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- Taiwan's Acer shipments grew faster than industry average in second quarter: CEO
- Thu, 24 Jul 2014 23:19:36 -0400 -
Taiwan's Acer Inc saw quarter-on-quarter shipments growth that exceeded the PC industry average in the April-June period, the company's chief executive said. The beleaguered computer maker, which eked out a net profit in the first quarter after three straight quarters of losses, has turned a corner and will remain "on track" in the third quarter, chief executive Jason Chen told reporters. The comments were reported by Taiwanese media on Friday and confirmed to Reuters by a company representative. Acer will report its second-quarter earnings in the coming weeks.
- Amazon loss widens despite climbing sales
- Thu, 24 Jul 2014 22:07:10 -0400 -
Internet retail titan Amazon reported a money-losing quarter despite impressive growth in sales, sending shares plummeting by more than 10 percent. Amazon shares plunged more than 10 percent to $322.20 in after-market trades that followed release of the earnings figures. The loss came as Amazon poured money into a new Fire smartphone, original programming for its Prime subscription service, drone package delivery and more. "We continue working hard on making the Amazon customer experience better and better," Amazon founder and chief executive Jeff Bezos said in the earnings release.
- Nucor confident of favorable rulings vs steel import 'tsunami'
- Thu, 24 Jul 2014 18:52:37 -0400 - Emboldened by a recent favorable ruling for U.S. steelmakers in a steel pipe trade case, Nucor Corp said on Thursday it was confident the industry was poised for more success in future cases as it works to stem "a tsunami of imported steel." Nucor Chairman and Chief Executive John Ferriola said that after spending time in Washington he is more optimistic that U.S. lawmakers are finally starting to understand how damaging low-priced steel imports are for the U.S. economy and jobs. In particular, he said he felt "good" about an upcoming final ruling in a case concerning imports of steel rebar from Mexico and Turkey. "We feel confident that we've got a good shot at a final ruling that's more favorable than the preliminary," Ferriola said on a conference call after Nucor reported better than expected quarterly earnings on higher shipments and prices. In April, the U.S. Commerce Department set preliminary duties on millions of dollars worth of rebar imports from the two countries after U.S. producers complained about price undercutting.
- Wall Street ends flat on mixed earnings; S&P 500 at record
- Thu, 24 Jul 2014 17:59:04 -0400 -
By Ryan Vlastelica NEW YORK (Reuters) - U.S. stocks finished a quiet session mostly flat on Thursday as earnings painted a mixed picture of the economy, though the S&P 500 set another record closing high. With 41 percent of S&P 500 companies having reported results so far, 68 percent have posted earnings that topped expectations, according to Thomson Reuters data, above the long-term average of 63 percent. Caterpillar Inc raised its full-year outlook but posted a decline in sales, pushing its stock down 3.1 percent to $105.04. The S&P 500 gained 0.97 of a point or 0.05 percent to end at 1,987.98, its second record closing high in a row.
- RF Micro forecasts strong second-quarter as mobile chips sales rise
- Thu, 24 Jul 2014 17:37:18 -0400 - RF Micro Devices Inc forecast quarterly results above market expectations, helped by higher demand for its chips that connect devices such as Apple Inc's iPhone and Samsung Electronics Co's smartphones to networks. The chipmaker, which supplies cellular radio frequency chips for use in mobile handsets, notebook computers and tablets, forecast second-quarter adjusted earnings of 27 cents per share. Analysts on average were expecting earnings of 20 cents per share on revenue of $328 million, according to Thomson Reuters I/B/E/S. "We will probably hear that it has a lot to do with their largest customer, which they won't name, but obviously is Apple and the smartphone growth coming out of China right now is just on fire," Northland Capital Markets analyst Tom Sepenzis said.
