IQOS boosts Philip Morris International’s quarterly profit, revenue. Stock jumps

PMI posted revenue of $7.7 billion, down 0.3% from the year-earlier quarter yet still better than the $7.37 billion analysts polled by Refinitiv expected. Piper Jaffray analyst Michael Lavery called momentum “broad-based,” pointing to market share gains in Germany, Italy and Spain. Japan, PMI’s most successful iQOS market, also showed improvement. Juul, which sells the market leading e-cigarette in the U.S., has started expanding overseas into markets where PMI sells iQOS. “We are watching close


PMI posted revenue of $7.7 billion, down 0.3% from the year-earlier quarter yet still better than the $7.37 billion analysts polled by Refinitiv expected. Piper Jaffray analyst Michael Lavery called momentum “broad-based,” pointing to market share gains in Germany, Italy and Spain. Japan, PMI’s most successful iQOS market, also showed improvement. Juul, which sells the market leading e-cigarette in the U.S., has started expanding overseas into markets where PMI sells iQOS. “We are watching close
IQOS boosts Philip Morris International’s quarterly profit, revenue. Stock jumps Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: angelica lavito
Keywords: news, cnbc, companies, stock, altria, share, revenue, philip, tobacco, internationals, pmi, iqos, profit, market, jumps, morris, billion, king, analysts, quarter, quarterly, boosts


IQOS boosts Philip Morris International's quarterly profit, revenue. Stock jumps

Philip Morris International beat second-quarter earnings and revenue estimates and hiked its full-year forecast Thursday as its new tobacco products gained momentum, sending shares of the company up more than 9%.

PMI sells Marlboro cigarettes and other brands around the globe. The tobacco giant is trying to pivot away from cigarettes and toward new products, namely iQOS, which heats tobacco instead of burning it. The product drove the company’s performance in the quarter.

Cigarette volume fell 3.6% in the quarter, while volume for heated tobacco spiked6 37% in the quarter. The results — and Wall Street’s reaction — are a stark contrast from a little over a year ago when PMI’s stock had its worst day in a decade after revealing growth had slowed in Japan, a key market for iQOS.

“I think we’ve had a strategy for a number of years for a smoke-free transformation, and we’ve stuck through that strategy this entire time,” Chief Financial Officer Martin King said in a phone interview.

PMI reported second-quarter net income of $2.31 billion, or $1.49 per share, up from the $2.19 billion, or $1.41 the company reported in the year-earlier quarter. With litigation expenses related to Canadian lawsuits, asset impairment and exit costs, among other items, PMI earned $1.46 per share, above the $1.32 per share Wall Street expected.

PMI posted revenue of $7.7 billion, down 0.3% from the year-earlier quarter yet still better than the $7.37 billion analysts polled by Refinitiv expected.

PMI raised its full-year adjusted earnings forecast to $5.14 per share, up from the previously guided $5.09. Analysts were forecasting annual earnings of $5.16 per share.

Revenue for reduced-risk products, which iQOS is categorized in, totaled $1.53 billion in the quarter. Analysts had expected $1.24 billion, according to estimates from StreetAccount.

PMI said Russia was a bright spot for iQOS in the quarter. Reduced-risk product revenue in Eastern Europe, which includes Russia, jumped to $182 million in the quarter from $65 million a year earlier. PMI said it increased spending in the region, primarily in Russia, to bring iQOS to more markets.

Piper Jaffray analyst Michael Lavery called momentum “broad-based,” pointing to market share gains in Germany, Italy and Spain. Japan, PMI’s most successful iQOS market, also showed improvement. IQOS is available in 48 markets.

PMI said it would up its spending on iQOS this year by a third, from $300 million to $400 million.

The U.S. Food and Drug Administration cleared iQOS earlier this year. Altria will license iQOS and sell the device in the U.S., with plans to introduce it in Atlanta this summer. King said PMI has shared lessons it learned in rolling out iQOS across Europe with Altria to help with its introduction to U.S. consumers.

