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Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) adding 0.1% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.5%.In corporate news, Starbucks (SBUX) is allotting $1 billion to improve its stores' interiors aiming to lure back customers and make them stay longer, the Financial Times reported, citing company senior vice president Dawn Clark. About 1,500 renovations will be done by the end of September, and the program will be expanded in the coming years to include 8,000 or 9,000 of over 11,000 company-operated stores in North America, the Times cited the company's CEO Brian Niccol as saying. Starbucks shares were down 0.9%.Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal Q2 earnings and revenue. Its shares still fell past 4%.Walmart (WMT) is expanding its delivery service with the addition of Papa John's International (PZZA), Bloomberg reported. The companies' delivery partnership is set to start in the coming weeks, initially in select markets before expanding to thousands of Papa John's locations in the US, the report said. Walmart shares shed 0.1%, and Papa John's declined 0.5%.Ford Motor (F) plans to invest $1 billion on a new paint shop at its Kentucky Truck Plant in Louisville, the company's largest and highest-revenue US manufacturing plant. Ford shares rose 3.3%.

$F$M$PZZA$SBUX$WMT
Sectors

Sector Update: Consumer Stocks Mixed Thursday Afternoon

Consumer stocks were mixed Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) adding 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) decreasing 0.2%.In corporate news, Macy's (M) lifted its full-year outlook on Thursday as the department store operator reported higher-than-expected fiscal Q2 earnings and revenue. Its shares still fell past 4%.Walmart (WMT) is expanding its delivery service with the addition of Papa John's International (PZZA), Bloomberg reported. The companies' delivery partnership is set to start in the coming weeks, initially in select markets before expanding to thousands of Papa John's locations in the US, the report said. Walmart shares rose 0.2%, and Papa John's added 0.7%.Grab (GRAB) is in talks to potentially acquire a majority interest in Singapore-based buy-now-pay-later firm Atome Financial, Bloomberg reported. The acquisition could price Atome at over $2 billion, the report said. Grab shares were shedding 0.2%.

$GRAB$M$PZZA$WMT
Wire

Market Chatter: Walmart Adds Papa John's to Restaurant Delivery Service

Walmart (WMT) is expanding its delivery service with the addition of Papa John's International (PZZA), Bloomberg reported Thursday.The companies' delivery partnership is set to start in the coming weeks, initially in select markets before expanding to thousands of Papa John's locations in the US, according to the report.Walmart and Papa John's International did not immediately respond to' requests for comments.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $106.35, Change: $+0.52, Percent Change: +0.49%

$PZZA$WMT
Research

Benchmark Downgrades Papa John's International to Hold From Buy

Papa John's International (PZZA) has an average rating of overweight and mean price target of $37.36, according to analysts polled by FactSet.

$PZZA
Research

Stephens Downgrades Papa John's International to Equalweight From Overweight, Adjusts PT to $24 From $38

Papa John's International (PZZA) has an average rating of overweight and mean price target of $32.64, according to analysts polled by FactSet.

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Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) decreasing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.5%.In sector news, the US Federal Communications Commission said Thursday it has voted to repeal the 39% national television multiple ownership rule and replace it with a case-by-case review. Under the case-by-case approach, the commission can analyze factors related to localism, viewpoint diversity, and competition and apply them in the context of a specific transaction, the FCC said.In corporate news, Papa John's International (PZZA) shares fell past 17% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.Fox's (FOX, FOXA) fiscal Q4 results topped Wall Street's estimates as broad advertising strength from the FIFA Men's World Cup, along with growing streaming momentum at Tubi and Fox One drove top-line growth. The company's Class A and Class B shares climbed past 5%.Warner Bros. Discovery (WBD) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 2%.

$FOX$FOXA$PZZA$QSR$WBD
Papa John's Cuts Sales Outlook, Suspends Dividend Amid Weak North America Demand; Shares Sink
US Markets

Papa John's Cuts Sales Outlook, Suspends Dividend Amid Weak North America Demand; Shares Sink

