Comment by phil

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phil
November 8th, 2019 at 9:54 am

Good morning! 

BKNG on a wild ride, back to $1,950!



Booking Holdings (NASDAQ:BKNG) reports gross bookings were up 4.1% in Q2 to top the consensus estimate for a 3.8% increase. On a constant currency basis, bookings rose 7% during the quarter.

Room nights sold were up 11.0%, while rental car days were 8.5% higher. Airline tickets were down 2.5% on an unit basis.

The company reported adjusted EBITDA rose 5% during the quarter to $2.50B vs. $2.45B consensus. Adjusted EBITDA is expected to fall in a range of $1.21B to $1.235B for Q4.

BKNG +3.73% AH to $1,918.99.

Previously: Booking Holdings EPS beats by $0.93, misses on revenue (Nov. 7)

Bottom line seems to be they are hurting their competition and holding up well as others decline.  Right in the range for us now.

NDLS did well but a slight revenue miss.  No worries

Noodles & Company (NASDAQ:NDLS): Q3 Non-GAAP EPS of $0.09 beats by $0.02; GAAP EPS of $0.09 beats by $0.01.

Revenue of $118.3M (+1.3% Y/Y) misses by $2.4M.

Press Release



DIS was fantastic but not over $140 fantastic.

Walt Disney (NYSE:DIS) is up 3.8% postmarket after easily clearing the Street's profit bar in fiscal Q4 earnings, paced by strong gains in its TV networks and film studio juiced by its Fox acquisitions.

Revenues grew 34% Y/Y to $19.1B for the quarter. For the fiscal year, revenues were up 17% to $69.57B.

Total segment operating income rose 5% to $3.44B. Net income from continuing operations was $785M.

Revenue by segment: Media Networks, $6.51B (up 22%); Parks, Experiences and Products, $6.66B (up 8%); Studio Entertainment, $3.31B (up 52%); Direct-to-Consumer and International, $3.43B (up 316%).

Broadcast was an unexpected strength in Media Networks revenues, coming in well ahead of schedule at $2.27B.

Cash from continuing operations was $1.72B, and free cash flow $409M.

Conference call to come at 4:30 p.m. ET.



What a great company!  

Good quote, StJ.  

MDR/Jeff – That was a TERRIBLE quarter, lost twice as much as expected ($1.80/share) and Revenues missed by 15% too.  These guys have way too much debt to ignore the risk as they may get their credit junked off these numbers.  To some extent, they are just cleaning up the CBI mess they bought but, then again, they bought it so again – why should I pay for dumb management?

McDermott (NYSE:MDR): Q3 Non-GAAP EPS of -$1.80 misses by $1.07; GAAP EPS of -$10.37 misses by $10.02.

Revenue of $2.12B (-7.4% Y/Y) misses by $330M.

Shares -1.73%.

Press Release

McDermott (NYSE:MDR) sinks after-hours following a sharper than expected Q3 loss and lower than expected revenues.

MDR says its $1.9B net loss was due primarily to $1.5B in goodwill and intangible assets impairments and $256M of changes in project gross profit on specified projects.

MDR says new awards in Q3 totaled $1.7B, lifting backlog to $20.1B and a revenue opportunity pipeline of a near-record $89.1B.

"Our capital structure continues to be pressured by certain legacy CB&I projects," but the recently announced $1.7B financing agreement with its lenders "signals their confidence in our underlying business," the company says.

MDR says it entered the 30-day grace period regarding the Nov. 1 interest payment on its 10.625% senior notes due in 2024 "in order to continue collaborative discussions with our lenders and noteholders to find a long-term balance sheet solution."



IF I wanted to gamble with fun money (I don't), then maybe sell 50 2022 $1 puts for 0.60 ($3,000) and buy 50 Jan $1 calls for 0.60 for net $0.  If you get a chance to sell the $2s (now 0.40) for 0.60 or better – then I'd do that and buy back the puts for a net $0 (or less) entry on the $5,000 spread.  

CHK/Pirate – Those splits often end up leading to sell-offs.  

MJ/Pirate – I don't know of a split, the ETF only started in early 2018.  Maybe you were assigned?