Guidance Updates and Withdrawals Sharply Increase as Pandemic Spreads

As COVID-19 spread rapidly affecting countries across the globe, company commentary on the virus’ widespread impact showed a drastic increase. What at first seemed to be an isolated issue, quickly started to affect every industry and management responses ranged from holding their guidance, to stating uncertainty and refusing to comment, or adjusting or withdrawing previous positions entirely. To understand which companies have been commenting on guidance and what positions they’ve taken overtime, take a look at company commentary we’ve compiled below.

AS Blog Coronavirus Guidance Chart Update3


  • Companies have been withdrawing guidance since February with a huge spike beginning in mid-March
  • The pace of commentary quickened on March 9th due to major airlines and travel sites pulling guidance within a few days of each other
  • A surge in withdrawals occurred at the end of March heading into earnings season and the trend continues with new withdrawals surfacing each week as the Q1 season continues

AS Blog Coronavirus Guidance PieChart


  • Industrials companies provide services across every industry and represent the largest percentage of withdrawals at nearly 23%
  • With stores closed, unprecedented unemployment and the beginnings of a recession with low consumer demand, Consumer Discretionary brands account for 18% of withdrawals

AlphaSense can track management commentary on guidance in real-time across the entire market, by industry, or watchlist. We expect this to be an interesting theme to track as Q1 earnings season continues. Start your free trial of AlphaSense now or login to your account. 

Note: Adjustments status accounts for companies calling wider than normal guidance and commenting on lowered expectations without guiding to a certain range