- Global stocks edge up, U.S. bonds slip on jobless data, earnings
- Thu, 24 Jul 2014 17:14:59 -0400 -
By Caroline Valetkevitch NEW YORK (Reuters) - Global stock markets inched higher while U.S. debt prices fell on Thursday following unexpectedly low U.S. weekly jobless claims and stronger-than-expected U.S. earnings from companies including Facebook. The benchmark S&P 500 index closed at a record high for a second session in a row, buoyed by data showing initial jobless claims in the world's largest economy dropped to their lowest in more than eight years. "The lower-than-expected U.S. initial jobless claims has made people focus on the improving labor market situation," said Ian Lyngen, senior government bond strategist, at CRT Capital in Stamford, Connecticut. The biggest boost to the S&P 500 came from Facebook, whose market value shot up to $190 billion.
- TSX shrugs off weak oil, gold prices on solid earnings
- Thu, 24 Jul 2014 17:00:48 -0400 -
By Alastair Sharp TORONTO (Reuters) - Decent earnings reports from several resource stocks and a major telecom company helped Canada's main stock index keep intact a string of all-time highs on Thursday, despite slips in oil and gold prices weighing on the market. With the Toronto Stock Exchange's S&P/TSX composite index hitting record highs in each of the past three days, investors are watching to see whether second-quarter earnings would prompt fresh highs or a retrenchment. "We've seen solid numbers posted by the likes of Potash, Teck, and Rogers," said Elvis Picardo, a strategist at Global Securities in Vancouver. Fertilizer producer Potash Corp of Saskatchewan reported a smaller-than-expected slip in profit and upped its outlook.
- Recalls slam GM earnings, Europe drives Ford higher
- Thu, 24 Jul 2014 16:47:24 -0400 -
General Motors is crying and Ford is laughing: The top US automakers posted wildly different earnings Thursday, the first hurt by recalls, the second lifted by new cash from Europe. The stock market told the tale: GM shares plunged 4.5 percent to close at $35.74, while Ford rose 0.3 percent to $17.84. GM, America's largest automaker, saw heavy charges related to its recall of faulty models push its second-quarter its profit down to $190 million, a hefty 85 percent drop from a year ago. Ford Motor Company, by contrast, posted a 6.3 percent rise in profit to $1.31 billion in the second quarter, helped by its first profit from European operations in three years.
- US stocks little changed; S&P 500 inches to record
- Thu, 24 Jul 2014 16:46:03 -0400 -
New York (AFP) - Wall Street stocks Thursday finished little changed with the S&P 500 inching to a new record following mixed US economic data and a flood of corporate earnings.
- US stocks end little changed after mixed news
- Thu, 24 Jul 2014 16:26:10 -0400 - NEW YORK (AP) — U.S. stocks are ending little changed after a day of mixed signals on corporate earnings and the economy.
- Ford's profit tops expectations, recall-hit GM misses
- Thu, 24 Jul 2014 16:17:17 -0400 -
By Ben Klayman DETROIT (Reuters) - Ford Motor Co one-upped its larger rival General Motors Co in the second quarter, showing a profit in Europe for the first time in three years while GM was weighed down by recall-related costs in the United States. Ford managed to eke out stronger earnings that sent its shares higher on Thursday, while GM shares fell 5 percent even though both automakers had good quarters in North America and poor results in South America. Still, the picture remains cloudy for both automakers in the second half, which for Ford will carry heavy costs because of new vehicles. The tough outlook was echoed by South Korea's Hyundai Motor Co, which also reported second-quarter results on Thursday.
- Caterpillar posts higher second-quarter profit; sales fall
- Thu, 24 Jul 2014 13:54:02 -0400 -
Caterpillar Inc reported higher-than-expected second-quarter earnings and raised its full-year forecast on Thursday but said sales fell as a continued slump in the global mining industry offset a rebound in the North American building sector. Caterpillar Chairman and CEO Doug Oberhelman complained that mining customers were not only not buying new equipment but also delaying maintenance on the machines they already own, hurting part sales.
