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4:16 a.m. April 15, 2021 - By Ciara Linnane
Citigroup Q1 profit more than trebles as it announces shake-up of consumer business in Asia and EMEACitigroup Inc. shares jumped 3% in premarket trade Thursday, after the bank posted record profit for the first quarter as it released $1.8 billion from its loan loss reserves and announced a shake-up of its Asia and EMEA consumer banking business. The company posted net income of $7.9 billion, or $3.62 as share, for the quarter, more than triple the $2.5 billion, or $1.06 a share, posted in the year-earlier period. Revenue edged down to $19.3 billion from $20.7 billion. The FactSet consensus was for $2.60 in EPS and $18.8 billion of revenue. "It's been a better than expected start to the year, and we are optimistic about the macro environment," Chief Executive Jane Fraser said in a statement. The record net income was driven by a strong performance at the bank's institutional clients group and the big release from loan loss reserves/ And while global consumer banking revenue was down sequentially due to the pandemic, "this is the healthiest we have seen the consumer emerge from a crisis in recent history," she said. Citi is now planning to overhaul its global consumer banking business to focus in areas it has the greatest scale and growth potential. The bank will focus its presence in Asia and EMEA on four centers; Singapore, Hong Kong, the UAE and London. It will close its consumer franchises in 13 centers, namely Australia, Bahrain, China, India, Indonesia, Korea, Malaysia, the Philippines, Poland, Russia, Taiwan, Thailand and Vietnam. Citi had $666 billion of loans at quarter-end, down 8% from a year ago. Deposits stood at $1.3 trillion, up 10%. Shares have gained 18% in the year to date, while the Dow Jones Industrial Average and S&P 500 have both gained about 10%.
11:13 a.m. March 20, 2021 - By Richard Eisenberg
Live positive, age positive: The secret to wealth and health as you grow older The author of ‘The Power of Positive Aging’ talks about coping with cancer, protecting your immune system, and how aging is merely an ‘inconvenience’The author of a new book says that a positive mindset helps you cope with serious challenges as you age.
5:21 a.m. Jan. 22, 2021 - By Emily Bary
Microsoft stock is a buy while Oracle is a sell, says Goldman SachsGoldman Sachs analyst Kash Rangan initiated coverage on a basket of software names late Thursday, assigning buy ratings to shares of Microsoft Corp. , Workday Inc. , Adobe Systems Inc. , ServiceNow Inc. , Salesforce.com Inc. , and Splunk Inc. . He's less upbeat about the prospects for Autodesk Inc. and Oracle Corp. as he assigned sell ratings to both names. Rangan's buy-rated stocks "lean more toward reasonably valued high quality growth franchises," he wrote. Companies like Microsoft, Salesforce, Workday, and Splunk look poised to benefit from a potential shift in software spending priorities toward the second half of the year, he argued. While corporate IT departments have been spending on "defensive" categories like video conferencing and remote applications, they could soon shift to more "offensive" areas like the public cloud, human-capital management, and financial tools, Rangan wrote. As for the sell-rated names, Rangan is worried about "secular pressure" for Oracle's middleware business and the health of Autodesk's customer base, particularly in terms of commercial construction companies after the pandemic ends.
6:57 a.m. Dec. 15, 2020 - By Emily Bary
Zynga stock gains after Wells Fargo upgradeShares of Zynga Inc. are up 2.5% in Tuesday morning trading after Wells Fargo analyst Brian Fitzgerald upgraded the stock to overweight from equal weight. " We think shares of Zynga present a favorable risk/reward in light of a new, more detailed strategic vision of organic growth, which CEO Gibeau recently articulated," he wrote in a note to clients. Fitzgerald is upbeat about Zynga's vertically integrated advertising network, its broader portfolio of franchises that will enable the company to allocate advertising spending toward areas with the greatest returns on investment, and an expansion of the business beyond the mobile platform. "We think ZNGA's investment in supporting new launches (i.e. 'Harry Potter, Puzzles & Spells') is underappreciated by the market, and data on app usage have inflected back upwards in Nov and Dec after a lull in July through September," he wrote. Zynga's stock has declined 9.7% since Nov. 4, when Zynga last reported quarterly earnings. The S&P 500 has added 5.9% in that time.
