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Showing posts from April, 2020

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Twitter, Comcast, McDonald's, Tapestry & more

Peter Schacknow 5-6 minutes - Source: CNBC Take a look at some of the biggest movers in the premarket: Twitter (TWTR) – Twitter reported quarterly profit of 11 cents per share , a penny a share above estimates. Revenue and the number of monetizable daily active users beating forecasts as well. Twitter is not giving any guidance for the current quarter or the full year due to uncertainty surrounding the current business environment. Comcast (CMCSA) – The NBCUniversal and CNBC parent beat estimates by 3 cents a share , with quarterly profit of 71 cents per share. Revenue came in below Wall Street forecasts. The company added 477,000 high-speed internet customers during the quarter, the most in 12 years, while NBCUniversal and Sky experienced pressure during the quarter from the cancellations of sports events due to the coronavirus outbreak. McDonald's (MCD) – McDonald's fell 10 cents a share short of estimates , with profit of

Analysis | The Cybersecurity 202: State election officials warn that federal strings on stimulus cash stand in way of using it

By Joseph Marks 11-14 minutes - Source: The Washington Post with Tonya Riley State officials are pushing Congress to reverse restrictions they say are too burdensome on $400 million aimed at protecting elections during the coronavirus pandemic. Congress approved that payout last month as part of a $2 trillion coronavirus stimulus bill but also required states match 20 percent of it out of their own budgets. Coming up with that money would be tough for some states in normal times and may be simply impossible with every spare dollar going to pandemic response and economic recovery, the officials say. “ State revenues are plummeting across the country and this means some states will not be able to utilize that money ,” Vermont Secretary of State Jim Condos (D) said during a call with reporters. The dispute highlights the cash crunch state and county election offices are facing as they prepare for a general election unlike any they’

Companings Earnings: Twitter reports strong first-quarter results, despite expected downturn from coronavirus

Lauren Feiner 4-5 minutes - Source: CNBC Jack Dorsey, co-founder and chief executive officer of Twitter Inc., listens during a Senate Intelligence Committee hearing in Washington, D.C., U.S., on Wednesday, Sept. 5, 2018. Andrew Harrer | Bloomberg | Getty Images Twitter  reported first-quarter 2020 earnings Thursday that beat estimates despite an expected hit to its ads business due to the coronavirus pandemic. The stock was up more than 11% during premarket trading. Here’s what Twitter reported: Earnings per share (EPS): 11 cents Revenue: $808 million Monetizable daily active users (mDAUs): 166 million Wall Street had been anticipating earnings per share of 10 cents on revenue of $776 million, based on Refinitiv consensus estimates. Monetizable daily active users (mDAUs) was expected to come in at 164 million, based on StreetAccount estimates. However, it’s difficult to compare reported earnings to analyst estimate

Business News | Scotland: Lockdown could cripple builders firms 'in months'

4-5 minutes - Source: BBC Image caption Sites in Scotland have been closed for more than five weeks Many construction firms in Scotland face the prospect of financial collapse within months unless the lockdown can be eased, an industry body has said. All but essential construction sites in Scotland have been closed for more than five weeks since the coronavirus restrictions were introduced. From next week, three of the UK's biggest housebuilders will reopen their sites in England. The Federation of Master Builders wants the same rules for Scottish firms. And it has warned that many smaller builders will go bust if they are not allowed to follow suit. The group is now asking the Scottish government for

Business News: Shell cuts dividend for first time since WW2

2minutes - Source: BBC Image copyright Getty Images Royal Dutch Shell has cut its dividend for the first time since World War Two following the collapse in global oil demand due to the coronavirus pandemic. The energy giant also suspended the next tranche of its share buyback programme. The move came as it announced a 46% fall in first-quarter net income to $2.9bn (£2.3bn). Chief executive Ben van Beurden warned of "continued deterioration in the macroeconomic outlook". He said Shell was taking "further prudent steps to bolster our resilience" and "underpin the strength of our balance sheet". Shell is cutting its quarterly dividend by two-thirds, from 47 cents to 16 cents, starting in the first quarter of this year. The company said

US Market | Futures Indicator: US stock futures rise after solid tech earnings, Facebook up more than 10%

Thomas Franck 3-4 minutes - Source: CNBC Futures contracts tied to the major U.S. stock indexes were higher in the overnight session Wednesday evening after both Facebook and Microsoft issued better-than-expected revenue projections in their earnings reports. Dow Jones Industrial Average futures  rose 116 points, implying an opening gain of around 155 points.  S&P 500 and Nasdaq-100 futures  also pointed to Thursday opening gains. Both Facebook and Microsoft equity climbed in after-hours trading Wednesday evening after each reported promising revenue figures despite the global coronavirus outbreak . Facebook soared more than 10% in the overnight session after it reported that, after an initial “significant” pullback in advertising revenues in March thanks to Covid-19, it’s seen sales stabilize in the first three weeks of April . It reported first-quarter per-share earnings of $1.71 and revenues of $17.74 billion. Microsoft r

