The U.S. stock market enjoyed the slowest of crawls higher on Thursday, with the S&P 500 and the Nasdaq Composite each gaining 0.1%, and the Dow Jones Industrial Average edging marginally forward.
As we head into the last day of the week, CBS Corporation (NYSE:CBS) and Shake Shack Inc (NYSE:SHAK) are moving on quarterly results, while the United States Oil Fund LP (ETF) (NYSEARCA:USO) and just about anything else energy-related is headed for a spill.
Shake Shack Inc (SHAK)
SHAK stock is headed for a small spill after its first-quarter earnings report.
Shake Shack reported a Street-beating Q1 report on the top and bottom lines, but comparable-store sales have investors heading for the exits.
The company earned 10 cents per share on an adjusted basis, which was 2 cents better than the consensus estimate. Revenues of $76.7 million were also better than expectations for $74.7 million.
However, the company’s comps plunged 2.5%, in stark contrast to the 0.2% growth in same-store sales that Wall Street was looking for. Worse, the fast-casual chain updated full-year 2017 same-store sales guidance, now saying they will be flat versus their prior forecast for 2% to 3% growth.
“We are clearly dissatisfied with our comp result in Q1,” CEO Randy Garutti said in a statement. “But as a reminder, our small comp base is made up of only 32 Shacks, the majority of which exist in the Northeast region which was most affected by cold weather and the holiday shift in March.”
SHAK shares are off more than 2% this morning.
CBS Corporation (CBS)
CBS shares are tracking lower Friday morning after the company’s quarterly earnings release on Thursday.
Revenue for the network’s first quarter of 2017 came in at $3.34 billion, marking a 7% decline compared to the $3.59 billion it brought in a year ago. Meanwhile, CBS put up a loss of $252 million, flipping from a $473 net profit in the first quarter of fiscal 2016.
However, backing out one-time items, earnings came to $1.09 per share, which was far better than the Street’s view for 95 cents.
Affiliate and subscription fee revenues were 17% better thanks to a 28% growth in retransmission revenues and fees from CBS Television Network-affiliated stations, as well as its digital subscription services.
Content licensing and distribution revenues were better by 16% thanks to improved domestic and international television licensing sales.
CBS stock was headed nearly 3% higher on Friday.
Wingstop Inc (WING)
One of the best performances on Friday should belong to WING shares, which are up by double digits this morning.
The wing-slinging restaurant that went public in 2015 posted earnings of $6.5 million, or 22 cents per share, throughout the course of its first quarter. That was 51% higher -year-over-year, and much better than the 16 cents per share that Wall Street analysts were expecting.
Revenues of $26.6 million were 20% higher year-over-year and beat expectations of $24.2 million.
Cost of sales were higher at $6.6 million compared to the $6.1 million posted a year ago. This was due to an 11% rise in commodity rates for bone-in chicken wings, along with an increase in wage rates and labor costs.
WING stock was rocketing 12% higher on Friday morning.