Company Sector Date Status
3M Industrials 4/28 Withdraw
Alexandria Real Estate Holdings Real Estate 4/28 Adjustments
Corning Inc Information Technology 4/28 Withdraw
Iqvia Holdings Healthcare 4/28 Adjustments
Merck & Co Healthcare 4/28 Adjustments
Novartis Healthcare 4/28 Hold
Pfizer Healthcare 4/28 Adjustments
SiriusXM Communication Services 4/28 Withdraw
TE Connectivity Information Technology 4/28 Withdraw
Universal Health Services Healthcare 4/28 Withdraw
UPS Industrials 4/28 Withdraw
Waters Corporation Healthcare 4/28 Withdraw
Yandex Communication Services 4/28 Withdraw
Zebra Technologies Information Technology 4/28 Withdraw
Verizon Communication Services 4/24 Withdraw
Air Products and Chemicals, Inc. Materials 4/23 Withdraw
Arca Continental SAB de CV Consumer Staples 4/23 Withdraw
Discover Financial Services Financials 4/23 Withdraw
Edenred SA Information Technology 4/23 Withdraw
Eli Lilly Healthcare 4/23 Adjustments
Gecina SA Real Estate 4/23 Withdraw
Pool Corp Consumer Discretionary 4/23 Adjustments
PulteGroup, Inc. Consumer Discretionary 4/23 Withdraw
Renault SA Industrials 4/23 Withdraw
SVB Financial Group Financials 4/23 Withdraw
Unilever PLC Consumer Staples 4/23 Withdraw
Verisign Information Technology 4/23 Adjustments
W.W. Grainger, Inc. Industrials 4/23 Withdraw
XPO Logistics, Inc. Industrials 4/23 Withdraw
Akzo Nobel N.V. Materials 4/22 Withdraw
Amphenol Corporation Information Technology 4/22 Withdraw
ICON Plc Healthcare 4/22 Withdraw
Ingenico Group SA Information Technology 4/22 Withdraw
Ipsen SA Healthcare 4/22 Withdraw
Kimberly-Clark Corporation Consumer Staples 4/22 Withdraw
Knight-Swift Transportation Holdings Inc. Industrials 4/22 Withdraw
O’Reilly Automotive, Inc. Industrials 4/22 Withdraw
Quest Diagnostics Incorporated Healthcare 4/22 Withdraw
Rogers Communications Inc. Communication Services 4/22 Withdraw
Sun Communities, Inc. Real Estate 4/22 Withdraw
Atos SE Information Technology 4/21 Withdraw
Carlisle Companies Incorporated Industrials 4/21 Withdraw
Chipotle Mexican Grill, Inc. Consumer Discretionary 4/21 Withdraw
Dover Corp Industrials 4/21 Withdraw
Emerson Electric Energy 4/21 Adjustments
Entegris, Inc. Information Technology 4/21 Withdraw
Equity LifeStyle Properties, Inc. Real Estate 4/21 Withdraw
Hannover Ruck SE Financials 4/21 Withdraw
HCA Healthcare Inc Healthcare 4/21 Withdraw
Lockheed Martin Industrials 4/21 Adjustments
Lyft Inc Industrials 4/21 Withdraw
Philip Moris Consumer Staples 4/21 Adjustments
Sartorious Healthcare 4/21 Adjustments
Synchrony Financial Financials 4/21 Withdraw
Talanx AG Financials 4/21 Withdraw
Dupont de Nemours Materials 4/20 Withdraw
Equifax Inc Industrials 4/20 Withdraw
IBM Information Technology 4/20 Withdraw
JM Smucker Consumer Staples 4/20 Adjustments
Vale SA Materials 4/20 Withdraw
Vereit Real Estate 4/20 Withdraw
Kansas City Southern Industrials 4/17 Withdraw
Welltower Real Estate 4/17 Withdraw
Abbott Healthcare 4/16 Withdraw
Audi Industrials 4/16 Withdraw
Barratt Developments PLC Consumer Discretionary 4/16 Withdraw
Biomerieux Healthcare 4/16 Withdraw
CDW Information Technology 4/16 Withdraw
Encompass Health Healthcare 4/16 Withdraw
KeyCorp Financials 4/16 Withdraw
Porsche Industrials 4/16 Withdraw
Sonoco Materials 4/16 Withdraw
Uber Industrials 4/16 Withdraw
Vici Properties Real Estate 4/16 Withdraw
Volkswagen Industrials 4/16 Withdraw
Camden Property Trust Real Estate 4/15 Withdraw
Hubbel Incorporated Industrials 4/15 Withdraw
Howmet Aerospace Industrials 4/14 Withdraw
Agilent Technologies Healthcare 4/13 Withdraw
Danaher Corporation Healthcare 4/13 Withdraw
Dentsply Sirona Healthcare 4/13 Withdraw
