Ford Motor Co. said Wednesday it will stop investing in sedans in North America, bowing to U.S. drivers’ seemingly never-ending zest for crossovers and pickup trucks. Ford F, +2.61% shifted focus on “building a winning portfolio” of vehicles, by which it meant no more of its slow-selling sedans at least for North America. U.S. drivers have gravitated to SUVs and pickup trucks for years, thanks in part to these vehicles’ relative fuel economy improvements and price drops. Many car buyers also report enjoying the high-riding seating position of an SUV or pickup truck. “Ford realized it can’t be everything to everyone, and in today’s market that could be OK,” said Jessica Caldwell, an analyst with
In the latest blow to beleaguered blue chip General Electric Co., Moody’s Investors Service on Wednesday revised its outlook on the company’s ratings to negative, meaning it could downgrade it in the medium term. The move “reflects the added headwinds to restoring GE’s credit profile as a result of the $1.5 billion reserve that GE recorded in relation to the investigation by the Department of Justice of possible violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (”FIRREA”) by WMC, GE Capital’s discontinued mortgage business,” the rating agency said in a note. Read now: Are you smart or foolish to buy GE stock right now? Don’t miss: Investors shouldn’t get ahead
Qualcomm Inc's earnings call on Wednesday showed just how far the company is willing to go to preserve one of its core business practices of taking a cut of the selling price of phones. Qualcomm gave two indications on Wednesday it was prepared to accept lower revenue in exchange for maintaining the business structure and avoiding future customer disputes. On Wednesday, Qualcomm said it would cap the phone price that is the basis of the revenue calculation at $400.
Southwest Airlines says bookings are down since the fatal accident on one of its planes last week. Southwest disclosed the weaker bookings as it reported a 22 percent increase in first-quarter profit, to $463 million. The financial ups and downs, however, were overshadowed by the emergency landing of one of Southwest's planes last week in Philadelphia that killed one passenger when its engine failed.
Altria Group Inc.’s MO recently-reported first-quarter 2018 results showed continued strength in the bottom line. The quarterly performance also reflected improved revenues in the smokeless category. Nevertheless, lower cigarette volumes remained a drag
Many of us know the magic of investing money in the stock market—just letting it sit and watching it grow—but few of us really grasp just how powerfully enriching this can be. Not surprisingly, Warren Buffett, the world’s greatest investor, has a vivid example of this which he shared with me during a visit earlier this year at Berkshire Hathaway headquarters in Omaha. First, take yourself back, way back to America’s entry into World War II. Franklin Roosevelt was president and Buffett was a young boy.
Shares of AMD (Advanced Micro Devices) are set to open up more than 9% Thursday, at $10.60, after the chipmaker reported first-quarter results that topped analyst expectations. Revenue was $1.65 billion, which was ahead of the $1.57 billion that Wall Street was anticipating. "The first quarter was an outstanding start to 2018 with 40 percent year-over-year revenue growth,” said Lisa Su, AMD's president and CEO, in a press release.
Most of the major players in the social media market have come and gone this earnings season. Both Twitter Inc (NYSE:TWTR) and Facebook, Inc. (NASDAQ:FB) put up impressive quarterly numbers and user growth. Wall Street doesn’t like Snap, that much is clear.
Southwest Airlines Co. dropped to a seven-month low after warning that its first passenger fatality has reduced customer bookings. Revenue from each seat flown a mile, a gauge of pricing power, will decline 1 percent to 3 percent in the current quarter, the discount carrier said in a statement Thursday. Southwest blamed as much as two percentage points of the decline on weak sales after an accident in which an engine exploded in flight this month, piercing the plane and killing a passenger. The sober outlook contrasted with those of rival airlines, which have predicted increases in the revenue gauge of as much as 5 percent. Southwest also faces pressures from aircraft retirements and fare battles
CNBC's Dominic Chu reports on Exxon Mobil hitting a session high after the company raises their dividend up 5 cents to 82 cents.
As General Electric weighs whether to break up the sprawling conglomerate after a year of financial woes, the former vice chairman of the 125-year-old company Bob Wright warned it would be a “fool’s errand” to do so. “It’s worth more whole,” Wright told FOX Business’ Stuart Varney during an interview on Wednesday. In recent decades, the conglomerate has relinquished control of many businesses, including NBCUniversal.
It will take months or years to tell if the tax cuts President Trump signed at the end of 2017 will boost economic growth or help create jobs, as intended. Congress’s Joint Committee on Taxation has published new estimates of the ways people will file their taxes for 2018, the first year most of the new tax provisions will be in effect. One of the most disruptive changes to the tax code is a new limit of $10,000 on the deductibility of state and local taxes, which used to be subject to no limit.
