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☆ Uber reports first-quarter results that beat expectations for revenue, but posts net loss
▼ + stars: | 2024-05-08 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

Uber reported first-quarter results Wednesday that came in slightly above analysts' estimates for revenue, but the ride-hailing company posted an unexpected net loss. The company's net loss widened to $654 million, or a 32 cent loss per share, from a loss of $157 million, or an 8 cent loss per share, in the same quarter last year. Uber said its net loss includes a $721 million net headwind from unrealized losses related to the reevaluation of its equity investments. Uber reported adjusted EBITDA of $1.38 billion, up 82% year over year and slightly above the $1.31 billion expected by analysts polled by StreetAccount. Uber anticipates adjusted EBITDA of $1.45 billion to $1.53 billion, compared with the $1.49 billion expected by analysts.

Persons: Uber, LSEG, CNBC's, Dara Khosrowshahi, Khosrowshahi, StreetAccount Organizations: Uber, LSEG Revenue, StreetAccount, Mobility

☆ Former MGM Grand casino president to be sentenced for failing to report bookie's bets
▼ + stars: | 2024-05-08 | by ( Dan Mangan | ) www.cnbc.com time to read: +1 min

Resorts World Las Vegas President Scott Sibella speaks during the opening of Resorts World Las Vegas on June 24, 2021 in Las Vegas, Nevada. The former president of the MGM Grand casino in Las Vegas is set to be sentenced Wednesday afternoon on a federal criminal charge related to his failure to report millions of dollars in wagers by an illegal bookmaker at his casino. Sibella's lawyers have asked that he be sentenced to probation, as have prosecutors. Sibella admitted knowing that a patron of his casino, Wayne Nix, ran an illegal bookmaking business, according to the Department of Justice. "Despite this knowledge, Sibella allowed Nix to gamble at MGM Grand and affiliated properties with illicit proceeds generated from the illegal gambling business without notifying the casino's compliance department," the DOJ said in January.

Persons: Scott Sibella, Sibella, Wayne Nix, Nix Organizations: Vegas, Resorts, MGM, Court, Department of Justice, MGM Grand, DOJ Locations: Vegas, Las Vegas , Nevada, Las Vegas, U.S, Los Angeles

☆ Bill Hwang, Whose Firm Archegos Collapsed in 2021, Is About to Go on Trial
▼ + stars: | 2024-05-08 | by ( Matthew Goldstein | ) www.nytimes.com time to read: +1 min

Three years ago, a multibillion-dollar investment firm called Archegos Capital Management blew up with little warning, causing big losses for some Wall Street banks and leading to federal criminal charges against the firm’s founder, Bill Hwang. On Wednesday, Mr. Hwang, 60, who was charged with 11 counts of securities fraud, wire fraud, conspiracy, racketeering and market manipulation, is set to go on trial in Manhattan federal court. Federal prosecutors are seeking to secure a conviction in a major stock market manipulation case in which Mr. Hwang, whose legal name is Sung Kook Hwang, was one of the big financial losers. Archegos had managed money mainly for Mr. Hwang, his family and some of his employees, and much of his family’s wealth was wiped out when the firm collapsed in March 2021. Also on trial with Mr. Hwang is Patrick Halligan, the former chief financial officer of Archegos.

Persons: Bill Hwang, Hwang, Sung Kook Hwang, Archegos, Patrick Halligan Organizations: Archegos Capital Management, Authorities Locations: Manhattan, Wall

☆ Stocks making the biggest moves premarket: Uber, Reddit, Electronic Arts and more
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Reddit reported a loss of $8.19 per share on $243 million of revenue. Analysts surveyed by FactSet were expecting a loss of $8.75 per share on $214 million of revenue. Electronic Arts – The video game stock fell more than 3% after disappointing results for the fiscal fourth quarter. Cirrus Logic posted fourth-quarter adjusted earnings of $1.24 per share, exceeding the 64 cents per-share earnings analysts polled by StreetAccount anticipated. Match projected between $850 million and $860 million of revenue, while analysts surveyed by StreetAccount were looking for $882.7 million.

