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☆ Sirius XM to Cut 8% of Workforce
▼ + stars: | 2023-03-07 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Sirius XM Holdings Inc. is reducing its head count by 8%, or 475 roles, as it continues to cut costs and focus on profitability. The satellite-radio giant said in a letter to employees Monday morning that the job cuts would affect nearly every department.

☆ Third Point Pulls Plan for Proxy Fight With Bath & Body Works
▼ + stars: | 2023-03-06 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Bath & Body Works has been criticized by Third Point for its financial performance. Dan Loeb ’s Third Point LLC no longer plans to nominate candidates to the board of Bath & Body Works Inc. after the retailer added a director endorsed by the hedge fund. The appointment will stave off a proxy battle by Third Point, which has criticized the retailer for what it called excessive executive pay and lagging financial performance.

☆ Macy’s, Best Buy Sales Decline, Reflecting Shopper Pullback
▼ + stars: | 2023-03-02 | by ( Suzanne Kapner | Dean Seal | ) www.wsj.com time to read: 1 min

Consumers pulled back on purchases of apparel and electronics in recent months while continuing to spend on groceries and other necessities, according to some of the largest U.S. retailers. Department-store chain Macy’s Inc. on Thursday said sales were down 4.6% in the fourth quarter, as people spent less online and in stores. Macy’s has said that the days around Christmas were a bright spot in an otherwise underwhelming holiday season as it burned off inventory.

☆ Salesforce Profit Outlook Buoys Software Maker Against Activist Investors
▼ + stars: | 2023-03-02 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

The Salesforce Tower in San Francisco. The company is seeking to reduce its costs. Salesforce Inc.’s latest results and coming changes such as disbanding its deal-making committee might be enough to undercut some of the chief concerns floated by activists against the business-software provider, according to analysts. Salesforce on Wednesday reported better-than-expected fourth-quarter earnings and upbeat guidance for the year, including improved profitability amid a cost-cutting push. Co-founder and Chief Executive Marc Benioff said the company is focused on improving its profit by reducing its head count, paring real-estate costs and eliminating a committee focused on mergers and acquisitions.

☆ Bath & Body Works Backs Board in Potential Proxy Battle
▼ + stars: | 2023-02-27 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Bath & Body Works Inc. backed the makeup of its refreshed board and rejected naming one of Dan Loeb’s protégés as a director ahead of a potential proxy fight with the hedge-fund manager’s Third Point LLC. The retailer on Monday said in a letter to shareholders that the looming proxy battle is based on misguided motivations and would be detrimental to shareholders. It added that it has taken “all reasonable steps to avoid a costly and distracting proxy contest” from Mr. Loeb, who said last week that his firm plans to nominate a candidate to the company’s board.

☆ Union Pacific Shares Jump on Hopes for New CEO
▼ + stars: | 2023-02-27 | by ( Esther Fung | Dean Seal | ) www.wsj.com time to read: 1 min

Union Pacific’s total shareholder return, which includes dividends, has lagged behind its publicly traded rivals. Union Pacific Corp. shares surged after the railroad said it would replace its chief executive and investors cheered the possibility that a disciple of the late Hunter Harrison could take over the company. Jim Vena , who worked with Mr. Harrison for years, is a proponent of precision scheduling railroading. The strategy, which Mr. Harrison deployed in Canada and at CSX Corp., reduces costs by operating fewer, longer trains and running them on tighter schedules. It has also sparked criticism from unions about job losses and shippers about service disruptions.

☆ Moderna’s Earnings, Revenue Fall on Fewer Vaccine Sales
▼ + stars: | 2023-02-23 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Photo: Simon Simard for The Wall Street JournalModerna said its research and development expenses soared in the fourth quarter. Moderna Inc. reported lower revenue and earnings in the fourth quarter as demand for its Covid-19 vaccine sank from year-earlier highs when the spread of the Omicron variant boosted sales. The pharmaceutical company, based in Cambridge, Mass., on Thursday said a decrease in volumes for its Covid-19 vaccine pushed sales 29% lower to $5.1 billion, which still topped analyst expectations for $5.02 billion, according to FactSet.

☆ Home Depot Forecasts Earnings Drop This Year
▼ + stars: | 2023-02-21 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Home Depot shoppers are among the consumers directing spending away from goods and toward services. Home Depot Inc. forecast a drop in profit this year on flat sales as consumers spend less on goods and become more sensitive to higher prices. The home-improvement chain said Tuesday that it expects adjusted per-share earnings to decline at a mid-single-digit rate for 2023, with margins affected in part by an additional $1 billion that Home Depot said it would invest into wage increases for its hourly employees.

