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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/franklin-templeton-to-acquire-putnam-investments-from-great-west-lifeco-6e4b7baa
Persons: Dow Jones, templeton Organizations: franklin, putnam
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/franklin-templeton-to-acquire-putnam-investments-from-great-west-lifeco-6e4b7baa
Persons: Dow Jones, templeton Organizations: franklin, putnam
Home Depot Sales Decline More Heavily Than Expected
  + stars: | 2023-05-16 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Home Depot customers are holding off on making big-ticket purchases that can be easily deferred. Photo: Dustin Chambers/Bloomberg NewsHome Depot ’s first-quarter sales fell more steeply than expected as lumber prices slid and demand in certain big-ticket, home-improvement categories weakened. The chain lowered its sales and earnings guidance for fiscal 2023 as a result.
Home Depot Projects First Annual Sales Decline Since 2009
  + stars: | 2023-05-16 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Home Depot customers are holding off on making big-ticket purchases that can be easily deferred. Photo: Dustin Chambers/Bloomberg NewsHome Depot expects annual sales to decline for the first time in over a decade as consumer spending tightens and demand for home renovation projects continues to soften. The home-improvement chain said Tuesday that it now projects sales to fall between 2% and 5% in fiscal 2023, rather than stay flat as it had guided for in February. Revenue was down 4.2% at $37.26 billion during the first quarter, missing analyst forecasts for $38.31 billion, according to FactSet. Comparable sales, which strip out the effects of store openings and closings, were down 4.5%, a steeper drop than the 1.6% decline analysts surveyed by FactSet had been expecting.
Americans Curb Spending on Home Improvements
  + stars: | 2023-05-16 | by ( Sarah Nassauer | Dean Seal | ) 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/home-depot-hd-q1-earnings-report-2023-56d021
Kraft Heinz, maker of Kool-Aid and Jell-O, raised prices last year in a response to more expensive commodities and supply-chain challenges. Photo: Gabby Jones/Bloomberg NewsKraft Heinz ’s higher prices once again lifted its revenue but ate into sales volumes during the most recently completed quarter as sticker shock sets in for grocery shoppers. The Pittsburgh-based maker of Kool-Aid and Jell-O said revenue climbed 7.3% to $6.49 billion in the first three months of the year, driven by higher costs for consumers that offset a decline in volumes and unfavorable foreign currency fluctuations. Analysts had been expecting $6.39 billion, according to FactSet.
Pfizer reaffirmed its outlook to see revenue decline by as much as a third this year from its record high $100 billion in 2022. Photo: Gabby Jones for The Wall Street JournalPfizer ’s first-quarter revenue and earnings were down by nearly a third from a year ago, when the spread of the Omicron variant of Covid-19 buoyed demand for pandemic products. The drugmaker for the first three months of the year logged revenue of $18.28 billion, down 29% from a year ago but still well above Wall Street analyst estimates for $16.61 billion, according to analysts polled by FactSet.
Jeff Shell acknowledged that he had an inappropriate relationship with a company employee. Photo: Javier Rojas/Zuma PressFormer NBCUniversal Chief Executive Jeff Shell will lose out on more than $40 million in compensation after being terminated for cause earlier this week because of inappropriate conduct. NBCUniversal parent Comcast Corp. disclosed Friday that Mr. Shell’s stock options and grants, which were valued at $43.3 million when he was fired on Sunday, have been forfeited and canceled.
Dropbox to Cut 16% of Workforce
  + stars: | 2023-04-27 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Illustration: Ali LarkinDropbox Inc. will cut 500 jobs, about 16% of its workforce, amid slowing growth and an industrywide push toward artificial intelligence. Chief Executive Drew Houston said in a letter to staff that while Dropbox remains profitable, headwinds from a downturn in the economy have put pressure on the business and made some of its investments unsustainable.
Dropbox to Lay Off 16% of Workforce
  + stars: | 2023-04-27 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Illustration: Ali LarkinDropbox Inc. will cut 500 jobs, about 16% of its workforce, amid slowing growth and an industrywide push toward artificial intelligence. Chief Executive Drew Houston said in a letter to staff that while Dropbox remains profitable, headwinds from a downturn in the economy have put pressure on the business and made some of its investments unsustainable.
