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Search resuls for: "Denny Jacob"


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☆ IBM Reports Flat Sales Amid Broader Tech Slowdown
  + stars: | 2023-01-26 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
IBM said its fourth-quarter revenue was $16.69 billion compared with $16.70 billion a year earlier. International Business Machines Corp. on Wednesday posted flat sales after a strong U.S. dollar hurt its reported revenue by more than $1 billion. The information-technology company said exchange rates would improve in its favor in 2023. “We saw accelerating demand as we exited the year,” Chief Financial Officer Jim Kavanaugh said in an interview.
☆ Intel Names Longtime Director Frank Yeary as Board Chairman
  + stars: | 2023-01-24 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Intel Corp. said Monday that it appointed Frank Yeary as chairman of its board of directors, succeeding Omar Ishrak in the role. The semiconductor giant said that Mr. Ishrak decided to step down as chairman. A former chief executive of the medical device company Medtronic PLC, Mr. Ishrak will remain on Intel’s board as an independent director and serve on the audit and finance committee and corporate governance and nominating committee. He has been on Intel’s board since 2017.
☆ Texas Instruments Names Haviv Ilan as New Chief Executive
  + stars: | 2023-01-20 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Texas Instruments Inc.’s leadership transition comes at a challenging time for the chip industry that has gone from a period of shortage to glut. Texas Instruments Inc. on Thursday said its board selected Haviv Ilan as its next president and chief executive, effective April 1. The chip maker said Mr. Ilan will succeed Rich Templeton , who will transition out of these roles over the next two months after nearly 30 years at a senior level at the company. He will remain chairman.
☆ Alcoa Fourth-Quarter Revenue Declines 20% on Lower Aluminum Prices
  + stars: | 2023-01-19 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Pittsburgh-based Alcoa said higher costs for raw materials, energy and production have persisted. Alcoa Corp. reported a 20% decline in revenue in the fourth quarter, citing challenging market conditions and lower prices for both alumina and aluminum. The Pittsburgh-based aluminum producer said sales decreased to $2.66 billion, from $3.34 billion. Analysts polled by FactSet expected $2.65 billion.
☆ Apple Rolls Out Latest MacBook Pro With New M2 Chips
  + stars: | 2023-01-17 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Apple Inc. unveiled its latest iteration of the MacBook Pro, a move that will test its sway with consumers as demand for personal computers is expected to slump. The Cupertino, Calif., company on Tuesday said its new MacBook Pro features its next-generation pro silicon chip that enables a more power-efficient performance and battery life, among other enhancements.
☆ PC Shipments Drop Sharply in a Slump Expected to Last Until 2024
  + stars: | 2023-01-12 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
PC makers are in for another difficult year after shipments fell sharply in 2022, with industry estimates not projecting a full recovery until 2024. Worldwide shipments dropped nearly 29% in the fourth quarter from a year earlier, marking the largest quarterly decline since the mid-1990s, according to preliminary data from research firm Gartner Inc. A similar report from International Data Corp. said it is clear the pandemic boom is over for the personal-computer market.
☆ Under Armour Names Stephanie Linnartz Next CEO
  + stars: | 2022-12-22 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Stephanie Linnartz is set to lead Under Armour as president, chief executive and a member of the board. Under Armour Inc. on Wednesday said Stephanie Linnartz will join the company as its first female president, chief executive and a member of the board, effective Feb. 27. The Baltimore-based sportswear maker said Colin Browne , who has served as interim president and CEO since June, will resume his role as chief operating officer upon Ms. Linnartz’s arrival. Ms. Linnartz currently serves as the president of Marriott International Inc., where she has held multiple C-Suite positions. She joined the company in 1997 as a financial analyst.
☆ Krispy Kreme Names Mars Executive Jeremiah Ashukian Next CFO
  + stars: | 2022-12-08 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Krispy Kreme Inc. on Thursday said Jeremiah Ashukian will become executive vice president and chief financial officer next year. The doughnut maker said Mr. Ashukian, whose appointment is effective Jan. 9, will succeed Josh Charlesworth. Mr. Charlesworth, who has served as CFO since April 2017, will continue in his role as global president and chief operating officer, the company said. Mr. Ashukian most recently served as CFO of Mars Wrigley North America. Write to Denny Jacob at denny.jacob@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.
