Market review: UPS says deliveries surging during pandemic, shares rise
August 1, 2020 at 3:39AM
United Parcel Service rose 17% to $144.73 on Thursday after reporting revenue and profits for the spring that blew past analysts' expectations. It benefited from more people getting deliveries at home amid the pandemic. Shares closed Friday at $142.76.
Tepid outlook for toys
Hasbro shares fell 7.9% to $71.42 Monday after the toymaker posted weaker-than-expected second-quarter earnings and said a third-quarter recovery could set up a "good" holiday season. Shares closed Friday at $72.76.
E-commerce growth
Shopify rose 9.3% to $1,076.16 Wednesday after the Canadian e-commerce firm beat analysts' estimates for quarterly revenue and profit as more brick-and-mortar businesses listed on its platform to cash in on the increase in number of people shopping online. Shares closed the week at $1,024.
Kodak moment
Eastman Kodak Co. shares rose 269% to $9.67 Tuesday after the Wall Street Journal reported that the company landed a $765 million government loan to help with the production of drugs. Shares closed Friday at $21.85.
Not lovin' it
McDonald's lost 2.5% to $196.09 Tuesday after it said earnings during the spring plunged by more than two-thirds from a year earlier as the pandemic kept customers away. The results were weaker than Wall Street was expecting. Shares closed Friday at $194.28.
Cost-cutting bounce
L Brands, the parent company of Victoria's Secret, soared 33.3% to $25.54 Wednesday after it laid out plans to slash its annual costs by $400 million, including laying off workers. Shares closed Friday at $24.41.
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Health care spending rose by 15%, driven by higher prices. Officials say solutions are needed to prevent Minnesotans from being priced out or delaying care they need.
