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☆ Warner Bros. 4Q Results Weighed Down by Soft Ad Sales, Restructuring Costs
▼ + stars: | 2023-02-24 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Warner Bros. Discovery’s holdings include movie and television studios, among other properties. Warner Bros. Discovery Inc.’s fourth-quarter revenue came in below Wall Street expectations, and it reported a wider-than-expected loss, as lower TV-licensing revenue, advertising challenges and restructuring costs weighed on results. The New York-based media giant, whose holdings include movie and television studios, CNN and HBO, and Discovery channels such as Food Network and HGTV, reported revenue of $11.01 billion for the three months that ended Dec. 31. Analysts polled by FactSet expected $11.20 billion in revenue.

☆ McKinsey Intends to Eliminate as Many as 2,000 Jobs
▼ + stars: | 2023-02-21 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

The cuts would be one of the company’s biggest headcount reductions to date. McKinsey & Co. plans to eliminate thousands of positions, adding the consulting giant to a wave of companies that are cutting corporate jobs. The firm, which is known for helping companies streamline their operations, could shed as many as 2,000 jobs in what would be one of its biggest headcount reductions to date, according to a person familiar with the matter.

☆ Abbott Laboratories to Acquire Cardiovascular Systems At Equity Value of $890M
▼ + stars: | 2023-02-09 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/abbott-laboratories-to-acquire-cardiovascular-systems-at-equity-value-of-890m-11675903811

☆ Lyft Shares Fall After Unexpected Loss, Downbeat Revenue Outlook
▼ + stars: | 2023-02-09 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Lyft expects its revenue in the current quarter to miss the roughly $1 billion forecast by Wall Street. Lyft Inc. shares plunged after the ride-hailing company posted an unexpected loss in the fourth quarter and said first-quarter revenue would come in below Wall Street expectations. The company on Thursday reported an adjusted loss of 74 cents per share, while analysts were looking for a profit, according to FactSet. For the latest quarter, Lyft’s net loss widened to $588.1 million, or $1.61 a share, from $283.2 million, or 83 cents a share, in the year prior.

☆ Mattel Earnings Plunge as Sales Fell 22% in Holiday Period
▼ + stars: | 2023-02-08 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Mattel Inc.’s fourth-quarter earnings plunged as sales fell 22% after cash-strapped consumers pulled back on spending and last-minute holiday purchases weren’t enough to lift results. The maker of Barbie dolls and Hot Wheels cars said Wednesday that overall revenue declined to $1.4 billion in the period that ended Dec. 31 amid a macroeconomic environment that was more challenging than it anticipated. Profit came in at $16.1 million, down 93% from $225.8 million a year earlier. Both measures missed Wall Street expectations.

☆ Mondelez Expects Fewer Price Increases This Year
▼ + stars: | 2023-02-01 | by ( Jaewon Kang | Kathryn Hardison | ) www.wsj.com time to read: 1 min

Mondelez International Inc. said its costs remain high, though the snack and candy producer doesn’t anticipate boosting prices for its products at the same level as in 2022. Chicago-based Mondelez, which makes Oreo cookies and Triscuit crackers, said it has raised its prices because of higher costs of energy, transportation and labor. The company said it increased prices in the U.S. in December and is negotiating in Europe.

☆ AIG Terminates Interim Finance Chief Mark Lyons
▼ + stars: | 2023-01-31 | by ( Kathryn Hardison | ) www.wsj.com time to read: +1 min

American International Group Inc. said it terminated Mark Lyons from his position as the interim chief financial officer and executive vice president, global chief actuary and head of portfolio management after the company became aware that he violated his confidentiality and nondisclosure obligations. AIG said it entered into a settlement agreement with Mr. Lyons. Mr. Lyons joined the company in 2018 and previously served as the CFO. Mr. Lyons couldn’t immediately be reached for comment. AIG said Sabra Purtill has been named interim CFO and Turab Hussain has been named the interim global chief actuary.

☆ DirecTV Adding Conservative Channel The First After Dropping Newsmax
▼ + stars: | 2023-01-27 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Bill O’Reilly’s show ‘No Spin News’ is one of the programs on The First television network. DirecTV will add The First, a conservative opinion and commentary network, to its lineup after recently dropping right-wing channel Newsmax. The satellite service said Thursday that The First will soon be available to its DirecTV, DirecTV Stream and U-Verse customers at no additional cost through a multiyear agreement. The new channel, which features programs such as “No Spin News” with Bill O’Reilly, will also be available on its DirecTV TV Everywhere websites and apps.

