(Bloomberg) — Under Armour Inc. managed to reach more customers than expected last quarter, even with most of its stores closed — but the road ahead is looking bumpy.The athletic-goods maker’s second-half revenue is likely to fall 20% to 25%, with its recently improved gross margin coming under new pressure, executives warned on a call with analysts Friday. The volatile stock soared in premarket trading after second-quarter revenue beat estimates, but it gave up the gains after the open, falling as much as 7.3% to $10.61 in New York.The company expects pressure on its gross margin in the second half of the year, and might not have enough inventory if sales recover faster than expected, executives said on the call.That would be a comedown from a second quarter in which Under Armour’s gross margin rose to 49.3% from 46.5% a year earlier. The company cited fewer off-price sales and more direct-to-consumer transactions as homebound shoppers ordered online.Second-quarter revenue fell 41% from a year earlier to $707.6 million, but that handily topped the highest estimate of $596 million, according to a Bloomberg survey of analysts.The company responded to the Covid-19 slowdown by “amplifying Under Armour’s connection with our consumers through innovative digital activations” and “proactively managing our cost structure,” Chief Executive Officer Patrik Frisk said in a statement.The Baltimore-based company didn’t address the notices that founder Kevin Plank and Chief Financial Officer David Bergman received from the U.S. Securities and Exchange Commission last week, naming the two in a probe of the company’s accounting.For more details on the earnings, click here for our TOPLive blog.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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Every investor in United States Steel Corporation (NYSE:X) should be aware of the most powerful shareholder groups…

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Tao Value recently released its Q2 2020 Investor Letter, a copy of which you can download here. The fund posted a return of 36.45% for the quarter, outperforming its benchmark, the MSCI All Country World Index (ACWI) which returned 18.81% in the same quarter. You should check out Tao Value's top 5 stock picks for […]

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Starbucks Corporation (NASDAQ:SBUX) just released its third-quarter report and things are looking bullish. It looks…

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Shares of Expedia (EXPE) fell over 5% in pre-market as travel restrictions took a toll on operations in the second quarter. The company lost $4.09 per share in 2Q, significantly worse than analysts’ expectations of a $3.34 loss. Moreover, it compared unfavorably to the earnings of $1.77 per share in the year-ago period.Expedia’s quarterly revenues plunged 82% to $566 million year-over-year and missed the Street estimates of $681.9 million. The significant drop in its revenues reflects a decline in bookings due to travel restrictions imposed by countries across the world to contain coronavirus. Bookings fell by 90% year-over-year during the quarter.Despite a weak 2Q, five-star analyst Naved Khan of SunTrust Robinson assigned a Buy rating on Expedia with a price target of $138 (62.5% upside potential).In a research note, Khan said, "We’re encouraged by signs of a strong recovery in core lodging, which saw a rebound in net bookings during May/June and stabilized trends in July." He further stated, "We expect these changes to result in a more nimble and profitable business over the M/L term, supporting our bullish LT view."Overall, EXPE has a Moderate Buy analyst consensus. Given over 21% year-to-date decline in its stock, the average price target of $95.18 implies a 12.1% upside potential in the coming 12 months. (See EXPE stock analysis on TipRanks).Related News: Apple Up 6% After-Hours On Blowout Quarter; Strong iPhone Demand Amazon Rises 5% As ‘King Of E-Commerce Shines Amidst The Pandemic’ Facebook Soars 6% After-Hours On Strong Beat, Ad Resilience More recent articles from Smarter Analyst: * Comcast Beats Estimates On Robust Internet Customer Growth * Molson Coors Delivers Q2 Earnings Beat Despite Covid-19 Fallout * Eli Lilly Drops 5% On Weak 2Q Sales; Analyst Says Hold * Flex Jumps 5% In Extended Trading On Earnings Beat, Upbeat Guidance

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Score another win for Beyond Meat in the plant-based food wars.

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Stocks extended gains Friday morning, with the Nasdaq jumping about 1%, after a slew of better than expected corporate earnings results from major tech firms. Each of Facebook, Amazon, Apple and Netflix hit record highs shortly after market open.

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Exxon stood out among its supermajor peers for not taking a large writedown on the value of its assets as the industry outlook darkens on the future of oil and gas prices. Chevron Corp, Total , Royal Dutch Shell , and Eni wrote down billions of dollars in assets.

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(Bloomberg) — Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses.Exxon’s $1.1 billion second-quarter loss was the deepest in the company’s modern history. A collapse in crude prices bled the company’s production division while Covid-19 lockdowns lowered demand for everything from jet fuel to plastic wrap, hobbling the company’s refining and chemical units.Chevron recorded its weakest performance in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings. Shares of both explorers declined in pre-market trading.Oil has become the poorest-performing sector of U.S. equity markets as a confluence of economic, political and structural threats coalesce to imperil the very foundations of the petroleum industry. Sweeping layoffs, budget cuts and project cancellations haven’t been enough to arrest the industry’s decline as fleeing investors made energy the worst investment in the S&P 500 Index this year.Without the massive trading operations that shielded European oil explorers such as Royal Dutch Shell Plc and Total SE from losses, Chevron was exposed to the full force of this year’s oil price rout. Notably, Exxon’s nascent trading foray “experienced unfavorable mark-to-market derivative impacts,” the company said.Exxon fell 0.7% to $41.57 in pre-market trading. Chevron declined 3.3%.The U.S. supermajors’ woes are emblematic of the broader threats menacing the petroleum industry in what is turning out to be the deepest crisis of its 161-year history. International titans that raked in record-breaking profits during the first decade of the century have now been reduced to widespread job cuts, belt tightening and heavy borrowing to cover dividends and other outlays.Cost CutsExxon, which earlier this year began taking efforts to reduce its U.S. workforce, said it’s developing plans to further curtail operating expenses, without providing details. The company’s 26-cents per-share loss was better than the 64-cent average loss from analysts in a Bloomberg survey.The worst-ever crude crash came at a vulnerable time for Exxon because it had just embarked on an aggressive, multibillion-dollar rebuilding program. After slashing $10 billion in capital spending and freezing dividends, Chief Executive Officer Darren Woods may be running out of levers to pull.On Friday, Woods said that, based on current projections, the company won’t take on any additional debt.Chevron fully erased the value of its Venezuela operations from its books, amounting to $2.6 billion, after they were effectively frozen by U.S. sanctions, and wrote down another $1.8 billion in assets due to lower commodities prices.Even stripping out the impairments, Chevron’s adjusted loss was $3 billion, more than twice the average analyst estimate in a Bloomberg survey and the deepest since at least 1989.“While demand and commodity prices have shown signs of recovery, they are not back to pre-pandemic levels, and financial results may continue to be depressed into the third quarter 2020,” Chevron said in a statement Friday.Venezuela and low prices aside, Chevron also had a one-off charge of $780 million related to its plan to cut 6,000 jobs, or about 13%, of its workforce.Despite the red ink, Chevron CEO Mike Wirth saw an opportunity for expansion amid the rout: the $5 billion, all-stock takeover of Noble Energy Inc. announced less than two weeks ago. The deal comes at a minuscule premium and plugs holes in Chevron’s long-term portfolio, analysts noted.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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