Novavax, Tilray, Eventbrite and more


A worker examines cannabis plants at a Tilray farm.

Source: Tilray

Check out the companies making headlines after the bell.

Novavax — The vaccine company’s stock skyrocketed 37% in extended trading after Novavax highlighted an outside investment of $388 million to advance the clinical development of its coronavirus vaccine candidate in its first-quarter earnings release. The company said the vaccine it’s working on “shows strong potential to have a positive impact on this global health crisis.” Novavax also reported a loss of 58 cents per share on revenue of $3.4 million, while analysts expected a loss of 70 cents per share on revenue of $1.7 million, according to Refinitv.

Tilray — The cannabis company’s stock fell 5% in extended trading after the company gave its first-quarter financial results. Tilray said it had revenue of $52.1 million, which exceeded analysts’ expectations of $50.9 million, according to Refinitv. However, the company reported a GAAP net loss of $1.73 per share and its adjusted EBITDA was a loss of $19.7 million. 

Caesars Entertainment — The casino and hospitality company’s stock climbed 1% in extended trading after the company reported first-quarter earnings. The company said it had revenue of $1.83 billion, while analysts polled by Refinitiv expected $2.04 billion. Caesars’ North American properties have all been closed since March because of the coronavirus. The company announced Monday that it will take a comprehensive approach to health and safety once its properties are able to reopen that will include requiring employees to wear a mask. 

Eldorado Resorts — Shares of the gaming and hospitality company jumped 8% in extended trading after Eldorado provided its earnings for the first quarter. The company reported revenue of $473 million, while analysts estimated $763 million, according to Refinitiv. “The strength in January and February was offset by COVID-19 related weakness due to the mandated closure of all our properties by March 18,” said CEO Tom Reeg in a statement

Eventbrite — The events management platform’s stock tumbled 13% in extended trading after the company announced its first-quarter earnings. Eventbrite said it had a loss of $1.71 per share on revenue of $49.1 million, missing analysts’ estimates of a loss of 24 cents per share with revenue of $71.9 million, according to Refinitiv. The company also reported an adjusted EBITDA loss of $119.6 million for the first quarter, which included $113.7 million in charges and reserve increases largely related to the impact of the Covid-19 pandemic. However, Eventbrite said ticket sales trends have shown improvement since their low-point in mid-March. The company also announced Monday that it had secured $225 million in financing from private equity firm Francisco Partners to strengthen its liquidity position while recovering from the effects of the pandemic. 

Datadog — Shares of the technology company rose 3% in extended trading after Datadog published its first-quarter financial results. The company said it had earnings of 6 cents per share excluding some items on revenue of 131.2 million, while analysts polled by Refinitiv anticipated a loss of 2 cents per share on revenue of $117.6 million. The company hit a 52-week high earlier on Monday.

BlackRock — The investment management company’s stock was down 4% in extended trading after BlackRock announced a secondary offering of common stock held by PNC. The company said PNC intends to exit its full investment in BlackRock and that BlackRock will repurchase $1.1 billion of common stock directly from PNC. PNC currently has approximately 35 million shares that amount to a 22% economic ownership interest in BlackRock. 

Source Article

Next Post

Stock futures are flat as investors monitor efforts to reopen the economy

The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020. Jeenah Moon | Reuters Stocks futures rose slightly in overnight trading on Monday as investors evaluated the latest attempts […]