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FedEx Delivers Pretty Package to TNT Shareholders - Apr 10, 2015
FedEx Corporation announced plans to buy Dutch package delivery company TNT Express for an agreed 4.4 billion euros, stepping up the challenge to rivals United Parcel Service and Deutsche Post in Europe. European regulators blocked a 2013 takeover of TNT by UPS due to concerns it would stifle competition. TNT gives FedEx access to pan-European service and the domestic UK and French markets, while TNT customers will get access to FedEx's global distribution platform. Combining FedEx’s 5 percent European market share with TNT’s 12 percent, would catapult FedEx into second place, overtaking UPS which currently holds 16 percent market share. FedEx will offer 8 euros in cash per ordinary TNT share, which even though is a 33 percent premium to TNT’s previous closing price, is still below UPS's 2013 offer of 9 ½ euros. The Tennessee based company is the latest in a long list of companies to take advantage of the current low interest rate environment and finance a deal entirely with debt. The deal has been unanimously recommended by TNT's supervisory board, with TNT's largest shareholder, PostNL also saying it would tender its 14.7 percent stake to FedEx. TNT warned in February it expected tough trading to continue in its main western European markets, in what capped off a disappointing 12 months for the company with the share price dropping 17 percent, against a 21 percent rise in the benchmark index. FedEx said the strong US dollar contributed to perfect timing on its bid, with the Euro down more than a fifth against the greenback in the past year. U.S. companies have announced 195 ½ billion dollars in acquisitions of Western European companies in the past 12 months, more than twice the value of a year earlier. The last two quarters of 2014 were two of the three busiest by value in more than seven years. Unlike the UPS bid back in 2013, FedEx is unlikely to be blocked by European regulators.
Views: 3052 Projection
Towers Watson and Willis to merge, Santander expands
Towers Watson announced it will merge with global risk advisory and reinsurance firm Willis Group, creating a new entity valued at US $18bn - plus Spanish bank Santander has partnered with mobile banking software provider Monitise to launch a financial technology joint venture
Views: 609 Projection
Dollar General impresses the market while CostCo disappoints
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Views: 487 Projection
Heinz and Kraft to merge in Warren Buffett mega deal
Global food companies Heinz and Kraft will join forces to become the world’s fifth largest food and beverage company following the two companies entering into a definitive agreement. The deal was brokered by Warren Buffett’s Berkshire Hathaway and Brazilian investment company 3G Capital, and will result in Heinz buying Kraft for a reported $US 46 billion dollars. Kraft shareholders will receive 49 per cent of the stock in the combined entity, plus a special cash dividend of $US16.50 a share. Berkshire and 3G will invest an additional 10 billion dollars to pay the dividend to Kraft shareholders and will retain 51 percent of the combined company. The combined business, to be called the Kraft Heinz Co, will have dual headquarters in Pittsburgh and the Chicago area, with current Heinz chief executive officer Bernardo Hees staying on to run the new company. The combination of Heinz and Kraft will bring together a wide portfolio of well-known brands and benefit from Heinz's international distribution platform. Shoppers aren’t expected to see any major changes following the creation of the Kraft Heinz Company, although the move does reflect the pressures facing some of the biggest packaged food makers in the U.S. Consumers are increasingly migrating away from longtime pantry staples in favour of healthier alternatives. The new company will have eight billion-dollar brands and five others worth more than 500 million in sales, while total annual revenue is expected to be about 28 billion dollars. Following the completion of the deal Kraft will undergo a significant cost-cutting program, in addition to the expected savings of $1.5 billion dollars by combining manufacturing and distribution networks. The boards of both companies have unanimously endorsed the deal, although it still needs approval from federal regulators and shareholders of Kraft Foods. The deal is expected to close in the second half of 2015, and if completed would return Heinz to public company status after Berkshire and 3G took it private in 2013 in a 28 billion dollar acquisition.
Views: 1317 Projection
McDonald's unveil turnaround blueprint
McDonald's CEO Steve Easterbrook announced a restructuring plan to help it compete with fast-casual restaurants like Chipotle Mexican Grill. To foster a quicker reaction to changing trends, McDonald’s is restructuring its units into four groups based on the maturity of its presence in the particular market, where previously the business was segmented by geography. The individual groups will be the flagship U.S. market, established international markets such as Australia and the United Kingdom, high-growth markets such as China and Russia, and the rest of the world. McDonalds also said that 90 percent of its more than 36,200 restaurants around the world will be franchised over the next four years. This is up from 81 percent currently, and will mean the company will rely more heavily on franchising fees and move away from the daily running of restaurants. The organizational changes will contribute to 300 million dollars in cost-cutting targeted by McDonald's, most of which will be realized by 2017. The company is working on streamlining its menu recently cutting seven items including the Deluxe Quarter Pounder burger and six chicken sandwiches, while at the same time working on improving perceptions about the quality of its food with a trio of new sirloin burgers being added. Standard and Poors were left underwhelmed by the plan and subsequently downgraded their rating on McDonalds to A-, while Moody’s put their rating on review for downgrade. Both rating agencies showed concern over McDonald's plans to return between 8 and 9 billion to shareholders in 2015 and to hit the high end of its 18 to 20 billion 3-year goal by the end of 2016, worrying that any stock repurchases will be at the expense of higher debt levels than initially anticipated. The fast food chain in April reported first-quarter comparable sales down 2.3% and revenue of 5.96 billion, falling short of the 6.02 billion analysts had expected. Unfortunately for McDonalds shareholders, the quarterly results were a familiar tale, which for nearly two years has seen its share price fall and same-store sales crumble in the U.S. market and abroad.
