Earnings Snapshot: CrowdStrike (CRWD) beats Q4 estimates, but weak outlook weighs on stock. (00:23) TikTok (BDNCE) looks to expand local services in the US; buys shares from American workers at higher price. (01:12) Disney (DIS) to slash 6% jobs across ABC News, Disney Entertainment Networks as it focuses on core business - report. (02:33)Episode transcripts seekingalpha.com/wsb.Show links: Biggest stock movers Wednesday: CRWD, AVAV, and moreSEALSQ stock climbs as co reveals $93M sales pipeline, increasing adoption of quantum-resistant techTrump defends tariffs after markets close significantly downGoogle urges DOJ to avoid breaking up company - reportSign up for our daily newsletter here and for full access to analyst ratings, stock quant scores, dividend grades, subscribe to Seeking Alpha Premium at seekingalpha.com/subscriptions.
Chapter 1: What are the latest updates on CrowdStrike's earnings?
Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Wednesday, March 5th. I'm Julie Morgan. CrowdStrike beats estimates but is still down in pre-market action. Disney is letting more workers go, but TikTok is hiring. CrowdStrike is down 9% in pre-market trading.
Chapter 2: Why did CrowdStrike's stock slip despite beating estimates?
Shares fell despite beating Q4 estimates as its guidance disappointed investors. The company forecast Q1 fiscal year 26 revenue of $1.10 to $1.11 billion, aligning with the $1.10 billion estimate. But its adjusted EPS projection of $0.64 to $0.66 falls well below the $0.95 consensus.
For the full year, CrowdStrike expects revenue of $4.74 to $4.81 billion, with the midpoint slightly below the $4.78 billion forecast. While its adjusted EPS outlook of $3.33 to $3.45 lacks nearly 25% behind the $4.43 consensus. TikTok is reportedly eyeing an expansion of its local services business to the U.S.
Chapter 3: How is TikTok planning to expand its local services in the US?
Axios reported this on Tuesday, citing job postings and sources familiar with the company's plans. Last year, it began testing with local services in Southeast Asia, like Singapore and Indonesia. The program lets creators give vouchers for places like restaurants and hotels.
Chapter 4: What does TikTok's hiring strategy indicate about its future plans?
According to the jobs posted on its website, TikTok is currently hiring people based in Seattle, Los Angeles, and New York to evaluate opportunities to connect local merchants and vendors with TikTok creators and users. One listing shows that the immediate focus will be on top local services partners and travel to further accelerate service offerings on TikTok.
Other listings were to onboard lifestyle creators for food and travel to help drive local services adoption and monetization opportunities. In a separate report, sources told Reuters on Tuesday that TikTok's parent company ByteDance is offering to buy back shares from its U.S. employees at a higher valuation under a new repurchase program. ByteDance is offering $189.90 per share to its U.S.
Chapter 5: How is ByteDance supporting its US employees with a share buyback program?
employees, up 11% from a year ago and up $181 per share from six months ago. Disney is planning to reduce its total workforce by 6%, impacting almost 200 positions at ABC and Disney Entertainment Networks.
Chapter 6: Why is Disney reducing its workforce by 6%?
The Wall Street Journal reported, citing people with knowledge of the matter, that this move is part of a broader restructuring effort within the company, as it focuses on core businesses with more spending on sports and entertainment content. As for ABC News, Nightline and 2020 will be combined into a single unit.
Three hours of Good Morning America will now be overseen by a single individual, whereas the third hour previously had its own production team. ABC is also getting rid of FiveThirtyEight, a political data-driven news website with roughly 15 staff members. The Disney Entertainment Network's unit will also see staff reductions in program planning and scheduling.
These layoffs are being announced to employees starting as early as today. Now let's take a look at what's trending on Seeking Alpha at this early hour. Seals SQ climbs as the company reveals a $93 million sales pipeline, increasing adoption of quantum-resistant tech. By the way, Seals SQ is on our list of the biggest movers of the day pre-market.
President Trump defends tariffs after markets close significantly down. And Google urges the DOJ to avoid breaking up the company, according to a report. On our Catalyst Watch for the Day, notable investor events include Logitech's Analyst and Investor Day, Waters Corporation's Investor Day, and Invista Holdings Corporation Capital Markets Day.
Meta's Chief Product Officer Chris Cox will participate at the Morgan Stanley Technology Media and Telecom Conference. And Shopify will participate in a fireside chat at that same conference. Now let's take a look at the markets today ahead of the opening bell. Dow S&P and Nasdaq futures are in the green. Crude oil is down 1.7% to $67 a barrel. Bitcoin is up 7.1% at $89,000.
In the world markets, the FTSE 100 is up 0.6% and the DAX is up 3.4%. AeroVironment is on our list of the biggest movers of the day pre-market. AVAV is down 19%. Shares plunged as fiscal Q3 results missed expectations, with revenue falling 10% year-over-year. Management attributed the shortfall to operational disruptions caused by wildfires and high winds in Southern California.
On today's economic calendar, at 8.15 a.m., the ADP jobs report, and at 9.45 a.m., PMI composite final. That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at SeekingAlpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.
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