Restaurant Brands International pre-announced 1Q same-store sales results as part of a proposed $500mm note offering. The company had published an open letter from its CEO earlier this week that detailed areas of employee and franchisee support, but our latest industry conversations suggest lingering challenges. We think today’s data, along with Wendy’s earlier release, help form a preliminary benchmark as QSR brands start to report (and likely pre-announce) first quarter results.
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Wolfe Research Senior Diversified Banks & Brokers Analyst, Steven Chubak, hosted a webcast to discuss the following topics: $2trn Stimulus: How Quickly Will It Filter Through the Economy? Dusting off the Old Playbook: Are the Fed Programs Working as Intended? Handicapping Funding Stress: What Proxies Should Investors Be Tracking? Fed (and Global) QE: Sizing Fed B/S Expansion and Implications for Bank Earnings? Credit Risk: Leveraged Lending & Credit Migration Risk – Which Firms are Most Exposed? Bank Valuations: How Much Bad News is Already Priced In? Stock Picks: Best Risk / Reward Opportunities Across our Coverage
Wolfe Research's Senior Utilities & Midstream Analyst Steve Fleishman and Midstream Analysts Alex Kania & Keith Stanley hosted a Fireside Chat with Duke Energy CEO Lynn Good.
We recently hosted a virtual fireside chat with Greg Cohen, Industry leader and Principal at PayX Advisory. Greg sees a three-pronged impact from Coronavirus and a recessionary environment which include: 1) volumes to remain challenged mirroring consumer sentiment 2) uptick in merchant attrition, particularly SMBs, and 3) increase in chargeback and loss experience at merchant acquirers.
Over the past two days, it’s been ‘risk off’ once again. Unfortunately, we remain bearish into rising new infection rates and incoming economic data that is poised to look absolutely horrific in the weeks ahead. We continue to believe that U.S. equity markets will retest recent lows and that there is still way too much uncertainty to start putting risk back on.
Wolfe Research Managaing Director of Media & Distribution John Janedis hosted a webcast to discuss the State of the (Local) Advertising Market.
Join us as we provide an update on ISM New Orders and when the bottom might occur, update the Dean’s List of 30 longs and 30 shorts, and show that expensive tech is outperforming.
WBA reported Q2 adj. EPS of $1.52, vs. WR/Cons of $1.42/$1.46 with the beat primarily driven by stronger than expected US Retail. Total adj. op profit of $1,703M (down ~12% y/y) was +5.3%/6.2% vs. WR/Cons of $1,617M/$1,603M, with US Retail ($1,267M vs. WR/Cons of $1,176M/$1,174M, down 12.9% y/y) stronger than WR/Cons ests. driven by strong SS script growth of 4.9%, while International Retail ($198M vs. WR/Cons of $207M/$219M, down 22.7% y/y) was slightly below and Pharma Wholesale ($235M vs. WR/Cons of $223M/$243M) was mixed. While 2Q results were ahead of the co.’s expectations, WBA has not updated 2020 guidance given the uncertainties around COVID-19 impact on future quarters - the co. was on track to maintain the full year guide prior to the COVID-19 pandemic and we expect more color on the call around March results which likely included strong retail and potential impact of COVID-19.
Heading into our NDR w AVDL this Friday (4/3), we wanted to flag our Xyrem Carve Out Deep Dive that looked into whether or not AVDL can carve out JAZZ's dosing patents (we think they have a reasonable shot).
ISM New Orders took a plunge from 49.8% in Feb to 42.2% in March. We view ISM New Orders as a key signal—the bottom should roughly coincide with the trough in stock performance. Concern that orders had not bottomed kept us somewhat cautious last fall. We expect the worst could be over around June. Valuation does not yet provide sufficient support. We remain market weight tech—relative performance is good but broken charts mean absolute returns could be poor for now.