Mergers and acquisitions are off the table again after DocuSign (DOCU) said late yesterday that talks to find a buyer failed. Management averted a steeper selloff by announcing a job cut of 400 staff, or 6% of its workforce. It will cut mostly sales and marketing jobs.
DocuSign will take a $28 million restructuring charge. The e-signature software market faces substantial competition. The firm has a narrow moat. As a result, the rumored $13 billion buyout did not close.
Ford (F) surprised markets by posting an 18-cent supplemental dividend on top of the 15-cent regular payment. The firm, which is struggling to compete with Tesla (TSLA) in the electric vehicle space, earned 29 cents a share on $46 billion of revenue. For 2024, EBIT from Ford Pro will be $8 billion to $9 billion while Ford Blue will add $7 billion to $7.5 billion.
Popular food firm Chipotle Mexican Grill (CMG) posted revenue growing by 15.6% Y/Y to $2.52 billion. Shares edged higher by 2.6% last night. For the full 2024 year, Chipotle will report comparable restaurant sales growth in the mid-single digit range.
Earnings will move the stocks posting results today. After the market closes, PayPal (PYPL), ARM Holdings (ARM), Disney (DIS), and Paycom (PAYC) are set to report quarterly results.
