American Airways, Hole, Moderna and extra

An American Airlines aircraft lands at Ronald Reagan Washington National Airport in Arlington, Virginia on November 23, 2021.

Drew Angerer | Getty Images

Check out the companies that hit the headlines on Tuesday at noon.

American Airlines, Norwegian Cruise Line Travel stocks fell as investors continued to weigh the risks of the Covid-Omicron variant. American Airlines shares were down more than 4%, Norwegian Cruise Line was down more than 6%, Wynn Resorts was down around 5%, and Airbnb was down 4.9%.

gap, Under armor Retail stocks have come under pressure after online sales fell 1.4% year over year on Cyber ​​Monday and fell for the first time ever, according to Adobe Analytics. However, Adobe expects customers to expand their shopping this year and expects the entire holiday season to see record-breaking online sales growth. Gap down more than 6%, Under Armor down about 5%, and Tommy Hilfiger parents PVH Corp lost more than 4%.

Regeneron Pharma – Regeneron’s shares fell more than 2% after the company owned its Covid-19 antibody drugs could be less effective against the omicron variant of Covid. The company said mutations in the variant suggest that “the neutralizing activity of both vaccine-induced and monoclonal antibody-mediated immunity may be reduced”.

Modern, Pfizer Vaccine manufacturer stocks were in focus after Moderna CEO Stephane Bancel told the Financial Times that he was expects existing vaccines to be less effective against the Omicron variant. Researchers are still studying the new variant’s response to previous immunity, and Oxford University said it was no evidence yet that current vaccines do not protect against serious Omicron disease. The Moderna share lost more than 6%. The BioNTech share fell by more than 5%. Pfizer stock gained around 2%. Novavax shares gained more than 2%.

Money tree – The discounter’s stock slumped 4.5% after Goldman Sachs downgraded Dollar Tree too neutral of buy. The company said the company’s operational improvements have been priced in and Dollar Tree will face pedestrian traffic issues in the coming year.

Solar drain – The stock of clean energy lost 6.3% Morgan Stanley downgraded it balanced. The investment firm issued a notice to its clients that Solaredge’s shares may be fully valued after a recent hot spell.

Meta platforms Facebook parent Meta shares fell more than 3% after UK competition watchdog said the company should sell the GIF sharing platform Giphy, which Facebook acquired last year. The regulator said the deal could harm social media users and UK advertisers. Meta has stated that she does not agree with the decision and is considering an appeal.

Beyond meat, oatmeal Beyond Meat and Oatly stocks fell approximately 6% and 7% respectively after HSBC began coverage of protein stocks with a downgraded rating. “Given the prospect of increased competition, the growth we forecast will not be enough for many participants to meet their high growth ambitions,” the company said.

Twitter, square – Twitter and Square shares fell more than 5% and 2%, respectively. The moves come a day later Jack Dorsey has announced his resignation as CEO of Twitter while he remained at Square as chief executive. Bank of America upgraded Place to neutral of below average performance and repeat a purchase review for Twitter.

– CNBC’s Jesse Pound and Tanaya Macheel contributed to the coverage

Hole (GPS) Q3 2021 earnings miss, cuts forecast

A Gap store in New York, August 2, 2020.

Scott Mlyn | CNBC

Gap Inc. Shares fell Tuesday after the company slashed its full-year outlook, falling short of fiscal third quarter results as Covid-related factory closings resulted in significant product delays in the quarter.

The stock lost about 16% on the news in extended trade recently, after rising about 16% year-to-date.

“We started the third quarter with increasing momentum, but acute headwinds in the supply chain hampered our ability to fully meet strong customer demand,” said Chief Executive Sonia Syngal in a press release.

Gap said it had invested in air freight to alleviate some of the challenges of port congestion over the holidays. However, this also means additional expenses that will affect profits in the short term.

For the three-month period ended October 30, Gap has performed compared to analyst expectations using refinitive data:

  • Earnings per share: 27 cents adjusted vs. 50 cents expected
  • Revenue: $ 3.94 billion versus $ 4.44 billion expected

Gap said it had risen to a net loss of $ 152 million, or 40 cents per share, on net income of $ 95 million, or 25 cents per share, the previous year.

Without an item, she earned 27 cents per share, according to Refinitiv, less than the 50 cents analysts were looking for.

Revenue decreased slightly from $ 3.99 billion a year ago to $ 3.94 billion. That fell short of expectations of $ 4.44 billion.