8:27 a.m. Dec. 4, 2020 - By Ciara Linnane
Why cinema will survive the coronavirus pandemic In the end, our emotional attachment to moviegoing will fuel a recovery from 2020’s coronavirus-driven slumpCinema will survive the 2020 pandemic, but the uncertain outlook will create casualties.
8:30 a.m. Nov. 23, 2020 - By Tomi Kilgore
DPW's stock skyrockets after Coolisys EV charger sub sets up fast-food franchisee partner programShares of DPW Holdings Inc. rocketed 163.9% on massive volume in midday trading Monday, enough to make them the best performer on major U.S. exchanges, after the investor in disruptive technologies said its Coolisys Technologies Corp. subsidiary established a program to get its electric vehicle (EV) chargers into national fast-food restaurants. Trading volume soared to 145.6 million shares, compared with the full-day average of about 2.6 million shares. DPW said it expects the program to allow owners of fast-food franchises to install the ACECool EV chargers and share in the revenue from advertising and network usage. Coolisys expects to launch the program in California, Nevada and Canada, with the unveiling of "a national fast-food network" partner, that forms a part of the network with over 1,000 locations. Other partners are expected to be announced in the first quarter of 2021. "We look forward to the potential changes coming from increased demand for EVs and the recent trends related to government support of the electrification of transport," said Coolisys Chief Executive Amos Kohn. DPW's stock has run up 189.7% over the past three months, while shares of rival EV charger company Blink Charging Co. has rocketed 327.9% and the S&P 500 has gained 4.9%.
5:33 a.m. Oct. 1, 2020 - Associated Press
NFL urged by players association to replace all artificial-surface fields with natural grass Noncontact knee and ankle injuries occur more frequently on synthetic surfaces, according to an analysis of the league’s official injury reports The NFL Players Association president cited the league’s official injury reports from 2012 to 2018.
4:15 a.m. Oct. 1, 2020 - By Ciara Linnane
Ford names John Lawler CFO and unveils organizational changesFord Motor Co. named John Lawler as its chief financial officer on Thursday, and unveiled organizational changes under new CEO Jim Farley. Lawler was most recently CEO of Ford Autonomous Vehicles and has been at Ford for 30 years. The executive is replacing Tim Stone, who is leaving the company. Farley said the company is aiming to turn around its automotive business by allocating capital to its strongest franchises and high-growth opportunities. The company will add more affordable vehicles to its global line-up and give more decision-making power to its regional business units. The car maker will add a suite of software services that aim to drive loyalty and generate recurring revenue streams. The company is aiming to achieve adjusted EBITDA of 8% of revenue with strong adjusted free cash flow. Shares were up 1.4% in premarket trade, but have fallen 28% in the year to date, while the S&P 500 has gained 4%.
5:19 a.m. Sept. 21, 2020 - By Emily Bary
Microsoft to buy Bethesda Softworks parent ZeniMax Media for $7.5 billion in big bet on gamingMicrosoft Corp. announced Monday morning that it would be acquiring ZeniMax Media, the parent company of game publisher Bethesda Softworks, for $7.5 billion in cash. Shares of Microsoft are down 1.8% in premarket trading. The company said in its release that games "are fueling new cloud-gaming services like Xbox Game Pass," which has over 15 million subscribers. Microsoft plans to add Bethesda's "iconic franchises" to the GamePass library and it intends to bring future Bethesda games to Game Pass on the same day that they launch on Xbox or PC. "Quality differentiated content is the engine behind the growth and value of Xbox Game Pass-from Minecraft to Flight Simulator," Chief Executive Satya Nadella said in a release. "As a proven game developer and publisher, Bethesda has seen success across every category of games, and together, we will further our ambition to empower the more than three billion gamers worldwide." Microsoft expects the deal to close in the back half of fiscal 2021 and have "minimal impact" on non-GAAP operating income in fiscal 2021 and fiscal 2022. Microsoft shares are up 13% over the past three months as the Dow Jones Industrial Average has gained 7%.
