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14 mentions found


☆ Companies double down on AI in June-quarter analyst calls
  + stars: | 2023-07-31 | by ( Noel Randewich | ) www.reuters.com   time to read: +3 min
S&P 500 (.SPX) companies that led in discussion of AI during quarterly conference calls with analysts earlier this year have outdone themselves in their latest quarterly calls. Following Intel's (INTC.O) report late on Thursday, executives and analysts on its call mentioned AI 58 times, up from 15 mentions in its previous call in April. Reuters Graphics Reuters GraphicsParticipants on Alphabet's (GOOGL.O) analyst call on Tuesday mentioned AI 62 times, up from 52 times three months ago. The same day, AI was mentioned 58 times on Microsoft's (MSFT.O) call, up from 35 times in its previous call. Technology heavyweights account for the conference calls with the greatest discussion of AI so far this quarter, but businesses not widely viewed as "tech companies" have also talked heavily about AI.
Persons: Aly, Equifax, Noel Randewich, Aurora Ellis Organizations: Artificial Intelligence, REUTERS, Intel, Nvidia, Reuters Graphics Reuters, Nasdaq, Reuters, Technology, Moody's Corp, P Global Inc, Travelers Companies, Omnicom, Digital Realty, Thomson Locations: Shanghai, China
☆ S&P Global misses profit estimates as Commodity Insights, Indices units struggle
  + stars: | 2023-07-28 | by ( ) www.reuters.com   time to read: +1 min
On an adjusted basis, its profit of $3.12 per share missed analysts' average estimate of $3.14 per share, as per Refinitiv IBES data. Growth in revenues from the company's Commodity Insights and Indices segments could not meet Street expectations. S&P's Market Intelligence segment posted a 5% rise in sales, taking the firm's total revenue up 4% to $3.1 billion in the quarter through June. S&P Global, which provides essential market intelligence to governments, corporates and institutional investors, completed the divestiture of its Engineering Solutions unit to global investment firm KKR Inc (KKR.N) in May. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.
Persons: Jaiveer Singh, Shweta Agarwal Organizations: Intelligence, P Global Inc, P's, P, Solutions, KKR Inc, Thomson Locations: Bengaluru
☆ India April factory activity hits 4-month high on robust demand
  + stars: | 2023-05-01 | by ( Anant Chandak | ) www.reuters.com   time to read: +2 min
BENGALURU, May 1 (Reuters) - India's factory activity expanded at its quickest pace in four months in April, driven by solid growth in new orders and output, a private survey showed on Monday, signaling resilient demand and an encouraging outlook. The survey results suggest India will continue to be one of the fastest-growing major economies despite slowing global growth that has undermined momentum across several other countries. "Reflecting a robust and quicker expansion in new orders, production growth took another step forward in April. Besides seeing the strongest inflow of new work in 2023 so far, capacities were expanded through job creation, input buying was lifted." Foreign demand also expanded at the fastest pace in four months in April and optimism improved.
☆ Exclusive: Millennium Trust's owners explore $8 bln sale -sources
  + stars: | 2023-04-26 | by ( David French Anirban Sen | David French | Anirban Sen | ) www.reuters.com   time to read: +2 min
The sale effort comes as Millennium Trust's business is buoyed by higher interest rates adopted by the U.S. Federal Reserve to fight inflation. Credit ratings agency S&P Global Inc said last month the higher rates boost the revenue Millennium Trust receives from allowing customers to borrow against their retirement accounts. Millennium Trust will also entertain the sale of a minority stake to a private equity firm, should an outright sale not be feasible, the sources said. Millennium Trust generates north of $500 million in 12-month earnings before interest, taxes, depreciation and amortization (EBITDA), according to the sources. Raymond James, Parthenon and Millennium Trust did not immediately respond to requests for comment.
☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
  + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com   time to read: +4 min
REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.
☆ S&P again downgrades First Republic Bank ratings
  + stars: | 2023-03-19 | by ( ) www.reuters.com   time to read: 1 min
March 19 (Reuters) - Credit rating agency S&P Global Inc said it downgraded First Republic Bank's (FRC.N) ratings for the second time in less than a week on Sunday. The credit rating agency lowered First Republic's sovereign credit ratings to "B+" from "BB+". The report comes after S&P on Wednesday downgraded the bank's credit rating to "BB+" from "A-." Bloomberg News first reported on Sunday the bank would be downgraded again by S&P, citing people familiar with the matter. Reporting by Anirudh Saligrama in Bengaluru Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.
☆ Unisys, Bed Bath & Beyond slide after removal from small-cap index
  + stars: | 2023-03-06 | by ( ) www.reuters.com   time to read: +1 min
NEW YORK, March 6 (Reuters) - Shares of IT services firm Unisys Corp tumbled 16.7% on Monday and shares of embattled home goods retailer Bed Bath & Beyond Inc fell about 4% after it was announced they will be removed from the small-cap S&P 600 index (.SPCY) in two weeks. Shares of Unysis (UIS.N) have fallen 80% over the past 12 months. As of Friday, the company's market capitalization was $330.9 million, according to Refinitiv data, or less than the $850 million market cap required for inclusion in the small-cap index. Fair Isaac shares rose 0.25% to $707.01, on track to mark a record closing high, while Lumen shares bounced off near-record lows, up 4.57% at $3.315 a share. Reporting by Herbert Lash; additional reporting by Lance Tupper; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.
