Stocks making the biggest moves premarket: JP Morgan, Goldman Sachs, BlackRock & more

Check out the companies making headlines before the bell:JPMorgan Chase – The bank reported quarterly profit of $2.68 per share, 23 cents a share above estimates. BlackRock – The asset management firm beat estimates by 19 cents a share, with quarterly profit of $7.15 per share. Goldman Sachs – Goldman reported quarterly profit of $4.79 per share, 2 cents a share below estimates. UnitedHealth – UnitedHealth reported adjusted quarterly profit of $3.88 per share, beating consensus by 13 cents a sha


Check out the companies making headlines before the bell:JPMorgan Chase – The bank reported quarterly profit of $2.68 per share, 23 cents a share above estimates. BlackRock – The asset management firm beat estimates by 19 cents a share, with quarterly profit of $7.15 per share. Goldman Sachs – Goldman reported quarterly profit of $4.79 per share, 2 cents a share below estimates. UnitedHealth – UnitedHealth reported adjusted quarterly profit of $3.88 per share, beating consensus by 13 cents a sha
Stocks making the biggest moves premarket: JP Morgan, Goldman Sachs, BlackRock & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, goldman, blackrock, morgan, revenue, service, estimates, sachs, stocks, premarket, moves, biggest, quarterly, cents, share, profit, southwest, street, making, retailer


Stocks making the biggest moves premarket: JP Morgan, Goldman Sachs, BlackRock & more

Check out the companies making headlines before the bell:

JPMorgan Chase – The bank reported quarterly profit of $2.68 per share, 23 cents a share above estimates. Revenue also beat Wall Street forecasts, helped by growth in home loans, auto loans, and credit cards.

BlackRock – The asset management firm beat estimates by 19 cents a share, with quarterly profit of $7.15 per share. Revenue came in essentially in line with analyst forecasts. Profit dropped from a year ago, however, as investors shifted money to fixed-income funds and other less profitable accounts.

Johnson & Johnson – The medical device and consumer products maker earned an adjusted $2.12 per share for the third quarter, compared to a consensus estimate of $2.01. Revenue also beat estimates, helped by growth in pharmaceuticals and medical devices.

Goldman Sachs – Goldman reported quarterly profit of $4.79 per share, 2 cents a share below estimates. Revenue was essentially in line with expectations.

UnitedHealth – UnitedHealth reported adjusted quarterly profit of $3.88 per share, beating consensus by 13 cents a share. Revenue came in above forecasts, as well. The company saw higher revenue in both its core health insurance business, as well as its pharmacy benefits management unit. The company also raised its full-year forecast.

Walmart – The retailer has begun its “InHome” service that deliveries groceries directly into a customer’s home refrigerator. The service, which was first announced in June, will start in 3 areas – Kansas City, Pittsburgh, and Vero Beach, Florida.

Southwest Airlines – Southwest pilots are predicting that Boeing’s 737 Max jet won’t return to service until February. Boeing is still targeting a fourth-quarter return, and Southwest – along with United and American – are estimating that the jet will be back in the skies in January. Southwest is the biggest domestic user of the 737 Max jet.

Hilton Grand Vacations – The stock remains on watch after surging yesterday on a Bloomberg report that Apollo Global is offering $40 per share to buy the vacation time-share company.

General Motors – GM and the United Auto Workers union continue to negotiate, with a strike in its fifth week. The UAW has called a Thursday meeting of union leaders from around the nation to update them on the status of the talks.

Deere – Deere is spending billions to ramp up its leasing program, according to The Wall Street Journal, in an effort to combat declining demand for farm tractors and construction equipment.

Bloomin’ Brands – The restaurant chain operator was downgraded to “hold” from “buy” at Deutsche Bank, which is cutting its third-quarter comparable sales estimate for the Outback Steakhouse parent to a 0.6% increase from 1.1%. Deutsche Bank is also becoming more conservative on comparable sales estimates for next year, as well.

Bed Bath & Beyond – Bed Bath & Beyond was upgraded to “overweight” from “sector weight” at KeyBanc, which points to a favorable near-term outlook for the housewares retailer as well as expected improvements in merchandising and operations under a new CEO.

