Facebook Chief Technology Officer Mike Schroepfer is planning to resign his position after a transition period. Schroepfer will transition to become the company's first senior fellow. The social media behemoth mentioned in a statement that it will replace Schroepfer with its head of Facebook Reality Labs Andrew Bosworth in 2022. As CTO, Bosworth will continue to oversee the Facebook Reality...
Homebuilding company Lennar Corp.’s fourth quarter delivery forecast is lower than analysts’ expectations, as supply chain challenges in the homebuilding industry weigh on outlook. "During the third quarter, our company and the homebuilding industry as a whole continued to experience unprecedented supply chain challenges which we believe will continue into the foreseeable future," Lennar...
D.R. Horton Inc. lowered its forecast for annual revenue and homes closed, on supply chain challenges such as shortages and delivery delays in building materials as well as a tight labor market. The homebuilding company now expects homes closed between 81,300 and 81,700, down from its prior forecast of 83,000 to 84,500 homes. It now projects its revenue for fiscal 2021 in the range of $27.4...
Pfizer Inc. said that results from its Covid-19 vaccine’s late-stage trial involving young children showed a "favorable safety profile and robust neutralizing antibody responses." The pharmaceutical company said that a 10 µg dose given to children between the ages of 5 and 11 (which is around a third of that given to older children and young adults in similar testing) produced comparable...
Royal Dutch Shell has agreed to sell its Permian basin assets to ConocoPhillips for $9.5 billion cash. If the transaction goes through, all of subsidiary Shell Enterprises’ interest in 225,000 net acres in the Permian basin will be transferred to ConocoPhillips. The cash proceeds from the transaction will be used to fund $7 billion in additional shareholder distributions after closing. The...
RYB Education Inc posted second-quarter FY21 revenue growth of +318.1% year-on-year, to $53.4 million. Service revenues surged +342.2% from the year-ago quarter, while product revenue rose +80%. Gross profit came in at $14.5 million, compared with a gross loss of -$9.5 million a year ago. The gross margin was 27.2%. The operating margin was 16%. Net income attributable to ordinary...
Manchester United PLC. reported fourth-quarter FY21 sales, that reflected a 15.3% growth year-on-year, to £94 million. Broadcasting revenue climbed +140.4%, while Commercial revenue fell -12.8%. Matchday revenue declined -58.2%. Adjusted EBITDA loss widened to -£10.5 million. Adjusted basic loss per share for the period narrowed to -20.67 pence, compared to -21.59 pence last year. The company...
Apple got slapped with a patent infringement lawsuit by Parus Holdings. This is the second one from Parus against the iPhone maker alleging that the latter infringed on its patents for voice-browsing and device control technology. The lawsuit against Apple alleges that the computer company infringed on its U.S. Patent Nos. 6,721,705 and 8,185,402 for voice-browsing and device control...
Zoom Video Communications shares rose on Friday, following a report that a shareholder advisory service is recommending Five9 Inc. investors to reject the video-conferencing company's proposed $15 billion acquisition bid. According to a CNBC report, Institutional Shareholder Services will recommend that Five9 shareholders vote against the takeover at a special meeting on September 30. The...
Computer chips, coffee and metals companies are included in Goldman Sachs’ list of 29 "underappreciated" stocks released Friday. Here’s a summary of Goldman’s views on some of these stocks: Advanced Micro Devices : Market share gains in client and server central processing segments on the back of gross margin expansion and operating expenditure leverage should lead to positive revisions to...
Avis Budget shares rose Thursday, following a rating boost from Bank of America. Bank of America upgraded rating on the car rental company’s shares to buy from neutral. “Many of the macro factors driving ‘over-earning’ by the company in 2021 will likely persist well into 2022,” BofA analysts wrote in a commentary. The factors include limited incoming vehicle supply and tight average fleet,...
Ford Motor Co. announced that it will double the production capacity target for its F-150 Lightning electric pickup truck to 80,000 per year, citing strong demand. Previously, the automaker’s production target was more than 40,000 of the vehicles by 2024. "The interest from the public has surpassed our highest expectations," Executive Chairman Bill Ford said in a statement. The vehicle is...
U.S. retail sales climbed higher in August, according to data from the Commerce Department. That indicates that consumer spending is showing strength despite the Delta-variant spread and supply chain issues. Retail sales rose +0.7% from the prior month to $618.7 billion in August, thereby beating the Street consensus forecast of a -0.8% decline. In July, retail sales fell -1.1% vs. a prior...
On Wednesday, Cathie Wood’s Ark Investment sold 81,600 shares of Tesla amounting to $61.7 million at close. ARK Innovation dumped 70,161 shares, and ARK Next Generation sold 11,448. ARK ETFs’ total Tesla sales so far this month is $266 million, according to Bloomberg. After selling some Tesla shares last year, she told CNBC that keeping position sizes in check is “wise portfolio management.”...
Oracle Corp. surpassed earnings expectations for fiscal first quarter. However, the database and cloud behemoth missed analyst estimates for revenue. The company’s non-GAAP earnings came in at $1.03 a share, compared to the 97 cents a share expected by analysts polled by FactSet. Revenue was $9.7 billion, vs. $9.76 billion estimated by FactSet analysts. Oracle CEO Safra Catz in a statement...
JPMorgan predicts that the S&P 500 will reach 4,700 by year-end. That would imply a +5% gain from the recent level of 4,481. “We remain positive on the equity outlook, and expect S&P 500 to reach 4,700 by end of this year and surpass 5,000 next year on better-than-expected earnings,” JPMorgan strategist Dubravko Lakos-Bujas wrote in a commentary. Despite concerns about the recent slowing in...
Oil prices climbed further Wednesday, extending gains following the damage from Hurricanes Nicholas and Ida. The Energy Department indicated a larger than expected decrease in domestic crude inventories. U.S. crude stocks fell by -6.4 million barrels over the week ending September 10, more than twice the consensus market forecast. Gasoline stockpiles are at their lowest levels since 2017,...
Boeing Co. published its annual industry forecast that suggests that global demand for commercial aircraft hasn't yet returned to pre-pandemic levels. The 2021 Boeing Market Outlook projects overall demand for around 43,610 over the next two decades. This is down from its 2019 forecast of 44,040. Boeing's ten year-horizon forecast indicates global demand for 19,000 commercial airplanes valued...
Apple Inc. unveiled its next generation iPhone 13 at its 'California Streaming' launch event in Cupertino. The new iPads will ship next week. The new iPhones go on sale on Friday, Sept. 17 and ship on Friday, Sept. 24. The Apple Watch Series 7 will ship later this fall. The iPhone 13 will come in five colors. The model will include advanced dual camera system and an OLED screen display. It...
U.S. consumer price inflation slowed modestly in August compared to July, according to data from the Bureau of Labor Statistics. This potentially suggests the beginning of supply chain constraints easing. Headline CPI in August rose +5.3% from the year-ago period. It was +5.4% year-over-year in July -- the highest since 2008. Core inflation, which strips-out volatile components such as food...