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- Kenya's East African Portland Cement full-year earnings drop
- Sat, 25 Oct 2014 07:36:32 -0400 - NAIROBI (Reuters) - Kenya's East African Portland Cement posted a net loss of 386 million shillings ($4.32 million) for the year ended June 30, saying it had been hurt by price competition, high staff costs and the weakening shilling. A year ago, Kenya's No. 3 cement producer posted a net profit of 1.7 billion shillings The company will not pay a dividend this year, it said in its results, posted late on Friday. Earnings per share tumbled to -4.30 shillings, compared to 19.73 shillings a years ago. ...
- Look to energy names for global demand clues
- Fri, 24 Oct 2014 21:02:21 -0400 -
By Caroline Valetkevitch NEW YORK (Reuters) - Slumping energy shares drove the recent U.S. stock market selloff more than any other major group, so investors are turning to next week's slate of earnings to see if the sector can pull itself out of the pit. The third-quarter earnings picture for energy looks grim. Profit growth expectations for S&P 500 energy companies have fallen more than any other sector - from a forecast of 13.8 percent on July 1 to the current 1.8 percent, Thomson Reuters data showed. Energy shares dropped 9. ...
- US stock market has best week in nearly 2 years
- Fri, 24 Oct 2014 17:06:43 -0400 -
NEW YORK (AP) — The stock market closed out its best week in nearly two years on a positive note Friday, helped by strong quarterly earnings from Microsoft and other big U.S. companies.
- Wall St. boosted by earnings, S&P posts best week in nearly two years
- Fri, 24 Oct 2014 16:28:08 -0400 -
By Yasmeen Abutaleb NEW YORK (Reuters) - U.S. stocks closed out their best week in nearly two years on Friday, helped by earnings from Microsoft and Procter & Gamble and as concerns eased over the possible spread of Ebola in the United States. The S&P 500 was up 5.5 percent from its low on Oct. 15 and had its best weekly gain in nearly two years, boosted by solid corporate earnings reports. News of the first case of Ebola diagnosed in New York City hit futures late on Thursday, but the markets shook off those concerns on Friday. ...
- Earnings from Microsoft, others drive stocks up
- Fri, 24 Oct 2014 16:10:09 -0400 -
NEW YORK (AP) — The stock market is closing out its best week in almost two years as earnings gains from Microsoft and others got investors in a buying mood.
- P&G to exit Duracell battery business; quarterly sales dip
- Fri, 24 Oct 2014 13:38:07 -0400 -
By Sruthi Ramakrishnan and Nandita Bose (Reuters) - Procter & Gamble Co on Friday said it would sell its Duracell battery business, probably through a split-off into a separate company, as it looks to focus on faster-growing brands. P&G shares rose about 3 percent as investors shrugged off a marginal fall in quarterly sales and warning that a stronger dollar would significantly hurt revenue and earnings this quarter. A surging U.S. currency, reduces the value of overseas sales when they are translated back into U.S. dollars. ...
- Tele Columbus cancels refinancing talks after pulling IPO: sources
- Fri, 24 Oct 2014 10:49:53 -0400 - LONDON/FRANKFURT (Reuters) - German cable operator Tele Columbus [ESCALC.UL] has canceled loan refinancing talks after pulling a planned initial public offering (IPO), two sources familiar with the matter said. Tele Columbus had planned to raise about 300 million euros ($380 million) from the IPO to reduce debt and bring down its financial leverage to about 3.5 times earnings before interest, tax, depreciation and amortization (EBITDA). ...
- Ford's lower profit beats estimates; sales down on F-150 launch
- Fri, 24 Oct 2014 10:39:22 -0400 -
By Bernie Woodall and Ben Klayman DETROIT (Reuters) - Ford Motor Co on Friday reported a 34 percent drop in third-quarter profit, and revenue fell due to the cost of introducing the F-150 pickup truck. Ford, which affirmed its full-year profit outlook, said earnings suffered from lower wholesale vehicle volumes and recall costs, as well as supplier parts shortages. While a strong performance in North America helped push earnings above Wall Street estimates, analysts and investors were not impressed. ...
- US stocks inch higher as Amazon slumps
- Fri, 24 Oct 2014 09:53:24 -0400 -
New York (AFP) - US stocks edged up in opening trade Friday as strong earnings from UPS and others offset disappointing results from Amazon.