☆ Deere Earnings Double, Sales Rise on Higher Production
▼ + stars: | 2023-02-17 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

John Deere displayed equipment during the opening of the International Green Week agriculture fair in Berlin last month. Deere & Co. said its profit more than doubled in the most recently completed quarter as higher prices and strong demand for farm and construction equipment lifted sales by nearly a third. The world’s largest seller of tractors and crop harvesters is now expecting higher earnings for the year after reporting a profit of $1.96 billion for the quarter ended Jan. 29, up from $903 million in the same quarter a year ago. Quarterly earnings rose to $6.55 a share, topping analyst expectations by nearly a dollar a share, according to FactSet.

☆ Subway Confirms It Is Seeking Buyers
▼ + stars: | 2023-02-14 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Subway is known for its foot-long sandwiches and quick-service restaurants. Subway’s shareholders are exploring a possible sale of the closely held sandwich chain, confirming an earlier report in The Wall Street Journal. The company said Tuesday that JPMorgan Chase & Co. is serving as an adviser as it looks for potential buyers, although it has no assurance of whether or when a sale might occur.

☆ Coca-Cola Earnings Drop as Stronger Dollar Weighs
▼ + stars: | 2023-02-14 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Coca-Cola’s earnings were in line with analyst expectations on an adjusted basis. Coca-Cola Co. said profit fell in the fourth quarter from a stronger dollar, while revenue rose 7% as higher prices offset a decline in sales volume. For the current year, Coke expects sales growth to slow, with organic revenue, which strips out the effects of foreign-currency fluctuations, acquisitions and divestitures, projected to grow between 7% and 8%. That is down from 16% in 2022.

☆ Coca-Cola Has a Sports-Drink Problem as BodyArmor Stumbles
▼ + stars: | 2023-02-14 | by ( Jennifer Maloney | Dean Seal | ) www.wsj.com time to read: 1 min

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☆ Lyft Shares Fall After Unexpected Loss, Weak Outlook
▼ + stars: | 2023-02-10 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Lyft Inc.’s shares sank by more than a third on Friday after the ride-hailing company posted an unexpected quarterly loss and concerns mounted that it was falling further behind Uber Technologies Inc.More than a dozen Wall Street analysts cut their price target for the stock, while six downgraded the stock’s rating, after Lyft reported underwhelming revenue growth and an adjusted quarterly loss of 74 cents a share. Wall Street analysts expected a profit of 13 cents when adjusted for certain items, according to FactSet.

☆ Disney CEO Robert Iger Raises Doubts on Company Buying Hulu
▼ + stars: | 2023-02-09 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

‘I’m not going to speculate about whether we are a buyer or seller of it,’ Disney Chief Executive Robert Iger said of Hulu. Walt Disney Co. might not be interested in buying the remaining third of the Hulu streaming video service, Chief Executive Robert Iger told CNBC in an interview Thursday. “Everything is on the table right now,” Mr. Iger said. “I’m not going to speculate about whether we are a buyer or seller of it.”

☆ PepsiCo Earnings Top Expectations as Sales Rise 11%
▼ + stars: | 2023-02-09 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

PepsiCo Inc. posted a nearly 11% rise in sales for the fourth quarter as higher prices for its beverages and snacks continued to offset rising costs. The beverage maker said Thursday that it expects continued growth this year with organic revenue, which strips out the effects of foreign currency fluctuations, acquisitions and divestitures, projected to rise 6%. Adjusted earnings, which also exclude one-time items, are expected to rise 8% in 2023 to $7.20 a share. Analysts polled by FactSet expected $7.27 a share this year.

☆ Elevance Health Revenue Lifted by Higher Premiums
▼ + stars: | 2023-02-02 | by ( Dean Seal | Anna Wilde Mathews | ) www.wsj.com time to read: 1 min

Elevance Health Inc. reported higher revenue but a smaller profit for the fourth quarter as premiums rose in tandem with medical costs. The health insurer and healthcare-services provider, formerly known as Anthem Inc., said Wednesday that total revenue increased 9.2% to $39.93 billion, topping analyst expectations of $39.77 billion, according to FactSet.

