DIRS.INFO The most relevant business & tech news

The Amplify Online Retail ETF climbed 0.44% and the ProShares Online Retail ETF ended the regular trading session 0.39% higher. The broader VanEck Retail ETF gained 0.02%, and the SPDR S&P Retail ETF was the only one in the group to post declines. The Amplify ETF's gains have been driven by top holdings like Affirm Holdings (AFRM.O), up 11.97% on Monday and 97% so far in 2023. The VanEck Retail ETF's holdings include Costco, (COST.O), which gained 0.6% Monday and is up more than 30% so far this year. For example, the SPDR S&P Retail ETF trades at $63.64, down from its year high of $75.77.

Persons: Caitlin Ochs, Michael Ashley Schulman, Suzanne McGee, Ira Iosebashvili, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Exchange, Shoppers, Adobe Digital, Adobe Inc, Adobe, P, Costco, Nasdaq, P Retail, PwC, Deloitte, Running, Thomson, & $ Locations: New York City, U.S

While the S&P 500 index (.SPX) ended little changed, the Amplify Online Retail ETF climbed 0.4% and the broader SPDR S&P Retail ETF gained about 0.7%. The SPDR S&P Retail ETF, which has net assets of $396.6 million, recorded weekly outflows of $115.6 in the week ended on Wednesday, according to data from Lipper. Still, the bulk of 2023 returns for investors in U.S. retail ETFs have come in recent weeks. The VanEck Retail ETF (RTH.O) has generated half of its 12.8% year-to-date gains in the last two months. But Thomas Hayes, chair at Great Hill Capital LLC in New York, anticipates better-than-expected gains in retail stocks this holiday season.

Persons: Vincent Alban Acquire, Michael Ashley Schulman, Schulman, Thomas Hayes, Suzanne McGee, Lananh Nguyen, Josie Kao Organizations: Woodbury, REUTERS, Exchange, P Retail, Retailers, National Retail Federation, Walmart, United Auto Workers, Hollywood SAG, Running, Retail, Great, Capital, Thomson Locations: Central Valley , New York, U.S, New York

A street sign for Wall Street is seen in the financial district in New York, U.S., November 8, 2021. The Invesco Aerospace & Defense ETF has seen net inflows of more than $100 million so far this month, according to Lipper data, adding to the nearly $180 million it raked in October. Peers like the $5.5 billion iShares US Aerospace & Defense ETF and $1.78 billion SPDR S&P Aerospace & Defense ETF have posted net inflows of $178.4 million and $163.6 million, respectively, since October. U.S. President Joe Biden has asked Congress to provide $106 billion in supplemental funding, with $61.4 billion for Ukraine and $14.3 billion for Israel. The U.S. Congress has approved $113 billion for Ukraine in 21 months since the start of the war.

Persons: Brendan McDermid, Peers, Ashish Shah, Joe Biden, Michael Ashley Schulman, Bansari Mayur, Shweta Agarwal Organizations: Wall, REUTERS, Invesco Aerospace & Defense ETF, US Aerospace & Defense, P Aerospace & Defense ETF, Goldman Sachs Asset Management, Israel, U.S, Congress, Running, Thomson Locations: New York, U.S, Europe, Ukraine, Israel, Gaza, Bengaluru

☆ Disney taps PepsiCo veteran Johnston as CFO
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

A screen shows the logo and a ticker symbol for The Walt Disney Company on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 14, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 6 (Reuters) - Walt Disney (DIS.N) on Monday hired PepsiCo (PEP.O) veteran Hugh Johnston as its chief financial officer, strengthening top boss Bob Iger's hands as he tries to turn around the media giant facing a decline in its cable business and investor pressure. Johnston had also helped guide the Doritos maker through its bitter battle with activist investor Nelson Peltz's Trian Fund Management. At PepsiCo, Johnston will be replaced by Jamie Caulfield, currently CFO at the company's North America business. Johnston will receive an annual base salary of $2 million, Disney said, compared with the $1 million base salary he received at PepsiCo at of the end of 2022, according to a regulatory filing.