☆ HP Plans Layoffs With PC Demand Slump Stretching Into Next Year
  + stars: | 2022-11-22 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
HP Inc. says it would slash up to 12% of its workforce with a sharp slump in demand for personal computers expected to stretch into next year. HP, which had a payroll of about 51,000 people a year ago, on Tuesday said it would part with 4,000 to 6,000 employees as part of a transformation plan that aims to achieve $1.4 billion in annualized cost savings. The cuts and other changes will come with about $1 billion in upfront costs, HP said.
☆ PC Demand Is Expected to Soften Further as Spending Patterns Shift
  + stars: | 2022-11-22 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Demand for personal computers is expected to remain subdued into next year as manufacturers deal with a shift in consumer spending away from goods that outperformed during the Covid-19 pandemic. The latest indication comes from Dell Technologies Inc., which late Monday reported a 6% drop in overall revenue for the company’s third quarter, including a 17% drop in the unit that includes sales of laptops and desktops to consumers and commercial clients.
☆ Gap Swings to Profit With Turnaround Under Way Amid Persistent Inflation
  + stars: | 2022-11-18 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Gap Inc. logged sales of $4.04 billion for the third quarter and its shares rose over 6% in after-hours trading Thursday. Gap Inc.’s turnaround efforts resulted in a return to a profit in the latest quarter as results for retailers remain mixed amid stubbornly high inflation. The apparel retailer, whose holdings include Old Navy and Banana Republic, said its third-quarter results highlighted its progress in streamlining its brands and reducing its inventory. Like its competitors, economic uncertainty stemming from inflation has shifted consumer spending and led the company to offer more discounts.
☆ Summer Travel Boom Extends Into Fall as Americans Keep Spending Away From Home
  + stars: | 2022-11-05 | by ( Will Feuer | Denny Jacob | ) www.wsj.com   time to read: 1 min
Americans’ appetite for travel and entertainment remains strong ahead of the holidays, as desires to spend on experiences overcome concerns about inflation and the economy. Those concerns haven’t deterred many travel plans, executives at hotel chains, cruise-line operators, vacation-booking platforms and other leisure companies said in recent earnings reports. Hotels have more guests staying, even as room rates climb. Attendance at concerts and live events this summer broke records, Live Nation Entertainment Inc. said.
☆ Ex-MoviePass Executives Are Charged in Securities Fraud Case
  + stars: | 2022-11-05 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
MoviePass, a Netflix-like subscription service for movie theaters, made a splash in 2017 when it made its debut. Former executives at MoviePass and its prior parent company were charged in a securities fraud case, accused of defrauding investors, the Justice Department said Friday. Former MoviePass CEO J. Mitchell Lowe and Theodore Farnsworth , who led Helios & Matheson Analytics Inc., the movie-subscription company’s parent at the time, are accused of engaging in a fraudulent scheme to inflate the company’s stock and attract new shareholders, the Justice Department said.
☆ Warner Bros. Discovery 3Q Revenue Pulled Down by Weaker Ad Market
  + stars: | 2022-11-04 | by ( Denny Jacob | Joe Flint | ) www.wsj.com   time to read: 1 min
Warner Bros. Discovery exceeded forecasts for subscribers in the latest quarter while other streaming companies have struggled. Warner Bros. Discovery Inc. posted revenue below analysts’ estimates, reflecting challenges from a weaker advertising market due to rampant inflation and charges related to its merger. The New York-based media giant, which in April completed a megamerger with the WarnerMedia business of AT&T Inc., posted revenue of $9.82 billion due to less demand in the ad space.
☆ Warner Bros. Discovery Eyes Spring Launch for New Streaming Service
  + stars: | 2022-11-03 | by ( Joe Flint | Denny Jacob | ) www.wsj.com   time to read: 1 min
Warner Bros. Discovery Inc. is speeding up the launch of a combined HBO Max/Discovery+ streaming service, a decision that comes as the company is facing growing pressure on its traditional media businesses from cord-cutting and a slowdown in advertising. Speaking to analysts to discuss the company’s latest quarterly results, Chief Executive David Zaslav said: “While we have lots more work to do, and there are some difficult decisions still to be made, we have total conviction in the opportunity ahead,” adding that the as-yet unnamed service would become available in the U.S. in the spring, sooner than the previously announced summer release.
☆ Airbnb Books Record Revenue as Travel Demand Remains Strong
  + stars: | 2022-11-01 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Airbnb Inc. posted its most profitable quarter to date, with record revenue bolstering the case that travel demand remains strong despite continuing challenges from rampant inflation. The home-sharing company said its results were driven by higher bookings in cities, stronger cross-border travel and longer stays. Airbnb said third-quarter nights and experiences—activities reserved through the platform—booked were its highest ever, with a 25% increase.