Persons: Reddit, FactSet, StreetAccount, Rivian, LSEG, —, Fred Imbert, Michelle Fox Theobald, Yun Li, Sarah Min Organizations: Technologies, Arts, EA, Intel —, Intel, Department of Commerce, LSEG, Bros, Cirrus, Logic, Revenue, Arista Networks, Arista Locations: China

☆ Shopify warns on margins and posts big quarterly loss, sending shares plunging premarket
▼ + stars: | 2024-05-08 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Shopify stunned investors after reporting a surprise loss for the first three months of the year. The e-commerce platform posted a $273 million loss for the first quarter. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementShopify shares plunged almost 20% in premarket trading after the e-commerce giant sunk into the red for the first three months of the year.

Persons: Shopify, —, Harvey Finkelstein Organizations: Service, Shopify

☆ Shopify shares plunge 18% on weak guidance
▼ + stars: | 2024-05-08 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +1 min

The corporate logo of e-commerce company Shopify hangs at the building that contains the offices of Shopify Commerce Germany GmbH on August 08, 2022 in Berlin, Germany. Shopify reported first-quarter earnings and sales on Wednesday that were ahead of Wall Street expectations, but it gave a downbeat forecast for the current quarter. Shopify said it expects second-quarter revenue to grow at a high-teens percentage rate year-over-year, a slowdown from the previous period. The company has posted year-over-year revenue growth in the low-to-mid twenties for the past six quarters. Second-quarter revenue would grow in the "low-to-mid-twenties" year-over-year when adjusting for the divestiture of the logistics business, Shopify said.

Persons: Shopify Organizations: Shopify Commerce, Shopify Commerce Germany GmbH Locations: Shopify Commerce Germany, Berlin, Germany

☆ Puma thinks its Palermo sneakers might be this year's Adidas Samba
▼ + stars: | 2024-05-08 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Puma posted quarterly earnings on Wednesday that pushed shares 12% higher. The German sportswear giant flagged rising demand for its Palermo sneakers. The "terrace" trend has helped boost sales for Puma and arch rival rival Adidas in recent years. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementPuma touted rising demand for its retro terrace-style range on Wednesday as it posted first-quarter earnings that were in line with analysts' expectations but still sent shares soaring.

Persons: Puma, — Organizations: Palermo, Puma, Adidas, Service Locations: Americas

☆ Diego Maradona’s Golden Ball trophy went missing in unknown circumstances for decades. Now it’s expected to sell for millions
▼ + stars: | 2024-05-08 | by ( George Ramsay | ) edition.cnn.com time to read: +4 min

CNN —Diego Maradona’s Golden Ball trophy from the 1986 World Cup, which had gone missing in contested circumstances for decades, has reappeared and is anticipated to sell for millions of dollars at auction next month. Argentina went on to defeat West Germany 3-2 in the final and win the second of the country’s three World Cup titles. Maradona controls the ball during the 1986 World Cup final against West Germany. Colorsport/ShutterstockThe history of the Golden Ball trophy awarded to Maradona in Paris after the tournament is shrouded in mystery. Maradona was unquestionably a household name before the 1986 World Cup, but after leading Argentina to the title, he became a global superstar.

Persons: CNN — Diego Maradona’s, ” François Thierry, “, ” Maradona, God, ”, Maradona, Thierry, there’s, didn’t, Aguttes, Asif Kapadia’s Organizations: CNN, England, CNN Sport, West, Maradona, Italian, Napoli, Argentine Locations: Paris, Argentina, Argentine, West Germany, Buenos Aires

☆ BlackRock shifted billions into this active ETF. Here’s why it matters to regular investors
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

A small tweak in BlackRock's model portfolio turned a sleepy fund into one of the market's fastest growing active ETFs overnight. BlackRock added the U.S. Equity Factor Rotation ETF (DYNF) to its target allocation model portfolio in mid-March. The growth of DYNF sits at the center of two broader trends — rapid growth of model portfolios and the proliferation of active ETFs. Model portfolios are strategies offered by asset managers to investors and financial advisors. Meanwhile, model portfolios that want to add active management may not be able to add the best-performers in a category.

