Morning Buzz: Chipotle Mexican Grill (CMG), Boot Barn Holdings (BOOT), Marvell Technology (MRVL), Yahoo (YHOO)

Shares of Chipotle Mexican Grill, Inc. (CMG) are down big this morning on news the company was served with a subpoena broadening the scope of the previously-announced criminal investigation by the U.S. Attorney’s office for the Central District of California.

Chipotle reported Q415 results after the closing bell Tuesday. In its quarterly report, the operator of Mexican food restaurants said it earned $2.17 per share, above the $1.85 per share analysts were expecting. Revenue fell 6.8% to $997.5 million, below views for $1.01 billion. Net income plummeted 43.97%, $67.9 million vs. $121.2 million yoy, marking the co.’s worst quarter as a publicly traded name. CMG is currently down $31.17 to $444.50 on 5K shares.

Boot Barn Holdings, Inc. (BOOT) is up more than 16% in pre-market trading after it reported fiscal-third quarter earnings.

The Western apparel and footwear retailer handed in earnings of $0.45 per share, beating Wall Street estimates of $0.44 per share. Revenue came in at $193.84 million vs expectations for $193.95 million.

For the current quarter ending in March, Boot Barn provided EPS guidance of $0.11-$0.13 versus consensus of $0.13 per share. Separately, this morning Boot Barn was upgraded to ‘Buy’ from ‘Neutral’ at B. Riley & Co.

Shares of Marvell Technology Group Ltd. (MRVL) are higher by nearly 7% to $9.25 in pre-market trading on Wednesday on news Starboard Value has taken a 6.7% stake in the embattled chip maker, saying its shares are undervalued. Shares of Hamilton, Bermuda-based company, which for the last 52-weeks have traded between a low of $7.40 and a high of $16.78, are down 42.46% over the past year.

Yahoo! Inc. (YHOO) shares are down 1.75% to $28.55 in pre-market trading after the company guided Q1 and FY16 revenue below consensus. In its quarterly report, the web portal said it earned $0.13 per share, in-line with analysts expectations. Revenue fell 15% to $1.00 billion, above views for $948.02 million. Yahoo CEO Marissa Mayer said she’ll consider putting the company’s core assets up for sale. Yahoo also announced a restructuring which will see it trim 15% of its workforce. Separately, the name this morning was downgraded to ‘Hold’ from ‘Buy’ at Axiom Capital with a PT of $32 a share. FBR Capital also reduced its YHOO target to $37 from $44.

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