☆ Campbell Soup Names New CFO as It Looks to Continue Strong Growth
▼ + stars: | 2023-01-26 | by ( Jennifer Williams-Alvarez | Kathryn Hardison | ) www.wsj.com time to read: +3 min

Campbell Soup Co. appointed its next finance chief as the soup and snack maker looks to build on its recent growth. The Camden, N.J.-based company on Wednesday said Carrie Anderson will become chief financial officer, effective Feb. 6. Carrie Anderson, incoming CFO at Campbell Soup Co. Photo: Campbell Soup Co.Ms. Anderson is set to join Campbell from medical technology company Integra LifeSciences Holdings Corp. , where she has been CFO since June 2019. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Campbell’s brands include its namesake soup, Prego sauces, Pepperidge Farm snacks and breads, and Cape Cod potato chips.

☆ Nordstrom Holiday Sales Decline as Shoppers Tighten Belts
▼ + stars: | 2023-01-20 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Nordstrom has been working to aggressively lower inventory levels, with more markdowns taken in the final weeks of the year. Nordstrom Inc. became the latest retailer to report declining holiday sales as consumers tightened their spending amid persistent economic challenges. The department-store chain said Thursday that sales during the nine weeks that ended Dec. 31 declined 3.5% from a year earlier, leading the Seattle-based company to adjust its full-year forecast.

☆ Hanesbrands CFO Michael Dastugue Resigns; Scott Lewis Named Interim CFO
▼ + stars: | 2023-01-13 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Hanesbrands Inc. said Thursday that Chief Financial Officer Michael Dastugue has resigned, effective Feb. 28, due to family reasons. The apparel company named Scott Lewis, its chief accounting officer and controller, as the interim finance chief until a successor is appointed. The company has initiated a search for a permanent CFO. Mr. Dastugue will continue to serve in a financial consultancy position through the second quarter, the company said. Write to Kathryn Hardison at kathryn.hardison@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.

☆ AMD, Marvell Technology Name New CFOs
▼ + stars: | 2023-01-12 | by ( Kathryn Hardison | ) www.wsj.com time to read: +1 min

Marvell Technology Inc. has appointed Willem Meintjes as its chief financial officer, succeeding Jean Hu as she takes on the CFO role for Advanced Micro Devices Inc.Mr. Meintjes will assume the position on Jan. 20, Marvell Technology said Wednesday. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEW Ms. Hu will become the CFO and executive vice president at Advanced Micro Devices on Jan. 23, according to a separate announcement. Mr. Meintjes has served as Marvell’s chief accounting officer and treasurer since 2018. He joined the company in 2016 as a senior vice president of finance.

☆ AIG Finance Chief Takes Temporary Medical Leave
▼ + stars: | 2023-01-11 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

American International Group Inc. said Tuesday that Chief Financial Officer Shane Fitzsimons is taking a temporary medical leave of absence. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMark Lyons, who previously served as the company’s CFO, has been appointed as the interim CFO. Mr. Lyons will continue to serve in his role as the global chief actuary and head of portfolio management, the insurance company said. Write to Kathryn Hardison at kathryn.hardison@wsj.comCopyright ©2022 Dow Jones & Company, Inc. All Rights Reserved.

☆ Business-Software Companies Say Customers Are Pulling Back Amid Economic Concerns
▼ + stars: | 2022-12-04 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Salesforce said its business customers are adopting behaviors typically seen in an economic downturn. Attendees at its 2022 Dreamforce conference in San Francisco. Business-software companies say customers are being more cautious with their spending in response to a challenging economy, adding to the tech industry’s list of concerns. Customers for companies such as Salesforce Inc., Okta Inc. and CrowdStrike Holdings Inc. are taking longer to sign deals, and in some cases slowing their hiring plans as they try to protect their bottom lines, the software providers reported this past week. That trend has created a cloudy outlook for many in the once-booming business-software sector, which benefited from years of demand as customers looked to use the products to trim costs and maintain their businesses during the pandemic.

☆ Salesforce Co-CEO Bret Taylor to Step Down
▼ + stars: | 2022-11-30 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Bret Taylor was elevated to the co-CEO role at Salesforce a year ago. Salesforce Inc. said Bret Taylor will depart as co-CEO of the business-software company with co-founder and co-CEO Marc Benioff becoming the sole chief executive. “After a lot of reflection, I’ve decided to return to my entrepreneurial roots,” Mr. Taylor said, adding that “now is the right time for me to step away.”

