DIRS.INFO The most relevant business & tech news

☆ T.J. Maxx parent sees weak annual profit pressured by rising costs
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - TJX Cos Inc (TJX.N) forecast annual profit below Wall Street expectations on Wednesday, as the off-price retailer's margins face pressures from persisting supply chain costs and surging inflation. However, TJX has continued to draw in shoppers as it managed to keep its prices lower than other retailers or department stores. The T.J. Maxx parent also posted better-than-expected fourth-quarter revenue, benefiting from bargain-hungry but brand-conscious customers turning to off-price stores during the holiday season. Analysts see TJX as one of the more well-positioned off-price retailers which is expected to gain market share in a weakening consumer discretionary environment. Reporting by Aatrayee Chatterjee and Ananya Mariam Rajesh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ TJX sees weak annual profit as costs bite
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - TJX Cos Inc (TJX.N) forecast annual profit below Wall Street expectations on Wednesday, as the off-price retailer's margins take a hit from persisting supply chain costs and inflationary pressures. TJX, which has been battling higher freight and labor costs due to persistent global supply chain disruptions, the Russia-Ukraine war and surging inflation, had selectively increased prices from fiscal 2022 on some products. The discount store operator now expects full-year adjusted profit per share between $3.29 and $3.41, compared with analysts' estimates of $3.57, according to IBES data from Refinitiv. The company's net sales rose to $14.52 billion from $13.85 billion in the fourth quarter, beating analysts' estimates of $14.07 billion. Reporting by Aatrayee Chatterjee and Ananya Mariam Rajesh in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Feb 21 (Reuters) - TJX Cos Inc (TJX.N) is likely to see a strong growth in annual sales as inflation pushes bargain-hungry but brand-conscious customers to off-price retailers offering cheaper deals and promotions. A case in point is Nordstrom Inc (JWN.N), which cut its annual profit forecast after its off-price store chain Rack failed to attract people despite heavy discounting due to inventory mismanagement. Jessica Ramirez, analyst at Jane Hali and Associates, said TJX is in tune with what the customer is shopping for and are interested. "TJX is very strong with their assortment ... they have been able to bring a lot of good names into their product offerings," she said. Reporting by Ananya Mariam Rajesh and Aatrayee Chatterjee in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Home Depot warns of weak 2023 profit as rising prices hurt demand
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

1 U.S. home improvement chain posted a surprise drop in fourth-quarter comparable sales, sending its shares down more than 4% in premarket trading. Shares of smaller rival Lowe's Cos Inc (LOW.N) also slipped after Home Depot's dour forecast amid a strained U.S. housing market. Wall Street analysts have warned that home improvement chains are set for a challenging 2023. Home Depot said comparable sales fell 0.3% in the fourth quarter ended Jan. 29, compared with analysts' average estimate of a 0.56% increase. Home Depot said it would spend an additional $1 billion in annualized compensation for its frontline, hourly associates, starting from the first quarter of 2023.

☆ Big rainmakers on Wall Street
▼ + stars: | 2023-02-20 | by ( ) www.businessinsider.com time to read: +1 min

But while that means many Wall Street pros are technically off but in reality, glued to their Slack, WhatsApp, and work email, our team is actually not working today. So if you're looking for some great finance reads, look no further. ChatGPT could upend jobs across Wall Street. Wall Street's big rainmakers: In 2022, top investment banks still pushed blockbuster deals over the line during what was a tough year for M&A. We rounded up the 20 powerhouse bankers who orchestrated the biggest deals of 2022.

☆ Analysis: ECB faces new communication challenge as inflation falls
▼ + stars: | 2023-02-16 | by ( Balazs Koranyi | ) www.reuters.com time to read: +5 min

But core inflation is proving stubborn and could still rise from last month's 5.2%. "We have to continue to emphasize that we have this medium term perspective," Klaas Knot, the Dutch central bank chief said. It has oscillated between focusing on current inflation, future inflation and core inflation. Wages are the biggest factor in that sector's prices and services inflation is still just above 4%. So wage growth of the magnitude of 5% or more could push services inflation even higher.

