DIRS.INFO The most relevant business & tech news

☆ Airline investors have reason to grab the barf bag
▼ + stars: | 2023-12-04 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, Dec 4 (Reuters Breakingviews) - Lately, when airlines suggest a thrilling deal, investors are left feeling queasy. Look at Alaska Air (ALK.N), whose shares cratered 15% on Monday after announcing the acquisition of struggling Hawaiian (HA.O). As happened when first Frontier (ULCC.O) and JetBlue Airways (JBLU.O) bid for Spirit Airlines (SAVE.N) in 2022, though, the buyer’s shareholders are balking. But it suggests that, by tying up, smaller airlines risk combining their woes. The deal comes as a lawsuit by the Department of Justice looking to block the merger of Spirit Airlines and JetBlue Airways heads to closing arguments on Dec. 5.

Persons: they’ll, trustbusters, nix, Pete Buttigieg doesn’t, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, Alaska Air, JetBlue Airways, Spirit Airlines, Department of Transportation, of Justice, Department of Justice, Thomson Locations: Lahaina, Maui, Alaska, Hawaii

☆ Amazon’s space dreams deserve to be grounded
▼ + stars: | 2023-12-01 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

Founder, Chairman, CEO and President of Amazon Jeff Bezos unveils his space company Blue Origin's space exploration lunar lander rocket called Blue Moon during an unveiling event in Washington, U.S., May 9, 2019. REUTERS/Clodagh Kilcoyne - RC153E11B8F0 Acquire Licensing RightsNEW YORK, Oct 16 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) Project Kuiper is a misguided technological marvel. A recent U.S. government report warned that space junk from currently planned networks could start regularly falling back to Earth by 2035. Facing an uncertain payoff and the possibility that its efforts will burn up on reentry, Amazon’s best move is bowing out of a futile space race. The $1.3 trillion technology company plans to eventually launch over 3,200 satellites into low-earth orbit to provide high-speed internet globally.

Persons: Amazon Jeff Bezos, Clodagh, Jeff Bezos, SpaceX’s, Andy Jassy, Bill Gates, SpaceX honcho Elon Musk, OneWeb, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: Amazon, REUTERS, Reuters, SpaceX, Reuters Graphics Reuters, Kuiper, Eutelsat Communications, Origin, Thomson Locations: Washington , U.S, Bezos, China

☆ Private-asset binge exposes insurance to new risks
▼ + stars: | 2023-11-30 | by ( John Foley | ) www.reuters.com time to read: +7 min

The concept is not new: Warren Buffett’s Berkshire Hathaway (BRKa.N) has used its insurance premiums to help fund everything from railways to cowboy-boot makers. The prospect of insurance companies buying risky loans or private equity investments has raised eyebrows. Many private credit assets, for example, rely on so-called private letter ratings based on confidential data. Given the private nature of private credit, it’s hard to see from the outside how big these risks are, or where they lurk. Besides, even if the share of life insurance assets that are mis-rated or undercapitalized is tiny, smaller insurers could carry more concentrated risk.

Persons: Blackstone, Warren Buffett’s Berkshire Hathaway, Fitch, Kroll, Egan, Jones, DBRS Morningstar, Banks, SVB, Jonathan Guilford, Neil Unmack, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Apollo Global Management, KKR, Global Atlantic, Investments, National Association of Insurance, England’s Everton FC, Rivals, Reuters Graphics Reuters, Federal Reserve, Federal Deposit Insurance Corp, Athene, P Global, Insurance, SVB, Thomson Locations: Global, Delaware , New York, Iowa, New York, London

☆ Everybody could use a Charlie Munger
▼ + stars: | 2023-11-29 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 29 (Reuters Breakingviews) - Every great leader needs a Charlie Munger. The deputy to Berkshire Hathaway’s (BRKa.N) Warren Buffett died on Tuesday morning just a month shy of his 100th birthday. And Munger kept at it: at age 99, having served as Berkshire’s vice chairman since 1978, he was still giving interviews as recently as this month. Munger was capable when taking the opposite view from his boss, encouraging the kind of debate that fosters better decisions. Follow @thereallsl on XCONTEXT NEWSCharlie Munger, the longtime vice chairman and second-in-command to Warren Buffett at Berkshire Hathaway, died at a California hospital, the company said on Nov. 28.

