Archive for Toi Williams

UBS Surprises Analysts With 4Q Profit Results (NYSE:UBS)

Swiss bank UBS reported higher profits for the fourth quarter than analysts expected. The Zurich-based bank reported a 10 percent increase in net profit in the October-December quarter, rising to 949 million francs from 858 million francs in the same period a year earlier. Analysts polled by FactSet had estimated net profit of 867 million […]

Bank Of America Struggles With Souring Energy Loans (NYSE:BAC)

Bank of America Corp, the No. 2 U.S. bank by assets, reported a better-than-expected profit in the fourth quarter, but its results were weighed down by soured energy loans. The price of oil has dropped from a high of more than $100 per barrel to roughly $30 per barrel today. This is quickly destabilizing the […]

JPMorgan Chase Announces Record Annual Earnings (NYSE:JPM)

JPMorgan Chase & Co, the biggest U.S. bank by assets, recorded record annual earnings for fiscal year 2015. JPMorgan’s net income for the final quarter of the year rose 10.2 percent to $5.43 billion, boosting annual profit to a record $24.44 billion. On a per-share basis, the bank earned $1.32, beating the average analyst estimate […]

Monsanto Workers Facing Deeper Job Cuts On Falling Sales (NYSE:MON)

Monsanto has announced the expansion of its layoff plan to include another 1,000 jobs as as part of its cost-cutting plan. Adding in the new layoffs brings the total planned job eliminations to 3,600 jobs over the next two years. The job eliminations are expected to impact about 16 percent of the agriculture giant’s global […]

Discovery Communications Sees Success With Discovery Channel Revamp (NASDAQ:DISCA)

Discovery Communications is on a quest to repair the image of its flagship Discovery Channel and its recent efforts seem to be having an effect. In 2014, the company decided to install new management at its flagship network, hiring Rich Ross as its head. Discovery just ended the year as the No. 1 nonsports cable […]

Activision Blizzard Pays $46M For Major League Gaming Assets (NASDAQ:ATVI)

Activision Blizzard has reportedly acquired a majority of Major League Gaming’s assets in a $46 million deal. Major League Gaming was once the largest esports company in North America. The company has not yet publicly confirmed the report. Founded by Sundance DiGiovanni and Mike Sepso in 2002, MLG helped bring eSports to television and the […]

Apple Settles Italian Tax Evasion Allegations (NASDAQ:AAPL)

Apple has reportedly agreed to pay about $347.6 million to Italian authorities to settle allegations of tax evasion, according to sources with knowledge of the matter. Apple is the maker of iPhones, iPads and other popular tech products and is one of the largest tech companies in the world. The authorities alleged that Apple had […]

Intel Completes Biggest Acquisition To Date (NASDAQ:INTC)

Intel Corp. has announced that it has completed its acquisition of Altera Corp. The Santa Clara, Calif.-based chip giant announced the Altera deal at the end of May. The $16.7 billion purchase of Altera makes Intel the second-largest maker of chips that can be programmed after leaving the factory. Under Intel’s plans for the acquisition, […]

Amazon Is Having A Very Happy Holiday Season (NASDAQ:AMZN)

In keeping with its annual tradition, Amazon issued a post-holiday news release featuring cherry-picked growth stats about the company’s performance. Amazon described its performance as a “record-breaking holiday.” The report started, “Amazon’s 21st holiday was a record-breaker for Amazon Prime, Amazon Original Series and Amazon devices.” Amazon reported that Amazon Prime, the company’s $99-a-year loyalty […]

T-Mobile Accused Of Deliberately Slowing YouTube Videos (NASDAQ:TMUS)

T-Mobile is on the defensive after the company was accused of deliberately slowing YouTube videos and intentionally throttling the video site’s traffic. The Internet Association, an organization that pushes public policy on behalf of Internet companies, recently issued a statement saying, “T-Mobile’s new ‘streaming optimization’ program appears to involve throttling of all video traffic, across […]

Google Moves Closer To Password-Free Future (NASDAQ:GOOG)

Google has moved a step closer to its vision of a future free of passwords being used for account access. Google has long targeted passwords as the weak point in account security. Many people neglect to use complex passwords or they reuse the same password across services. The elimination of passwords would also be a […]

ConAgra Foods Reports Mixed Results For The Second Quarter (NYSE:CAG)

ConAgra Foods Inc. reportedly earned $154.9 million, or 35 cents per share, for the period ended Nov. 29. A year earlier the company earned $10 million, or 2 cents per share. Profit in the prior-year period was weighed by a $203 million loss from discontinued operations. The results beat the 59 cents per share estimate […]

Pep Boys Takeover Just Got More Interesting (NYSE:PBY)