FIS Information Technology 4/13 Withdraw
Mettler-Toledo International Healthcare 4/13 Withdraw
Roku Communication Services 4/13 Withdraw
Advance Auto Parts Consumer Discretionary 4/10 Withdraw
Santander USA Financials 4/10 Withdraw
Allegion Industrials 4/9 Withdraw
Diageo Consumer Discretionary 4/9 Withdraw
EPAM Information Technology 4/9 Withdraw
FactSet Financials 4/9 Hold
GE Industrials 4/9 Withdraw
George Weston Consumer Staples 4/9 Withdraw
Realty Income Real Estate 4/9 Withdraw
Shaw Communications Communication Services 4/9 Withdraw
Solvay Materials 4/9 Withdraw
Heineken Consumer Staples 4/8 Withdraw
Intuitive Surgical Healthcare 4/8 Withdraw
Masco Industrials 4/8 Withdraw
McDonald’s Consumer Discretionary 4/8 Withdraw
SAP Information Technology 4/8 Adjustments
Starbuck’s Consumer Discretionary 4/8 Withdraw
Alcon Healthcare 4/7 Withdraw
Ally Financial Financials 4/7 Withdraw
Deutsche Post Industrials 4/7 Withdraw
Henkel AG Consumer Staples 4/7 Withdraw
Hologic Healthcare 4/7 Withdraw
Pinterest Communication Services 4/7 Withdraw
Tractor Supply Consumer Discretionary 4/7 Withdraw
Genuine Parts Consumer Discretionary 4/6 Withdraw
Global Payments Inc Information Technology 4/6 Withdraw
Henry Schein Healthcare 4/6 Withdraw
HP Information Technology 4/6 Uncertain
Origin Energy Energy 4/6 Hold
Penumbra Healthcare 4/6 Withdraw
Rolls Royce Industrials 4/6 Withdraw
Sage Group Information Technology 4/6 Uncertain
Smiths Group Industrials 4/6 Withdraw
Thermo Fischer Scientific Healthcare 4/6 Withdraw
Zimmer Biomet Healthcare 4/6 Withdraw
Bae Systems Industrials 4/3 Uncertain
Carrier Industrials 4/3 Withdraw
Iqvia Healthcare 4/3 Adjustments
RTL Group Communication Services 4/3 Withdraw
Service Corp International Consumer Discretionary 4/3 Withdraw
Beiersdorf Consumer Staples 4/2 Withdraw
Bunzl Industrials 4/2 Withdraw
Etsy Consumer Discretionary 4/2 Withdraw
GoDaddy Information Technology 4/2 Withdraw
National Grid Utilities 4/2 Hold
Stanley Black & Decker Industrials 4/2 Withdraw
Textron Industrials 4/2 Withdraw
Transdigm Group Industrials 4/2 Withdraw
Buoygues Industrials 4/1 Withdraw
Continental AG Industrials 4/1 Withdraw
Dollarama Consumer Discretionary 4/1 Withdraw
Kinross Gold Materials 4/1 Withdraw
Kroger Co Consumer Staples 4/1 Hold
Lamb Weston Consumer Staples 4/1 Withdraw
Masimo Corp Healthcare 4/1 Uncertain
Shopify Information Technology 4/1 Withdraw
T-Mobile Communication Services 4/1 Withdraw
Wheaton Precious Metals Materials 4/1 Withdraw
Conagra Consumer Staples 3/31 Adjustments
Dollar Tree Consumer Discretionary 3/31 Withdraw
Imperial Oil Energy 3/31 Adjustments
McCormick Consumer Staples 3/31 Withdraw
Munich Re Financials 3/31 Withdraw
Quest Diagnostics Incorporated Healthcare 3/31 Withdraw
Stryker Healthcare 3/31 Withdraw
WPP Communication Services 3/31 Withdraw
Xylem Industrials 3/31 Withdraw
Abb Ltd Industrials 3/30 Uncertain
ASML Information Technology 3/30 Uncertain
Boston Scientific Healthcare 3/30 Withdraw
CNH Industrials Industrials 3/30 Withdraw
Domino’s Pizza, Inc. Consumer Discretionary 3/30 Withdraw
Melrose Industries Industrials 3/30 Uncertain
NetApp Information Technology 3/30 Withdraw
Regency Centers Real Estate 3/30 Withdraw
Restaurant Brands International Consumer Discretionary 3/30 Uncertain
Smith & Nephew Healthcare 3/30 Uncertain
The Crypto Company Information Technology 3/30 Uncertain
Toro Co Industrials 3/30 Withdraw
UPM Materials 3/30 Withdraw
QBE Insurance Financials 3/29 Withdraw
Brookfield Asset Management Financials 3/27 Uncertain
Bruker Healthcare 3/27 Withdraw
CenturyLink Communication Services 3/27 Uncertain
