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Markets

AT&T, Chipotle, Netflix, Tesla and More Major Earnings Coming This Week

A new earnings reporting season is underway. Obviously, the pandemic again will weigh heavily on results this quarter, but there could still be some bright spots. A few of the major banks that reported this past week showed promising results, so there is some optimism.

Here, 24/7 Wall St. offers a preview of what to expect from some of the most anticipated quarterly results due this week. We have included the consensus earnings estimates from Thomson Reuters and the stock price and trading history.

Be advised that the earnings and revenue estimates may change ahead of the formal reports, and some companies may change earnings dates as well.

Philip Morris International Inc. (NYSE: PM) is scheduled to report its third-quarter results early on Tuesday. The consensus estimates call for $1.36 in earnings per share (EPS) and revenue of $7.28 billion. Shares recently traded near $79 apiece. The consensus price target is $90.25, and the 52-week trading range is $56.01 to $90.17.

Snap Inc. (NYSE: SNAP) is set to release its third-quarter numbers after Tuesday’s closing bell. The consensus estimates call for a net loss of $0.05 per share and revenue of $549.99 million. Shares were trading below $28 apiece. The consensus price target is just $26.87, and the 52-week trading range is $7.89 to $28.56.

Netflix Inc. (NASDAQ: NFLX) is expected to report its latest results late Tuesday as well. The consensus estimates call for $2.13 in EPS and revenue of $6.38 billion for the third quarter. Shares were changing hands near $539 on last look. The analysts’ mean price target is $526.97, and the 52-week trading range is $265.80 to $575.37.

The Chipotle Mexican Grill Inc. (NYSE: CMG) third-quarter report is due late on Wednesday. The consensus estimates call for $3.40 in EPS and $1.59 billion in revenue. Shares traded late in the week above $1,342. The consensus price target is $1,310.26, and the 52-week range trading range is $415.00 to $1,384.46.

Third-quarter results for Tesla Inc. (NASDAQ: TSLA) also are expected after Wednesday’s close. The consensus forecast sees a net loss of $0.71 per share on revenue of $5.14 billion. Shares traded around $446 on Friday, and the consensus price target is down at $309.55. The 52-week range trading range is $50.04 to $502.49.

Southwest Airlines Co. (NYSE: LUV) is scheduled to report its third-quarter results on Thursday before the opening bell. The consensus estimates call for a net loss of $2.35 per share and revenue of $1.7 billion. Shares were last trading just above $39 apiece. The consensus price target is $45.47, and the 52-week trading range is $22.47 to $58.83.

Look for American Airlines Group Inc. (NASDAQ: AAL) to share its third-quarter numbers early on Thursday as well. The consensus estimates call for a net loss of $5.88 per share and revenue of $2.76 billion. Shares were trading just above $12, while the consensus price target is down at $11.25. The 52-week trading range is $8.25 to $31.67.

The report from AT&T Inc. (NYSE: T) is expected first thing Thursday morning. The third-quarter consensus estimates are $0.76 EPS on revenue of $41.61 billion. Shares traded above $27 late in the week, in a 52-week range of $26.08 to $39.70. The consensus price target is $31.96.

Watch for Sirius XM Holdings Inc. (NASDAQ: SIRI) to release its most recent quarterly results early Thursday. The consensus forecast calls for $0.05 in EPS and $1.94 billion in revenue for the third quarter. Shares traded shy of $6. The consensus price target is $6.96, and the share price has ranged from $4.11 to $7.40 in the past 52 weeks.

Mattel Inc.’s (NASDAQ: MAT) third-quarter report is due Friday morning. The consensus estimates call for $0.38 in EPS and $1.46 billion in revenue. Shares traded above $12 on Friday. The consensus price target is $13.08, and the 52-week range trading range is $6.53 to $14.83.

ALSO READ: What to Expect When American Express, Coca-Cola, Intel, Verizon and More Report This Week


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Business

WarnerMedia, Its Ranks Already Thinner, Looks To Shed Thousands More Jobs Amid COVID-19

WarnerMedia is looking to implement a fresh round of layoffs as COVID-19 continues to wreak havoc on the entertainment business.

The company confirmed to Deadline in a statement that it has “not been immune” to the pandemic and is looking at further cuts. The Wall Street Journal was the first to report about the newest reductions and indicated that WarnerMedia is eyeing a 20% reduction of its costs to counter a downturn in revenue across theatrical film, TV networks and other businesses. That would mean thousands of positions.

WarnerMedia would not comment on any specific numbers.

“Like the rest of the entertainment industry, we have not been immune to the significant impact of the pandemic,” the company said in a statement. “That includes an acceleration in shifting consumer behavior, especially in the way content is being viewed. We shared with our employees recently that the organization will be restructured to respond to those changes and prioritize growth opportunities, with an emphasis on direct-to-consumer. We are in the midst of that process and it will involve increased investments in priority areas and, unfortunately, reductions in others.”

WarnerMedia, which has been led by CEO Jason Kilar since the spring, is among the major media companies pivoting toward streaming. Its HBO Max service launched in May but has not gotten much traction as of yet, drawing 4.1 million sign-ups in its first month. One of the major efforts since the company was acquired by AT&T in 2018 has been unifying long-autonomous divisions HBO, Warner Bros and Turner. The streamlining of those businesses has already resulted in a significant exodus of personnel.

Parent AT&T, which paid $81 billion to acquire WarnerMedia in 2018 in a deal dogged by antitrust regulators. It has been saddled with a debt load of more than $150 billion since the year began and has looked at selling off DirecTV and its

WarnerMedia has had several rounds of cuts, most recently toward the end of the summer, when it let go of several hundred workers.

Layoffs have become a seemingly permanent, ongoing feature of the entertainment landscape as COVID and streaming reshape the businesses.

Walt Disney most recently announced 28,000 layoffs at its U.S. theme parks.

In late summer, NBCUniversal CEO Jeff Shell confirmed that separations – reported to be in the hundreds if not thousands – were in the works there as well in part due to a streamlining under Mark Lazarus combining TV and streaming. Universal theme parks, movie and TV production, Telemundo and regional sports networks were also likely to be impacted.

ViacomCBS has also laid off hundreds as it pursues synergies promised in its merger late last year.

 

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