DIRS.INFO The most relevant business & tech news

☆ Western forces are raiding gunrunners at sea and throwing wrenches into Iran's plans
▼ + stars: | 2023-02-11 | by ( Jake Epstein | ) www.businessinsider.com time to read: +8 min

CENTCOM said this month that it supported "partner naval forces" during a January raid in the Gulf of Oman. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen. UK naval forces also seized surface-to-air missiles and cruise-missile rocket engines that came from Iran. U.S. naval forces seized 2,116 AK-47 assault rifles from a fishing vessel transiting along a maritime route from Iran to Yemen. It remains to be seen whether the increase in raids will actually impact Iran's regional influence over the long-term.

Younger shoppers snapping up its sweatshirts, knitwear and Polo line of products also drove results beat at luxury peer Ralph Lauren Corp (RL.N). "The Coach brand has done a lot of work to reposition itself as a premium brand that appeals to a younger consumer," Raymond James analyst Rick Patel said. "Tapestry appears to be executing better for its Coach brand than Capri is for Michael Kors," Patel added. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, beating estimates of $1.76 billion. Both Tapestry and Ralph Lauren took a hit in China due to a resurgence of COVID-19 infections, but demand is returning, the companies said.

☆ Tapestry lifts profit outlook as younger shoppers snap up Coach handbags
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. Luxury peer Ralph Lauren Corp (RL.N) also beat expectations on strong demand from younger affluent shoppers. Meanwhile, Ralph Lauren said its brands gained market share in North America, even as its wholesale revenue decreased 2%. Net revenue at Ralph Lauren rose 1% to $1.83 billion in the third quarter ended Dec. 31, while analysts had expected $1.76 billion, according to Refinitiv IBES data. Tapestry forecast fiscal 2023 earnings of $3.70 to $3.75 per share, compared with its prior estimate of $3.60 to $3.70.

FRANKFURT, Feb 9 (Reuters) - Credit Suisse (CSGN.S) has taken another step towards creating a standalone investment bank by buying Michael Klein's advisory boutique, but gave few clues on Thursday about potential investors who might back the business with new capital. In October, Credit Suisse Chief Executive Officer Ulrich Koerner said the bank had already a commitment from an investor without giving a name. The plan has raised concerns from Credit Suisse shareholders over potential conflicts of interest. Credit Suisse said it would keep control over the structure of CS First Boston. CEO Koerner said: "The ties between the new Credit Suisse and CS First Boston are obviously super-deep and will stay super-deep."

☆ Coach owner Tapestry raises annual profit forecast
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] A handbag is seen in a Kate Spade store, owned by Tapestry, Inc., in Manhattan, New York, U.S., November 19, 2021. REUTERS/Andrew Kelly/File PhotoFeb 9 (Reuters) - Luxury group Tapestry Inc (TPR.N) raised its annual profit forecast on Thursday, helped by resilient demand and its strategy to largely use company-owned stores and its website to sell Coach and Kate Spade bags. Shares of the company, which fell 4.5% on Wednesday following disappointing earnings and forecasts from rival Capri Holdings (CPRI.N), rose 2% in premarket trading. Total revenue fell 5% to $2.03 billion in the second quarter ended Dec. 31, in line with analysts' average estimate, according to Refinitiv IBES data. Reporting by Uday Sampath and Deborah Sophia in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

For the fourth quarter, Switzerland's second-biggest bank posted a net loss of 1.39 billion francs. That brought its total net loss in 2022 to 7.29 billion francs, marking its second straight year in the red. The bank, however, completed a 4 billion Swiss franc fundraising in December and said liquidity levels had been boosted. Chief Executive Ulrich Koerner said last month that Credit Suisse was "seeing money now coming back in different parts of the firm." "We have a clear plan to create a new Credit Suisse and intend to continue to deliver on our three-year strategic transformation," Koerner said on Thursday.

☆ Credit Suisse moves towards carve out of investment banking arm
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +2 min

The bank, battling to recover from a series of scandals and heavy losses, said it had agreed to buy the investment banking business of M. Klein & Company LLC, for $175 million. Credit Suisse did not provide details on other investors that may back CS First Boston. Credit Suisse has been marketing CS First Boston to investors as a "super boutique" and sees revenue eventually more than doubling to as much as $3.5 billion, Reuters reported on Monday. Still, given the "challenging market backdrop", Credit Suisse expects its investment banking division - which includes some activities that may not move across to CS First Boston - to report a loss in the first quarter. Credit Suisse said it would keep control over the structure of CS First Boston.

