Sanderson Farms Q1 Loss Widens – Quick Facts

Sanderson Farms Inc. (SAFM) on Thursday reported a net loss for the first quarter of $38.6 million or $1.76 per share, wider than net loss of $17.8 million or $0.82 per share in the year-ago period.

Net sales for the quarter rose to $823.1 million from $743.4 million for the same period a year ago.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.92 per share for the quarter on revenues of $801.1 million. Analysts’ estimates typically exclude special items.

“Our results for the first quarter reflect continued challenging market conditions with market prices for boneless breast meat produced at our plants that process larger birds for food service customers reaching record low levels in January,” said Joe Sanderson, Jr., chairman and chief executive officer of Sanderson Farms.

Sanderson Farms said that while the devastating COVID-19 virus is currently disrupting the markets, depressing demand, negatively affecting shipping and supply chain logistics and slowing China’s economic growth rate, it believes demand for protein from China is strong. The company expects to benefit in 2020 from the return to an open market.

Sanderson Farms also said it is continuing to move toward full production at its new Tyler, Texas plant, and the start-up has gone well. The company expects to reach full production during its second fiscal quarter.

New York Fed accepts $25 bln in bids submitted at 14-day repo operation

BOSTON, Feb 27 (Reuters) – The New York Federal Reserve said it accepted $25 billion in bids submitted by primary dealers in a 14-day repurchase agreement operation, a move intended to keep the federal funds rate within its target range. (Reporting by Ross Kerber; Editing by Alex Richardson)

Stock Alert: Teladoc Health Inc. (TDOC) Shares Hit New 52-Week High

Shares of Teladoc Health Inc. (TDOC) touched a new 52-week high of $148.00 today, after the company reported a narrower-than-estimated loss and higher Q4 revenues. The stock has been trading between $48.57 and $148.00 in the past one year.

The company reported a Q4 loss of $19.0 million or $0.26 per share, narrower than the prior year’s loss of $24.9 million or $0.35 per share. Total revenue for the quarter increased 27% to $156.5 million from $122.7 million generated a year ago.

Analysts polled by Thomson Reuters expected a loss of $0.33 per share for the quarter. Analysts’ estimate typically exclude certain special items.

“We demonstrated outstanding performance in the fourth quarter and full year of 2019 as we reported record results that were at the high end or exceeded our expectations on all key metrics. Our diversified growth strategies are driving strong growth across our channels,” said Jason Gorevic, chief executive officer.

For the first quarter, the company projects a loss of $0.37 – $0.34 per share and revenue of $169 million – $172 million. Wall Street analysts expect the company to incur a loss of $0.36 per share on revenue of $164.63 million.

Teladoc sees loss of $1.19 – $1.06 per share for fiscal 2020, and revenue to be in the range of $695 million – $710 million. Analysts estimate a loss of $1.20 per share and revenue of $694.5 million for 2020.

Stock Alert: Continental Resources Tumbles 19%

Shares of Continental Resources Inc. (CLR) are down more than 19 percent in the morning trade on Thursday to $16.75, despite the oil and gas exploration and production company reporting fourth-quarter earnings that beat analyst’s estimates.

The stock has traded in a range of $14.77 to $52.04 in the past 52 weeks.

Wednesday, the company reported net income for the fourth quarter of $193.95 million, down from $197.74 million in the same period last year. Earnings per share were flat with the prior-year period at $0.53.

Excluding items, adjusted earnings were $0.55 per share, compared to $0.54 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.52 per share. Analysts’ estimates typically exclude special items.

Total revenue for the quarter increased to $1.20 billion from $1.15 billion in the year-ago quarter.

The company said its 2020 capital expenditures budget is flat year-over-year at $2.65 billion. Estimated capex spend is approximately 20 percent lower than the company’s original Five Year Vision estimate for 2020.

S&P 500 breaches 200-day moving average–key bearish line in the sand–for first time in 9 months amid coronavirus rout

The S&P 500 index tumbled 2.4% Thursday morning, pushing the broad-market benchmark below a key long-term line in the sand that traders use to determine bullish and bearish momentum. The S&P 500 SPX, -3.01% was last trading at 3,043, below its 200-day moving average at 3,046.91, according to FactSet data. The index was last below its 200-day in May. Market technicians sometimes view a breach of a long-term moving average as a sign that a lengthy bullish trend may be unwinding. The decline for the S&P 500 comes as the market has been under severe selling pressure all week at least partly due to the spread of COVID-19, the infectious disease derived from the novel strain of coronavirus that reportedly originated in Wuhan, China and has infected tens of thousands of people throughout the world thus far. The spread of the disease is sparking worries about disruptions to supple chains and economies world-wide. The Dow Jones Industrial Average DJIA, -3.03% has already breached its 200-day MA this week, while the Nasdaq Composite Index COMP, -3.49% stands well above that long-term level at 8,388.88.

UK's Johnson "very optimistic" about trade talks with EU

LONDON, Feb 27 (Reuters) – British Prime Minister Boris Johnson said on Thursday he was very optimistic about trade talks with the EU, saying a deal could improve economic integration with the bloc.

“We’re very optimistic,” he told Sky News.

“We want a great relationship with our friends. We buy huge quantities of their stuff, they buy huge quantities of our stuff. There’s just a big chance there, not just to maintain what we already have but to intensify our economic interpenetration and do more trade together.” (Reporting by William James; editing by Stephen Addison)