The planned sale of the Pep Boys auto service retail chain has entered new ground as Icahn Enterprises raised its bid for Pep Boys over the recent bid of Bridgestone Corp. The $16.50 per share takeover bid by the company helmed by activist investor Carl Icahn would put the value of the deal at about […]

Avon Products Getting Rid Of North American Business (NYSE:AVP)

Avon North America will be separating from parent company, Avon Products, in an effort to turn around the struggling business. Avon reported that it would incur a loss of $325 million to $425 million from pension and post-retirement benefit plans when selling the North American unit. The company also reported that it would be suspending […]

Investors Increasingly Critical Of Yahoo Business Decisions (NASDAQ:YHOO)

Investors have been increasingly vocal about their displeasure in the business decisions Yahoo has been making. Two decades ago, Yahoo was one of the hottest companies in Silicon Valley. Marissa Mayer took over the helm of Yahoo three years ago. She has repeatedly insisted that Yahoo is a very different and better company than the […]

General Electric Backtracks On Appliance Unit Sale (NYSE:GE)

General Electric has announced that the planned sale of its appliance unit to Electrolux has been canceled. The companies agreed to the transaction in September 2014. Under the terms of the deal, Electrolux will now have to pay General Electric a termination fee of $175 million. Shares of Electrolux fell 15 percent to 200 Swedish […]

Men’s Warehouse Still Struggling To Find Its Way (NYSE:MW)

The Men’s Wearhouse retail chain has continued to struggle to find its footing after the ouster of its long time leader. The company’s stock has been plunging. Its shares have dropped more than 60 percent over the last three months. Men’s Wearhouse has also lowered earnings forecasts for the fiscal year. The company’s next earnings […]

Diebold Bids $1.8 Billion For Wincor Nixdorf (NYSE:DBD)

Diebold has announced plans to acquire Wincor Nixdorf for about $1.8 billion in a cash-and-share deal. The American maker of automated teller machines and financial software offered the deal, including debt, on Monday. Wincor Nixdorf is a German provider of information technology services to the financial industry and retailers. The merger would create the world’s […]

Pfizer Working Towards Completion Of Deal For Allergan (NYSE:PFE)

Pfizer is eager to complete its deal to buy Allergan, a rival drug maker, for as much as $150 billion. The potential deal is currently valued at $370 to $380 a share, according to a person not authorized to speak publicly about the negotiations. The offer would represent a premium of more than 22 percent […]

Marriott Acquisition Will Create Largest Global Hotel Chain (NASDAQ:MAR)

If Marriott International’s recently announced $12.2 billion bid for Starwood Hotels and Resorts Worldwide is approved, the merger would create the largest hotel chain in the world. Marriott announced that it would acquire Starwood for $11.9 billion in stock and $340 million in cash. Starwood’s brands include Westin, W and Sheraton. The hotel chain effectively […]

Kohl’s Beats Earning Expectations For 3Q (NYSE: KSS)

Investors were happy to hear that Kohl’s handily beat sales and earnings forecasts for the third quarter. Kohl’s is saying that the numbers indicate its revamping strategy is seeing success. The company has reaffirmed its full-year guidance of earnings of $4.40 to $4.60 a share. Shares of Kohl’s increased 7 percent on Thursday after the […]

McDonald’s Moves To Satisfy Investors, Customers

The McDonald’s Corporation has announced new moves in its efforts to attract customers and placate investors concerned about the company’s direction. The announcements were made by chief executive Steve Easterbrook and a team of other McDonald’s executives at a meeting with investors in New York. For the shareholders, McDonald’s has announced a plan to buy […]

Pfizer Does Better Than Expected In 3Q (NYSE: PFE)

Pfizer Inc. easily beat Wall Street expectations for the third quarter. Adjusted earnings, excluding one-time items, reached 60 cents per share, considerably higher than the 51 cents per share expected by analysts. This was Pfizer’s fourth straight quarter with higher revenue. Pfizer said total revenue slipped to $12.09 billion, higher than the average Wall Street […]

Chipotle Falls Short On Third Quarter Profit (NYSE:CMG)

Chipotle Mexican Grill Inc. reported that its third-quarter profit missed estimates in a statement on Tuesday. Earnings amounted to $4.59 a share in the period, lower than analysts’ estimates of $4.62 on average, according to data compiled by Bloomberg. The company’s shares fell as much as 7.7 percent after the announcement, falling as low as […]

Google Announces New News Article Initiative (NASDAQ: GOOGL)

Google has formally announced a new initiative for news articles on the web that would increase the speed of the articles loading on computer and mobile device screens. Google’s new initiative, called Accelerated Mobile Pages, lets publishers’ pages load on the web quicker through a browser in an effort to speed up the user experience. […]

