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After-Hours Recap: Fast Food Earnings, Index Movers

Renewed fears of a global economic slowdown fed by weak economic data out of China and Europe drove U.S. stocks down on Tuesday. Over the day, oil also fell substantially, gas gained about 2 percent, and metals slipped.

The S&P 500 Index delivered a 0.87 percent decline, with Chesapeake Energy Corporation CHK 11.99% and Freeport-McMoRan Inc FCX 11.37% having posted the largest decays.

The Dow Jones Industrial Average fell 0.78 percent. Among the biggest decliners were United Technologies Corporation UTX 2.15%, JPMorgan Chase & Co. JPM 1.93% and Chevron Corporation CVX 1.93%.

The Nasdaq 100 Index slipped 1.13 percent, partly driven by losses at SBA Communications Corporation SBAC 5.86%, Seagate Technology PLC STX 5.08% and Tesla Motors Inc TSLA 3.92%.

Earnings & After-Hours Movers

A few fast casual restaurant chains reported their results on Tuesday afternoon:

  • Potbelly Corp PBPB 0.76% posted EPS of $0.04, in line with the Street’s consensus. Revenue of $95.96 million missed estimates by $230,000, but shares were trading up 0.77 percent in Tuesday’s after-hours session.
  • Noodles & Co NDLS 3.08% reported a first quarter profit in line with expectations but missed estimates on the revenue side. The company delivered a net loss of $(0.06) per share on sales of $113.99 million, which missed estimates by $720,000, even though they were up 7.8 percent year-over-year.

Other notable results on Tuesday afternoon:

  • Zillow Group, Inc. ZG 0.96%Z 0.12%, which reported a net loss of $(0.13) per share, $0.04 wider than expected, on revenue of $186 million, $9.3 million above consensus. Second quarter and full year guidance also came in ahead of expectations. These results drove the stock up more than 13 percent after the market closed.
  • Illumina, Inc. ILMN 1.67% posted EPS of $0.71, missing estimates by $0.03, on revenue of $572 million, also below consensus. Guidance for the second quarter disappointed investors; shares were down about 3.5 percent after-hours.
  • CBS Corporation CBS 1.43% delivered EPS of $1.02 on revenue of $3.849 billion, beating estimates for $0.94 and $3.819 billion, respectively. The 10 percent surge in revenue was partly driven by strong ad growth and surging affiliate and subscription fees. Shares gained more than 2 percent since the bell rang.

Read more: http://www.benzinga.com/news/earnings/16/05/7924343/after-hours-recap-fast-food-earnings-index-movers#ixzz47dEWI8Ti