Diageo (NYSE:DEO) reported its shares took off like a Saturn rocket early Thursday.
The spirits maker pulled its 2020 sales and profit forecast, and also suspended its $5.6-billion stock buyback program. However, the company did say it would pay its April dividend as planned.
At the start of the outbreak, Diageo issued a news release, saying “The safety of our people remains our highest priority. We have stringent safety protocols across all sites, including heightened sanitation measures and restrictions on movement to and from our sites and all employees who can work from home are doing so.”
In mainland China, Diageo said it's beginning to see a very slow return of on-trade consumption.
Diageo pulls its sales and profit guidance due to the uncertainty created by the pandemic.
DEO shares jumped $3.80, or nearly 3%, to $131.46, in Thursday’s first hour.