☆ ECB 50-basis-point hike in March a done deal, May and June undecided
▼ + stars: | 2023-02-16 | by ( Jonathan Cable | ) www.reuters.com time to read: +3 min

ECB President Christine Lagarde said at a news conference this month that the euro zone's central bank would add 50 basis points to the deposit rate. Economists took her at her word, with all 57 of them polled in the Feb. 10-15 period expecting a deposit rate hike to 3.00% at the March 16 meeting. The ECB will follow up on March's move with a further 25-basis-point lift next quarter, medians showed, giving a terminal deposit rate of 3.25% and a refinancing rate of 3.75%. In response to an additional question, an overwhelming majority - 26 of 28 - said the risk was the terminal deposit rate ends higher than they expect, rather than lower. Markets are currently pricing in a terminal deposit rate of 3.50%.

☆ The behind-the-scenes role that's minting future stars at BlackRock
▼ + stars: | 2023-02-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Some of the most powerful people on Wall Street are men and women you've never heard of. Click here to learn more about BlackRock's new chief of staff and why the role is rising in importance across Wall Street. Everybody wants macro traders. A fintech helping companies engage with their retail investors got backing from Alexis Ohanian's Seven Seven Six. These are the top 10 holdings in the church's investment portfolio, including one Wall Street titan.

☆ Euro zone inflation could fall faster than thought, ECB's De Cos says
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

MADRID, Feb 15 (Reuters) - Euro zone inflation could fall faster than earlier thought given a host of positive developments in recent months but past price hikes and a tight labour market could still exert upward pressure on underlying prices in the near term, European Central Bank policymaker Pablo Hernandez de Cos said on Wednesday. "Recent data on euro area inflation and some of its key determinants are somewhat encouraging, but the overall situation still requires caution", De Cos said in a speech posted on the webpage of the Bank of Spain. He also mentioned the possible effects of the Chinese reopening, the resilience of the euro area economy and the transmission of ECB monetary policy decisions. "All these will have to be assessed as part of the full projections exercise under way in the run-up to our March meeting," De Cos said. Reporting by Jesús Aguado; Editing by Balazs KoranyiOur Standards: The Thomson Reuters Trust Principles.

☆ Medical-Device Makers Face Push to Protect Their Wares From Hacks
▼ + stars: | 2023-02-13 | by ( James Rundle | ) www.wsj.com time to read: +5 min

Mounting cyberattacks against hospitals and clinics and a regulatory push are increasing the pressure on medical-device manufacturers to improve the security of their products. Cyber protections have often been an afterthought for medical devices, which can be in operation for decades. Newsletter Sign-up WSJ Pro Cybersecurity Cybersecurity news, analysis and insights from WSJ's global team of reporters and editors. While Mr. Suarez acknowledged that greater transparency about vulnerabilities is needed from makers of medical devices, he also wants to see customers stop using old, unsupported equipment. “It’s a complex challenge,” Mr. Suarez said.

The stores that Kroger and Albertsons may sell could be worth more than $1 billion, the sources said. Kroger and Albertsons will choose to proceed with the spin-off if they are unable to strike a deal with a potential buyer. Kroger, Albertsons and the FTC declined to comment. Haggen filed for bankruptcy months later and blamed the deal with Albertsons for its demise. Albertsons then agreed to buy many of the Haggen stores back for $300 million.

☆ IPG Posts 3.8% Organic-Revenue Growth, Flags Tech-Sector Challenges
▼ + stars: | 2023-02-09 | by ( Megan Graham | ) www.wsj.com time to read: +3 min

Interpublic Group of Cos. reported organic-net-revenue growth of 3.8% for the fourth quarter, saying that growth continued—albeit at a slower pace—despite a more cautious marketing and media environment due to macroeconomic and geopolitical factors worldwide. Net revenue in the fourth quarter of 2022 was $2.55 billion, relatively flat when compared with the fourth quarter of 2021. For all of 2022, IPG reported organic-net-revenue growth of 7%. “As expected, growth slowed in the fourth quarter, consistent with global macroeconomic and geopolitical crosswinds which we are all aware of,” Chief Executive Philippe Krakowsky said on the company’s earnings call Thursday. Earlier this week, IPG competitor Omnicom Group Inc. reported organic-revenue growth of 7.2% for the fourth quarter.

☆ Futures fall with eyes on earnings
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +2 min

Companies reporting quarterly results this week include Walt Disney Co (DIS.N) and PepsiCo Inc (PEP.O), while Tyson Foods Inc (TSN.N), Lowe's Cos Inc (LOW.N), Activision Blizzard Inc (ATVI.O) and Cummins Inc (CMI.N) report results later in the day. Halfway through the earnings of the S&P 500 companies, 69.6% have reported results above expectations, according to Refinitiv. Overall, analysts still expect quarterly earnings of S&P 500 firms declining 2.7%. Job growth in the U.S. accelerated sharply in January, with nonfarm payrolls surging by 517,000 jobs, well above an estimate of 185,000. ET, Dow e-minis were down 237 points, or 0.7%, S&P 500 e-minis were down 37 points, or 0.89%, and Nasdaq 100 e-minis were down 144.25 points, or 1.14%.

