Lee Enterprises Q1 Profit Declines; Reaffirms FY23 Adj. EBITDA Guidance

Marcus Slips To Loss In Q4

Marcus Corp. (MCS) reported on Thursday a net loss attributable to the company of $9.32 million or $0.30 per share for the fourth quarter, compared to net income of $6.44 million or $0.18 per share in the prior-year quarter.

Total revenues for the quarter decreased 3.6 percent to $162.75 million from $169.05 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report a loss of $0.17 per share on revenues of $155.26 million for the quarter. Analysts’ estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Best Buy Guides FY23 Below Estimates; Boosts Dividend 5% – Update

While reporting financial results for the fourth quarter on Thursday, electronics retailer Best Buy Co., Inc. (BBY) initiated its adjusted earnings, revenue and comparable sales guidance for the full-year 2024.

For fiscal 2024, the company now projects adjusted earnings in a range of $5.70 to $6.50 per share on revenues between $43.8 billion and $45.2 billion, with a comparable sales decline of 3.0 to 6.0 percent.

On average, 28 analysts polled by Thomson Reuters expect the company to report earnings of $6.71 per share on revenues of $45.73 billion for the year. Analysts’ estimates typically exclude special items.

The company also announced its board of directors approved a 5 percent increase in the regular quarterly dividend to $0.92 per share, payable on April 13, 2023, to shareholders of record as of the close of business on March 23, 2023.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Pre-market Movers: MTC, SI, FNKO, OKTA, AEHR…

The following are some of the stocks making big moves in Thursday’s pre-market trading (as of 07.15 A.M. ET).

In the Green

MMTec, Inc. (MTC) is up over 39% at $2.21.
Okta, Inc. (OKTA) is up over 16% at $83.08.
Chicken Soup for the Soul Entertainment, Inc. (CSSE) is up over 16% at $4.78.
Incannex Healthcare Limited (IXHL) is up over 16% at $2.90.
Salesforce, Inc. (CRM) is up over 15% at $192.62.
Focus Universal Inc. (FCUV) is up over 13% at $5.56.
CRH plc (CRH) is up over 9% at $51.73.
Veeva Systems Inc. (VEEV) is up over 6% at $177.00.
American Eagle Outfitters, Inc. (AEO) is up over 6% at $15.02.

In the Red

Silvergate Capital Corporation (SI) is down over 31% at $9.24.
Funko, Inc. (FNKO) is down over 25% at $7.99.
Aehr Test Systems (AEHR) is down over 16% at $30.15.
Lionheart III Corp (LION) is down over 15% at $9.95.
Wolfspeed, Inc. (WOLF) is down over 13% at $65.00.
Pure Storage, Inc. (PSTG) is down over 11% at $25.44.
MP Materials Corp. (MP) is down over 10% at $32.07.
Hayward Holdings, Inc. (HAYW) is down over 10% at $10.90.
Cytokinetics, Incorporated (CYTK) is down over 9% at $39.10.
Box, Inc. (BOX) is down over 9% at $30.25.
OKYO Pharma Limited (OKYO) is down over 6% at $2.08.

Man With Explosive Device In Baggage Arrested At Pennsylvania Airport

FBI agents have arrested a man after an explosive device was found in his baggage before boarding a plane at a Pennsylvania airport.

The device was detected during the routine screening of checked bag of Mark Muffley at Lehigh Valley International Airport Monday. He was bound for Orlando, Florida, according to the Transportation Security Administration.

The suitcase triggered an alarm when it entered the baggage screening unit, and in subsequent inspection, the TSA officer located an item inside the suitcase that appeared to be a live explosive device.

As a precautionary measure, the immediate area of the airport was evacuated and the FBI was notified. FBI and local law enforcement bomb technicians confirmed that the item was an explosive device.

A 3-inch device hidden in the lining of the suspect’s rolling suitcase was found to contain fuses and explosive powder.

Muffley was asked to report over the airport loud speaker, but was seen leaving the airport by that time.

FBI agents traced Muffley’s home in Lansford, Pennsylvania, and arrested him on Tuesday.

The incident occurred on Monday, but TSA and FBI reported it a couple of days later.

The 40-year-old man, who was charged with possession of an explosive in an airport and possessing or attempting to place an explosive or incendiary device on an aircraft, will reportedly appear in court on Thursday.

Checkpoint Announces FDA Filing Acceptance Of BLA For Cosibelimab

Checkpoint Therapeutics, Inc. (CKPT) announced the FDA has accepted for filing the Biologics License Application for cosibelimab, an investigational anti-PD-L1 antibody, as a treatment for patients with metastatic cutaneous squamous cell carcinoma or locally advanced cSCC who are not candidates for curative surgery or radiation. The FDA has set a PDUFA goal date of January 3, 2024.

The FDA indicated that no potential filing review issues have been identified, and that an advisory committee meeting to discuss the application is not currently planned.

The company said its BLA submission is supported by the positive results from registration-enabling clinical trial evaluating cosibelimab in patients with metastatic and locally advanced cSCC.

For More Such Health News, visit rttnews.com.

Lee Enterprises Q1 Profit Declines; Reaffirms FY23 Adj. EBITDA Guidance

Lee Enterprises, Incorporated (LEE) reported that its first quarter income attributable to Lee declined to $1.10 million from $12.66 million, prior year. Earnings per share was $0.19 compared to $2.17. Adjusted EBITDA declined to $17.62 million from $26.09 million.

Total operating revenue was $185.13 million, down 8%. Total digital revenue was $65 million, a 17% increase over the prior year, and represented 35% of total operating revenue. Digital-only subscribers were 564,000, an increase of 25% from prior year.

For fiscal 2023, the company expects: total digital revenue of $270 million – $285 million; digital-only subscribers of 632,000; and adjusted EBITDA of $94 million – $100 million.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.