$UTZ

Utz Brands Inc

  • NEW YORK STOCK EXCHANGE INC.
  • Finance
  • Financial Conglomerates
  • Consumer Non-Durables
  • Food: Specialty/Candy
  • Manufacturing
  • Dog and Cat Food Manufacturing

PRICE

$14.21 -

Extented Hours

VOLUME

583,182

DAY RANGE

13.74 - 14.375

52 WEEK

12.06 - 25.12

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U.S. stock markets are rebounding after major indices fell a second straight day Thursday as consumer price inflation (CPI) data spiked to 30-year highs, renewing fears that the Fed is behind the curve and may need to raise rates quicker. There is no major U.S. economic data, and Bond markets are closed today in observance of the Veteran’s Day Holiday. Sterling hits lowest levels since Dec ’20 vs. the dollar and euro to lowest since July ’20 as the buck surges to more than 1-year highs. In Asian markets, The Nikkei Index rose 171 points to settle at 29,277, the Shanghai Index gained 40 points (1.15%) to settle at 3,532 and the Hang Seng Index gained 1% to finish at 25,247. In Europe, the German DAX is higher by 20 points to 16,090, while the FTSE 100 is up 25 points to 7,365. Investors and traders have been trained to “buy the dip” on any market pullback over the last 2-years, and to this point have been rewarded with all major averages just off their record highs earlier this week. Year-to-date, the Dow is up 17.8%, the S&P 500 up 23.7%, the Nasdaq Composite up 21.2% and the Russell 2000 up 21% in what has been a broad, strong market rally behind better corporate earnings, government stimulus plans, and an easy money policy stance by the Fed. Earnings are finally coming to an end for the quarter, with Dow component Disney (DIS) sliding nearly 5% overnight on its top and bottom-line miss. Market Closing Prices Yesterday The S&P 500 Index slipped -38.54 points, or 0.82%, to 4,646.71 The Dow Jones Industrial Average fell -240.04 points, or 0.66%, to 36,079.94 The Nasdaq Composite dropped -263.84 points, or 1.66%, to 15,622.71 The Russell 2000 Index declined -37.71 points, or 1.55% to 2,389.58 Events Calendar for Today No major U.S. economic data due to Veteran’s Day Holiday Earnings Calendar: Earnings Before the Open: BHG, BKTI, CRC, CRLBF, CSU, EPC, OB, OGN, PGTI, SANW, SBH, SPH, STXS, TPR, TXMD, UTZ, WTT, XOS, YETI Earnings After the Close: ASTR, JAMF, KINS, KRUS, LAZR, LIDR, LTRX, MAPS, OPNT, RPID, SFT Other Key Events: Baird 51st Annual Global Industrial Conference, 11/9-11/12 (virtual) Credit Suisse 30th Annual Healthcare Conference, 11/8-11/11 (virtual) Jefferies 2nd Annual Global Interactive Entertainment Conference, 11/11-11/12 (virtual) JPMorgan Global Consumer, Retail & Luxury Conference, 11/8-11/11 (virtual) Morgan Stanley Global Chemicals, Agriculture & Packaging Conference, 11/10-11/12 (virtual) Piper East Coast Financial Services Conference, 11/10-11/11 (virtual) REITWorld 2021 Annual Conference, 11/9-11/12 (virtual) Society for Immunotherapy of Cancer, 11/10-11/14, in Washington D.C. ==================================================== Sector News Breakdown Consumer Beyond Meat ($BYND) shares slide -15%; 3Q EPS ($0.87) vs est. ($0.39) on revs $106.4Mm vs est. $109.2Mm; guides 4Q revs $85-110Mm vs est. $131.6Mm Lordstown Motors ($RIDE) has agreed to sell to Foxconn the Lordstown facility, excluding certain assets such as the hub motor assembly line and battery module and pack lines, for $230 million. Energy, Industrials and Materials First Solar ($FSLR) shares fell after hours – on news the U.S. will not open an investigation into Asian solar companies that critics warned would drive up costs for clean power and escalate tensions with China, as per Bloomberg. The Commerce Department determined that Asian companies did not sell solar cells “at less than normal value,” according to the report Financials Affirm Holdings ($AFRM) Q1 revs $269.4M vs. est. $252.2M; Q1 GMV up 8% QoQ to $2.7B; sees year revs $1.225B-$1.250B vs. est. $1.22B; sees year GMV $13.13B-$13.38B; expands network by increasing active merchants from 6,500 to 102,000 and active consumers by 124% to 8.7M YoY Opendoor Technologies Inc. ($OPEN) shares rise 15%; 3Q EPS ($0.09) vs est. $(0.17) on revs $2.3B vs est. $2B; guides 4Q revs $3.1-3.2B vs est. $2.92B SoFi inc. ($SOFI) shares rise 12%; Q3 EPS loss (-$0.05) vs. est. loss (-$0.14); Q3 revs rose 35% to $272M vs. est. $251.5M; sees Q4 revenue $272M-$282M vs. est. $274.9M and sees year rev $1.0B-$1.01B vs. est. $979.5M; total products 4.3M, a 108% increase and 5th consecutive quarter of triple-digit annual growth; added 377k new members, as SoFi Money, SoFi Invest, and SoFi Credit Card drove 79% of new member growth; sees annual growth accelerating to +49-55% in Q4 from Q3’s +28% ZipRecruiter ($ZIP) Q3 revenue $212.7M vs est. $188.1M, adj EBITDA $42.5M vs est. $14.3M; sees Q4 revenue $203M-$209M vs est. $171.25M raised full-year guidance given business momentum and a strong hiring environment with job seeking activity still below pre-pandemic levels as it now sees FY21 revenue $724M-$730M (est. $667.5M) from $651M-$665M, adj EBITDA $93M-$99M (est. $38.6M) from $30M-$38M Healthcare GoodRx Holdings, Inc. ($GDRX) 3Q adj EPS $0.09 vs est. $0.09 on revs $195.1Mm vs est. $194.9Mm, qtrly monthly active consumers 6.4Mm; guides FY revs $744-754Mm vs est. $748.3Mm Media & Telecom Walt Disney ($DIS) Q4 EPS $0.37 vs. est. $0.47; Q3 revs $18.53B vs. est. $18.78B; as of quarter-end, Disney+ paid subscribers were 118.1M; as of quarter-end ESPN+ paid subscribers were 17.1M; quarter-end, total Hulu paid subscribers were 43.8M; 179M total subscriptions across our DTC portfolio at end of fiscal 2021 and 60% subscriber growth year-over-year for Disney+ Bumble ($BMBL) 3Q EPS ($0.06) vs est. $0.00 on revs $200.5Mm vs est. $198.8Mm (app revs $142Mm, paying users increased to 2.9Mm, total ARPU $22.97 vs $19.38); guides 4Q revs $208-211 vs est. $206Mm, raises FY revs $765-768Mm vs est. $761.6Mm Technology ContextLogic Inc. ($WISH) Q3 EPS (10c) vs est. (15c) on revenue $368M vs est. $353.6M; CEO Piotr Szulczewski will be stepping down; is not providing official Q4 guidance but expects revenue to be lower than Q3 despite the holidays, primarily driven by ongoing reduction in ad spend, and said October revenue is down ~20% vs avg Q3 monthly revenue Cricut Inc. ($CRCT) shares slide -15%; Q3 EPS $0.13 vs. est. $0.16; Q3 revs rose 24.4% to $260.1M vs. est. $256.8M; connected machine revenue was $102.5 million, up 35.7% YoY; subscriptions revenue was $53.3 million, up 70.8% YoY; Accessories and materials revenue was $104.3 million, up 2.0% YoY; gross margin was 39.2%, down from 42.8% YoY Schrodinger, Inc. ($SDGR) Q3 EPS loss (-$0.49) vs. est. loss (-$0.43); Q3 revs rose 16% to $29.9M vs. est. $31.5M; sees FY revs $124M-$134M vs. est. $138.5M