7:21 a.m. Sept. 1, 2020 - Associated Press
More than 50 Black McDonald’s franchise owners sue company for discrimination The lawsuit alleges McDonald’s steered Black franchisees to stores in inner-city neighborhoods with lower sales volumeThe former McDonald’s franchise owners are suing the burger chain, saying the company steered them to less-profitable restaurants and didn’t give them the same support and opportunities given white franchisees.
3:15 a.m. Aug. 10, 2020 - By Tonya Garcia
Papa John’s CEO highlights ‘resiliency’ of the pizza business as revenue reaches record level Papa John’s stock climbs more than 19% as North American same-store sales soar 28%Papa John’s Chief Executive Rob Lynch says the pizza business can withstand the challenges of recession and other economic troubles.
2:04 p.m. July 23, 2020 - Associated Press
MLB and players’ union agree to expand playoffs to 16 teams this season More than half of teams will now make postseasonMajor League Baseball and the players’ union agreed Thursday to expand the playoffs from 10 teams to 16 for the pandemic-delayed season, a person familiar with the deal said, a decision that makes it likely teams with losing records will reach the postseason
11:14 a.m. July 23, 2020 - By Weston Blasi
Two ways Washington changing its ‘Redskins’ nickname could make the team money Team owner Daniel Snyder is likely to profit from changing the nickname of his franchiseAfter immense public pressure from both fans and sponsors, the professional football team in Washington, D.C. will have a new name.
5:16 a.m. July 13, 2020 - Associated Press
Washington, D.C., NFL team officially ‘retires’ the name Redskins ‘Today, we are announcing we will be retiring the Redskins name and logo,’ the team said in a statement‘Today, we are announcing we will be retiring the Redskins name and logo,’ the team said in a statement.
6:21 a.m. July 7, 2020 - By Elisabeth Buchwald
Lawmakers and Transportation Secretary’s family-owned business collectively received millions of dollars in PPP loans The Trump administration issued a ‘blanket approval’ ruling in mid-April that allowed lawmakers to avoid an ethical review for potential conflicts of interest when applying for a PPP loanThe Trump administration issued a ‘blanket approval’ ruling in mid-April that allowed lawmakers to avoid an ethical review for potential conflicts of interest when applying for a PPP loan.
3:57 a.m. July 2, 2020 - By Dawn Pennington
What a long, strange trip summer vacation will be this year Social-distancing prudence means we’ll drive or stay at home, and we’ll use media more than ever Social-distancing prudence means we’ll drive or stay at home, and we’ll use media more than ever, writes Dawn Pennington.
5:16 a.m. June 21, 2020 - By Weston Blasi
Can the federal government block the NFL from playing its season? And other burning questions about the NFL’s bid to return What we know and don’t know about the 2020 NFL season amid the pandemicThe NFL is planning to play its full 2020-21 season, beginning with the season opener between the Super Bowl champion Kansas City Chiefs and the Houston Texans on Sept. 10.
8:40 a.m. June 18, 2020 - By Emily Bary
Spotify stock surges after landing podcast deals with Kim Kardashian, DCSpotify Technology SA shares [S: SPOT] are up more than 12% in Thursday trading amid optimism for a series of podcast deals. The company announced Tuesday that it was partnering with Warner Bros. and DC to create and distribute exclusive narrative podcasts focused on the DC universe. "In addition to producing narratives based on existing characters and franchises from across Warner Bros. and DC, the two entities will also collaborate with Spotify to create new programming from original intellectual property," Spotify said in a blog post. The Wall Street Journal reported late Wednesday that the company had also reached a deal with Kim Kardashian West . Spotify is deepening its involvement in podcasts and agreed to purchase sports-content brand The Ringer earlier this year in an attempt to build out its sports vertical. Spotify shares are up 86% over the past three months as the S&P 500 has added 30%.
