Jack in the Box Inc
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Consumer Discretionary : Hotels, Restaurants & Leisure | Small Cap Blend
Company profile

Jack in the Box Inc. is a restaurant company that operates and franchises Jack in the Box quick-service restaurants (QSRs). The Company operates approximately 2,200 Jack in the Box quick-service restaurants, primarily in the western and southern United States, including one in Guam. Jack in the Box is a hamburger chain, which offers a selection of products, including classic burgers such as, Jumbo Jack burgers, and product lines, such as Buttery Jack burgers. It also offers breakfast sandwiches with freshly cracked eggs, tacos, curly fries, egg rolls, specialty sandwiches and real ice cream shakes, among other items. The Company allow its guests to customize meals to their tastes and order any product on the menu when they want it, including breakfast at night, or burgers and chicken in the morning. It also involves the concept of drive-thru restaurants. Its Jack in the Box restaurants have seating capacities, ranging from 20 to 100 people.

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Today's volume of 9,526 shares is on pace to be much lighter than JACK's 10-day average volume of 348,736 shares.


Verizon stock heads for steepest drop in more than two years as inflation and competition hit earnings

11:53 am ET July 22, 2022 (MarketWatch)

By Emily Bary

Results come in the wake of a mixed report from peer AT&T, which lowered its free-cash-flow outlook

Verizon Communications Inc. became the second major U.S. wireless carrier to disappoint with its earnings this week, as the company cut its full-year financial forecast Friday.

Shares were down 6.5% in Friday morning trading and on track to log their largest single-day percentage decline since March 12, 2020, when it dropped 6.6%, according to Dow Jones Market Data. The stock was also on pace for its lowest close since Nov. 15, 2017.

Verizon (VZ) lowered its outlook for the full year and now expects 8.5% to 9.5% wireless service revenue growth as well as $5.10 to $5.25 in earnings per share.

During its first-quarter report, Verizon said that it anticipated coming in toward the "lower end" of the guidance ranges it gave previously for revenue and adjusted earnings per share. Those guidance ranges called for 9% to 10% revenue growth as well as $5.40 to $5.55 in adjusted EPS.

"We believe Verizon is incurring a greater cost of promotions to manage its volume objectives, while inflationary cost pressures are likely greater than we previously anticipated," Citi Research analyst Michael Rollins wrote following the report.

The company logged 12,000 total postpaid phone net additions in the latest quarter but noted that it had 215,000 such wireless losses in its consumer business. Verizon saw consumer wireless retail postpaid phone churn come in at 0.93%.

"The inflationary environment is clearly impacting consumer behavior," Chief Executive Hans Vestberg said on the earnings call, according to a transcript from Sentieo. "And we also saw intensified competition for consumer attention. The result was a significant impact on our gross adds."

He discussed that Verizon "adjusted prices for some legacy metered plans, increasing revenue per plan while motivating step-ups to our unlimited offerings." Vestberg expects such actions to drive "improved performance" later this year and into 2023.

Chief Financial Officer Matt Ellis offered on the call that "the pricing actions already implemented are expected to contribute approximately $1 billion in the second half of 2022" but "this benefit is expected to be offset by the accounting impact of promotional activity and the impact of lower net adds."

MoffettNathanson analyst Craig Moffett commented that Verizon has been taking the "high road" on pricing "by absorbing slower, or even negative, subscriber growth in order to preserve industry economics."

The latest results indicate to him that the strategy isn't working, as the company fell short on profit while cutting the forecast across the board.

"In the wake of AT&T's strong-subscribers-and-poor-free-cash-flow report yesterday, it is clear that Verizon's invitation to the rest of the industry to join them on the high road is falling on deaf ears," he wrote. "Making matters worse is the fact that Verizon's subscribers are self-selected to be the industry's most demanding," prompting questions about whether they'll stick with the network now that T-Mobile US is seen as better positioned in 5G.

The company posted second-quarter net income of $5.32 billion, or $1.24 a share, compared with $5.94 billion, or $1.40 a share, in the year-earlier quarter. On an adjusted basis, Verizon notched earnings per share of $1.31, down from $1.37 a year before, and a penny below the FactSet consensus, which was for $1.32. Verizon said earnings for the latest quarter included a $435 million pre-tax loss from special items.

Verizon's revenue came in at $33.8 billion, roughly flat with a year earlier, whereas analysts tracked by FactSet were modeling $33.7 billion.

The results came after peer AT&T Inc. (T)delivered a mixed report a day earlier. AT&T saw strong growth in its postpaid phone net additions and signaled that pricing changes were having a positive effect, but management also pointed to some changing consumer behaviors in the wake of deteriorating economic conditions, and the company lowered its free-cash flow outlook.

Read: AT&T earnings were 'actually good' despite stock selloff, says analyst

AT&T disclosed that some customers were becoming slower with their phone payments in light of the economy, one factor that contributed to the reduced free-cash forecast. Customers are taking longer to pay, but there hasn't been a "material step-up" relative to before the pandemic, AT&T's investor-relations head Amir Rozwadowski told MarketWatch.

At the same time, AT&T also indicated that wasn't seeing bad-debt expenses materially higher than they were before the pandemic, indicating to management that the company expected customers to still pay their bills even if it was a bit more slowly than AT&T had grown used to during healthier economic times last year.

Verizon handled the question a bit differently when executives were asked if they were observing similar effects to what AT&T highlighted.

"We haven't seen any noticeable change in the payment patterns from customers," Ellis said on the company's earnings call. He added that the patterns were "very much in line with what we were seeing pre-COVID, in fact, slightly better than that time period."

Shares of Verizon have lost 8% over the past three months as the S&P 500 has dropped 6%.

-Emily Bary


(END) Dow Jones Newswires

July 22, 2022 11:53 ET (15:53 GMT)

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