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Page 308 of North America news, latest stories & analysis
Tyson Foods reports a 15% decline in quarterly net income as COVID-19 disrupts production
Tyson Foods (NYSE: TSN) released its quarterly financial results on Monday that reported a 15% annualized decline in its net income in the second quarter as COVID-19 disrupted production. The company also announced to have secured a £1.21 billion loan facility.Tyson Foods was reported 5% down in premarket trading on…
May 4, 2020
J. Crew files for chapter 11 bankruptcy as Coronavirus closes retail stores
As the Coronavirus pushed global retailers into temporary closures, many of them have been tipped over the brink. In recent news, J. Crew Group Inc. said on Monday that it has filed for bankruptcy protection. Lenders are now expected to take over control of the retailer.The American specialty retailer approached…
May 4, 2020
Tesla plans on entering the UK market as an electricity supplier
According to The Telegraph’s report on Saturday, Tesla Inc. (NASDAQ: TSLA) wishes to enter the UK market as an electricity supplier. The company has already applied to the energy regulator for a license. The move, as per an anonymous company source, is targeted at introducing Tesla’s Autobidder platform in the…
May 3, 2020
Land Betterment Corporation embarks on fundraising for sustainable start-ups
Environmental solutions company Land Betterment Corporation has embarked on raising funds using a crowdfunding platform known as Fundopolis. Land Betterment Corporation or simply ‘Land Betterment’ is an impact-driven company focused on upcycling old coal mining sites to foster community development and sustainability through job creation.Institutional and individual investors can take…
May 3, 2020
Gilead’s Remdesivir gets emergency use authorization from the FDA to treat COVID-19
In a statement on Friday, President Donald Trump announced that Gilead’s (NASDAQ: GILD) Remdesivir drug has been approved for emergency use in Coronavirus patients by the Food and Drug Administration (FDA). The U.S president announced the emergency use authorization (EUA) with CEO Daniel O’Day of Gilead Sciences in the Oval…
May 2, 2020
50%+ US departmental stores in malls to close by 2021, real estate firm now predicts
A report has emerged showing more than half of the department stores in US malls could close permanently by the end of 2021. According to the report by Green Street Advisors, the whole of the US is currently serviced by about 1,000 open malls, and 60% of the occupants are…
May 2, 2020
Clorox’s quarterly sales surge 15% as Coronavirus fuels demand for cleaning products
The Clorox Company (NYSE: CLX) released its earnings report for the fiscal third quarter on Friday that showed a 15% increase in its sales. The company attributed the jump in sales to its cleaning products that were greatly in demand due to the Coronavirus pandemic.Clorox also upgraded its financial guidance…
May 1, 2020
Visa cites rising unemployment as it withdraws full-year financial guidance
Visa Inc. (NYSE: V) released its second-quarter earnings report on Thursday that posted a 4% increase in profit. The company, however, cited rising unemployment due to COVID-19 as it withdrew its full-year financial guidance. Amidst the pandemic, Visa added, people are conserving more cash.In January before the outbreak pushed parts…
May 1, 2020
Amgen says it will test Otezla for COVID-19 as it posts an upbeat Q1 earnings report
Amgen Inc. (NASDAQ: AMGN) reported stronger than expected financial results on Thursday that initially pushed share prices up roughly 2% in after-hours trading but the stock settled around 0.5% lower than the price at which it closed the regular session.Amgen also announced on Thursday that it plans on testing Otezla…
May 1, 2020
Chevron warns results will remain under pressure unless oil prices recover
Chevron Corp. (NYSE: CVX) released its quarterly financial results on Friday and warned that its performance is expected to keep under pressure unless oil prices recover. The company also slashed its 2020 capital expenditures further on Friday. In the first quarter, Chevron generated £25.14 billion in revenue as compared to…
May 1, 2020
Restaurant Brands’ Q1 revenue declines 3% as sales plunge at Tim Hortons
In its report on Friday, Restaurant Brands International Inc. (TSE: QSR) announced a massive 26.2% increase in same-store sales at its world-popular chain of fast-food, Popeyes. The company attributed upbeat sales to its chicken sandwiches that it said were greatly in demand in the recent quarter. Popeye’s sales printed higher…
May 1, 2020
Apple’s cash reserves drop to £153.47 billion at the end of the second quarter
Apple Inc. (NASDAQ: AAPL) released its quarterly financial results on Thursday that topped analysts’ estimates for earnings and revenue but the stock was reported over 2% down in after-hours trading. Second-quarter marks the period for Apple in which its supply and demand were massively weighed by the Coronavirus pandemic. According…
May 1, 2020
Amazon drops 5% on lower than expected earnings in the first quarter