“You have to get that initial understanding and you have to make it easy for people, adult smokers, to try the product and make sure they like it,” King said. “We’ve shared that with Altria. They’re very attentive, very good. Their plan is terrific. We have a great deal of confidence they’ll be successful in the U.S.”

Altria invested $12.8 billion for a stake in e-cigarette giant Juul late last year. Juul, which sells the market leading e-cigarette in the U.S., has started expanding overseas into markets where PMI sells iQOS. King told analysts that PMI is not seeing any impact on overall results, “but it is early days.”

“We are watching closely,” King told analysts, adding that PMI is investing in its own e-cigarettes to compete with Juul.

Philip Morris International and Altria used to be one company. Altria spun off its international business in 2008, forming an independent company that would sell its cigarette brands outside of the U.S.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: angelica lavito
Keywords: news, cnbc, companies, stock, altria, share, revenue, philip, tobacco, internationals, pmi, iqos, profit, market, jumps, morris, billion, king, analysts, quarter, quarterly, boosts


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Stocks making the biggest moves premarket: Morgan Stanley, UnitedHealth, Apple, Netflix & more

Check out the companies making headlines before the bell:Morgan Stanley – The investment bank reported quarterly profit of $1.23 per share, 9 cents a share above estimates. UnitedHealth – The health insurer reported adjusted quarterly profit of $3.60 per share, 15 cents a share above estimates. Netflix – Netflix reported quarterly profit of 60 cents per share, 4 cents a share above estimates. Revenue beat forecasts as well. Kinder Morgan – Kinder Morgan reported earnings of 22 cents per share fo


Check out the companies making headlines before the bell:Morgan Stanley – The investment bank reported quarterly profit of $1.23 per share, 9 cents a share above estimates. UnitedHealth – The health insurer reported adjusted quarterly profit of $3.60 per share, 15 cents a share above estimates. Netflix – Netflix reported quarterly profit of 60 cents per share, 4 cents a share above estimates. Revenue beat forecasts as well. Kinder Morgan – Kinder Morgan reported earnings of 22 cents per share fo
Stocks making the biggest moves premarket: Morgan Stanley, UnitedHealth, Apple, Netflix & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, cents, apple, share, revenue, moves, biggest, reported, raised, estimates, stocks, stanley, profit, beat, netflix, premarket, quarterly, morgan, unitedhealth, forecasts, making


Stocks making the biggest moves premarket: Morgan Stanley, UnitedHealth, Apple, Netflix & more

Check out the companies making headlines before the bell:

Morgan Stanley – The investment bank reported quarterly profit of $1.23 per share, 9 cents a share above estimates. Revenue also beat analysts’ forecasts. CEO James Gorman said the quarter was solid across all of the company’s businesses.

UnitedHealth – The health insurer reported adjusted quarterly profit of $3.60 per share, 15 cents a share above estimates. Revenue topped forecasts as well, helped by growth in health plan membership. The company also raised its full-year forecast.

Philip Morris International – The tobacco producer earned an adjusted $1.46 per share for its latest quarter, exceeding the consensus estimate of $1.32 a share. Revenue also beat forecasts and the company raised its full-year forecast.

SunTrust Banks – SunTrust topped Wall Street estimates by 3 cents a share, with quarterly profit of $1.48 per share. Revenue also came in above forecasts. SunTrust’s profit fell from a year ago on higher non-interest expenses and a larger provision for credit losses. SunTrust is in the process of merging with BB&T, which also reported this morning and also beat estimates on the top and bottom lines.

Honeywell – The industrial conglomerate beat estimates by 2 cents a share, with quarterly earnings of $2.10 per share. Revenue was below Wall Street forecasts. Honeywell’s bottom line was helped by higher demand for aircraft parts, and the company raised its full-year earnings forecast based on organic sales growth trends.

Netflix – Netflix reported quarterly profit of 60 cents per share, 4 cents a share above estimates. Revenue beat forecasts as well. Netflix lost U.S. video streaming customers for the first time in eight years, however, and also missed targets for overseas subscriber additions.

