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☆ Sonos shares rise 12% on earnings and revenue beat
▼ + stars: | 2024-02-06 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Patrick Spence, president and CEO of Sonos, speaks during a Bloomberg Technology Television interview in San Francisco on Feb. 11, 2019. Sonos shares rose over 12% in extended trading Tuesday after the speaker company reported fiscal 2024 first-quarter sales and earnings that exceeded Wall Street expectations. Here's how Sonos did versus consensus expectations from LSEG, formerly Refinitiv:Earnings per share: 64 cents vs. 40 cents expectedRevenue: $613 million vs. $587 million expectedSales fell 9% from the same period last year. Sonos reported $80.9 million in net income, or 64 cents per share, versus $75.2 million, or 57 cents per share, last year. "Despite the challenging environment, we are winning in the market and outperforming the competition," Sonos CEO Patrick Spence said in a statement.

Persons: Patrick Spence, Sonos, Bose, Spence Organizations: Sonos, Bloomberg Technology Television, Apple, Google Locations: San Francisco

☆ Stocks making the biggest moves midday: Sonos, Cisco Systems, Alibaba, Walmart and more
▼ + stars: | 2023-11-16 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

Cisco Systems — Shares dropped 11.3% after the company's earnings guidance for the current quarter came out below analyst estimates, driven by a slowdown in new product orders. Children's Place — Shares of Children's Place plunged 25.8% after retailer quarterly adjusted earnings of $3.22, trailing the FactSet consensus estimate of $3.49. Walmart — Shares dropped more than 7% after the big box retailer gave disappointing guidance . Walmart said it expects adjusted earnings per share of $6.40 to $6.48 for the year, slightly lower than analysts were anticipating. Advance Auto Parts — The auto parts retailer tumbled 4% after Bank of America downgraded the stock to underperform from neutral.

Persons: Patrick Spence, Macy's, Alibaba, Williams, Children's, Piper Sandler, John David Rainey, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim, Pia Singh Organizations: General Motors — General Motors, United Auto Workers, Sonoma, Cisco Systems —, Cisco, Alto Networks, Palo Alto Networks, billings, Walmart, CNBC, Bank of America, Citi Locations: U.S, Sonoma

☆ Sonos' first-ever chief commercial officer dishes on her plans to overhaul its marketing strategy and turbocharge its share of the audio market
▼ + stars: | 2023-11-15 | by ( Ryan Joe | ) www.businessinsider.com time to read: +4 min

On Monday, Deirdre Findlay started her first day as Sonos' chief commercial officer, a newly-created position that's an amalgam of chief marketer, chief revenue officer, and chief customer officer. As a high-end speaker brand, Sonos has found itself in an enormously competitive category that has been plagued with weakening consumer demand. Next week, Findlay said her team will start digging into what Sonos knows about its customers. Findlay also needs to figure out how to convince new customers to buy Sonos products. Whether or not Sonos continues to target new consumers who want more affordable electronics is something that Findlay is still figuring out.

Persons: Deirdre Findlay, Sonos, Findlay, Condé Nast, Patrick Spence, Spence, hasn't, She'll Organizations: Google, Business, Retailers

☆ Investors hope U.S. job numbers give Fed less reason to hike
▼ + stars: | 2023-10-06 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Although the MSCI All-Country stock index (.MIWD00000PUS) was 0.2% higher, it has lost about 8% since its July peak, leaving it about 7% ahead for the year. We are talking about the duration, rather than higher rates," Spencer said. The dollar index is up 12 weeks in a row, equalling a streak that ran from July to October 2014. The dollar index was steady on Friday at 106.38. Gold was also steady at $1,821 an ounce after nine days of losses driven by rising global bond yields.

Persons: Brendan McDermid, Nonfarm, Patrick Spencer, RW Baird, Spencer, YEN, Kyle Rodda, Huw Jones, Tom Westbrook, Shri Navaratnam, Clarence Fernandez, Chizu Organizations: New York Stock Exchange, REUTERS, Federal, Treasury, Global, Analysts, Tokyo's Nikkei, London, Thomson Locations: New York City, U.S, Europe, Asia, Pacific, Japan

The ramifications for global markets are significant, with Washington and Beijing's determination to loosen dependence on each other fraying long-established supply chains. Many central banks target 2% inflation; market gauges of traders' long-term U.S. and European inflation expectations are running higher , . Anna Rosenberg, head of geopolitics at the Amundi Investment Institute, said Sino-U.S. tensions, provide a "new lens" through which to analyse emerging markets' growth prospects. But the performance of big U.S. tech stocks and global share indices are vulnerable to signs of Chinese retaliation. With China underperforming global stocks, investors are split on how to approach this market.

