WASHINGTON—Contracts to buy U.S. previously owned homes unexpectedly fell in September likely as some potential buyers delayed purchases amid higher prices. The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, decreased 2.3 percent last month to 116.7. Pending home sales fell in all four regions. Economists…
Kraft Heinz Lifts Profit View on Boost From Inflation-Prompted Price Hikes
Kraft Heinz Co. raised its full-year core profit forecast on Wednesday, as the packaged food maker expects strong demand and increased product prices to counter inflation. Shares of Kraft were up about 2 percent in premarket trading after the Chicago-based company topped Wall Street estimates for third-quarter revenue and profit. Kraft said it expects strong…
Global Supply Constraints Deal Heavy Blow to Japanese Firms
TOKYO—A global parts and chip shortage is taking a heavy toll on Japanese firms with seven out of eight automakers seeing global output drop in September, casting doubt over the central bank’s view the impact of supply constraints will be temporary. Toyota Motor said on Thursday it saw global output slump 39.1 percent in September…
Europe’s Top Carmakers Count Mounting Cost of Chip Crunch
LONDON—The global semiconductor chip shortage cost Volkswagen and Stellantis a combined 1.4 million vehicles in lost production in the third quarter, Europe’s two biggest carmakers said on Thursday, though both reported some early signs of improvement. Volkswagen AG, Europe’s top car company and also the world’s No. 2, cut its outlook for deliveries, toned down…
Thermo Fisher Lifts Annual Forecast on Boost From COVID-19-Related Sales
Thermo Fisher Scientific Inc. on Wednesday reported better-than-expected quarterly profit and raised its full-year forecast for revenue as well as earnings, fuelled by strong COVID-19 related sales and recovery in its mainstay business. Shares of the world’s largest maker of scientific instruments rose nearly 3 percent to touch a record high of $625.99 after it…
Bristol Myers Reports 10 Percent Quarterly Sales Growth as Cancer Drugs Rebound
Bristol Myers Squibb Co. on Wednesday said its third-quarter sales rose 10 percent and reported higher-than-expected earnings as its core cancer business regained momentum after a decline earlier this year. The New York-based drugmaker’s revenue for the quarter of $11.6 billion and adjusted profit of $2.00 per share both topped Wall Street estimates of $11.58…
US Holiday Sales Could Hit Record Levels of Over $800 Billion: NRF
U.S. holiday sales could rise over 10 percent this year, a trade body said on Wednesday, as major consumer goods makers and retailers work to prevent supply chain disruptions from leaving shelves empty of in-demand toys and games. The National Retail Federation (NRF) forecast sales to increase between 8.5 percent and 10.5 percent, to between…
McDonald’s Sales Soar on Higher Prices, Newer Menu Items
October 27, 2021
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McDonald’s Corp. reported quarterly U.S. sales on Wednesday that beat Wall Street expectations, helped by higher prices, larger order sizes, and newer menu items such as the crispy chicken burger. The company’s shares rose 3 percent to $243.30 in premarket trading, as the fast food giant’s global same-store sales jumped 12.7 percent in the third…
Hyundai Motor’s Q3 Profit Misses Estimates as Chip Shortage Takes a Toll
SEOUL—South Korea’s Hyundai Motor Co. slightly missed analysts’ profit estimates as the global chip crisis drove down vehicle shipments and it said it expects it will take a long time to get back to normal chip supplies. Hyundai, which together with affiliate Kia Corp. is among the world’s top 10 automakers by sales, reported a…
Burger King’s Sales Miss, Staff Crunch Eat Into Restaurant Brands’ Revenue
October 25, 2021
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Burger King and Tim Hortons are struggling with a staffing crunch and the Delta variant keeping coffee-loving office workers at home, causing parent Restaurant Brands International Inc. to miss estimates for quarterly revenue on Monday. Restaurant Brands also faced stiff competition from McDonald’s Corp. and Wendy’s Co. doubling down on marketing and launching new menu…
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