Supply chain problems will persist

CFO Katrina O’Connell said the backlog in US ports worsened significantly in the second half of this year, causing up to three consecutive weeks of unforeseen delays in Gap’s fall products.

While some of the disruptions are temporary, the challenges are likely to continue until early next year, she said.

Gap’s inventory levels decreased 1% year over year at the end of the third quarter and were unchanged from 2019. Gap expects inventory levels to grow in high single digits in the fourth quarter compared to last year.

“The situation in the supply chain remains volatile,” said O’Connell. “Newly opened Vietnam factories are on vacation.”

Lost revenue hurt Old Navy the most

Other clothing retailers including Victoria’s secret and Abercrombie & Fitchwho rely on Asia for production also said factory closures in Vietnam and clogged ports have resulted in their shelves not being as full as they would have liked in recent weeks.

Gap now expects full-year revenue growth of around 20%, which is less than the previous forecast of around 30%. Analysts surveyed by Refinitiv had expected an increase of 28.4% compared to the previous year.

Gap’s adjusted full year earnings expectations have been lowered to a range of $ 1.25 to $ 1.40 per share, from a previous range of $ 2.10 to $ 2.25 per share. Analysts had expected Gap to make $ 2.20 per share, Refinitiv said.

The company said its revised outlook includes about $ 550 million to $ 650 million in lost revenue due to supply chain restrictions and about $ 450 million in air freight costs for the year.

Old Navy has been disproportionately affected by supply chain delays, especially in the women’s range, Gap said. As a result, sales in the same stores decreased 9% year-over-year, but remained up 6% compared to 2019.

This is especially bad news for the company considering Old Navy has been a major growth engine for Gap over the past few quarters. It has made significant investments in Old Navy, including Revision of the plus-size clothing range. So slowing down at Old Navy is putting a bigger strain on the whole business.

For the Gap brand of the same name, sales in the same store increased by 7% compared to the previous year and by 3% compared to 2019. According to Syngal, the ongoing store closings have helped the brand experience healthier growth. Gap is also focusing on trimming back goods in the stores to keep the locations “brighter and brighter,” she said.

At Banana Republic, which is more focused on selling women’s workwear, sales in the same store increased 28% year over year and decreased 10% on a two-year basis.

Sales in the same store at Athleta, Gap’s rival Lululemon and Nike for women, increased by 2% compared to the previous year and increased by 41% compared to 2019.

A bright spot in Gap’s report was the apparel maker’s ability to increase its product prices. Gross margins were 42.1% for the third quarter, Gap’s highest rate for that period in 10 years. The company said the discount rate in the third quarter was also its lowest in five years.

The company is counting on that too a connection with rapper Kanye West’s Yeezy line will increase sales and attract new customers. On a phone call, Syngal said a Yeezy hoodie made the most sales in a day, online from a single item in Gap’s history.

Find Gap’s full earnings release here.

Home Republicans shut cash hole with majority at stake

“Our managers set records. And our members – especially these freshmen – have these $ 500,000 to $ 1 million reports released just a few years after a big Republican report that was usually around $ 250,000, “said Rep. Tom Emmer ( R-Minn.), Chairman of the National Republican Congressional Committee.

The GOP had some productive fundraising drives last quarter: The Reps. Young Kim (R-Calif.) And Brian Fitzpatrick (R-Pa.) Both cleared $ 1 million. Representatives Nancy Mace (RS.C.), Lauren Boebert (R-Colo.) And Ashley Hinson (R-Iowa) raised over $ 850,000. All but Fitzpatrick are members of the 2020 Freshman Class.

Of course, the House of Representatives still publish massive quarterly numbers. And the reallocation process makes it harder to know which incumbents will need large war chests. But Republicans are seeing a new wave of financial support in the sideline, and as Democrats recognized in 2018, it is often one of the earliest signs of basic enthusiasm and successful outreach for the majority.

“In 2018, we are putting a lot of emphasis on candidate development, candidate money, and the ability to empower candidates to tell their stories,” said Dan Sena, former Democratic Congress electoral committee executive director. “That was a key reason why we were able to recapture the house.”

“What Democratic strategists and the upcoming Democratic campaigns should be aware of is that it now looks like Republicans are doing the same,” added Sena.

Another sign of the GOP’s momentum: the National Republican Congressional Committee has overtaken the Democratic Congress Campaign Committee on fundraising, outperforming the DCCC by $ 8 million in the first six months of 2021. At this point in the 2020 cycle, House Democrats had outperformed Republicans by over $ 17 million.

