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- Asian shares slip, Nikkei skids on yen strength
- Sun, 01 May 2016 23:37:43 -0400 -
Asian shares fell on Monday, uninspired after a downbeat day on Wall Street and led by a plunge in Japan's Nikkei after the dollar notched a fresh 18-month low against the yen. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, after Wall Street marked losses following a spate of disappointing earnings. Disappointing results from Westpac Banking Corp failed to help the mood.
- Mayweather happy in retirement but hints at ring return
- Sun, 01 May 2016 05:52:59 -0400 -
(Reuters) - Floyd Mayweather Jr is happily retired but the 39-year-old unbeaten American hinted in an interview on Saturday that a return to the ring could not be completely ruled out. Mayweather quit boxing in September after accumulating a 49-0 record during a 19-year career that produced world titles in five weight divisions and earnings in excess of $800 million. "Everyone is asking me 'is Floyd Mayweather coming back?'" he said in an interview with Showtime.
- Boxing-Mayweather happy in retirement but hints at ring return
- Sun, 01 May 2016 05:41:02 -0400 - Floyd Mayweather Jr is happily retired but the 39-year-old unbeaten American hinted in an interview on Saturday that a return to the ring could not be completely ruled out. Mayweather quit boxing in September after accumulating a 49-0 record during a 19-year career that produced world titles in five weight divisions and earnings in excess of $800 million. "Everyone is asking me 'is Floyd Mayweather coming back?'" he said in an interview with Showtime.
- With weak earnings in tow, focus turns to jobs data
- Sat, 30 Apr 2016 11:19:10 -0400 -
Coming off a barrage of flimsy company earnings reports that included Apple's first revenue drop in 13 years, investors will turn to April jobs data for signs of budding resilience or further weakening in the second quarter. U.S. nonfarm payrolls, unemployment and wages data are due Friday May 6, when the economy is expected to have added 200,000 jobs in April, with the unemployment rate unchanged at 5 percent and a wage increase of 0.3 percent, according to Reuters data. Unlike in recent months, where weak jobs numbers were counted on to stave off another Federal Reserve interest rate hike, investors are now itching for better-than-expected employment data to indicate a stronger next earnings season, analysts said.
- Wall Street falls as earnings weigh; Dow, S&P up for month
- Fri, 29 Apr 2016 16:37:39 -0400 -
U.S. stocks posted their largest weekly drop in more than two months on Friday as earnings reports continued to weigh, but the S&P 500 and Dow managed to close up for April after strong showings mid-month. Company results once more gave the market direction as a 9 percent decline in Gilead Sciences shares weighed the most on both the S&P and the Nasdaq Composite.
- Yen posts biggest weekly gain since 2008, stocks slip
- Fri, 29 Apr 2016 16:18:14 -0400 -
The yen hit an 18-month high on Friday as investors bet the Bank of Japan might be done adding stimulus to the economy, while stocks in Europe and on Wall Street headed lower as earnings disappointed. The yen posted its biggest weekly gain since the 2008 financial crisis, also spurred by a weak reading of U.S. economic growth in the first quarter on Thursday and the Federal Reserve's cautious tone this week. The yen has gained 3 percent since Thursday when the BOJ decided to hold monetary policy steady in the face of soft global demand and the yen's recent sharp rise.
- U.S. earnings still lousy, but showing signs of life
- Fri, 29 Apr 2016 15:21:36 -0400 -
As earnings season begins to enter the homestretch, what has shaped up to be a dismal quarter for quarterly profits may have reached a bottom. With 311 of the S&P 500 companies having posted results through Friday, 74.6 percent have topped earnings expectations, well above the 63 percent average since 1994 and 68.5 percent for the past four quarters, according to data from Thomson Reuters Proprietary Research. Perhaps more importantly, Thomas Lee, managing partner at Fundstrat Global Advisors in New York, notes that earnings growth expectations have begun to move up, as about 71 percent of the companies that have reported now have higher forecasts than two months ago.
- Earnings could mark end to rally in U.S. media stocks
- Fri, 29 Apr 2016 11:21:27 -0400 -
U.S. fund managers' newfound love of media stocks will soon be put to the test. Shares of Time Warner Inc, Twenty-First Century Fox, and CBS Corp are all up by double digits since the start of the year. Now, with media stocks in the S&P 500 trading at a trailing price to earnings ratio of 19.4, their highest valuation in four months, investors will need confirmation that the momentum can continue.
- Chevron reports $725 mn loss in first quarter
- Fri, 29 Apr 2016 09:16:14 -0400 -
US energy firm Chevron reported Friday a loss of $725 million in the first quarter, joining the growing list of petroleum giants that finished the period in the red. Chevron reported $2.6 billion in earnings in the year-ago period. Losses were centered in Chevron's normally lucrative upstream oil and natural gas production operations.