Persons: Brendan McDermid, Walt Disney, Hugh Johnston, Bob Iger's, Johnston, Nelson Peltz's, Trian, Michael Ashley Schulman, Christine McCarthy, Jamie Caulfield, Disney, Akash Sriram, Aishwarya Venugopal, Sriraj Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Monday, PepsiCo, ESPN, Fund Management, Disney, Running, Microsoft, HCA Healthcare, Hollywood, Thomson Locations: New York, U.S, America, Bengaluru

☆ Visa profit beats estimates on post-pandemic travel boost
▼ + stars: | 2023-10-24 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: +2 min

Visa credit and debit cards are seen in this picture illustration taken August 2, 2022. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsSummaryCompanies Cross-border volumes surge on steady travel demandStrong results signal consumer resilienceVisa Q4 adjusted EPS $2.33 beats estimate of $2.24Oct 24 (Reuters) - Card giant Visa (V.N) sailed past estimates for fourth-quarter profit on Tuesday as consumers on a post-pandemic travel rebound shrugged off worries of a looming economic slowdown and cost-of-living crisis. Visa's CFO Chris Suh said U.S. inbound travel recovery accelerated in the quarter, while travel into Asia also continued to improve. Visa's payment volumes rose 9% in the quarter, while cross-border volumes excluding transactions within Europe, a gauge of travel demand, surged 18%. Visa posted adjusted profit of $2.33 per share in the three months ended Sept. 30, topping expectations of $2.24 per share, according to LSEG data.

Persons: Benoit Tessier, Chris Suh, Suh, Michael Ashley Schulman, Logan Purk, Edward Jones, Manya Saini, Pooja Desai Organizations: REUTERS, Card, Running, Capital Advisors, Reuters, American Express, Visa, Thomson Locations: Asia, Europe, U.S, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ Levi Strauss cuts annual forecasts as promotions, wholesale weakness weigh
▼ + stars: | 2023-10-05 | by ( ) edition.cnn.com time to read: +3 min

Levi Strauss & Co cut its annual forecasts for the second time on Thursday after missing third-quarter sales estimates, reeling from hefty promotions and falling demand at wholesale channels in North America. Levi has struggled with declining sales at its overall wholesale business, particularly in North America, which has a higher exposure to the middle-income consumer. This has impacted Levi’s sales at retail partners such as Walmart and Target, where prices of its Signature and Denizen lines start just below $30. Analysts have said Levi might have to increase promotions and cut prices if wholesale channel sales continue to worsen, which could pressure its margins further. Levi forecast revenue to be flat to up 1% in fiscal 2023, compared with prior estimate of 1.5% to 2.5% growth.

Persons: Levi Strauss, Nordstrom, Levi, Harmit Singh, “, ” Singh, Singh, ”, Michael Ashley Schulman, Schulman Organizations: Financial, Reuters, Walmart, Target, Running Locations: North America, Americas

A smartphone with a displayed Intel logo is placed on a computer motherboard in this illustration taken March 6, 2023. Programmable chips sit between Intel's general purpose chips and chips that are designed for a single task and used in everything from encrypting data to 5G wireless telecommunications equipment. Intel said Sandra Rivera, an Intel veteran, will oversee the new unit, which will keep using Intel's factory to make its chips. Programmable chips are used in defense applications such as fighter jets. The deal follows Intel's earlier moves to sell its memory chip unit to SK Hynix and take public part of its Mobileye self-driving car chip unit.

Persons: Dado Ruvic, Sandra Rivera, Rivera, Pat Gelsinger's, Michael Ashley Schulman, Stephen Nellis, Samrhitha, Shilpi Majumdar, David Gregorio 私たち Organizations: REUTERS, Intel, Nvidia, Devices, SK Hynix, Taiwan Semiconductor Manufacturing, Running, Capital Advisors Locations: Taiwan, North America, San Francisco, Bengaluru

Kellogg's cold cereal products are pictured in a market after Kellogg Company announced it would split. REUTERS/Mike Segar/File Photo Acquire Licensing RightsNEW YORK, Oct 2 (Reuters) - Shares of Kellanova (K.N) fell more than 7% on Monday after the packaged food giant, previously known as Kellogg Company, completed the spinoff of its North American cereal business into a new standalone entity called WK Kellogg Company (KLG.N). Under the separation agreement, Kellanova shareholders received one share of WK Kellogg common stock for every four shares of Kellanova stock held as of September 21, a statement said. Kellanova shares fell to as low as $51.83, down 7.2%, after opening at $55.70, while WK Kellogg Company dropped by more than 11% and was last at $13.79. Kellanova will retain its place on the benchmark S&P 500 (.SPX) index, while WK Kellogg shares will join the S&P SmallCap 600 index (.SPCY) on Tuesday, before market open.

