DIRS.INFO The most relevant business & tech news

☆ Rogers-Shaw on cusp of final nod for protracted C$20 bln deal
▼ + stars: | 2023-01-25 | by ( Maiya Keidan | ) www.reuters.com time to read: +2 min

The bureau late on Tuesday accepted the verdict of the Federal Court of Appeal (FCA) and said it would not pursue an appeal. Its decision is widely seen as paving the way for the C$20 billion ($14.98 billion) transaction to clear ahead of its Jan. 31 deadline. It now awaits final clearance from Industry Minister François-Philippe Champagne, who has previously expressed support for the transaction if certain conditions are met. The House of Commons industry committee in March said the deal should not proceed, though, its recommendations are non-binding. Rogers-Shaw have agreed to sell Freedom Mobile, a wireless business owned by Shaw, to Quebecor Inc (QBRb.TO) in order to alleviate competition concern.

☆ Rogers-Shaw on cusp of final nod for protracted C$20 bln deal, shares rise
▼ + stars: | 2023-01-25 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

Its decision is widely seen as paving the way for the C$20 billion ($14.98 billion) transaction to clear ahead of its Jan. 31 deadline. It now awaits final clearance from Industry Minister François-Philippe Champagne, who will be considering the transfer of Freedom Mobile Inc's spectrum license to Quebecor Inc's Videotron unit. "This is essentially a done deal, barring any surprises from Minister Champagne," Aaron Glick, analyst with New York-based investment firm Cowen, told Reuters. The House of Commons industry committee in March said the deal should not proceed, although its recommendations are non-binding. Rogers-Shaw have agreed to sell Freedom Mobile, a wireless business owned by Shaw, to Quebecor Inc (QBRb.TO) in order to alleviate competition concern.

☆ Toronto market ends slightly down as Magna slides
▼ + stars: | 2023-01-24 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended down 2.03 points at 20,629.55, after posting on Monday its highest closing level in more than seven months. The U.S. benchmark index S&P 500 also ended slightly lower. "The issue for 2023 is going to be watching the lagged effects of the interest rate hikes that occurred last year," said Brian Madden, chief investment officer at First Avenue Investment Counsel in Toronto. Investors worry that aggressive interest rate hikes could trigger a recession, with data on Tuesday showing that U.S. business activity contracted for the seventh consecutive month in January. The Bank of Canada will hike its key interest rate by a quarter of a percentage point to 4.5% on Wednesday and then hit pause on its tightening campaign, a Reuters poll of economists showed.

☆ Rogers' bid for Shaw gets boost after court rejects antitrust effort to block deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +3 min

TORONTO, Jan 24 (Reuters) - A Canadian court on Tuesday dismissed the competition bureau's effort to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid to buy Shaw Communications Inc (SJRb.TO), in a boost to the companies' efforts to close a deal struck nearly two years ago. Shaw and Rogers intend to finalize the deal by Jan. 31, though the deadline can be extended in agreement with Quebecor. Judges spent the morning grilling competition bureau counsel on their case against the transaction and delivered their verdict in the afternoon without hearing from Rogers and Shaw. The bureau previously failed to convince the competition tribunal, a quasi-court that handles merger disputes, that the deal is harmful for Canadian consumers. Canada's Competition bureau, Rogers Communications and Shaw Communications did not immediately respond to a Reuters request for comment.

Verizon Communications Inc (VZ.N) dropped 0.4% after forecasting annual profit below estimates, while Johnson & Johnson (JNJ.N) fell 1.3% as it warned that a surge in China COVID-19 cases could dent the first half sales in 2023. General Electric Co (GE.N) fell 0.2% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell. Analysts now see fourth-quarter earnings for S&P 500 companies dropping 2.9% year-on-year, according to Refinitiv data.

☆ Canada judge calls into question regulator's argument to block Rogers-Shaw deal
▼ + stars: | 2023-01-24 | by ( Maiya Keidan | ) www.reuters.com time to read: +4 min

TORONTO, Jan 24 (Reuters) - A Canada federal judge called into question the competition bureau's argument to block Rogers Communications Inc's (RCIb.TO) C$20 billion ($14.9 billion) bid for Shaw Communications Inc (SJRb.TO) as the court hearing kicked off on Tuesday. But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. "According to the tribunal, this was not a particularly close case," the judge told the court on Tuesday. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. A spokesperson for the competition bureau declined to comment while the matter was before the court.