Persons: Dado Ruvic, Joe Biden, Goldman Sachs, Wouter Sturkenboom, Laura Alfaro, Anna Rosenberg, Christopher Rossbach, J, Stern, Carole Madjo, Wendy Liu, Baird, Patrick Spencer, Naomi Rovnick, Kripa Jayaram, Riddhima, Vineet, Sumanta Sen, Pasit, Louise Heavens Organizations: REUTERS, EMEA, APAC, Northern Trust, Reuters, Research, Harvard Business, Amundi Investment Institute, INDIA RUSH, Barclays reckons, EU, Apple, China, Barclays, JPMorgan, Thomson Locations: West, China, Washington, Western, Germany, Northern, Europe, FRIENDSHORING Washington, Vietnam, Mexico, Mongolia, Philippines, Sino, U.S, India, Beijing, COVID, CHINA

☆ Stocks subdued after bruising week, dollar basks and yuan wilts
▼ + stars: | 2023-09-08 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

U.S. stock index futures , , were little changed. The dollar was set to clock up its best winning streak since 2014, bolstered by a resilient run of U.S. economic data. In contrast, the yuan fell to its weakest level since 2007 on worries about China's slowing economy. "Everything is geared towards the next couple of weeks, with European Central Bank, Federal Reserve and Bank of England meeting. Stocks sought to stabilise after a week of easing, with the MSCI All Country stock index (.MIWD00000PUS) slightly weaker at 676.83 points, and down about 1.5% for the week so far, though still up nearly 12% for the year.

Persons: Toby Melville, Mike Hewson, Stocks, Patrick Spencer, Spencer, YUAN, Masato Kanda, Hirokazu Matsuno, Brent, Heekyong Yang, Shri Navaratnam, Tomasz Janowski, David Evans Organizations: London Stock Exchange Group, City of, REUTERS, Stocks, Apple, Investors, European Central Bank, Federal Reserve, Bank of England, CMC, U.S, Consumer, Baird, ANZ Bank, Treasury, Thomson Locations: City, City of London, Britain, China, United States, Europe, U.S, Seoul

☆ Global shares slip, dollar soars vs yen on BoJ policy expectations
▼ + stars: | 2023-07-21 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

[1/3] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The yen weakened 1.19% to 141.77 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.31%. "None of them are happening with massive severity, but the longer we go on with higher rates, more and more that's going to come through," he said. BOJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. "Markets were building up expectations which now look unlikely to play out," said Guillaume Paillat, a multi-asset manager at Aviva Investors.

Persons: Brendan McDermid, BoJ, Dow, Garrett Melson, Mullarkey, Patrick Spencer, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy, Cynthia Osterman Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Nasdaq, Investment, Microsoft Corp, Apple Inc, SLC Management, Baird, Microsoft, Apple, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, London, MSCI's U.S, Europe, China, Sydney

Gold prices slipped as the dollar rebounded to its highest level in more than a week as investors prepare for next week's big central bank policy meetings, including the BoJ, the U.S. Federal Reserve and the European Central Bank. The yen weakened 1.13% to 141.68 per dollar, while the dollar index , a measure of the greenback against major trading currencies, rose 0.36%. BoJ policymakers prefer to scrutinize more data to ensure wages and inflation keep rising before changing yield control policy, five sources familiar with the matter said. The report added there was no consensus within the central bank and the decision could still be a close call. As Japanese inflation has stayed above the BoJ's target, traders have bet on the central bank ditching its yield curve control program, a move likely to cause the yen to strengthen.