Walmart Forecasts Flat Sales This Year (NYSE:WMT)

At a meeting with investors in New York, Walmart announced that its sales are expected to be flat this year. The retailer previously forecast that net sales would grow 1 to 2 percent for the current fiscal year, through January. The company explained that considerable investments in wages and in e-commerce would affect future earnings […]

IBM Launches Cognitive Business Solutions Group (NYSE: IBM)

IBM’s new Cognitive Business Solutions Group has been launched. IBM created an eight-page insert promoting the service to be published in the New York Times and Wall Street Journal. The Cognitive Business Solutions Group was designed as a replacement to the developer’s Smarter Planet initiative. The business unit is led by Stephen Pratt, formerly of […]

Dunkin’ Donuts Stores Shutting After Decline In Traffic (NASDAQ:DNKN)

Dunkin’ Donuts has announced that the company will be shutting 100 Dunkin’ Donuts locations in the coming months due to declining sales growth. The company reported lower-than-expected sales growth in the third quarter ended Sept. 30. Compared with the same period last year, the company expects sales for third quarter to rise 1.1 percent and […]

Education Corporation Of America Now Owns Kaplan Campuses

Education Corporation of America has reported that the planned purchase of Kaplan’s college campuses is now completed. The all-stock transaction transfers 38 campuses to the ECA umbrella, including Kaplan College, Kaplan Career Institute, Texas School of Business and TESST College of Technology campuses. In exchange for the campus locations, Kaplan received a preferred equity interest […]

IBM Releases New Mobile Security Technology With Omlis (NYSE:IBM)

IBM and Omlis have released their Secure Enterprise Messenger (SEM) encryption technology on the IBM SoftLayer platform. App developers who use IBM SoftLayer technologies for their backend infrastructure can use the new encryption technology to create a highly secure way of exchanging sensitive data between client and server applications. IBM acquired SoftLayer in 2013 for […]

Wal-Mart To Stop Selling Some High-Powered Weapons (NYSE:WMT)

Wal-Mart has announced that it will stop selling certain types of high-powered weapons in its stores. Several military-grade guns, including AR-15 rifles and other semiautomatic weapons, will no longer be sold at its retail locations in the United States. These types of weapons were only sold at about a third of Wal-Mart’s U.S. locations. Wal-Mart […]

Samsung Galaxy Note 5 Damage Reported With Stylus Mistake

People who make a mistake with the stylus of the Samsung Galaxy Note 5 may find themselves buying a new device. Reports have surfaced that putting the stylus in the device upside down can cause significant, possibly irreparable damage to the device. No figures have been released saying how many device owners this has happened […]

McDonald’s Workers Around The World Protest Company’s Practices (NYSE:MCD)

Efforts to raise wages and organize workers at fast-food chains is starting to spread around the world, with McDonald’s firmly in the crosshairs as a prime target. Dozens of legislators, union leaders and McDonald’s workers from around the world have traveled to the capital of Brazil to draw attention to the matter. Demonstrators also took […]

Target To Pay $67M For Massive Data Breach (NYSE:TGT)

Target Corp. has reportedly reached an agreement with Visa Inc. to settle claims related to a 2013 data breach at its stores. The company will pay up to $67 million in pre-tax payments to Visa and the financial institutions that issued the millions of debit and credit card numbers that were stolen in the breach. […]

Citizens Bank Fined $35M Over Deposit Scandal

Citizens Bank has agreed to pay $35 million in fines and restitution to settle allegations that the bank failed to properly credit account holders for their deposits. The bank was accused of keeping the difference when there was discrepancies between the amounts actually deposited and the totals on their deposit slips. The regulators said hundreds […]

GlaxoSmithKline Finds Legionnaires’ Bacterium In NC Plant (NYSE:GSK)

A major pharmaceutical manufacturing plant in North Carolina has been shut down by GlaxoSmithKline after Legionnaires’ Bacterium was found in a cooling tower. The plant was closed by the company as a precaution to protect the health of its workers and customers that use its products. After the discovery, employees already at the plant were […]

Berkshire Hathaway Sees Earnings Fall In 2Q (NYSE:BRK.A)

Berkshire Hathaway reported its second-quarter profit fell 37 percent when compared to the same quarter a year ago. According to the company’s earnings report, net income fell to $4.01 billion, or $2,442 per Class A share, from $6.4 billion, or $3,889 per share, last year. Analysts surveyed by FactSet predicted operating earnings per Class A […]

Airbus Applies For Patent For Hypersonic Jet (FRA:AIR)