Persons: Michael Gates, DYNF, financials, Berkshire Hathaway, Morningstar, Elisabeth Kasner, Kasner, It's Organizations: U.S, Equity, BlackRock's, Stock Market, Microsoft, Nvidia, Berkshire Locations: BlackRock, DYNF

☆ 3 reasons why Wall Street is playing Roblox again
▼ + stars: | 2024-05-08 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —Many adults heard the phrase “Robux” for the first time last holiday season when the virtual currency of gaming platform Roblox landed on the top of most wish lists. And it will have to prove to Wall Street there’s more growth up ahead. In its fourth quarter of 2023, Roblox revenue was $750 million, up 30% year-over-year – but had a net loss of $323.7 million. Like Fortnite, Roblox is also moving ahead with a“payout to creators” business model. “It’s clear that [Roblox] intends to go after younger gamers in 2024 and 2025,” Ward said.

Persons: ”, Roblox, Matilda Beinat, Lindsey Nicholson, UCG, David Baszucki, Ralph Lauren, Mike Proulx, Forrester, “, ” Proulx, Michael Nagle, ” Beinat, Lewis Ward, ” Ward, Ward Organizations: CNN, Investors, ABI Research, “, Gaming Center, Costco, Brookhaven RP, Nike, Walmart, New York Stock Exchange, Bloomberg, Getty, Apple’s, IDC, Disney, Pixar, Marvel, Star Wars Locations: Asia, Roblox, New York, Fortnite

☆ Robinhood climbs after reporting record earnings for first quarter
▼ + stars: | 2024-05-08 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Shares of Robinhood rose in extended trading Wednesday afternoon after the retail brokerage announced stronger-than-expected first-quarter results. Robinhood reported net income of $157 million, or 18 cents per share, for the first quarter. Cryptocurrency transactions accounted for $126 million in revenue in the quarter, the company said. Robinhood said that its number of funded customers rose by 810,000 year over year to 23.9 million. Shares of Robinhood were up nearly 40% year to date before Wednesday's earnings announcement.

Persons: Robinhood, Dan Gallagher, Robinhood's Organizations: LSEG, Securities and Exchange Commission

☆ Airbnb beats earnings expectations for first quarter but offers weaker-than-expected guidance
▼ + stars: | 2024-05-08 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

Airbnb reported first-quarter results on Wednesday that beat analysts' estimates but offered weaker-than-expected guidance. Here's how the company did, compared with consensus expectations from LSEG:Earnings per share: 41 cents vs. 24 cents expected41 cents vs. 24 cents expected Revenue: $2.14 billion vs. $2.06 billion expectedRevenue increased 18% from $1.82 billion a year earlier. Gross booking value, which Airbnb uses to track host earnings, service fees, cleaning fees and taxes, came in at $22.9 billion in the first quarter. Airbnb app downloads in the U.S. in the first quarter increased 60% year over year. Airbnb said it ended the quarter with its "highest number of active listings yet," and they increased 15% from a year earlier.

Persons: Airbnb, StreetAccount, Gross Organizations: Asia Locations: Los Angeles , California, North America, America, U.S

☆ The US needs immigrants to fill jobs, but can't house them. Nowhere makes this more clear than New York City.
▼ + stars: | 2024-05-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +7 min

An influx of over 175,000 migrants in New York City has further exposed the city's housing crisis. AdvertisementNo country in the world attracts more immigrants than the US — and no place symbolizes this better than New York City. Pushing migrants out of sheltersNew York City has managed to absorb much larger influxes of immigrants in the past. The New York City comptroller's office says the Adams administration is intentionally making life more difficult for asylum-seekers as a way to force them out of the city. "It is just a system that is meant to really discourage people from getting help from the city and from exercising their rights that they have as residents of New York City."

Persons: Eric Adams, —, It's, it's, aren't, He's, who've, Elon Musk, Selcuk Acar, Susan Pozo, Pozo, Goldman Sachs, Adams, Celeste Hornbach, they've, they're, Sam Stanton, Hornbach Organizations: Service, New, New York City, Getty, Immigrants, Western Michigan University, Goldman Locations: New York City, Southern, New York, York, stoke, New

☆ A Gen Xer struggles to afford housing and groceries, but her income is about $100 too high to get help
▼ + stars: | 2024-05-08 | by ( Allie Kelly | ) www.businessinsider.com time to read: +4 min

The couple is part of a growing number of Americans who live above the federal poverty line but struggle to afford basic necessities. The poverty line isn't adjusted to reflect cost-of-living differences in individual cities or states and is set at $20,440 a year for a family of two. Binkley is trying to "make ends meet," hopes to leave Minnesota one dayPrimarily, Binkley said she struggles with her rent and utility bills. AdvertisementFor food, Binkley said she is especially thankful for her local food pantries, where she often goes to pick up canned goods. "That is one thing that keeps driving me to make my payments, get things caught up, and set a little bit aside each week or each month, Binkley said.

