Market Minute: Boom in Earnings for Sonic Drive-In
Produced by Drew Trachtenberg
The drive-in restaurant chain Sonic (SONC) says its quarterly earnings nearly doubled from a year ago, even though revenue edged lower. The company says its results were helped by a redesigned menu and an updated marketing campaign. Sonic shares have soared nearly 60 percent over the past year.
Boeing (BA) says its first test flight of the Dreamliner since the entire fleet was grounded back in January went according to plan. Regulators will need to evaluate the data about changes made to the lithium-ion battery before the company can resume commercial flights. Boeing is losing an estimated $50 million dollars a week while the fleet is grounded.
Chipmaker Intel (INTC) is moving closer to launching a pay TV service. Bloomberg reports the company is in talks with Walt Disney (DIS), NBC Universal and Viacom (VIA) to get access to movies and TV shows. The idea is to offer an alternative to established pay TV services.
The online video streaming service Hulu is owned by media giants News Corp. (NWS), Walt Disney and Comcast (CMCSA). And the owners don't agree on how to manage the company. So, they're reportedly holding talks with potential buyers. When Hulu was available two year ago, it drew bids from Amazon (AMZN), Google (GOOG), Yahoo (YHOO) and Dish Network (DISH), but there's no indication at this point if any of them are interested now.
UBS (UBS) has cut its rating on the paper and packaging company MeadWestvaco (MWV) to 'neutral'. It previously had a 'buy' rating on the stock.
And Take-Two (TTWO) Interactive release the third installment in its Bioshock video game series. The company, best-known for its Grand Theft Auto franchise, will release a new version of that game later this year.
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