☆ A disappointing 2022 has led some Goldman Sachs partners to ask: Is it time for a change at the top?
▼ + stars: | 2023-02-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

On tap, we've got stories on why not-so-flashy land is actually the hottest investment on Wall Street, the firms minting money by navigating FTX's bankruptcy, and the coolest houses on Airbnb. It's only February, but the Ides of March might be coming to Goldman Sachs. We've talked at length over how people are looking to pin the blame on Solomon as things have soured at Goldman. Certain issues have been easier to overlook than others, but the bank recently broke a cardinal rule of Wall Street: Don't mess with bankers' compensation. Forget beachfront, the hottest real estate for Wall Street is industrial land.

☆ Jim Cramer's top 10 things to watch in the stock market Thursday: Disney delivers, market rally back, another activist in Salesforce
▼ + stars: | 2023-02-09 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

The outlook for Club holding Wynn Resorts (WYNN) hasn't been this good since the Covid pandemic started. I've been saying more needs to be done to right the ship at this Club holding. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ Morning Bid: Corporate scatter
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike Dolan. A hail of mega corporate updates distracted stock markets from a confusing macro picture - but offers little more clarity with scattergun fortunes and ambiguous readouts for the wider economy. The flub fed worries that the Google parent is losing ground to rival Microsoft (MSFT.O) in the renewed craze around artificial intelligence. European shares touched a fresh nine-month high on Thursday as Germany's Siemens and UK's AstraZeneca boosted earnings euphoria, while Britain's bank, commodity and pharma heavy FTSE100 hit another record high. Norway's $1.35 trillion sovereign wealth fund said it had recently divested virtually all its remaining shares in the Adani group.

☆ Luxury brands diverge: Tapestry stock rises while Capri slides after earnings
▼ + stars: | 2023-02-09 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

Tapestry , the company behind Coach and Kate Spade, beat analyst expectations Thursday for its second quarter earnings and raised its annual profit forecast. Though, it was a different story for its competitor Capri Holdings , whose brands include Michael Kors and Versace. Tapestry's gains, sending the stock up over 3% Thursday, came a day after Capri's disappointing third quarter earnings report. Rick Patel, managing director at Raymond James, said both Tapestry and Capri have "done a great job" bringing new, younger customers into their brands through social media and website appeal. Tapestry reported per-share earnings of $1.36 on Thursday, topping estimates of $1.27, according to a survey of analysts conducted by Refinitiv.

☆ Michael Kors owner Capri cuts forecasts as demand slows, shares plunge 24%
▼ + stars: | 2023-02-08 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +2 min

Feb 8(Reuters) - Michael Kors owner Capri Holdings Ltd (CPRI.N) on Wednesday cut its annual profit forecast and provided a dour outlook for 2024, blaming a slowdown in demand from department stores for its luxury handbags and apparel and sending its shares tumbling 24%. Capri said third-quarter sales fell 6%, driven by a 20% fall in revenue from its wholesale channel, which includes department stores and other retailers. Revenue for Michael Kors, Capri's biggest brand, fell 4.5% to $777 million in the Americas during the third quarter. Capri, which also owns Jimmy Choo and Versace, cut its annual sales forecast to $5.56 billion, from $5.70 billion. Analysts expect earnings per share of $7.24 on revenue of $6.03 billion.

☆ Michael Kors owner Capri shares plunge after revenue falls across the retailer's luxury brands
▼ + stars: | 2023-02-08 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +2 min

Shares of Michael Kors owner Capri Holdings plunged 20% in early trading Wednesday after the company missed earnings expectations and cut its annual profit forecast. Here's how the company did:Earnings per share: $1.84 vs. $2.22 expected by analysts, according to Refinitiv. Revenue: $1.51 billion vs. $1.53 billion expected by analysts, according to Refinitiv. Revenue fell across the company's luxury brands: Michael Kors revenue fell 7.2% year over year to $1.1 billion, Jimmy Choo revenue fell 5.6% to $168 million, and Versace revenue fell 0.8% to $249 million. Capri said it now expects full year 2023 sales of $5.56 billion, below analyst expectations of $5.72 billion, according to Refinitiv.