General Motors' first-quarter net income fell 60 percent from a year ago, and its shares fell even though the numbers beat Wall Street estimates. GM says earnings and revenue fell because shipments to dealers dropped as factories were closed to retool for new full-size pickup trucks. Shares of GM tumbled 2.4 percent to $37.18 in Thursday midday training.
3M Co (NYSE:MMM) investors certainly aren’t having fun, as shares fell 6.8% on Tuesday and sit just $9 above its 52-week low near $192. Ironically, 3M stock set that low on April 25, 2017. What’s got 3M down, anyway?
On Tuesday, Microsoft was valued at $714 billion, about $3 billion above Alphabet and Amazon. Microsoft had briefly ascended to No. 2 on April 12 and then again on April 16. On Tuesday, amid worries about higher U.S. Treasury yields and disappointing earnings by other companies that sent the S&P 500 down1.3%, Microsoft rose to No. 2 by virtue of its shares falling less--2.3%--than those of its rivals.
RICHMOND, Va. (AP) _ Altria Group (MO) on Thursday reported first-quarter net income of $1.89 billion. The Richmond, Virginia-based company said it had net income of $1 per share. Earnings, adjusted for non-recurring
Ford announced it will not invest in new sedans in North America but will keep Mustang and a new crossover with the Focus nameplate. Ford reported first-quarter earnings after the markets closed on Wednesday and beat analysts expectations, with a profit of $0.43 per share and revenue of $42 billion. "We are committed to taking the appropriate actions to drive profitable growth and maximize the returns of our business over the long term," CEO Jim Hackett said in a statement.
CNBC's Dominic Chu reports that Lending Club stock plunging on charges from the FTC on deceiving consumers about loan term agreements.
MIDDLETON, Wis. (AP) _ Spectrum Brands Holdings Inc. (SPB) on Thursday reported fiscal second-quarter profit of $1.4 million. The Middleton, Wisconsin-based company said it had net income of 3 cents per share. Earnings
Gilead Sciences Inc. GILD is scheduled to report first-quarter results on May 1, after the market closes. Gilead, a leader in the hepatitis C virus (“HCV”) space, has a decent track record, with the company’s earnings beating estimates in three of the last four while missing in one. In the last reported quarter, the company’s earnings beat expectations by 4.7%.
AT&T Inc. (NYSE:T) posted its latest quarterly earnings results after hours Wednesday, which missed analysts’ expectations. AT&T added 187,000 linear video subscribers during the period, while AT&T added 312,000 subscribers to its streaming service DirecTV Now. The company, which owns the satellite provider DirecTV, has been losing a slew of subscribers to its traditional television packages as more consumers are eliminating cable plans and opting for cheaper streaming services.
Altria Group, Inc. MO came out with first-quarter 2018 results, wherein adjusted earnings of 95 cents per share came ahead of the Zacks Consensus Estimate of 93 cents and surged 30.1% year-over-year. Earnings Estimate Revision: The Zacks Consensus Estimate for 2018 has remained unchanged over the past 30 days. Revenues: Altria generated net sales of approximately $6.1 billion that climbed 0.4% year over year.
Illinois Tool Works Inc. ITW is a worldwide manufacturer of highly engineered products and specialty systems. The company’s diversified range of industrial products and equipment are sold in 56 countries. It currently has a $51.4 billion market capitalization
Shuntaro Furukawa grew up playing the Family Computer, eventually realizing every teenager’s dream of joining the company that made the genre-defining console. Now, as the next president of Nintendo Co., he has the chance to build a new franchise atop a hit product, the Switch. It’s a big generational shift. At 46, Furukawa is 22 years younger than outgoing President Tatsumi Kimishima, a former banker who oversaw the new hybrid console’s debut last year. The Nintendo Switch, which can be used as a portable gaming machine or docked to a TV, is the Kyoto-based company’s biggest bet in years. The company exceeded its own goals by selling 15.1 million units in the period, and forecasts 20 million
ConocoPhillips said Wednesday that it won a $2 billion arbitration award against Venezuela's state oil company, compounding the financial woes of the socialist-run nation as it struggles to feed its population. The Houston-based company said in a statement that the ruling against PDVSA by an International Chamber of Commerce panel was final and binding. "ConocoPhillips will pursue enforcement and seek financial recovery of its award to the full extent of the law," the company said in a statement.