Industrial conglomerate 3M Co (MMM.N) fell 5.9%, leading the decliners among Dow components after reporting a fall in quarterly profit. General Electric Co (GE.N) fell 1.1% on a disappointing profit forecast for the year, despite topping quarterly earnings estimates. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained. "In the near-term, the answer seemingly lies with tech earnings ... longer-term, if we do experience a Fed pivot this year, then would anticipate a strong, positive buying impulse for tech," JPMorgan analysts wrote in a client note. Microsoft Corp (MSFT.O) is scheduled to report quarterly earnings after the bell.

☆ Verizon Adds Subscribers as Earnings Guidance Falls Short of Forecasts
▼ + stars: | 2023-01-24 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

Verizon expects 2023 adjusted earnings of $4.55 to $4.85 a share, below Wall Street expectations of $4.96 a share. Verizon Communications Inc. posted higher revenue for the recently ended quarter as the company added to its industry-leading base of subscribers. Verizon reported a net gain of 217,000 phone connections under postpaid billing plans during the December quarter, excluding the impact from the decommissioning of the company’s 3G network. The gains marked a reacceleration of growth in the company’s consumer-focused unit, which Chief Executive Hans Vestberg took over last month.

Industrial conglomerate 3M Co (MMM.N) fell 4.7%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit. General Electric Co (GE.N) rose 2.2% as it topped quarterly profit estimates, boosted by strong demand for its engines and after-market services. Wall Street's main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year. Shares of Microsoft Corp (MSFT.O), which is scheduled to report quarterly earnings after the bell, were flat. Big Tech earnings could also determine whether renewed enthusiasm for growth stocks will be sustained.

☆ Rogers-Shaw, Canada regulator to duke it out in federal court over C$20 bln bid
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +3 min

But the bureau failed to convince the competition tribunal, a quasi court that handles merger disputes, that the deal is harmful for Canadian consumers. Rogers offered to sell Shaw's Freedom Mobile unit to Quebecor's (QBRb.TO) Videotron for C$2.85 billion to address anti-competition concerns, but the competition bureau argued that a merged Rogers-Shaw would not have a viable competitor in Quebecor. "I think the appeal is going to be dismissed," said Michael Osborne, a competition lawyer at law firm Cozen O'Connor. For that reason, I think the Court of Appeal will make sure to do it in time for the parties to close." A spokesperson for the competition bureau declined to comment while the matter was before the court.

☆ Verizon forecasts profit below estimates on slowdown worries, shares fall
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: +2 min

Shares in the Dow Jones Industrial Average (.DJI) company fell 2.5% to $38.65 in premarket trading. However, thanks to promotional offers and Apple's (AAPL.O) flagship iPhone launch during the fourth quarter, the company added 217,000 net new monthly bill paying wireless phone subscribers in the fourth quarter, higher than Factset estimates of 200,400 additions. Verizon, which added 558,000 subscribers in the fourth quarter last year, expects adjusted profit between $4.55 per share and $4.85 per share in 2023. For the fourth quarter, Verizon earned $1.19 per share on revenue of $35.3 billion, both largely in-line with analysts' estimates. Reporting by Eva Mathews and Samrhitha Arunasalam in Bengaluru Editing by Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Cramer's lighting round: Teck Resources is a buy
▼ + stars: | 2023-01-23 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Paysafe Ltd : "It is a good company. I bless that for a trade to $25." Loading chart...Teck Resources Ltd : "I am going to bless it." Loading chart...R1 RCM Holdco Inc : "I like your choice." Loading chart...Iridium Communications Inc : "I'm not as inclined to buy the stock up here."

☆ Tesla, Microsoft Are Headlining First Busy Earnings Week of 2023
▼ + stars: | 2023-01-21 | by ( Sabela Ojea | ) www.wsj.com time to read: 1 min

Microsoft Corp., Tesla Inc. and Johnson & Johnson headline the first busy earnings week of 2023 as investors search for insight into the global economy in the midst of growing concern over a possible recession. Other companies set to issue their latest quarterly reports include the telecom companies AT&T Inc. and Verizon Communications Inc.; Visa Inc. and American Express Co.; and airlines including Southwest Airlines Co.