IBM – IBM beat estimates by 10 cents a share, with quarterly earnings of $3.17 per share. Revenue was in line with forecasts. IBM’s bottom line was boosted by growth in its cloud business, but its revenue declined for the fourth straight quarter.

Apple – Apple was upgraded to “outperform” from “market perform” at Raymond James, which pointed to confidence in the upcoming 5G iPhone cycle.

Ebay – Ebay reported adjusted quarterly earnings of 68 cents per share, 6 cents a share above estimates. Revenue came in just above Wall Street forecasts. The online marketplace also raised its profit outlook.

SAP – SAP reported a 21% decline in second-quarter operating profit, with the business software company also saying investors should not expect a major improvement in profit margins before next year.

Taiwan Semiconductor – The company said it expects a stronger second half of the year as 5G telecom-related demand increases. That follows a decline in second quarter profit for the contract chip maker.

Novartis – Novartis raised its full year outlook for sales and profits, following a 20% rise in second quarter core operating income for the Swiss drugmaker.

Kinder Morgan – Kinder Morgan reported earnings of 22 cents per share for the second quarter, 2 cents a share below forecast. The energy pipeline operator’s revenue also came in below Wall Street forecasts.

Wayfair – Wayfair announced that Chief Operating Officer James Savarese and Chief Technical Officer John Mulike will retire from the online furniture retailer.

Advanced Micro Devices – AMD was downgraded to “neutral” from “buy” at Mizuho Securities in a valuation call, with the firm noting an 80% year-to-date runup in the chip maker’s shares.


Company: cnbc, Activity: cnbc, Date: 2019-07-18  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, cents, apple, share, revenue, moves, biggest, reported, raised, estimates, stocks, stanley, profit, beat, netflix, premarket, quarterly, morgan, unitedhealth, forecasts, making


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Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha


Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank. Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. So far this year, Bank of America shares ha
Bank of America earnings Q2 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


Bank of America earnings Q2 2019

Bank of America posted profit that exceeded analysts’ expectations on strength in its sprawling retail bank.

The lender said Wednesday that it generated $7.3 billion in second-quarter profit, an 8% increase from a year earlier, or 74 cents a share, compared with the 71 cent estimate of analysts surveyed by Refinitiv. It posted revenue of $23.2 billion, a 2.1% increase from a year earlier, matching analysts’ estimate.

Under CEO Brian Moynihan, the bank delivered record first-half profit, fueled by the company’s retail lending operations and Moynihan’s expense initiatives. It was the 18th straight quarter Moynihan and his executives have managed to improve the firm’s operating leverage, meaning it has grown revenue while cutting or holding the line on costs.

Still, the stock took a hit in April when Chief Financial Officer Paul Donofrio warned investors that growth of net interest income this year would be half the 6% the bank generated in 2018. Now, after the Federal Reserve recently signaled that it’s likely to cut its benchmark short-term interest rate later this month, the question is, does that further slow the growth in this main profit engine for banks?

There were some early signs of this. Bank of America’s net interest margin, a key metric of profitability, declined 7 basis points from the first quarter to 2.44%, which is below the 2.47% estimate analysts had for the second quarter.

The bank’s shares dipped 0.4% at 7:09 am in premarket trading. So far this year, Bank of America shares have climbed 18%, but are lower than when the company made its revenue warning in April.

Profit in the firm’s biggest division, its consumer bank, rose 13% to $3.29 billion as revenue climbed 5% to $9.72 billion as the firm added deposits and loans, which led to higher net interest income. That was the strongest showing among the bank’s four main businesses, followed by its wealth management division, where profit rose 11% to $1.07 billion.

Meanwhile, profit fell 7% to $1.07 billion in its global markets division amid a slowdown in trading activity across asset classes. Profit declined 9% to $1.93 billion in its global banking division on a drop in capital markets deals.

