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- AbbVie says strong results lessen need for big deal
- Fri, 31 Oct 2014 13:36:44 -0400 -
By Ransdell Pierson (Reuters) - AbbVie, which this month abandoned its planned $55 billion purchase of Dublin drugmaker Shire , reported impressive quarterly earnings on demand for its Humira arthritis drug and said it could deliver strong long-term growth without rushing into another big merger attempt. "The underlying growth prospects of AbbVie don't require us to do a deal of that size," AbbVie Chief Executive Richard Gonzalez said in conference call, but added the company was keen on smaller acquisitions, particularly of treatments involving rare diseases, cancer and hepatology. ...
- ExxonMobil earnings edge up on strong refining results
- Fri, 31 Oct 2014 09:14:20 -0400 -
New York (AFP) - US energy giant ExxonMobil reported slightly higher third-quarter earnings on Friday as better results in refining and chemicals offset lower profits from exploration and production.
- Chevron profit jumps as refining offsets production dip
- Fri, 31 Oct 2014 09:11:14 -0400 -
(Reuters) - Chevron Corp posted a higher-than-expected quarterly profit on Friday as lower crude prices boosted its refinery operations, helping to offset sagging oil and gas production. The company posted third-quarter net income of $5.59 billion, or $2.95 per share, compared with $4.95 billion, or $2.57 per share, a year earlier. Analysts on average expected earnings of $2.55 per share, according to Thomson Reuters I/B/E/S. Production fell nearly 1 percent to 2.57 million barrels of oil equivalent per day as new wells failed to offset declines at old ones. ...
- Continental AG CEO says Audi recall no threat to guidance
- Fri, 31 Oct 2014 06:44:16 -0400 -
MUNICH (Reuters) - Continental said a fault with airbags installed at premium sportscar maker Audi could cost a double-digit million euro amount to fix, a sum which the German automotive supplier could absorb without revising its earnings guidance. Earlier this month Audi said it was recalling 850,000 cars worldwide, because potentially faulty software may prevent airbags on its A4 model from deploying. "We are the supplier of the system", Continental's Chief Executive Elmar Degenhart told journalists in Munich on Thursday evening, in remarks which were embargoed for Friday. ...
- Sony says half-year loss balloons six-fold to almost $1.0 bn
- Fri, 31 Oct 2014 06:25:04 -0400 -
Sony on Friday announced a whopping $1.0 billion six-month loss, underlining the Japanese electronics giant's struggle to drag itself out of the red, while it falls further behind rivals Panasonic and Sharp. As the trio published their half-year earnings, Sony said the challenges of a fiercely competitive smartphone business had weighed on its bottom line. Sony's net loss for the six months to September came in at 109.1 billion yen, way up from a loss of 16.5 billion yen in the same period last year. The earnings announcement comes after Sony last month downgraded its annual earnings forecasts, revealing that it would lose whopping 230 billion yen in the fiscal year to March, more than four times its earlier forecast.
- Wal-Mart to expand discounts as retail price war heats up
- Fri, 31 Oct 2014 06:08:33 -0400 -
(Reuters) - Wal-Mart Stores Inc said it will expand its offering of discounted products during the holiday season and may broaden a price-matching scheme to include online rivals, in the latest sign of an escalating price war among big U.S. retailers. Wal-Mart said it was bracing for competition to be as tough or tougher than in 2013, when heavy discounting depressed earnings across the industry. Wal-Mart's profits dropped in the holiday quarter last year and it has posted six straight quarters of flat or declining same-store sales. ...
- BNP Paribas surprises with Q3 profit boost, shares rise
- Fri, 31 Oct 2014 05:56:22 -0400 -
French bank BNP Paribas surprised investors with a sharp rise in third-quarter net profit on Friday, sending its shares up more than 2.0 percent. The bank has just been cleared as financially solid by eurozone-wide stress tests, but its nine-month performance is still suffering from the cost of a record US fine for breaking sanctions. Net profit for the third quarter rose by 10.6 percent from the equivalent figure last year to 1.5 billion euros ($1.88 billion). The bank said in its results statement: "For the first nine months of the year, the group’s results include the impact of a total of 5,950million euros (5.95 billion) in one-off charges relating to the comprehensive settlement with the US authorities.