Views: 1169 Projection
RadioShack Avoids Falling into Bankruptcy - Apr 9, 2015
RadioShack looks set to avoid closing its doors for the final time. After almost falling into liquidation in late March , a revised version of the electronics retailer will debut later in April under the ownership of hedge fund Standard General and Sprint Corporation. According to plans filed with the bankruptcy court, the stores will look a lot like the streamlined outlets RadioShack had hoped to build before running short on cash earlier this year. Top level management will also have a new look, after the resignation of chief executive Joe Magnacca, who was hired two years ago to remake the company into a flashy specialty retailer. Cellphones will be outsourced to Sprint, and to further reduce instore clutter, products like laptops, tablets and digital cameras will also be cut back, as will the less popular name brands. RadioShack will be left to focus on higher margin house-brand chargers, batteries and speakers. The product cull will leave far fewer items in the stores, with that number being as low as 1,000, down from more than 4,000 previously. Standard General also plans to take over only about 1,700 locations out of the more than 4,000 the chain ran last year, with hundreds of stores being closed as part of the bankrputcy. Sprint will share in more than 1,400 locations, with the Sprint logo dominating and the telco taking about a third of the floor space. The plans have all been approved by a bankruptcy judge, although the operating name is still yet to be finalised. Standard General will operate the stores, but Salus Capital Partners, which is owed 150 million dollars, has first claim on RadioShack’s trademarks, patents and customer data. Unless Standard General can persuade Salus to sell it the intellectual property that defines the brand, the new RadioShack may not be called RadioShack going forward. Standard General currently has a six-month royalty-free license to use the RadioShack name and necessary patents, with that period being designed to give RadioShack a couple of months to market the intellectual property and make the most of the assets. If someone else outbids Standard General for rights to the brand, the hedge fund will have a couple of months to take down the RadioShack name and replace it with something else.
Views: 294 Projection
CVS Caremark to Offer Hep C Drug - Jan 8, 2015
Gilead Sciences hepatitis C drugs, Sovaldi and Harvoni, will get exclusive coverage on several plans from CVS/Caremark, the pharmacy benefits manager reported, taking the opposite stance from competitor Express Scripts. CVS and Gilead didn't immediately release more details on the agreement, including whether Gilead offered a discount to the list price of its drugs. Generally Sovaldi costs $84,000 for 12 weeks of treatment, where Harvoni, a combination of Sovaldi and another therapy, which was approved in October; costs $94,500 for 12 weeks of treatment, although some patients are cured in just eight weeks. Express Scripts said it negotiated a "significant discount" with AbbVie on its Viekira Pak, approved in late December. Analysts have questioned Express Scripts' decision to approve Viekira Pak, because AbbVie's regimen consists of several pills taken each day, while Harvoni is just one daily pill.
Views: 753 Projection
FDA Approves Obesity Drug - Jan 6, 2015
The U.S. health regulator approved a formulation of Novo Nordisk's diabetes drug Liraglutide, for treating patients of obesity, a disease that affects one in three Americans. The injectable drug, to be marketed as Saxenda, is the second obesity treatment to be approved this year after Orexigen Therapeutics' oral medication Contrave in September. Saxenda enters a market that is yet to realize its potential due to limited effectiveness of existing drugs, reimbursement hurdles, bungled launches and the perception of obesity as a 'lifestyle' disease. The drug has been approved for patients with a body mass index of 30 or above and at least one weight-related health condition such as diabetes. A lower dose of Liraglutide, marketed as Victoza, was approved for use in diabetes patients in 2010. Novo believes Saxenda has blockbuster potential, although doctors doubt it will be a game changer.
Views: 484 Projection
ASML Results Exceed Expectations - Jan 27, 2015
ASML Holdings, the world's largest maker of semiconductor production equipment, reported better than expected results on the back of stronger-than-expected demand from memory chip makers. The Netherlands-based company whose rivals include Applied Materials and Nikon, reported fourth-quarter net income of 305 million euros on sales of 1.49 billion, beating expectations of 221 million and 1.31 billion respectively. The group also said it would raise its dividend 15 percent and launched a new 1 billion euro share buyback, extending a programme which has already run for several years. ASML makes lithography machines, which use highly focused beams of light to trace out the circuitry of computer chips and is a key supplier to the world's biggest chipmakers including Samsung and Intel. The company’s order backlog has increased to 2.8 billion euros from 2.41 billion in the previous quarter.
Views: 82 Projection
Becton Dickinson To Acquire CareFusion - Oct 7, 2014
Medical technology firm, Becton Dickinson has announced that it will acquire CareFusion Corporation in a $12.2 billion dollar deal designed to provide a full range of medical products to hospitals, which are under pressure to cut costs and improve quality. New Jersey based Becton will pay $58 in cash and stock for each share of CareFusion, a 26% premium to their previous closing price. Combining BD and CareFusion will create one of the five largest medical device companies in the world, with a range of offerings for pharmacies and hospitals. Becton has about $8.3 billion dollars in annual sales, while CareFusion notches about $3.8 billion and the two companies currently have a combined market capitalization of nearly $32 billion. Becton said it has identified $250 million dollars in synergies from the merger and expects the deal to begin adding to earnings in fiscal year 2018. Under the terms of the offer, CareFusion shareholders will receive $49 in cash and 0.078 of a Becton share for each CareFusion share.
Views: 1942 Projection
General Mills To Buy Annie's - Sep 10, 2014
General Mills has agreed to buy natural and organic food producer Annie’s for 820 million dollars in an attempt to re-energize sales to combat waning consumption of their traditional goods. The deal will add Annie's products ranging from macaroni and cheese to bunny-shaped cheddar snacks to General Mills' stable of well-known brands, which includes Cheerios and Chex cereals, Green Giant frozen vegetables, and Häagen-Dazs ice cream. The deal consists of $46 per share in cash for Annie’s shareholders, a 37% premium over the stock’s previous closing price of $33.51. It marks the latest effort by General Mills and other big food companies to tap into consumers' growing appetite for foods perceived as being made with more natural ingredients and fewer artificial additives. Annie’s was founded in 1989 and has grown from a small player in the food business to one that had 204 million dollars in food sales in the last fiscal year on over 145 products across 35,000 retail locations.