Lowe’s – Lowe’s was upgraded to “overweight” from “neutral” at Piper Jaffray, citing an expected improvement in fundamentals for the home improvement retailer even as Street expectations remain modest.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, goldman, blackrock, morgan, revenue, service, estimates, sachs, stocks, premarket, moves, biggest, quarterly, cents, share, profit, southwest, street, making, retailer


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Wells Fargo profit slides amid the bank’s restructuring, with new CEO taking over next week

Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday. The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal. “We have more work ahead,


Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday. The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal. “We have more work ahead,
Wells Fargo profit slides amid the bank’s restructuring, with new CEO taking over next week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael sheetz, hugh son
Keywords: news, cnbc, companies, quarter, bank, reported, wells, restructuring, billion, share, profit, slides, week, amid, ceo, banks, taking, fargo


Wells Fargo profit slides amid the bank's restructuring, with new CEO taking over next week

Wells Fargo on Tuesday reported third-quarter earnings slightly below expectations, as a key measure of the bank’s profitability slide more as the troubled company restructures.

The bank reported net income of $4.6 billion in the quarter, down 23% from a year earlier. Wells Fargo’s net interest income, a critical part of bank profits, was just below estimates at $11.63 billion. Net interest margin dropped to 2.66%, down from 2.94% for the quarter a year ago.

Here’s how the company did, compared with what Wall Street expected:

Earnings : $1.07 a share adjusted vs. $1.15 a share expected by analysts surveyed by Refinitiv.

: $1.07 a share adjusted vs. $1.15 a share expected by analysts surveyed by Refinitiv. Revenue: $22.01 billion vs. 21.19 billion expected by analysts surveyed by Refinitiv.

Shares of Wells Fargo initially slipped in trading but later rose 1.4% from its previous close of $49.27 a share. The bank’s stock was up 7% for this year before the report.

Last month, the bank’s board of directors named Charles Scharf as CEO and president. Scharf, formerly the chairman and CEO of BNY Mellon, will take over for Tim Sloan at Wells Fargo on Monday.

The nation’s fourth-largest bank, Wells Fargo has been mired in restructuring and regulatory scrutiny since 2016. Under former CEO John Stumpf, Wells Fargo employees had created millions of fake bank accounts to meet sales quotas. With the bank’s reputation damaged, Sloan had taken the reins from Stumpf. But Sloan resigned abruptly in March.

Wells Fargo reported a $1.6 billion litigation charge during the third quarter, citing the continued ramifications from the sales scandal.

“We have more work ahead, but I’m confident that our focused efforts and the fundamental strengths of Wells Fargo will continue to enable us to achieve success,” Wells Fargo interim CEO Allen Parker said in a statement Tuesday.

In 2018, the Federal Reserve capped Wells Fargo’s asset growth under $1.95 trillion, after the bank discovered further problems with how it treated customers. The cap will stay in place through the end of the year, in a rare move the central bank took to push Wells Fargo to fix its risk management problems.

Wells Fargo’s loan balances at the end of September totaled $954.9 billion, up $5 billion from the previous quarter. While the bank reported unchanged commercial loans, consumer loans made up the $5 billion increase, driven by more family real estate mortgages as well as more credit card and auto loans.

Correction: An earlier version misstated the adjusted third-quarter earnings. The correct amount was $1.07 a share.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: michael sheetz, hugh son
Keywords: news, cnbc, companies, quarter, bank, reported, wells, restructuring, billion, share, profit, slides, week, amid, ceo, banks, taking, fargo


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Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty

Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated. “It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. So any sort of slowdown


Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated. “It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. So any sort of slowdown
Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, fast, south, warns, fiscal, analyst, profit, growth, boardman, retailing, uniqloowner, uncertainty, profits, company, great, keeps, posting, record


Uniqlo-owner Fast Retailing keeps posting record profits, but one analyst warns of uncertainty

Japan’s Fast Retailing could see a “period of slow growth” despite recently announcing record profits, according to one analyst that spoke to CNBC on Friday.

The firm, which owns apparel giant Uniqlo, said Thursday that it had booked record profit for the third-straight year, sending shares about 2.5% higher in Friday trading. Operating profit rose 9.1% in the year ended Aug. 31, in line with market expectations.

