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Page 306 of North America news, latest stories & analysis
Lowe’s jumps 6% on stronger than expected Q1 earnings report but suspends full-year guidance
Lowe’s (NYSE: LOW) released its quarterly earnings report on Wednesday that posted stronger than expected earnings and revenue. The company also withdrew its full-year guidance for 2020 on rising Coronavirus uncertainty. The pandemic, Lowe’s added, increased its expenses by £203.57 million including a special bonus for full-time employees. Shares of…
May 20, 2020
Target reports a 141% increase in digital sales in the first quarter
Target (NYSE: TGT) released its quarterly financial results on Wednesday that showed a sharp increase in digital sales in the first quarter. Sales of apparel and other high-margin items, however, came in lower than expected with increased labour costs having further weighed on its performance. Shares of Target were reported…
May 20, 2020
U.S. FDA approves AstraZeneca and Merck’s Lynparza as a treatment for prostate cancer
British pharmaceutical company, AstraZeneca (LON: AZN) collaborated with the U.S-based Merck & Co. (NYSE: MRK) on Lynparza drug as a treatment option for prostate cancer. On Wednesday, the two companies gave a joint statement that Lynparza received approval from the United States Food and Drug Administration (FDA). According to the…
May 20, 2020
Home Depot’s first-quarter sales surge 7% despite Coronavirus restrictions
Home Depot (NYSE: HD) released its quarterly earnings report on Tuesday that posted higher costs attributed to the Coronavirus pandemic. Sales, on the other hand, saw a sharp increase in the first quarter. Shares of the company were reported about 2% down in premarket trading on Tuesday. At £201 per…
May 19, 2020
Kohl’s reports a 43.5% decline in net sales as COVID-19 shuts stores in the first quarter
Kohl’s (NYSE: KSS) released its quarterly financial results on Tuesday that posted a 43.5% decline in net sales in Q1. The company attributed the downbeat performance to the Coronavirus pandemic that forced its stores into temporarily shutting down. Shares of the company initially responded with a 3% decline in premarket…
May 19, 2020
Vroom files for an initial public offering in the U.S after seven years of operations
In its announcement on Monday, Vroom said that it has filed for an initial public offering (IPO) in the United States. The online platform to buy and sell used cars is planning to go public at a time when COVID-19 restrictions have fuelled an increase in consumer spending on e-commerce…
May 19, 2020
SoftBank looks to sell its stake in T-Mobile U.S as annual operating loss expands to £10.42 billion
The Wall Street Journal revealed on Monday that SoftBank Group Corp. (TYO: 9984) is negotiating with Deutsche Telekom AG (ETR: DTE) to sell a sizeable chunk of its investment in T-Mobile U.S. Deutsche Telekom currently has a controlling stake in the American wireless network operator. As per the newspaper,…
May 18, 2020
Berkshire Hathaway slashes its stake in Goldman Sachs by 84%
A regulatory filing on Friday revealed Berkshire Hathaway (NYSE:BRK.B) to have slashed its investment in Goldman Sachs by 84% in the first quarter. At the start of Q1, Warren Buffett’s company had 12 million shares of Goldman Sachs. The SEC filing, however, announced its stake in the U.S investment bank…
May 18, 2020
China to blacklist U.S companies including Apple as retaliation to new restrictions on Huawei
The U.S Commerce Department announced an adjustment to its export policy that strategically targeted China’s telecoms giant, Huawei Technologies Co Ltd. The White House is exercising its authority on global chipmakers that use U.S technology to get a license to sell semiconductors to Huawei. As per the new rule, such…
May 16, 2020
Amazon to send an appropriate executive in place of Jeff Bezos to testify to the U.S Congress
The U.S House of Representatives called on Amazon’s (NASDAQ: AMZN) CEO, Jeff Bezos, at the start of May to testify about allegations on the company regarding its use of 3rd party sellers’ data. In a blog post on Friday, Amazon highlighted that it will send an appropriate executive to testify…
May 16, 2020
Apple Inc. acquires California-based virtual reality startup NextVR
Apple Inc. (NASDAQ: AAPL) has been committed to expanding its presence in the virtual and augmented reality sector. In its announcement on Thursday, the company said that it is moving forward with its plans as it purchased the virtual reality (VR) startup, NextVR. The U.S tech giant seeks to add…
May 15, 2020
Aurora Cannabis’ quarterly loss contracts as consumers stockpile ahead of lockdown
Aurora Cannabis (TSE: ACB) said on Thursday that its loss contracted in the third quarter as compared to Q2 as consumers in Canada and the United States stockpiled cannabis before the start of the Coronavirus lockdown. Following the announcement, shares of the company were reported 13% up in the stock…
May 15, 2020
3M reports an 11% decline in sales in April as Coronavirus shuts factories