Views: 122 Projection
Hep C Drug Sales Boost Gilead Earnings - Mar 10, 2015
Gilead Sciences posted strong quarterly sales of its hepatitis C drugs Harvoni and Sovaldi, pushing the drugmaker's net profit up more than four-fold for the quarter. The company reported quarterly net income of 3.49 billion dollars or $2.18 per share, compared with 791 million or 47 cents per share a year earlier. Excluding one-time items, Gilead earned $2.43 per share, beating the average Wall Street estimate of $2.22 per share. Sales of Sovaldi, the $1,000 dollar pill for hepatitis C which ignited a fierce debate over prescription drug prices, totaled 1.73 billion for the quarter, while sales of follow-on drug Harvoni totaled 2.11 billion. Analysts, on average, had forecast Sovaldi sales of 2.05 billion and Harvoni sales of 1.58 billion. For full-year 2015, Gilead projected total product sales between 26 and 27 billion, falling short of the average Wall Street estimate of 28.6 billion.
Views: 601 Projection
Olam International Makes Cocoa Purchase - Dec 17, 2014
Olam International, the commodity trader controlled by Singapore’s state investment firm, agreed to buy ’s cocoa business for 1.3 billion dollars to become a top-three processor of the bean. The deal, which is Olam’s biggest acquisition, draws a line under the company’s program last year of spending cuts and reducing debt in response to short-seller Muddy Waters’s questioning of its finances. It follows Olam’s smaller purchase of U.S. peanut sheller McCleskey Mills for 176 million dollars including debt, announced earlier this month. Demand for cocoa, the main ingredient in chocolate, has risen three times faster than population growth in the last 15 years. While the trader already has the world’s largest bean sourcing network, the addition of ADM’s unit will give Olam processing capacity, allowing it to sell directly to buyers including Nestle and Hershey.
Views: 1148 Projection
Myriad Genetics Slashes Outlook - Mar 6, 2015
Myriad Genetics cut its fiscal year forecast due to reimbursement delays and announced the retirement of longstanding CEO Peter Meldrum. The company said it was dropping its forecast for the fiscal year that ends in June, partly because of a lag in private reimbursement coverage for its Vectra DA rheumatoid arthritis blood test and a Medicare reimbursement delay for Prolaris, a prostate cancer test. The company now expects adjusted earnings of between $1.50 and $1.55 per share after forecasting $1.90 to $2 per share in November. It cut its revenue expectation to between 730 and 740 million from between 800 and 820 million. On average analysts had expected earnings of $1.67 per share on 759.5 million in revenue. The company also announced that its second quarter earnings were 24 million or 32 cents per share, on 184.4 million in revenue. Adjusted earnings totaled 40 cents per share, beating analyst expectations by 5 cents.
Views: 114 Projection
Stock And Currency Report - July 23, 2014
A solid day for equity markets with all three major indices closing higher. The DOW put on 62 points, the S&P 500 rallied 10 and the NASDAQ was up 31. The Russell 2000 moved higher by just under 10 points and Canada’s main composite index finished up 65 points. The VIX moved lower by around four and a half percent while buying in the bond market saw the yield on the 10 year fall by 1 basis point. An easing of geo political concerns saw oil drop with WTI down about two tenths of a percent and Brent falling about half a percent. Gold was also weaker, falling around half a percent. European markets also closed in the green with the FTSE higher by 1% and the DAX up almost 1.3%. Asian markets were broadly positive on Tuesday with the ASX 200 finishing marginally higher, while the Nikkei was up 8 tenths of a percent and the Hang Seng a whopping 1.7%. In foreign exchange markets the US dollar was higher against the Euro, Yen and British Pound but lower against the Canadian and Aussie Dollars.
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EU Regulators Impose Heavy Fines on Chip Manufacturers - Sep 4, 2014
European Union antitrust regulators fined Philips, Samsung and Infineon Technologies a total of 138 million Euros, about 182 million dollars on Wednesday for fixing prices of chips used in mobile SIM cards. The European Commission, which raided the companies in October 2008, said the cartel took place between 2003 and 2005. German chipmaker Infineon received the biggest penalty at 82.8 million euros, Samsung was fined 35.12 million euros and Philips 20.15 million euros. Philips denied fixing chip prices and said it would challenge the decision in court. Renesas Technology, a joint venture between Hitachi and Mitsubishi Electric escaped a fine of more than 51 million euros as it was the first to alert the EU competition authority about the cartel. The chips produced by the companies are also used in bank cards, identity cards, passports and pay TV cards. The companies had sought to settle the case in return for a 10 percent cut in the fines but talks broke down last year.
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Thermo Fisher Scientific Earnings Beat Expectations - Feb 18, 2015
Thermo Fisher Scientific, the world's largest maker of scientific instruments, reported better-than-expected quarterly profit and sales, boosted by the contribution from the Life Technologies acquisition. Thermo said net profit rose to 601.2 million dollars or $1.49 per share in the fourth quarter, from 342.1 million or 92 cents a share, a year earlier. Excluding items, Thermo Fisher earned $1.99 per share, where analysts on average had expected $1.94. Revenue jumped 30 percent to 4.49 billion, topping Wall Street's estimate of 4.38 billion. With the addition of the Life Tech business, Thermo Fisher's life sciences business reported a surge in sales to 1.19 billion, compared with 192 million a year earlier. Thermo Fisher, which paid down $3.8 billion of debt in 2014 related to the Life purchase, said it was on track to achieve $300 million in cost saving synergies in year three. The purchase of Life Tech for more than 13 billion dollars was completed in early 2014.