But the retailer’s profit forecast missed expectations. Fast Retailing projected operating profits would grow 6.7% in fiscal 2020, well below the 15% growth analysts polled by Refinitiv had estimated.

“It’s a great, great name, great brand but there’s a lot of uncertainty,” Peter Boardman, managing director at NWQ Investment Management, told CNBC’s “Squawk Box” on Friday. “Things are slowing down.”

Recent data have pointed to a slowing Chinese economy after years of rapid growth, with concerns that the worst may not be over.

“Remember, 35% of their profits come out of China. So any sort of slowdown in China is certainly negatively affecting Fast Retailing or Uniqlo,” Boardman said.

China has been a major growth market for Fast Retailing. Earlier this year, the retailer said it expects sales from the greater China region to hit 1 trillion yen (about $9.26 billion) by fiscal 2022. That would be nearly double the 502.5 billion yen (roughly $4.65 billion) in sales the company reported for fiscal 2019.

Fast Retailing also faces challenges stemming from Tokyo’s ongoing trade dispute with Seoul, which has resulted in South Korean consumers boycotting Japanese products. That’s a risk that Fast Retailing Chief Executive Tadashi Yanai highlighted as “serious.”

In fiscal 2019, the company said its South Korea business reported a decline in both revenue and profit. Fast Retailing also forecast “large declines” in the country for fiscal 2020.

NWQ’s Boardman said South Korea accounts for about 3% of Fast Retailing’s revenues, a figure that was “not material” but at the same time a “significant amount of money.”

Going forward, Boardman said the pace of new store openings will be “a lot slower” than before, but added that it was “just a sign of a maturing company.”


Company: cnbc, Activity: cnbc, Date: 2019-10-11  Authors: eustance huang
Keywords: news, cnbc, companies, fast, south, warns, fiscal, analyst, profit, growth, boardman, retailing, uniqloowner, uncertainty, profits, company, great, keeps, posting, record


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Multinationals face heftier tax bills under OECD proposals

Angel Gurria, secretary-general of the OECD Jose, addresses the media at the organization’s headquarters in Paris, France on Nov. 21, 2018. Governments will get more power to tax big multinationals doing business in their countries under a major overhaul of decades-old cross-border tax rules outlined on Wednesday by the Organisation for Economic Cooperation and Development. Earlier this year more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 19


Angel Gurria, secretary-general of the OECD Jose, addresses the media at the organization’s headquarters in Paris, France on Nov. 21, 2018. Governments will get more power to tax big multinationals doing business in their countries under a major overhaul of decades-old cross-border tax rules outlined on Wednesday by the Organisation for Economic Cooperation and Development. Earlier this year more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 19
Multinationals face heftier tax bills under OECD proposals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, multinationals, oecd, tax, profit, rules, overhaul, ireland, face, big, bills, heftier, countries, proposals, companies, policy


Multinationals face heftier tax bills under OECD proposals

Angel Gurria, secretary-general of the OECD Jose, addresses the media at the organization’s headquarters in Paris, France on Nov. 21, 2018.

Governments will get more power to tax big multinationals doing business in their countries under a major overhaul of decades-old cross-border tax rules outlined on Wednesday by the Organisation for Economic Cooperation and Development.

The rise of big internet companies like Google and Facebook has pushed current tax rules to the limit as such firms can legally book profit and park assets like trademarks and patents in low tax countries like Ireland regardless of where their customers are.

Earlier this year more than 130 countries and territories agreed that a rewriting of tax rules largely going back to the 1920s was overdue and tasked the Paris-based OECD public policy forum to come up with proposals.

The issue of taxing big cross-border multinational firms has become all the more urgent as a growing number of countries have adopted plans for their own tax on digital companies in the absence of a global deal.

“The current system is under stress and will not survive if we don’t remove the tensions,” OECD head of tax policy Pascal Saint-Amans told journalists on a conference call.

He said the overhaul would have an impact of a few percentage points of corporate income tax in many countries with no big losers apart from big international investment hubs.

While that means countries like Ireland or offshore tax havens could suffer, countries with big consumer markets like the United States or France would benefit from the shake-up.

The OECD proposals set a scope for the companies that would be covered by the new rules, define how much business they must do in a country to be taxable there and determine how much profit can be taxed there.

