PepsiCo reported a better-than-expected quarterly profit, as the company benefited from its cost-cutting programs and higher demand for its healthier beverages and snacks in North America. PepsiCo and other processed-food companies are investing heavily to develop products to meet the changing tastes of consumers, who are increasingly seeking healthier options.
Day: February 15, 2017
Pepsi Beats Profit Expectations, Boosted By Beverage Sales
PepsiCo Inc. reported Wednesday fourth-quarter earnings that slipped to $1.40 billion, or 97 cents a share, from $1.72 billion, or $1.17 a share, in the same period a year ago. Excluding non-recurring items, the beverage and snack giant’s adjusted earnings per share came to $1.20, beating the FactSet consensus of $1.16.
Group 1 Automotive Raises Quarterly Dividend By 4.3% To 24 Cents a Share
Group 1 Automotive Inc. said Wednesday it is raising its quarterly divided by 4.3% to 24 cents a share.
Big banks avoid hiring spree despite trading boom
Market trading is booming at U.S. and European banks thanks to Donald Trump and Brexit, and yet the glory days of dealing rooms the size of football pitches remain as distant as ever. Scarred by the 2007-09 global financial crisis and a subsequent regulatory clampdown, cost-conscious banks aren’t taking on more traders, uncertain whether the revival will last.
Anthem Sues Cigna to Block Deal Termination
Anthem said on Wednesday it has filed a lawsuit seeking to block smaller rival Cigna from terminating their proposed $54 billion deal, which would have created the largest U.S. health insurer by membership. Cigna said on Tuesday it had notified Anthem it had ended the deal and that Anthem was required to pay a $1.85 billion break-up fee.
A first look at how German grocer Lidl plans to conquer the U.S. market
On a busy street in Fredericksburg, Va., a tall, black security fence guards a sprawling – and, for now, largely empty – brick-and-glass building. The under-wraps facility is a prototype store for Lidl, a German grocery chain that has been working for more than a year to plot its entry into the U.S. market.
PepsiCo beats 4Q profit forecasts
On a per-share basis, the Purchase, New York-based company said it had profit of 97 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to $1.20 per share.
Millions to fight food industry sway, from a snack bar CEO
A $25 million pledge to fight the food industry’s influence on public health is coming from a surprising source – the CEO of a snack bar maker. Kind founder Daniel Lubetzky says he’s pledging his own money to create a group called “Feed the Truth” dedicated to revealing corporate influence in the nutrition field, with activities like education campaigns and investigative journalism.
How The Department Of Labor Organized Against Andrew Puzder
A Senate committee will begin hearings this week on the confirmation of Donald Trump’s nominee for labor secretary, fast-food magnate Andrew Puzder. And like most Trump cabinet nominations, Puzder is controversial.
Apple CFO Maestri Says U.S. Border Tax Would Be Bad for Economy
Apple Inc. Chief Financial Officer Luca Maestri said a U.S. border tax would harm the world’s largest economy by raising costs for consumers and making it harder for companies to compete overseas. A border tax also would increase the value of the U.S. dollar, which is already too strong, and reduce the competitiveness of the country’s economy, the CFO said Tuesday at a technology conference in San Francisco sponsored by Goldman Sachs Group Inc. President Donald Trump and a Republican-controlled Congress want to rewrite U.S. taxes in ways that may help and hurt Apple, the world’s most valuable public company.
Credit Agricole Shares Rise as French Retail Profit Climbs
Credit Agricole SA shares rose the most in three months, buoyed by higher profit at the LCL consumer-banking division in France. The unit generated net income of 136 million euros in the fourth quarter, up 15 percent from a year earlier, the Montrouge, France-based bank said.
Natixis Faces Formal Investigation Into Sub-Prime Losses
The crisis may be 10 years in the past but Natixis will be forced to relive it as investigators scrutinize statements made in 2007. Natixis , the investment banking and asset management arm of French lender BCPE, will be forced to revisit one of the most painful periods in its history after investigators launched a inquiry into statements it made in 2007 at the start of the subprime crisis.
Two Strategies for Shorting an Alibaba Breakdown
Shares of Alibaba Group Holdings have not participated in the broader market’s four day rally, and the divergent price action and the direction of money flow suggests further downside. There are two short-side strategies, let’s take a look at the setups on the daily chart.