Papa John's International's (PZZA) shares slumped Thursday after the company lowered its full-year sales forecast and suspended its dividend amid weakness in its North American business.The pizza restaurant operator now expects global system-wide restaurant sales to fall 2% to 4% this year, down from its prior outlook range of flat to down low-single-digits. North America comparable sales are now seen declining 6% to 8%, compared with the company's previous guidance of down 2% to 4%. For international comparable sales, Papa John's expects growth of 1% to 3%, down from its earlier range of a 2% to 4% increase.The company's board has decided to suspend its quarterly dividend starting in the third quarter to shift capital allocation towards its transformation strategy acceleration, it said in an earnings release.Addressing ongoing media speculations regarding a potential sale, Papa John's Chief Executive Todd Penegor said the pizza chain wasn't interested in selling itself following a strategic review. "We believe it is in the best interest of the company and all of our shareholders to focus 100% of our attention on Papa John's transformation," Penegor said on an earnings conference call Thursday, according to a FactSet transcript.The company's plunged nearly 16% in afternoon trade, bringing its year-to-date losses to 35%.Revenue for the quarter ended June 28 decreased 8.8% year over year to $482.4 million, compared with the FactSet-polled consensus of $481.2 million. Adjusted earnings rose to $0.46 a share from $0.41 a year earlier, versus Wall Street's $0.45 views.Global system-wide restaurant sales fell 4.8%, driven by lower North America comparable sales and a decline in global net restaurants on a trailing 12-month basis, which outweighed gains in international comparable sales, the company said in the release."Second-quarter results reflected continued momentum in our international business, where we delivered our seventh consecutive quarter of positive comparable sales, and ongoing headwinds in North America, driven by the softer consumer environment, lower order volumes, and a highly promotional (quick-service restaurant) marketplace," Penegor said in the release.Separately, Papa John's said it appointed Chris Lyn-Sue as global chief marketing officer and John Matter to the newly created role of global chief development officer.Also on Thursday, Restaurant Brands International (QSR) posted better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King across domestic and international markets.Recently, Domino's Pizza (DPZ) reported fiscal second-quarter revenue above market estimates, while KFC parent Yum Brands (YUM) logged stronger-than-expected earnings.Price: $24.60, Change: $-5.15, Percent Change: -17.31%

$DPZ$PZZA$QSR$YUM
Sectors

Sector Update: Consumer Stocks Decline Thursday Afternoon

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each decreasing 0.6%.In sector news, the US Federal Communications Commission has voted 2-1 to remove a restriction that limits companies from owning broadcast TV stations reaching more than 39% of TV households, Deadline reported Thursday. The move faces a potential court challenge, amid warnings that only Congress has the authority to remove the restriction, according to the report. FCC Chairman Brendan Carr has said that the cap removal is essential for providing relief for local broadcasters by restoring a counterbalance against growing leverage of national programmers.In corporate news, Papa John's International (PZZA) shares fell past 15% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.Restaurant Brands International (QSR) reported better-than-expected Q2 earnings on Thursday amid strong comparable sales growth at Burger King across domestic and international markets. Its shares were still down 2.3%.Warner Bros. Discovery (WBD) reported a surprise Q2 profit on Thursday amid double-digit revenue growth in its streaming segment, while the media and entertainment giant secured regulatory approval in the UK for its proposed acquisition by Paramount Skydance (PSKY). Warner Bros. shares rose 1.8%.

$PZZA$QSR$WBD
Sectors

Sector Update: Consumer

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) each decreasing 0.6%.In corporate news, Papa John's International (PZZA) shares fell past 16% after it cut its 2026 global systemwide restaurant sales outlook, overshadowing better-than-expected quarterly results despite lower revenue.

$PZZA
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.8% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.1%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 1.7%, and Warner Bros. climbed 2.4%.Casey's General Stores (CASY) shares gained 4.1% after Northcoast Research upgraded the stock to buy from neutral with a price target of $950 per share.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 0.8%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 0.3%.

$CASY$NYT$PSKY$PZZA$WBD
Sectors

Sector Update: Consumer Stocks Mixed in Afternoon Trading

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.8%.In corporate news, Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) are facing a lawsuit from California Attorney General Rob Bonta led coalition of 12 state attorneys general seeking to block the companies' proposed $110 billion merger deal, the AG said. Paramount shares were up 2%, and Warner Bros. climbed 3%.Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 1%.New York Times (NYT) reporters were subpoenaed by the Trump administration as part of a leak investigation tied to the newspaper's reporting on security concerns involving a Qatari-gifted Air Force One aircraft, The Wall Street Journal reported. According to the report, four New York Times reporters were subpoenaed after the newspaper reported that President Donald Trump returned from Turkey on an older Air Force One over security concerns involving the Qatari-gifted jet. New York Times shares were up 1.2%.

$NYT$PSKY$PZZA$WBD
Sectors

Sector Update: Consumer

Consumer stocks were mixed Monday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 0.8%.In corporate news, Papa John's (PZZA) CFO's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note. Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at American Eagle Outfitters (AEO). BofA downgraded Papa John's rating to underperform from neutral and decreased the price target to $34 from $42. Papa John's shares were down 1%.