Earlier this week, Citigroup, J.P. Morgan Chase, Wells Fargo, and Goldman Sachs all beat analysts’ profit expectations as the firms benefited from one-time gains including a gain on the IPO of electronic market maker Tradeweb.

Here’s what Wall Street expected:

Earnings: 71 cents a share, a 12.3% increase from a year earlier, according to Refinitiv.

Revenue: $23.2 billion, a 2.1% increase from a year earlier.

Net interest margin: 2.47% according to FactSet

Trading Revenue: Fixed income $2.1 billion, Equities $1.22 billion

This is breaking news. Please check back for updates.


Company: cnbc, Activity: cnbc, Date: 2019-07-17  Authors: hugh son
Keywords: news, cnbc, companies, profit, 2019, revenue, earnings, q2, division, bank, america, billion, net, interest, analysts, income, increase


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Citigroup beats analysts’ profit expectations on gains from Tradeweb IPO

Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb. The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO. Last month, CFO Mark Mason said at a conference


Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb. The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO. Last month, CFO Mark Mason said at a conference
Citigroup beats analysts’ profit expectations on gains from Tradeweb IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: hugh son
Keywords: news, cnbc, companies, revenue, profit, expectations, citigroup, tradeweb, billion, estimate, bank, results, trading, banks, ipo, gains, analysts, beats


Citigroup beats analysts' profit expectations on gains from Tradeweb IPO

Citigroup on Monday beat analysts’ expectations for second-quarter profit and revenue on gains from the initial public offering of electronic bond trading platform Tradeweb.

The bank posted profit of $4.79 billion, or $1.95 per share, compared with the $1.80 estimate of analysts surveyed by Refinitiv. Excluding the impact of the IPO, the bank would have posted $1.83 per share in profit, fueled by lower taxes and a reduction in the number of outstanding shares.

Shares were almost unchanged at 10:28 a.m. in New York after climbing 1.1% in premarket trading.

While per-share profit surged 20% in the quarter, the company’s revenue gain was more muted on declines in trading and investment banking revenue and losses on loan hedges. The bank said revenue climbed 2% to $18.76 billion, exceeding the $18.5 billion estimate, powered by a $350 million pretax gain on the Tradeweb IPO.

The results were a “slight beat,” according to Mike Mayo, the veteran banks analyst working for Wells Fargo. He added in a research note that “while the results are unlikely to sway investors to immediately jump in to the stock, they nonetheless provide further validation that Citi continues to an upward glide path for improving returns further.”

Citigroup was the first of the big U.S. banks to report second-quarter results, so investors were keen to see how its banking and trading operations performed during the period.

Last month, CFO Mark Mason said at a conference that trading revenue in the quarter would likely decline by a “mid-single-digit” percentage from a year ago.

That proved accurate, as trading revenue excluding the IPO windfall fell 5%, led by a 9% drop in equities trading revenue to $790 million. Fixed-income revenue rose 8% to $3.32 billion, but excluding the Tradeweb transaction, the bank would have posted a 4% decline in that division. Investment banking revenue dropped 10% to $1.28 billion.

“We navigated an uncertain environment successfully by executing our strategy, and by showing disciplined expense, credit and risk management,” CEO Michael Corbat said in the earnings release.

Revenue in Citigroup’s global consumer bank rose 3% to $8.5 billion as profit climbed 11% to $1.41 billion, compared to the $1.49 billion estimate of analysts surveyed by Factset.

The bank cut companywide expenses 2% to $10.5 billion, and its efficiency ratio improved to 56% from 58% a year ago. That beat the 57.3% estimate of analysts.

Shares of the New York-based bank climbed 38% this year, compared with a 16% gain of the KBW Bank Index.

Other banks should also benefit from the IPO of Tradeweb, whose investors included the biggest U.S. banks, such as Goldman Sachs and Bank of America. Tradeweb, founded in 1996, went public in April in what was then second-biggest IPO of the year.