☆ Gucci Parent Kering Taps Estée Lauder Executive for Beauty Push
▼ + stars: | 2023-02-03 | by ( Nick Kostov | ) www.wsj.com time to read: 1 min

PARIS—Gucci-owner Kering SA has tapped a senior Estée Lauder Cos. executive to lead a new beauty division, as the luxury giant looks to expand in cosmetics and perfumes. Raffaella Cornaggia will help develop beauty offerings for brands including Bottega Veneta, Balenciaga and Alexander McQueen. Kering said the Italian national would bring strong experience to a strategically important area.

☆ Nordstrom could use an activist, but Ryan Cohen might not be the right one
▼ + stars: | 2023-02-03 | by ( Christina Cheddar Berk | ) www.cnbc.com time to read: +6 min

Activist investor Ryan Cohen is building a stake in the department store chain as he looks to shake up its board, people familiar with the matter told CNBC. Tritton had once worked at Nordstrom, and Cohen thinks this makes him "conflicted and unqualified" to serve, the Journal report said. JWN 1D mountain Nordstrom shares surged after a report says Ryan Cohen is building a stake in the department store chain. 'Begs for an activist' The department store business hasn't been an easy one as shoppers buy more goods online or look to avoid large malls. The analyst also recalled that El Puerto de Liverpool, a Mexico City-based department store operator, holds a 10% stake in Nordstrom.

☆ Estée Lauder Sales Hit Again by China’s Covid Lockdowns
▼ + stars: | 2023-02-02 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Estée Lauder tempered its outlook for the second half of its fiscal year. Estée Lauder Cos. reported declining sales for a third consecutive quarter as Covid-19 lockdowns in China and retailers tightening their inventories continued to weigh on its business. The New York-based cosmetics company, with brands from Clinique to M.A.C., on Thursday also tempered its outlook for the second half of its fiscal year amid a slower-than-expected rebound in travel-related retail sales.

☆ Publicis Reports 9.4% Organic Revenue Growth for Fourth Quarter
▼ + stars: | 2023-02-02 | by ( Megan Graham | ) www.wsj.com time to read: +4 min

Publicis Groupe SA said Thursday that organic revenue grew 9.4% in the fourth quarter as its data and technology services continued to capture a shift in client spending. The growth in the quarter ending Dec. 31 brought Publicis’s full-year 2022 organic revenue growth to 10.1%. The results beat the average analyst estimate of 5.3% growth for the quarter and 8.8% for the year, according to FactSet. Publicis said it expects organic revenue growth of 3% to 5% in 2023. Organic growth refers to the change in net revenue excluding the impacts of acquisitions, disposals and currency fluctuations.

☆ Sen. Kyrsten Sinema pulls in cash from Wall Street, real estate titans as she mulls reelection bid
▼ + stars: | 2023-02-02 | by ( Brian Schwartz | ) www.cnbc.com time to read: +9 min

Real estate and private equity leaders, who have long helped to fill Sinema's campaign coffers, contributed to a healthy cash haul for the senator in the final months of last year. At the lunch, Sinema discussed the incoming Congress and how the tight margins in both chambers could create gridlock, according to attendees. Sinema's campaign had already seen more than $2 million from the securities and investment industry since the 2018 election cycle. The Sinema campaign saw dozens of contributions totaling over $145,000 from people who work at Apollo Global Management, another giant private equity firm, since October. Suzanne Clark, CEO of the massive pro-business lobbying group U.S. Chamber of Commerce, also donated $1,000 to Sinema's campaign on Dec. 31, the new FEC filing shows.

