencies plunged Friday morning on news that China is issuing yet another crypto crackdown. Coinbase derives 90% of its revenue from retail transactions, which is highly correlated with crypto asset prices, according to Needham, so its stock price tends to move in tandem with cryptocurrencies.

Cheesecake Factory, Dave & Buster’s — Cheesecake Factory and Dave & Buster’s added 4.4% and 5.2%, respectively, after Jefferies upgraded the restaurant stocks to buy from hold. “We are incrementally more positive on the full service category following delta/inflation sell-off and exuberant Consensus forecasts reigned in,” Jefferies said.

Roku — Roku shares fell 3.8% after Wells Fargo downgraded the video streaming platform to equal weight from overweight. Wells Fargo said rising competition makes expectations for Roku’s revenue growth likely too high.

— CNBC’s Jesse Pound, Pippa Stevens and Tanaya Macheel contributed reporting

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