Persons: Brendan McDermid, BoJ, Garrett Melson, Patrick Spencer, Spencer, you've, Guillaume Paillat, Brent, Herbert Lash, Naomi Rovnick, Stella Qiu, Conor Humphries, David Holmes, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Fed, ECB, Reuters, Bank of Japan, U.S . Federal Reserve, European Central Bank, Investment, Nasdaq, Baird, Microsoft Corp, Apple Inc, NYSE, Aviva Investors, Treasury, Thomson Locations: New York City, U.S, Boston, Europe, China, London

☆ Stocks firmer after dip in euro zone inflation, dollar firm
▼ + stars: | 2023-06-30 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, June 29, 2023. REUTERS/StaffLONDON, June 30 (Reuters) - Global shares stocks were firmer on Friday after data showed that inflation in the euro zone continued to fall this month, and attention turned to U.S. prices figures before the opening bell on Wall Streeet. The dollar and U.S. stock index futures , were firm ahead of the U.S. Personal Consumption Expenditures (PCE) index reading due at 1230 GMT, the Fed's favoured inflation gauge. Euro zone inflation fell to 5.5% in June as the cost of fuel tumbled, with Germany the only country to report an increase, with the European Central Bank still on course for a ninth consecutive rate hike next month, sending euro zone government bond yields higher.

Persons: Jerome Powell, Patrick Spencer, Baird, Spencer, Shunichi Suzuki, Rob Carnell, Hong, Brent, Gold, Huw Jones, Ankur Banerjee, Stephen Coates, Kim Coghill, Chizu Organizations: REUTERS, Staff LONDON, Global, U.S, Federal, European Central Bank, ECB, ING, Big Tech, Finance, Nikkei, Strong U.S, Thomson Locations: Frankfurt, Germany, U.S, Europe, CHINA, Asia, China, Pacific, Japan, Shanghai, Strong

☆ Sonos lays off 7%, or about 130 employees
▼ + stars: | 2023-06-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Patrick Spence, president and chief executive officer of Sonos Inc., speaks during a Bloomberg Technology Television interview in San Francisco, California, U.S., on Monday, Feb. 11, 2019. Wireless speaker company Sonos said in a Wednesday filing that it would lay off about 7% of its workforce, or roughly 130 employees. "In the face of continued headwinds we have had to make some hard choices, including eliminating some positions and reevaluating program spend," Sonos CEO Patrick Spence said. Sonos cut its guidance in its most recent earnings report for the period ended April 1, 2023. The company had previously cut head count by 12% in 2020, in response to the rapidly unfolding Covid pandemic.

Persons: Patrick Spence, Sonos Organizations: Sonos Inc, Bloomberg Technology Television, Wireless, Revenue Locations: San Francisco , California, U.S

Disney — Shares fell 4.7% after the company reported mixed fiscal second quarter results. Beyond Meat — The alternative meat manufacturer's shares rose 8.5% after Beyond Meat posted better-than-expected results for the first quarter. Beyond Meat reported a loss of 92 cents per share and $92.2 million in revenue. Analysts had anticipated a loss of $1.01 per share on revenue of $90.8 million, according to Refinitiv. Unity Software – Unity Software shares popped 12% after the company beat revenue estimates for the recent quarter, according to Refinitiv.

☆ Moribund euro zone, Amazon outlook dent stocks ahead of rate meetings
▼ + stars: | 2023-04-28 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

Oil was firmer but still heading for another monthly decline after disappointing U.S. economic data and uncertainty over interest rates. The yen fell to a nine-year low against the euro after the Bank of Japan left its ultra-easy monetary policy unchanged. The euro zone grew only marginally in the first three months of 2023, and at a rate lower than market expectations, sending the euro lower. "Futures are saying interest rates will be lower than Fed Funds by year end, indicating a decline. Markets are pricing in an 85% chance of the Fed raising rates by 25 basis points, the CME FedWatch tool showed.

But after a two-week storm which had analysts and investors rushing to rework their spreadsheets, the outlook is clouded. And the ructions have left the gap between the ratios of European and U.S. banks at its narrowest since September 2017. Reflecting concerns over the stability of the sector, bank shares are set for an almost 15% monthly drop in March, after five consecutive months of gains. European bank earnings growth expectations'UNLIKELY TO BUY'Other investors see pressure on European bank earnings as they anticipate the euro zone economy will slow down. Also in the calculation mix is the ECB's campaign to raise interest rates to tackle rising inflation, which had previously been a boon for euro zone lenders.

Meanwhile, extremely wide forecasts for new public borrowing requirements make the outlook for government bonds uncertain. Here are the main budget predictions for UK stocks, gilts and the pound. However NatWest analysts flagged that the OBR will likely revise down growth forecasts for the next five years, making the outlook for interest rates finely balanced. Hunt will likely keep the budget "reasonably dull" after Truss's "mini-budget" sent sterling to its lowest on record, she added. Investors in UK stocks are already grappling with a wide valuation gap with U.S. equities.