Pepsi Blows It Out of the Water, but …
PepsiCo notched some impressive wins during the fourth quarter, but initial profit guidance for 2017 may leave some bulls thirsty for more. The soda and snacks giant reported fourth-quarter adjusted earnings of $1.20 a share on Wednesday, solidly beating analysts’ forecasts of $1.16.
Taking the Market’s Breadth Away
On Tuesday, after the market indexes rallied hard, I heard several versions of “it’s different this time.” I am not quite sure what is different, but they tell me it is.
Point72 Shows How Firms Face Culture Clash on Road to Quantland
As hedge funds embrace the cool calculations of big data, they find themselves wrestling with something far more human — a struggle for power. The firms have been loading up on data scientists and coders to deliver on the promise of quantitative investing and lift their ho-hum returns.
Oil Slips on Inventory Jump
Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute trade group said on Tuesday, ahead of the Energy Information Administration’s official supply report.
Penthouse in D.C.a s high-profile Kalorama listing for $1.499 million
A penthouse converted from a rowhouse at 1906 Biltmore St. NW in D.C.’s Kalorama is listing for $1.499 million. The Kalorama neighborhood of Northwest Washington has been in the news in recent months as the new home of former president Barack Obama and his family as well as their neighbors, Ivanka Trump and Jared Kushner.
How to best make a prepayment on your mortgage
One very important point I never hear discussed is what the lender does with the extra loan payments borrowers make. If you pay extra on your mortgage before it’s due, does the lender require that the next payment be paid on schedule or can you skip monthly payments corresponding to how much extra you’ve paid? It would seem that many payoff amounts calculated at some point in the future by the lender might go back to the original recorded security deed and original amortization schedule with the extra payments overlooked.
Top Israeli VC Says Startup Nation Drives U.S. Economic Growth
Jon Medved, the Israeli venture capitalist who backed Shopping.com and built investment platform OurCrowd, says tightening technology ties with the Trump administration and allowing Israeli companies to continue to open branches in the U.S. will benefit the economies of both countries. Medved said he hoped Israeli Prime Minister Benjamin Netanyahu would put technology on the agenda during his scheduled meeting Wednesday with U.S. President Donald Trump in Washington.
United Hunts for Used Wide-Body Jets as Glut Leads to Bargains
United Continental Holdings Inc. is stepping up its hunt for used long-haul jetliners, as a glut of the largest passenger planes creates what the airline’s finance chief calls “tremendous opportunities.” Older aircraft often have similar technology as a newer one while offering lower ownership costs, Chief Financial Officer Andrew Levy told analysts and investors Tuesday.
Credit Agricole Shares Rise as Consumer-Banking Profit Climbs
Credit Agricole SA shares rose the most in two months, buoyed by higher profit at the French LCL consumer-banking division. The unit had profit of 136 million euros , up 15 percent from a year earlier, when a 491 million-euro goodwill writedown is excluded.
Heineken Stock Up on Full-Year Rise in Earnings
Heineken on Wednesday reported a rise in full-year earnings and revenues, despite increased currency headwinds and challenging economic conditions. Heineken stock gained 2.88% in the first hour of trading on Wednesday in Amsterdam to 75.04, extending their 3.64% gain over the past three months.
Peugeot Proposal to Buy GM’s Opel Quickly Hits German Headwinds
PSA Group’s proposal to buy General Motors Co.’ s Opel brand quickly ran into headwinds in Germany, with political and labor leaders vowing to protect jobs and the unit’s manufacturing footprint in the country.
ABN Amro Profit Rises on Interest Income, Lower Provisions
ABN Amro Group NV, the state-controlled Dutch lender, reported a 23 percent increase in fourth-quarter profit, helped by higher net interest income and lower provisions set aside for risky loans. Underlying net income, which strips out one-time items, rose to 333 million euros from 272 million euros a year earlier, the Amsterdam-based company said in a statement on Wednesday.
Credit Agricole Quarterly Net Drops on LCL Goodwill Charge
Credit Agricole SA posted a slump in fourth-quarter profit after booking a goodwill writedown at its French consumer-banking unit. Net income fell to 291 million euros from 882 million euros a year earlier, the Montrouge, France-based lender said Wednesday.
GlobalTel’s ‘Special Connect’ Inmate Calling Service Reduces the…
Interactive Media Technologies, Inc., Boca Raton, Fla., February 14, 2016 — GlobalTel.com announced today that it has implemented a new way that prison inmates and families of prison inmates can save money on long distance jail calls made from jail to any U.S. or international phone number. The new service named Special Connect is designed to reduce abusive local and long distance charges billed by Inmate Call Providers.
