FCAU, AIG earnings hit by coronavirus; Wayfair Q1 EPS better than expected

Yahoo Finance’s Adam Shapiro and Julie Hyman recap the latest earnings from Wayfair, Fiat Chrysler and American International Group.

Video Transcript

JULIE HYMAN: Shares of Wayfair, the online furniture retailer, up more than 20% today. This even after the company's net loss widened in the last quarter. It did still come in ahead of estimates, but coming in at about $289 million. That was the loss.

The company, though, took in 9.9 million orders, which was a 21% increase. And sales overall were up by nearly 20%. Adam, a lot of people home, and obviously they're wanting to spruce up their spaces.

ADAM SHAPIRO: Something else they might want to spruce up is what they keep in the garage. Shares of Fiat Chrysler are trading higher, Julie. Not by much, but that's after the company reported its first quarter earnings and a loss of $1.84 billion.

Revenue fell $22.3 billion year-over-year. Of course, it got plants closed worldwide. And remember, that quarter was really impacted in the last two weeks in March. The adjusted pre-tax earnings were down 95%.

Now they've announced that they intend to restart plants in North America beginning the week of May 18th. This will be a phased-in start up, which could include social distancing. They're going to prioritize, they say at Fiat Chrysler, electrified vehicles, as well as high-margin vehicles and low-inventory vehicles. That usually means SUVs, because the margins on those are much better.

On a bright note-- take it for what it's worth-- they increase their US market share to 13%. And they say they're still committed to closing the merger with France's Groupe PSA. They own Citroen and Peugeot. Julie?

JULIE HYMAN: And we're also watching the insurance giant AIG, Adam. Those shares up about 7%, this even after the company recorded $272 million in coronavirus-related costs. The CEO, Brian Duperrault, said COVID-19 will be the single largest cat loss the industry has ever seen, catastrophe loss associated with that type of coverage.

The company's earnings did miss estimates, and it withdrew its guidance. However, it says it sees continued improvement in its property and casualty business. The shares had been down more than 50% this year going into the report. So seeing a bit of a rebound today.