Ahead of crucial U.S. jobs data on Friday, MSCI's broad index of global stocks (.MIWO00000PUS) fell 0.3%. This view has clashed with market repricing of interest rate expectations and bond market signals that aggressive monetary tightening raises recession risks. "If the totality of the data were to indicate that faster tightening is warranted, we would be prepared to increase the pace of rate hikes," Powell said. U.S. Treasury yields continued an ascent on Wednesday, with the two-year yield, which tracks interest rate expectations, briefly touching 5.08% -- its highest level since 2007. After a series of jumbo hikes last year, the Fed raised rates by 25 basis points last month.

☆ Sonos CEO on new smart audio and higher price points
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSonos CEO on new smart audio and higher price pointsCNBC's Deidre Bosa joins 'Closing Bell: Overtime' with Sonos CEO Patrick Spence to discuss the company's new audio lineup.

☆ Sonos' New Era: CEO Patrick Spence introduces speaker lineup
▼ + stars: | 2023-03-07 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSonos' New Era: CEO Patrick Spence introduces speaker lineupSonos CEO Patrick Spence sits down with CNBC TechCheck Anchor Deirdre Bosa to discuss the revamped lineup of Sonos speakers and the demand for premium products amid macro uncertainty.

☆ Stocks will likely see strong disinflationary trends, Baird says
▼ + stars: | 2023-02-10 | 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 EmailStocks will likely see strong disinflationary trends, Baird saysPatrick Spencer, vice chairman of equities and managing director at Baird, says that's despite a "short-term concern about a resurgence of inflation."

☆ Watch CNBC's full interview with Patrick Spence
▼ + stars: | 2023-02-09 | 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 EmailWatch CNBC's full interview with Patrick SpencePatrick Spence, Sonos CEO, joins 'TechCheck' to discuss the company's shares jumping more than 17 percent Friday.

☆ Home theater was absolutely smashing last quarter, says Sonos CEO Patrick Spence
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome theater was absolutely smashing last quarter, says Sonos CEO Patrick SpencePatrick Spence, Sonos CEO joins 'TechCheck' to discuss the company's shares jumping more than 17 percent.

☆ Baird discusses the outlook for markets in 2023
▼ + stars: | 2023-01-11 | 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 EmailMarket is telling you that the economy's not going to be as bad as expected: Financial services firmPatrick Spencer, vice chairman of equities and managing director at Baird, discusses the outlook for markets in 2023.

[1/2] The Wall Street entrance to the New York Stock Exchange (NYSE) is seen in New York City, U.S., November 15, 2022. U.S. stocks edged higher in early trading, indicating a cautious start on Wall Street. The Dow Jones Industrial Average (.DJI) rose 0.55%, the S&P 500 (.SPX) gained 0.27%, and the Nasdaq Composite (.IXIC) added 0.07%. The U.S. consumer price index for November is due on Tuesday, when a slowdown in core annual inflation is anticipated. Two-year yields, which typically move in step with interest rate expectations, rose just 1.4 basis points to 4.342%.

☆ We've seen things stabilize and a great response to the new Sub Mini, says Sonos CEO Patrick Spence
▼ + stars: | 2022-11-17 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe've seen things stabilize and a great response to the new Sub Mini, says Sonos CEO Patrick SpenceSonos CEO Patrick Spence joins 'TechCheck' to discuss Sonos' top and bottom line Q3 beat, the brands approach to discounting in Q4 and consumer demand among homeowners.

☆ Strategist says markets are in a bottoming process and investors can rotate back into some stocks
▼ + stars: | 2022-11-17 | 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 EmailStrategist says markets are in a bottoming process and investors can rotate back into some stocksPatrick Spencer, vice chairman of equities at Baird, discusses the outlook for financial markets and says he believes Europe is “good value” despite “a lot of doom and gloom.”

☆ Sonos CEO sees upbeat holiday season as supply snarls ease
▼ + stars: | 2022-11-16 | by ( Eva Mathews | ) www.reuters.com time to read: +2 min

Sonos is seeing strong demand for its $349 entry-level sound bar Ray and the wireless loudspeaker Sub Mini priced at $429, Spence said. Still, the company added only 1.4 million net new households in the period, compared with 1.8 million a year earlier. "China is important in terms of our overall supply chain, but we are also in Malaysia and Vietnam. So, we have also recreated a more resilient supply chain," Spence said. Sonos is also under pressure from a strong dollar, which is expected to shave off $79 million from sales in 2023.

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