$PZZA
Papa John's CFO Departure Suggests Sharp Turnaround Not Imminent, BofA Says
US Markets

Papa John's CFO Departure Suggests Sharp Turnaround Not Imminent, BofA Says

Papa John's International's (PZZA) chief financial officer's departure likely suggests a sharp operational turnaround is unlikely in the near term at the pizza chain, BofA Securities said in a note Monday.Last month, Papa John's appointed Chris Collins as interim finance chief, replacing Ravi Thanawala, who will take on the CFO role at apparel retailer American Eagle Outfitters (AEO)."We think it's unlikely (Thanawala) would have left his post after less than three years if he believed a sharp turnaround were imminent," BofA analysts Sara Senatore and Grace Nguyen said.The brokerage downgraded its rating on Papa John's stock to underperform from neutral and decreased the price target on the company's shares to $34 from $42.Papa John's global comparable sales fell 4% in the first quarter, driven by weakness in North America. In May, the company set its full-year global system-wide restaurant sales outlook at flat to down low single-digits, with North American comparable sales projected to decline 2% to 4%."The disruption that comes with management turnover -- particularly at a time when Papa John's is trying to execute a turnaround -- may translate into less earnings predictability," Senatore and Nguyen said.BofA said competitive intensity in the pizza segment has risen, allowing larger operators such as Domino's Pizza (DPZ) to achieve lower costs and better unit economics, particularly in challenging operating environments."We believe the pizza segment's competitive intensity stepped up further in (second quarter) and high frequency data suggest Papa John's sales growth was largely unchanged through the quarter, despite a Toy Story 5 tie-in launched in late May," Senatore and Nguyen added.Papa John's is scheduled to report second-quarter results Aug. 6.The brokerage now projects Papa John's North American same-store sales to decline 6.7% for the second quarter, compared with a 6.4% drop previously expected.For 2026, BofA lowered its revenue forecast to $1.88 billion from $1.89 billion and cut the earnings-per-share projection to $1.65 from $1.87.Papa John's stock dropped 0.6% in Monday trade, and has fallen nearly 14% this year.Price: $33.12, Change: $-0.37, Percent Change: -1.10%

$PZZA
Wire

Papa John's May See Increased Near-Term Uncertainty Due to Recent CFO Departure, BofA Securities Says

Papa John's International (PZZA) may see increased near-term uncertainty due to the recent departure of Ravi Thanawala as the company's chief financial officer, particularly at a time when Papa John's is trying to execute a turnaround, BofA Securities said in a Monday note.With competition intensifying in the pizza segment, BofA said it is lowering its Q2 same-store sales estimate to -6.7% from -6.4% for the North America segment and to 2.5% from 3.5% for the international segment.BofA also cut its adjusted EBIDA estimate to $199 million from $204 million previously, compared with full-year guidance of $200 million to $210 million.BofA lowered its rating on the company's stock to underperform from neutral and adjusted its price target to $34 from $42.Price: $32.52, Change: $-0.97, Percent Change: -2.91%

$PZZA
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Monday

Consumer stocks were mixed premarket Monday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) advancing 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) retreating 0.5%.Nio (NIO) shares were up more than 1% pre-bell after Goldman Sachs upgraded the company to buy from neutral and lifted its price target to $7 from $6.60.MGM Resorts International (MGM) stock was 2.5% higher after a nearly 1% gain at the prior close. The Wall Street Journal reported late Friday that the company is evaluating a takeover proposal from billionaire investor Barry Diller after the company's board formed a special committee and hired advisers to review the offer.Papa John's International (PZZA) shares declined by 1.9% after BofA Securities downgraded the company to underperform from neutral.

$MGM$NIO$PZZA$XLP$XLY
Research

BofA Securities Downgrades Papa John's International to Underperform From Neutral, Price Target is $34

Papa John's International (PZZA) has an average rating of overweight and mean price target of $37.36, according to analysts polled by FactSet.

$PZZA
Sectors

Sector Update: Consumer Stocks Mixed Thursday Afternoon

Consumer stocks were mixed Thursday afternoon with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 1.1%.In corporate news, Rivian Automotive (RIVN) raised delivery projections for this year after the EV manufacturer's Q2 numbers exceeded expectations. Ford (F) reported a 10% drop in new US vehicle sales from a year earlier. Rivian shares jumped 7.5%, while Ford fell 2.7%.Tesla (TSLA) delivered 480,126 vehicles in Q2, up 25% from a year earlier. Model 3/Y deliveries rose to 467,762 vehicles from 373,728. Tesla shares still slumped 8.1%.American Eagle Outfitters (AEO) named Papa John's International (PZZA) Chief Financial Officer Ravi Thanawala as its finance chief, succeeding Mike Mathias, who will shift to a strategic advisory role. American Eagle shares fell 5.1%, and Papa John's shed 0.8%.