Views: 79 Projection
Deere Q1 Profit Falls But Beats Forecasts - Mar 20, 2015
The company, which gets nearly two-thirds of its revenue from farm and turf machinery, cut its 2015 net profit forecast to $1.8 billion from $1.9 billion. Net income attributable to Deere fell to 387 million or $1.12 per share in the first quarter ended January 31, from 681 million or $1.81 per share a year earlier, while sales fell 16.6 percent to 6.38 billion. Analysts on average had expected earnings of 83 cents per share on revenue 5.53 billion. The company's sales have been hit as bumper corn harvests drive down prices, leaving farmers with less cash to spend on equipment. Corn prices fell about 15 percent in 2014, on top of a decline of nearly 40 percent in 2013. Deere's overall equipment sales are expected to fall about 19 percent in the current quarter ending April 30.
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Strong Dollar Impacts Whirlpool Earnings - Mar 9, 2015
Whirlpool said its fourth-quarter profit fell due to costs from recent acquisitions, but excluding those costs, the results beat market expectations. The world's largest maker of home appliances reaffirmed its 2015 earnings outlook and said it expected robust sales growth in North America. Whirlpool reported a net profit of 81 million or $1.02 a share, down more than 55 percent from $181 million, or $2.26 a share, a year earlier. Excluding acquisition and other costs, Whirlpool said earnings per share for ongoing operations came in higher at $3.52, where analysts on average had expected $3.19. Revenue rose to 6 billion dollars from 5.1 billion, beating analysts expectations of 5.8 billion. The company said the strong dollar, which diminishes the value of overseas sales, had acted as a drag on its revenue for the quarter. Whirlpool said it expected 2015 earnings per share of $14 to $15. Wall Street analysts have forecast $14.39.
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Boeing Increases Dividend and Share Buyback - Dec 18, 2014
Boeing raised its share repurchase authorization to 12 billion dollars from 10 billion and said it would increase its quarterly dividend by 25 percent, in a sign of confidence in its cash outlook for the year. The world's biggest plane maker had $4.8 billion remaining in its previous stock buyback plan and raised the dividend to 91 cents per share from 73 cents. Boeing shareholders have been looking for the company to deliver cash as it ramps up delivery of planes to record levels. In October, Boeing reported an 18 percent rise in third-quarter profit, but its cash generation lagged below expectations, putting a question mark over its ability to meet its forecast for the year. Boeing had promised that cash flow would be "very strong" in the fourth quarter, with the share buyback and dividend increase signalling it was confident of hitting its targets. Boeing also said had finished its stock repurchases for 2014, having spent $6 billion, and plans to resume in January. It added that it expected the purchases under the current plan to take two to three years.
Views: 58 Projection
Banks Give Warning To Basel Committee - Sep 3, 2014
Banks are warning that a proposed global rule aimed at forcing them to fund themselves more safely, could have "severe" knock-on effects on short selling and other important equities market transactions. Industry lobbyists have warned the Basel Committee on Banking Supervision that proposed funding rules could make it five times more expensive for banks to facilitate short selling, in which investors bet that share prices will fall. The rule would also make it much more expensive for banks to provide equity swaps, according to the letter from two global lobbying groups, the Global Financial Markets Association and the Institute of International Finance. The banks are making a last-ditch effort to modify the Net Stable Funding Ratio, which is seen as the final plank of the "Basel III" banking reforms that seek to prevent a repeat of the 2008 financial crisis. The Basel Committee's NSFR aims to ensure banks hold a minimum amount of stable funding based on the characteristics of their assets.
Views: 119 Projection
TriMas Cuts Full Year Forecast - Sep 25, 2014
TriMas cut its full-year adjusted earnings forecast partly due to ongoing softness in its energy and aerospace businesses. The maker of engineered and applied products said that it now foresees adjusted earnings between $1.85 and $1.95 per share down from its previous guidance of $2.15 to $2.25 per share. The Michigan based company anticipates revenue rising between 6 and 7 percent from a year ago. CEO David Wathen said that while the company had taken actions to help improve the performance of the energy and aerospace segments, that the improvements had not taken place at the expected pace. Wathen went on to say that its Cequent businesses will also continue to deal with margin pressures for the rest of the year. TriMas also announced that it is buying Allfast Fastening Systems for approximately $360 million dollars to help strengthen its growing aerospace business. Allfast makes solid and blind rivets, blind bolts, temporary fasteners and installation tools for the aerospace industry.
Views: 76 Projection
Toyota to Release 5,680 Patents - Jan 8, 2015
Following the footsteps of rival Tesla, Toyota said it would share its 5,680 patents related to its fuel-cell cars for free, in a bid to promote hydrogen-powered vehicle technology. It will mark the first time the Japanese carmaker has released patents to competitors without charging a royalty fee, underscoring the challenges Toyota and other rivals face in furthering the mass acceptance of fuel-cell technology. In June, Tesla took the similar step of opening up its patents for the advancement of electric-powered vehicles. Carmakers are developing battery electric cars and hydrogen vehicles to meet global regulators' demands to curb emissions. Fuel-cell vehicles, run on electricity generated by combining hydrogen with oxygen, with only water vapour created as a by-product. Toyota's announcement comes ahead of the launch of its new fuel-cell sedan in the US and Europe later this year. The hydrogen-powered Mirai will be priced at $57,500 in the US and 66,000 Euros in Europe with a modest sales target of 700 units worldwide for the year.
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Lululemon Q3 Earnings Beat Expectations - Dec 15, 2014
Lululemon reported third quarter revenue of 419.4 million dollars. The top line figure was up 10% from the same period a year ago but short of Wall Street estimates for 12% growth. The retailer reported net income of 60.5 million, which although was down 8% from last year, was still better than expectations. Earnings per share came in 4 cents ahead of consensus at 42 cents but down from 45 cents 12 months ago. Total comparable sales grew 3% including a 27% increase in direct to consumer, online and catalog sales, but a 3% decline in same store sales. Direct to consumer revenue increased to 77.2 million dollars accounting for 18.4% of total company revenue. Looking ahead the company expects 2014 revenue to total between 1.665 and 1.78 billion dollars, down from a prior estimate of between 1.78 and 1.8 billion. The fourth quarter is expected to contribute between 570 and 585 million. Earnings per share are expected to be in the range of 65 and 69 cents for the holiday quarter.