Persons: —, Melinda Binkley, she's, Binkley, doesn't, ALICE, She's Organizations: Service, Business, Survey, United Way's, Medicare Locations: Stillwater , Minnesota, Minnesota, Idaho

☆ Elon Musk is a homeowner again, despite his claims of couch surfing
▼ + stars: | 2024-05-08 | by ( Grace Kay | Jack Newsham | ) www.businessinsider.com time to read: +7 min

As recently as April 2022, the billionaire Tesla founder claimed in an interview that he was couch surfing and didn't "even own a place right now." In redacted court filings from December, Musk said he purchased the home in February 2022 and that he still lives there. In 2023, the Austin property was appraised at nearly $7 million, county tax records show. Less than a year later, in April 2022, Musk said again that he didn't own a home and rotated between friends' spare rooms. Eight weeks later, the LLC that purchased the Austin house was formed.

Persons: —, Elon, Tesla, Grimes, Musk, Stefan Cassella, I'd, he'd, they'd, I'm, Austin, Ken Howery, Walter Isaacson, Tesla's Austin Gigafactory Organizations: Service, Business, Texas, State, Department of Justice, SpaceX, Street Journal, PayPal, Austin, Montessori Locations: Austin, Texas, California, San Francisco, Colorado, Bastrop , Texas, Tesla's

☆ Stocks making the biggest moves midday: Uber, Intel, Lyft, Shopify, Rivian and more
▼ + stars: | 2024-05-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +5 min

The company's overall revenue exceeded expectations, coming in at $10.13 billion versus analysts' estimate of $10.11 billion, per LSEG. Lyft – The ride-sharing company surged 5% after the company reported faster-than-expected growth in the first quarter. Lyft reported $1.28 billion in revenue, higher than the FactSet consensus of $1.16 billion. Arista Networks – Shares jumped 7% after the company reported better-than-expected first quarter results. Teva Pharmaceuticals — Shares advanced nearly 14% after the company reported better-than-expected revenue in the first quarter.

Persons: Lyft, FactSet, Rivian, Coupang, LSEG, Twilio, –, —, Samantha Subin, Tanaya Macheel, Michelle Fox, Alex Harring Organizations: Technologies, Revenue, LSEG, Intel, Department of Commerce, Huawei, Lyft, Electronic Arts, EA, Farfetch, Arista Networks –, Arista, Dutch Bros, Bros, Pharmaceuticals, Management Locations: China, Korea

☆ UOB reports first-quarter profit fell less than expected, maintains 2024 growth outlook
▼ + stars: | 2024-05-08 | by ( ) www.cnbc.com time to read: +1 min

Singapore's United Overseas Bank, or UOB, reported a smaller-than-expected decline in first quarter net profit on Wednesday, squeezed by net interest margins, and maintained its outlook for income growth in 2024. Singapore's United Overseas Bank reported a smaller-than-expected decline in first-quarter net profit on Wednesday, squeezed by net interest margins, and maintained its outlook for income growth in 2024. "Despite heightened geopolitical tensions, our home region of Southeast Asia is relatively resilient," UOB CEO Wee Ee Cheong said in a statement. "We continued to see ongoing shifts in global supply chains and sustained tourism activities," he added. UOB, which is also Southeast Asia's third-largest bank by assets, also maintained its guidance for low single-digit loan growth and double-digit fee growth, according to Wee's presentation slides accompanying the results.

Persons: Wee Ee Cheong Organizations: Singapore's United Overseas Bank Locations: Southeast Asia

☆ UBS makes first profit since Credit Suisse rescue
▼ + stars: | 2024-05-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —UBS has reported its first quarterly profit since buying ailing rival Credit Suisse, marking a sharp turnaround from six months of losses that immediately followed the closure of the rescue deal. It also realized cost savings of $1 billion, adding to cost cuts of some $4 billion last year. On Tuesday, Ermotti said UBS was “on track” to achieve “significant integration milestones” this year, including the merger of the two banks’ operations in Switzerland in the third quarter. UBS has raised serious concerns about the proposals and on Tuesday Ermotti reiterated the bank’s view that it wasn’t lack of capital that left Credit Suisse needing to be rescued. He said UBS was already adding almost $20 billion to its capital buffers as a result of the takeover of Credit Suisse, in part because of the bank’s increased market share and balance sheet size.