Persons: Mike Segar, WK Kellogg, Kellanova, Michael Ashley Schulman, Rice, Piper Sandler, Research's Arun Sundaram, Chibuike Oguh, Lance Tupper, Christina Fincher Organizations: Kellogg Company, REUTERS, WK Kellogg Company, WK Kellogg, New York Stock Exchange, Running, Capital Advisors, MorningStar, Jefferies, Thomson Locations: New York, U.S, Kellanova, California, American, Bengaluru

☆ Reactions: Media mogul Rupert Murdoch steps down as chairman of Fox, News Corp
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +5 min

Sept 21 (Reuters) - Media mogul Rupert Murdoch, 92, has stepped down as the chairman of Fox Corp (FOXA.O) and News Corp (NWSA.O), ending a more than seven-decade career in which he created an empire spanning from Australia to the United States. His son, Lachlan Murdoch, will become the chairman of News Corp and continue as the chair and CEO of Fox, the companies said on Thursday. The transition cements Lachlan's role as the leader of the media empire, putting to rest questions of succession within the Murdoch family. His son Lachlan Murdoch is seasoned and capable of running the business, but of course there's no replacement for someone like the chairman, Rupert Murdoch, who founded the company and built it over decades." "The media world is unrecognisable from the one he stepped into seventy years ago and the decision to scrap plans to reunite his empire must have smarted."

Persons: Rupert Murdoch, Lachlan Murdoch, Murdoch, BRIAN WIESER, Lachlan, MICHAEL ASHLEY SCHULMAN, Smartmatic, Rupert Murdoch's, JASON BENOWITZ, I'm, DANNI HEWSON, AJ BELL, he's, Mary Berry, he'll, RILEY, THOMAS HAYES, Wise, MATTHEW TUTTLE, ED MOYA, Aditya Soni, Samrhitha, Mayur, Ananya Mariam Rajesh, Arun Koyyur Organizations: Media, Fox Corp, News Corp, Fox, MADISON, WALL'S, Dominion, HOGAN, TUTTLE, MSNBC, Thomson Locations: Australia, United States, Bengaluru

Prime Minister Justin Trudeau said on Thursday he had invited the heads of Canada's five largest grocery chains, including Sobeys (EMPa.TO), Metro (MRU.TO) and Loblaw (L.TO), to Ottawa next week to discuss how they planned to control sky-rocketing food prices. Trudeau's move comes when governments across the globe, especially in Europe, have expressed concern over soaring food prices as they seek to address a cost-of-living crisis that has intensified after the pandemic subsided and since the Russia-Ukraine war began. However, after a similar move from the French government in June, analysts were skeptical about Trudeau's warning. They argued it was a "political" tactic and might be ineffective in lowering lingering food inflation. "Both PM Justin Trudeau and François-Philippe Champagne (Canada's industry minister) spoke tough about this topic and it is difficult to envision what teeth they have to hold grocers accountable," said Ben Jang, portfolio manager at Nikola Wealth.

Persons: Justin Trudeau, Trudeau's, François, Philippe Champagne, Ben Jang, Michael Ashley Schulman, Allan Small, Granth Vanaik, Pooja Desai Organizations: Metro, Loblaw, Nikola Wealth, Running, Capital Advisors, iA, Wealth, Carrefour, Lipton, Nestle, PepsiCo, Unilever, Thomson Locations: Ottawa, Europe, Russia, Ukraine, Bengaluru

Arm executives and CEO Rene Haas gather outside Nasdaq Market site, as Softbank's Arm, chip design firm, holds an initial public offering (IPO), in New York, U.S., September 14, 2023. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSept 15 (Reuters) - Shares of SoftBank's Arm Holdings closed a volatile session lower on Friday, a day after a stellar Nasdaq debut that valued the British chip designer at $65 billion. The stock fell 4.5% to end at $60.75, after trading as high as $69 earlier in the session. The Nasdaq (.IXIC) was down 1.6% and the S&P 500 (.SPX) fell 1.2%, while an index of semiconductors (.SOX) sank 3%. Analysts said further trading volatility in Arm may be seen if the company draws more interest from AI-focused retail investors.

Persons: Rene Haas, Brendan McDermid, chipmakers, Arm's, Randy Frederick, Charles Schwab, Rick Meckler, Sophie Lund, Yates, Hargreaves Lansdown, Financials, Michael Ashley Schulman, Needham, Manya Saini, Caroline Valetkevitch, Saqib Iqbal Ahmed, Niket Nishant, Arun Koyyur, Grant McCool Organizations: Nasdaq, REUTERS, Arm Holdings, Major U.S, Cherry Lane Investments, Analysts, Graphics Arm, Running, Capital Advisors, Nvidia, Reuters Graphics, Thomson Locations: New York, U.S, British, Austin , Texas, New Vernon , New Jersey, Bengaluru

Moscow's actions have deprived many foreign investors of the ability to trade in Russian securities, including depositary receipts. Investors are worried about future copycat actions by other governments who might look to reduce foreign influence over their leading companies. Depositary receipts, or DRs, are certificates issued by a bank representing shares in a foreign company traded on a local stock exchange. But events in Russia have forced many investors to write down the value of depositary receipts of Russian companies to zero, given their inability to trade them. CONSEQUENCESLoss of confidence in DRs could drain needed foreign capital from firms in emerging economies, for instance.

