Chipotle shares sink on disappointing sales
Chipotle (CMG) shares are under pressure after announcing disappointing third-quarter results. Chipotle reported adjusted earnings per share of $1.33 on revenue of $1.13 billion. Wall Street was expecting a profit of $1.63 and sales of $1.14 billion. The company’s same-store sales also came up short, rising 1% versus analysts’ expectations of 1.2% growth. Steve Ells, founder, chairman and CEO of Chipotle, remained positive despite the weak results, saying, “Despite several unusual impacts during the quarter, including the impact of hurricanes, we maintained our focus and saw some encouraging signs. Our leadership remains focused on setting the foundation for future growth, and we are confident in our teams’ ability to deliver against those plans.”
Visa beats on earnings
Visa (V) posted an 11% jump in fourth-quarter profit, boosted by its acquisition of Visa Europe. The company posted earnings per share of 90 cents on revenue of $4.86 billion. Payment volume jumped 9.8% during the quarter, further driving the global payments processor’s results. Visa shares are up about 8% so far this year.
Apple buys wireless charging company
Apple (AAPL) has acquired wireless charging company PowerbyProxi, a New Zealand based firm focused on developing wireless charging. The tech giant added wireless charging capabilities to its latest iPhone X and iPhone 8 smartphones. Apple’s stock is up about 35.6% so far this year.
Boeing raises full-year guidance
Boeing (BA) topped Wall Street estimates in the third quarter, posting earnings per share of $2.72 on revenue of $24.3 billion. The company also raised its full-year earnings guidance to $11.20 – $11.40 a share, up from its previous range of $11.10 – $11.30. Dennis Muilenburg, chairman and CEO of Boeing, said the company delivered a record 202 commercial planes, and on the defense side, booked $6 billion in new orders.