Persons: Charlie Munger, Warren Buffett, Munger, lobbing, ”, Buffett, CNBC’s Becky Quick, Greg Abel, Ajit Jain, That’s, Buffett’s, Berkshire Hathaway, ” Buffett, Jonathan Guilford, Sharon Lam Organizations: Reuters, Berkshire Hathaway’s, Berkshire, Costco Wholesale, Thomson Locations: Berkshire, Omaha, ”, California

☆ EU watchdogs muck up Amazon’s messy iRobot cleanup
▼ + stars: | 2023-11-28 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

The concerns speak to ongoing worries over Amazon’s market clout – but if the deal collapses, it’s iRobot shareholders who will suffer more downward suction. The Commission, which is reviewing the deal alongside British and American merger cops, on Monday published its objections. If Amazon is thwarted, investors expect iRobot shares to fall to between $5 and $15. CONTEXT NEWSThe European Commission on Nov. 27 issued a statement of objections regarding Amazon.com’s proposed $1.4 billion acquisition of robot vacuum maker iRobot. iRobot shares fell more than 18% to close at $34.35 on Nov. 27.

Persons: Andrew Kelly, it’s, Carlyle, Amazon.com’s, Peter Thal Larsen, Aditya Sriwatsav Organizations: REUTERS, Reuters, iRobot, European Commission, British, EU, Amazon, Investors, Commission, Thomson Locations: Staten Island , New York City, U.S, American, Europe, United States, Seattle, iRobot

☆ OpenAI calls time on alt-governance experiment
▼ + stars: | 2023-11-22 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

But the stakes at OpenAI, which develops the potentially world-reshaping ChatGPT, are higher. To stay true to its charter, the board must be ready to take actions that financial backers find intolerable. When it threatened to hire Altman and his staff, it effectively swiped the company out from under the board. Follow @JMAGuilford on XCONTEXT NEWSSam Altman has been reinstated as the chief executive of ChatGPT developer OpenAI, the company said on Nov. 21. The non-profit company that governs the startup had announced on Nov. 17 that its board had decided to fire Altman.

Persons: Sam Altman, –, Mark Zuckerberg, Satya Nadella, Altman, Larry Summers, John Foley, Sharon Lam Organizations: Reuters, Microsoft, OpenAI’s, Google, Thomson Locations: OpenAI

☆ White House needs to talk turkey about inflation
▼ + stars: | 2023-11-22 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 22 (Reuters Breakingviews) - Hey, White House. The release noted that lower inflation was among the things that Americans should be thankful for. Gasoline prices, for example, are down a quarter from their high in June 2022, according to the U.S. Energy Information Administration. The price of the average Thanksgiving meal has dropped from last year, too. Meantime food prices in the average U.S. city are up a fifth since December 2020, according to the St. Louis Federal Reserve.

Persons: they’ll, paychecks, Joe Biden, Biden, ”, he’s, Jonathan Guilford, Aditya Sriwatsav Organizations: Reuters, U.S . Energy Information Administration, Louis Federal Reserve, American Farm Bureau Federation, Associated Press, NORC, for Public Affairs Research, White, Thomson Locations: U.S

☆ GM’s driverless ride heads into a ditch
▼ + stars: | 2023-11-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. Automotive giant GM acquired Cruise in 2016, subsequently bringing on investors including SoftBank’s (9984.T) Vision Fund, Honda Motor (7267.T) and Microsoft (MSFT.O). The question is whether GM’s autonomous division has enough momentum to recover from that loss. CONTEXT NEWSDaniel Kan, co-founder and chief product officer of General Motors’ autonomous taxi business Cruise, resigned from the company on Nov. 20, Reuters reported. California’s Department of Motor Vehicles suspended Cruise’s autonomous license in the state on Oct. 24, saying that the company had “misrepresented” the safety of its technology.