The aim is to give the government where the user or client of a company’s product is located the right to tax a bigger share of the profit earned by a foreign company there.


Company: cnbc, Activity: cnbc, Date: 2019-10-09
Keywords: news, cnbc, companies, multinationals, oecd, tax, profit, rules, overhaul, ireland, face, big, bills, heftier, countries, proposals, companies, policy


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Analyst rates Peloton a ‘buy’ even after acknowledging it may not turn a profit for five years

Peloton might not turn a profit for five years, but it’s still a buy, according to Baird. On Wednesday the firm initiated coverage of the stock with an outperform rating saying the digital fitness company has “created a better fitness model providing premium content via a vertically integrated digital platform.” Analyst Jonathan Komp also established a $28 price target, which is about 20% higher than where the stock is currently trading. And Peloton is not the the only company to falter since ho


Peloton might not turn a profit for five years, but it’s still a buy, according to Baird. On Wednesday the firm initiated coverage of the stock with an outperform rating saying the digital fitness company has “created a better fitness model providing premium content via a vertically integrated digital platform.” Analyst Jonathan Komp also established a $28 price target, which is about 20% higher than where the stock is currently trading. And Peloton is not the the only company to falter since ho
Analyst rates Peloton a ‘buy’ even after acknowledging it may not turn a profit for five years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: pippa stevens
Keywords: news, cnbc, companies, company, positive, rates, stock, ipo, analyst, acknowledging, buy, fitness, street, wework, turn, profit, peloton


Analyst rates Peloton a 'buy' even after acknowledging it may not turn a profit for five years

Peloton might not turn a profit for five years, but it’s still a buy, according to Baird.

On Wednesday the firm initiated coverage of the stock with an outperform rating saying the digital fitness company has “created a better fitness model providing premium content via a vertically integrated digital platform.” Analyst Jonathan Komp also established a $28 price target, which is about 20% higher than where the stock is currently trading.

Peloton was one of the most widely anticipated IPOs of the year, but since going public just shy of two weeks ago the stock has shed 20%. And Peloton is not the the only company to falter since holding an IPO this year. High-profile names like Uber, Lyft and SmileDirectClub are all trading in the red, and following the WeWork IPO debacle, the Street is becoming less forgiving of companies that do not turn a profit — like Peloton.

“I feel like we’re six or seven different companies in one,” Peloton CEO John Foley told CNBC, but some have ridiculed the company after it claimed to be a “technology, media, software, product, experience, fitness, design, retail, apparel [and] logistics” company in its prospectus. The timing of its IPO was also somewhat unfortunate in that it coincided with many on the Street calling out WeWork for claiming to be a tech, rather than real estate, company.

But Komp believes that investors need to approach Peloton with a longer-term time horizon in mind given its loyal user base and growth prospects.

“Key satisfaction/engagement measures are very positive and we see a sizable potential market. While achieving GAAP profitability may prove difficult over the next ~5 years due to investments, PTON possesses substantial long-term sales/profit upside,” he said in a note to clients.

He acknowledges that the IPO was “disappointing,” but has a “positive outlook” for the company, especially if it delivers “strong early results.” His bottom line is that it was a “broken IPO,” but “not a broken company.”

Peloton shares were up 2% early Wednesday.

Disclosure: Comcast, which owns CNBC’s parent company NBCUniversal, is an investor in Peloton.


Company: cnbc, Activity: cnbc, Date: 2019-10-09  Authors: pippa stevens
Keywords: news, cnbc, companies, company, positive, rates, stock, ipo, analyst, acknowledging, buy, fitness, street, wework, turn, profit, peloton


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Former Microsoft CEO Steve Ballmer on Surface: ‘There’s plenty of profit in hardware’

Nevertheless, Steve Ballmer thinks Microsoft, with its ever-expanding line of hardware, is on the right track. Surface generated about $5.7 billion in revenue in the 2019 fiscal year, up 23% from the previous fiscal year. Ballmer said Microsoft’s overall hardware operation, which totaled $6.1 billion in the 2019 fiscal year, is still growing into a big business. Beyond his involvement with Surface, Ballmer was the person in charge when Microsoft announced its Azure cloud offering in 2008. “There