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Thursday, August 12, 2021 Futures Up/Down % Last Dow 40.00 0.12% 35,413 S&P 500 2.25 0.05% 4,442 Nasdaq 5.50 0.04% 15,025 Another day, another record high for the Dow and S&P 500 as futures are pointing to a slightly higher open, building on the ongoing upside momentum that pushed the S&P 500 to its 45th all-time high Wednesday. Both the Dow Jones Industrial Average and S&P 500 are coming off all-time bests as consumer prices (CPI) data indicated U.S. inflation was in-line with estimates, raising hopes that growth may have peaked, while sectors tied to economic growth such as industrials, materials and metals advanced a second day on the heels of the passage of a large infrastructure bill. The July consumer price index increased 0.5% last month after climbing 0.9% in June, though on a YoY basis was above 5% again (ahead of today’s PPI data at 8:30 AM ET). Meanwhile, two Fed members (George and Kaplan) each said the central bank should announce its timeline to reduce its massive bondholding, with Kaplan calling for it to begin next month, with tapering to begin in October. Healthcare was also a drag on markets as S&P components MRNA and PFE fell after the drug regulator of the European Union said it was looking into new possible side-effects of mRNA COVID-19 shots. Asian shares dropped for the first time this week as China stepped up scrutiny of its insurance technology platforms while European stocks drift on mixed earnings results. The Nikkei Index slipped -55 points to 28,015, the Shanghai Index slid -7 points to 3,524, and the Hang Seng Index dropped -142 points (0.535) to settle at 26,517. In Europe, the German DAX is up over 60 points to 15,888, while the FTSE 100 is down a few points at 7,210. Events Calendar for Today 8:30 AM ET Weekly Jobless Claims…est. 375K 8:30 AM EST Continuing Claims…est. 2.88M 8:30 AM ET Producer Price Index (PPI) MoM for July…est. 0.6% 8:30 AM ET PPI Ex: Food & Energy (core) MoM for July…est. 0.5% 8:30 AM ET Producer Price Index (PPI) YoY for July…est. 7.3% 8:30 AM ET PPI Ex: Food & Energy (core) YoY for July…est. 5.6% 10:30 AM ET Weekly EIA Natural Gas Inventory Data 1:00 PM ET U.S. to sell $27 bln in 30-year bonds Earnings Calendar: Earnings Before the Open: AVXL, AZEK, BDR, BODY, BR, BTTR, CELH, EFOI, EMAN, EYE, FSTX, GRWG, HOOK, KELYA, MDP, MIDD, MKTW, NYC, PGTI, SOHO, TAST, UP, UTZ, VERU Earnings After the Close: ABNB, ACHV, AFIB, APDN, ASTR, AWH, BBI, BIOL, BLBD, BOXL, BW, CAPR, CODX, CRMD, DASH, DCO, DIS, EAR, FIGS, FLO, FRGI, HOFV, ICCC, INTZ, IPWR, KINS, LAZR, LIVX, LMB, LVOX, LZ, MOTS, OPGN, PHUN, PTE, SFE, SGHT, SOFI, TLMD, TPCS, VIVE, WISH, XL Other Key Events: BTIG HIMSS Digital Health Booth Tour (virtual), 8/11-8/12 Canaccord Genuity 41st Annual Growth Conference (virtual), 8/10-8/12 Cowen Annual Communications Infrastructure Hybrid Summit, 8/9-8/12 Cowen 9th Annual Internet & Media Bus Tour (virtual), 8/9-8/13 Credit Suisse 4th Annual FinTech Conference (virtual), 8/11-8/13 JPMorgan Auto Conference (virtual), 8/11-8/12 KeyBanc Capital Markets Technology Leadership Virtual Forum, 8/9-8/12 Oppenheimer 24th Annual Technology, Internet & Comm Conference (virtual), 8/10-8/12 Piper Biotech Virtual Tour, 8/10-8/12 UBS Financial Services Conference (virtual), 8/10-8/12 Market Closing Prices Yesterday The S&P 500 Index gained 10.95 points, or 0.25%, to 4,447.70 The Dow Jones Industrial Average rose 220.30 points, or 0.62%, to 35,484.97 The Nasdaq Composite slipped -22.95 points, or 0.16%, to 14,765.14 The Russell 2000 Index advanced 10.98 points, or 0.49% to 2,250.34 Macro Up/Down Last Nymex -0.08 69.17 Brent -0.04 71.40 Gold 1.10 1,752.80 EUR/USD -0.0002 1.1737 JPY/USD -0.02 110.41 10-Year Note -0.008 1.351% World News The International Energy Agency (IEA) cut its outlook for global oil demand “sharply” for the rest of 2021 as the resurgence of coronavirus rocks major consumers and predicted a new surplus in 2022. The IEA cut its 2021 global oil demand growth forecast by 100,000 barrels a day, while upgrading its 2022 forecast by 200,000 barrels a day Eurozone Jun Industrial Production: m/m -0.3% vs -0.2% consensus; y/y 9.7% vs 10.4% consensus UK Q2 GDP: q/q 4.8% in-line; y/y 22.2% vs 22.1% consensus; UK Jun GDP: 1.0% vs 0.8% consensus; UK June Trade Balance: -£11.99b vs -£9.1b consensus; K June Ind Production m/m 0.7% vs 0.3% consensus, y/y 8.3% vs 9.4% consensus Sector News Breakdown Consumer DoorDash ($DASH) is said to have held talks to purchase Instacart over the past two months that may have valued the grocery delivery company at $40B to $50B. The talks felt apart in recent weeks at least partly over regulatory concerns, according to a report in The Information https://bit.ly/2VKi4F5 Core-Mark Holding ($CORE) said the waiting period under the HSR act for Performance Food Group’s (PFGC) planned purchased expired on Aug. 9 and the closing conditions for the deal have been satisfied Fisker Inc ($FSR) announces private offering of $600 mln 5-yr convertible notes Nio ($NIO) Q2 non-GAAP EPS loss (-$0.03) vs. est. loss (-$0.11); Revenue of $1.31B (+127% Y/Y) beats by $20M; said achieved a record-high quarterly delivery of 21,896 vehicles in Q2, followed by 7,931 vehicles in July, bringing the cumulative deliveries of NIO vehicles to 125,528 as of July 31, 2021 Blink Charging ($BLNK) 2Q EPS ($0.32) vs est. ($0.16) on revs $4.4Mm vs est. $2.6Mm eBay Inc. ($EBAY) Q2 adj EPS $0.99 vs. est. $0.95; Q2 revs $2.7B vs. est. $3.00B; expands share repurchase authorization by an additional $3B; entered agreement to sell about 135M shares of eBay’s Adevinta stock to Permira for over $2.4B, reducing ownership to 33%; announced an agreement to sell 80.01% of eBay Korea business to eMart for about $3B; guides Q3 revs $2.42B-$2.47B vs. est. $2.92B; annual active sellers grew by 5%, for total of 19M global active sellers Fossil Group ($FOSL) 2Q EPS ($0.02) on sales $411Mm; sees 3Q net sales +5-10%; guides FY net sales growth to approx +14-17%; Lordstown Motors ($RIDE) 2Q EPS ($0.61) vs est. ($0.49); pursuing external capital sources including debt and equity-linked securities; sees FY op exp $95-105Mm, expects to end 3Q with liquidity between 225-275Mm cash and equivalents without any funds from a capital raise Utz Brands ($UTZ) Q2 adj EPS 13c vs. est. 15c; Q2 revs $299.2M vs. est. $290.29M; sees FY 2021 adjusted shr $0.55 to $0.60; believes that consumer demand for its products will remain strong in second half of fiscal 2021; says continue to expect fiscal 2021 net sales consistent with fiscal 2020 pro forma net sales Vroom ($VRM) Q2 adj EPS loss (-$0.48), in-line with consensus; Q2 revs $761.89M vs. est. $637.99M; for Q2, had18,268 ecommerce units sold, up 172% YoY; Ecommerce revenue of $579.7 million, up 230% YoY; Ecommerce gross profit of $49.6 million, up 588% YoY Energy Array Technologies ($ARRY) 2Q EPS $0.00 vs est. $0.01 on revs $202.8Mm vs est. $231Mm; guides FY revs $850-940Mm vs est. $1B, sees FY adj EPS $0.15-0.25 vs est. $0.37 EnerSys ($ENS) Q adj EPS $1.25 vs est. $1.20 on revs $814.9Mm vs est. $810.5Mm, backlog grew $157Mm; guides 2Q adj EPS $1.03-1.13 vs est. $1.28 Canadian Solar ($CSIQ) Q2 EPS $0.18 vs. est. loss (-$0.30); Q2 revs $1.43B vs. est. $1.43B; Q2 solar module shipments of 3.7 GW, top end of 3.5 GW to 3.7 GW guidance; sees Q3 revs $1.2B-$1.4B vs. est. $1.62B; reducing its full year 2021 total module shipment guidance to 16 GW to 17 GW; reiterates its project sales guidance and total battery storage shipment guidance for FY 2021; carve-out IPO of CSI solar subsidiary remains on track Financials AllianceBernstein L.P. ($AB) preliminary assets under management increased to $748 billion during July 2021 from $738 billion at the end of June. Market appreciation and modest firmwide net inflows drove the 1% increase. Manning & Napier, Inc. ($MN) reported preliminary assets under management (“AUM”) as of July 31, 2021 of $22.5 billion, compared with $22.3 billion at June 30, 2021 Victory Capital Holdings, Inc. ($VCTR) reported assets under management (AUM) of $162.9 billion as of July 31, 2021. Opendoor Technologies (OPEN) Q2 EPS loss (-$0.24) vs. est. loss (-$0.34); Q2 revs $1.2B vs. est. $1.09B; Gross profit of $159 million, up 64% versus 1Q21; gross margin of 13.4%, up 40 basis points versus 1Q21; Adjusted EBITDA of $26 million versus ($2) million in 1Q21; adjusted EBITDA margin of 2.2% versus (0.3%) in 1Q21; sees Q3 revenue $1.8B-$1.9B vs. est. $1.52B Healthcare In vaccine news, NBC reports that the FDA would authorize a third shot of coronavirus vaccine as soon as Thursday for certain people with weakened immune systems. The decision to expand the emergency use of the vaccines from Moderna ($MRNA) and the Pfizer ($PFE)/BioNTech ($BNTX) shots Amwell ($AMWL) Q2 EPS loss (-$0.15) vs. est. loss (-$0.19); Q2 revs $60.2M vs. est. $61.7M; Q2 gross margins increased 600 bps to 44% of revenue versus 38% last quarter; said total visits of 1.3 million versus 1.6 million last quarter; lowers year revs to $252M-$262M from $260M-$270M and narrows year adj Ebitda loss view Fulcrum Therapeutics ($FULC)6M share secondary priced at $19.00 GoHealth ($GOCO) 2Q EPS ($0.12) vs est. ($0.04) on revs $196.9Mm vs est. $175.1Mm; guides FY revs $1.2-1.3B vs est. $1.24B, sees FY adj EBITDA $300-330Mm Hims & Hers ($HIMS) Q2 EPS loss (-$0.05) vs. est. loss (-$0.10); Q2 revs $60.7M vs. est. $56.49M; sees Q3 revs $69M-$71M vs. est. $58.31M and sees year revs $251M-$255M vs. est. $226.3M Xeris Pharmaceuticals ($XERS) announced it has received U.S. FDA clearance for phase 1 clinical trials for its hypothyroidism treatment Industrials & Materials Apogee Enterprises ($APOG) announced plans to realign and simplify its business structure to “bring a stronger focus to serving customers, enable a more competitive cost model, and better position the company for future growth and improved profitability; now expects to achieve $20M-$30M of annualized savings by the end of fiscal 2023 Royal Gold ($RGLD) 4Q EPS $1.25 vs est. $0.92 on revs $168Mm vs est. $165Mm; guides 1Q stream segment sales 62,000-67,000 GEOs with qtr-end inventory 22,000-27,000 GEOs Gates Industrial ($GTES) 25M share Secondary priced at $16.00

