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Stellantis CEO Thinks Electric Shift Depends On Smooth Supply Chain Operations: Bloomberg

Stellantis NV (NYSE:STLA) Chief Executive Officer Carlos Tavares said the shift to electric vehicles depends much on resolving the supply-chain problems swiftly, Bloomberg reported. He said the shift will only work in Europe if access to enough clean energy, batteries, raw materials, and charging infrastructure is ensured. Tavares also said that the…

Benzinga · May 10, 2022

Nintendo Declares 10-1 Stock Split After Posting 4% Sales Decline In FY22, Weaker Guidance

Nintendo Co, Ltd (OTC:NTDOY) reported an FY22 net sales decline of 3.6% year-on-year to ¥1.7 trillion. Stock Split: Nintendo declared a 10-1 stock split effective October 1, potentially propping up the shares as it struggled to revive a five-year-old Switch console and overcome a global chip shortage, Bloomberg reports. Even when production and deliveries return…

Benzinga · May 10, 2022

3D Systems Stock Slips Afterhours On Q1 Results, Narrows FY22 Guidance

3D Systems Corporation (NYSE:DDD) reported a first-quarter revenue decline of 9% year-over-year to $133 million, driven solely by divestitures of non-core assets, beating the consensus of $132.67 million. Adjusted revenue increased 10% Y/Y, reflecting continued strength in the Industrial and Healthcare Solutions segment. GAAP and Non-GAAP gross profit margin was 40.4% and…

Benzinga · May 9, 2022

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Zynga Stock Slips After Falling Short of Q1 Street Expectations

Zynga Inc (NASDAQ:ZNGA) reported first-quarter sales growth of 2% year-over-year to $691 million, missing the consensus of $745.22 million. Quarterly bookings of $695 million, down 3% Y/Y. Online game or user-pay revenue was $538 million (-3% Y/Y), and user pay bookings were $528 million (-11% Y/Y). Advertising & other revenue was $154…

Benzinga · May 9, 2022

Adidas Shares Slide As China Lockdown Weighs On Q1 Earnings, FY22 Outlook

Adidas AG (OTC:ADDYY) reported first-quarter FY22 sales growth of 0.6% year-on-year to €5.3 billion. Currency-neutral sales declined 3% as supply constraints reduced the top-line by €400 million. Currency-neutral sales across North America rose 13%, EMEA improved 9%, and Latin America jumped 38%. The challenging market environment and COVID-19-related lockdowns in Greater China and…

Benzinga · May 6, 2022

Ukraine receives weapons support from around the world

Since Russia invaded Ukraine in February 2022, many of the world’s nations have sought to support Ukrainians by sending weapons. Even before that, though, many countries were offering limited help as a result of the Russian takeover of Crimea, in southern Ukraine, in 2014.

The Conversation · May 6, 2022

Tesla Will Run Two Shifts At Shanghai Plant From May 16

Tesla, Inc (NASDAQ:TSLA) looks to run two shifts at its Shanghai plant from May 16, Reuters reports. The additional shift would enable the EV maker to return factory output to pre-lockdown levels. Tesla aims to churn out 2,600 electric cars from the Shanghai plant per day. Also Read: Tesla Shanghai Workers Forced To…

Benzinga · May 6, 2022

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Friday essay: writing poems across oceans, cultures and emails – John Kinsella on creative collaboration

My maternal grandfather was an artist who was a sign-writer. On commission, and under the eye of the public, he painted the giant Queen Elizabeth for the 1954 ‘Royal Visit’ and the giant Captain Cook (with map of ‘New Holland’) for the 200th ‘celebrations’. These lines, read on their own,…

The Conversation · May 5, 2022

Tesla Chief Likely To Take Over As Temp Twitter CEO: CNBC

Tesla, Inc (NASDAQ:TSLA) chief Elon Musk will likely serve as Twitter, Inc's (NYSE:TWTR) temporary CEO for a few months post the $44 billion takeover closes, CNBC reports. As per sources to CNBC's David Faber, Musk recently led investor presentations offering financial projections based on his analysis of Twitter. Musk complained against Twitter's EBITDA margin…

Benzinga · May 5, 2022

Caterpillar Acquires Tangent Energy Solutions For Undisclosed Sum

Caterpillar Inc. (NYSE:CAT) has acquired Tangent Energy Solutions, a U.S.-based energy-as-a-service (EaaS) company. Deal terms were not disclosed. Kennett Square, Pennsylvania-based Tangent offers customers turnkey solutions to lower energy costs, boost energy efficiency, reduce emissions, monetize electric grid support, and provide resiliency for customer operations. Tangent's software solutions monitor patterns from grid…

Benzinga · May 5, 2022

Why Crocs Shares Are Surging Today

Crocs Inc (NASDAQ:CROX) reported first-quarter FY22 sales growth of 43.5% year-on-year, to $660.15 million, beating the consensus of $621.88 million. Wholesale revenue grew 48.7%, and Direct-to-consumer (DTC) sales increased 34.6% Y/Y. HEYDUDE Brand revenues were $114.9 million for the period following the closing of the acquisition on February 17, 2022, through March 31, 2022. Adjusted…

Benzinga · May 5, 2022

Why Kellogg Shares Are Trading Higher Today

Kellogg Company (NYSE:K) reported first-quarter FY22 sales growth of 2.4% year-on-year to $3.67 billion, beating the consensus of $3.59 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.93. Kellogg North America's sales decreased 1%, Europe climbed 2%, Latin America's sales gained 8%, Asia Pacific, Middle East, and Africa's sales jumped 12%.…