☆ The 1% Stock-Buyback Tax Hasn’t Slowed Repurchases. A Proposed 4% Tax Might.
  + stars: | 2023-03-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +7 min
Executives largely shrugged off a new 1% tax on stock buybacks as the cost of doing business. Even with the 1% tax, stock buybacks are the preferred way to return cash to shareholders, Mr. Krone said at a conference in February. Stock repurchases by Berkshire and the publicly traded companies it owns benefited investors, he wrote in the Feb. 25 letter. For one, share repurchases typically don’t commit them to continuing to buy shares, and offer flexibility on timing. “We only really consider share repurchases when we have an attractive repurchase price,” the CFO said.
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☆ Disney, Pepsi, Uber Set to Report During Lackluster Earnings Season
  + stars: | 2023-02-04 | by ( Dia Gill | ) www.wsj.com   time to read: 1 min
PepsiCo Inc., Uber Technologies Inc. and Walt Disney Co. are among the companies slated to report earnings in the coming week, during an earnings season marked by cooling demand and throttled profits. Investors will also hear from the food makers Kellogg Co. and Tyson Foods Inc., the healthcare companies CVS Health Corp. and AbbVie Inc., as well as the private-equity firms KKR & Co. and Apollo Global Management Inc. Other companies reporting earnings include PayPal Holdings Inc., S&P Global Inc. and Chipotle Mexican Grill Inc.
☆ Companies Spend Record Amounts on Dividends, Despite Looming Downturn
  + stars: | 2022-12-30 | by ( Mark Maurer | ) www.wsj.com   time to read: +7 min
They usually review their cash flow expectations for at least the next 18 months when determining whether or how much to pay in dividends, Mr. Silverblatt said. Of the S&P 500, 373 companies raised dividends in 2022 through Dec. 15, compared with 353 in 2021, according to S&P Dow Jones Indices. Five S&P 500 companies decreased their dividend in 2022 through Dec. 15, compared with four in 2021. It paid $7 billion in cash dividends for the year ended Oct. 30, up 13.2% from the prior-year period. Cash and cash equivalents totaled $505.5 million as of Sept. 30, down from $673 million a year earlier, filings showed.
☆ New Tax on Buybacks Is Weeks Away, but Finance Chiefs Aren’t Too Worried
  + stars: | 2022-12-09 | by ( Jennifer Williams-Alvarez | ) www.wsj.com   time to read: +6 min
A new corporate tax on stock buybacks hasn’t worried finance chiefs enough for them to rethink their strategy. For Bolingbrook, Ill.-based Ulta Beauty Inc., a maker of beauty products, the impact of the tax will be minimal, finance chief Scott Settersten said. The company’s board in March authorized a new buyback program that enables Ulta Beauty to repurchase up to $2 billion in shares. It is set to be levied on net buybacks, meaning total shares repurchased minus new shares issued during the year. SHARE YOUR THOUGHTS How will the new tax on stock buybacks affect company repurchase plans in the years ahead?
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☆ S&P Global plans to sell engineering solutions business
  + stars: | 2022-11-30 | by ( Shadia Nasralla | ) www.reuters.com   time to read: +1 min
Nov 30 (Reuters) - S&P Global Inc (SPGI.N) plans to sell its engineering solutions business and has confidentially engaged with several prospective buyers, the market intelligence and ratings agency said on Wednesday. The decision to sell the unit follows S&P Global's $44 billion acquisition of data firm IHS Markit earlier this year. The engineering solutions division serves more than 6,000 customers globally. S&P Global reported a 37% rise in revenue in the third quarter due to the inclusion of IHS Markit's businesses. The engineering solutions unit accounted for 3.3% of its parent's total revenue during the quarter.
☆ Texas AG Paxton joins probe into S&P Global's use of ESG in credit ratings
  + stars: | 2022-09-28 | by ( Industry Insight | Reuters Professional | Pepsico'S Biggest Challenge | ) www.reuters.com   time to read: +1 min
Sept 28 (Reuters) - Texas Attorney General Ken Paxton has joined a multi-state investigation into whether S&P Global Inc (SPGI.N) violated consumer protection laws over its use of environmental, social and governance (ESG) factors in credit ratings. The ESG credit indicators, ESG scores, and ESG evaluations that S&P publishes "appear to politicize what should be a purely financial decision", Paxton said in a statement on Wednesday. The probe is being led by Missouri and underscores a push by Republican-led states against what they see as a "woke" bias at financial companies. Register now for FREE unlimited access to Reuters.com RegisterS&P Global did not immediately respond to a request for comment. Interest in ESG investing has exploded in recent years, prompting ratings agencies to come up with new ways to assess how companies fare on ESG factors.
☆ Cheniere CFO Aims for Investment-Grade Credit Rating as Natural-Gas Prices Soar
  + stars: | 2022-09-15 | by ( Kristin Broughton | ) www.wsj.com   time to read: +6 min
Cheniere Energy Inc.’s finance chief is working toward landing an investment-grade credit rating in the coming year, as the largest U.S. exporter of liquefied natural gas pays down debt and benefits from the run-up in energy prices. Photo: Cheniere Energy Inc. The company expects to reach investment grade next year based on its current rating and financial position, Mr. Davis said. An investment-grade rating would provide confidence to long-term investors and customers that the company can survive volatility in commodity markets, Mr. Davis said. Higher natural gas prices have been a boon to Cheniere’s finances, prompting it to accelerate plans to pay down debt.
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