$AEO$F$PZZA$RIVN$TSLA
American Eagle Outfitters Names Papa John's Finance Chief as New CFO
US Markets

American Eagle Outfitters Names Papa John's Finance Chief as New CFO

American Eagle Outfitters (AEO) named Papa John's International (PZZA) Chief Financial Officer Ravi Thanawala as its finance chief, succeeding Mike Mathias, who will transition to a strategic advisory role.Thanawala will assume the role effective Aug. 3, the clothing retailer said late Wednesday. Mathias, who has served with the company for 25 years, will become a full-time non-executive strategic advisor to American Eagle Chief Executive Jay Schottenstein."We are pleased to welcome Ravi Thanawala to the executive team," Schottenstein said in a statement. "His extensive retail background, dynamic leadership style and proven track record of delivering operational excellence for consumer-facing brands will position us well for long-term success."Mathias will collaborate closely with Thanawala through the rest of American Eagle's 2026 fiscal year and continue supporting Schottenstein through July 30, 2027.Before joining Papa John's in 2023, Thanawala served as CFO of Nike (NKE) North America and previously held finance leadership positions at Converse and ANN. Thanawala also served as Papa John's interim CEO from March 2024 to August 2024.In a separate statement, Papa John's said Chris Collins, senior vice president of corporate finance, has been appointed interim chief financial officer, effective immediately.The pizza chain has begun a search for a permanent CFO, while Thanawala will remain in an advisory capacity through July 31 to support a smooth transition.Shares of Papa John's edged down 0.2% in the most recent premarket activity, while American Eagle declined 1%."Chris is a proven finance leader with deep knowledge of the company and the opportunities we are pursuing to maximize shareholder value," Papa John's CEO Todd Penegor said. "I am confident that Chris's support in this interim role along with our talented team will enable continued execution on our transformation priorities."Additionally, Marc Richard has assumed responsibility for all Papa John's North America operations, including those previously overseen by Thanawala in his role as President. Richard currently serves as senior vice president of North America operations.American Eagle also reiterated its second-quarter and full-year outlook issued in May. The guidance included mid-to-high-single-digit growth in comparable sales for the second quarter and a mid-single-digit increase for the metric in fiscal 2026."I am excited to partner with Jay and leadership to accelerate long-term strategic initiatives, maintain financial discipline and unlock new avenues for profitable growth that will help to maximize value for our shareholders," Thanawala said.

$AEO$NKE$PZZA
Wire

Papa John's Names Chris Collins as Interim CFO

Papa John's International (PZZA) said late Tuesday that Chris Collins, its senior vice president of corporate finance and principal accounting officer, has been appointed to take the additional role as interim chief financial officer, starting immediately.Collins succeeds Ravi Thanawala, who is exiting Papa John's to assume a CFO role at another public company. Thanawala will be available to Papa John's in an advisory capacity until July 31 to support a smooth transition, the company said.Marc Richard, the company's senior vice president of North America Operations, has assumed responsibility for all North America operations, including those overseen by Thanawala as president, according to a statement.The company said it has commenced the search for a permanent CFO.

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Research

Research Alert: CFRA Lowers Opinion On Shares Of Papa John's International To Hold From Buy

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lower our 12-month target by $4 to $35, 19x our 2026 EPS estimate (down from 20x), a discount to its 26x five-year average justified by competitive headwinds in the pizza quick service restaurant (QSR) industry. We lower our 2026 EPS estimate to $1.83 from $1.94 and 2027's to $2.35 from $2.37. Following Q1 results that included a disappointing performance in North America comp growth (-6.4%), we are lowering our opinion to Hold from Buy. Our previous thesis rested upon the potential for PZZA to translate improvements in its loyalty program, menu, and sales channels into more sustainable comp growth. However, momentum seen in 1H 2025 has faded. In our view, the company's plan to close 300 North American store locations highlights competitive pressures from pizza QSR peers. As a result, PZZA's margin and free cash flow profile have deteriorated more than we thought. Our new Hold opinion contemplates comp momentum in international markets, which is offsetting North American underperformance.

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