- Cameco posts surprise first-quarter adjusted loss as uranium prices drop
- Fri, 29 Apr 2016 09:05:35 -0400 - (Reuters) - Canada's uranium producer Cameco Corp reported an unexpected first-quarter adjusted loss as uranium prices continued to soften and demand remained low, forcing the company to lower its uranium production forecast for the year. Analysts, on average, were expecting earnings of 16 Canadian cents a share, according to Thomson Reuters I/B/E/S. Cameco's uranium sales fell 16 percent to 5.9 million pounds in the quarter. Cameco on Friday cut its 2016 uranium production forecast to 25.7 million pounds from 30 million pounds.
- Shire jumps as Vyvanse drug helps it to beat earnings forecast
- Fri, 29 Apr 2016 08:52:03 -0400 -
By Ben Hirschler LONDON (Reuters) - Strong demand for Shire's top-selling Vyvanse drug helped to lift first-quarter earnings by a better than expected 12 percent, boosting the London-listed group's shares ahead of its $32 billion acquisition of U.S. rare diseases specialist Baxalta . Sales of Vyvanse, a treatment for attention deficit hyperactivity disorder (ADHD), rose 22 percent, partly reflecting the drug's recent approval as a treatment for binge eating disorder (BED). "Shire is off to a strong start in 2016," said Chief Executive Flemming Ornskov, who has faced investor criticisms over his pay.
- AstraZeneca cuts costs and doubles down on cancer drugs
- Fri, 29 Apr 2016 06:15:31 -0400 -
By Ben Hirschler LONDON (Reuters) - AstraZeneca is to cut costs by $1 billion and increase its focus on cancer treatments after underlying earnings, hit by drug patent expiries, fell 12 percent in the first quarter, broadly in line with analyst expectations. Chief Executive Pascal Soriot said on Friday he would sharpen the prioritization of investments and increase spending in oncology while cutting commercial and manufacturing operations. There will be job losses, reflecting the fact that specialist cancer drugs require smaller sales forces than ones sold to general practitioners.
- Royal Bank of Scotland suffers more losses
- Fri, 29 Apr 2016 05:15:41 -0400 -
Britain's state-rescued Royal Bank of Scotland on Friday said net losses more than doubled in the first quarter owing to an exceptional payment back to the government. Losses after tax in the first three months of the year stood at £968 million ($1.4 billion, 1.2 billion euros), which compared with a net loss of £459 million in the first quarter of 2015, RBS said in an earnings statement. "An attributable loss of £968 million included payment of the final Dividend Access Share (DAS) dividend of £1,193 million to the UK government," RBS said.
- Wall Street sinks on BOJ fears, Icahn comments
- Thu, 28 Apr 2016 21:02:42 -0400 -
The benchmark S&P 500 had its worst day in three weeks, losing 19.34 points, or 0.92 percent, to 2,075.81, the Dow Jones industrial average fell 210.79 points, or 1.17 percent, to 17,830.76 and the Nasdaq Composite dropped 57.85 points, or 1.19 percent, to 4,805.29. Wall Street dipped further late in the day, led by a decline in Apple stock. Shares of Apple, already suffering from disappointing earnings, took another hit after billionaire investor Carl Icahn said he no longer has a position.
- ExxonMobil earnings plummet 63% on plunging oil prices
- Thu, 28 Apr 2016 20:32:56 -0400 -
US energy giant ExxonMobil reported Friday that first-quarter earnings dived 63 percent to $1.8 billion due to plunging oil prices. ExxonMobil's upstream division, usually a cash cow that explores for and produces petroleum, suffered a $76 million loss. The figures are the latest in a wave of petroleum industry results to reflect the battering effect of low prices.
- Amazon profit crushes estimates as cloud-service revenue soars
- Thu, 28 Apr 2016 20:12:07 -0400 -
Amazon.com Inc on Thursday reported profit and revenue that blew past analysts' expectations, sending its shares soaring in after-hours trading and demonstrating the growing market power of its core retail business and new cloud services division. The results draw a sharp contrast to the disappointing fourth quarter Amazon reported in January, which renewed worries among some shareholders about the company's comparatively thin profit margins. Amazon's performance also assuaged concerns about a broader slowdown among tech and internet companies after Apple , Microsoft and Intel all reported disappointing earnings.
- U.S. refiners' years-long windfall from cheap crude ends in first quarter
- Thu, 28 Apr 2016 18:36:15 -0400 -
U.S. refiners' years-long boom from cheap and plentiful crude ground to a halt in the first quarter as swelling oil inventories and weak demand pushed revenues to their lowest in years and punished profits, results showed on Thursday. PBF Energy Inc and CVR Energy reported quarterly losses of $66.5 million and $68 million, respectively, while Marathon Petroleum Corp eked out a $1 million profit after reporting earnings of almost $900 million a year earlier. In essence, refiners paid the price for ramping up production in 2015 to chase healthy crack spreads that led to higher inventories and weaker margins earlier this year as demand slackened during the mild winter.