☆ Canada's Rogers, Shaw say merger must be allowed to proceed
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +2 min

Canada's antitrust tribunal approved the transaction on Dec. 30 that would create the country's second-largest telecom firm but the competition bureau later appealed the tribunal's ruling. Shaw called the appeal an "unmeritorious challenge" by the competition bureau to do a "once-in-a-generation" transaction in a separate court document filed later on Tuesday. The companies will face off against the competition bureau in a Federal Court of Appeal hearing on Jan. 24. "This pro-competitive transaction has been delayed long enough and must be allowed to proceed," Rogers said in its filing. Shares of Shaw closed up 0.4% at C$38.28, below Rogers' offer price of C$40.50 from March 2021.

☆ Cloudflare Takes Aim at a Top Security Threat: Your Inbox
▼ + stars: | 2023-01-12 | by ( Belle Lin | ) www.wsj.com time to read: +5 min

Cloud-infrastructure company Cloudflare Inc. announced Wednesday new email security capabilities aimed at helping businesses defend against phishing, malware and other cyberattacks commonly targeting corporate email accounts. It provides web performance, cybersecurity and other services to millions of customers, of which more than 156,000 pay for its services. Matthew Prince, co-founder and CEO of Cloudflare Photo: Cloudflare Inc.Chief Executive Matthew Prince said the new security functions are also in response to an increase in ransomware and other sophisticated cyberattacks, some of which are perpetrated by relatively unsophisticated hackers. Prince said, referring to the growth of so-called “ransomware-as-a-service,” where ransomware operators provide malware programs to affiliates to launch attacks. Prince said Cloudflare, which was itself a customer of Area 1 before pursuing an acquisition, has more closely integrated its existing cybersecurity services with Area 1’s email security platform.

☆ CIOs Contend With Pushback on AI Rollouts
▼ + stars: | 2023-01-06 | by ( Isabelle Bousquette | ) www.wsj.com time to read: +6 min

Overall enterprise adoption of AI has grown threefold since 2019 as algorithms grow in scale and sophistication, according to International Data Corp. That left executives underwhelmed by the results and disillusioned, according to Todd Lohr, KPMG LLP’s U.S. technology consulting leader. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. In 2022, organizations spent on average 4% to 6% more on AI than the previous year, according to IDC. Other emerging technologies are more likely to be cut than AI, given its cost-savings potential, she noted.

☆ Consumers Keeping Up With Cellphone Bills Despite Economic Strains
▼ + stars: | 2023-01-05 | by ( Thomas Gryta | ) www.wsj.com time to read: 1 min

Analysts have been watching late cellphone-bill payments as a gauge of how inflation might be affecting household budgets. AT&T Inc., Verizon Communications Inc. and T-Mobile US Inc. said that consumers are still paying their bills on time despite months of high inflation and concerns over the pace of economic growth. The companies’ wireless, telephone and broadband businesses touch many American households. In July, AT&T said subscribers were paying their monthly phone and internet bills on average two days slower than a year earlier.

☆ Qualcomm, Iridium partner to bring satellite-based messaging to Android phones
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 5 (Reuters) - Qualcomm Inc (QCOM.O) has partnered with Iridium Communications Inc (IRDM.O) to provide a satellite-based messaging service on premium smartphones running Google's Android operating system, the chipmaker said on Thursday. The partnership comes months after Apple Inc (AAPL.O) unveiled a similar feature allowing iPhone 14 models to send emergency messages via satellite in some countries such as the United States and Canada. Those phones also contain a Qualcomm chip that can talk to satellites when there is no Wi-Fi or cellular data connection. Qualcomm said on Thursday the new service, Snapdragon Satellite, will be available in certain regions from the second half of 2023 starting devices using the second generation Snapdragon 8 mobile platform. Snapdragon Satellite can also be enabled on other devices including laptops, vehicles and tablets, it added, without specifying if those devices would need any special equipment.