☆ New York Fashion Week: social media, economy could influence trends
▼ + stars: | 2023-02-06 | by ( Alicia Powell | ) www.reuters.com time to read: +2 min

[1/5] A model presents a creation from the Michael Kors spring summer 2023 collection during New York Fashion Week in Manhattan, New York City, U.S., September 14, 2022. REUTERS/Caitlin OchsNEW YORK, Feb 6 (Reuters) - Big brands and emerging labels will present their new collections at New York Fashion Week, which kicks off on Friday, seeking to entice trend-followers with their latest creations and perhaps some viral moments. At a time when social media is opening up once-exclusive catwalk shows to fashion followers around the world, brands will be seeking to stand out and create plenty of buzz. Solá-Santiago said she expected to see a Y2K revival and the continued resurgence of nightlife attire as well as designers looking to social media trends for inspiration. “There's a lot of niche TikTok aesthetics that are really emerging like #Cottagecore #Regencycore, #Balletcore," she said.

☆ Exclusive: Credit Suisse markets CSFB as 'super boutique', sees revenue rebound
▼ + stars: | 2023-02-06 | by ( Paritosh Bansal | ) www.reuters.com time to read: +6 min

Veteran dealmaker Michael Klein has stepped down from the Credit Suisse board to become CEO. Third-party capital would help fund the unit's lending as a standalone entity, Credit Suisse said, without providing additional details. At the same time, Credit Suisse would pull back from certain businesses, such as providing revolving credit lines to companies and non-essential trading. Bloomberg News reported last month that Credit Suisse was nearing a deal to buy the boutique for a few hundred million dollars. Longer term under its plan for CSFB, Credit Suisse projects net revenues could rise to as much as $3.5 billion.

☆ Ashton Kutcher's tech investments made him millions—now he only takes 'roles that I want to play'
▼ + stars: | 2023-02-02 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Ashton Kutcher is making a comeback of sorts, reprising his star-making role as Michael Kelso on "That '90s Show." In fact, Kutcher said in a recent profile in Esquire that he never needs to take a role for the money again. "Now I can just worry about playing roles that I want to play," the "Jobs" star said. Now, Kutcher's financial security lets him be selective about the jobs he takes and the ones he turns down. And I want to play characters that are fun to play.

☆ The US's powerful Abrams tanks are heading to Ukraine, but generals disagree over how hard it'll be to use them on the battlefield
▼ + stars: | 2023-02-01 | by ( Sebastien Roblin | ) www.businessinsider.com time to read: +19 min

The US has pledged to send Abrams tanks to Ukraine, joining a bevy of Western-made tanks. Here comes the M1 Abrams for UkraineA M1A2 Abrams tank fires at a target during an exercise. The same day, word spread that US President Joe Biden would announce he was sending 31 M1 Abrams tanks to Ukraine. But Hertling disagreed that withholding the M1 Abrams was a "political decision" and didn't find the examples of non-US Abrams operators persuasive. M1 Abrams: training and sustainmentAn M1A2 Abrams drives into the woods during an exercise in Hohenfels, Germany.

☆ UBS flags uncertain year ahead after profit beats forecasts
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +4 min

[1/2] The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland, Oct. 25, 2022. REUTERS/Arnd WiegmannZURICH, Jan 31 (Reuters) - UBS (UBSG.S), Switzerland's biggest bank, forecast an uncertain year ahead due to the war in Ukraine and sagging client confidence on Tuesday, despite trumping expectations for 2022 with a $7.6 billion net profit. Zuercher Kantonalbank analyst Michael Klien said UBS had benefited from one-offs, including a lower than expected tax rate. SLOWDOWNUBS said it gained $23.3 billion in net new fee generating assets in wealth management, with a strong Swiss performance. UBS announced plans to buy back more than $5 billion worth of shares this year after repurchasing $5.5 billion in 2022.