Nevertheless, Steve Ballmer thinks Microsoft, with its ever-expanding line of hardware, is on the right track. Surface generated about $5.7 billion in revenue in the 2019 fiscal year, up 23% from the previous fiscal year. Ballmer said Microsoft’s overall hardware operation, which totaled $6.1 billion in the 2019 fiscal year, is still growing into a big business. Beyond his involvement with Surface, Ballmer was the person in charge when Microsoft announced its Azure cloud offering in 2008. “There
Former Microsoft CEO Steve Ballmer on Surface: ‘There’s plenty of profit in hardware’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jordan novet
Keywords: news, cnbc, companies, windows, surface, plenty, steve, company, fiscal, microsoft, hardware, theres, geekwire, 2019, profit, ballmer, ceo


Former Microsoft CEO Steve Ballmer on Surface: 'There's plenty of profit in hardware'

Steve Ballmer, chairman of the Los Angeles Clippers and co-founder of Ballmer Group, speaks during the GeekWire Summit in Seattle on Oct. 8, 2019.

Apple sells more computers than Microsoft. Nevertheless, Steve Ballmer thinks Microsoft, with its ever-expanding line of hardware, is on the right track.

Microsoft regained the title of world’s most valuable company from Apple last year and has generally held onto it. The company has seen gains from its public cloud and the transition of its Office business to a subscription model. Hardware have drawn less attention, but growth has returned to Microsoft’s Surface of tablets, laptops and other gadgets.

“Despite the rhetoric, there’s actually plenty of profit in hardware, at least if you look at the number one hardware company in the world,” Ballmer, owner of the Los Angeles Clippers, told GeekWire Co-Founder Todd Bishop on Tuesday at the 2019 GeekWire Summit conference in Seattle. “There’s a lot of profit being made on the Mac and the iPhone and others. I think Microsoft gets a chance to participate through the Surface.”

Ballmer was involved in the 2012 introduction of the Surface tablet, which forms the core of the Surface lineup. Surface generated about $5.7 billion in revenue in the 2019 fiscal year, up 23% from the previous fiscal year.

Ballmer said Microsoft’s overall hardware operation, which totaled $6.1 billion in the 2019 fiscal year, is still growing into a big business. Microsoft does not disclose hardware or Surface profits.

Last week Microsoft unveiled an array of new Surface devices, including the new Surface Earbuds and two products due next year, the Surface Neo two-screened PC and Android-based Surface Duo.

“The new Surface lineup is amazing! Amazing! In the category of competitiveness, go, Microsoft, go!” Ballmer said.

Beyond his involvement with Surface, Ballmer was the person in charge when Microsoft announced its Azure cloud offering in 2008.

“The cloud thing, I think, has worked out well,” Ballmer said.

And although Nadella was quoted as saying last week that “the operating system is no longer the most important layer for us,” Ballmer said Windows remains a crucial sort of profit, building on previous remarks about the subject.

“Windows makes billions and billions and billions per year. At least this investor wants to see that profit stream stay around for a very, very long time,” Ballmer said. “There aren’t a lot of new profit streams you can invent that generate the kind of profit that Windows does.” Windows revenue grew less than 5% in the 2019 fiscal year.

Ballmer said he remains a Microsoft investor. He was replaced by Satya Nadella as the company’s CEO and left its board in 2014.

WATCH: Fmr. Microsoft CEO: There are real issues in tech right now


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: jordan novet
Keywords: news, cnbc, companies, windows, surface, plenty, steve, company, fiscal, microsoft, hardware, theres, geekwire, 2019, profit, ballmer, ceo


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Samsung says its third-quarter profit likely fell 56% from a year earlier

Samsung Electronics said on Tuesday its operating profit for the three months that ended in September likely dropped by more than half from a year ago. Operating profit for the third quarter is expected at 7.7 trillion Korean won ($6.43 billion), down 56.17% from a year ago when the world’s largest smartphone maker posted 17.57 trillion won in profit. Still, that third-quarter number, if realized, will be slightly higher than an average analyst forecast of 7.1 trillion won by Refinitiv Smartesti


Samsung Electronics said on Tuesday its operating profit for the three months that ended in September likely dropped by more than half from a year ago. Operating profit for the third quarter is expected at 7.7 trillion Korean won ($6.43 billion), down 56.17% from a year ago when the world’s largest smartphone maker posted 17.57 trillion won in profit. Still, that third-quarter number, if realized, will be slightly higher than an average analyst forecast of 7.1 trillion won by Refinitiv Smartesti
Samsung says its third-quarter profit likely fell 56% from a year earlier Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, samsungs, korean, fell, samsung, slightly, trillion, south, thirdquarter, earlier, profit, won, likely, months, operating


Samsung says its third-quarter profit likely fell 56% from a year earlier

Samsung Electronics said on Tuesday its operating profit for the three months that ended in September likely dropped by more than half from a year ago.

