AMD, Nike, Disney, Panera Bread Among Stocks Driving Big News Feb. 7th
Disney (NYSE:DIS): Disney said operating income at Cable Networks increased $196M to $967M for Q1 due to growth at ESPN and, to a lesser extent, the worldwide Disney Channels. The increase at ESPN was driven by higher affiliate revenue reflecting contractual rate increases and a reduction in revenue deferrals related to annual program commitments. During the quarter, ESPN deferred $190M of revenue compared to $266M in the prior year quarter. The decrease was due to a change in the provisions related to annual programming commitments in an affiliate contract. Advertising revenues at ESPN were essentially flat as higher rates and units sold were offset by decreased ratings and a shift in the timing of the Rose Bowl, Fiesta Bowl and certain NBA games relative to our fiscal period end.
Nike (NYSE:NKE): NIKE announced it has entered into a strategic partnership with DyeCoo Textile Systems, a Netherlands-based company that has developed and built the first commercially available waterless textile dyeing machines. By using recycled carbon dioxide, DyeCoo’s technology eliminates the use of water in the textile dyeing process. The name “DyeCoo” was inspired by the process of “dyeing” with “CO2”.
Advanced Micro Devices (NYSE:AMD): AMD announced the departure of Emilio Ghilardi as senior vice president and chief sales officer, effective immediately. Rory Read, AMD president and CEO, will serve as interim chief sales officer while the company actively seeks a replacement.
Panera Bread (NASDAQ:PNRA): The two year company-owned comparable net bakery-cafe sales target is 10.3%-10.8%. The assumptions underlying this comparable net bakery-cafe sales growth target for the fiscal first quarter are transaction growth of 2.0%-2.5%, including 200 bps of favorable impact related to the inclement weather experienced last year, and average check growth of approximately 5.0%. Average check growth is comprised of retail price increases of approximately 3.75% and approximately 1.25% positive impact from mix, driven primarily by the company’s catering sales growth.
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