Market Insider | Biggest Moves Premarket: Stocks making the biggest moves in the premarket: Boeing, GE, ADP, Hasbro, LabCorp, Spotify & more

Peter Schacknow 6-7 minutes - Source. CNBC Take a look at some of the biggest movers in the premarket: Boeing (BA) – Boeing lost $1.70 per share , larger than the $1.61 per share predicted by Wall Street analysts, with revenue also below estimates. Boeing also announced plans to cut commercial jet production rates as well as reduce payroll. General Electric (GE) – GE reported quarterly profit of 5 cents per share , below the consensus estimate of 8 cents a share. Revenue came in above forecasts. CEO Larry Culp said the coronavirus outbreak materially challenged first-quarter results, with an impact of $700 million on operating profit. ADP (ADP) – The payroll processing company came in 3 cents a share ahead of estimates, with quarterly earnings $1.92 per share. Revenue beat forecasts as well, however the company lowered its earnings and revenue outlook for the year. Anthem (ANTM) – The health insurer matched analysts’ forecasts,

Analysis | The Cybersecurity 202: Americans are wary of the coronavirus tracking apps being produced by big tech

By Joseph Marks 12-15 minutes - Source: The Washington Post with Tonya Riley Companies’ rush to develop technologies to track coronavirus infections is outpacing citizens’ willingness to use them. About half of Americans with smartphones say they’re probably or definitely unwilling to download apps being developed by Google and Apple to alert those nearby they came into contact with someone who is infected , a Washington Post-University of Maryland poll released this morning finds. That’s primarily because they don’t trust the tech companies to treat their data securely and privately , as my colleagues Craig Timberg, Drew Harwell and Alauna Safarpour report . Add in people who can’t use the apps because they don’t own smartphones, and only about 40 percent of Americans are on board with using the tracking apps. That’s far lower than the approximately 60 percent of Americans who researchers say would need to use such apps to make a

Business News | Company´s Revenue: GE says first-quarter revenue declined 8%, expects this quarter to be worse because of pandemic

Fred Imbert 2-3 minutes - Source: CNBC General Electric reported Wednesday a steep decline in first-quarter revenue as the industrial giant took a hit amid the coronavirus pandemic. The company posted total revenue of $20.524 billion, which represents a year-over-year decline of 8%. On an adjusted per-share basis, the company earned 5 cents. That’s below a Refinitiv estimate of 8 cents per share. “The impact from COVID-19 materially challenged our first-quarter results, especially in Aviation, where we saw a dramatic decline in commercial aerospace as the virus spread globally in March,” CEO Larry Culp said in a statement. As global travel screeched to a halt, General Electric’s aviation business saw revenue fall by 13% to $6.892 billion on a year-over-year basis in the quarter, with profit tumbling 39% to $1.005 billion from $1.66 billion in the division. Orders also declined by 14%. The company’s power and renewable energy bu

Europe | Italy's Economy:Italy's credit rating downgraded to one notch above junk by Fitch

Holly Ellyatt 4-5 minutos Elias Kordelakos photography | Flickr | Getty Images Italy’s credit rating has been downgraded to one notch above junk level by Fitch ratings agency as the coronavirus hurts Italy’s already fragile economy further. Fitch downgraded Italy’s credit rating from ‘BBB’ to ‘BBB-’, just one level above its junk rating, reflecting increasing doubts around Italy’s credit-worthiness as it tries to recover from the economic and societal damage inflicted by the coronavirus. The ratings agency said the downgrade reflects “the significant impact of the global COVID-19 pandemic on Italy’s economy and the sovereign’s fiscal position.” Fitch forecast that Italy’s economy will contract by 8% in 2020 and said the risks to this baseline forecast are tilted to the downside, as it assumes that the coronavirus can be contained in the second half of the year, leading to a relatively strong economic recovery in 2021. Bu

Business News | Money | Use of Cash: Coronavirus 'will hasten the decline of cash'

By Kevin Peachey Personal finance reporter 6-7 minutes - Source: BBC Image copyright Getty Images Coronavirus will hasten the decline in the use of cash as people make a long-term switch to digital payments, experts say. The lockdown has led to a 60% fall in the number of withdrawals from cash machines, although people are taking out bigger sums. Payment card use has risen with online shopping, particularly for groceries. Experts say the long-term future of cash could be at risk, before the UK is ready to cope with the change. This could leave behind an estimated 20% of the population who rely on cash, they say. About 11 million cash withdrawals are still being made each week, with £1bn taken out, according to Link, which oversees the UK's cash machine network. Yet, with

Central Banks: The Fed's four radical moves to save the economy

8-10 minute - Source: BBC Image copyright Getty Images Image caption Federal Reserve Chairman Jerome Powell is grappling with the worst economic crisis since the 1930 As policymakers from America's central bank prepare to meet - virtually - this week, they will be looking to see if the extraordinary steps they have taken to confront the world's most severe economic crisis since the Great Depression are working. Since March, the Federal Reserve has pledged to pump more than $4tn (£3.2tn) into the financial system, slashing interest rates , relaxing banking rules, and dramatically expanding its lending . The Fed's moves, which have increased its bal