Month: October 2020

Hewlett Packard Enterprise shares rose 2.5% in extended trading on Thursday after it provided FY21 EPS outlook in the range of $1.56 to $1.76, much higher than the analysts’ expectations of $1.46. The FY21 EPS outlook is also 10% higher year-over-year at the mid-point.Hewlett Packard Enterprise (HPE) also projects FY21 free cash flow in the range of $0.9 billion to $1.1 billion, up 65% year-over-year at the mid-point.At the same time, the enterprise information technology company laid out a three-year financial outlook and expects currency-adjusted annualized revenues to grow in the range of 1% to 3% through 2023. The company …read more […]

Ford Motor Company (NYSE: F) released its sales results for the third quarter in China on Thursday, ahead of the planned earnings release scheduled for Oct. 28.What Happened: The automakers reported it sold 164,352 vehicles between July and September in China, marking the largest year-over-year sales growth in nearly four years. Compared to Q3 2019, the current sales figures represent a 25.4% upsurge and a 3.6% increase against the second quarter of 2020.Ford operates in China through its joint ventures with companies like Chongqing Changan Automobile (Changan Ford), Jiangling Motor Corporation (JMC), and the Taiwanese automaker Lio Ho Group (Ford …read more […]

(Bloomberg) — Ant Group plans to increase the valuation target for its initial public offering to at least $280 billion due to strong demand, charging ahead with the sale even as the Trump administration weighs restrictions on the Chinese fintech giant, according to people familiar with the matter.The Hangzhou-based company is lifting the target by at least 12% from a previous estimate of $250 billion after initial discussions with investors, the people said, requesting not to be identified because the matter is private. Ant aims to raise about $35 billion in the sale, people familiar said.Despite the U.S. headwinds, Jack …read more […]

The Caribbean refinery’s owner, Limetree Bay Ventures, has spent at least $2.7 billion restoring the facility, initially hoping to tap rising demand for low-sulfur fuels and markets in Latin American and Caribbean. BP Plc invested in the plant with an agreement to supply its crude and market the fuels produced in anticipation of a late 2019 startup. Limetree owners EIG Global Energy Partners and Arclight Capital Partners embarked on the overhaul in expectation of a surge in demand for marine fuels that comply with new maritime rules for low sulfur content. …read more […]

Nikola Corporation (NASDAQ: NKLA) CEO Mark Russell took distance from the company’s electric pickup truck Badger in an interview with the Financial Times on Thursday. What Happened: Russell sought to diminish the role Badger plays in the company’s business — a stance diametrically opposite to Nikola founder and former Executive Chairman Trevor Milton, who had announced the truck in June, FT reported.”The Badger was an interesting and exciting project to some shareholders, but our institutional shareholders are mostly focused on the business plan,” Russell said.The CEO added that Nikola’s “core business plan since before we became publicly listed always focused …read more […]

(Bloomberg) — Overseas investors should look to invest in Indian digital to consumer sector companies now as the economic fallout of the coronavirus pandemic makes valuations of businesses attractive, Asia’s richest banker said.“I have always believed you have to invest in India when things look more challenging,” Uday Kotak, the managing director of Kotak Mahindra Bank Ltd. said in a conversation with David Rubenstein, the co-founder of Carlye Group Inc. at the Bloomberg India Economic Summit Thursday. “That’s the best time to put your money to work.”With half a billion Internet users and growing, overseas investors had been pouring money …read more […]

Spot gold was down 0.1% to $1,906.80 per ounce by 0320 GMT, losing 1.2% so far in the week. U.S. gold futures were up 0.2% at $1,912.20. “There’s some further upside for the dollar and that’s been a major headwind for gold, in addition to the ongoing (U.S.) stimulus negotiations which have yielded no progress,” said Edward Moya, a senior market analyst at OANDA. …read more […]

Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) subsidiary Google said Thursday that it would make its Chat service available for free to all users beginning the first half of 2021.What Happened: Chat will replace Google’s Hangout service, and users of the latter would be migrated automatically along with their existing conversations, Google’s group product manager Matthew Leske said in a statement.Chat is a part of the paid business-focussed Google Workspace. That service was unveiled earlier this month and contains Gmail, Calendar, Drive applications, which earlier formed a part of its G Suite service. The messaging service would be available as part …read more […]

(Bloomberg) — World Bank Chief Economist Carmen Reinhart said the coronavirus pandemic is turning into a major economic crisis and warned of the possibility of a financial crisis emerging.“This did not start as a financial crisis but it is morphing into a major economic crisis, with very serious financial consequences,” Reinhart said in an interview with Bloomberg Television. “There’s a long road ahead.”Reinhart, who took her new role in June, is best known for her work with then-Harvard colleague Kenneth Rogoff on the last financial crisis in their 2009 book “This Time Is Different: Eight Centuries of Financial Folly.” It …read more […]

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(Bloomberg) — Nikola Corp.’s chief executive officer sees a path ahead for his company even if the embattled electric-truck startup is unable to come to terms with General Motors Co. on a proposed strategic partnership.Talks between the two companies are ongoing, but if a tentative technology-sharing and manufacturing deal announced last month falls apart, Nikola will revert to a “base plan” without GM’s help, CEO Mark Russell said in an interview Thursday.“We have the ability and we have a base plan of doing it ourselves. If we have a partner, that just enables us to consider going faster and helps …read more […]

It has been an action-packed week so far for pharma giant Johnson & Johnson (JNJ).On Tuesday, the company reported Q3 earnings with results handily beating the estimates. JNJ posted revenue of $21.08 billion, a 1.7% year-over-year increase and higher than the $20.21 billion consensus estimate. Non-GAAP EPS of $2.20 beat the Street’s forecast by $0.22.Looking ahead, JNJ raised its 2020 guidance and now expects revenue to come in between $81.2 billion to $82.0 billion, up from the previous call for between $79.9 billion and 81.4 billion. Non-GAAP EPS was also raised from $7.85 at the mid-point to $8.00 at the …read more […]

For content delivery and edge computing company Fastly (FSLY), its third quarter was a letdown, to put it lightly. Shares tumbled 30% over the past two trading sessions, after it was revealed that Q3 2020 revenue is expected to come in at $70-71 million, below the previous guidance of $73.5-$75.5 million.Who’s to blame for this miss? TikTok. Weaker-than-expected traffic volume and the subsequent drop in revenue from the video sharing platform, which is FSLY’s largest customer, was behind the disappointing showing. Instagram’s launch of Reels and political uncertainty could have driven viewing time away from TikTok’s social media platform in …read more […]

Asset manager Eaton Vance (NYSE: EV) has some very happy shareholders these days.
Let me show you why…

Za-za-za-zoom!
Eaton Vance shares are up 84% in the past six months, with almost all of that increase coming in just one day.
The catalyst that created this huge share price jump was the announcement that Morgan Stanley (NYSE: MS) was acquiring Eaton Vance for nearly $60 per share.
That was a huge premium to the $36 share price that Eaton Vance was trading at the day prior.
After seeing their shares go nowhere for months, Eaton Vance shareholders were rewarded with several years’ worth of stock market …read more […]

MONTREAL, Oct. 15, 2020 /CNW/ – Turquoise Hill Resources Ltd. …read more […]