After-Hours Recap: Fast Food Earnings, Index Movers

Renewed fears of a global economic slowdown fed by weak economic data out of China and Europe drove U.S. stocks down on Tuesday. Over the day, oil also fell substantially, gas gained about 2 percent, and metals slipped.

The S&P 500 Index delivered a 0.87 percent decline, with Chesapeake Energy Corporation CHK and Freeport-McMoRan Inc FCX having posted the largest decays.

The Dow Jones Industrial Average fell 0.78 percent. Among the biggest decliners were United Technologies Corporation UTX, JPMorgan Chase & Co. JPM and Chevron Corporation CVX.

The Nasdaq 100 Index slipped 1.13 percent, partly driven by losses at SBA Communications Corporation SBAC, Seagate Technology PLC STX and Tesla Motors Inc TSLA.

Earnings & After-Hours Movers

A few fast casual restaurant chains reported their results on Tuesday afternoon:

  • Potbelly Corp PBPB posted EPS of $0.04, in line with the Street’s consensus. Revenue of $95.96 million missed estimates by $230,000, but shares were trading up 0.77 percent in Tuesday’s after-hours session.
  • Noodles & Co NDLS reported a first quarter profit in line with expectations but missed estimates on the revenue side. The company delivered a net loss of $(0.06) per share on sales of $113.99 million, which missed estimates by $720,000, even though they were up 7.8 percent year-over-year.

Other notable results on Tuesday afternoon:

  • Zillow Group, Inc. ZGZ, which reported a net loss of $(0.13) per share, $0.04 wider than expected, on revenue of $186 million, $9.3 million above consensus. Second quarter and full year guidance also came in ahead of expectations. These results drove the stock up more than 13 percent after the market closed.
  • Illumina, Inc. ILMN posted EPS of $0.71, missing estimates by $0.03, on revenue of $572 million, also below consensus. Guidance for the second quarter disappointed investors; shares were down about 3.5 percent after-hours.
  • CBS Corporation CBS delivered EPS of $1.02 on revenue of $3.849 billion, beating estimates for $0.94 and $3.819 billion, respectively.  The 10 percent surge in revenue was partly driven by strong ad growth and surging affiliate and subscription fees. Shares gained more than 2 percent since the bell rang.
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Posted In: EarningsNewsGuidanceAfter-Hours CenterMovers
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