☆ Currency fluctuations' impact on N. American cos rose sharply in Q3 -report
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, Jan 31 (Reuters) - The negative impact of currency fluctuations on North American companies' results rose sharply again in the third quarter of 2022, data from treasury and financial management firm Kyriba showed on Tuesday. The negative effect was $34.25 billion in the second quarter of 2022. Strong gains in the U.S. dollar last year weighed on U.S. corporate results, with the currency boosted by aggressive interest rate hikes by the Federal Reserve. A stronger dollar makes U.S. exporters' products less competitive abroad while hurting U.S. multinationals that need to exchange their earnings into dollars. Reporting by Caroline Valetkevitch Editing by Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

BENGALURU, Feb 1 (Reuters) - Indian shares reversed earlier gains to close lower on Wednesday, led by a fall in insurance companies after the country's Union budget proposed to limit tax exemptions for insurance proceeds, while Adani Group shares tumbled. This was the worst budget day performance by Nifty 50 (.NSEI) in three years, since the 2.51% fall in 2020. Reuters Graphics Reuters GraphicsMeanwhile, Indian bond yields dropped after the government announced gross borrowing at 15.43 trillion rupees ($188.75 billion) for the next financial year. A Reuters poll had pegged gross borrowing at 16 trillion rupees. Indian insurance companies were top losers post budget, with HDFC Life (HDFL.NS), SBI Life Insurance (SBIL.NS), ICICI Prudential Life Insurance Co (ICIR.NS), Life Insurance of India (LIFI.NS), General Insurance Corp (GENA.NS) and Max Financial (MAXI.NS) tumbling between 8.5% to 12.5%.

☆ Why Auto Marketing Looks Poised for Growth in 2023
▼ + stars: | 2023-01-27 | by ( Megan Graham | ) www.wsj.com time to read: +5 min

A year like that might typically drive auto marketing off a cliff. “We haven’t taken our foot off the accelerator, because we do see the transformation of EVs occurring,” Mr. Wager said. “You don’t put a vehicle in the Super Bowl to sell 20,000 vehicles—that doesn’t make any sense,” Mr. Wager said. “You wouldn’t put it on television normally, unless you’re creating the halo of the electrification of the brand,” Mr. Wager said. Kia will be at the Super Bowl again this year, this time advertising its Telluride SUV.

S&P Global's Flash U.S. Composite Output Index last month rose to 46.6, below a reading of 50 where growth begins. Companies reported soft demand amid still high inflation that remains a headwind to customer spending, the report showed. The S&P 500 and Nasdaq closed slightly lower after bellwethers including 3M (MMM.N), Johnson & Johnson (JNJ.N), Verizon (VZ.N) and GE (GE.N) reported mixed results. The Dow rose as Traveler Cos (TRV.N), American Express (AXP.N) and JPMorgan Chase provided almost half its gains. The Dow Jones Industrial Average (.DJI) rose 0.31%, the S&P 500 (.SPX) lost 0.07% and the Nasdaq Composite (.IXIC) dropped 0.27%.

Goldman Sachs Group Inc (GS.N) fell 3.5% after the bank reported a bigger-than-expected drop in quarterly profit, weighing the most on the Dow Jones Industrial Average (.DJI). "Widely expected to be awful, Goldman Sachs' quarterly results were even more miserable than anticipated," said Octavio Marenzi, chief executive at consultancy Opimas. The S&P 500 energy (.SPNY) and consumer staples (.SPLRCS) sectors were up about 0.6% each, while financial stocks (.SPSY) fell 0.6%. Earnings from Goldman Sachs and Morgan Stanley wrap up a mixed reporting season for big banks, most of which have put aside rainy-day funds to prepare for a looming recession. Analysts expect year-over-year earnings from S&P 500 companies to decline 2.4% for the quarter, according to Refinitiv data.

☆ Albertsons Sales up 8.5% on Higher Prices
▼ + stars: | 2023-01-10 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Albertsons Cos. sales rose 8.5% in the recently ended quarter as higher prices for food and other household products continue to boost the grocer’s top line. The Boise, Idaho-based supermarket company, which operates its namesake stores as well as the Acme and Safeway chains, said identical sales—a metric that strips out store closings and openings—rose 7.9% in its fiscal third quarter.

☆ CD&R Hires Former Marsh & McLennan CEO Dan Glaser as Operating Partner
▼ + stars: | 2023-01-09 | by ( Miriam Gottfried | ) www.wsj.com time to read: 1 min

Marsh & McLennan’s market capitalization climbed to over $80 billion during the decade Dan Glaser spent as its chief executive. Dan Glaser , the former chief executive of insurance broker and benefits company Marsh & McLennan Cos., is joining private-equity firm Clayton, Dubilier & Rice LLC as an operating partner. Mr. Glaser, who said in September that he would be retiring after a 40-year career in insurance, will work for a new financial-services unit that CD&R recently launched, firm executives said.

Search resuls for: "COS"

25 mentions found