- Facebook, Messenger and Instagram apps hit Windows 10
- Thu, 28 Apr 2016 14:54:11 -0400 -
Fresh from reporting stellar earnings, Facebook on Thursday rolled out applications tailored to Microsoft's latest operating system for the social network as well as its Messenger and Instagram services. "There are many people using Facebook, Messenger and Instagram on Windows, so today we're excited to roll out Windows 10 apps for Facebook and Messenger on desktop and Instagram on mobile," product manager Davis Fields said in a blog post at the leading social network. Free Facebook and Messenger programs for Windows 10 were hitting virtual shelves at the Windows desktop app store and an Instagram application that runs on mobile devices powered by the Microsoft operating system hit the Windows Phone Store.
- Airbus hits market turbulence as profits slump
- Thu, 28 Apr 2016 13:28:56 -0400 -
Airbus Group shares went into a sharp descent Thursday after the aeronautics giant revealed a 50-percent plunge in net profits, delays in new commercial plane deliveries and fresh engine problems with its troubled A400M military transport plane. "In a nutshell, despite these challenges we maintain our 2016 guidance and also our earnings and cash growth story for the coming years," he said in a statement, stressing that Airbus still has strong orders for commercial planes and it expects to ramp up aircraft production. In comments likely to step up pressure on the aircraft maker, the head of Qatar Airways threatened to cancel an order for Airbus A320neo planes if the European manufacturer fails to address engine issues.
- Abbott to buy St. Jude for $25 billion to boost heart devices
- Thu, 28 Apr 2016 12:56:53 -0400 -
Abbott Laboratories said on Thursday that it would buy St. Jude Medical Inc in a $25 billion deal to expand its heart device business, but investors worried that the acquisition would not pay off as promised. Abbott said its deal would help it compete more effectively against larger rivals Medtronic Plc and Boston Scientific Corp , but its shares fell nearly 6 percent. Abbott Chief Executive Officer Miles White defended the deal on a conference call with analysts, saying it would add to earnings per share in the first full year after it closes.
- VW CEO says will strengthen cooperation with Qatar: RTRS TV
- Thu, 28 Apr 2016 08:48:56 -0400 - Volkswagen will strengthen cooperation with Qatar, its third-largest shareholder, Chief Executive Matthias Mueller said, as Europe's biggest carmaker struggles to overcome the emissions scandal and reposition its business. "In future there will be closer cooperation in different areas," Mueller told Reuters TV after the carmaker's earnings press conference on Thursday. The Qatar Investment Authority (QIA) holds a 17 percent stake in Volkswagen (VW) and two seats on its supervisory board.
- LG Electronics' profit jumps on strong appliance sales
- Thu, 28 Apr 2016 06:16:57 -0400 -
SEOUL, South Korea (AP) — LG Electronics Inc. reported a stunning jump in its first-quarter earnings as its high-end home appliance sales offset a loss for its smartphone business.
- LG Electronics posts 415% increase in Q1 profit
- Thu, 28 Apr 2016 06:01:48 -0400 -
Booming sales of home appliances and televisions helped South Korea's LG Electronics report a surge in first-quarter profits Thursday, despite a continued slump in smartphone sales. Robust sales of top-of-the-line refrigerators and washing machines drove up profits in the home appliances unit, while a four-fold jump in sales of high-end OLED televisions did the same for the TV unit.
- Spain's BBVA bank sees Q1 profit plummet
- Thu, 28 Apr 2016 03:47:18 -0400 -
Spain's second largest bank BBVA said on Thursday its first quarter net profit plunged 53.8 percent to 709 million euros ($805 million), hit in part by unfavourable exchange rates like many of its peers. "First-quarter results where highly influenced by... the lack of corporate operations (in contrast to the previous year) and the effect of currency exchange," it said in a statement. The same time last year, BBVA's first quarter profits had been bolstered by the partial sale of the group's stake in Chinese bank CNCB.
- Samsung Elec tips second quarter profit pickup as Galaxy S7 excels
- Thu, 28 Apr 2016 01:45:04 -0400 -
By Se Young Lee SEOUL (Reuters) - Tech giant Samsung Electronics Co Ltd on Thursday tipped a pickup in second-quarter profits after reporting a 12 percent earnings gain in January-March on the back of "robust" sales of its Galaxy S7 smartphones. Boasting an improved camera, waterproofing and microSD storage support, Galaxy S7 models are on track to set a new first-year shipments record, lifting hopes the mobile business will post its first annual profit gain in three years. "In the second quarter we expect our solid performance to continue," Samsung investor relations chief Robert Yi said during a post-earnings conference call, adding the firm was "cautiously optimistic" that operating profit would increase quarter-on-quarter.