Here’s what Wall Street expected for Citigroup:


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: hugh son
Keywords: news, cnbc, companies, revenue, profit, expectations, citigroup, tradeweb, billion, estimate, bank, results, trading, banks, ipo, gains, analysts, beats


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Samsung says its second-quarter profit likely fell 56% from a year ago

A man walks past the logo of Samsung Electronics outside the Samsung building in Seoul, South Korea. Samsung Electronics said Friday that profits for the three months that ended June more than halved from a year earlier following continued weakness in the price and demand of memory chips. “Results were actually somewhat better than market expectations, but then there is some one-off that the company is talking about,” said Sanjeev Rana, senior analyst at CLSA. Samsung shares were down 1.2% in af


A man walks past the logo of Samsung Electronics outside the Samsung building in Seoul, South Korea. Samsung Electronics said Friday that profits for the three months that ended June more than halved from a year earlier following continued weakness in the price and demand of memory chips. “Results were actually somewhat better than market expectations, but then there is some one-off that the company is talking about,” said Sanjeev Rana, senior analyst at CLSA. Samsung shares were down 1.2% in af
Samsung says its second-quarter profit likely fell 56% from a year ago Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, fell, business, chips, memory, south, somewhat, oneoff, better, profit, 56, smartphone, secondquarter, trillion, ago, won, likely, samsung


Samsung says its second-quarter profit likely fell 56% from a year ago

A man walks past the logo of Samsung Electronics outside the Samsung building in Seoul, South Korea.

Samsung Electronics said Friday that profits for the three months that ended June more than halved from a year earlier following continued weakness in the price and demand of memory chips.

The world’s largest smartphone maker and supplier of memory chips said operating profit was at 6.5 trillion Korean won ($5.5 billion), which was slightly better than an industry estimate of 6 trillion won, but was down about 56% from a year earlier.

Memory components, which are used in mobile handsets and enterprise servers, comprise Samsung’s main profit-making business.

“Results were actually somewhat better than market expectations, but then there is some one-off that the company is talking about,” said Sanjeev Rana, senior analyst at CLSA.

Samsung said it saw one-off gains in the display business that were reflected in operating profits. Reuters reported that analysts said the smartphone giant received reimbursements worth about 800 billion won for display panels sold to Apple as the iPhone maker missed a sales target on which the two companies had agreed.

“If you exclude that one-off, actually, it seems that apart from the semiconductor business, which did somewhat better than market expectations, we believe smartphone business performance was … worse than expected,” Rana told CNBC’s “Squawk Box ” on Friday.

Samsung shares were down 1.2% in afternoon trade, trailing the South Korean benchmark index, which traded near flat.

Experts have said that the entire semiconductor sector is undergoing a period of inventory adjustment, which is keeping demand low and causing a supply glut that’s squeezing the price. Some have predicted continued excess inventories in both DRAM and NAND memory chips, which would push back the sector’s recovery to the second half of 2020.

DRAM chips allow computers, phones and tablets to run multiple applications at the same time whereas NAND chips function as primary storage.

Final figures for the quarter are due later this month.


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: saheli roy choudhury
Keywords: news, cnbc, companies, fell, business, chips, memory, south, somewhat, oneoff, better, profit, 56, smartphone, secondquarter, trillion, ago, won, likely, samsung


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Amazon is making grocery brands pay for losses on Prime Day promotions, as focus on profit grows

As Amazon grows more profit-conscious, it is making sure grocery brands cover losses on low-priced products sold during Prime Day, one of its biggest sales events of the year. For this year’s Prime Day, Amazon is charging “additional funding” to certain grocery brands if sales of their promotional products result in a loss for Amazon, according to an email seen by CNBC. Amazon said the change is intended to “fund the profitability gap” of such products, which Amazon purchases wholesale and sells