The NRCC attributes this success in part to their painstaking and longstanding efforts to build a digital operation.

In interviews, Emmer often recalls a moment in early 2019 when a top committee digital strategist wrote him a memo urging him to invest heavily in small-dollar fundraising. That strategist, Lyman Munschauer, predicted that after one year the NRCC would suffer a net loss of 3 to 5 percent on this investment before making any profit.

But the benefits came even faster: the NRCC started making money within a year, and it kept pouring in.

In the second quarter of 2019, the NRCC raised $ 3.3 million online. More than $ 14.1 million was raised during the same period this year.

“This time we’re even more aggressive,” said Emmer. “Yes, this investment is paying off.”

WinRed, the GOP online fundraising platform created as an alternative to the Democrats’ ActBlue, launched in a similar fashion and has raised $ 2.3 billion since its inception in 2019.

“Your average Democrat who rules is now all about digital money,” said WinRed President Gerrit Lansing, noting that ActBlue was founded in 2004. “We just have to complete this 15-year cultural change and just try to condense it in a few cycles to catch up.”

For the GOP, this stroke of luck comes at a crucial time. When corporate PACs announced they were cutting their donations in the aftermath of the January 6 riot, there were concerns that would disproportionately hit Republicans, who are sometimes more reliant on these gifts.

“We’re all online-based now,” Lansing said of his party. The shift took place years ago, but “the fruits of that labor are really starting to materialize. And it happened to coincide with this giant company’s PAC cage-rattle situation. So it’s ironic.”

Perhaps more importantly, WinRed helped Republicans redirect the wealth to new candidates, especially Downballot. Of the $ 131 million raised on the platform in the second quarter, nearly 40 percent came from first-time donors for a single campaign.

Some of the party’s most dexterous fundraisers are able to move their supporters to other candidates. For example, Rep Elise Stefanik (RN.Y.), who has raised over $ 1 million every quarter since she was revealed in Trump’s first impeachment trial, has shared 150,000 donors since the beginning of the 2020 cycle.

All of this has fueled a digital-first mentality among Republicans that has long dominated the Democratic political ecosystem, which some in the GOP attribute to their current freshman class, younger, more tech-savvy, and less used to face-to-face fundraising than fundraising longer term

“We started building our digital programming early,” said Hinson, who served as the Cedar Rapids TV news anchor before turning his seat in 2020. “I like doing digital fundraising. I am a person who is right in front of the camera. “

Filming online advertisements has helped her connect with voters and donors, Hinson said. “We use Facebook ads a lot for our digital fundraising and we’ve got great feedback from the comment sections on those ads.”

And like the NRCC, GOP campaigns seem more comfortable with the idea of ​​spending money to make it. Hinson, along with some of the party’s biggest fundraisers like Kim, Steel, and Mace, spent well over $ 300,000 in the last quarter – a higher sum than was the norm a year and a half before the election.

All of them have made significant investments in fundraising advice, digital marketing, and web advertising, according to their FEC reports.

Still, Democratic incumbents retain a significant cash-on-hand advantage, especially those like Reps. Josh Harder (D-Calif.), Mikie Sherrill (DN.J.) and Antonio Delgado (DN.Y.) who did not face particularly competitive re-elections in 2020 and have well over $ 4 million in the bank. Rep. Katie Porter (D-Calif.) Has a staggering $ 12.9 million with her.

And some agents were privately relieved of the small booty of some highly touted Republican challengers. GOP State Senator Jen Kiggans from Virginia raised just $ 286,000 for her run against MP Elaine Luria (D-Va.). And Navy veteran Tyler Kistner raised just $ 279,000 for his rematch with Rep. Angie Craig (D-Minn.). Although these challengers didn’t hit the market until mid-April, both incumbents raised far more than twice as much.

However, some of the money also went to GOP challengers. Republican Derrick Van Orden surpassed incumbent Wisconsin MP Ron Kind by $ 754,000 to $ 409,000.

However, in the coming quarters, Republicans face an additional hurdle: potential challengers dragging their feet and waiting for the delayed redistribution process to begin.

“I hope more candidates will fill in soon and not wait for new district lines,” said Dan Conston, president of the Congressional Leadership Fund, a top GOP super PAC. “Because this condensed calendar is going to be a huge challenge for you to raise funds online and raise funds for big dollars.”

