Kelcy Warren, the billionaire chairman of Energy Transfer Equity LP, dismissed complaints that he unfairly benefited from a 2016 private issuance of units in one of the pipeline company’s partnerships that was tied to the failed merger with Williams Co. Unitholders, including a Pennsylvania retirement fund, contend Warren and other Energy Transfer executives engineered the $1 billion deal involving only select investors so that Warren could reap more than $200 million. “Everybody thinks this is a bad deal,’’ Warren told a Delaware judge Tuesday. But the issuance helped stabilize the U.S.’s largest pipeline operator during a shaky time in an oil market downturn, he added. Warren’s lawyers said
The Oil and Natural Gas Corp (ONGC) is set to hire international oil service giants for the first time to boost output from domestic oil fields in response to a government push to increase local supplies and cut expensive imports. ONGC, India's biggest explorer, has shortlisted U.S. oil service companies Halliburton, Schlumberger and GE subsidiary Baker Hughes to submit proposals on boosting production from two onshore fields, according to a document seen by Reuters. The three companies have until May to submit their proposals for what ONGC is calling a "production enhancement contract" for an oilfield in Assam and another in Gujarat.
Semiconductor stocks have been on fire in recent years, but Intel Corporation (Nasdaq: INTC) has mostly lagged behind smaller, high-growth competitors. In Intel's most recent earnings report, the company reported earnings and revenue beats and reassured shareholders that the Meltdown and Spectre vulnerabilities identified in Intel chips in January would not be a long-term concern. In fact, Intel rewarded loyal shareholders with a 10 percent dividend hike.
Warren Buffett’s Berkshire Hathaway Inc. is slimming down its newspaper empire with more job cuts. BH Media Group is reducing staff by 148 employees and not filling 101 vacant positions, representing a total of about 6 percent of its workforce, the company said Tuesday in a statement. The organization is seeking to trim expenses because of declining advertising revenue.
For Airbus SE’s second-in-command Fabrice Bregier, the delivery of the first A350-1000 model came with a bitter-sweet tinge: his last day at the European manufacturing giant after being overlooked for the top job. Bregier, 56, at least had the satisfaction of seeing the A350 through to the end of its launch phase, with the stretched -1000 model representing the culmination of a program whose production problems took some of the gloss off its sales success during his final years at the company. “I could have stayed a bit longer, but I think I am one of the top managers who has spent the longest time running Airbus,” Bregier, Airbus’s chief operating officer and the head of its main jetliner arm, said at a ceremony in Toulouse, France, after handing the plane to Qatar Airways. Frenchman Bregier insisted that he had “only good memories” of 15 years at Airbus, before which he led the company’s MBDA missiles joint venture.
Qatar Airways CEO Akbar Al-Baker speaks about its launch of the aircraft, as well as his company's upcoming earnings report.
Qualcomm (QCOM) tops our list. The chip maker is raising its bid for NXP Semiconductors (NXPI) to $44B. The Wall Street Journal reports that Qualcomm hopes the $5B increase will boost NXP shareholder support for the deal.
The U.S. stock market only had a taste of the potential damage from higher bond yields earlier this year, with the biggest test yet to come, according to Morgan Stanley. “Appetizer, not the main course,” is how the bank’s strategists led by London-basedAndrew Sheets described the correction of late January to early February. Although higher bond yields proved tough for equity investors to digest, the key metric of inflation-adjusted yields didn’t break out of their range for the past five years, they said in a note Monday.
With the iPhone X described as the biggest step forward for smartphones since the original iPhone, the release of the special-edition device was supposed to be a watershed moment for Apple AAPL. During the company’s fiscal first quarter, Apple sold about 77.32 million total iPhones, down about 1% year-over-year and well below our consensus estimates (also read: Apple's First-Quarter iPhone Sales Drop 1%, Miss Estimates). Apple’s decision to dual announce the iPhone 8 and iPhone X was considered a gamble at the time, and given its sales figures in the ever-important holiday quarter—along with the myriad of reported production issues related to the X—that gamble does not seem to have paid off.
It’s time to seriously consider getting the Amazon Prime Rewards Visa Card? Customers are used to paying a little more when they visit Whole Foods, but now some shoppers will actually get cash back. On Tuesday, Amazon announced that eligible Prime members using the Amazon Prime Rewards Visa Card from Chase will earn 5% back on purchases at Whole Foods.
Shares in Rite Aid fell 30 percent in the six months after Walgreens agreed to buy half of its stores, with investors judging the smaller pharmacy chain was in danger of being left with little scale and negotiating power to beat down drugmakers and insurers on price. Its stock initially surged by as much as 25 percent on Tuesday after the announcement of Albertsons purchase, which bring it more than 2,500 retail locations and a pharmacy benefits business. Albertsons said its buyout, which will allow it to unify its own retail pharmacy operations under the Rite Aid brand, would give it greater clout with patients and drug industry players alike.