EssilorLuxxotica Consumer Discretionary 3/27 Withdraw
Molson Coors Consumer Staples 3/27 Withdraw
TJX Consumer Discretionary 3/27 Withdraw
Vertex Healthcare 3/27 Hold
ViacomCBS Communication Services 3/27 Withdraw
Western Union Information Technology 3/27 Withdraw
Analog Devices Information Technology 3/26 Withdraw
Caterpillar Industrials 3/26 Withdraw
CSX Corp Industrials 3/26 Uncertain
Dell Information Technology 3/26 Withdraw
Dexus Real Estate 3/26 Withdraw
EcoLab Materials 3/26 Uncertain
FactSet Financials 3/26 Uncertain
Fairfax Financial Holdings Financials 3/26 Withdraw
Gaming & Leisure Properties Real Estate 3/26 Withdraw
Huazhu Group Consumer Discretionary 3/26 Uncertain
Infineon Information Technology 3/26 Withdraw
Interpublic Group of Companies Inc Communication Services 3/26 Withdraw
Kion group Industrials 3/26 Uncertain
Lear Corp Consumer Discretionary 3/26 Withdraw
LKQ Corp Consumer Discretionary 3/26 Withdraw
Lululemon Consumer Discretionary 3/26 Withdraw
Magna International Consumer Discretionary 3/26 Withdraw
MTU Aero Engines Industrials 3/26 Withdraw
Novo Nordisk Healthcare 3/26 Hold
Paychex Inc Information Technology 3/26 Adjustments
Rogers Communications Inc. Communication Services 3/26 Uncertain
Scout24 AG Communication Services 3/26 Withdraw
South32 Materials 3/26 Withdraw
Splunk Information Technology 3/26 Uncertain
Telia Communication Services 3/26 Uncertain
Ugi Corp Utilities 3/26 Uncertain
Umicore Materials 3/26 Withdraw
VMWare Information Technology 3/26 Withdraw
Anhueser Busch Inbev Consumer Staples 3/25 Withdraw
AvalonBay Communities Real Estate 3/25 Withdraw
Federal Realty Investment Trust Real Estate 3/25 Withdraw
McDonald’s Consumer Discretionary 3/25 Uncertain
Mid America Apartment Communities Real Estate 3/25 Withdraw
Nike Consumer Discretionary 3/25 Uncertain
Omnicom Communication Services 3/25 Uncertain
SunPower Corp Information Technology 3/25 Withdraw
Whirlpool Consumer Discretionary 3/25 Withdraw
Ablemarle Materials 3/24 Uncertain
Agnico Eagle Mines Materials 3/24 Withdraw
Ambev Consumer Staples 3/24 Withdraw
Chevron Energy 3/24 Adjustments
Elanco Healthcare 3/24 Withdraw
GM Industrials 3/24 Withdraw
IHS Markit Industrials 3/24 Adjustments
Mastercard Financials 3/24 Withdraw
PACCAR Industrials 3/24 Adjustments
Square Financials 3/24 Withdraw
Suncor Energy 3/24 Adjustments
Airbus SE Industrials 3/23 Withdraw
Applied Materials Information Technology 3/23 Withdraw
Aptiv Consumer Discretionary 3/23 Withdraw
Axel Springer SE Communication Services 3/23 Withdraw
Bell Communication Services 3/23 Uncertain
Best Buy Consumer Discretionary 3/23 Withdraw
Coca-cola Consumer Staples 3/23 Withdraw
Cummins Industrials 3/23 Withdraw
Deere & Co Industrials 3/23 Withdraw
Eli Lilly Healthcare 3/23 Hold
Newmont Materials 3/23 Withdraw
Saint-Gobain Industrials 3/23 Withdraw
Thermo Fischer Scientific Healthcare 3/23 Uncertain
Traton SE Industrials 3/23 Withdraw
Twitter Information Technology 3/23 Withdraw
Unibail-Rodamco Real Estate 3/23 Withdraw
VF Corp Consumer Discretionary 3/23 Withdraw
AT&T Communication Services 3/20 Uncertain
BMW Consumer Discretionary 3/20 Adjustments
Maersk Industrials 3/20 Withdraw
RPM Materials 3/20 Withdraw
Sysco Consumer Staples 3/20 Withdraw
Burlington Stores Consumer Discretionary 3/19 Withdraw
Cintas Industrials 3/19 Withdraw
Darden Restaurant Consumer Discretionary 3/19 Withdraw
Estee Lauder Companies Inc Consumer Discretionary 3/19 Withdraw
Exact Sciences Healthcare 3/19 Withdraw
Ford Industrials 3/19 Withdraw
KDP Consumer Staples 3/19 Adjustments
Ross Stores Consumer Discretionary 3/19 Withdraw