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GAP undertakes cost cutting program, Netflix splits stock
GAP announced a significant cost cutting program in an attempt to turnaround its declining profitability as consumers increasingly turn to online market places
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Alibaba lifts earnings on GMV increase
Alibaba reported earnings and revenue that beat analysts expectations, on a jump in total gross merchandise volume. The company also said that Chief Executive Jonathan Lu will step down effective May 10, and be replaced by Chief Operating Officer Daniel Zhang. The e-commerce giant posted fourth-quarter earnings of 48 cents per share for the quarter, beating the 42 cents per share expected by the market. The company's revenue rose 45 percent to 2.81 billion dollars, also exceeding forecasts of 2.77 billion. Gross merchandise volume on China retail marketplaces jumped 40 percent to 97 billion dollars, while Mobile GMV continued to grow, now making up 51 percent of total GMV, up from 42 percent in the December quarter. Two-thirds of Alibaba's sales continue to come from its consumer-to-consumer marketplace Taobao, where it primarily earns revenue from advertising and marketing services but charges less for marketing on mobile devices. The number of mobile monthly active users jumped 77 percent to 289 million, helping the number of overall annual active buyers increase 37 percent to 350 million. After a strong debut on the New York Stock Exchange in September of last year, the stock has since fallen more than 30% from a high of $120 a share. Investors have been concerned in recent months by the potential increased regulatory pressure on Alibaba to tackle the sale of counterfeit goods on its platforms. A hiring freeze recently announced by Executive Chairman Jack Ma has also dampened optimism among those who were expecting continued rapid growth. Alibaba disclosed last week that it owns 11½ million shares of online retailer Zulily, or about 9.3 percent of the company. Alibaba began buying the shares via a subsidiary on Wednesday, a day after Zulily reported weak financial results for its first quarter and cut its sales outlook for the year. This purchase follows a recent $200 million dollar investment in instant video sharing site Snapchat which will give Alibaba the ability to reach Snapchat’s almost 200 million active users. Thanks for watching,
Views: 41 Projection
AstraZeneca Reports Fourth Quarter Loss - Mar 11, 2015
British pharmaceutical giant AstraZeneca reported a loss for the fourth quarter of 2014, but reaffirmed that it was on track to return to growth by 2017. The drugmaker, which saw off a £69 billion Pound takeover attempt from Pfizer, reported a quarterly net loss of 321 million, a 38 percent drop from last year's 1.5 billion net profit. Revenue for the last three months of the year fell 2 percent on the same period a year ago to 6.68 billion. The company also declared a second interim dividend of 1.90 per share, bringing the dividend for the full year to 2.80. AstraZeneca received a record six product approvals in 2014, including Duaklir Genuair, a drug used to treat chronic obstructive pulmonary disease, which was approved by the European Commission in November.
Views: 87 Projection
Alibaba Has New Competitor - Jan 7, 2015
Alibaba’s stranglehold on China’s enormous e-commerce market is under fire from rival Wanda E-commerce. Plans for Wanda E-commerce were announced just four months ago, but the venture has already caught the attention -- and dollars -- of two investment funds. Wanda's platform raised 1 billion yuan in funding from Chinese investment funds Centec Networks and Xude Rendao and this is comes before its business model is even "fully operational," which the company expects to happen by the fourth quarter of 2015. The investment quadruples Wanda's value to an estimated 20 billion yuan. Wanda E-commerce -- which aims to leverage WiFi and smartphone capabilities to help shoppers locate and buy products nearby -- is a joint venture between three parties: Majority stakeholder real estate conglomerate Dalian Wanda Group, telecommunications company Tencent and search engine Baidu. Wanda Group already has an offline customer base of 1.5 million people and last month, it acquired a stake in online payment platform, 99Bill.
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Dunkin' Brands Slashes 2015 Forecast - Dec 23, 2014
Dunkin’ Brands, owner of the Dunkin’ Donuts and Baskin-Robbins chains, cut its 2015 forecast for comparable store sales growth in the United States and operating income growth, citing slowing sales of packaged coffee in its restaurants. Its joint ventures in South Korea and Japan also are under pressure. The company said it now expected U.S. same store sales growth of 1 to 3 percent, down from its previous forecast of 2 to 4 percent. It also cut its forecast for adjusted operating income growth to 6 to 8 percent from 10 to 12 percent. The company forecast adjusted earnings of between $1.75 and $1.76 per share, where analysts on average were expecting earnings of $2.02. The company reported that low gas prices have driven optimism in 4Q, it’s clear not all restaurants are participating in the broader growth. Dunkin' shares are down 13 ½ percent so far in 2014.
Views: 61 Projection
Roper Industries Exceeds Forecasts - Feb 2, 2015
Roper Industries reported fourth-quarter net income of 185.9 million dollars. The Florida-based company reported profit of $1.84 per share, which increased to $1.85 per share after being adjusted for non-recurring items. The results came in above Wall Street expectations, where the average estimate of analysts was for earnings of $1.79 per share. The industrial equipment maker posted revenue of 946.1 million dollars in the period, missing Wall Street forecasts for revenue to come in at 953.9 million. For the full year, the company reported profit of 646 million dollars or $6.40 per share and revenue of 3.55 billion. For the current quarter ending in March, Roper Industries expects its per-share earnings to range from $1.47 to $1.53, where analysts had forecast adjusted earnings per share of $1.52. The company forecast full-year earnings in the range of $6.70 to $6.94 per share.