Persons: Elijah Nouvelage, Tesla, that’s, Cruise’s, Cruise, Kyle Vogt, Daniel Kan –, Sam Altman, Elon Musk, Mary Barra hasn’t, SoftBank, Daniel Kan, John Foley, Sharon Lam Organizations: GM Bolt, REUTERS, Reuters, General Motors, Automotive, GM, Cruise, Vision Fund, Honda, Microsoft, Uber Technologies, Ford, U.S . National, Traffic, Administration, California’s Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, San Francisco, California

☆ Goodyear tune-up may go beyond rotating the tires
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Aug 20, 2023; Watkins Glen, New York, USA; A detailed view of Goodyear Eagle racing tires prior to the Go Bowling at The Glen at Watkins Glen International. Mandatory Credit: Matthew O'Haren-USA TODAY Sports Acquire Licensing RightsNEW YORK, Nov 15 (Reuters Breakingviews) - A century is a long time to accumulate bad habits. Goodyear Tire & Rubber (GT.O) on Wednesday said it would try to shed some, by selling $2 billion of assets, streamlining its business and paying down debt. As the $4 billion company tidies itself, it could turn out to be worth more in pieces. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Watkins, Matthew O'Haren, Richard Kramer, Elliott, Goodyear, Jonathan Guilford, taints, Jeffrey Goldfarb, Aditya Sriwatsav, Sharon Lam Organizations: Goodyear Eagle, Watkins Glen International, Reuters, Goodyear Tire &, Elliott Investment Management, Electric, United States Steel, Goodyear, X, Alstom, Thomson Locations: , New York, USA

☆ Disney’s franchise fatigue taints M&A magic
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

Chairman and Chief Executive Officer of The Walt Disney Company, Robert Iger, attends the premiere of "Star Wars: The Rise of Skywalker" in Los Angeles, California, U.S. December 16, 2019. REUTERS/Phil McCarten Acquire Licensing RightsNEW YORK, Nov 14 (Reuters Breakingviews) - Walt Disney’s (DIS.N) load-bearing franchises are cracking. Disney’s Pixar studio delivered its own opening weekend dud with “Elemental.” The Star Wars universe’s latest TV expansion, “Ahsoka,” was panned. Iger’s acquisitions of Marvel, Pixar and Star Wars’ Lucasfilm seemed a master stroke of M&A. A slowdown at his most prized acquisitions raises the stakes on his next M&A decisions at a time of increased scrutiny.

Persons: Robert Iger, Phil McCarten, Walt Disney’s, ”, Bob Iger’s, Iger, Nelson Peltz, Jennifer Saba, Orsted’s, Cameron, Jonathan Guilford, Streisand Neto Organizations: Walt Disney Company, REUTERS, Reuters, Marvel, Variety, Pixar, Disney, Star Wars, Lucasfilm, X, Thomson Locations: Los Angeles , California, U.S

☆ Softer inflation could hide a hard landing
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 14 (Reuters Breakingviews) - The U.S. economy is coming in for landing. Inflation is easing even as growth looks strong, but Americans are bracing for new financial pain. The year-over-year rate of price increases stood at 3.2% in October, barely above the Federal Reserve’s goal, the Bureau of Labor Statistics said Tuesday. Inflation expectations rose to 4.2% in October from 3.2% the month prior, according to the University of Michigan. Even as McDonald’s (MCD.N) beat profit estimates on Oct. 30, boss Christopher Kempczinski flagged that lower-income consumers are pulling back.

Persons: aren’t, Christopher Kempczinski, Ben Winck, taints, Cameron, Jonathan Guilford, Oliver Taslic Organizations: Reuters, Federal, of Labor Statistics, CME Group, University of Michigan, X, Thomson Locations: U.S

☆ Amazon’s health push is a too-costly prescription
▼ + stars: | 2023-11-08 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

Snag is, primary care tends to be a recipe for burning cash. Drugstore chains have been buying up primary care companies in the hope of steering patients to their stores. Prime members can add up to five additional memberships to the same plan at $6 a person. The primary care provider had 836,000 members at the end of last year, with practices in two dozen metropolitan areas. It had over 200 million members worldwide as of April 2021.