- Husky Energy profit rises as production increases
- Thu, 24 Jul 2014 13:38:10 -0400 - (Reuters) - Canadian oil and gas producer Husky Energy Inc HSE.TO, controlled by Hong Kong billionaire Li Ka-shing, reported a 4 percent increase in second-quarter earnings on Thursday, helped by an 8 percent rise in production. Canada's No.3 integrated oil company also said it continues to see "some cost pressure" at its C$2.7 billion ($2.5 billion) Sunrise Energy project in northern Alberta, but declined to provide a cost update until the specifics were nailed down. "We have to finalize details with the contractor, so I can't give any update on that," said Bob Baird, downstream senior vice president, on a conference call, adding: "We are still seeing our return on the project meeting our original expectations." Husky first said that costs could climb for phase one of Sunrise, which is set to start up later this year, at an investor day in June. Shares of Husky, which produces oil and gas in Canada and Southeast Asia, were up 0.6 percent at C$34.30 around midday on the Toronto Stock Exchange, as second quarter earnings met analyst expectations.
- U.S. airlines focus on investor returns as industry profits
- Thu, 24 Jul 2014 12:38:40 -0400 -
Major U.S. airlines posted earnings gains on Thursday, aided by higher airfares and summer demand, and the two largest carriers announced moves to return more cash to investors. American Airlines Group , the largest by traffic, capped off a strong second quarter by announcing its first cash dividend since 1980 and a share buyback. United Continental Holdings also said it would repurchase $1 billion in stock. "The companies are obviously seeing their fundamentals good enough and improving at a fast enough pace that allows them to" start dividends and buybacks, said Kris Kelley, a research analyst with Janus Capital Group.
- US stocks rise at midday on stronger earnings
- Thu, 24 Jul 2014 12:12:21 -0400 - NEW YORK (AP) — The stock market is rising at midday as a slew of companies report stronger earnings.
- Southwest reports record profit of $465M for 2Q
- Thu, 24 Jul 2014 11:25:33 -0400 -
DALLAS (AP) — Southwest Airlines is reporting a record profit for the second quarter, more than doubling its earnings from a year ago.
- American Air sets first dividend since 1980 as profit rises
- Thu, 24 Jul 2014 11:22:14 -0400 -
(Reuters) - American Airlines Group said Thursday it will pay its first dividend since 1980 and buy back stock as it reported improved second-quarter earnings. American, the largest airline by traffic, which was formed from the late 2013 merger of US Airways and AMR Corp, declared a dividend of 10 cents a share for shareholders of record Aug. 4. It also planned a $1 billion share repurchase program and said it would make additional pension contributions.
- US stocks open higher as investors gauge earnings
- Thu, 24 Jul 2014 09:44:46 -0400 - NEW YORK (AP) — The U.S. stock market is opening slightly higher as several big companies across industries report second-quarter earnings.
- South Africa's Alexander Forbes surges to $1 bln valuation on market return
- Thu, 24 Jul 2014 08:18:26 -0400 -
By Tiisetso Motsoeneng and David Dolan JOHANNESBURG (Reuters) - Shares in Alexander Forbes surged 12 percent on their return to the Johannesburg bourse on Thursday, valuing the retirement fund manager at almost $1 billion as it dazzled investors with the prospect of steady earnings and growth across Africa. The company, which was taken private by a group of investors led by buyout firm Actis in 2007, returned to the bourse after a 3.7 billion rand ($353 million) public offering last week, South Africa's largest flotation in four years. Investors were drawn by the regular income from its pension management and insurance businesses, and the potential for growth in sub-Saharan Africa where financial services are still developing. "It's a solid company that's making decent profit on a regular basis and it has sizeable assets under its management," said Petri Redelinghys, a trader at Inkunzi Investments in Johannesburg.