The toy industry needs a Christmas miracle. Stores are overflowing with Legos and Barbies. Retailers are slashing prices and in some cases tapering orders from manufacturers to clear their shelves. Shoppers have pulled back on purchases amid high costs of gas and food, many of them waiting until after Black Friday for toy prices to drop further or spread out their spending.

The toy industry needs a Christmas miracle. Stores are overflowing with Lego sets and Barbies. Retailers are slashing prices and in some cases tapering orders from manufacturers to clear their shelves. Shoppers have pulled back on purchases amid high costs of gas and food, many of them waiting until after Black Friday for toy prices to drop further or spread out their spending.

☆ Carvana Plans to Lay Off 1,500 Employees, Cites Economic Concerns
▼ + stars: | 2022-11-18 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Carvana Co. plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff. The planned workforce reductions come as the used car retailer faces economic headwinds and an uncertain future, Chief Executive Ernie Garcia said in the memo.

☆ Carvana Plans to Lay Off 1,500 Employees, Citing Economic Concerns
▼ + stars: | 2022-11-18 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Carvana Co. plans to lay off about 1,500 employees, or about 8% of the company’s workforce, executives said in a Friday memo to staff. The workforce reductions come as the online used-car retailer faces economic headwinds and an uncertain future, Chief Executive Ernie Garcia said in the memo. The move also adds to the 2,500 employees the company, based in Tempe, Ariz., planned to lay off earlier this year after it overshot its growth strategy.

☆ Hasbro Chief Financial Officer Deborah Thomas to Retire
▼ + stars: | 2022-11-09 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Hasbro Inc. Chief Financial Officer Deborah Thomas plans to retire from the toy and entertainment company. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMs. Thomas will remain in her position until a successor is in place, the company said Wednesday. Hasbro said it would look at both internal and external candidates for the next finance chief. Ms. Thomas has been at Hasbro for 24 years, Chief Executive Chris Cocks said.

☆ Mondelez International Raises Outlook Despite Lower Profits
▼ + stars: | 2022-11-02 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Mondelez International Inc. raised its full-year outlook as consumers continue to absorb higher prices for its snacks, though extra costs took a chunk out of its bottom-line in the third quarter. The Chicago-based maker of Oreo cookies and Triscuit crackers said sales rose 8.1% to $7.76 billion in the latest quarter, driven by higher pricing and volume. It also started to log sales following its acquisitions of energy bar marker Clif Bar & Co. and baked goods company Chipita Global S.A., deals valued at $2.9 billion and $2 billion respectively.

☆ Victoria’s Secret to Buy Lingerie Brand Adore Me for $400 Million
▼ + stars: | 2022-11-01 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Victoria’s Secret & Co. is buying online lingerie seller AdoreMe Inc., adding a brand known for inclusive sizing and body positivity as the retailer tries to move away from a legacy built largely on sex appeal. Victoria’s Secret is paying $400 million in cash for Adore Me, a direct-to-consumer business that started about a decade ago. The online lingerie seller is on track for about $240 million in revenue this year, according to Victoria’s Secret. It comes after Victoria’s Secret itself has shifted its marketing, hiring more diverse models, and discussed plans to add new brands to its mix.

☆ J.B. Hunt Expects Weaker Freight Volumes This Holiday Season
▼ + stars: | 2022-10-18 | by ( Liz Young | Kathryn Hardison | ) www.wsj.com time to read: +3 min

Freight bellwether J.B. Hunt Transport Services Inc. said it is planning for a damped holiday shipping season, as cargo volumes fall ahead of what is typically the busiest period of the year for logistics operators. PREVIEWDarren Field, president of intermodal at J.B. Hunt, said on an earnings call Tuesday that peak season volumes aren’t where the company had anticipated they would be. J.B. Hunt executives said the company is seeing some of that in its freight-brokerage business, where volumes have been softening. Revenue in its brokerage business was down 11% in the third quarter year-over-year and volume was down 8%. Mr. Field said he attributed the September drop-off to the threat of a national rail strike that month.

☆ Tesla, Netflix Set to Report Earnings as Recession Talk Mounts
▼ + stars: | 2022-10-15 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/tesla-netflix-set-to-report-earnings-as-recession-talk-mounts-11665798615

☆ Cameco, Brookfield Renewable Partners to Buy Westinghouse Electric Co. for $7.88 Billion
▼ + stars: | 2022-10-12 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Cameco and Brookfield Renewable along with institutional partners, are planning to buy Westinghouse Electric Co. The companies said Tuesday that they are forming a strategic partnership to acquire the nuclear services business. Brookfield Renewable, with its institutional partners, will own a 51% interest in Westinghouse and Cameco will own 49%, they said.

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