Coca-Cola’s global sales topped analysts’ expectations, as sales of its soft drinks and water ticked up. Photo: GABBY JONES for The Wall Street JournalCoca-Cola Co. saw first-quarter sales rise as customers bought more beverages on the go. The beverage company said global sales rose 5% in the first three months of the year to $10.98 billion, topping analyst expectations for $10.8 billion.
Photo illustration: Adele MorganCoca-Cola Co. saw first-quarter sales rise as customers bought more beverages on the go. The beverage company said global sales rose 5% in the first three months of the year to $10.98 billion, topping analyst expectations for $10.8 billion.
Elevance Health, which owns Blue Cross Blue Shield, is dealing with double-digit growth in costs. Photo: Michael Conroy/Associated PressElevance Health Inc. reported stronger revenue and earnings in the first quarter as growing premiums continued to outpace rising costs. The health insurer and Blue Cross Blue Shield owner, formerly known as Anthem Inc., said operating revenue grew more than 10% to $41.9 billion. Analysts had been expecting $40.92 billion, according to FactSet.
GlobalFoundries Files Trade-Secrets Lawsuit Against IBM
  + stars: | 2023-04-19 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
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U.S. Bancorp to Install New CFO in Leadership Shuffle
  + stars: | 2023-04-13 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
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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/amazon-ceo-andy-jassy-commits-to-cost-cutting-tech-investments-in-shareholder-letter-5db72c9d
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/albertsons-earnings-shrink-amid-difficult-consumer-environment-a0a21a0e
WWE to Combine With UFC Parent Endeavor
  + stars: | 2023-04-03 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
The deal to combine the companies is expected to close in the second half of 2023. World Wrestling Entertainment Inc. has reached a deal to combine with Endeavor Group Holdings Inc., the owner of the Ultimate Fighting Championship. The two companies said Monday that Endeavor will hold a 51% controlling interest in their newly formed, publicly traded entity, with WWE owning the remaining 49%.
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/justice-department-epa-file-civil-complaint-against-norfolk-southern-8f3b4a3b
Federal prosecutors and environmental regulators have filed a complaint against Norfolk Southern Corp. over last month’s derailment in East Palestine, Ohio. The U.S. Department of Justice and the U.S. Environmental Protection Agency jointly filed a civil complaint against the railroad operator, alleging that the discharge of pollutants, oil and hazardous substances from the derailment violated the Clean Water Act.
Salesforce Shakes Off Proxy Fight From Elliott
  + stars: | 2023-03-27 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Salesforce managed to ease some activists’ concerns earlier this month when it posted strong earnings. Elliott Management Corp. no longer plans to nominate directors to the board of Salesforce Inc., avoiding a proxy fight at the company’s coming shareholder meeting, the two sides said Monday. Elliott decided to back down following the business-software provider’s better-than-expected financial results, as well as other changes initiated at the company in recent weeks, including cost cutting, boosting share buybacks and disbanding a mergers-and-acquisition committee, according to the two companies.
Campbell Soup Sales Rise 12%
  + stars: | 2023-03-09 | by ( Dean Seal | ) www.wsj.com   time to read: 1 min
Campbell Soup Co. translated higher prices into double-digit sales growth and raised its outlook for the second consecutive quarter, anticipating that consumers will continue turning to its products as they tighten their budgets and pull back on spending elsewhere. The soup and snack maker said sales rose 12% to $2.49 billion for the quarter ended Jan. 29, topping analyst expectations as prices jumped 14% while volumes slipped 2%.
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/norfolk-southern-conductor-killed-in-incident-at-cleveland-cliffs-facility-17ad7ceb
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/norfolk-southern-conductor-killed-in-incident-at-cleveland-cliffs-facility-17ad7ceb
The cleanup continued at the site of a Norfolk Southern freight train derailment last month in East Palestine, Ohio. Federal transportation safety investigators have opened a special investigation into Norfolk Southern Corp’s safety culture in connection with recent derailments and fatal accidents in the railroad’s operations. The National Transportation Safety Board said Tuesday it was taking the step “given the number and significance” of accidents and called for Norfolk Southern to immediately review and assess its safety practices. The agency said it has launched investigations into five significant accidents involving Norfolk Southern since December 2021.
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