Operating profit for the third quarter is expected at 7.7 trillion Korean won ($6.43 billion), down 56.17% from a year ago when the world’s largest smartphone maker posted 17.57 trillion won in profit. Still, that third-quarter number, if realized, will be slightly higher than an average analyst forecast of 7.1 trillion won by Refinitiv Smartestimate.

The company said its consolidated sales for the three months was 62 trillion won, down about 5.3% from a year ago.

If the guidance is realized when the company reveals full results later this month, it will be the third consecutive quarter where Samsung’s operating profit has more than halved from the same period a year earlier. In the three months that ended June, Samsung said its operating profit fell 55.61% on-year.

Samsung shares rose 0.84% on Tuesday, slightly higher than the broader South Korean benchmark that traded up 0.82%.

Like other chipmakers, the South Korean tech giant has struggled in an environment where the price and demand for memory chips have been low for almost a year due to inventory adjustments and a supply glut. Memory components used in smartphones and data centers make up Samsung’s main profit-making business.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, samsungs, korean, fell, samsung, slightly, trillion, south, thirdquarter, earlier, profit, won, likely, months, operating


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Amazon held its first big ad conference last week, luring about 400 people to Seattle

Amazon’s advertising business, once a niche part of the company’s sprawling empire, is now big enough to merit its own conference. Last week in Seattle, Amazon attracted roughly 400 people to “AdCon 2019,” CNBC has learned. More than being a revenue driver, advertising is a major profit center for Amazon. While Amazon doesn’t currently disclose its profitability, Piper Jaffray estimates the ad business will surpass Amazon Web Services in 2021 as the company’s main profit engine. “We will share l


Amazon’s advertising business, once a niche part of the company’s sprawling empire, is now big enough to merit its own conference. Last week in Seattle, Amazon attracted roughly 400 people to “AdCon 2019,” CNBC has learned. More than being a revenue driver, advertising is a major profit center for Amazon. While Amazon doesn’t currently disclose its profitability, Piper Jaffray estimates the ad business will surpass Amazon Web Services in 2021 as the company’s main profit engine. “We will share l
Amazon held its first big ad conference last week, luring about 400 people to Seattle Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: eugene kim
Keywords: news, cnbc, companies, luring, conference, advertising, companys, site, profit, held, 400, business, sessions, practices, week, seattle, amazon, revenue, big


Amazon held its first big ad conference last week, luring about 400 people to Seattle

Jeff Bezos, founder and chief executive officer of Amazon.com, speaks at the National Press Club in Washington, D.C., on Thursday, Sept. 19, 2019.

Amazon’s advertising business, once a niche part of the company’s sprawling empire, is now big enough to merit its own conference.

Last week in Seattle, Amazon attracted roughly 400 people to “AdCon 2019,” CNBC has learned. The inaugural two-day event featured the company’s most senior ad executives and sessions to educate businesses on “how to use Amazon Advertising to create connections with shoppers at key moments across the purchase journey,” according to a page for the conference on events site Cvent.

Amazon’s ad unit, which makes money by charging brands to promote their products across Amazon properties in a variety of ways, topped $10 billion in annual revenue last year, and eMarketer predicts that, in 2020, it will account for 10% of U.S. digital ad spending. That puts Amazon third, behind only Google and Facebook, which control a combined 60% of the market.

More than being a revenue driver, advertising is a major profit center for Amazon. While Amazon doesn’t currently disclose its profitability, Piper Jaffray estimates the ad business will surpass Amazon Web Services in 2021 as the company’s main profit engine.