Transocean Ltd. RIG posted narrower-than-expected loss per share in the fourth quarter of 2017. The offshore driller’s adjusted loss per share in the quarter came in at 24 cents compared with the Zacks Consensus Estimate of a loss of 27 cents. While investors should note that the company has not missed estimates in the past 19 quarters, Transocean reported an adjusted loss per share in the quarter under review, which compares unfavorably with adjusted earnings of 63 cents a share in the prior-year quarter.
Here are the charts of the day for Tuesday February 20, 2018. Rite Aid (RAD): Shares soaring in early trade. Privately-held Albertsons plans to buy the rest of Rite Aid that isn’t being sold to Walgreens Boots Alliance. The combined companies would be
Founded in 1916, just a few years after the Wright brothers' famous Kitty Hawk flight, The Boeing Company ( BA) has grown to become one of the largest aircraft manufacturers in the world and the most well-known name in the aerospace sector and defense industry in the United States. Boeing Capital Corporation supports all three divisions by providing financing for Boeing customers. Boeing's chief financial officer and executive vice president of Enterprise Performance & Strategy, Gregory Smith, is the largest insider shareholder of the company.
Following investing strategies of billionaire investor Warren Buffett is everyone’s dream. Buffett’s Berkshire Hathaway Inc. BRK.B has added more than 100% over the last five years (as of February 15, 2018), way better than the 73% gain of the broader
The Trump administration Tuesday spelled out a plan to lower the cost of health insurance: give consumers the option of buying less coverage in exchange for reduced premiums. The proposed regulations would expand an alternative to the comprehensive medical plans required under former President Barack Obama's health law. The plans would come with a disclaimer that they don't meet the Affordable Care Act's safeguards, such as guaranteed coverage, ten broad classes of benefits, and limits on how much older adults have to pay.
Small businesses remain extremely optimistic about their economic prospects. The only thing that might hold them back is finding qualified workers, according to a new study from JP Morgan Chase. America’s small- and mid-sized business owners are super bullish on the U.S. economy.
OPEC and non-OPEC oil producers, including Russia, will discuss extending their cooperation for many more years when they meet in June as they seek to avoid major market shocks, the United Arab Emirates' energy minister told Reuters. Suhail al-Mazroui, who holds OPEC's presidency this year, said leaders of the UAE, OPEC's biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018.
Cracker Barrel Old Country Store, Inc. CBRL reported better-than-expected results in second-quarter fiscal 2018.Earnings per share (EPS) of $2.73 surpassed the Zacks Consensus Estimate of $2.42 by 12.8%. EPS also increased 24.7% year over year on growth
Airplane maker The Boeing Co. is facing heat these days for its determined stance in dealing with suppliers. Despite record orders, Boeing is getting some criticism for an initiative calling for some suppliers to cut costs, according to Bloomberg. Boeing’s Partnering for Success initiative aims to streamline the manufacturer’s supplier chain. And based on financial returns — with its shares doubling since the start of 2017 — Boeing can argue its plan is working. However, Bloomberg cites suppliers who claim Boeing is seeking 10 percent price cuts for their products. Boeing is coming off a bustling 2017. Boeing secured orders worth more than $90 billion in November alone. Among the highlights
A judge on Tuesday denied AT&T Inc's request to see White House communications that might shed light on whether U.S. President Donald Trump pressured the Department of Justice to try to block the wireless carrier's purchase of Time Warner Inc . The decision is a potential setback to AT&T's plan to argue in an upcoming trial that the department's decision to oppose the acquisition was politically motivated, perhaps spurred on by Trump's public criticism of the deal and his frequent attacks on Time Warner's CNN.
Coming up on nine years this March, the current bull market is getting old. But it isn’t dead yet. Despite signs of rising interest rates, labor costs and higher inflation, that appear to have brought volatility back with a vengeance, a number of upside opportunities in some technology stocks, industrials tied to commodities and financials, still exist. Four stocks, specifically, that have strong potential to outperform include Alphabet Inc. (GOOGL), Lam Research Corp. (LRCX), Cummins Inc. (CMI), and Citigroup Inc. (C), according to Barron’s. (For more, see also: Charles Schwab: Volatility Is Back With a Vengeance.) Since the start of the current market run in March 2009, the S&P 500 has delivered
How 401(k) fees can impact retirement goals 10 Hours Ago | 01:51 The next time you check your 401(k) account, take a careful look at the fees you're paying. "Fees erode returns," and what you don't know could be hurting you, according to Josh Robbins, chief strategy officer at America's Best 401k. Retirement savers often think of their 401(k) fees as "small percentages," and that's a mistake, Robbins said. Take two investors, for example: one who's paying 1 percent in fees and another who's paying 2 percent. "The person with 2 percent in fees will run out of money 10 years sooner than the person with one percent in fees," Robbins said. "That's dramatic." To prevent that from happening to you,
Taxpayers feared they would lose all sorts of deductions as result of the new tax laws and that, ultimately, the changes would result in money out of their pockets. Tax rates have changed a bit under the new tax law. Take a look at all of the new tax brackets and tax percentages here.