Taylor Swift boosts Disney, Ford pulls back on EVs, and weight loss drugs sell fast: The week in earnings
It’s not just the Kansas City Chiefs that Taylor Swift is helping out as Super Bowl Sunday approaches.
Here are some highlights from a busy week in corporate earnings reports.
Taylor Swift and Fortnite are boosting Disney stock
Disney stock jumped more than 10% during morning trading on Thursday (Feb. 8) as investors welcomed announcements from the media conglomerate about new partnerships with Taylor Swift and Fortnite maker Epic Games. The announcements followed a strong first quarter earnings report from the company.
Ford doesn’t think EVs can make money yet
There was an awkward moment on the Ford earnings call yesterday (Feb. 6). Investors are happy that the company is increasing its dividend. Revenue was better than expected at $43 billion for the quarter, even as the months-long United Auto Workers strike took a big bite out of profits (a $523 million loss, really) because dealers got less inventory and workers negotiated better pay and benefits. But there was another cause for the womp-womps: Reduced ambitions for Ford’s electric vehicle plans.
Eli Lilly sold $176 million of the weight loss drug Zepbound in just 4 weeks
Indianapolis-based pharmaceutical company Eli Lilly sold $176 million of its new weight-loss drug Zepbound in just under a month, according to the company’s fourth-quarter earnings report released Tuesday. Zepbound, a GLP-1 weight loss drug similar to Ozempic and Wegovy (both made by Novo Nordisk), launched in December.
Snapchat stock plunges over 35% as investors react to weak earnings report
The stock of Snap, the parent of Snapchat, dropped over 35% during intraday trading on Wednesday (Feb. 7), a day after the company’s fourth-quarter earnings report failed to impress investors.