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Medtronic Earnings In Line With Forecasts - Dec 3, 2014
Medtronic posted a quarterly profit that was in line with analyst expectations, helped by sales of new heart devices, and said its 42.9 billion dollar purchase of hospital products maker Covidien, remains on track to close early next year. Changes in U.S. tax rules aimed at curbing a spate of so-called tax inversion acquisitions have caused investors to question whether the deal would proceed after companies such as drugmaker AbbVie and Irish competitor Shire dropped plans to merge. The largest stand-alone medical device maker said its second-quarter net earnings fell to 828 million dollars or 83 cents a share, from 902 million or 89 cents, the year before. Excluding costs for the Covidien acquisition and a charitable donation, Medtronic earned 96 cents a share, in line with the average analyst forecast. Revenue rose 4 percent to 4.37 billion dollars, boosted by new products including a miniature implantable diagnostic monitor for the heart called Reveal and the CoreValve replacement heart valve.
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Glencore Approaches Rio Tinto - Oct 8, 2014
t’s been reported that miner and commodity trader Glencore had reached out to Rio Tinto’s largest shareholder, Chinalco, to gauge its interest in a potential deal. Rio Tinto has broken its silence over Glencore's July merger offer, revealing that its board unanimously believed the bid was not in the best interests of the target's shareholders. Glencore chief executive Ivan Glasenberg believes a $US160 billion dollar merged mining giant – with market-leading positions in iron ore, copper, nickel, zinc and coal – makes sense and that corporate advisers at Standard Chartered have been doing preliminary work on a deal. Rio said it rejected Glencore's merger offer last month, after an approach was made in July and there has been no further contact between the parties on the matter. Rio's American depositary receipts rose as much as 20 per cent in New York following the announcement.
Views: 147 Projection
Lehman Brothers Unsecured Creditors To Receive Payout - Aug 20, 2014
Unsecured creditors of Lehman Brothers brokerage unit will begin receiving an initial $4.62bn payout next month. Distributions will begin on September 10 and will initially cover 17 percent of the $27.2bn of unsecured claims associated with the failed bank's unit. Approximately $3.47bn will go to creditors whose claims have been approved and $1.15bn will be set aside for pending claims. The payout follows distributions of $105bn to 111,000 former customers who have been paid in full and other creditors whose claims had higher priority. More payments to unsecured creditors are expected. Lehman was Wall Street's fourth-largest investment bank before going bankrupt on September, 18 2008 and subsequently filing for Chapter 11 protection. It remains the largest U.S. bankruptcy
Views: 77 Projection
Dow Chemical To Continue Cost Cutting - Oct 28, 2014
Dow Chemical, the No. 1 U.S. chemical maker by sales, said it was looking to cut fixed costs by $1 billion over the next three years, building on reductions that have already helped to boost margins. The company also reported a better-than-expected profit for the fourth straight quarter. Low raw material costs helped push up margins for the ninth straight quarter in Dow's plastics business, contributing to a 43 percent jump in net income for the three months ended September. Dow's plastics business has benefited from a shale boom in the United States that has pulled down prices of raw materials such as ethane and naphtha, giving the company an edge over oil-dependent European rivals. Third-quarter EBITDA rose 31 percent in the plastics unit, which makes products used by toy manufacturers, car makers and the packaging industry. Adjusted profit was 72 cents per share, higher than the average analyst estimate of 68 cents, while revenue rose 5 percent to $14.41 billion dollars.
Views: 15 Projection
Chevron Looks to Raise $1.5BN Equity for Canadian Project - Aug 27, 2014
Chevron’s subsidiary, Chevron Canada Limited, has exploration leases for approximately 330,000 net acres in the Duvernay shale formation, which is located about 124 miles northwest of Edmonton, Alberta. Because oil and gas developments take many years to generate a return for their investors, Chevron was reported to be looking for an equity investor with a long-term investment horizon and had apparently sent an offering memorandum to potential investors over the summer. Some private equity firms had looked at the opportunity to provide an equity investment into the Duvernay project, but may not ultimately partner with Chevron because of the long investment horizon.
Views: 58 Projection
Swedish Bank SEB Earnings Miss Forecasts - Feb 16, 2015
Swedish banking group SEB reported fourth-quarter operating earnings just below forecasts and raised its dividend less than expected. SEB, which has a dividend policy to pay out 40 percent or above of its earnings per share, said it would pay out 4.75 crowns a share for 2014, corresponding to a 54 percent payout ratio. That was up from 4.00 crowns per share in 2013 but still below an analyst forecast for 5.00 crowns. Operating profit rose to 6.6 billion Swedish crowns, up from 5.0 billion in the year-ago period but lower than the expected 6.8 billion. The miss was mainly due to a lower result in net financial income, which includes trading and hedges. Net interest income in the quarter rose to 5.0 billion Swedish crowns from 4.9 billion last year. That was lower than the expected 5.1 billion by analysts. Net commission income rose to 4.6 billion from 3.9 billion a year ago, which was better than the forecast for 4.1 billion.
