Taylor Swift boosts Disney, Ford pulls back on EVs, and weight loss drugs sell fast: The week in earnings
Plus, Snap stock takes a plunge as investors are unimpressed
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It’s not just the Kansas City Chiefs that Taylor Swift is helping out as Super Bowl Sunday approaches.
Here are some highlights from a busy week in corporate earnings reports.
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Disney stock jumped more than 10% during morning trading on Thursday (Feb. 8) as investors welcomed announcements from the media conglomerate about new partnerships with Taylor Swift and Fortnite maker Epic Games. The announcements followed a strong first quarter earnings report from the company.
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There was an awkward moment on the Ford earnings call yesterday (Feb. 6). Investors are happy that the company is increasing its dividend. Revenue was better than expected at $43 billion for the quarter, even as the months-long United Auto Workers strike took a big bite out of profits (a $523 million loss, really) because dealers got less inventory and workers negotiated better pay and benefits. But there was another cause for the womp-womps: Reduced ambitions for Ford’s electric vehicle plans.
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Indianapolis-based pharmaceutical company Eli Lilly sold $176 million of its new weight-loss drug Zepbound in just under a month, according to the company’s fourth-quarter earnings report released Tuesday. Zepbound, a GLP-1 weight loss drug similar to Ozempic and Wegovy (both made by Novo Nordisk), launched in December.
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The stock of Snap, the parent of Snapchat, dropped over 35% during intraday trading on Wednesday (Feb. 7), a day after the company’s fourth-quarter earnings report failed to impress investors.