As Amazon grows more profit-conscious, it is making sure grocery brands cover losses on low-priced products sold during Prime Day, one of its biggest sales events of the year. For this year’s Prime Day, Amazon is charging “additional funding” to certain grocery brands if sales of their promotional products result in a loss for Amazon, according to an email seen by CNBC. Amazon said the change is intended to “fund the profitability gap” of such products, which Amazon purchases wholesale and sells
Amazon is making grocery brands pay for losses on Prime Day promotions, as focus on profit grows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: eugene kim
Keywords: news, cnbc, companies, grocery, sold, pay, products, prime, focus, unprofitable, sales, required, amazon, vendors, making, losses, profit, deal, day, grows, promotions


Amazon is making grocery brands pay for losses on Prime Day promotions, as focus on profit grows

As Amazon grows more profit-conscious, it is making sure grocery brands cover losses on low-priced products sold during Prime Day, one of its biggest sales events of the year.

For this year’s Prime Day, Amazon is charging “additional funding” to certain grocery brands if sales of their promotional products result in a loss for Amazon, according to an email seen by CNBC. Amazon said the change is intended to “fund the profitability gap” of such products, which Amazon purchases wholesale and sells on its own.

In return, Amazon is waiving the placement fee required to run Prime Day promotions, which typically costs $500 per deal.

“This year we’ve decided not to charge placement fees for inclusion in deal events but instead we request our vendors to fund a [listing] if it’s unprofitable for the duration of the deal,” Amazon’s email to vendors said. “If additional funding is required, it will be based off total unprofitable units sold for the duration of the deal.”


Company: cnbc, Activity: cnbc, Date: 2019-07-02  Authors: eugene kim
Keywords: news, cnbc, companies, grocery, sold, pay, products, prime, focus, unprofitable, sales, required, amazon, vendors, making, losses, profit, deal, day, grows, promotions


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Stocks making the biggest moves premarket: Nike, Apple, Boeing, P&G, United, Biogen & more

Nike – Nike reported quarterly earnings of 62 cents per share, 4 cents a share below estimates. Apple – Apple chief design officer Jony Ive is leaving the company to start his own independent design firm. Boeing – Boeing is attempting to have all 737 MAX-related fixes done by September, according to sources who spoke to CNBC. United Continental – The airline is changing its name to United Airlines Holdings, effective today. Biogen – Biogen was downgraded to “neutral” from “overweight” at Piper J


Nike – Nike reported quarterly earnings of 62 cents per share, 4 cents a share below estimates. Apple – Apple chief design officer Jony Ive is leaving the company to start his own independent design firm. Boeing – Boeing is attempting to have all 737 MAX-related fixes done by September, according to sources who spoke to CNBC. United Continental – The airline is changing its name to United Airlines Holdings, effective today. Biogen – Biogen was downgraded to “neutral” from “overweight” at Piper J
Stocks making the biggest moves premarket: Nike, Apple, Boeing, P&G, United, Biogen & more Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, nike, stocks, design, pg, premarket, moves, biggest, share, neutral, making, downgraded, revenue, street, today, boeing, profit, united, upgraded, biogen


Stocks making the biggest moves premarket: Nike, Apple, Boeing, P&G, United, Biogen & more

Check out the companies making headlines before the bell:

Constellation Brands – The beer and spirits producer reported adjusted quarterly profit of $2.21 per share, beating the $2.04 a share consensus estimate. Revenue also topped Wall Street forecasts.

Nike – Nike reported quarterly earnings of 62 cents per share, 4 cents a share below estimates. The athletic footwear maker’s revenue beat Street forecasts, however. Nike’s bottom line was impacted by higher spending on marketing and new product launches.

Apple – Apple chief design officer Jony Ive is leaving the company to start his own independent design firm. Ive has been with Apple for since 1992 and helped design such key products as the iMac and iPhone.

Boeing – Boeing is attempting to have all 737 MAX-related fixes done by September, according to sources who spoke to CNBC. That includes a fix for a newly discovered software issue revealed by the company Wednesday.

Bank of America, Citigroup, JPMorgan Chase, Wells Fargo – These and other banks could get a boost today on news that they passed the Fed’s latest stress tests and did not receive objections to capital distribution plans. Credit Suisse received what’s called a “conditional non-objection” to its capital plan, a middle ground between pass and fail based on certain weaknesses. One of the biggest stock winners in early trading was Germany’s Deutsche Bank after it passed the Fed’s tests.