- P&G to ditch Duracell batteries amid earnings drop
- Fri, 24 Oct 2014 09:01:17 -0400 -
Procter & Gamble on Friday announced plans to unload its Duracell battery business as it reported a big drop in earnings following a large asset write-down. P&G, which makes Pantene shampoo, Tide detergent and other household staples, reported quarterly earnings of $20.1 billion, down 34.2 percent from last year on slightly lower sales. The results covered P&G's first quarter in fiscal year 2015. The biggest factor behind the lower earnings was a $932 million one-time charge to write down the value of its Duracell battery business, which P&G said it will hive off or sell.
- Kenyan shilling steady, seen weaker on dollar demand from importers
- Fri, 24 Oct 2014 05:22:35 -0400 - NAIROBI (Reuters) - The Kenyan shilling was stable in early trading on Friday, with traders expecting it to weaken into next week due to substantial end-month dollar demand from importers. At 0850 GMT, commercial banks quoted the shilling at 89.35/45, unchanged from Thursday's close. A downturn in the tourism industry after a spate of bomb and gun attacks along the coast and in the capital this year has hurt one of the major sources of hard currency for East Africa's biggest economy. Tea earnings, another key source of dollars, have suffered due to a global glut of the commodity. ...
- Ericsson profit down 10 pct despite higher sales
- Fri, 24 Oct 2014 05:20:47 -0400 - STOCKHOLM (AP) — Wireless equipment maker Ericsson says its third-quarter earnings slumped 10 percent despite higher sales due to increased operating costs and negative effects from currency hedging.
- U.S. stock futures tumble on reports of NY Ebola case
- Fri, 24 Oct 2014 04:34:21 -0400 - By Hideyuki Sano TOKYO (Reuters) - U.S. stock futures tumbled while safe-haven assets such as the yen and U.S. bonds gained on Friday after a doctor who returned to New York City from West Africa tested positive for Ebola. S&P 500 mini futures fell as much as 0.7 percent, slipping from two-week highs hit the previous day on budding optimism from corporate earnings and the global economy. European shares looked set to slip, with France's CAC 40 seen falling by as much as 0.7 percent and Germany's DAX and Britain's FTSE by 0.5 percent. ...
- Burundi tea revenues fall 6 pct pct in first 9 months of 2014
- Fri, 24 Oct 2014 04:28:55 -0400 -
BUJUMBURA (Reuters) - Burundi’s revenues from its tea exports fell 6 percent in the first nine months to September from the same period a year ago due to higher volumes of the commodity on the global market, a tea board official said on Friday. Tea is Burundi's largest hard currency earner after coffee and supports some 300,000 smallholder farmers in the landlocked country of nearly 10 million people. The country’s state-run tea board (OTB), earnings dropped to $16.7 million in the period, while export volumes rose 5.2 percent to 7,743,972 kg from last year. ...
- South Korea's Kia posts sharp Q3 profit decline
- Thu, 23 Oct 2014 23:00:47 -0400 -
South Korea's number two automaker, Kia Motors, reported Friday a 27.2 percent on-year plunge in net profit for the third quarter, as a stronger won offset rising sales. Net profit for the July-September period stood at 657 billion won ($620 million), compared to 903 billion won in the same quarter last year. A no-discount policy based on the popularity of Kia's new models abroad and efficient marketing expenditure prevented a further drop in earnings, the company said. Car sales rose 13 percent over the same quarter last year, but Kia said the increase was overshadowed of a strong won and weak yen that gave rival Japanese carmakers an advantage.
- Options investors see good times rolling for Facebook
- Thu, 23 Oct 2014 18:15:47 -0400 -
By Saqib Iqbal Ahmed NEW YORK (Reuters) - Facebook Inc investors used to wild swings in the company's shares following its earnings reports are looking for relative calm on Tuesday, after the social media company posts results. Facebook, whose shares rose 3 percent to a new year-high of $80.63 on Thursday, is scheduled to report third-quarter results on Oct. 28. The cost of a Facebook straddle, in which an investor buys an at-the-money put option and a similar call option, suggests a move of about 7 percent in either direction by Oct. 31. ...
