SunPower Corp had a bad Hump Day as it reported a loss of $0.22 per share for the second quarter. The loss calls for restructuring, and restructuring calls for layoffs. 1,200 employees will be let go, the company announced. Track what happens next for the company and more on Sentifi.
1/ SunPower Corp: Announces losses and layoffs
The company just finished the second quarter with a disappointing loss of $0.22 per share, though that is lower than analysts’ estimate of $0.24 per share. But it’s nothing to celebrate as the company further concerned the investors with a cut of 1,200 jobs in a restructuring effort that will encur costs of between $30 million and $45 million.
2/ Delta Air Lines: Cancels more flights
The troubled airline has canceled 317 flights on Wednesday as it is still struggling to get its network back to normal. Delta said it will spend $150 million this year to upgrade its technology, and it will compensate for every customer affected by the issue.
3/ Yelp Inc: Analysts split on Yelp following good earnings
While many analysts are happy with Yelp’s performance during the second quarter, some analysts take the news with a bearish attitude. They continue to see pressures over the long-term as the company competes for local ad dollar growth against large scale advertising platforms. And there’s the continued deceleration/moderation of traffic growth and rising investment costs. In addition, decelerating mobile user growth is another concerning factor.
4/ Shake Shack Inc: Shares fall as sales miss estimates
The burger chain reported a 4.5 percent increase in same-store sales for the second quarter, lower than analysts’ estimate of 5.4 percent growth, and lower than the 12.9 percent growth a year ago. The company’s stock sank 10 percent as a results, but it doesn’t sway the company from advancing with its expansion plan. The chain plans to open 18 more stores this year.
5/ Tata Chemicals: Stock gains after selling urea business
The Indian company made the right choice when it sold its urea business to Yara International for $400 million as its stock soared almost 9 percent. The company had been looking for a buyer since a year ago.
6/ Procter & Gamble: Scales back on targeted Facebook advertisements
The world’s largest ad buyer announced it will reduce the number of targeted ad buys for Facebook advertisements due to limited effectiveness. It would also cut back on spending on publisher websites due to a lack of reach.
7/ Leshi Internet Info: Plans a $1.8 billion electric car plant
The Chinese technology and entertainment company plans to build a $1.8 billion car plant in China to produce Internet-connected electric cars. The expected production capacity of the plant is 400,000 cars a year. It is a part of a proposed $3 billion theme park featuring auto-related elements.
8/ Disney: Park continues to face controversies in China
Disney continues to face more controversies in China. Earlier this month, a Chinese producer of its products was investigated for mistreating workers. Its Shanghai Disney Resort has multiple rides closed due to safety risks, on top of bad working conditions and the touting of fake tickets. Those unfortunate events have led the Chinese media to report a drop in enthusiasm for Disney in China.
9/ Ralph Lauren Corp: Posts first-quarter loss
Heavy spending to fuel the effort to turn the company around has caused Ralph Lauren Corp to suffer a loss in the first quarter, albeit not as bad as expected. The company lost $22 million, or $0.27 cents per share, and earned $1.06 per share, which is better than analysts’ estimates of $0.89 per share. That resulted in the company’s shares soaring 7 percent, which is a six-month high.
10/ Orbital ATK: Shares slump more than 20 percent on mixed results
The defense contractor reported revenues of $1.05 billion, which is a 2.32 percent decline year over year and below estimates. Earnings per share were $1.35, better than estimates of $1.316. The mixed results were enough to send the company’s shares down 21.82 percent.
If you want to harness the wisdom and insights from the crowd to monitor your portfolio free of charge, please sign up for Sentifi.