Persons: Dado Ruvic, Peter C, Earle, Christopher Day, Michael Ashley Schulman, Goldman Sachs, III, Detsky Mir, Goldman, Otkrytie, Schulman, Grzegorz Drozdz, Malcolm Dorson, Sinead Cruise, Carolina Mandl, David Gregorio Our Organizations: REUTERS, Global, American Institute for Economic Research, Reuters, Citigroup, Companies, Citi ., Reuters Graphics, DR, Investors, Doliver Advisors, Running, Capital Advisors, Conotoxia, Russian, Thomson Locations: Moscow, Ukraine, Brazil, China, Russia, GDR, GDRs, United States, Britain, London, Carolina, New York

☆ US investors flag retaliation risks after Biden's China tech curbs
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +4 min

But several portfolio managers said the bigger worry was whether China would strike back, as it has in the past. "It is naïve to think that there won't be some type of retaliation from China," said Tom Plumb, CEO of mutual fund Plumb Funds. China could restrict exports of rare earths used in consumer electronics, electric vehicles, and other components, or target other U.S. technology companies, Plumb said. SELF-SUFFICIENCYChina hawks in Washington say American investors have transferred capital and valuable know-how to Chinese technology companies that could help advance Beijing's military capabilities. Phillip Wool, a co-portfolio manager of Rayliant Quantamental China Equity ETF, said U.S.-China tensions were causing investors to miss out on China growth.

Persons: Florence Lo, Joe Biden's, Biden, Rick Meckler, Tom Plumb, Plumb, Michael Ashley Schulman, Phillip Wool, Shashwat Chauhan, Amruta, Chibuike Oguh, Laura Matthews, Herbert Lash, Davide Barbuscia, Michelle Price, Grant McCool Organizations: REUTERS, Cherry Lane Investments, China Exchange, Wall, Micron Technology, U.S, Funds, Reuters, Running, Capital Advisors, China Equity, Thomson Locations: China, U.S, Beijing, New Jersey, Washington, Rayliant

July 11 (Reuters) - Amazon.com (AMZN.O) hopes to tempt U.S. shoppers on Tuesday to open inflation-thinned wallets by offering deeper discounts on a wide range of goods and services during this year's "Prime Day" 48-hour shopping event, including its first-ever travel discounts. A year of inflation has lifted mortgage rates, rents and food prices for consumers ahead of Prime Day, which falls on July 11-12 this year. CFRA Research analyst Arun Sundaram said Amazon's U.S. Prime Day discounts this year are mostly deeper than in previous years. Amazon Prime members can also save up to 40% on items such as Sherpani bags and ZOA Energy drinks, by checking out using "Buy with Prime," directly from Amazon's third-party merchants. Amazon plans yet another Prime sales event this year, according to screenshots of its seller notification platform seen by Reuters.

Persons: Arun Sundaram, Michael Ashley Schulman, Schulman, Brian Gleason, Sundaram, Granth Vanaik, Ananya Mariam Rajesh, Arriana McLymore, David Gregorio Our Organizations: CFRA, Sony, Bank of America, Amazon, Energy, Amazon's, Adobe, Running, Capital Advisors, Exchange, Priceline's, Express, Walmart, Reuters, Thomson Locations: United States, Bengaluru, New York City

[1/2] The Levi Strauss & Co. label is seen on clothes in a store at the Woodbury Common Premium Outlets in Central Valley, New York, U.S., February 15, 2022. Shares of the company fell about 6% in extended trading, as it joined peer American Eagle Outfitters (AEO.N) in predicting a weak outlook for consumer spending. Levi’s net revenues for the second quarter that ended May 28 declined by 9%, its steepest quarterly drop since the first quarter of 2021, according to Refinitiv data. The annual reported net revenue is expected to increase 1.5% to 2.5% from a year earlier, the apparel maker said, narrowing its previous forecast range of 1.5% to 3%. The apparel maker posted a net loss of $1.6 million for the second quarter, compared with a net income of $49.7 million a year earlier.