Prize cash: Cricket makes progress in direction of gender parity, largest hole in soccer

According to a study by BBC Sport, the vast majority of sports offer men and women equal prize money at the highest level.

Of the 48 sports studied, 37 offered prize money – only three of which did not offer parity at any of their major championships or events.

The biggest gaps in prize money for male and female athletes are in soccer, golf, and basketball.

“Women’s sport is getting stronger,” said Sports Secretary Nigel Huddleston.

“It is absolutely true that the rewards match this achievement and we have seen a significant increase in the prize money on offer over the past few years.

“We must continue to push for greater participation, employment, commercial opportunities and visibility of women’s sport in the media to keep this momentum going.”

Since the last edition of the BBC Sports Studies prize money in 2017, sports such as hockey, cliff jumping, surfing and wrestling have hit par in at least one major competition.

However, cricket has taken the greatest strides to fill the void.

The Hundred, which is scheduled to open for the 2021 season, offers equal prize money in the men’s and women’s tournaments, while the men’s and women’s Big Bash leagues hit parity in the 2017/18 season.

The Australian champion received US $ 1 million (£ 716,635) in prize money at the 2020 T20 Women’s World Cup. This is supposedly the sameexternal link on what the winners of the men’s tournament will win in 2021, but the International Cricket Council (ICC) has not yet confirmed the tournament’s prize pot.

The total prize money for the 2022 Women’s World Cup has been increased to $ 3.5 million (£ 2.5 million). In 2017, England won $ 660,000 (£ 470,500) out of a total of $ 2 million, compared to the $ 4 million (£ 3.1 million) the English men won from a total of $ 10 million in 2019 had.

“We made a very strong statement that we wanted the same prize money because it really shows how much we really value women’s cricket and the forward-looking women’s game,” said Beth Barrett-Wild, director of The Hundred BBC Sport women’s competition .

“This really tangible action will hopefully get others to come with us.

“If you want to authentically say that you value the sport in exactly the same way for men and women, you have to award the same prize money.”

What is the BBC Prize Money in the Sports Study?

This is the third time, after 2014 and 2017, that BBC Sport has carried out the global study.

The 2021 study focuses on the prize money awarded to contest winners and does not include wages, bonuses, or sponsorship.

Some sports, including rugby union and rowing, do not offer men or women prize money in major competitions.

Men and women compete side by side at horse races and equestrian events.

In darts, snooker and bowls, women can take part in men’s tournaments if they qualify. There are separate women’s snooker and bowls competitions, but the prize money is significantly lower, while the closure of the British Darts Organization (BDO) in 2020 means there will no longer be a separate women’s world darts championship.

What has changed since the 2017 study?

The men’s and women’s winning teams pocketed $ 250,000 each in the first Pro League in 2019, while a women’s Euro Hockey league was introduced for the 2019-20 season, offering the same prize money to the men’s league.

Wrestling’s Ranking Series brought in the same prize money in 2018, while the World Surf League hit parity in 2019.

The Cliff Diving World Series offers its male and female athletes prize money of 7,085 euros from 2021. British bronze medalist Jess Macaulay said this as a “relief”.

“It was a relief to hear them say we would get equal pay for our next competitions because this is our career. We all put the same amount of time and effort into trying to be the best at the field,” she told BBC Sport.

“If we want to be at the top of our game, we want to be valued as much as the men in the sport. It’s just very exciting. It felt like a big step for our sport.”

In road cycling, Britain’s most prestigious men’s and women’s races – the Tour of Britain and the Women’s Tour – have had the same prize money since 2018. The stage winners will receive 3,615 euros, while the overall winners will take home 14,460 euros).

Most road races still don’t pay the same prize money, however, an inequality that became even more apparent at Omloop Het Nieuwsblad last month. Davide Ballerini won the men’s race for 16,000 euros, while the women’s champion and gold medalist of the Olympic and world road race Anna van der Breggen won 930 euros.

This year’s Rugby League World Cup has yet to confirm its prize money, but it will be the first time that prize money will be given to the victorious women’s and wheelchair teams, and all teams will receive the same entry fees.

Where is the largest gap?

The Women’s World Cup offers the most prize money in women’s sport, but remains 9.5 times less than what was awarded at the men’s tournament

The difference in prize money in men’s and women’s football remains large.

