Indian oil-to-telecoms conglomerate Reliance Industries said strong growth in its consumer-facing businesses lifted second quarter net profit by 18.3% year-on-year to a record total. Consolidated net profit rose to 112.62 billion Indian rupees ($1.58 billion) in the three months ended Sept. 30, the country's largest company by market value said on Friday. "The company has reported a record net profit for the quarter," Reliance's billionaire Chairman Mukesh Ambani said, adding that the results also reflect the rapid scale-up of its consumer businesses.
In a lawsuit filed Wednesday in federal court, SmileDirect alleges the Dental Board of California had an investigator conduct “a series of coordinated raids” on the company's retail locations, known as SmileShops. The California Dental Board declined to comment on the lawsuit. A spokeswoman for SmileDirect didn't have any additional comment on the lawsuit.
A viral Vanity Fair article that suggested traders may have had foreknowledge about a series of geopolitical events — and profited handsomely from them — is “patently false,” according to the Chicago Mercantile Exchange. On Thursday, author William Cohan published an article that linked mysterious trading in S&P 500 (^GSPC) futures contracts to market-moving developments like the September 13 drone attack on Saudi Arabia's oil facilities, the U.S.-China trade war and Hong Kong's independence protests. Euphemistically called “chaos trades,” the article alleged someone connected to President Donald Trump's actions may have provided investors with illicit or insider knowledge, who reaped hundreds of millions in profit.
New Media Investment Group already owns GateHouse Media and its 154 daily newspapers is planning a major restructuring that will include building up digital marketing while phasing out the print edition according to the media web site, Poynter. The merger will not close for at least another month, but already staff concerns are making their way into digital publications. One source told Poynter that new Gannett CEO Paul Bascobert "has indicated that he is not impressed with USA Today,” USA Today cites data from the Alliance for Audited Media in its media kit that claims "an average daily paid circulation Monday–Friday of 726,906."
Investors have long been told that the ideal portfolio should carry 60% of its holdings in equities and 40% in bonds, a mix that provides greater exposure to historically superior stock returns, while also granting the diversification benefits and lower risk of fixed-income investments. But in a research note published by Bank of America Securities titled “The End of 60/40,” portfolio strategists Derek Harris and Jared Woodard argue that “there are good reasons to reconsider the role of bonds in your portfolio,” and to allocate a greater share toward equities.
The second-biggest U.S. distributor of retail propane is tangling with TPG Specialty Lending Inc., which provides a $575 million credit facility that makes up the bulk of Ferrellgas's liquidity. According to the company's annual 10-K filing, Ferrellgas failed to deliver its financial results by the Sept. 24 deadline, delivering them a day later after TPG said it was in default.
Facebook Inc. Chief Executive Officer Mark Zuckerberg discusses the social-media company's stance against the censored version of the internet found in China, and role of U.S.-based online companies in promoting free expression. Zuckerberg spoke to students at Georgetown University's Gaston Hall in Washington.
Striking McDonalds workers demanding a $15 minimum wage demonstrate in Las Vegas, Nevada U.S., June 14, 2019. Fact One: The effective minimum wage (I'll spell this out below) has been soaring recently and is at an all-time high. Nixon was in the White House, Neil Armstrong was on the moon, and the hippies were at Woodstock.
One of the nation's largest financial institutions, Northern Trust Corp., is opening its first Philadelphia location at the newly redeveloped 2400 Market Street, according to records from the Pennsylvania Department of Banking and Securities. The state banking regulator said it approved Chicago-based Northern Trust's application this week to open an office in a suite on the second floor of 2400 Market — the 650,000-square-foot building that was redeveloped and expanded last year via a partnership involving Lubert-Adler and PMC Property Group. Officials from Northern Trust (NASDAQ: NTRS) did not respond to inquiries Thursday.
Activist investor D.E. Shaw is pushing for change at (EMR) claiming that tighter cost controls, better corporate governance, and splitting the company in two could push the stock 50% higher. Regarding costs, the hedge fund pointed to the company's fleet of eight private jets (and a helicopter) in a letter it sent to the Emerson board on Tuesday. Gordon Haskett analyst John Inch spoke with Emerson management to get its side of the story.
Last month, Hurd went on a medical leave for unspecified health reasons, while Catz and founder Larry Ellison took over his responsibilities during the absence. "Oracle has lost a brilliant and beloved leader who personally touched the lives of so many of us during his decade at Oracle," Ellison wrote in an email to company employees. Hurd and Catz were named co-CEOs in 2014, after Ellison decided to step aside to focus on his role as chief technology officer.
The so-called Cadillac of Medicare-related insurance is being phased out at year's end, shutting Medicare newcomers out of the plan that many retirees buy for peace of mind, and potentially boosting costs for those who remain or turn to another popular option. People who turn 65 after 2019 won't be allowed to pick Medigap supplement Plan F, the most popular supplemental plan that helps retirees cover medical costs that Medicare doesn't pay. Retirees already in Plan F by year's end will be allowed to stay.