Persons: Dado Ruvic, Jonathan Guilford, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Reuters, Amazon, Amazon Web Services, Walgreens Boots Alliance, Telecom, AT, Time Warner, Thomson

☆ Paramount summits a precarious streaming peak
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +2 min

Toy figures of people are seen in front of the displayed Paramount + logo, in this illustration taken January 20, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Nov 3 (Reuters Breakingviews) - Paramount Global (PARA.O) says it’s reached the peak of its pain from investing in costly streaming. Crucially, boss Bob Bakish indicated that investment in streaming has topped out ahead of schedule, helping to send shares up 10%. Turning around streaming losses is existential for old-guard media empires navigating the slow dwindling of cable and broadcast. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Dado Ruvic, it’s, Bob Bakish, Bakish, Walt Disney, Disney’s, Nielsen, Bakish’s, Jennifer Saba, Aston Martin, Jonathan Guilford, Aditya Sriwatsav Organizations: REUTERS, Reuters, Paramount, Yellowstone, Netflix, YouTube, Disney’s Hulu, Macquarie, Pfizer, Thomson

☆ McDonald’s menu stocks up on global variations
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

TORONTO, Oct 30 (Reuters Breakingviews) - McDonald’s (MCD.N) status as the world’s go-to meal means it’s competing with an uneven global economy as much as any rivals. The ubiquitous $190 billion fast-food purveyor on Monday touted a 9% year-over-year increase in worldwide same-store sales for the third quarter. In places like the U.S., that was helped by menu price increases. But the Big Mac seller also talked up the release of smaller, more affordable meals in markets facing worse economic fortunes, like China and Germany. In the latter, its McSmart menu of smaller meals helped drive the 10th quarter of double-digit sales growth.

Persons: Christopher Kempczinski, outpacing, Kempczinski, Sharon Lam, Jonathan Guilford, Aditya Sriwatsav Organizations: TORONTO, Reuters, Bureau of Labor Statistics, X, Vodafone, Thomson Locations: U.S, China, Germany, Europe, Spain

U.S. President Joe Biden speaks about his administration's commitment to seizing the opportunities and managing the risks of Artificial Intelligence, in San Francisco, California, U.S., June 20, 2023. On Monday, U.S. President Joe Biden signed an executive order establishing regulatory guardrails for the technology that looks set to upend humanity. The announcement closes some of the rulemaking gap between the United States and its international counterparts. But now, because of the lack of clarity, some firms are considering ditching the United States. If important technologies do move outside of the United States, the country effectively loses its chance to steer development.

Persons: Joe Biden, Kevin Lamarque, Sam Altman, Andreessen Horowitz, Forrester, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Artificial Intelligence, REUTERS, Reuters, European Union, Cyberspace Administration, OpenAI, Securities, Exchange Commission, Venture, country’s, Thomson Locations: San Francisco , California, U.S, United States, London

☆ Intel’s reverse bullwhip is strong
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

The $150 billion chip giant has weathered a post-Covid maelstrom as an initial work-from-home-driven boost to PC sales slammed into reverse, denting sales and the company’s chunky gross profit margin. Growth isn’t back, but results released on Thursday show the decline is slowing and a new division has promise. At least one pandemic bullwhip might be close to having run its course. Reuters GraphicsBetter yet, Intel’s foundry business - Gelsinger’s push to start making chips designed by others - is narrowing its losses while growing revenue and scaling up. Though many customers are signing up on the condition that Intel’s manufacturing tech reaches certain milestones, that unit is its future.

Persons: Pat Gelsinger, Jonathan Guilford, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, Intel, Taiwan Semiconductor Manufacturing, X, Thomson

☆ Ford’s electric drive is going the wrong way
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook Acquire Licensing RightsNEW YORK, Oct 26 (Reuters Breakingviews) - Ford Motor (F.N) may have dealt with its labor problem. While the ebb and flow of fossil-fueled fortunes is nothing new, Ford’s electric-car pivot is printing more red ink than ever. But Ford is trying to scale to profitable sales and right now, things are going the wrong way. The company’s electric division recorded a nearly $37,000 operating loss per battery-powered ride sold this quarter, 51% worse than last year. With once sky-high electric prices now free-falling, Ford faces the brass-tacks problem of simply grinding down costs.

