Business
We still see Estee Lauder shares as a buy on weakness despite downbeat guidance
Estee Lauder (EL) reported a better-than-expected fiscal first quarter, but a downbeat forecast for the rest of its fiscal year sent shares lower Wednesday. However, if not for our Club trading restrictions , we would have been buyers on the weakness. First, the headline numbers: Quarterly revenue declined 11% year over year to $3.93 billion, […]
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Here’s the key change in the Fed’s statement that’s moving markets
The Fed introduced a key change to its policy statement on Wednesday, which Wall Street traders are interpreting as a sign that the central bank could soon slow its rake hikes. Notably, the statement now says that the Fed is considering the “cumulative” impact of its hikes so far. Below is a comparison of Wednesday’s Federal Open […]
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American Airlines pilots’ union rejects new contract proposal
American Airlines jet parked at LaGuardia International Airport in New York. Adam Jeffery | CNBC American Airlines pilots’ union on Wednesday said its board of directors rejected a tentative agreement for a new contract, the latest in a series of setbacks in labor talks across major U.S. airlines. The Allied Pilots Association, which represents roughly […]
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Ferrari raises its 2022 guidance again on red-hot demand for sports cars
Ferrari CEO Benedetto Vigna poses for a photograph as Ferrari unveils a new long term strategy, in Maranello, Italy, June 15, 2022. Flavio Lo Scalzo | Reuters Ferrari on Wednesday again raised its guidance for the full year after shipments, revenue and earnings per share all rose by double-digit percentages during the third quarter. Still, […]
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Companies are blaming a new culprit for earnings woes: Electricity costs
Companies continue to battle inflation on a variety of fronts, but a new source is increasingly being called out: electricity costs. Raw materials, packaging, transportation and labor cost pressures all remain significant issues. But this earnings season, a number of companies have cited notably higher electricity costs over the summer that put pressure on operating […]
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Washington Commanders owner Dan Snyder hires Bank of America to explore possible sale
Team co-owners Dan and Tanya Snyder pose for a photo with current team members and alumni during the announcement of the Washington Football Team’s name change to the Washington Commanders at FedExField on February 02, 2022 in Landover, Maryland. Rob Carr | Getty Images Washington Commanders owner Dan Snyder has hired Bank of America to […]
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Paramount Global shares slide as results miss and TV revenue falls
Paramount Global on Wednesday reported third-quarter revenue that was up 5% from a year ago, but the results missed expectations as it suffered from cord cutting and a drop in advertising revenue. Its shares were down about 10% on Wednesday. Here’s what the company reported compared with analysts’ expectations, according to Refinitiv: Adjusted EPS: 39 […]
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Bed Bath & Beyond’s chief customer and technology officer resigns
A security guard stands next to a Bed Bath & Beyond sign at the entrance to a New York City store location. Scott Mlyn | CNBC Bed Bath & Beyond’s chief customer officer, Rafeh Masood, has resigned, marking the latest leadership change at the embattled retailer. Masood also held the role of chief technology officer. […]
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Ford’s October sales slide 10% amid supply chain issues
Ford F-150 pickup trucks at a dealership in Colma, California, on Friday, July 22, 2022. David Paul Morris | Bloomberg | Getty Images DETROIT – Ford Motor’s U.S. sales last month declined by 10% as the automaker battled through supply chain issues that delayed shipments to dealers. The Detroit automaker on Wednesday reported sales of […]
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Wells Fargo mortgage staff brace for layoffs as U.S. loan volumes collapse
Mortgage volumes at Wells Fargo slowed further in recent weeks, leaving some workers idle and sparking concerns that the lender will need to cut more employees as the U.S. housing slump deepens. The bank had about 18,000 loans in its retail origination pipeline in the early weeks of the fourth quarter, according to people with […]
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