Nikkei Rises, Insurers Lead Gains on Higher Bond Yields
Japan’s Nikkei share average rose near six-week highs touched earlier in the week on Wednesday, as shares of insurers soared after comments from U.S. Federal Reserve Chair Janet Yellen boosted U.S. and global bond yields. The Nikkei gained 1 percent to 19,437.98, near Monday’s intraday high of 19,519.44.
Toshiba Puts Prized Chips Unit Up for Sale to Salvage Business
After a chaotic day of earnings, it’s become clearer Toshiba Corp. may soon end up a shadow of its former self. Buried in company presentation materials Tuesday was a note that the Tokyo-based conglomerate is considering selling a majority stake in its memory chip business, a reversal of a previous plan to limit the sale to 20 percent.
India Said to Cut Bank Capital Infusion for This Fiscal Year
India may cut the amount of capital it plans to inject into state-controlled lenders this fiscal year by as much as 78 billion rupees because of slow loan growth, people with knowledge of the matter said. The government, which had promised to inject 250 billion rupees into the lenders in the year ending March 31, has decided to defer 21 billion rupees of the pledged amount into next financial year, the people said, asking not to be identified because the information isn’t public.
Engaged’s Welling Escalates Rent-A-Center Campaign, Urges Sale
Rent-A-Center ‘s shares were rising midday Tuesday after activist investor Engaged Capital LLC’s Glenn Welling escalated his campaign at the furniture and electronics rent-to-own company with a letter suggesting that the “most logical” outcome from a strategic review process is a sale of the enterprise. The letter, addressed to the company’s board, also said that Welling was prepared to nominate a slate of dissident director candidates if the company didn’t act “objectively and expediently” for all shareholders.
“It’s not about smashing the window, maybe it’s about opening it up a little,” Snider said Tuesday.
Streaming giant Netflix has changed the way that movies get released, bringing them directly to consumer’s homes without a theatrical release. But while 21st Century Fox CEO Stacey Snider might see the value in shortening theatrical distribution windows, she’s not advocating for them to go away entirely.
Oil Dips Over Doubts OPEC Agreed Cuts Will Last
Oil prices dipped on Wednesday over concerns that OPEC producers would not be able to maintain their high compliance so far with output cuts aimed at reining in a global fuel supply overhang. Brent crude was trading at $55.62 per barrel at 600 GMT, down 35 cents, or 0.63 percent, from its last close.
NY Times Says Trump Campaign Had Repeated Contact With Russian Intelligence
Phone records and intercepted calls show that members of Donald Trump’s presidential campaign and other Trump associates had repeated contacts with senior Russian intelligence officials in the year before the election, the New York Times reported on Tuesday, citing four current and former U.S. officials. U.S. law enforcement and intelligence agencies intercepted the communications around the same time they were discovering evidence that Russia was trying to disrupt the presidential election by hacking into the Democratic National Committee, three of the officials said, according to the Times.
Icahn Raises Stakes in Herbalife, Hertz, Cuts Freeport-McMoran
Billionaire activist investor Carl Icahn increased his holdings in Herbalife and Hertz Global Holdings in the fourth quarter, and exited Voltari. New York-based Icahn also reduced investments in PayPal Holdings Inc, Nuance Communications Inc and Freeport-McMoRan Inc, according to a regulatory filing Tuesday.
German Shepherd Wins Best in Show at Westminster
Rumor, a German shepherd, was named best in show at the 141st Westminster Kennel Club Dog Show on Tuesday, besting more than 2,800 other dogs that competed in New York this week. It marks the second time a German shepherd has won the top prize at the show.
Asia Shares at 19-Month Peak
Asian stocks scaled 19-month peaks on Wednesday thanks to a record-setting night on Wall Street after Federal Reserve Chair Janet Yellen flagged a possible interest rate hike next month, keeping the dollar in pole position near three-week highs. Yellen said on Tuesday that the Fed will probably need to raise interest rates at an upcoming meeting, and that delaying rate increases could leave the Fed’s policymaking committee behind the curve.
Palo Alto council wants housing, cautious about density
The owner of 4146 El Camino Real is interested in developing the lot, pictured at left on Tuesday, Feb. 14, 2017, which has been vacant since 1997, into up to 21 multifamily condo units. Opponents say the proposal is too dense for the area while supporters say the area is ideal for density because of its proximity to businesses and public transportation.