Amazon Inc. (NASDAQ: AMZN) released its quarterly financial report on Thursday that fell shy of the earnings estimate. The company attributed lower than expected earnings to the impact of the Coronavirus. Following the release of financial results, Amazon was reported 5% down in extended trading on Thursday. According to Refinitiv,…
May 1, 2020
US Treasury and SBA lock big banks out of PPP loan program, for now
The recently established Paycheck Protection program (PPP) has come as a relief to small-scale businesses in the US. But financiers, especially the large banks will be forced to wait a little longer to benefit from the electron loans after the country’s Treasury and the Small Business Administration resolved…
May 1, 2020
Qualcomm tops analysts’ estimates for earnings and revenue in the second quarter
Qualcomm (NASDAQ: QCOM) released its quarterly financial results on Wednesday that pushed its stock 3% up in extended trading on top of a roughly 5% increase during the regular session. According to Refinitiv, experts had forecast Qualcomm to print £4.02 billion in revenue in the second quarter. In terms of…
April 30, 2020
Tapestry swings to a net loss of £541 million in Q3 as COVID-19 closes its retail stores
Tapestry Inc. (NYSE: TPR) released its financial results for the third quarter on Thursday that announced a roughly 20% decline in its quarterly sales. The company attributed to the downbeat performance to the Coronavirus pandemic that pushed 90% of the company’s stores to temporarily shut down or reduce working hours.The…
April 30, 2020
Comcast’s profit slumps 40% in Q1 due to Coronavirus restrictions
Comcast Corp. (NASDAQ: CMCSA) released its quarterly financial results on Thursday that posted a dramatic 40% decline in the company’s profit in the first quarter. Despite the upbeat performance from its cable and broadband segments, the company failed to offset a broader decline in its theme park and film divisions…
April 30, 2020
Facebook’s revenue climbs 18% in the first quarter
Facebook Inc. (NASDAQ: FB) released an upbeat financial report for the first quarter on Wednesday that sent its stock up roughly 10% in extended trading. Last month, Facebook said its ad revenue took a massive hit due to the Coronavirus pandemic. On Wednesday, however, the company injected optimism citing stability…
April 30, 2020
Tesla jumps 9% as the company records a £12.83 million profit in the first quarter
Tesla Inc. (NASDAQ: TSLA) released its quarterly earnings report on Wednesday that recorded a £12.83 million profit (GAAP) in the first quarter. The upbeat results sent the stock up 9% in extended trading. On the other hand, however, Tesla posted £718 million in negative free cash flow in Q1 that…
April 30, 2020
Microsoft’s quarterly sales rise 15% as the company cites minimal COVID-19 impact in Q3
Microsoft Corp. (NASDAQ: MSFT) released its quarterly financial results on Wednesday that showed a 15% increase in its sales attributed to the upbeat performance of its cloud business. Following the release of the Q3 earnings report, Microsoft was reported 5% up in after-hours trading on Wednesday. The company highlighted that…
April 30, 2020
General Electric posts an 8% lower revenue in Q1 due to Coronavirus restrictions
In its statement on Wednesday, General Electric (NYSE: GE) cited Coronavirus pandemic as it announced its revenue to have dropped significantly in the first quarter. At £16.50 billion, the company’s net quarterly revenue came in 8% lower as compared to the same quarter last year. GE made 4 pence of…
April 29, 2020
Hasbro swings to £56.05 million net loss in Q1 due to Coronavirus restrictions
Hasbro Inc. (NASDAQ: HAS) released its quarterly financial results on Wednesday that missed analysts’ estimates for earnings and revenue. The company, however, expressed confidence in its firm financial position and highlighted that it plans on slashing costs to cope up with the seasonal demand that is commonly attributed to the…
April 29, 2020
Southwest Airlines breaks its streak of quarterly profits since 2011 as Coronavirus weighs on demand
Southwest Airlines (NYSE: LUV) broke its streak of quarterly profits since 2011 on Tuesday. The U.S carrier also said that it doesn’t see the demand for air travel improving this spring as Coronavirus continues to weigh on the global travel and tourism industry. Southwest is focusing intensely on cutting expenditures…
April 29, 2020
Caterpillar falls short of analysts’ estimates for earnings and revenue in Q1
Caterpillar Inc. (NYSE: CAT) said on Tuesday that the Coronavirus pandemic weighed on demand in the mining and construction sectors that fuelled a 21% decline in sales in the first quarter. The construction machinery and equipment company recorded its revenue at £8.54 billion in Q1 versus £10.87 billion that it…
April 29, 2020
Ford Motor swings to £1.61 billion loss in Q1 due to Coronavirus pandemic
The Coronavirus pandemic has brought global auto sales to a near halt that is weighing heavily on the car manufacturers. On Tuesday, Ford Motor (NYSE: F) highlighted a massive £1.61 billion loss in Q1 and said that losses are likely to widen in the second quarter as the ongoing health…
April 29, 2020
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