The invite-only conference included case studies from brands like mattress company Tuft & Needle and pet food provider I and Love and You. There were recommendations for reaching new customers, techniques for using sponsored ads and breakout sessions on best practices for hardlines (electronics, appliances), softlines (clothing, linens) and consumables.

“We will share learnings and best practices that will help you plan and execute to achieve your business objectives,” the site said.


Company: cnbc, Activity: cnbc, Date: 2019-10-08  Authors: eugene kim
Keywords: news, cnbc, companies, luring, conference, advertising, companys, site, profit, held, 400, business, sessions, practices, week, seattle, amazon, revenue, big


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Stocks making the biggest moves midday: Apple, Snap, Costco & more

Nomura sees Etsy shares climbing 25%, adding that it expects the company’s profit margins to improve as Etsy continues to expand its reach. Snap — The social media company gained nearly 2% in midday trading after Morgan Stanley upgraded the stock to equal-weight from underweight. Apple — The iPhone maker rose 2.3% Apple on Friday after a report that it is increasing the production of its iPhone 11 models by about 10%. Japan’s Nikkei news reported that Apple is bumping production by about 8 milli


Nomura sees Etsy shares climbing 25%, adding that it expects the company’s profit margins to improve as Etsy continues to expand its reach. Snap — The social media company gained nearly 2% in midday trading after Morgan Stanley upgraded the stock to equal-weight from underweight. Apple — The iPhone maker rose 2.3% Apple on Friday after a report that it is increasing the production of its iPhone 11 models by about 10%. Japan’s Nikkei news reported that Apple is bumping production by about 8 milli
Stocks making the biggest moves midday: Apple, Snap, Costco & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: thomas franck
Keywords: news, cnbc, companies, etsy, rose, costco, company, shares, biggest, stock, snap, reported, production, making, stocks, moves, profit, midday, prices, stanley, apple


Stocks making the biggest moves midday: Apple, Snap, Costco & more

Chad Dickerson, Chairman and CEO of Etsy rings the Nasdaq Opening Bell in Celebration of IPO at Nasdaq on April 16, 2015 in New York City.

Check out the companies making headlines in midday trading:

Etsy — Shares of Etsy rose 1.1% after Nomura Instinet began covering the stock with a buy rating, saying the company created “the leading marketplace for unique craft and vintage goods, with consistent management execution since 2017 that has reaccelerated the business.” Nomura sees Etsy shares climbing 25%, adding that it expects the company’s profit margins to improve as Etsy continues to expand its reach.

Snap — The social media company gained nearly 2% in midday trading after Morgan Stanley upgraded the stock to equal-weight from underweight. The firm said “strong” top-line momentum and “faster” ad revenue growth will lead to “higher profitability.”

Apple — The iPhone maker rose 2.3% Apple on Friday after a report that it is increasing the production of its iPhone 11 models by about 10%. Japan’s Nikkei news reported that Apple is bumping production by about 8 million units amid demand for the least expensive of the new models.

HP Inc. — HP said on Thursday that it will cut up to 16% of its workforce up to 9,000 workers, sending shares tumbling more than 9% on Friday. The computer and printer maker added that it will make cuts via a combination of employee departures and voluntary early retirement, with expected annual cost savings of about $1 billion by the end of fiscal 2022.

Apache — Shares of the oil and gas exploration company sank about 7% by lunchtime after a Morgan Stanley analyst warned that it’s the “most exposed” to a fall in natural gas prices. Wrote Devin McDermott: “Risks include commodity prices, Permian takeaway constraints impact on crude/gas realizations, disappointing well results and service cost inflation.”

Costco — The wholesale retailer rose about 1% after it reported quarterly profit of $2.69 per share, topping Wall Street’s expectations. Disappointing comparable-store sales came in below estimates, however, and kept the stock’s gains in check.

– CNBC’s Michael Sheetz and Pippa Stevens contributed reporting.