Persons: Levi Strauss, Andrew Kelly, Levi's, Chip Bergh, Bergh, Michael Ashley Schulman, Granth, Kate Masters, Shweta Agarwal, Muralikumar Organizations: Woodbury, REUTERS, American Eagle Outfitters, Nordstrom, Revenue, Running, Capital Advisors, Thomson Locations: Central Valley , New York, U.S, North America, Bergh, Levi's U.S, Europe, Americas, Bengaluru, New York

☆ US telecom companies say not in talks with Amazon for wireless services
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +3 min

June 2 (Reuters) - Major U.S. wireless carriers on Friday said they not in talks with Amazon.com Inc (AMZN.O) to offer low-cost wireless services to its Prime members. "AT&T is not in discussions with Amazon to resell wireless services," a company spokesperson said. Verizon spokesperson the company "is not in negotiations with Amazon regarding the resale of (Verizon's) wireless network. Brandon Nispel of KeyBanc Capital Markets said Dish Network, a relatively new entrant in wireless, could be the most likely partner for Amazon. They also rallied in May after a Wall Street Journal report that Dish was in talks to sell its wireless plans through Amazon.

Persons: Christopher Ali, Brandon Nispel, Michael Ashley Schulman, Yuvraj Malik, Aditya Soni, Tanya Jain, Akash Sriram, David Shepardson, Sheila Dang, Nivedita Bhattacharjee Organizations: Major U.S, Amazon.com Inc, Wireless, Bloomberg News, Amazon, Dish Network, Verizon, Mobile, Penn State University, AT, KeyBanc, Journal, U.S, Running, Capital Advisors, Thomson Locations: Major, Bengaluru, Washington, Dallas

☆ EBay forecasts upbeat revenue as sneakers, refurbished items drive growth
▼ + stars: | 2023-04-26 | by ( Yuvraj Malik | ) www.reuters.com time to read: +2 min

The upbeat results soothed investor sentiment, which was hit after eBay earlier this year said that demand weakness will persist in the first half of 2023. EBay is expanding listings under refurbished electronics, luxury bags and watches, and the collectibles category. San Jose, California-based eBay now expects June-quarter revenue in the range $2.47 billion to $2.54 billion, higher than analysts' projection of $2.43 billion, according to Refinitiv. Revenue in the most recent March quarter grew 1% to $2.51 billion, also beating analysts' estimate of $2.48 billion. EBay's shares have gained 4.6% so far this year, compared with a 13.3% rise in the tech-heavy Nasdaq index (.IXIC).

☆ People are right to revise their opinions in some AT1s and 'CoCo' bonds: Financial services firm
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeople are right to revise their opinions in some AT1s and 'CoCo' bonds: Financial services firmMichael Ashley Schulman of Running Point Capital explains why it has not been active in AT1s and "CoCo" bonds.

FINMA, the Swiss regulator, said the decision would bolster the bank's capital. Engineered in the wake of the global financial crisis, AT1 bonds are a form of junior debt that counts towards banks' regulatory capital. "It's stunning and hard to understand how they can reverse the hierarchy between AT1 holders and shareholders," said Jerome Legras, head of research at Axiom Alternative Investments, an investor in Credit Suisse's AT1 debt. Credit Suisse's AT1 debt had rallied earlier on Sunday amid reports that shareholders would receive something in a deal with UBS, raising hopes that bondholders would be protected. The move by the Swiss regulator could make it harder for other lenders to raise new AT1 debt, investors said.

[1/3] The logo of the Times Square Disney store is seen in Times Square, New York City, U.S. December 5, 2019. Peltz, a billionaire activist who operates via his Trian Partners hedge fund, called for Disney to cut costs and turn a profit at its Disney+ streaming business, which has been losing money despite expanding at a fast clip. Its shares sank last year as losses deepened in its streaming business, and the price is now less than half the stock's 2021 high. Disney, Trian said, had overpaid for the assets of 21st Century Fox and bid aggressively for pay-TV giant Sky PLC. Disney said Trian would file with the Securities and Exchange Commission on Thursday to elect Peltz for a board seat in opposition to the company's nominees.

☆ PayPal's "prudent" revenue growth forecast cut sinks shares
▼ + stars: | 2022-11-03 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

Nov 3 (Reuters) - Online payments firm PayPal Holdings Inc (PYPL.O) cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter. The San Jose, California-based company cut its adjusted growth outlook for the year to 10% from 11% previously. Chief Executive Daniel Schulman blamed "a challenging macro environment, slowing e-commerce trends and an unpredictable holiday shopping season" for the company's prudent forecast. "We think that e-commerce is going to be pretty muted in the fourth quarter," Schulman said in a post-earnings call. Last week, payments giant Mastercard Inc (MA.N) also forecast weaker-than-expected revenue growth for the holiday quarter.

Search resuls for: "Michael Ashley Schulman"

22 mentions found