Boston Scientific Corp (BSX) is gearing up with an array of cost-cutting measures as the U.S. medical device maker expects the coronavirus impact to be more “significant” in the second quarter than in the previous three months due to delayed surgeries.The device maker told investors that although business was in line with expectations in the first two months of the year, in March procedural volumes significantly declined, as COVID-19 reached a global pandemic level. As a result, the company now expects first quarter revenue growth to be flat to up slightly versus the prior year period, and an organic revenue decline of about 2% to 3%."As healthcare systems respond to the increasing demands of managing COVID-19, emergent procedures need to be prioritized to help enable increased hospital capacity, and therefore elective procedures are being delayed,” said Mike Mahoney, chairman and chief executive officer at Boston Scientific. “While we expect this to negatively...
Stock futures were higher Thursday, recovering some losses from Wednesday’s session even as the U.S. Labor Department’s report on weekly unemployment insurance claims far exceeded expectations....
CarMax (KMX), the US’s largest retailer of used cars, today reported record sales and earnings for the fourth quarter and fiscal year ended February 29, 2020.Most notably, fourth quarter GAAP EPS of $1.30 beat estimates by $0.16, while revenue of $4.96B (up 14.9% year-over-year) beat by $250M.Meanwhile, for the fiscal year, net sales and operating revenues increased 11.8% to $20.32 billion. Total used unit sales rose 14.7% in the fourth quarter and 11.2% for the fiscal year.However, CarMax also revealed that since the first week of March, sales have dropped significantly as the coronavirus situation within the US has rapidly escalated.“Over the past few weeks, approximately half of our stores have closed or are running under limited operations. For our stores that are open, consumer demand has progressively deteriorated” it said.As a result, the company has decided to halt its stock repurchase program, pause its store expansion strategy and pare back expenses.“We expect...