Persons: Jim Farley, Rebecca Cook, can’t, nix, Ford, Jonathan Guilford, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Ford Motor, North American, REUTERS, Reuters, Ford, General Motors, Cox, X, Unilever, Thomson Locations: Detroit , Michigan, U.S, Detroit

☆ Real big energy: Exxon and Chevron swim upstream: podcast
▼ + stars: | 2023-10-26 | by ( Jonathan Guilford | ) www.reuters.com time to read: 1 min

NEW YORK, Oct 26 (Reuters Breakingviews) - The two US oil titans unveiled acquisitions worth more than $100 bln combined within weeks of each other. In this Viewsroom podcast, Breakingviews columnists discuss what’s powering the renewed consolidation push, as well as the threats posed to the industry by a greener market. Listen to the podcastFollow @JMAGuilford on XSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Oliver Taslic Organizations: Reuters, Thomson

☆ GM earnings give its restive workers an inch
▼ + stars: | 2023-10-24 | by ( Jonathan Guilford | ) www.reuters.com time to read: +4 min

On Tuesday, GM reported strong earnings that will embolden staff who have walked out at all three of the big Detroit firms. GM beat analysts’ expectations for third-quarter profit despite a $200 million hit from the strikes that started in September. That said, the firm run by Mary Barra also ditched its official forecast as it wrestles with the $200 million weekly costs from labor disruptions. Fortunately for GM, talks with its union seem to have narrowed in from earlier demands that would have vaporized the industry’s operating profit. Ongoing strikes by the United Auto Workers union, which represents GM employees, cost the company $200 million in the third quarter.

Persons: walkouts, Mary Barra, Shawn Fain, Tesla, Elon, Fain, John Foley, Sharon Lam Organizations: General Motors Company, Reuters, United Auto Workers, General Motors, Ford Motor, GM, Cox Automotive, UAW, Elon Musk’s, United Auto Workers union, Detroit, Thomson Locations: Queens , New York, U.S, Detroit, Wells, GM’s Arlington

☆ Roche's $7 bln deal is pricey and partial cure
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +2 min

Roche tablets are seen positioned in front of a displayed Roche logo in this photo illustration shot January 22, 2016. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Oct 23 (Reuters Breakingviews) - Roche (ROG.S) has taken a small step towards curing its drug pipeline problem. JPMorgan analysts estimate that the drug’s U.S. sales could peak at 2.4 billion Swiss francs ($2.7 billion), but will take until 2037 to get there, assuming a 2028 launch. Analysts expect Roche’s pharmaceutical division to generate revenue of almost 45 billion Swiss francs this year, according to estimates compiled by LSEG. With expected free cash flow of around 16 billion Swiss francs this year and next, Roche can afford to buy a little more diversification.

Persons: Roche, Dado Ruvic, Thomas Schinecker, Peter Thal Larsen, Jean, Pierre Mustier, Atos, Jonathan Guilford, Aditya Sriwatsav Organizations: REUTERS, Reuters, Pfizer, U.S, New, JPMorgan, Merck, Prometheus Biosciences, Analysts, LSEG, X, News Corp, Thomson Locations: Swiss, U.S

☆ Risky biotech M&A therapy will heal more fractures
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +8 min

NEW YORK, Oct 19 (Reuters Breakingviews) - How can a suitor offering $1 billion see eye-to-eye with a seller asking for $2 billion? Such contingent value rights, or CVRs, are a way to get around the inherent uncertainty of an unproven drug. Its $74 billion takeover of Celgene in 2019 included a $6.4 billion payout dependent on a trio of drug approvals. There have been only 27 biotech market debuts this year, raising $2.2 billion, according to LSEG data. Given the nagging fissures in valuation perspectives, however, more dealmakers are apt to try this risky M&A therapy.

Persons: Schulman, Sidley, Bristol Myers, Myers, CVRs, Andrew Weisenfeld, IPOs, ”, Dan Lepanto, biopharma, Eli Lilly’s, Bristol Myers Squibb, Jeffrey Goldfarb, Sharon Lam, Streisand Neto Organizations: Reuters, Dow, Marion Laboratories, LyondellBasell Industries, Mirati Therapeutics, JPMorgan, Sanofi, Health Partners, Nasdaq Biotechnology, Reuters Graphics Reuters, Reuters Graphics, Leerink Partners, Therapeutics, Public, Bristol Myers, U.S . Food, Drug Administration, Thomson Locations: Celgene, Genzyme, U.S