Persons: Sergio Ermotti, Johann Scholtz, ”, Ermotti, Karin Keller, Suter Organizations: London CNN, UBS, Credit Suisse, Morningstar, Credit, bank’s Locations: Swiss, Zurich, Switzerland

☆ Giant Batteries Are Transforming the Way the U.S. Uses Electricity
▼ + stars: | 2024-05-07 | by ( Brad Plumer | Nadja Popovich | ) www.nytimes.com time to read: +17 min

Uses Electricity They’re delivering solar power after dark in California and helping to stabilize grids in other states. Peak demand average daily generation, by fuel type Peak demand 25k 25k megawatts megawatts Imports 20k 20k 15k 15k Gas Solar power Batteries Solar power 10k 10k Wind 5k 5k Hydro Nuclear 0 0 12a.m. Peak demand average daily generation, by fuel type Peak demand 25k 25k megawatts megawatts Imports 20k 20k 15k 15k Gas Solar power Batteries Solar power 10k 10k Wind 5k 5k Hydro Nuclear 0 0 12a.m. Ga. Ga. Texas Texas La. By The New York TimesMost grid batteries use lithium-ion technology, similar to batteries in smartphones or electric cars.

Persons: …, ”, Helen Kou, Conn ., Mo ., R.I, Conn . Conn ., . Kan ., “, Andrés Gluski, Mike Blake, John Phipps, Phipps, Stephanie Smith, Aaron Mitchell, Natalie McIntire, Tamir Kalifa, Emma Konet, Max Kanter, BloombergNEF, you’ve, Meredith Fowlie, Nate Blair, “ We’re, Ross D Organizations: Hydro Nuclear, Hydro, The New York Times, “, United States U.S, Conn . Pa . Iowa Neb, N.J . Ohio Nev, Del . Utah Ill, Texas, Fla ., Vt, Wis ., Wis . Idaho Idaho S.D, Pa . Iowa Iowa Neb, Neb . N.J . N.J . Ohio Ohio Nev, Del . Utah Utah Ill, . Energy, AES Corporation, Reuters, California, Georgia Power, Natural Resources Defense Council, Nationwide, The New York Times Grid, University of California, National Renewable Energy Laboratory, Franklin, Associated Locations: California, The New York Times California, China, Texas , California, Arizona, Wash . Maine, Minn, Ore, N.H, N.Y, Mass, Wis . Idaho S.D, Mich, Wyo, R.I, Conn, Conn . Pa . Iowa, N.J . Ohio, Del . Utah, Calif, Md, Colo, W.Va . Va, Mo, Mo . Kan, Ky, N.C, Tenn, Ariz, ., S.C . California, Ala, Miss ., Fla, Alaska Texas, Hawaii, Wash . Maine Maine Mont, Mont, Vt, Wis, Wis . Idaho Idaho, S.D . Mich, Conn . Conn, Conn . Conn . Pa, Pa . Iowa, Neb . N.J . N.J . Ohio, Nev . Ind, Ind, Del, W.Va, W.Va . Va . Va, . Kan . Kan, S.C . Ala . Ala . Miss, . Texas Texas, La, Fla . Alaska Alaska Hawaii Hawaii California, Texas, Menifee, . California, ” In Texas, Fort Worth, West Texas, Georgia, Sweetwater , Texas, Tierra, Berkeley, Sacramento

☆ UniCredit raises investor reward goal after profit tops forecast
▼ + stars: | 2024-05-07 | by ( ) www.cnbc.com time to read: +1 min

The logo of Italian international banking group UniCredit stands on the facade of the group headquarters, located in the Porta Nuova district, as seen from the viewpoint of Palazzo Lombardia on September 29, 2023 in Milan, Italy. UniCredit raised on Tuesday its investor reward guidance for the year, after posting a much higher net income than expected and further boosting capital levels. Italy's second biggest bank said net profit for the January-March period was 2.6 billion euros ($2.8 billion), above the average of 2.13 billion forecast in a company-compiled analyst consensus. In the full year, net income is expected to be above 8.5 billion euros, it said, having previously guided for a 2024 net profit "broadly in line" with a 2023 result of 8.6 billion net of a tax asset writeup. UniCredit said it was raising its distribution guidance for 2024 to stand in line with 2023, when it paid out net profit to shareholders in full.