- Wall St. gains on industrial earnings but ends off highs
- Thu, 23 Oct 2014 17:12:22 -0400 -
By Yasmeen Abutaleb NEW YORK (Reuters) - Earnings from Caterpillar and 3M drove Wall Street higher on Thursday but stocks pared gains in late trading after reports that a New York hospital was running Ebola tests on a healthcare worker. The day's advance put the S&P 500 at its highest level in two weeks as results from industrial bellwethers reassured investors that corporations can generate strong profits despite concerns about global growth. Still, the S&P finished about 0. ...
- Global stocks jump on U.S. corporate results, bonds fall
- Thu, 23 Oct 2014 16:44:04 -0400 -
By Herbert Lash NEW YORK (Reuters) - Global equity markets rose on Thursday, with stocks on Wall Street climbing more than 1 percent as U.S. corporate earnings continued to beat expectations, while government debt prices slid on stronger American and German economic reports. Results from Caterpillar Inc and 3M Co , both Dow components, reassured investors that companies with large overseas revenue streams can deliver solid profits despite concerns about global economic growth. Shares of Caterpillar, which raised its full-year earnings outlook, rose 5.0 percent, while 3M shares jumped 4. ...
- US stocks surge on earnings; Nasdaq +1.6%
- Thu, 23 Oct 2014 16:37:52 -0400 -
New York (AFP) - US stocks bolted higher Thursday following a series of mostly strong earnings reports from Dow members Caterpillar, 3M and others.
- Potash Corp hurt by fall in income from overseas investments
- Thu, 23 Oct 2014 14:57:36 -0400 -
By Swetha Gopinath and Rod Nickel (Reuters) - Potash Corp of Saskatchewan narrowed its full-year earnings forecast range and the company reported a lower-than-expected quarterly profit as income fell from its overseas investments. The price of the crop nutrient potash has plunged year over year, triggered by the breakup last year of trading partnership Belarusian Potash Co that created more competition among producers. Potash Corp, the world's biggest fertilizer company by market value, said the average realized price for potash fell 8. ...
- Dow average surges 300 points, driven by stronger corporate earnings; 3M, Caterpillar jump
- Thu, 23 Oct 2014 14:33:41 -0400 - NEW YORK (AP) — Dow average surges 300 points, driven by stronger corporate earnings; 3M, Caterpillar jump.
- GM profit drops on weakness in Europe, South America
- Thu, 23 Oct 2014 12:38:40 -0400 -
Earnings at GM, the biggest US automaker, fell 14.3 percent from the year-ago period to $1.47 billion as the company reported operating losses in both Europe and South America. GM also announced no fresh financial hit from recalls announced in the wake of the faulty ignition scandal. "Strong global sales and growing margins in North America and China helped GM deliver very solid third-quarter results," said GM chief executive Mary Barra. "Despite industry challenges in Russia and South America, our earnings were on plan as we continue to execute our customer-focused strategy."
- Caterpillar posts strong earnings, raises outlook
- Thu, 23 Oct 2014 11:58:08 -0400 -
US industrial giant Caterpillar reported Thursday sharply improved earnings for the third quarter, citing restructuring and cost controls that helped it weather slower global economic growth. Caterpillar, maker of a wide range of heavy construction, machinery and mining equipment, raised its 2014 profit outlook and said there was "a reasonable likelihood" that the world economy would improve next year. The company, considered a bellwether of global economic activity, said net profit rose eight percent from a year ago to $1.02 billion. "We're pleased with the third-quarter profit improvement considering world economic growth remains slower than we'd like," said Doug Oberhelman, Caterpillar chairman and chief executive, in a statement.
- Network gear maker Nokia tops market expectations
- Thu, 23 Oct 2014 11:15:23 -0400 -
By Jussi Rosendahl HELSINKI (Reuters) - Nokia delivered quarterly profits well above expectations on Thursday, six months after selling its struggling handset business to Microsoft in a 5.6 billion euros ($7.1 billion) deal that transformed it into a pure play network equipment maker. The Finnish company reported strong earnings from its core network gear unit and lifted the outlook for the business following large network roll-outs in North America and China. Despite concerns over lower-margin deals in China, Nokia's network unit showed a core operating profit margin of 13. ...
- Credit Suisse Q3 profit more than doubles
- Thu, 23 Oct 2014 04:57:47 -0400 -
GENEVA (AP) — Credit Suisse's profits more than doubled in the third quarter as Switzerland's second-largest bank benefited from cost cutting, brisk business in emerging markets and the services it provides for wealthy clients.