☆ Skechers Says Kanye West Escorted From Office After Showing Up Uninvited
  + stars: | 2022-10-26 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Skechers says it condemns Ye’s recent divisive remarks and doesn’t tolerate anti-Semitism or any other form of hate speech. Skechers USA said Kanye West , the rapper and fashion-brand owner who goes by Ye, was escorted from one of its California corporate offices after visiting unannounced and engaging in unauthorized filming there. The footwear maker said Wednesday that two company executives escorted Ye and his party from the building in Los Angeles after a brief conversation. The company didn’t elaborate further on the nature of the conversation.
☆ Apple, Amazon, McDonald’s Headline Busy Earnings Week
  + stars: | 2022-10-22 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Amazon is among the tech heavyweights slated to report earnings in the coming week. Amazon .com Inc., Apple Inc. and Meta Platforms Inc. are among the tech heavyweights featured in a packed week of earnings that investors will probe for indicators about the broader economy. Other tech companies scheduled to report their latest quarterly reports include Google parent company Alphabet Inc. and Microsoft Corp. Investors also will hear from airlines such as Southwest Airlines Co. and JetBlue Airways Corp., automotive companies General Motors Co. and Ford Motor Co., and energy giants Chevron Corp. and Exxon Mobil Corp.
☆ Tesla Adds Airbnb Co-Founder Joe Gebbia to Board of Directors
  + stars: | 2022-09-29 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Joe Gebbia has had friendly exchanges on Twitter with Tesla’s CEO in recent months. Tesla on Wednesday said it added Airbnb co-founder Joe Gebbia to its board, effective this past Sunday. The electric-vehicle maker’s board size had shrunk to seven seats from eight after Oracle Corp. co-founder Larry Ellison didn’t stand for re-election.
☆ Tyson Foods Promotes Chairman’s Son to CFO Role
  + stars: | 2022-09-27 | by ( Mark Maurer | ) www.wsj.com   time to read: +2 min
Tyson Foods Inc. promoted the chairman’s son to be its new finance chief as the meat producer navigates higher costs for worker wages and animal feed. The Springdale, Ark.-based company on Tuesday said it named John R. Tyson as executive vice president and chief financial officer, effective Oct. 2. Mr. Tyson, who currently serves as executive vice president of strategy and chief sustainability officer, is set to succeed Stewart Glendinning. John R. Tyson in his new role will continue to oversee enterprise strategy and sustainability activities for the company. In his new role, Mr. Tyson will continue to oversee enterprise strategy and sustainability activities for the company, Tyson said.
☆ Tyson Foods Shuffles Leadership Team
  + stars: | 2022-09-27 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Tyson Foods Inc. on Tuesday shuffled its leadership team. The meat processor said Stewart Glendinning will transition to group president, prepared foods from his current role as executive vice president and chief financial officer. The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. John Tyson succeeds Mr. Glendinning as CFO. Amy Tu has been named president, international and chief administrative officer, expanding her current role as executive vice president, chief legal officer and secretary, global governance and corporate affairs.
☆ Bowflex Maker Nautilus Mulls Possible Sale
  + stars: | 2022-09-26 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Shares of Bowlex maker Nautilus dived nearly 84% in the past 12 months to a market cap of $52.8 million. Bowflex maker Nautilus said Monday that a potential sale of the company is being considered, part of a broader review of strategic alternatives launched by its board. The fitness-products maker, which also makes Nautilus machines and Schwinn indoor cycling bikes for gyms and home use, said it hasn’t set a timetable for the conclusion of its review and there is no guarantee it will result in any transaction or strategic change.
☆ Costco Sales Rise as Inflation Continues to Weigh on Consumers
  + stars: | 2022-09-23 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
Costco Wholesale Corp. posted higher sales in the most recent quarter, the latest indication that the warehouse retailer remains a haven for consumers dealing with persistent inflation. The Issaquah, Wash.-based company’s revenue rose 15% to $72.09 billion in the fourth quarter. The average estimate of analysts polled by FactSet was $72.04 billion.
☆ Target to Hire Up to 100,000 Workers for Holiday Shopping Season
  + stars: | 2022-09-22 | by ( Denny Jacob | ) www.wsj.com   time to read: 1 min
With the holiday shopping period on the horizon, Target and other retailers are poised to deal with softened demand, some of it driven by consumers pulling back because of inflation. Target said it plans to hire up to 100,000 seasonal workers in stores and warehouses across the U.S., the latest retailer to signal its strategy for the holidays. The level of hiring is consistent with last year.
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