Airbus Group has announced that is developing a new hypersonic passenger jet and has filed for a patent on the aircraft. The European aircraft manufacturer described the technology in the patent application as an “ultra-rapid air vehicle and related method of aerial locomotion.” The patent application has already been approved by the U.S. Patent and […]

Lululemon Continues Its Role As Leader Of Athleisure Industry (NASDAQ:LULU)

Lululemon has continued to reign at the top of the athleisure industry even as competition has started to heat up. Companies such as Nike, Under Armour, and Victoria’s Secret are trying to cash in on the athleisure trend, the trend of wearing athletic clothing as casualwear. Lululemon essentially built the athleisure category. Lululemon has an […]

Fiat Chrysler Hit With $105 Million Fine (NYSE:FCAU)

Federal regulators have hit Fiat Chrysler Automobiles with a record penalty of $105 million over safety issues. The company was found to have failed to complete 23 safety recalls covering more than 11 million vehicles. The civil penalty is the largest ever imposed on an automaker by the National Highway Traffic Safety Administration for recall […]

LifeLock Accused Of Violating Settlement Agreement (NYSE:LOCK)

Identity theft protection company LifeLock has been accused by the U.S. government of violating a $12 million settlement over misrepresentations in its advertising. LifeLock paid the eight-figure sum to settle charges from the Federal Trade Commissionthat it made false claims in its advertising. LifeLock claims that the FTC’s actions and statements are related to past […]

Morgan Stanley Beats Analysts’ Estimates In 2Q (NYSE:MS)

Morgan Stanley announced profit results for the second quarter that were higher than Wall Street analysts’ predictions. The company earned $1.8 billion, or 85 cents a share, in the second quarter. This was lower than the $1.9 billion recorded in the same quarter a year earlier. Excluding some one-time charges, Morgan Stanley earned $1.7 billion, […]

General Electric Announces Loss For The Quarter (NYSE:GE)

General Electric reported its second-quarter financial performance on Friday. G.E.’s total revenue, including GE Capital, was $32.8 billion. However, G.E. reported a net loss of $1.36 billion for the quarter, including a $4.33 billion charge for shedding finance operations. Operating earnings per share rose 19 percent, to 31 cents a share, in the quarter. According […]

Anthem Announces Plans To Purchase Cigna (NYSE:ANTM) (NYSE:CI)

Anthem has announced its plan to buy Cigna for $48.3 billion. The merger between Anthem and Cigna would form a new giant in the health insurance sector, increasing its scale and cutting costs by a considerable amount. Under the terms of the deal, Cigna shareholders would own 33 percent of the combined company, with Anthem […]

Samsung Profit Falls In 2Q

Samsung Electronics Co. reported earnings results for the second quarter of its fiscal year that missed analysts’ estimates. In the three months ended June, operating income decreased 4 percent, falling to 6.9 trillion won ($6.1 billion). The average estimates of 33 analyst, as compiled by Bloomberg, for operating income was 7.2 trillion won. The second […]

Starbucks Kills Off Popular Drink (NASDAQ:SBUX)

Starbucks has announced that its popular Valencia Orange Refresher will be removed from the menu. The popular iced drink is being discontinued in early July, according to a Starbucks barista with knowledge of the matter. The drink is lightly caffeinated and contains orange peel, cardamom, jasmine, and apricot. It’s served with an orange slice garnish […]

McDonald’s Burgers Getting A Makeover (NYSE:MCD)

McDonald’s has recently announced several changes to its menus. Many of the menu changes are designed to combat the perception that the company’s food is unhealthy and overprocessed. The latest changes announced will affect the food retailer’s signature burgers. The new quarter-pounder patty will be bigger than before, weighing 4.25 ounces before cooking. The currently […]

Wal-Mart Vendors To See Fees Hiked (NYSE:WMT)

Wal-Mart has decided that the best way to limit the financial damage of wage increases will be to raise the fees it charges vendors for stocking their items in new stores and for warehousing inventory. Wal-Mart spokeswoman Deisha Barnett said that the new fee agreements are a way of sharing the costs of growth and […]

Gap Closing A Quarter Of Its Stores (NYSE:GPS)

Gap Inc. has announced that it would be closing a quarter of its established stores in a cost-cutting move as part of its efforts to stabilize the company. The company has been seeing its sales slow and fewer customers in the store for several quarters now. However, signs that the company was in trouble were […]

Colt Enters Chapter 11 Bankruptcy

Gun maker Colt Defense has announced that it has entered Chapter 11 bankruptcy in a bid to restructure the company. Under the restructuring plan, the company’s assets and debts will be taken on by its current owner, private equity group Sciens Capital Management. This will allow the business to continue to operate as it tries […]