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☆ Apple profit tops Wall Street targets, strong services counter weaker iPhone
▼ + stars: | 2023-08-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +4 min

Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. IPhone sales slightly missed analyst estimates, but were made up for by strong sales in the services segment that contains Apple TV+ and by sales in China that grew 8% year over year. That helped Apple push sales in its greater China region to$15.76 billion, from $14.60 billion in last year's same quarter. Apple said iPhone sales were $39.67 billion, below analyst expectations of $39.91 billion, according to Refinitiv data. Mac and iPad sales were $6.84 billion and $5.79 billion, respectively, compared with analyst estimates of $6.62 billion and $6.41 billion, according to Refinitiv data.

Persons: Joshua Roberts, Tim Cook, We've, We're, Cook, Apple, Stephen Nellis, Yuvraj Malik, Peter Henderson, Matthew Lewis Organizations: Apple Inc, REUTERS, Apple, Reuters, Android, Big Tech, Microsoft, Google, Research, Major League Soccer, Apple Watch, Thomson Locations: Washington , U.S, China, San Francisco, Bengaluru

☆ OCBC looks to ASEAN-China links to achieve additional $2.2 billion in revenue by 2025
▼ + stars: | 2023-07-04 | 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 EmailOCBC looks to ASEAN-China links to achieve additional $2.2 billion in revenue by 2025CEO Helen Wong expects trade links between ASEAN and the Greater China region — including Hong Kong and Macao — to grow, benefiting OCBC which has a sizable presence in the region.

Persons: Helen Wong Organizations: ASEAN Locations: ASEAN, China, Greater China, Hong Kong, Macao

☆ China's recovery lifts U.S. companies' sales as domestic consumers pull back spending
▼ + stars: | 2023-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

U.S. companies are reporting that demand in China is returning, boosting their sales at a time when many U.S. consumers are pulling back their spending. Starbucks reported that its same-store sales in China rose 3% in its latest quarter, reversing their declines. Some Wall Street analysts were still anticipating shrinking same-store sales for the company's second-largest market. That quarter, Starbucks' same-store sales in China sank 23%. Yum China , Yum Brands' master franchisee in China, also said its same-store sales grew 8% in the first quarter.

☆ Italian fashion group Tod's sales jump in Q1, beating expectations
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] Shoes of Italian luxury shoemaker Tod's are displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann/File PhotoMILAN, May 10 (Reuters) - Sales at Italian fashion group Tod's (TOD.MI) rose by 23% in the first quarter of the year, beating analysts' forecasts thanks to a strong performance in China and despite moderate growth in the Americas. "Considering the good sales trends we experienced in April and the excellent orders' backlog for the winter collections, I'm confident about the group's future results," said Tod's Chairman and CEO Diego Della Valle. In the United States sales rose 6.6%. Tod's CFO said he is confident of achieving the consensus sales figure for the year, currently at 1.1 billion euros.

☆ Here are Monday's biggest analyst calls: Apple, Amazon, Berkshire Hathaway, Coinbase, Disney & more
▼ + stars: | 2023-05-08 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Monday's biggest calls on Wall Street: Deutsche Bank reiterates Apple as buy Deutsche said it's standing by its buy rating on the stock after reviewing Apple's quarterly 10-Q filing. JPMorgan upgrades American to overweight from neutral and downgrades Southwest to neutral from overweight. JPMorgan initiates Alcoa as overweight JPMorgan said in its initiation of Alcoa that it sees a "favorable aluminum metal pricing environment in the coming years." Bank of America upgrades Fortinet to buy from neutral Bank of America said the cybersecurity company has solid fundamentals. JPMorgan upgrades Scotts Miracle-Gro to overweight from neutral JPMorgan said the fertilizer company is a "reasonable investment."

U.S. hotel operators who have been grappling over the past year with an uneven recovery in Chinese demand are now benefiting from pent-up-demand throughout Asia Pacific, particularly in Greater China. "While macroeconomic uncertainty persists, it has not weighed on travel demand to date. In fact, demand continued to rise across all customer segments in the quarter," Marriott CEO Anthony Capuano said on a call with investors. In the Greater China region RevPAR rebounded to 95% of pre-pandemic levels during the quarter while Mainland China RevPar fully recovered to 2019 levels. "First quarter hotel performance came in a bit better than expected and will likely be the high-water mark for the year," said CoStar Group National Director of Hospitality Analytics Jan Freitag.