- 3M profit rises 6 percent, sales up across businesses
- Thu, 24 Jul 2014 08:07:31 -0400 -
(Reuters) - 3M Co posted a 6 percent rise in quarterly profit on Thursday, helped by broad sales growth across the U.S. manufacturer's range of businesses. The company, whose products include Post-it notes and films for electronic devices, said second-quarter net income rose to $1.27 billion, or $1.91 per share, from $1.2 billion, or $1.71 per share, a year ago. Profit matched the $1.91 per share average estimate of analysts, according to Thomson Reuters I/B/E/S. Revenue rose 4.9 percent to $8.13 billion, ahead of the $8.09 billion expected by analysts. The company backed its full-year forecast for earnings in a range of $7.30 to $7.55 per share on sales growth of 3 percent to 6 percent.
- LG Electronics flags further mobile improvement after Q2 profit jump
- Thu, 24 Jul 2014 07:07:29 -0400 -
By Se Young Lee SEOUL (Reuters) - LG Electronics Inc signalled further improvement in its mobile business after record smartphone sales propelled the South Korean manufacturer to its highest quarterly profit in more than three years. Chief Financial Officer Jung Do-hyun on Thursday said mobile income should improve again in the current quarter with the help of LG's flagship G3 smartphone, which has been well-received by critics since its late-May launch. "We expect further improvement." LG said operating profit rose 26.5 percent to 606 billion won ($589.04 million) in April-June, versus a 524 billion won mean estimate of 39 analysts polled by Thomson Reuters I/B/E/S. That marked LG's highest operating profit since at least 2011, the earliest date for which restated earnings are available.
- Nokia's fortunes brighten on heavy network spending
- Thu, 24 Jul 2014 06:40:03 -0400 - By Sakari Suoninen and Jussi Rosendahl HELSINKI (Reuters) - Nokia surprised investors with strong quarterly earnings and raised its full-year profit margin forecast as network operators install more powerful systems to cope with surging mobile data traffic. The Finnish company sold its once-dominant phone business to Microsoft in April, leaving it more reliant on a mobile network equipment business that shrank by 8 percent in the April-to-June quarter. Much of the decline was due to foreign currency fluctuations and divestments and Nokia said it expected network sales to return to growth in the second half of the year after a period in which the company sought to exit unprofitable contracts. The company raised its profitability estimate for networks, saying its operating margin this year would be at or slightly above the high end of a long-term target of 5 to 10 percent.
- Nokia profits rise after sale of handset division
- Thu, 24 Jul 2014 05:22:39 -0400 - HELSINKI (AP) — Telecommunications and wireless equipment maker Nokia Corp. saw its shares surge on Thursday after it reported higher profits and an improved earnings outlook in the wake of its sale to Microsoft of its troubled handset division.
- POSCO aims to raise $2 billion by end-2015 through restructuring
- Thu, 24 Jul 2014 04:11:14 -0400 -
SEOUL (Reuters) - South Korea's POSCO aims to raise about 2 trillion won ($1.95 billion) by the end of 2015 through restructuring efforts, the steelmaker said after reporting quarterly earnings on Thursday. POSCO earlier promised sweeping restructuring, including selling non-core assets, after investment and acquisitions over the past four years more than doubled its debt. POSCO also said it is helping peer ArcelorMittal SA find Korean buyers for a 10 percent stake a Canadian iron ore operation. (Reporting by Hyunjoo Jin; Editing by Christopher Cushing)
- Posco Q2 profit jumps 102.6%
- Thu, 24 Jul 2014 04:01:44 -0400 -
South Korea's Posco, the world's fifth largest steelmaker, said Thursday its second-quarter net profit doubled from a year ago, with a strong won cutting the value of its dollar-dominated debts. The steel giant posted a net profit of 487.2 billion won ($473 million) in the April-June period, up 102.6 percent from 241 billion won a year ago. "Rapid inventory adjustment efforts in China will stabilise supply-demand balance, which will help boost steel prices in the third quarter," Posco said. Slowing growth in China -- the world's top steel consumer -- and a growing amount of cheap steel products churned out by Chinese rivals had caused a global glut, squeezing margins for Posco.