United Continental – The airline is changing its name to United Airlines Holdings, effective today. That removes the last reference to Continental Airlines, which United bought in 2010.

Procter & Gamble – Procter & Gamble was upgraded to “buy” from “neutral” at Goldman Sachs on expectations of stronger margins and profit growth.

Biogen – Biogen was downgraded to “neutral” from “overweight” at Piper Jaffray, which cites competitive pressures for the drugmaker’s multiple sclerosis franchise.

Live Nation Entertainment – The live event producer was downgraded to “sell” from “neutral” at Citi, which likes the company’s consistent operating performance and growth prospects but feels investors are becoming too willing to pay a premium for growth.

Bloomin’ Brands – Deutsche Bank initiated coverage of the Outback Steakhouse parent with a “buy” rating, noting that the restaurant operator is cheap relative to its peers and can rise on any improvement in its profit margins.

AutoZone – Oppenheimer upgraded the auto parts retailer to “outperform” from “perform,” noting the potential of sustained strong commercial sales expansion.

Darden Restaurants, Wingstop – Stephens downgraded both restaurant operators to “equal-weight” from “overweight,” in a move the firm calls “reluctantly downgrading quality” based on current valuation.


Company: cnbc, Activity: cnbc, Date: 2019-06-28  Authors: peter schacknow, fred imbert
Keywords: news, cnbc, companies, nike, stocks, design, pg, premarket, moves, biggest, share, neutral, making, downgraded, revenue, street, today, boeing, profit, united, upgraded, biogen


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Lufthansa lowers 2019 profit forecast, cites price competition

Unilever staff took part in DNA experiment to tackle unconscious…Consumer goods giant Unilever has taken the unusual step of having some of its marketing staff read their own DNA profiles to see whether finding out about their heritage has…Marketing.Media.Moneyread more


Unilever staff took part in DNA experiment to tackle unconscious…Consumer goods giant Unilever has taken the unusual step of having some of its marketing staff read their own DNA profiles to see whether finding out about their heritage has…Marketing.Media.Moneyread more
Lufthansa lowers 2019 profit forecast, cites price competition Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-17
Keywords: news, cnbc, companies, price, taken, unilever, step, unusual, cites, forecast, 2019, dna, tackle, read, lowers, took, lufthansa, unconsciousconsumer, staff, competition, profit


Lufthansa lowers 2019 profit forecast, cites price competition

Unilever staff took part in DNA experiment to tackle unconscious…

Consumer goods giant Unilever has taken the unusual step of having some of its marketing staff read their own DNA profiles to see whether finding out about their heritage has…

Marketing.Media.Money

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-17
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Gold dips slightly on profit booking, US-China trade optimism

Gold prices dipped slightly on Tuesday as investors booked profits following robust gains over the past weeks, while rising hopes of a trade deal between China and the United States lifted equities. Spot gold dipped slightly to $1,327.41 per ounce. Global Investors, adding that strong gains last week prompted some profit booking. Lower interest rates reduce the opportunity cost of holding nonyielding bullion and weigh on the dollar. “I dont think it (gold prices) has the fundamentals to move muc


Gold prices dipped slightly on Tuesday as investors booked profits following robust gains over the past weeks, while rising hopes of a trade deal between China and the United States lifted equities. Spot gold dipped slightly to $1,327.41 per ounce. Global Investors, adding that strong gains last week prompted some profit booking. Lower interest rates reduce the opportunity cost of holding nonyielding bullion and weigh on the dollar. “I dont think it (gold prices) has the fundamentals to move muc
Gold dips slightly on profit booking, US-China trade optimism Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, uschina, tariffs, optimism, rates, gold, gains, prices, trade, president, slightly, profit, investors, ounce, booking, interest, dips


Gold dips slightly on profit booking, US-China trade optimism

Gold prices dipped slightly on Tuesday as investors booked profits following robust gains over the past weeks, while rising hopes of a trade deal between China and the United States lifted equities.