Views: 175 Projection
Zip Finance - Mar 13, 2015
GoPro reported earnings that beat Wall Street's forecasts as revenue more than doubled from a year earlier. Shares turned negative however after it projected unexpectedly weak first-quarter profit and announced the surprise departure of one of its executives. The company said it sees first-quarter earnings coming in between 15 and 17 cents per share, where Wall Street had expected the camera maker to post earnings of 17 cents per share. The wearable camera maker reported fourth-quarter earnings of 99 cents per share, up from 33 cents a share a year earlier, as revenue soared 75 percent to 633.90 million from 361.50 million. Analysts had expected GoPro to report earnings of 70 cents per share on revenue of $580 million. The company said it shipped 2.4 million capture devices during the quarter and 5.2 million for the full year. GoPro's cash and cash equivalents jumped to 422.3 million, up 316 percent from December 31 2013. Coca Cola reported a better-than-expected profit as sales in North America, its biggest market, rose for the first time in four quarters, offsetting the impact of a stronger dollar on its overseas business. Coke's sales in North America have declined or remained flat for the last three quarters, as U.S. consumers opt for healthier beverages and shift away from diet sodas due to concerns over artificial sweeteners. The world's largest beverage maker said net income attributable to shareholders fell to 770 million or 17 cents per share, in the fourth quarter from 1.71 billion or 38 cents per share, a year earlier. Excluding items, the company earned 44 cents per share, while net operating revenue fell 2 percent to 10.87 billion. Analysts on average were expecting profit of 42 cents per share on revenue of 10.76 billion. Coke said back in October it would cut costs and announced a timeline for selling its lower-margin bottling operations. Time Warner reported a better-than-expected quarterly profit, helped by higher subscription fees for channels offered by its Turner Broadcasting and Home Box Office businesses. Revenue from Turner Broadcasting, which operates channels such as CNN, TNT and Cartoon Network, rose 2.3 percent to 2.6 billion in the fourth quarter ended December 31. The business, which accounts for 34.6 percent of total revenue, was boosted by higher domestic rates and growth in international markets. Net income attributable to Time Warner shareholders fell 27 percent to 718 million or 84 cents per share, in the quarter. Excluding items, the company earned 98 cents, topping the average analyst estimate of 93 cents. Time Warner forecast 2015 adjusted profit from continuing operations of $4.60 to $4.70 per share, while analysts were expecting a profit of $4.66 per share.
Views: 4375 Projection
Chinese Gamblers Heading to Vegas - Sep 18, 2014
China’s high-spending gamblers are looking to bet outside Macau amid a government assault on corruption and extravagance, and that’s boosting casinos from the Philippines to the Las Vegas Strip. Visitors from China are lifting gambling growth in Las Vegas while casinos in Melbourne and Manila are fighting over Chinese VIPs. That’s while Macau, the one place in China where casinos are legal, has suffered three straight months of declining gambling revenue as the anti-graft crackdown shows no signs of abating. MGM Resorts and Wynn Resorts both posted recent results that beat analyst estimates. Las Vegas casinos revenue has gained 3.7 percent to $3.7 billion dollars in the 12 months to the end of July, driven mainly by a 14.4 percent jump in baccarat revenue. Macau remains the world’s biggest gambling hub despite the recent declines, generating $45.2 billion of casino revenue for the city in 2013, seven times more than the Las Vegas Strip and dwarfing the $36.5 billion for the U.S. as a whole.
Views: 2610 Projection
Dish Network CEO Joe Clayton to Step Down - Mar 23, 2015
Dish Network founder and Chairman Charlie Ergen will return to take charge of the company after current Chief Executive Joe Clayton announced he will retire on March 31. Dish also reported quarterly revenue that fell short of estimates as it lost more than 63,000 pay-TV subscribers in the fourth quarter ended December 31, almost double the number forecast by the market. The losses were partly due to the absence of channels from Twenty-First Century Fox from Dish's service, following a dispute between the two companies that was resolved in January. The 2014 churn rate, or user defections to other networks, was 1.59 percent, up slightly from 1.58 percent from a year earlier. Net income attributable to the company rose to 409.9 million or 88 cents per share, from 288 million or 63 cents per share, a year earlier. Revenue rose 4 percent to 3.68 billion, marginally below anaylsts expectations of 3.70 billion.
Views: 56 Projection
Cisco CEO Takes Pay Cut - Oct 2, 2014
Cisco CEO John Chambers received $16.5 million dollars in compensation for the company’s latest fiscal year, a decline of 22 percent from the previous year. The company didn’t meet revenue and operating income targets for the year that ended in July, and Chambers’s performance-based compensation was reduced accordingly. The world’s largest maker of networking equipment had $47.1 billion dollars in sales in fiscal 2014, falling short of the company’s target of $49.5 billion. Operating income was $13.4 billion, just short of the $14 billion dollar target. Chambers saw his base salary kept the same at $1.1 million. His stock awards declined to $12.9 million in fiscal 2014 from $15.2 million in the prior year, and his non-equity incentive compensation fell to $2.5 million from $4.7 million, according to the filing. Cisco’s revenue fell 3 percent in the latest fiscal year, the first decline in five years.
Views: 30 Projection
Allergan Increases Earnings Outlook - Oct 14, 2014
Allergan, which has been fending off buyout offers from Valeant Pharmaceuticals, boosted its earnings outlook for the year and current quarter on the back of new products, regulatory approval and a rising market share. The botox maker said it expects to report third-quarter profit that is more than 20 percent higher than it previously anticipated. The company now expects third-quarter earnings of between $1.76 and $1.78 per share, up from its previous forecast between $1.44 and $1.47. It expects revenue to rise 17 percent from the same quarter a year ago, to about $1.79 billion. Analysts had expected earnings of $1.47 per share on revenue of $1.74 billion. For the full year, it now expects earnings between $6.20 and $6.25 per share, up from its previous forecast between $5.74 and $5.80 per share. Revenue is expected to rise 14 or 15 percent from the year before, to between about $7.17 billion and $7.24 billion. Analysts expected earnings of $5.80 per share on revenue of $7.09 billion.
Views: 32 Projection
Abbott Laboratories Earnings Meet Expectations - Feb 18, 2015
Abbott Laboratories forecast full-year profit largely in line with analysts' estimates, even as other large drugmakers have warned of a stronger dollar hurting their results. The company, which received more than 70 percent of revenue from outside the United States, said it expects 2015 earnings between $2.10 and $2.20 per share, compared with the average analyst estimate of $2.14 per share. The company's net earnings rose to 905 million dollars or 59 cents per share in the fourth quarter, from 589 million or 37 cents per share a year earlier. Excluding special items, Abbott earned 71 cents per share, coming in above the average analyst expectation of 68 cents per share. Net sales rose about 6 percent to 5.36 billion but was below the average analyst estimate of 5.42 billion. Sales of the company's nutritional products, including Similac infant formula and Ensure beverages for adults, rose 8.9 percent in the quarter on an operational basis to $1.80 billion.