☆ Options trader places bullish bet on Meta shares ahead of earnings
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions trader places bullish bet on Meta shares ahead of earningsMichael Khouw, Optimize Advisors, joins CNBC's "Fast Money" to discuss the options action around Meta shares ahead of earnings.

☆ U.S. court rejects J&J bankruptcy strategy for tens of thousands of talc lawsuits
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: +3 min

J&J said it will challenge the Third Circuit's ruling and continue to seek a resolution of the lawsuits in bankruptcy court. The appeals court was urged to dismiss the bankruptcy petition by plaintiffs suing over the talc products. The cancer victims asked the appeals court to overrule a New Jersey bankruptcy judge who had allowed LTL's bankruptcy to continue. LTL's bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL's bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

Organizations: & $

☆ US court rejects J&J bankruptcy strategy for tens of thousands of talc lawsuits
▼ + stars: | 2023-01-30 | by ( ) edition.cnn.com time to read: +3 min

J&J said it will challenge the Third Circuit’s ruling and continue to seek a resolution of the lawsuits in bankruptcy court. The appeals court was urged to dismiss the bankruptcy petition by plaintiffs suing over the talc products. The cancer victims asked the appeals court to overrule a New Jersey bankruptcy judge who had allowed LTL’s bankruptcy to continue. LTL’s bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL’s bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

Organizations: & $

☆ Utah is poised to be the first state to pass a gender-affirming care ban in 2023
▼ + stars: | 2023-01-28 | by ( Jo Yurcaba | Jo Yurcaba Is A Reporter For Nbc Out. | ) www.nbcnews.com time to read: +5 min

Utah is likely to become the first state to ban gender-affirming medical care for transgender minors this year. The Utah Senate approved a bill Friday that would bar minors from receiving gender-affirming surgeries and place an indefinite moratorium on their access to puberty blockers and hormone therapy. Spencer Cox, who became the second Republican governor last year to veto a bill that bars transgender students from playing girls’ sports. Bri Martin, the editor of the student newspaper at West High School, described gender-affirming care as “nothing short of life-saving,” the Salt Lake Tribune reported. The bill also allows minors to sue medical providers for malpractice for gender-affirming medical care if the minor “later disaffirms consent” before they turn 25.

☆ Canada Goose and other retail stocks will see a lift from China's reopening, according to Wells Fargo
▼ + stars: | 2023-01-26 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +1 min

Chinese shoppers are likely poised to hit the streets again during the country's reopening, a positive tailwind for certain retail stocks, according to Wells Fargo. The companies with the largest exposure to China's reopening are Nike , Farfetch , Canada Goose , Kate Spade-parent Tapestry and Michael Kors-owner Capri Holdings . Of these names, two – Canada Goose and Farfetch – are trading at deep discounts versus historic multiples, meaning now may be a good time to snap up shares. Wells Fargo has overweight ratings on both. For Farfetch, Wells Fargo sees a few tough quarters ahead but several positive catalysts as well, including the China reopening.

WASHINGTON, Jan 26 (Reuters) - The United States is poised to start using fast-track asylum screenings at the U.S.-Mexico border, part of U.S. President Joe Biden's recent efforts to address a record number of illegal crossings, five sources told Reuters. A group of Biden administration officials visited the U.S.-Mexico border this week in preparation for the new effort, said two of the sources, both U.S. officials. It was unclear when the fast-track screenings will begin. Under the plan, asylum seekers detained by U.S. Customs and Border Protection (CBP) would have remote interviews with a U.S. asylum officer within days, the sources said. Reuters first reported in December that the fast-track screenings were under consideration.

Attorney General Merrick Garland on Monday defended the Justice Department's handling of separate special counsel investigations into classified documents linked to former President Donald Trump and President Joe Biden, saying it does not have different rules for Republicans and Democrats. In his first public remarks on the topic after even more classified documents were found at Biden's home in Delaware, Garland was asked whether he believed the Justice Department was handling the two probes fairly. Garland announced this month that Robert Hur, who was a Trump-appointed federal prosecutor, would serve as a special counsel in the Biden probe. Congressional Republicans have launched their own investigations into the Biden documents. Biden and Trump have had contrasting responses to the discovery of classified documents, which are supposed to be handed over to National Archives when presidents or vice presidents leave office.

Search resuls for: "MICHAEL K"

25 mentions found