McDonald's Corp (MCD.US) is among companies that released their quarterly results today. As it is one of the most popular fast food chains in the world, investors were curious whether the company managed to cope with the ongoing coronavirus pandemic - keep in mind that global lockdown was a real disaster for the restaurant industry as most restaurants and bars were forced to substantially limit their operations (e.g.: only takeaways) or shut down completely.
The company’s revenue fell 30.5% YoY to $3.76 billion (est. $3.68 billion, according to Refinitiv). Net income fell to $483.8 million, or 65 cents per share (market anticipated EPS of 74c). In the second quarter McDonald’s global same-store sales tumbled 23.9% (est. 23.24%) while same-store sales in the U.S. fell only 8.7% (est. 9.97%). CEO Kempczinski stressed the importance of strong drive-thru presence and recent delivery investments as these areas served McDonald’s well through the pandemic. 
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Create account Try a demo Download mobile app Download mobile appMcDonald’s Corp (MCD.US) shares tumbled in today’s premarket trading as investors might be worried about bigger-than-expected drop in global same-store sales. Despite solid sales in the U.S. (where the firm operates more than a third of its restaurants), stock is set to open lower today. Should bears take control in the next few days, the $182.50 area (which is additionally strengthened by 61.8% retracement of the February-March drop) should serve as a crucial support. On the other hand, if bulls regain control, one should focus on recent local highs ($202.00 area). Source: xStation5
Pfizer (PFE.US) posted its second-quarter results before today’s market open as well. Company earned 78 cents per share on $11.8 billion revenue, while analysts polled by FactSet expected adjusted profit of 67 cents per share on $11.58 billion in sales. Company's stock rose modestly, partly due to positive coronavirus vaccine news. Pfizer slightly raised guidance, expecting EPS of $2.85-$2.95 on revenue of $48.6 billion to $50.6 billion. Analysts project adjusted earnings of $2.55 per share on $48.5 billion in sales.
Pfizer announced yesterday that it has begun late-stage, Phase 2/3 trials on the Covid-19 vaccine. Pfizer is partnered with Germany-based BioNTech (BNTX.US) on the vaccine.
Pfizer (PFE.US) stock rose 3.4% in premarket trading after better than expected quarterly results. Should upbeat moods prevail after the US open, resistance at $41.06 may come into play. Source: xStation5
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