Singapore Telecommunications Ltd on Thursday reported a 14 percent drop in third-quarter net profit, due partly to intense competition in India and the impact of network investments by regional associates, and forecast a small decline in full-year earnings. Singtel, Southeast Asia's largest telecom operator, posted net profit of S$823 million ($605 million) for the three months ended in December, compared with S$959 million a year ago. Underlying net profit, which excludes one-time items, fell 28 percent to S$680 million, with its results also hurt by the rising shift from voice to data and margin erosion in traditional carriage services, the company said.
Sportswear group Puma gave a conservative forecast for 2019 on Thursday despite strong fourth-quarter sales helped by demand for its chunky RS-X shoes and Cali sneakers, sending its shares down more than 6 percent. Puma has been growing faster than its bigger German rival Adidas and market leader Nike, helped by savvy social media campaigns and partnerships with celebrities like singers Selena Gomez and Rihanna and rap mogul Jay-Z. Puma's fourth-quarter sales rose a currency-adjusted 20 percent to 1.226 billion euros ($1.38 billion), beating analyst consensus for 1.17 billion, while operating profit came in at 38 million euros, shy of analyst forecasts for 39 million.
Radian Group had discussions about being acquired by an investor group last week before talks broke down over a potential deal price, according to a Friday story from Bloomberg. Radian (NYSE: RDN) declined comment. Apollo's senior managing director and co-founder is Joshua Harris, who leads the ownership group of the Philadelphia 76ers. During Friday trading, Radian's stock rose by as much as 9 percent after the news broke. In a note to investors, analyst Harry Fong of MKM Partners said that shares of Radian and all of its chief competitors in the private mortgage insurance space — MGIC Investment Corp. (NYSE: MTG), Arch Capital Group (NYSE: ACGL) and Radnor's Essent Group (NYSE: ESNT) were up by a higher rate than the S&P 500 because of the story. Fong said he has thought the valuation of the PMI group was too low for a long time.
CNBC's Becky Quick reports from the Daily Journal Annual Meeting on Berkshire Hathaway vice chairman Charlie Munger's comments on the company's buybacks.
Credit card companies Visa, Mastercard, and Discover, will raise their processing fees in April, according to the Wall Street Journal. The card networks authorize banks to issue credit cards to people. Separately, businesses get merchant accounts that let them present credit card transactions with their customers for payment.
This is one of the many reasons why I believe our 50s can be the most challenging decade of our lives. Assuming you can clear the mental challenges, the financial and administrative obstacles can leave you feeling like a Rube Goldberg machine. Income, health insurance, life insurance, disability insurance, bills, expenses, short-term savings and retirement savings are all immediately important in the face of a job loss.
While some Americans are frustrated with the size of their refunds this tax season, a number of Democratic lawmakers are using the opportunity to criticize the Trump administration's tax law. A group of about 40 Democratic senators sent a letter to the administration on Friday, calling for the Internal Revenue Service (IRS) to waive penalties on taxpayers that had their payments underwithheld this year as a result of the tax reform law and the adjusted withholding tables. “It looks like the Trump Treasury Department spent 2018, an election year, goosing people's paychecks by under-withholding, and it should have been obvious that the bill would come due eventually,” Senate Finance Committee Ranking Member Ron Wyden, D-Ore., said in a statement.
The British pound fell again during the trading session on Thursday, as we are now testing the 50% Fibonacci retracement from the recent surge higher. I think at this point, we are continuing to see value hunters coming back into this market place, but the reality is that this is going to be a very difficult market to deal with going forward as the headlines will continue to be manipulated by the various politicians trying to get in front of the cameras. Because of this, we will be held hostage to the occasional tweet or headline, but keep in mind that we are at technical levels that should be important in general.
Berkshire Hathaway Inc. (BRK.B), the conglomerate run by billionaire investor Warren Buffett, sold some of its giant stake in Apple Inc. (AAPL), called it quits on Oracle Corp. (ORCL) and used some of its freed-up capital to top up on bank stocks in the last three months of 2018. Berkshire also boosted its stake in regional lenders, including PNC Financial Services Group Inc. (PNC) and US Bancorp (USB). Share price across the industry have been lifted by speculation that the recent merger between SunTrust Banks Inc. (STI) and BB&T Corp. (BBT) could pave the way for more deals, reported Bloomberg.
Redfin Corp (NASDAQ: RDFN) reported solid fourth-quarter results Thursday and mixed Q1 guidance. RBC Capital Markets raised its 2019 estimates have been raised based on the real estate company's comments on a mass marketing campaign that should boost revenue growth. RBC Capital Markets' Mark S.F. Mahaney maintained an Outperform rating on Redfin and raised the price target from $20 to $26.
Amazon AMZN said in a statement on Thursday that it will no longer build a campus in New York City. The retail giant originally announced its plan to split its new headquarters , "HQ2," between Queens and northern Virginia in November 2018. The retail giant also announced a smaller, third investment in Nashville, Tennessee, where it said it will build an east coast operations hub and create 5,000 jobs.
