These are the stocks making the biggest moves on Tuesday, October 22, 2019.
Investors aren’t loving it this morning.
Shares of McDonald’s are down 3%, or $6.62 this morning after posting earnings and revenue that were short of expectations. EPS came in at $2.11, as compared to estimates for $2.21. Revenue of $5.4 billion slightly missed calls for $5.5 billion. However, global same-store sales did jump to 5.9%, as compared to expectations for 5.6%.
In the third quarter, the company did return $2.4 billion to shareholders in the form of stock buybacks, and dividends.
BIIB is up 40%, or $90 a share in pre-market after announcing plans to seek U.S. approval for its Alzheimer’s treatment, saying the new analysis shows promise. All after pulling the plug on a Phase 3 study earlier this year.
“With such a devastating disease that affects tens of millions worldwide, today’s announcement is truly heartening in the fight against Alzheimer’s. This is the result of groundbreaking research and is a testament to Biogen’s steadfast determination to follow the science and do the right thing for patients,” Michel Vounatsos, Biogen’s chief executive, said as quoted by STAT News.
“We are hopeful about the prospect of offering patients the first therapy to reduce the clinical decline of Alzheimer’s disease and the potential implication of these results for similar approaches targeting amyloid beta,” he added.
Procter & Gamble (PG)
Shares of PG are higher this morning after posting strong quarterly earnings, and beating expectations on the top and bottom line. It also raised its sales and earnings forecast.
Adjusted EPS came in at $1.37, as compared to $1.24 estimates. Revenue of $17.8 billion beat estimates for $17.42 billion. And, according to CNBC, “The company raised its outlook for fiscal 2020 all-in sales growth from a range of 3% to 4% to a range of 3% to 5% growth versus the prior fiscal year. It also said it now expects its core earnings per share to grow between 4% and 10% in fiscal 2020, from original expectations of 4% to 9% growth.”