Persons: UniCredit, Andrea Orcel Organizations: UBS Locations: Porta Nuova, Lombardia, Milan, Italy, UniCredit

☆ UBS swings back to profit and smashes earnings expectations for the first quarter
▼ + stars: | 2024-05-07 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS logo is seen at the office building in Krakow, Poland on February 22, 2024. UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues. Lower expenses and consolidation benefits following the takeover of Credit Suisse in June 2023 also helped the bank post a net profit of $1.8 billion in the first quarter, ahead of a consensus forecast in an LSEG poll of $721.4 million. The Swiss banking giant is continuing to process the mammoth integration of its former rival. The firm said Tuesday that it expects to complete the merger of UBS AG and Credit Suisse AG into a single U.S. intermediate holding company in the second quarter, and the merger of its Swiss entities in the third quarter.

Organizations: UBS, Credit Suisse, UBS AG, Credit Suisse AG Locations: Krakow, Poland, Swiss, U.S

☆ Inside the Growing Alarm Over Blackstone's BREIT Real-Estate Fund
▼ + stars: | 2024-05-07 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +23 min

Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.

Persons: Blackstone, —, BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres

☆ Nintendo expects to sell 13.5 million Switch consoles this year as it beats profit estimates
▼ + stars: | 2024-05-07 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

Nintendo on Tuesday reported quarterly profit that beat market estimates and said it sold more units of its flagship Switch console than it had forecast. Here's how Nintendo did in its fiscal fourth quarter versus LSEG estimates:Revenue: 277.1 billion Japanese yen ($1.8 billion) versus 280.6 billion yen expected. Net profit: 82.6 billion yen versus 57.2 billion yen expected. Earlier this year, Nintendo hiked its forecast for sales of its flagship Switch console to 15.5 million units in its fiscal year ended March. The company said it expects to sell 13.5 million Switch consoles in the fiscal year ended March 2025.

Persons: Mario Organizations: NINTENDO, Universal Studios Hollywood, Nintendo, Investors, Analysts, CNBC, Mario Bros Locations: Universal City , California

☆ BP misses expectations as profits slip on weaker oil and gas prices
▼ + stars: | 2024-05-07 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

BP on Tuesday reported a fall in first-quarter profit, with results coming in below analyst expectations amid a "significantly weaker" margin in fuels and lower gas and oil prices. The British energy giant logged underlying replacement cost profit, used as a proxy for net profit, of $2.7 billion. That was down from $3 billion the previous quarter and compared with an estimate in an LSEG-compiled consensus of $2.9 billion. The results reflect lower oil and gas realizations and a "significantly weaker" fuels margin, the company said in its Tuesday statement. This is a breaking news story and will be updated shortly.

☆ Will China's comeback stock rally last? Wall Street weighs in and shares stock picks
▼ + stars: | 2024-05-07 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

China stocks have staged such a strong rally after a protracted slump for the past few years that they're beating even the S & P 500 so far this year. The MSCI China index, which includes the mainland A-shares, Hong Kong-listed shares and U.S.-listed China names, has jumped around 9%, while the KraneShares CSI China Internet ETF is up around 13%. Most analysts said whether the rally can be sustained will largely depend on China policy. How to play China Though most were bullish on China stocks, they would be selective in stock-picking. They include: SPDR S & P China ETF iShares MSCI China A ETF Global X MSCI China Consumer Disc ETF iShares MSCI Hong Kong ETF — CNBC's Michael Bloom contributed to this report.

Persons: Bernstein, it's, —, Goldman Sachs, Kevin Liu, CICC, Nomura's, Goldman, Kweichow, Ping, Morningstar, Michael Bloom Organizations: U.S, CSI China, Investors, CICC Research, CNBC, BYD, SAIC, Changan Automobile, Energy, Anhui, Cement, JPMorgan, Kuaishou, Ping An Insurance, China Merchants Bank, Hong, China, iShares, China Consumer Locations: China, Hong Kong

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