The U.S. and China may be nearing a tentative, partial trade agreement but the IMF's new leader has warned the trade truce won't be enough to boost global growth. Another ongoing dispute may also be nearing a resolution, with the U.K. and EU agreeing a Brexit deal, though British MPs still have to approve it. But the U.S. has confirmed tariffs on $7.5 billion worth of European goods will take effect on Friday, proving that geopolitical tensions are here to stay.
Howard Marks, co-chairman at Oaktree Capital, discusses his latest note to clients on negative interest rates, the reasons why investors buy negative-yielding assets, relying on analysis over ratings, and the inevitability of a U.S. recession. He speaks with Bloomberg's Erik Schatzker on "Bloomberg Markets."
Most retirees rely on retirement income they didn't personally put away for their futures, although they did work for it. Young adults won't have that luxury, and they know it, a recent survey found. All but 5% of current retirees consider Social Security and a pension plan as their primary sources of retirement income, according to a Wells Fargo (WFC) survey released Friday.
BB&T Corp. (NYSE: BBT) today reported better than-expected adjusted third-quarter earnings driven by stronger revenues and lower credit costs. BB&T reported a third-quarter profit of $735 million, or 95 cents a share, down 6 percent compared to last year's profit of $789 million, or $1.01 a share. "We continue to make significant progress laying the groundwork for our exciting merger of equals with SunTrust," BB&T CEO Kelly King said in a statement. "We are very pleased the shareholders of both companies strongly supported the merger at their respective meetings earlier this quarter.
Oil prices might be acting like a warning light when it comes to the stock market, which is trading near all-time highs despite growing concern over the U.S.-China tariff battle and rising global trade tensions. Equity and corporate bonds in the U.S. have so far shrugged off the worrying signs for the global economy coming from lower oil prices. But we suspect that it won't be long before slower global growth, including in the U.S., takes a toll on both,” said Simona Gambarini, markets economist at Capital Economics, in a Friday note.
Walmart Inc. (wmt) disclosed Friday that it will record a $2.2 billion charge to earnings, after the retail behemoth's U.K. subsidiary Asda Group Ltd. announced a plan to secure the benefits of members of Asda's pension. Walmart and Asda said the plan secures a £3.8 billion ($4.9 billion) "buy-in" in anticipation of a full "buy-out" of the pension scheme, and will be enabled by a one-off final pension contribution by Asda of about £800 million ($1 billion). Walmart's stock, which rose 0.4% in morning trading, has rallied 29.2% year to date, while the Dow Jones Industrial Average (djia) has gained 15.5%.
Its core audience is aging, and motorcycle riding in the U.S. has declined. Despite this, Harley-Davidson stock (ticker: HOG) has gained 7.5% in 2019, though it's down 9.2% in the trailing one-year period, and trails the broader S&P 500 in those periods. KeyBanc Capital Markets analyst Brett Andress estimates that Harley's U.S. retail sales will fall in the mid-single digits in the third quarter from the year-ago period, citing declines in new bike registrations in August and September.
Pulling up last year's information: If you want to compare this year's drug list with last year's, you must switch between the old plan finder and this year's – a major inconvenience. That means if you want to make sure last year's drug list is covered under this year's plan, you must access the old plan finder first. Caregiver access: If you're a caregiver who needs access to your senior's saved medical information on the old system, you need to first fill out an authorization form.
Dividend stocks provide a reliable income stream. While near-term fluctuations in the stock market can be unpredictable, dividends are one of the few reliable sources of market returns. High-yielding dividend value stocks can serve as a great foundation for a long-term investment portfolio.
BA) delayed disclosing internal communications about its troubled 737 MAX jet to the Federal Aviation Administration, news that left the stock with a loss of almost 7%. Late yesterday, Boeing alerted the Department of Transportation to the existence of instant messages between two Boeing employees, characterizing certain communications with the FAA during the original certification of the 737 MAX in 2016,” according to an FAA statement emailed to Barron's Friday. Boeing explained to the Department that it had discovered this document some months ago.
Dividend stability factor: 7. Dividend payout ratio: 35.3%. Earnings stability factor: 8.
JPMorgan Chase & Co CEO Jamie Dimon said Friday that the turmoil in the plumbing of the financial system last month may be precursor of a bigger crisis if the Federal Reserve doesn't learn from the experience. During a moderated discussion at the Institute for International Finance meeting in Washington, Dimon said problems in money markets, a crucial source of funding for Wall Street, was exacerbated due to regulations that currently tie up bank's extra cash parked at the Fed. As a result, Dimon said his firm, and other major money-center lenders, couldn't step in and sop up Treasury debt, in the so-called repo market at a key period.
Traders continue to surprisingly laugh in the face of China's economic slowdown, which is in large part being fueled by the trade war with the U.S. Markets are more focused (and more upbeat, subsequently) on how global economic slowdowns will drive stimulus actions by central bankers and governments (especially in China), according to experts. Optimism also rages on because China's economy does in fact continue to grow, allowing big multinationals such as Starbucks and Apple to benefit from the rise in worker incomes and overall living standards.