FRANKFURT, Germany—Adidas is still wrestling with how to dispose of 1.2 billion euros ($1.3 billion) worth of Yeezy shoes after its breakup with the rapper formerly known as Kanye West, forcing the German sportswear maker into a big loss at the end of last year and expectations of more pain ahead. CEO Bjorn Gulden said…
Target’s Holiday Sales Get Boost From Discounts, Warns on 2023 Earnings
Target Corp. posted a surprise rise in holiday-quarter sales on Tuesday on higher store visits from discount-hungry Americans, even as it joined other retailers to caution on 2023 earnings due to an uncertain U.S. economy. Shares rose 2 percent as the company beat quarterly profit estimates for the first time in a year. Surging prices…
Apple Earnings Rise as Economic Gloom Hits Tech
Apple Inc. on Thursday reported revenue and profit that topped Wall Street targets, one of the few bright spots in a tech sector battered by spending cutbacks due to inflation. The forecast for the holiday quarter was more grim. While not providing specific numbers, Apple said revenue growth would fall below 8 percent in the…
Caterpillar Post Strong Second Quarter Profit as It Raises Prices
DEERFIELD, Ill.—Caterpillar had a strong second quarter and topped most profit expectations with higher prices for machinery offsetting rising costs. The manufacturer on Tuesday posted a quarterly profit of $1.67 billion, or $3.13. Per share earnings were $3.18 without one-time costs or benefits, which is 18 cents better than Wall Street had expected, according to…
Gap Analysts React to Mixed Q1 Earnings: ‘Disappointed, but Not Surprised’
Gap Inc.on Thursday reported first-quarter earnings and cut its full-year profit guidance. Gap reported a first-quarter adjusted EPS loss of 44 cents, missing consensus estimates of a 13-cent loss. Gap reported revenue of $3.48 billion, beating analyst expectations of $3.46 billion. Revenue was down 13 percent from a year ago. Overall same-store sales were down…
Novavax’s 22 Percent Post-Earnings Plunge: 5 Factors That Took Toll
May 11, 2022
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Novavax, Inc. shares slumped 22.27 percent after-hours on Monday, reacting to its quarterly financial report. What would have been a trophy quarter to flaunt, given COVID-19 revenue only just began to trickle in, turned out to be a big disappointment. Here’re five reasons why the COVID-19 vaccine maker’s report triggered a negative reaction: 1. Vaccine…
Bank of America Reports Strong Earnings Results: Why This Investor Says the Firm Is Well Positioned Moving Forward
Bank Of America Corp. on Monday reported strong first-quarter financial results led by an increase in consumer lending activity. What Happened Bank Of America said first-quarter revenue grew 2 percent year-over-year to $23.2 billion, which beat the average analyst estimate of $23.1 billion. The firm reported quarterly earnings of 80 cents per share, which beat the…
Novo Nordisk Shares Rise on Upbeat Outlook
COPENHAGEN—Shares in Novo Nordisk rose more than 3 percent on Wednesday after the Danish drug developer delivered a better-than-expected earnings outlook for 2022 despite missing fourth-quarter operating profit expectations. The world’s largest diabetes drug developer expects to generate sales growth of between 6 percent and 10 percent in local currencies in 2022 and deliver operating…
Analysts Lift ServiceNow Price Target After Q4 Results
Analysts mostly hailed ServiceNow Inc.’s Q4 results by raising their price targets. Piper Sandler analyst Rob Owens upgraded ServiceNow to Overweight from Neutral with an unchanged price target of $650 (20 percent upside). Subscription billings acceleration and considerable deal strength “punctuated a solid 4Q result” from the company. The analyst says that with digital transformation initiatives sustaining and IT spending outlook…
Top Hedge Funds Earn Record $65.4 Billion for Clients in 2021: LCH Data
BOSTON—The world’s 20 best-performing hedge funds earned $65.4 billion for clients in 2021, setting a new record as stock markets marched higher despite rising prices and coronavirus cases, LCH Investments data show. As a group, the most successful managers earned more than one third of the $176 billion that all hedge funds made last year,…
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