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Downgrades 2/3: $BPY $BYND $CDEV $COG $ESXB $FIS $FIZZ $FMS $HYLN $NGD $RACE $SALT $SBAC $SMPL $UTZ $VYGR

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+Initiations 1/20: $AYX $BRBR $CAT $CKPT $DDOG $DE $DELL $DEN $DMYD $DT $EL $ELS $ESTC $FICO $GTLS $KDP $KO $MO $PENN $PII $RXN $SNES $SPNS $STLA $TEX $URI $UTZ $ZNTL $ZS . -Initiations 1/20: $CL $LECO $PEP

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@DaveDixon #CoreTrader
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US Market Closed higher on Friday, amid ongoing optimism over progress in the development of coronavirus vaccine. Unity Software jumped 12.8%, after the company recorded better than expected revenue in the third quarter. Cisco Systems climbed 7.1%, after reporting better than expected results in the first quarter. Applied Materials raised 4.3%, as the company reported better than anticipated fourth quarter results. Utz Brands added 2.3%, after a top broker upgraded its rating on the stock to ‘Overweight’ from ‘Neutral’. Autodesk added 2.2%, as the company expects that its third quarter results will come in above its prior guidance. Walt Disney rose 2.1%, as the company’s fourth quarter revenue came in above analysts’ forecast. The S&P 500 gained 1.4%, to settle at 3,585.2. The DJIA rose 1.4%, to settle at 29,479.8, while the NASDAQ added 1%, to close at 11,829.3. .

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Key Metrics

Market Cap

1.15 B

Beta

0.85

Avg. Volume

653.14 K

Shares Outstanding

80.73 M

Yield

1.46%

Public Float

0

Next Earnings Date

2022-08-11

Next Dividend Date

Company Information

Utz manufactures a diverse portfolio of savory snacks under popular brands including Utz®, On The Border®, Zapp’s®, Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and Tortiyahs! ® among others. After nearly a century with strong family heritage, Utz continues to have a passion for exciting and delighting consumers with delicious snack foods made from top-quality ingredients. Utz’s products are distributed nationally and internationally through grocery, mass merchant, club, convenience, drug and other channels. Based in Hanover, Pennsylvania, Utz operates fourteen facilities located in Pennsylvania, Alabama, Arizona, Illinois, Indiana, Louisiana, Washington, and Massachusetts.

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