Views: 1285 Projection
General Mills Sales Hurt By Stronger Dollar - Apr 2, 2015
General Mills reported lower sales for the sixth straight quarter, hurt by a stronger dollar, but earnings still topped expectations. Sales in the United States grew 1 percent in the third quarter, helped by higher sales of yogurt and snacks. The maker of Yoplait yoghurts, has seen lethargic U.S. sales of products such as cereals and frozen foods in the past few years as consumers shift to healthier alternatives. The company also said that it expected to complete the elimination of about 800 jobs by the end of fiscal 2015 under its "Catalyst" cost-cutting plan. The food manufacturing giant posted fiscal third-quarter earnings excluding items of 70 cents per share, up from 62 cents per share in the year-earlier period, while revenue fell to 4.35 billion dollars from 4.38 billion 12 months ago. Wall Street expected the company to deliver quarterly earnings per share of 67 cents on $4.35 billion in revenue.
Views: 23 Projection
Deutsche Bank Posts Loss - Nov 11, 2014
Deutsche Bank posted a surprise net loss in its third quarter earnings, as heavy legal costs outweighed a rise in investment banking. Germany's top lender said it lost 92 million euros in the July-September quarter from the year-ago period, on net revenues of 7.9 billion euros. The bank spent 894 million euros on litigation costs in the quarter, bringing the total to around 7 billion euros that the amount the bank has spent on fines and settlements since 2012. Deutsche also announced that it will reshuffle top management by naming Marcus Schenck, former finance chief at energy group E.ON and Goldman Sachs banker, as chief financial officer and putting current CFO Stefan Krause in charge of operations and strategy. Henry Ritchotte, will continue as chief operating officer with responsibility for technology and operations, and will in addition assume responsibility for the bank's global digital agenda.
Views: 43 Projection
Colgate Total Potentially Dangerous - Aug 14, 2014
The chemical triclosan, which is one of the ingredients in Colgate Total toothpaste, has been linked to cancer-cell growth and disrupted development in animals
Views: 611 Projection
National Oilwell Varco's Rig Orders Tank - Mar 2, 2015
U.S. oilfield equipment maker National Oilwell Varco warned of a severe downturn in its business after orders for its drilling parts plunged nearly 90 percent, underscoring the extent of the spending cuts caused by the oil price slump. Orders in National Oilwell's rig technology business, which makes drilling equipment, fell to 470 million dollars in the quarter ended December 31, from 3.61 billion a year ago. The unit accounted for nearly half of total revenue. Wall Street analysts on average had been expecting orders of 1.1 billion. National said it expects revenue out of backlog to decline "modestly" in the second quarter and "more steeply" over the rest of 2015. In contrast, total revenue rose 8 percent to 5.71 billion in the fourth quarter. Adjusted profit was $1.69 per share in the quarter, higher than the average analyst estimate of $1.60.
Views: 830 Projection
Hertz Issues Deepen - Aug 21, 2014
Hertz Global shares tanked after the company said 2014 results were “well below” its forecast, blaming costs for an accounting review and sector wide vehicle recalls that prevented it from meeting demand. In addition to a record level of vehicle recalls, Hertz said it’s experiencing higher-than-expected operating expenses in the U.S. rental-car market and soft demand in its equipment-rental business. The company also highlighted delays with the installation of a computer system, hampering its ability to integrate the 2012 acquisition of Dollar Thrifty Automotive. The car and equipment rental company has yet to report financial results from the first or second quarters. It has delayed earnings reports at least four times since it uncovered accounting errors and said it can no longer rely on its past three years of financial statements. Hertz in May reaffirmed a forecast it would earn at least $1.70 a share this year on sales of at least 11.4 billion dollars. The company now expects to be well below the low end of its 2014 guidance.
Views: 32 Projection
Tesco Accounting Investigation - Sep 25, 2014
Tesco, the world's second-largest supermarket chain after Walmart, has suspended four executives and launched an accounting investigation after admitting that its half-year profit was overstated by 250 million pounds. The scandal deepens the financial woes for the British company, which on had to issue its third profit warning in two years as it struggles to compete with low-cost rivals. The investigation, prompted by information from a whistleblower, comes less than a month after the new chief executive, Dave Lewis, was brought in to turn around the company's business. Lewis took over from Philip Clarke after the company issued a profit warning at the end of August. At the time, Tesco said it expected to report "trading profit" of about 1.1 billion pounds for the six months ended Aug. 23. The retailer now plans to release its earnings for the period on Oct. 23, three weeks later than previously scheduled. Tesco has long dominated the supermarket industry in Britain, but has recently been squeezed by aggressive cost-cutting competitors such as Lidl and Aldi.
Views: 379 Projection
Amgen Job Losses - Aug 1, 2014
Biotech giant Amgen said it would lay off up to 2,900 employees and close facilities in Washington State and Colorado
Views: 72 Projection
Burberry Issues Earnings Warning - Jan 20, 2015
British luxury brand Burberry warned the market that a fall in sales in the key market of Hong Kong in the last quarter of 2014, could impact its full-year margin. Pro-democracy protests began choking parts of the Asian financial center in late September, disrupting business in one of the world's top markets for luxury companies, which accounts for about 9.7 billion dollars of global luxury sales, roughly 4 percent of the total. Known for its raincoats with camel, red and black-check patterned linings, Burberry said retail sales rose 14 percent to 604 million pounds in the third quarter, with comparable growth of 8 percent, steady on the previous quarter. Burberry said Asia-Pacific delivered low single-digit percentage growth compared to double-digit growth in the previous six months, as sales in the high-margin market of Hong Kong fell slightly even though mainland China and Korea grew by a mid to high single digit percentage.
Views: 25 Projection