- JAL worried about potential impact of Ebola on travel market
- Fri, 31 Oct 2014 03:28:26 -0400 - TOKYO (Reuters) - Japan Airlines Co Ltd CEO Yoshiharu Ueki on Friday expressed worry about the potential impact of the Ebola outbreak on the travel market. "I'm very concerned, the potential impact could be great," he said at an earnings briefing. (Reporting by Tim Kelly; Editing by Chris Gallagher)
- Japan Airlines' H1 net profit slips 2%, raises FY forecast
- Fri, 31 Oct 2014 03:20:39 -0400 -
Japan Airlines (JAL) said on Friday its net profit for the April-September period slipped 2.0 percent to $724 million as a weak yen pushed up fuel costs, but the carrier also revised up its full-year earnings forecast. For the fiscal year through March, JAL revised up its annual forecast to a 135 billion yen net profit against a previous forecast of a 115 billion yen. The yen has lost more than quarter of its value against the dollar since late 2012 as Japanese premier Shinzo Abe and his hand-picked team at the Bank of Japan launched a policy blitz, dubbed "Abenomics", aimed at kickstarting the economy and reversing years of deflation. "We see brisk foreign demand for international routes as well as business demand in outward flights from Japan, but sales fell below our plan because of a cheaper yen," JAL said in a statement.
- Japan's Sharp swings to small H1 profit
- Fri, 31 Oct 2014 00:52:48 -0400 -
Japanese electronics giant Sharp said on Friday it saw a small profit in the first half of its fiscal year and forecast it will stay in the black for the next six months as it tries to overcome years of record losses. The Osaka-based company -- a key Apple supplier and leader in screens for smartphones and tablets -- reported a net profit of 4.7 billion yen ($43 million) for April-September, reversing its net loss of 4.3 billion yen a year earlier. The latest net profit figure was largely due to a one-time gain rather than a significant uptick in the firm's business, Sharp said. Rivals Sony and Panasonic also report their half-year earnings Friday, as Japan's electronics giants scratch their way back to profitability.
- Starbucks sees no coffee shortages despite Brazil's drought
- Thu, 30 Oct 2014 19:02:34 -0400 - NEW YORK (Reuters) - Starbucks Corp , the world's biggest coffee chain, sees no supply shortages in beans, even as drought and disease hinder crops in Latin America and prices remain near 2012 highs. Starbucks still needs to buy one-third of its coffee needs for 2015, Chief Financial Officer Scott Maw told analysts on a conference call about fourth-quarter and full-year 2014 earnings. "We see nothing in current supply dynamics that indicates a fundamental market shortage, including origin-related concerns in Brazil," Maw said. ...
- Expedia's third-quarter profit soars 50 percent
- Thu, 30 Oct 2014 18:51:44 -0400 - By Jeffrey Dastin (Reuters) - Expedia Inc reported robust third-quarter earnings on Thursday and topped analyst estimates, as strong hotel bookings boosted the company's profit by more than 50 percent from the year-earlier quarter. The world's largest online travel company by bookings posted net income of $257.1 million and earned $1.94 per diluted share, well ahead of Wall Street's average estimate of $1.74, according to Thomson Reuters I/B/E/S. ...
- Citi cuts earnings due to regulatory probes
- Thu, 30 Oct 2014 18:37:19 -0400 - NEW YORK (AP) — Citigroup has slashed its third-quarter earnings by $600 million, saying that recent investigations by regulators have altered the results it reported earlier this month.
- Citigroup cuts $600 mn from Q3 profits for legal costs
- Thu, 30 Oct 2014 17:17:39 -0400 -
Citigroup Thursday slashed its third-quarter earnings by $600 million due to higher legal costs, citing "rapidly-evolving" regulatory probes expected to result in more large settlements. Citi, which bested analyst forecasts with its October 14 earnings report, lowered quarterly net income to $2.8 billion from the originally reported $3.4 billion due to the additional charge. Citigroup is part of a group of large banks nearing a settlement with British regulators over rigging interest rates and manipulating the foreign exchange market, sources familiar with the matter have told AFP. Thursday marks the second time this year that Citigroup has restated its earnings after the original announcement.
- Goldcorp sees rebound from weak third-quarter, stock slumps
- Thu, 30 Oct 2014 17:11:09 -0400 - By Nicole Mordant and Susan Taylor TORONTO (Reuters) - Goldcorp Inc said on Thursday it expected "very strong" fourth-quarter production after its third-quarter earnings and output fell short of market expectations, pushing its stock down to a six-year low. Goldcorp, the world's biggest gold company by market value, repeated that its 2014 production will come in at the low end of its forecast of 2.95 million to 3 million ounces. "The production is delayed rather than lost. So, as has been the case for us in prior years, because we are growing production. ...
- Wall St. up on GDP, earnings; fund year-end lifts winners
- Thu, 30 Oct 2014 16:44:39 -0400 -
By Rodrigo Campos NEW YORK (Reuters) - U.S. stocks rose on Thursday, boosted by a strong reading on quarterly economic growth and by another round of upbeat earnings reports including Visa, which accounted for nearly 140 points in the Dow industrials. Despite the bullish data and the Federal Reserve's Wednesday statement indicating the economy is strengthening, gains on the S&P 500 were led by healthcare and utilities, traditionally defensive sectors. ...
