JPMorgan Chase, Anheuser-Busch, Apple: Stocks That Defined the Week

Uber Technologies 

Strong demand for rides and deliveries gave Uber’s revenue a lift. The ride-hailing firm on Tuesday posted quarterly earnings that rose 29% from a year earlier. Uber predicted growth to continue in the current quarter, and set its outlook for adjusted earnings between $800 million and $850 million, beating analysts’ expectations. Rival Lyft’s forecast for the June quarter was weaker than anticipated amid layoffs and leadership changes. Uber hasn’t made widespread layoffs as other tech companies have in recent months. Uber shares rose 12% Tuesday.

Lordstown Motors

Lordstown Motors says Foxconn Technology Group might pull the plug on their investment deal. The electric-truck startup said it received a notice from the electronics manufacturer asserting Lordstown had breached the terms of the deal by letting its stock price fall below $1 a share for too long. Foxconn had agreed to spend up to $170 million to buy both common stock and newly created preferred shares of Lordstown. The company said Foxconn would back out if the dispute wasn’t resolved within 30 days, in which case it may need to scale back or cease operations and seek bankruptcy protection. Lordstown shares plummeted 23% Monday.

Marriott International 

Marriott booked a big surge in sales. The hotel giant’s first-quarter revenue jumped 81% to $4.2 billion as it saw the largest leap in global travel demand since the onset of the pandemic. The company also lifted its earnings guidance for the year and declared a 30-cent-per-share dividend payable at the end of the current quarter. Chief Executive Tony Capuano said Marriott expects to resume share buybacks later this year, assuming travel demand remains strong and the company stays within its target leverage ratio. Marriott shares rose 5% Tuesday.

Anheuser-Busch InBev 

The maker of Bud Light is supporting its workers targeted by harassment. Anheuser-Busch is paying a $500 bonus to each of Bud Light’s delivery drivers, sales reps and wholesalers, who have been confronted by angry people after an April promotion with transgender influencer Dylan Mulvaney. The Instagram post sparked a boycott of Bud Light, and AB InBev said it would triple its planned U.S. marketing spending on the brand this summer after the turmoil dented sales. Chief Executive Michel Doukeris said the company will continue its support of LGBT rights organizations. American depositary shares of Anheuser-Busch gained 3.5% Thursday. 

Paramount Global

Paramount’s pivot to streaming is getting expensive. The media company reported a steep first-quarter loss, weighed down by nearly $1.7 billion in charges tied to its plan to remove certain programming as it combines its Showtime streaming service with its Paramount+ platform. Like some streaming rivals, Paramount has looked to cut costs by culling content and consolidating its offerings. The company is also slashing its dividend to 4 cents a share, down from the 24 cents a share that it declared in March. The move is expected to result in around $500 million in annualized savings. Paramount shares plunged 28% Thursday.

Apple

Investors found a bright spot in Apple’s latest earnings. Though the iPhone maker reported its second straight quarter of declining revenue, ’s quarterly sales and net income beat expectations. The company said strong iPhone sales in emerging markets, such as India, helped offset waning demand for its Macs and iPads. The company is looking to India as it aims to diversify its supply chain away from China, which is its primary manufacturing base. Apple also boosted its dividend by 4% and said its board authorized an additional $90 billion in buybacks. Apple shares gained 4.7% Friday.