Sonic Healthcare Healthcare 3/19 Withdraw
Target Consumer Discretionary 3/19 Withdraw
ConocoPhillips Energy 3/18 Withdraw
General Mills Inc Consumer Staples 3/18 Adjustments
GPT Group Real Estate 3/18 Withdraw
Marriott Consumer Discretionary 3/18 Withdraw
Sketchers Consumer Discretionary 3/18 Withdraw
T-Mobile Communication Services 3/18 Uncertain
Tapestry Consumer Discretionary 3/18 Adjustments
Baxter Healthcare 3/17 Uncertain
Capri Consumer Discretionary 3/17 Uncertain
Lam Research Information Technology 3/17 Withdraw
Ramsay Healthcare Healthcare 3/17 Withdraw
Rea Group Communication Services 3/17 Withdraw
Ventas Real Estate 3/17 Withdraw
Southwest Airlines Industrials 3/16 Withdraw
Expedia Consumer Discretionary 3/13 Withdraw
Broadcom Inc Information Technology 3/12 Withdraw
CVS Healthcare 3/12 Hold
Gap Consumer Discretionary 3/12 Uncertain
Parker-Hannifin Industrials 3/12 Hold
TransUnion Industrials 3/12 Hold
Ulta Beauty Consumer Discretionary 3/12 Uncertain
Boston Scientific Healthcare 3/11 Hold
Cigna Healthcare 3/11 Hold
Dupont de Nemours Materials 3/11 Hold
Hilton Consumer Discretionary 3/11 Withdraw
Huntington Bancshares Financials 3/11 Uncertain
Mettler-Toledo International Healthcare 3/11 Uncertain
Moody’s Financials 3/11 Adjustments
Sherwin Williams Materials 3/11 Hold
Urban Outfitters Consumer Discretionary 3/11 Uncertain
Visa Financials 3/11 Adjustments
Western Union Information Technology 3/11 Hold
American Airlines Industrials 3/10 Withdraw
Anthem Inc Healthcare 3/10 Hold
Delta Air Lines Inc Industrials 3/10 Withdraw
Global Payments Inc Financials 3/10 Hold
Honeywell International Inc Industrials 3/10 Hold
Kroger Co Consumer Staples 3/10 Uncertain
Laboratory Corp. Of America Holdings Healthcare 3/10 Hold
Reynolds Consumer Products Consumer Staples 3/10 Uncertain
Royal Caribbean Consumer Discretionary 3/10 Withdraw
The Cooper Companies Inc Healthcare 3/10 Hold
Westinghouse Air Brake Technologies Industrials 3/10 Hold
Bookings Holdings Consumer Discretionary 3/9 Withdraw
Host Hotels Consumer Discretionary 3/9 Withdraw
Interpublic Group of Companies Inc Communication Services 3/9 Hold
JetBlue Industrials 3/9 Withdraw
PerkinElmer Healthcare 3/9 Adjustments
Vail Resorts Consumer Discretionary 3/9 Withdraw
Trivago Consumer Discretionary 3/6 Uncertain
Advanced Micro Devices Inc Information Technology 3/5 Hold
Burlington Stores Consumer Discretionary 3/5 Uncertain
Equifax Inc Industrials 3/5 Hold
Marvell Technology Information Technology 3/5 Adjustments
PayPal Financials 3/5 Hold
Align Technology Inc Healthcare 3/4 Hold
Brown-FormaN Consumer Staples 3/4 Adjustments
Dell Information Technology 3/4 Uncertain
Home Depot Consumer Discretionary 3/4 Hold
Agilent Technologies Healthcare 3/3 Hold
Cummins Industrials 3/3 Uncertain
Qorvo Information Technology 3/3 Adjustments
Ross Stores Consumer Discretionary 3/3 Uncertain
Target Consumer Discretionary 3/3 Hold
Thermo Fisher Scientific Healthcare 3/3 Hold
United Rentals Industrials 3/3 Hold
Analog Devices Information Technology 3/2 Hold
Fidelity National Information Services Information Technology 3/2 Hold
Hyatt Consumer Discretionary 3/2 Withdraw
Microchip Technology Information Technology 3/2 Withdraw
Microsoft Information Technology 3/2 Adjustments
Nutanix Information Technology 3/2 Adjustments
Whirlpool Consumer Discretionary 3/2 Adjustments
United Airlines Industrials 2/24 Withdraw
Hormel Consumer Staples 2/20 Hold
Apple Information Technology 2/18 Adjustments
MGM Consumer Discretionary 2/12 Withdraw
Yum Brands Consumer Staples 2/6 Adjustments



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