CFO Jamie Miller presented at two conferences Wednesday in the greater Miami area. At the corporate level GE has gone from a cash generator to a cash burner in the past two years, and that, more than any other factor, has destroyed value for GE shareholders.
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
Pam Codispoti created the now-legendary Chase Sapphire Reserve credit card, and now she runs JPMorgan Chase's expanding retail branch network. Business Insider recently spoke with Pam Codispoti, the JPMorgan Chase exec responsible for creating the Chase Sapphire Reserve credit card that became a sensation, about millennials, myths, and the other challenges she'll confront in her next job.
Chris Ratcliffe | Bloomberg | Getty Images A glitch at a Japanese cryptocurrency exchange allowed some users to buy digital currencies for free, heightening concerns over the security of such trading platforms. Zaif, which is run by Tech Bureau Corp, and registered by the government, said that an error occurred with its price calculation system, allowing seven users to buy some digital coins for zero yen. The exchange did not say which cryptocurrencies those were. Six of the transactions have been voided. Zaif is trying to rectify the issue with the seventh customer who attempted to transfer the bitcoin from the exchange, a spokesperson told Reuters. The issue was discovered on February 16 and
Shares of General Electric Co's Baker Hughes rose on Wednesday after the parent company said it would not shed its holdings in the oilfield services business before the expiration of a two-year lockup period, reversing an earlier stance that had cast uncertainty around the stock. General Electric last November said it was considering shedding its Baker Hughes holdings to refocus its business and boost cash flows. The announcement came just months after the conglomerate had purchased a 63 percent stake in the firm under a deal that combined its oil and gas services and equipment business with Baker Hughes to create the second largest oilfield services firm by revenue.
CNBC's Ylan Mui reports on which states could face the highest household cost per year if the gas tax was raised 25-cents.
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.
Billionaire David Einhorn, the head of Greenlight Capital, disclosed last week in his company's quarterly 13F report that he established 19 new positions during the fourth quarter of 2017. One of the most significant purchases that he made was in J.C. Penney (JCP), the retail giant which has become "moderately distressed," according to a report by Guru Focus. At a time when many analysts showed interest in retail, Einhorn helped to solidify the trend. Why might he have decided to focus his efforts on JCP stock in the past quarter? Nearly 6.4 Million Shares of JCP Greenlight Capital acquired close to 6.4 million shares of J.C. Penney stock in the final three months of 2017. The average purchase
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.
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.
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.
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
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
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.
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. Cardholders who are not Prime members will earn 3% back on purchases at Whole Foods.
At the same time, Amazon's foray is widely expected to disrupt the industry, prompting drug chains to beef up their businesses. Backed by private equity firm Cerberus Capital Management, Albertsons hopes the deal will help it become a formidable competitor to CVS Corp and Walgreens , and give its private equity owners a way to exit their decade-long investment in the grocer. Cerberus first took a stake in Albertsons in 2006 and scaled it through acquisitions including that of Safeway in 2014.
Ford did not give any details on what that behavior entailed. A company spokesman said the review was launched in the past few weeks after Ford received a report of inappropriate behavior. Nair's departure comes after several high-profile business leaders and politicians have quit or been fired in the past year following accusations of sexual harassment, with the social media movement known as #MeToo pressing for more accountability in corporate cultures.
Toyota Motor Corp, Asia’s No.1 carmaker, has found a way to make electric vehicles (EVs) more affordable and less vulnerable to shortages in supply of the key elements needed to produce the rechargeable batteries that power them. The key for such new wave of EVs is a magnet for electric motors developed by the Japanese firm, which halves the use of a rare earth called neodymium and eliminates the use of others called terbium and dysprosium, the company revealed on Tuesday. In their place, Toyota will use the more abundant rare earths lanthanum and cerium, which also cost about 20 times less than neodymium.
Exelixis, Inc. EXEL, is scheduled to report fourth-quarter 2017 results on Feb 26, after market closes. Exelixis’ shares have rallied 6.8% in the last six months as against the industry’s fall of 2.3%. Zacks ESP: Earnings ESP, which represents the difference between the Most Accurate estimate and the Zacks Consensus Estimate, is +8.94% since the Most Accurate estimate is 13 cents while the Zacks Consensus Estimate is pegged at 12 cents.
By Hilary Russ NEW YORK (Reuters) - U.S. yields rose in government debt auctions on Tuesday and yields on short-term bills hit their highest levels since September 2008, bolstering the U.S. dollar but helping end a six-session rebound in
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.
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.
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.
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.