U.S. equities bounced back following losses early in yesterday’s session as breadth was positive and crude oil weakened. The S&P 500 Index gained 0.3%, the Dow Jones Industrial Average surged 0.2% and the Nasdaq Composite surged 0.5%.
Earnings and management changes made the bulk of Tuesday’s after-hours action as Chipotle Mexican Grill, Inc. (NYSE:CMG), Metlife Inc (NYSE:MET) and Occidental Petroleum Corporation (NYSE:OXY) all made headlines.
Here’s how they did
Chipotle Mexican Grill, Inc. (CMG)
Chipotle announced that the company has a new boss.
Fellow fast-food chain Taco Bell has lost its CEO to the burrito chain as Brian Niccol has been named as the new boss at Chipotle. He will replace Steve Ells.
Niccol will bring “fresh energy and leadership to drive excellence across every aspect of our business,” Ells said in a statement. Chipotle announced in November that Ells would be stepping down.
“His expertise in digital technologies, restaurant operations and branding make him a perfect fit for Chipotle as we seek to enhance our customer experience, drive sales growth and make our brand more relevant,” Ells added.
Niccol has helped Taco Bell grow greatly since joining seven years ago as he has helped push new and creative food items at the chain that have piqued consumer interest.
CMG stock skyrocketed 12% after the bell Tuesday.
Metlife Inc (MET)
Metlife reported on its latest quarter after hours Tuesday.
For its fourth quarter, the insurance company said it earned $2.1 billion, or $1.97 per share, which was an improvement over the year-ago loss of $2.2 billion, or $2.03 per share.
Metlife’s net income was affected by a $70 million charge related to policy reserves after taxes, as well as a $1.2 billion charge linked to the U.S. tax reform. On an adjusted basis, the company earned $678 million, or 64 cents per share, below the year-ago adjusted profit of 95 cents per share.
Analysts polled by FactSet were calling for adjusted earnings of $1.08 per share.
Metlife’s revenue came in at $15.75 billion, up from the $12.62 billion it raked in a year ago.
Analysts were calling for revenue of $15.52 billion, per FactSet.
MET shares fell 2% after the bell yesterday.
Occidental Petroleum Corporation (OXY)
Occidental Petroleum shares fell yesterday on the company’s earnings results.
For its fourth quarter, the company earned $497 million, or 65 cents per share, topping the year-ago net loss of $272 million, or 36 cents per share. On an adjusted basis, the company earned 41 cents per share, in line with analysts’ expectations, per Thomson Reuters.
Occidental Petroleum’s production figures increased by about 7% year-over-year to 621,000 barrels of oil equivalent per day (boe/d). In 2018, the company said it plans to spend $3.9 billion, about 7% more than in 2017.
Production is slated to rise from 8% to 12% this year, according to the company’s forecast. Much of Occidental Petroleum’s increased production is slated to come in the Permian Basin of West Texas and New Mexico; shale operations at the former location should rise to 169,000 to 173,000 boe/d during the first quarter.
OXY stock slipped 2.2% after hours Tuesday.
As of this writing, Karl Utermohlen did not hold a position in any of the aforementioned securities.