12:14 p.m. June 12, 2020 - By Wallace Witkowski
AT&T in talks to sell WB games business in possible $4 billion deal: reportAT&T Inc. is in talks to sell off Warner Bros. Interactive Entertainment in that deal that could value the gaming business at as much as $4 billion, according to a report Friday. that Take-Two Interactive Software Inc. , Electronic Arts Inc. and Activision Blizzard Inc. are all interested in the gaming division, according to unidentified sources close to the matter. carries such titles as "Harry Potter: Wizards Unite," "Mortal Kombat 11," "Game Of Thrones Conquest," as well as the Lego and Hitman franchises. CNBC said it was unable to obtain comment from the involved parties. AT&T shares closed up 1.1% at $30.50, while Take-Two shares declined 0.7% to $134.00, Electronic Arts shares fell 0.4% to $121.97, and Activision shares rose 0.6% to close at $71.68.
10:36 a.m. June 2, 2020 - By Wallace Witkowski
Zynga acquisition of Peak Games meets with analyst approval Shares retreat from eight-year high following deal’s announcementZynga Inc. shares retreat from their recent eight-year highs Tuesday as analysts digest the social gaming company’s most recent acquisition and see it as a long-term boon.
3:16 a.m. June 1, 2020 - By Ciara Linnane
Zynga to acquire Turkish mobile gaming company Peak for $1.8 billion in cash and stockVideo game maker Zynga Inc. said Monday it has agreed to acquire Turkish mobile gaming company Peak for $1.8 billion in cash and stock. Peak is the owner of Toon Blast and Toy Blast, two franchises that rank in the top 10 and top 20 U.S. iPhone grossing games for more than two years, Zynga said in a statement. "These franchises add significant scale to Zynga's live services and will be an additional driver of margin expansion over the coming years," said the statement. Zynga is paying $900 million in cash and about $900 million in common stock with the deal expected to close in the third quarter. Peak was founded in 2010 and is expected to grow Zynga's average mobile daily average users by more than 60%. Zynga said it now expects its second-quarter loss per share to come to 17 cents, wider than the 6 cents it expected when it last offered guidance in May. Zynga shares rose 4.5% premarket and are up 50% in the year to date, while the S&P 500 has fallen 6%.
10:34 a.m. May 28, 2020 - Associated Press
Scott Boras tells MLB players not to ‘bail out the owners’ ‘Let owners take some of their record revenues and profits from the past several years and pay you the prorated salaries you agreed to accept,’ he wrote to his clients‘Let owners take some of their record revenues and profits from the past several years and pay you the prorated salaries you agreed to accept,’ he wrote to his clients.
4:29 a.m. May 26, 2020 - By Emily Bary
Take-Two stock gains after BMO upgradeShares of Take-Two Interactive Software Inc. are up 1.2% in premarket trading Tuesday after BMO Capital Markets analyst Gerrick Johnson upgraded the stock to outperform from market perform, writing that the video-game maker could continue to benefit from stay-at-home trends as the industry has proven defensive in times of economic unease. "Take-Two's performance in 4Q illustrates the strength of its core franchises during this time of uncertainty and we are encouraged by the company's strategy to seize opportunities in new platforms, distribution models, and game genres, which should provide more stable, growing earnings and cash flow over time," Johnson wrote. He praised the company for embracing new revenue streams and being "one of the first large publishers" to offer its games on the Nintendo Switch, Alphabet Inc.'s Google Stadia, and Epic Games Store. "It is expanding its sports offering, providing an opportunity for more regular annualized releases," Johnson wrote. "And we see significant opportunities in mobile, where the company is underpenetrated." He raised his price target to $170 from $120 in conjunction with the upgrade. Take-Two shares have added 28% over the past three months as the S&P 500 has shed 5.2%.