☆ Shaw Communications falls as court stay on Rogers deal sparks uncertainty
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Shares of Shaw Communications Inc (SJRb.TO) fell on Tuesday after a Federal Court put a stay on the telecom company's C$20 billion merger with Rogers Communications Inc (RCIb.TO) following a request from Canada's Competition Bureau. The agency had requested a stay on Canada's antitrust tribunal's decision from last week to approve the deal that would create the country's second-largest telecom firm. At least two analysts downgraded Shaw Communications' shares after the court's stay order, citing worries that the deal would not close on its slated Jan. 31 date. Canada's Competition Bureau said the stay on the tribunal's decision will remain until its "application for a stay and an injunction can be heard." "At current levels, we will look for investment opportunities elsewhere within the Canadian telecom sector," RBC analyst Drew McReynolds said.

☆ ISSB Plans to Finalize Rules on Disclosure of Climate-Related Risks in 2023
▼ + stars: | 2023-01-02 | by ( Jennifer Williams-Alvarez | ) www.wsj.com time to read: +5 min

And then quite naturally, we’re now looking at what’s next,” Mr. Faber said. The International Financial Reporting Standards Foundation, an accounting standards body based in London, launched the ISSB to develop sustainability reporting standards. One of the rule proposals would see companies disclose significant climate-related risks, such as floods and other extreme weather events. The number of global companies reporting under four different frameworks rose to 255 in 2020 from eight in 2019, the data shows. These “adjacent topics” are top of mind for investors, according to Mr. Faber.

☆ Wall St set to end challenging year with steep drop
▼ + stars: | 2022-12-30 | by ( Echo Wang | ) www.reuters.com time to read: +3 min

Growth stocks have been under pressure from rising yields for much of 2022 and have underperformed their economically linked value peers, reversing a trend that had lasted for much of the past decade. Apple Inc (AAPL.O), Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Nvidia Corp (NVDA.O), Amazon.com Inc (AMZN.O), Tesla Inc (TSLA.O) are among the worst drags on the S&P 500 growth index (.IGX), down between 28% and 66% in 2022. The S&P 500 growth index has fallen about 30.5% this year, while the value index (.IVX) is down 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Ten of the 11 S&P (.SPX) sector indexes dropped on Friday, led by real estate and utilities. The S&P 500 posted no new 52-week highs and no new lows; the Nasdaq Composite recorded 56 new highs and 116 new lows.

☆ Canada’s Rogers Communications Moves Closer to Deal for Shaw
▼ + stars: | 2022-12-30 | by ( Vipal Monga | ) www.wsj.com time to read: 1 min

Rogers Communications’ deal to merge with Shaw Communications was announced last year. Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc. got a boost Thursday after Canada’s Competition Tribunal ruled against a government challenge to the deal. The Competition Tribunal, known as Canada’s merger court, said the deal’s terms “are not likely to prevent or lessen competition substantially” for consumers, contrary to claims made by the country’s Competition Bureau.

Most rate-sensitive technology and growth stocks such as Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O) and Meta Platforms Inc (META.O) fell between 0.7% and 1.4% on Friday, as U.S. Treasury yields rose. The losses made communication services (.SPLRCL), technology (.SPLRCT) and the retail index (.SPXRT) among the top decliners on the S&P 500, with the three sectors shedding between 0.9% and 1.2%. The S&P 500 growth index (.IGX) is down about 30.5% this year, while the value index (.IVX) has fallen just 7.7%, with investors preferring high dividend-yielding sectors with steady earnings such as energy. Declining issues outnumbered advancers for a 2.51-to-1 ratio on the NYSE and for a 1.73-to-1 ratio on the Nasdaq. The S&P index recorded no new 52-week highs and no new lows, while the Nasdaq recorded 45 new highs and 79 new lows.

Rogers-Shaw and Quebecor await approval from Industry Minister François-Philippe Champagne to transfer Freedom Mobile Inc's spectrum license to Videotron. However, in its Thursday ruling, the tribunal said acquiring Freedom Mobile would allow Videotron to expand in new markets and ensure robust competition. The antitrust commissioner could still appeal after the tribunal details its decision over the next couple of days. The objection by the Competition Bureau was the main hurdle to overcome," Cormark Securities analyst David McFadgen said. He said there are "significant" revenue synergies for Rogers from bundling services, while Quebecor has better growth prospects from the Freedom Mobile deal.

Search resuls for: "Communications Inc"

25 mentions found