☆ 'Solid iPhone demand to offset Mac weakness': Here's what Wall Street expects from Apple's hotly anticipated earnings report
▼ + stars: | 2023-05-03 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

Apple stock is set to report its second-quarter earnings results after the market close on Thursday. From solid iPhone demand to the launch of a massive stock buyback, a lot is expected from the largest company in the world. BofA analyst Wasmi Mohan estimated that Apple will announce an $80 billion stock buyback program, which would be a decrease from last year's $90 billion stock buyback authorization. Goldman Sachs: "Expecting solid iPhone demand to offset Mac weakness." Wedbush: "All focus on stable iPhone demand despite macro storm."

☆ Club holdings Estee Lauder and Honeywell made news Tuesday. Here are our takes
▼ + stars: | 2023-03-14 | by ( Paulina Likos | ) www.cnbc.com time to read: +5 min

Club holdings Estee Lauder (EL) and Honeywell (HON) are in the news Tuesday. Cowen initiates coverage of Estee Lauder EL 1Y mountain Estee Lauder's stock performance over the past 12 months. The news: Cowen started coverage of Club holding Estee Lauder Tuesday with an outperform rating and a price target of $280. The Club's take: Estee Lauder is one of the best consumer stocks to play the reopening of China after it ditched its zero-Covid policy. An Estee Lauder pop-up store is seen inside daimaru Department Store on Nanjing Road Pedestrian street in Shanghai, China, August 6, 2021.

☆ New CIO Wants Cisco to Be a Model for Hybrid Work
▼ + stars: | 2022-11-23 | by ( Belle Lin | ) www.wsj.com time to read: +4 min

Fletcher Previn, Cisco Systems Inc.’s new chief information officer, said he is working to help position the networking-equipment maker as a leader in hybrid work. Mr. Previn joined Cisco in 2021 as chief digital officer from International Business Machines Corp., where he was CIO. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. Cisco CIO Fletcher Previn Photo: Cisco Systems Inc.An IBM veteran of more than a decade, Mr. Previn was named that company’s CIO in 2017. Enabling hybrid work should be a priority for CIOs because it can cut office costs while improving employee productivity, said Bobby Cameron, a principal analyst at Forrester Research Inc.“Priorities for the hybrid work environment continue to be digital tools for meetings and active collaboration,” Mr. Cameron said.

☆ China's Covid controls are hurting more of the economy
▼ + stars: | 2022-11-08 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's Covid situation is only getting worse, preventing the country from stamping out the virus and relaxing controls. As of Monday, China's Covid controls negatively affected 12.2% of national GDP — up from 9.5% a week ago, according to Nomura's model. Recent Covid infections have been reported in more than 20 of China's 31 province-level regions. It was not immediately clear whether there was any impact on factory production in the South China region. China's Ministry of Commerce did not immediately respond to a CNBC request for comment.

☆ Adidas scoops up CEO who turned around rival Puma
▼ + stars: | 2022-11-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN Business —Adidas has appointed the head of Puma to succeed outgoing CEO Kasper Rorsted, betting on his ability to replicate its crosstown rival’s comeback. Norwegian Bjørn Gulden, 57, will become CEO of Adidas (ADDDF) on January 1, 2023, the German sportswear brand said in a statement on Tuesday. “As CEO of Puma, he re-invigorated the brand and led the company to record results,” Rabe added. Gulden takes over amid a deepening slump in Adidas’ home market of Germany and as inflation begins to weigh heavily on consumer spending globally. Chief financial officer Harm Ohlmeyer will lead Adidas until Gulden takes over.

☆ Ferrari lifts profit forecast after strong Q3, keeps cautious stance on margins
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

But the company added margin on adjusted EBITDA was now seen at around 35% for this year, versus a previous guidance of over 35%. It said industrial costs and research and development expenses weighed for an additional 34 million euros ($33.7 million) on its core result in the past quarter mainly due to higher depreciation and amortization and cost inflation. In the third quarter, adjusted EBITDA rose 17% to 435 million euros, supported by a double-digit increase in shipments. The result topped analyst expectations of 418 million euros, according to a Reuters poll. With a 73% increase, the China, Hong Kong and Taiwan region scored the largest shipment growth in the quarter.

☆ Goldman Sachs layoffs are underway as mid-level TMT bankers get handed pink slips from New York to San Francisco
▼ + stars: | 2022-09-23 | by ( Reed Alexander | ) www.businessinsider.com time to read: +3 min

Its tech, media, and telecom division has suffered roughly a dozen layoffs, Insider has learned. The news will fuel growing anxiety about cuts as Wall Street prepares third-quarter results. The TMT layoffs are part of a broader cost-cutting effort at Goldman that is resulting in layoffs across other investment banking teams and in offices around the world. Economic conditions are hammering Wall Street as public valuations tank, fears of a recession mount, and corporate confidence to get deals done dwindles. For the time being, the IPO market continues to remain stalled — creating further reason for worry as Wall Street prepares to report third-quarter earnings next month.

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