Latest news, with a special focus on big Louisville employers; updated 4:50 p.m.
CHURCHILL DOWNS just released first-quarter results showing what appears to be a big miss on earnings per share: 16 cents vs. a Wall Street consensus forecast of 48 cents. But the $288 million in revenue was ahead of the consensus $275 million (forecasts). Here’s the press release. The company’s stock was unchanged in late trading.
FORD this morning delivered record first-quarter results amid strong truck sales, with net income more than doubling and operating margins in the core North American unit rivaling those of high-end luxury brands (MarketWatch); shares surged 1.6% to $13.88 in pre-market trading. Separately, Ford supplier Louisville Seating is planning a $13 million expansion in Shepherdsville that could add 170 jobs (Courier-Journal).
UPS beat first-quarter profit forecasts, but whiffed on revenue. (MarketWatch); premarket, shares rose less than 1%, to $106.90. HUMANA: Aetna reported a nearly 4% decline in first-quarter operating earnings as the health insurer lost members in its commercial business; Aetna has agreed to buy Humana for $37 billion, subject to a tough regulatory review (Reuters); Aetna shares were flat at $111.52, premarket.
YUM‘s newly appointed CFO will get additional stock rights worth $500,000, which and will vest in four equal annual installments starting May 20, 2017 (SEC filing). David Gibbs was promoted to the job from CEO of Pizza Hut yesterday. Yum shares closed yesterday at $81.53, essentially flat.
GE: Qingdao-Haier Co. is making written offers to GE employees as the China-based company nears completion of its $5.4 billion purchase of the appliance maker (Business First).
In other news, AT&T is laying ultra-fast Internet fiber lines throughout Norton Commons, the 600-acre Northeast Louisville residential development. Work is expected to be finished by the end of the year, and comes as Google Fiber advances plans to offer the service city-wide (WFPL). And U.S. stock markets were headed for an ugly day; Dow Jones Industrial Average futures were plunging 140 points after the Bank of Japan’s surprise decision to keep monetary policy steady (CNBC).