Whether you're planning to do your taxes online or work with an accountant, it helps to know which deductions and exemptions you are entitled to, so you have a rough idea of how big of a refund you might get — or how much you could owe to Uncle Sam. So we spoke to Brittany Turner, CPA, the founder of Countless, a New York City–based accounting firm for creatives. Brittany compiled a list of ten tax credits and deductions to be aware of while heading into tax season this year.
With life expectancy and inflation rates rising, Americans are increasingly delaying retirement as they fear their nest egg running out. Well, you could always plan for a shorter retirement, simply because it would be easier to manage costs over a shorter time frame. You could also take up a part-time job during retirement, and make small investments from any accumulated wealth to ensure a steady source of income.
March E-mini NASDAQ-100 Index futures are trading lower early Friday in response to weaker markets in Asia. At 06:04 GMT, March E-mini NASDAQ-100 Index futures are trading 6988.50, down 31.25 or -0.45%. The main trend is up according to the daily swing chart, however, momentum shifted to the downside with the formation of a closing price reversal top at 7069.75 on February 13 and the subsequent confirmation of the chart pattern on Thursday.
In our series My 6-Figure Paycheck , women making more than $100,000 open up about how they got there and what exactly they do. We take a closer look at what it feels like to be a woman making six-figures — when only 5% of American women make that much, according to the U.S. Census — w ith the hope it will give women insight into how to better navigate their own career and salary trajectories. Today, we chat with a senior marketing manager in fashion from San Francisco, CA.
It's been a bumpy year for retail giant Walmart Inc. (NYSE:WMT). The company was praised for its dedication to building out its online offerings, but later disappointed the owners of Walmart stock with lackluster growth figures and a questionable commitment to its long-term goals. While Walmart stock hasn't risen above $100 per share since November 2018, WMT stock has gained 13% since reaching its 52-week low of $81.78 in December.
Eric Moffett of T. Rowe Price says a lot of babies have been thrown out with the bathwater in China's stock market and some "fantastic" companies are trading at "fire-sale valuations."
Sears and Kmart have a new strategy, post-bankruptcy: more tools and appliances but less clothing and smaller locations. Eddie Lampert, the hedge fund king who bought Kmart out of bankruptcy in 2004 and melded it with Sears a year later, told the Wall Street Journal that the leaner company, which has closed hundreds of stores under each brands in recent years, would allocate more space in stores to areas like tools and appliances, where Sears remains a contender despite years of market share loss, and shrink store size. The new company, which will have 223 Sears stores and 202 Kmart locations, gives two iconic retailers another chance at life thanks to a $5.2 billion offer by Lampert earlier this month in a bankruptcy court auction.
The backing from Amazon will bolster Michigan-based Rivian's plans to bring an electric truck to market late next year. Rivian remains in talks with General Motors Co. about the largest U.S. automaker also making an investment, people familiar with the matter said. Chief Executive Officer R.J. Scaringe said in his first interview since reports of Rivian's talks with Amazon and GM surfaced earlier this week that he was seeking companies that could help the electric-vehicle maker grow.
Charlie Munger, the longtime business partner of Warren Buffett at Berkshire Hathaway Inc, on Thursday criticized active fund managers, bankers and even Elon Musk as he urged investors to court simplicity and temper expectations for future returns. Munger, 95, often provoked laughter as he fielded questions at the annual meeting of Daily Journal Corp, the Los Angeles newspaper publishing company he chairs, though he is better known for his four decades as a Berkshire vice chairman. Berkshire now owns more than 90 businesses in the insurance, energy, railroad and other sectors, along with dozens of stocks.
Qualified retirement savings accounts are a great way to build a retirement nest egg. In the financial community, this has been a topic of an ongoing debate between estate planning attorneys and financial advisors. Since qualified retirement plans such as a 401(k) or 403(b), an IRA or a Roth IRA pass by way of contract directly to a named beneficiary, the often lengthy probate process, attorneys' fees and other costs associated with wills and settling estates are avoided.
The Tennessee Valley Authority voted on Thursday to close two aging coal-fired power plants, including one supplied by a company led by a major supporter of President Donald Trump, who had urged the U.S.-owned utility to keep it open. This decision is about economics," said President and Chief Executive Bill Johnson, who is retiring from the TVA. The 870-megawatt Bull Run coal plant in Tennessee will close by December 2023 and the 971-MW Paradise 3 plant in Kentucky will be shut by December 2020.
Medical supply distributor Henry Schein, Inc. (NASDAQ:HSIC) has taken a beating from analysts this week, with Baird, J.P. Morgan Securities, UBS, and RBC all issuing price-target cuts. According to data from Schaeffer's Senior Quantitative Analyst Rocky White, this signal has flashed seven other times in the past three years. Henry Schein is slated to report earnings next Wednesday, Feb. 20.
To support its ambitious future of signing up more corporate clients for its Amazon Web Services and offering Prime members same-day delivery, Amazon will need more high-skilled tech workers than ever before. Unfortunately, those well-paid workers will not come from New York City, at least right now. The internet and cloud services beast said Thursday it will pull out of its New York City development project after significant outcry from locals and various other parties fearing big rent hikes and epic wage inflation.
A pension plan is a defined benefit plan in which an employer sets money aside for an employee and invests it on the employee's behalf. When the employee retires, she receives the return from that investment as retirement income. This can be in a lump sum, but it's much more likely to be in regular payments.