However, increasing expectations the U.S. Federal Reserve would proceed with an interest rate cut this year pressured the dollar, supporting bullion rates.

Spot gold dipped slightly to $1,327.41 per ounce. Prices had hit a 14-month high of $1,348.08 on June 7.

U.S. gold futures settled 0.1% higher at $1,328.50 per ounce.

With fears easing that the United States would impose trade tariffs with Mexico, investors are now optimistic that U.S. President Donald Trump could shelve threats to impose more tariffs on China as well. He is expected to meet with President Xi Jingping at a Group of 20 summit on June 28-29.

“People think there is going to be a sort-of resolution at the end of this month with tariffs when President Trump meets with Xi,” said Michael Matousek, head trader at U.S. Global Investors, adding that strong gains last week prompted some profit booking.

The trade dispute between Beijing and Washington has toppled markets since its inception more than a year ago and raised concerns of a global economic slowdown, prompting central banks around the world to keep a hold on interest rates.

“The rhetoric around Fed rates cut is weakening the dollar, which will help drive gold,” Matousek said. Lower interest rates reduce the opportunity cost of holding nonyielding bullion and weigh on the dollar.

Investors now see the U.S. Federal Reserve cutting rates as well, with Fed fund futures now pricing in more than two 25-basis point rate cuts by year-end.

Markets await consumer price index data on Wednesday, closely watched by the Fed as an inflation indicator, and Retail sales on Friday for indication on whether tariffs are slowing the economy.

“Stronger equity markets has drawn money away from gold,” said Rob Lutts, chief investment officer at Cabot Wealth Management. “I dont think it (gold prices) has the fundamentals to move much higher. It has exhausted its run right here.”

Other precious metals did not resonate with bullion’s move, with silver up 0.6% at $14.75 per ounce and platinum gaining nearly 1% to $809.50 per ounce.

Among other precious metals, palladium extended gains for a fourth straight session, climbing 0.9% to a six-week high at $1,395.01 per ounce.


Company: cnbc, Activity: cnbc, Date: 2019-06-11
Keywords: news, cnbc, companies, uschina, tariffs, optimism, rates, gold, gains, prices, trade, president, slightly, profit, investors, ounce, booking, interest, dips


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Airline industry group slashes its profit forecast as trade war hurts the cargo business

SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector. Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular. The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had p


SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector. Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular. The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had p
Airline industry group slashes its profit forecast as trade war hurts the cargo business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-02  Authors: yolande chee
Keywords: news, cnbc, companies, profits, airline, trade, iata, hurts, business, profit, slashes, forecast, outlook, war, billion, 2019, international, group, juniac, cargo, industry


Airline industry group slashes its profit forecast as trade war hurts the cargo business

SEOUL — Global trade tensions and increased protectionism prompted the International Air Transport Association (IATA) to slash its 2019 profit outlook for the airline sector.

Speaking with CNBC at the trade group’s Annual General Meeting, IATA Director General and CEO Alexandre de Juniac said disruptions to international trade have hurt cargo loads, in particular.

“It has significantly impacted our outlook, and it’s clear that this stop in the evolution in international trade comes directly from trade wars and protectionist measures,” de Juniac said.

The industry body expects airline profits to come in at $28 billion in 2019, a drop from the $30 billion reported in 2018. IATA had previously forecast 2019 profits to come in at $35.5 billion dollars.

The intensification of the trade war between the United States and China trade war has seen cargo demand drop across the airline industry, with the downward trend expected to continue. Growth for that segment is forecast to be flat this year, after rising 3.4% in 2018 and 9.7% the year before that.


Company: cnbc, Activity: cnbc, Date: 2019-06-02  Authors: yolande chee
Keywords: news, cnbc, companies, profits, airline, trade, iata, hurts, business, profit, slashes, forecast, outlook, war, billion, 2019, international, group, juniac, cargo, industry


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