Wednesday , July 8 2020

Tag Archives: financial performance

Samsung Estimates a 22.7% Rise in Second-Quarter Operating Profit

Samsung Electronics Co. forecast a 28.5% rise in second-quarter operating profit Tuesday, as some components manufacturers ride out the coronavirus pandemic by servicing a boom in internet use fueled by remote working. The world’s largest smartphone and memory chip maker estimates operating profit of 8.1 trillion South Korean won (about …

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Luckin Coffee Probe Says Chairman Knew or Should Have Known of Fabricated Transactions

An investigation into the accounting misdeeds at Luckin Coffee Inc. has concluded that the company’s chairman knew—or should have known—about the fabricated transactions that inflated the Chinese coffee chain’s sales last year, according to a person familiar with the matter. A report detailing the internal probe also said that Charles …

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Time for RV Investors to Hit the Road

The recreational-vehicle industry is enjoying a nice ride, but investors shouldn’t park their money for long. With plane travel still largely grounded and the cruise industry temporarily docked, recreational vehicles offer owners the ability to turn shelter-in-place into an instant summer vacation. That has been a boon lately for RV …

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Vale Is Financially Able to Resume Dividends But Is Watching Coronavirus: CFO

SÃO PAULO—Brazilian iron-ore mining giant Vale SA is financially ready to resume making divided payments after an almost two-year halt following the deadly dam failure in Brumadinho, but it is waiting to see how the coronavirus pandemic advances before making a decision, Chief Financial Officer Luciano Siani said Friday. Vale’s …

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Commerzbank's CEO and Chairman to Resign Amid Pressure From Activist Cerberus

Germany’s second-largest lender Commerzbank AG said Friday that its chief executive and chairman have submitted their resignations, as the bank faces pressure from shareholder Cerberus Capital Management for a deep overhaul due to persistent poor performance. “Even if we made strategic progress, the financial performance of the bank has been …

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During Covid-19 Pandemic, the Used-Car Lot Is Hot

The Covid-19 pandemic has dinged the auto sector, but one part of the industry is faring better than it was before the crisis: used cars. Sales of used vehicles in the U.S. have roared back after dropping 38% in April, when states were shut down and some dealerships were forced …

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How Wirecard Went From Tech Star to Bankrupt

Markus Braun built Wirecard AG from an obscure firm based in a small town outside of Munich into a global electronic-payments giant. From its perch at the crossroads of online commerce, Wirecard extracted fees for processing credit-card transactions on behalf of businesses. It pushed into emerging markets, bought up smaller …

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Exxon Warns Production, Refining Losses to Hurt Earnings

Exxon Mobil Corp. warned Thursday of steep losses in its refining and oil-and-gas production businesses during the second quarter, signaling that the company is likely to report a second straight quarterly loss later this month. Lower oil and gas prices are poised to drag down production profits by an estimated …

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Tesla Quarterly Deliveries Fell Less Than Expected Amid Covid Shutdown

Tesla Inc.’s second-quarter global deliveries fell 4.9% from a year earlier, a much smaller decline than Wall Street had forecast, giving fuel to Chief Executive Elon Musk’s ambitious growth plans despite the coronavirus pandemic and threat of an extended recession. The results may fuel heightened investor expectations for the next …

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Car Sales Fell in the Second Quarter, Despite Deals and Covid-19 Stimulus

Major auto makers reported sharp drops in second-quarter U.S. vehicle sales, as sweet discounts and financing deals weren’t enough to offset factory and dealership closures from the Covid-19 pandemic. General Motors Co. reported a 34% drop in second-quarter sales compared with a year earlier, with demand picking up in May …

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General Mills Expects High Demand for Soup, Baking Mixes to Continue

General Mills Inc. is the latest food maker to benefit from unprecedented demand for long-lasting items such as soup and cereal amid the coronavirus pandemic. The maker of Cheerios cereal and Betty Crocker cake mix on Wednesday reported a 16% jump in comparable sales for the latest quarter. General Mills …

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Macy's Says Most Stores Have Reopened

Macy’s Inc. said nearly all its stores have reopened after a monthslong closure due to the Covid-19 pandemic, though the retailer warned it could take other measures as states tally more coronavirus infections. “While we do not expect another national shutdown, we do anticipate a regional impact as consumers are …

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FedEx Reports Better-Than-Expected Revenue as Residential Deliveries Surge

FedEx Corp. said Christmas-like levels of online shopping boosted its business, and it is seeing tentative signs that the global economy is recovering from the coronavirus pandemic. The delivery giant also experienced a jump in international cargo during the fiscal fourth quarter, helping to offset the significant decline in commercial …

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Conagra Says Grocery Demand Remains High Amid Pandemic

Conagra Brands Inc. said it is investing in more manufacturing capacity as demand for its packaged foods remains strong this summer during the continuing coronavirus pandemic. The maker of Hunt’s tomatoes, Healthy Choice meals and Birds Eye frozen vegetables said Tuesday that its comparable sales jumped 22% in the quarter …

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Lululemon Buys Mirror, an At-Home Fitness Startup, for $500 Million

Lululemon Athletica Inc. is buying at-home fitness company Mirror for $500 million, a deal that aims to capitalize on pandemic-fueled upheaval in the fitness and retail industries. The startup sells a $1,500 tech-enabled mirror with a camera and speakers so customers can participate in live fitness classes at home. It …

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Amazon to Pay $500 Million in Bonuses for Front-Line Workers

Amazon.com Inc. said it would spend more than $500 million on one-time bonuses for employees and some contractors, following months of strong demand from consumers stuck at home during coronavirus-related lockdowns and pressure on workers handling the jump in orders. Amazon will pay bonuses for all front-line workers and partners …

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