☆ Tesla downshifts out of ludicrous mode
▼ + stars: | 2023-10-19 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

The Model Y maker’s gross and operating profit margins were once the envy of the entire American automotive industry. As Tesla began rolling more vehicles off the production line than it could sell, however, Musk repeatedly offered discounts to rev demand. Even setting aside tough financial comparisons because of the factory shutdowns needed to retool its best-selling vehicles, progress has been sluggish. Tesla’s gross margin at its core automotive business, adjusting for regulatory credits, has fallen nearly in half, to 16.3%, according to the latest quarterly results released on Wednesday. Tesla sold just a hair under half of all U.S. battery-powered rides in the third quarter, according to Cox Automotive, down from 75% in early 2022.

Persons: BYD, Elon Musk, Tesla, Musk, they’re, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, U.S, HK, General Motors, Ford, Cox Automotive, Reuters Graphics, Thomson Locations: Detroit, United States, China, Shanghai

☆ David Solomon’s Goldman remix is audibly off-key
▼ + stars: | 2023-10-17 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Oct 17 (Reuters Breakingviews) - Having given up a side-gig in DJ-ing, Goldman Sachs (GS.N) boss David Solomon has one less distraction. Goldman reported a one-third year-on-year drop in earnings on Tuesday, in a quarter riddled with one-off charges. Those included a hit related to buy-now-pay-later lender GreenSky, which Goldman bought only two years ago, and is selling. Absent all that, Goldman would have made a return on equity of just over 10%. Goldman made a 7.1% return on equity in the quarter, on an annualized basis, which would have been 10.2% without one-off charges.

Persons: Goldman Sachs, David Solomon, Goldman, GreenSky, Morgan Stanley, Solomon, Marc Nachmann, Nachmann, Jonathan Guilford, Sharon Lam Organizations: Reuters, JPMorgan, Thomson Locations: tomorrow’s, Basel, GreenSky

☆ Dollar General bets on old boss’s old magic
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Oct 13 (Reuters Breakingviews) - Dollar General (DG.N) is reaching back to happier days. In that time, shares plummeted 60%, compared to rival Dollar Tree’s (DLTR.O) gentler decline of roughly a fifth. Meanwhile, Dollar General has repeatedly missed analyst expectations as net profit margin fell from nearly 7% to estimates of 3% for this quarter, according to LSEG. Under his previous stint from 2015 until 2022, shares returned an annualized 19%, beating Dollar Tree, Walmart (WMT.N) and Big Lots (BIG.N). Dollar General faces plenty of challenges shared by all retailers, from rising wages to shifting consumer spending.

Persons: Todd Vasos, Jeff Owen, Vasos, Walt Disney, Bob Iger, Howard Schultz, outperforming, doesn’t, Jennifer Saba, Larry Fink, Uncle Sam, Jonathan Guilford, Sharon Lam Organizations: Reuters, Walmart, Walt, Starbucks, X, Infosys, Thomson Locations: Europe

☆ BlackRock’s Larry Fink squares off with Uncle Sam
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Laurence Fink, founder and chief executive officer of BlackRock, Inc. speaks during the Reuters Global Investment Outlook Summit in New York, U.S., November 13, 2017. REUTERS/Lucas Jackson Acquire Licensing RightsNEW YORK, Oct 13 (Reuters Breakingviews) - BlackRock (BLK.N) calls every dollar it manages a “unit of trust” expressed by clients. The trouble for the investing behemoth led by Larry Fink is that there’s an increasingly reliable custodian of such assets these days: Uncle Sam. Even so, $644 billion has crowded into retail money-market funds this year, crimping BlackRock’s all-important stock portfolios. Fink has been bulking up in infrastructure, credit and other investments that are harder to trade, but which also generate higher fees.

Persons: Laurence Fink, Lucas Jackson, ”, Larry Fink, Uncle Sam, Fink, crimping, Jonathan Guilford, Jeffrey Goldfarb, Sharon Lam Organizations: Inc, Reuters Global Investment, REUTERS, Reuters, BlackRock, Graphics, Treasury, X, Infosys, Thomson Locations: BlackRock, New York, U.S, Europe

Search resuls for: "Jonathan Guilford"

25 mentions found