On Wednesday, Bank of America analysts led by Wamsi Mohan cut their rating on shares of Apple from buy to neutral, citing a number of risks. Key issues include tough comps, squeezed services margins by content amortization costs and risks in the 5G iPhones. …read more […]
(Bloomberg) — Jeff Bezos has trimmed his stake in Amazon.com Inc. by selling stock worth more than $3.1 billion.The richest person in the world sold about 1 million shares, according to Securities and Exchange Commission filings. Earlier this year he sold 2 million shares, worth $4.1 billion at the time, as part of a pre-arranged trading plan.For Bezos, 56, this year has been a reversal from years of relative restraint in reducing his holding in Amazon. He still holds more than 10% of the company and is worth $189.8 billion, according to the Bloomberg Billionaires Index. His fortune has surged …read more […]
Sonos reported $249.3 million in revenue for Q3, topping the Street’s estimates of $235.71M. However, the company missed EPS estimates, posting a loss of $0.13 compared to the expected $0.52 loss per share. Yahoo Finance’s Jared Blikre joins The Final Round panel to break down the details. …read more […]
(Bloomberg) — Roku Inc. shares were little changed postmarket Wednesday after the video-streaming platform company reported second-quarter revenue that topped the highest analyst estimate but warned that its short-term outlook remains murky.The company had revenue of $356.1 million, which beat the highest analyst estimate at $349.0 million, according to Bloomberg data. However, Roku declined to give a formal forecast. In a letter to shareholders, it wrote that “the short-term outlook is both variable and uncertain.”“We’re still growing significantly, but it is slower growth than we would’ve otherwise expected, given the macro environment,” Chief Financial Officer Steve Louden said in a …read more […]
The Federal Aviation Administration on Wednesday said it was proposing to fine Boeing Co $1.25 million after the agency alleged Boeing managers exerted undue pressure or interfered with work of employees performing duties for the government at the company’s plant in South Carolina. The long-standing FAA practice of delegating some FAA tasks to airplane manufacturers has come under criticism after two fatal Boeing 737 MAX crashes raised questions about the program. The FAA alleged Boeing failed to ensure administrators were in a position to effectively represent the FAA’s interests and that some Boeing managers “exerted undue pressure …read more […]
VANCOUVER, BC, Aug. 5, 2020 /CNW/ – Pan American Silver Corp. …read more […]
(in U. dollars unless otherwise noted)Assets returning to normal operationsTORONTO, Aug. …read more […]
(Bloomberg) — MetLife Inc.’s profit slid to $68 million in the second quarter, down 96% from a year earlier, on sluggish investment income.The biggest U.S. life insurer’s adjusted earnings dropped to 83 cents a share, falling short of the 91-cent average estimate of 11 analysts.Key InsightsNet investment income fell 13% to $4.09 billion.Profit fell by 29% in both the U.S. and Asian businesses, driven by declines in variable investment income. The company also reported $710 million in net derivative losses because of stronger equity markets and higher longer-term interest rates.“The decline in our private equity portfolio was squarely within our …read more […]
(Bloomberg) — The Dakota Access oil pipeline again staved off what would have been an unprecedented shutdown, with a court ruling that the Trump administration has to decide whether the conduit can operate while a more robust review is done.Judges said Wednesday that they expect the U.S. Army Corps of Engineers to clarify in front of a federal district court whether the agency thinks the pipeline must shut after a key permit was vacated in July. The decision from the U.S. Court of Appeals for the District of Columbia Circuit buys pipeline operator Energy Transfer LP some time after the …read more […]
ATLANTA and WESTFORD, Mass., Aug. …read more […]
(Bloomberg) — Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books.If depressed prices persist for the rest of the year, “certain quantities of crude oil, bitumen and natural gas will not qualify as proved reserves at year-end 2020,” the company said in a regulatory filing on Wednesday. A 20% hit would impact the equivalent of almost 4.5 billion barrels of crude, or enough to supply every refinery on the U.S. Gulf Coast for 18 months.The company’s massive Kearl oil-sands mine in Alberta was the only …read more […]
The “dog days” of summer are here, but it’s just as busy as ever on the Street. As earnings results continue to roll in, investors will be watching for any update on the next economic stimulus package along with the non-farm payroll report slated for release this Friday. Against this backdrop, plenty of questions remain, weighing on the minds of both institutional and private investors.In a recent note to clients, Oppenheimer’s Chief Investment Strategist John Stoltzfus addresses these concerns. When it comes to stocks’ disconnected state, he writes that the market tends to focus on the future, with it betting …read more […]
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