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Exclusive: Exxon prepares spending, job cuts in last ditch move to save dividend

July 30, 2020 admin Comments Off on Exclusive: Exxon prepares spending, job cuts in last ditch move to save dividend

Exxon Mobil Corp is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. The largest U.S. oil company slashed this year’s budget by 30% in April, but Chief Executive Darren Woods’s turnaround through rebounding demand and increased asset sales have not panned out and losses are climbing. On Friday, Exxon is expected to report a $2.63 billion second-quarter loss, according to Refinitiv Eikon data, on sharply lower prices and weaker production, the first back-to-back quarterly losses in at least …read more […]

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Walmart Is Eliminating Hundreds of Corporate Jobs

July 30, 2020 admin Comments Off on Walmart Is Eliminating Hundreds of Corporate Jobs

(Bloomberg) — Walmart Inc. has eliminated hundreds of corporate positions, according to people familiar with the matter, as retailers around the country slim down at the back-office level.The world’s biggest retailer has laid off workers in departments including store planning, logistics and real estate, said the people, who asked not to be identified because they aren’t authorized to speak publicly.Some of those affected were told in person, while others learned their fate over a Zoom call, according to the people. Conversations with those impacted will continue throughout the week. Those who lose their jobs will be paid until the end …read more […]

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UPS Soars on Delivery Bonanza Spurred by Virus-Era Lockdowns

July 30, 2020 admin Comments Off on UPS Soars on Delivery Bonanza Spurred by Virus-Era Lockdowns

(Bloomberg) — United Parcel Service Inc. surged toward a record as the courier blew past Wall Street’s expectations thanks to pandemic-era demand for e-commerce deliveries, health-care equipment and goods from Asia.Revenue jumped 13% to $20.5 billion in the second quarter, topping the highest analyst estimate and confounding predictions that sales would drop. Adjusted earnings climbed to $2.13 a share, the company said in a statement Thursday. That was about double the average of estimates compiled by Bloomberg.UPS managed to “crush elevated expectations on surge in volume,” JPMorgan Chase & Co. analyst Brian Ossenbeck said in a note to clients. “Parcel …read more […]

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Kodak rally builds after surprise U.S. pharma deal

July 30, 2020 admin Comments Off on Kodak rally builds after surprise U.S. pharma deal

The U.S. International Development Finance Corp said on Tuesday it would sign a letter of interest to provide the loan to Kodak, once an industry leader in cameras and the imaging business. Kodak shares rose four-fold on Wednesday, with retail traders on the popular Robinhood trading app piling into the stock. …read more […]