Walmart Inc’s worse-than-expected earnings results left Jim Cramer stunned Tuesday morning. What Happened Walmart said first-quarter revenue increased 2.4 percent year-over-year to $141.6 billion, which beat the $138.88-billion estimate, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.30 per share, which missed the estimate of $1.48 per share. Walmart also slashed its second-quarter…
‘The Execution Here Is So Poor That It’s Embarrassing’: Why Jim Cramer Says Walmart Should Do Some Soul-Searching
Allianz to Pay $6 Billion in US Fraud Case, Fund Managers Charged
NEW YORK/MUNICH—Germany’s Allianz SE agreed to pay more than $6 billion and its U.S. asset management unit pleaded guilty to criminal securities fraud over the collapse of a group of investment funds early in the COVID-19 pandemic. Allianz’s settlements with the U.S. Department of Justice and U.S. Securities and Exchange Commission are among the largest…
Microsoft to Boost Pay, Stock Compensation to Beat Inflation, Compete With Other Big Tech
Microsoft Corp. looks to “nearly double” its budget for employee salary increases and boost the range of stock compensation for some workers by at least 25 percent, to retain staff and help people manage inflation, Bloomberg reports. Microsoft had 181,000 employees as of June 30, 2021. The move will primarily cater to “early to mid-career employees.”…
Here’s Why WideOpenWest Shares Are Trading Higher Today
Morgan Stanley’s infrastructure investment arm is amid discussions to acquire broadband and other cable services provider WideOpenWest, Inc., Bloomberg reports. The private equity firm Crestview Partners is its largest shareholder, with a 36 percent stake. WideOpenWest, which does business as Wow!, says its network spans states including Georgia, Alabama, Michigan, Florida, Tennessee, and South Carolina. The stock…
Tower Semiconductor Clocks 21 Percent Revenue Growth in Q1, Suspends Guidance Due to Intel Takeover
Tower Semiconductor Ltd reported first-quarter FY22 revenue growth of 21 percent year-on-year to $421 million, beating the consensus of $406.9 million. It posted a 29 percent organic growth. The gross profit was $105 million, up 50 percent Y/Y. The operating profit grew 94 percent Y/Y to $63 million. Adjusted EPS was $0.49, up from $0.26 prior-year…
Home Depot Raises Full-Year Forecasts as Demand Stays Firm
Home Depot Inc. raised its annual profit and sales forecasts on Tuesday, easing concerns that demand for home-improvement tools and building materials would take a hit amid surging inflation. The company’s shares rose as much as 5 percent to $310.78 as Home Depot’s first-quarter comparable sales increased, driven by higher sales of plumbing, building materials,…
ContourGlobal Shares Jump 33 Percent After KKR’s $2.2 Billion Offer
LONDON—Shares in London-listed ContourGlobal leapt by a third on Tuesday after U.S. private company KKR agreed to buy the power generation company for 1.75 billion pounds ($2.16 billion) in a bid to expand its renewable energy portfolio. KKR will pay 263.6 pence for each share of ContourGlobal, according to the deal announced on Tuesday. That…
Why Clear Secure Shares Are Surging Today
Clear Secure, Inc. reported first-quarter FY22 revenue growth of 79.1 percent year-on-year to $90.5 million, beating the consensus of $88.3 million. Clear Secure saw a continuation of the strong travel trends experienced in the fourth quarter, driving both membership growth and net retention, leading to better than expected Total Bookings growth. Total Cumulative Enrollments of 11.8…
Wells Fargo CEO Predicts Economic Downturn For US Economy
May 18, 2022
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Business & EconomyCompanieseconomic policieseconomyinflationInvestmentMarketspersonal financerecessionstocksUncategorizedUSus inflation issueWells Fargo
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The CEO of Wells Fargo, Charlie Scharf said on May 17 that there was “no question” that the United States is heading for an economic downturn, in an interview at The Wall Street Journal’s Future of Everything Festival. “It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in…
Australian Wages Growth Lifts Again, Remains Far Below Inflation
May 18, 2022
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anthony albaneseAustraliaAustralian Cash rateBusiness & Economyeconomyinflationreal wagesScott Morrisonwages growthWorld
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Australian wages growth has accelerated for the second consecutive quarter but continues to lag inflation, according to newly released data from the Australian Bureau of Statistics (ABS). The annual rate of wages growth was 2.4 percent, and while it is the highest annual rate recorded since December 2018, it fell below expectations. ABS said it…
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