6:43 p.m. May 24, 2020 - Associated Press
NBA in talks with Disney to resume season at ESPN complex in Florida Details still need to be worked out; campus has multiple arenas, plentiful hotel roomsThe NBA is in talks with The Walt Disney Company on a single-site scenario for a resumption of play in Central Florida in late July, the clearest sign yet that the league believes the season can continue amid the coronavirus pandemic.
9:45 a.m. May 19, 2020 - By Emily Bary
Apple has been acquiring some older shows to help bulk up Apple TV+ library: reportApple Inc. has been in talks about licensing older TV and movie content as it looks to bulk up its Apple TV+ library, . The report, which cites multiple anonymous sources, said that Apple has also acquired some shows and movies, though it "hasn't yet acquired any huge franchises or blockbusters for its back catalog." The move comes as the company is trying to compete with Netflix Inc. , Walt Disney Co.'s Disney+, and other streaming rivals that have sizable arsenals of older content in addition to new original programming. Apple launched its TV+ service in November and charges $4.99 a month for the service, though it has been offering a year of the service for free to customers who purchase Apple hardware devices like iPhones, Macs, and iPads. The company didn't immediate respond to MarketWatch's request for comment. Apple shares are up 0.9% in Tuesday trading. They've lost 2.3% over the past three months as the Dow Jones Industrial Average , of which Apple is a component, has shed 16%.
2:10 p.m. May 5, 2020 - By Max A. Cherney
Activision Blizzard stock rises after earnings beat, as player engagement rises amid coronavirusActivision Blizzard Inc. shares rose 4.9% in the extended session Tuesday after the videogame giant beat consensus earnings and sales estimates. The company reported first-quarter net income of $505 million, or 65 cents a share, compared with $447 million, or 58 cents a share, in the year-ago period. Adjusted for items such as stock-based compensation, among other things, earnings were 76 cents a share. Revenue fell to $1.79 billion from $1.83 billion in the year-ago period; Activision reported net bookings rose to $1.52 billion compared with $1.26 billion a year ago. Bookings is a common non-GAAP financial measure used by videogame companies to capture revenue from digital and physical sales. Analysts surveyed by FactSet had estimated adjusted earnings of 38 cents a share on net bookings of $1.32 billion. The videogame maker said it saw better-than-expected results for its key franchises as populations sheltering at home turned to its various titles for entertainment and social connection. Activision said it expects full-year earnings of $2.22 a share on sales of $6.8 billion. In response to the COVID-19 pandemic, the company said its staff had moved to work from home in mid-March. The company said that while working remotely brings challenges, it has implemented measures to address those areas, and based on what it has accomplished so far "we expect to deliver a robust slate of content over the remainder of the year." Activision stock has gained 45% in the past year, as the S&P 500 index fell 3.5%.
4:59 a.m. May 2, 2020 - By Mike Murphy
AMC vows to bar Universal movies from its theaters after video-on-demand comments Theater chain lashes out after NBCUniversal CEO says its future releases will be released both in theaters and digitallyAMC Entertainment, the world’s largest movie-theater chain, said Tuesday it will no longer play any movies from Universal Pictures after comments by NBCUniversal CEO Jeff Shell that the entertainment giant plans to release future movies directly to homes on-demand.
8:43 a.m. April 30, 2020 - By Jaimy Lee
The pandemic has shifted focus to remdesivir, but HIV drugs will return to center stage for Gilead Gilead in the age of COVID-19: Investors will pay close attention to what the company says about what’s next for its experimental drug remdesivir, as well as its HIV portfolio and oncology ambitionsIf this pandemic is going to have a savior, investors are betting that Gilead Sciences Inc. is their personal Jesus.
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