The 2019 Women’s World Cup was the most-watched edition of the tournament in history, but despite the projected total audience audience of 1.12 billion, which makes up a third of the 2018 Men’s World Cup, the prize fund was more than nine times smaller.

The U.S. women’s national team won $ 4 million (£ 2.8 million) compared to the French men’s win of $ 38 million (£ 27.2 million) in 2018. The women’s prize pool was double that of the previous tournament in 2015, and Fifa has announced that it will double again for the 2023 edition.

Fifa told BBC Sport that it “has a long-term vision for the development of women’s football at all levels of the world and is investing to that end”.

In the Champions League, Uefa has reduced the prize money for the winners from 250,000 euros in 2019 to 150,000 euros in 2020 and 2021, while the prize fund for men remained at 19 million euros. £ 16.4m).

Uefa informed the BBC that the prize money for earlier rounds of the competition has increased so that the winner will receive more than in previous seasons.

In the FA Cup, the victorious men’s club will earn £ 1.8m in the 2021 season, while the winners will pocket £ 25,000.

“While we recognize that there are currently significant differences between the prize money for men’s and women’s competitions, it is determined by the amounts of money generated from commercial revenue, including national and international broadcast rights,” an FA spokesman told BBC Sport .

“The [men’s] FA Cup is the largest revenue producer for the FA. These revenues allow us to reinvest in football at all levels and we have made significant strides in developing the women’s game as a result. “

Disparities also persist in golf. Women golfers are among the top earners in top sport, but still earn considerably less than their male counterparts in majors.

The US Open in June has a chance for men to win $ 2.25 million (£ 1.6 million), while the grand prize for the US Women’s Open this month is $ 1 million (£ 716,605). In 2014, the difference between these two numbers was less – $ 900,000.

At the 2019 Open, Shane Lowry won £ 1.9 million while Sophia Popov, the 2020 Women’s British Open winner – the men’s event was canceled due to coronavirus – received $ 675,000 (£ 483,924).

While the numbers for the 2021 tournaments have not yet been released, a spokeswoman for R&A, which organizes The Open and Women’s British Open, said her “stated goal” was to close the prize money gap.

She said, “We have made significant strides in this regard and are working hard to increase the championship’s economic effectiveness to increase revenue and support further investment in the future.

“We are fully aware that we have a lot more to do, but we cannot do it alone. We must all do our part to increase the commercial success of women’s golf at its best, and that means that everyone from the golf association to the sponsor and the media. “

Craig Annis, USGA’s chief brand officer, said the organization is “committed to gender equality in golf.”

“The US Women’s Open leads the purse in all of women’s golf, which requires a disproportionate investment in the championship when compared to the income generated,” he said.

“We will continue to invest to ensure that the US Women’s Open remains the premier women’s golf event through wallet, broadcast, host sites and gaming experience as we near the ultimate goal of wallet parity.”

One sign that golf is slowly changing is the new ISPS Handa World Invitational Event. It is jointly approved by the European Tours for Men and Women and the LPGA and will host separate tournaments for men and women in July, with equal fields competing for the same prize money.

How does Covid-19 affect the prize money?

The coronavirus pandemic has had and will have an impact on sport at all levels. While the majority of the sports surveyed by the BBC said the prize money would not be affected, many said they did not know at the time.

The FA is currently planning “potential losses” of around £ 300 million and has reduced the competition’s prize money as a result.

The men’s FA Cup prize fund this season has decreased to that of the 2017-18 tournament, with the £ 1.8m prize awarded to winners half of that won in 2018-19 and 2019-20 Amount is.

However, the main prize for the women’s FA Cup winners remains the same.

Kelly Simmons, the FA’s director for the women’s pro game, said, “It’s well documented that the FA has seen significant cuts and layoffs. It’s a very difficult environment. It is not the time to look for new money right now search.” .

“Across the board, we want to develop and expand the FA Cup for women, just like we did with the Super League for women, by helping to develop it commercially to generate revenue and ultimately as much money as possible bring the clubs. “

“Of course we want to increase the prize fund, but those funds aren’t there, so we’re investing in clubs in other ways.”

This year’s Australian Open tennis tournament reduced the payout to the winners by 33% compared to 2020, although the total prize pot increased. This was done to increase the money won by lower ranked players who were eliminated in previous rounds and whose income was affected by the pandemic.

When did the sport start paying the same prize money?

The sport began for years, paying men and women the same prize moneyAll about the BBC iPlayer bannerAround the footer of the BBC iPlayer