Company: cnbc, Activity: cnbc, Date: 2019-10-04  Authors: thomas franck
Keywords: news, cnbc, companies, etsy, rose, costco, company, shares, biggest, stock, snap, reported, production, making, stocks, moves, profit, midday, prices, stanley, apple


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Stocks making the biggest moves premarket: PepsiCo, Tesla, E*Trade, GoPro & more

Check out the companies making headlines before the bell:PepsiCo – The beverage and snack giant reported adjusted quarterly profit of $1.56 per share, beating consensus estimates by 6 cents a share. That number was below the 99,000 that Wall Street analysts had anticipated, however. Bed Bath & Beyond – Bed Bath & Beyond reported adjusted quarterly profit of 34 cents per share, 7 cents a share above estimates. The housewares retailer’s revenue was below Wall Street forecasts, however, and the ret


Check out the companies making headlines before the bell:PepsiCo – The beverage and snack giant reported adjusted quarterly profit of $1.56 per share, beating consensus estimates by 6 cents a share. That number was below the 99,000 that Wall Street analysts had anticipated, however. Bed Bath & Beyond – Bed Bath & Beyond reported adjusted quarterly profit of 34 cents per share, 7 cents a share above estimates. The housewares retailer’s revenue was below Wall Street forecasts, however, and the ret
Stocks making the biggest moves premarket: PepsiCo, Tesla, E*Trade, GoPro & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, stocks, making, etrade, quarterly, gopro, reported, share, moves, premarket, pepsico, biggest, profit, street, revenue, wall, adjusted, technologies, sales, tesla


Stocks making the biggest moves premarket: PepsiCo, Tesla, E*Trade, GoPro & more

Check out the companies making headlines before the bell:

PepsiCo – The beverage and snack giant reported adjusted quarterly profit of $1.56 per share, beating consensus estimates by 6 cents a share. Revenue also beat Street forecasts, and the company reported better-than-expected organic revenue growth for the quarter of 4.3%.

Constellation Brands – The spirits producer reported adjusted quarterly profit of $2.72 per share, compared to a consensus estimate of $2.60 a share, and adjusted profit of $2.91 per share when the company’s investment in cannabis producer Canopy Growth is excluded. Revenue matched Street forecasts.

Tesla – Tesla delivered 97,000 vehicles during the third quarter, the most ever for the automaker. That number was below the 99,000 that Wall Street analysts had anticipated, however.

Bed Bath & Beyond – Bed Bath & Beyond reported adjusted quarterly profit of 34 cents per share, 7 cents a share above estimates. The housewares retailer’s revenue was below Wall Street forecasts, however, and the retailer’s comparable-store sales were down a greater-than-expected 6.7%.

E*Trade Financial – E*Trade joined rivals Charles Schwab and TD Ameritrade in eliminating commissions for online trades for U.S.-listed stocks, options, and exchange-traded funds.

Cleveland-Cliffs – Cleveland-Cliffs shares are getting a boost on news that the iron ore producer will join the S&P SmallCap 600 Index.

GoPro – GoPro cut its sales forecast for the second half of 2019, due to production delays for a new line of high definition cameras. GoPro said its Hero8 Black cameras would ship in the fourth quarter instead of the third quarter.

Uber Technologies – Uber launched a new app called Uber Works, intended to match temporary workers with businesses trying to fill shifts. The app will only be available in Chicago for now.

Kroger – Kroger is preparing to lay off hundreds of workers at its grocery stores, according to a person familiar with the situation.

Blackstone – The private-equity firm is buying a 65% stake in Great Wolf Resorts, the largest operator of indoor water parks in North America. Blackstone and current owner Centerbridge Partners will form a joint venture to own Great Wolf.

BlackRock – BlackRock and China internet company Tencent have held talks over the past year, according to The Wall Street Journal. The paper said the asset-management firm has been exploring ways to strengthen its presence in China.

Clorox – Clorox cut its fiscal 2020 earnings outlook, due to revised assumptions about foreign exchange rates. The consumer products maker is also projecting slightly lower gross margins compared to its prior guidance and lowered its sales outlook as well.

Alphabet – Deutsche bank raised its price target on Alphabet to $1,600 per share from $1,475, citing more confidence surrounding Google Cloud.

United Technologies – United Technologies was rated “outperform” in new coverage at Credit Suisse, which points to “significant and durable value” in each of the conglomerate’s business segments.


Company: cnbc, Activity: cnbc, Date: 2019-10-03  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, stocks, making, etrade, quarterly, gopro, reported, share, moves, premarket, pepsico, biggest, profit, street, revenue, wall, adjusted, technologies, sales, tesla


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