In a report on Thursday, 3M Co. (NYSE: MMM) said that its sales in April were noted 11% down to £1.88 billion as the Coronavirus pandemic pushed its factories into a temporary shutdown. While COVID-19 fuelled demand for face masks, the company added, it weighed on the rest of its…
May 14, 2020
SmileDirectClub’s net loss widens in Q1 as Coronavirus weighs on performance
SmileDirectClub (NASDAQ: SDC) reported a broader quarterly loss on Wednesday than what the experts had forecast. The company said that the Coronavirus pandemic pushed it into closing the majority of its global SmileShops. Going forward, SmileDirectClub added, it will focus on its business for dental impression kits. The Nashville-headquartered company…
May 14, 2020
Amazon’s warehouses in France to remain closed until May 18th
Restrictions on Amazon’s (NASDAQ: AMZN) business in France are not yet set to ease as the U.S online retailer said on Wednesday that its French warehouses are likely to remain closed until May 18th. Amazon’s six warehouses in France were shut down on April 16th on a court’s ruling that…
May 13, 2020
Intel invests in two Chinese semiconductor startups amidst the U.S-China tensions
In a statement on Wednesday, Intel Capital announced to have made investments in two Chinese semiconductor startups. Intel Corp. (NASDAQ: INTC) is currently struggling with the ongoing tensions between the U.S and China in the sector of chip manufacturing. As per the sources, Intel Capital made its first investment…
May 13, 2020
United Airlines announces Brett Hart as the new president effective May 20th
United Airlines (NASDAQ: UAL) announced inside Brett Hart as the new president of the company on Monday. The airline said that Hart will take over the role from Scott Kirby on May 20th. Kirby, the company added, will now serve as the Chief Executive Officer succeeding Oscar Munoz amidst times…
May 12, 2020
AutoNation’s new vehicle sales tank 10.7% in Q1 due to the Coronavirus restrictions
AutoNation Inc. (NYSE: AN) released its quarterly performance results on Monday that topped analysts’ estimates for earnings and revenue. As states continue to ease Coronavirus restrictions, CEO Mike Jackson of AutoNation said, demand for cars and trucks is starting to recover in the United States.Following the release of the financial…
May 11, 2020
Amazon shows interest in acquiring AMC Entertainment
AMC Entertainment Holding Inc. (NYSE: AMC) remained a focal point for analysts and investors alike in premarket trading on Monday as shares skyrocketed around 47% on Daily Mail’s announcement that Amazon Inc. (NASDAQ: AMZN) is interested in acquiring the U.S chain of movie theatres that has been struggling with finances…
May 11, 2020
Cardinal Health climbs 7.7% on stronger than expected earnings and revenue in Q3
Cardinal Health Inc. (NYSE: CAH) announced its third-quarter earnings report on Monday. Topping analysts’ estimates for earnings and revenue, the company was reported 7.7% up in premarket trading on Monday.The health services company reported a net income of £285 million in the third quarter that translates to 97 pence of…
May 11, 2020
Under Armour reports 23% lower sales in Q1 as Coronavirus weighs on performance
Under Armour (NYSE: UAA) released its quarterly financial results on Monday that reported a 23% decline in sales in the first quarter. The company attributed the downbeat performance to the Coronavirus pandemic that forced it into temporarily shutting down its stores and delaying the turnaround plans. Under Armour said that…
May 11, 2020
Tesla’s sales of Model 3 vehicles come in 64% down in China in April
According to CPCA (China Passenger Car Association), Tesla Inc. (NASDAQ: TSLA) sold a total of 3,635 Model 3 (Shanghai-manufactured) in China in April that marked a massive 64% decline as compared to March. The U.S electric car manufacturer, however, is known to report fewer sales in the 1st month as…
May 11, 2020
U.S unemployment report fuels a 1.14% increase in the S&P 500 index
The U.S Bureau of Labour Statistics announced the unemployment rate on Friday to have expanded to 14.7% in the United States in April that came in better than the expected 16.0%. The optimism of the report fuelled a roughly 1% increase in Wall Street. S&P 500 index weekly performance All…
May 8, 2020
Dropbox tops analysts’ estimates for earnings and revenue in the first quarter
Dropbox (NASDAQ: DBX) released its quarterly financial results on Thursday that topped analysts’ estimates for earnings and revenue. In February, the chief executive officer of Dropbox, Drew Houston, said that the company is aiming profitability by the end of 2020. Following the release of the earnings report, Dropbox was reported…
May 8, 2020
Tripadvisor swings to a £12.92 million net loss in Q1 due to COVID-19 restrictions
Tripadvisor Inc. (NASDAQ: TRIP) released its quarterly financial results on Thursday that showed the company to have swung to a loss in the first quarter as the Coronavirus brought the global travel and tourism industry to a near halt.In a bid to shore up finances and cushion the economic blow…
May 8, 2020
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