- Bombardier suspends plan for Russia venture; profit tops estimates
- Thu, 30 Oct 2014 13:50:13 -0400 -
By Allison Martell TORONTO (Reuters) - Bombardier Inc reported quarterly earnings that topped expectations on Thursday and said it had put plans for a plane-building joint venture in Russia on hold due to political and economic conditions there, potentially jeopardizing a large Russian order. The Canadian plane and train maker had been in talks with state-owned industrial and defense conglomerate Rostec to manufacture its Q400 turboprop in Russia, and sell 100 planes in the country. ...
- U.S. education department gets stricter with for-profit colleges
- Thu, 30 Oct 2014 13:19:31 -0400 -
By Ankit Ajmera and Sagarika Jaisinghani (Reuters) - The U.S. Department of Education will introduce new regulations next year in its latest attempt to improve the job prospects of those graduating from for-profit colleges and universities. Under the regulations unveiled on Thursday and effective July 1, for-profit colleges will be at risk of losing federal aid should a typical graduate's annual loan repayments exceed 20 percent of discretionary income or 8 percent of total earnings. This is lower than the current threshold of 30 percent of discretionary income and 12 percent of total ...
- MasterCard profit beats driven by international business
- Thu, 30 Oct 2014 12:08:03 -0400 -
By Amrutha Gayathri and Tanya Agrawal (Reuters) - MasterCard Inc reported a better-than-expected 15.5 percent jump in quarterly profit as efforts to expand its international business pay off, with more people willing to use cards instead of cash. China's decision to open up its $1 trillion a year domestic bank card market to foreign companies should further benefit the company and its larger rival Visa Inc . "We are pleased with the announcement and see it as a good step in the right direction," MasterCard Chief Executive Ajay Banga said on a post-earnings conference call. ...
- US stocks are mixed in early trading
- Thu, 30 Oct 2014 09:40:57 -0400 -
NEW YORK (AP) — U.S. stocks are opening mixed as investors look over more earnings reports from big companies.
- Nigeria's Skye Bank 9-month pre-tax profit falls 15.3 pct
- Thu, 30 Oct 2014 08:12:10 -0400 - LAGOS (Reuters) - Nigeria's Skye Bank said on Tuesday its nine month pretax profit fell 12 percent to 14.56 billion naira ($91.83 million), compared with 16.55 billion naira in the same period last year. Gross earnings at the mid-tier bank in the nine-months to Sept. 30 rose to 102.04 billion naira from 94.13 billion naira a year earlier, the bank said.
- Shell posts mixed third-quarter earnings
- Thu, 30 Oct 2014 07:21:16 -0400 -
London (AFP) - Royal Dutch Shell posted mixed third-quarter earnings on Thursday, as it weathered sliding oil prices but was buoyed by improved capital efficiency and strong project delivery.
- All Nippon Airways first-half net profit soars 78%
- Thu, 30 Oct 2014 03:54:47 -0400 -
Japan's All Nippon Airways (ANA) said on Thursday its half-year net profit soared 78 percent as an expansion of one of Tokyo's airports boosted the carrier's international business. The airline earned 35.77 billion yen ($328 million) against a 20.07 billion net profit a year earlier, while April-September sales rose 9.1 percent to 854.82 billion yen, it said. ANA increased its international services after a major development of Tokyo's downtown Haneda Airport, which it said helped offset a jump in operating expenses that mainly came from higher fuel costs. A sharp decline in the yen has sent the price of fuel -- often an airline's single-biggest expense -- surging for ANA and rival Japan Airlines (JAL), which reports its earnings on Friday.
- Samsung's Q3 profit plunges to near three-year low
- Thu, 30 Oct 2014 03:09:43 -0400 -
Samsung reported its smallest quarterly profit in nearly three years on Thursday as its key smartphone business faltered under competition from Apple's iPhone6 and Chinese handset makers in an increasingly saturated market. Operating profit also dropped 60 percent from a year ago to 4.06 trillion won, while sales tumbled about 20 percent to 47.4 trillion won, Samsung said in a statement. Samsung has a diverse product line ranging from memory chips to home appliances, but it's the mobile division that had driven the company's record profit surge of recent years. The current slump was starkly reflected in the fact that the mobile unit's operating profit in the third quarter accounted for 43 percent of the company's total, compared to 76 percent just six months ago.
- Samsung seeks smartphone revamp to arrest profit slide
- Thu, 30 Oct 2014 00:27:58 -0400 -
By Se Young Lee SEOUL (Reuters) - Samsung Electronics Co Ltd on Thursday said it would revamp its smartphone line-up to take on competitors in the rapidly growing mid-to-low range segment, after third-quarter earnings set it on course for its worst year since 2011. The global smartphone leader's market share declined in annual terms for the third straight quarter in July-September, lagging Apple Inc in the premium market and overtaken by rivals like Lenovo Group Ltd and Xiaomi Inc at the bottom end, research firm Strategy Analytics said. ...