☆ Estée Lauder Sales Hit Again by China’s Covid Lockdowns
▼ + stars: | 2023-02-02 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Estée Lauder tempered its outlook for the second half of its fiscal year. Estée Lauder Cos. reported declining sales for a third consecutive quarter as Covid-19 lockdowns in China and retailers tightening their inventories continued to weigh on its business. The New York-based cosmetics company, with brands from Clinique to M.A.C., on Thursday also tempered its outlook for the second half of its fiscal year amid a slower-than-expected rebound in travel-related retail sales.

☆ Hanesbrands Shares Plunge After Dividend Cut, Gloomy Earnings and Forecast
▼ + stars: | 2023-02-02 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Hanesbrands expects sales to decline again in 2023 as consumers and retailers pull back. Hanesbrands Inc. shares lost nearly a quarter of their value after the apparel maker eliminated its dividend to shore up its balance sheet as sales continue to slump. The company, reporting earnings on Thursday, said it swung to a fourth-quarter loss on a 16% decline in sales during the period, as consumers pulled back in the U.S. and international markets, and retailers cut orders to reduce their inventory positions.

☆ Pfizer Expects Drop in Revenue as Vaccine Demand Wanes
▼ + stars: | 2023-01-31 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Pfizer touted 10 medicines or vaccines that generated more than $1 billion in revenue each. Pfizer Inc. expects revenue to drop by as much as a third in 2023 as demand for Covid-19 products continues to slump. The New York-based drug company said Tuesday that it is projecting revenue to be between $67 billion and $71 billion this year after jumping 23% to $100.3 billion in 2022. Stripping out Covid-19 products, Pfizer expects its 2023 top line to grow 7% to 9%.

☆ UPS Prepares for Slowdown in Global Delivery Volumes
▼ + stars: | 2023-01-31 | by ( Esther Fung | Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. is girding its business against a slowdown in global delivery volumes as it advised that annual revenue could decline for the first time in years. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year.

☆ UPS Earnings Show Drop in Holiday Sales on Fewer Shipments
▼ + stars: | 2023-01-31 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. posted a decline in fourth-quarter revenue after delivering fewer items during the holidays and projected that its top line will fall in the current year amid a slowdown in global trade. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year. UPS last posted an annual sales decline in 2015, according to FactSet.

☆ Intel Shares Drop After Disappointing Earnings
▼ + stars: | 2023-01-27 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Intel Corp.’s shares slid more than 7% to $27.76 Friday after it reported a loss in the fourth quarter as shifting demand and a battle for market share darkens its outlook in the months ahead. The chip maker said after the bell on Thursday that it swung to a quarterly net loss of $664 million as sales fell by nearly a third to $14 billion. Intel’s sales slump has been made worse by a steep downturn in the personal-computer market after PC shipments fell 28.5% in the final quarter of 2022.

☆ Salesforce Names Three Directors, Braces for Proxy Fight
▼ + stars: | 2023-01-27 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

Sachin Mehra, chief financial officer of Mastercard Inc., was named an independent director at Salesforce Inc.Salesforce Inc. has appointed three new directors, including the finance chief of Mastercard Inc., to its board as a potential proxy fight with activist investor Elliott Management Corp. looms. The business-software maker said Friday morning that Mastercard CFO Sachin Mehra , ValueAct Capital Chief Executive Mason Morfit and Arnold Donald , the former president and chief executive of Carnival Corp., have been named independent directors, effective March 1.

☆ American Airlines Swings to Profit as Revenue Soars
▼ + stars: | 2023-01-26 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

American Airlines Group Inc. swung to a profit in the fourth quarter as persistent demand for flights during the holiday travel season drove revenue above prepandemic levels. The Fort Worth, Texas-based airline said Thursday that revenue hit $13.2 billion in the quarter, topping 2019’s fourth-quarter total by more than 16% despite the company flying with 6% less capacity.

☆ New York Attorney General Probing Madison Square Garden’s Use of Facial Recognition Technology
▼ + stars: | 2023-01-25 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

New York Attorney General Letitia James is requesting information from Madison Square Garden Entertainment Corp. related to its alleged use of facial recognition technology to prevent certain ticketholders from entering its venues. The state attorney general’s office said Wednesday that the company, which operates well-known New York venues including Madison Square Garden and Radio City Music Hall, has reportedly used the technology to bar entry for lawyers who are currently suing it over unrelated matters.

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