Benzinga · May 5, 2022

Qantas Airways Acquires Remaining 80% Stake In Alliance Aviation For $443M: Reuters

Australia’s Qantas Airways (OTC:QABSY) said it is acquiring the remaining 80% stake in Alliance Aviation Services for A$610.8 million ($443.14 million) in an all-stock deal, Reuters reported. The acquisition is expected to expand Qantas’ presence in the charter business. The airways will make use of the increased activity in the mining sector after reopening international…

Benzinga · May 5, 2022

Shell's Q1 Profit Up 43% As High Oil Prices Offset Russia Exit

Shell Plc (NYSE:SHEL) reported a record Q1 profit of $9.13 billion, up 43%, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The company reported the highest quarterly profit since 2008, even after writing down $3.9 billion post-tax due to its decision to…

Benzinga · May 5, 2022

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Benzinga · May 5, 2022

Warren Buffett's Berkshire Hathaway Boosts Stake In Occidental Petroleum

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-B) has bought another 5.9 million shares of Occidental Petroleum Corporation (NYSE:OXY), boosting its stake in the oil company to ~15.2%. Occidental's share price has doubled this year, benefiting from Berkshire's purchases and rising oil prices, with a further boost from the Ukraine crisis. The purchases made on May 2…

Benzinga · May 4, 2022

Read How Cedar Fair Fared In Q1

Cedar Fair L.P. (NYSE:FUN) reported first-quarter FY22 revenues of $98.8 million, beating the consensus of $76.93 million. During 1Q22, the parks had 130 operating days compared to zero in 1Q21 as the pandemic impacted operations. In-park per capita spending was $58.86 versus $46.13 in 1Q19. Out-of-park revenues for the quarter totaled $16…

Benzinga · May 4, 2022

CVS Health Q1 Earnings Beat Street Expectations, Raises FY22 Adjusted EPS Forecast

CVS Health Corp's (NYSE:CVS) Q1 sales increased 11.2% Y/Y to $76.83 billion, beating the consensus of $75.39 billion. Adjusted operating income increased 6.6% to $4.48 billion primarily due to increased prescription and front store volume, including the sale of COVID-19 OTC test kits and the impact of COVID-19 vaccinations in the Retail/LTC…

Benzinga · May 4, 2022

Pizza Hut Parent Misses Q1 Earnings Estimates; Digital Mix Exceeds 40%

Yum! Brands Inc (NYSE:YUM) reported first-quarter FY22 sales growth of 4% year-on-year to $1.55 billion, missing the consensus of $1.59 billion. Same-store sales for the quarter grew 3%. Same-store sales at KFC Division increased 3%, Taco Bell climbed 5%, and Pizza Hut was flat. KFC Division ex-China same-store sales grew 10%, and Pizza…

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Benzinga · May 4, 2022

HSBC Kick Starts Its $1B Planned Share Buyback: Reuters

HSBC Holdings plc (NYSE:HSBC) has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders. The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average…

Benzinga · May 4, 2022

India's Biggest IPO Enjoys Analyst Confidence Thanks To Attractive Valuation, Retail Investor Discount

India's largest IPO has started taking orders from individuals and other categories after attracting anchor investors, Bloomberg reports. Retail investors can place their orders for shares of India's state-controlled Life Insurance Corporation until May 9. Also Read: India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment Retail investors will be allocated 35%…

Benzinga · May 3, 2022

Thomson Reuters Beats Q1 Aided By 'Big 3' Segments; Lifts FY22 Guidance

Thomson Reuters Corp (NYSE:TRI) reported first-quarter FY22 revenue growth of 6% year-on-year to $1.67 billion, beating the consensus of $1.66 billion. Organic revenues increased 7%, driven by recurring revenues and transaction revenues. The "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) collectively comprised 81% of total revenues and reported organic…

Benzinga · May 3, 2022

India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment

India’s largest-ever public offering has attracted anchor investors, including Norway’s sovereign wealth fund and the Singaporean government, raising ₹56.3 billion ($736 million) ahead of its initial public offering, Bloomberg reports. The 123 anchor investors joining Life Insurance Corp of India’s IPO committed to purchasing shares at ₹949 per share, the top end of…

Benzinga · May 2, 2022

Moody's Shares Drop On Mixed Q1 Results, FY22 Guidance Cut

Moody's Corp (NYSE:MCO) reported a first-quarter FY22 revenue decline of 5% year-on-year to $1.52 billion, beating the consensus of $1.51 billion. Revenue for MIS was $827 million, down 20% Y/Y as geopolitical concerns, rising yields, and elevated market uncertainty affected issuance in all asset classes. Foreign currency translation unfavorably impacted MIS revenue by…

Benzinga · Apr 29, 2022

Reckitt Benckiser Hikes Prices To Compensate For Falling Demand: FT

Reckitt Benckiser Group Plc (OTC:RBGLY) (OTC:RBGPF) has hiked prices across its product range to pass an increase in raw material costs onto customers, the Financial Times reported. The move comes after the consumer giant said that inflation on the cost of goods sold has increased from low teens to high teens based on current…

Benzinga · Apr 29, 2022

Hertz Chief Sees Business Travel Recovery Choking Already Strained Used Car Supply: CNBC

Hertz Global Holdings, Inc (NASDAQ:HTZ) chief Stephen Scherr saw a recovery in business travel and possibly choking the already packed supplies of rental cars, CNBC’s Jim Cramer reports. However, the rebound of business travel is still in its early stages compared to leisure travel, Scherr said. He saw the in-bound visitor from…

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