DIRS.INFO The most relevant business & tech news

☆ Financial shares fall as Credit Suisse becomes latest crisis for the sector
▼ + stars: | 2023-03-15 | by ( Jesse Pound | ) www.cnbc.com time to read: +2 min

Shares of the Swiss bank fell more than 24% after its biggest backer said it won't provide further financial support. Credit Suisse announced on Tuesday that it had found " material weakness " in its financial reporting process from prior years. Bank stocks were under pressure on Wednesday as the sharp drop of Credit Suisse rattled a segment of the market that was already reeling from two large bank failures in the past week. Some regional bank stocks saw even bigger declines. Credit Suisse struggles come on the heels of the collapse of Silicon Valley Bank and Signature Bank in the U.S. Those failures caused steep sell-offs in regional bank stocks on Monday.

☆ The corporate girlies are not okay
▼ + stars: | 2023-03-11 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +7 min

On TikTok, corporate girlies document their 9 to 5 grinds, from outfits to work set-ups. That's led corporate girlies to rethink how they define themselves by work, and who they are as workers. Corporate girlies often have the stability of a high-paying, flexible job with benefits and perks. Self-described corporate girlie Elizabeth Raman-Grubbs — who stressed her views are hers, and not her employer's — said the very "glamorized" aesthetic of the lifestyle on social media has shifted as layoffs swept the industries where corporate girlies dwell, like tech and other professional services. But Raman-Grubbs is still bullish on corporate girlies.

☆ Etsy warns sellers of delay in processing payments due to Silicon Valley Bank collapse
▼ + stars: | 2023-03-11 | by ( Rob Wile | ) www.cnbc.com time to read: +3 min

Etsy is warning sellers that the collapse of Silicon Valley Bank on Friday is causing delays in processing payments, according to an email from the company shared with NBC News. "We wanted to let you know that there is a delay with your deposit that was scheduled for today," the email from Etsy said. "Please know that our teams are working hard to resolve this issue and send you your funds as quickly as possible." One affected Etsy seller told NBC News the deposits delay would have a "catastrophic" effect on his business. The FDIC has formed a separate entity where all insured SVB deposits — up to $250,000 per depositor — will be available by Monday morning.

☆ Dollar Tree sees weak 2023 profit as costs mount, shoppers curb spending
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

March 1 (Reuters) - Dollar Tree Inc (DLTR.O) forecast full-year profit below Wall Street estimates on Wednesday, as costs mount and consumers restrict spending on discretionary products like apparel and party supplies. Shares of the discount store operator were down about 4% in premarket trading after it also forecast first-quarter profit below expectations. Dollar Tree saw gross margin improve 70 basis points to 30.9% in the fourth quarter, helped by higher initial mark-on and lower freight costs. The company expects 2023 profit between $6.30 and $6.80 per share, well below analysts' estimate of $7.78 in Refinitiv IBES data. However, it forecast 2023 sales between $29.9 billion and $30.5 billion, above estimates of $29.86 billion.

☆ INEOS Quattro to raise 750 mln euros from loans, pay dividend
▼ + stars: | 2023-02-24 | by ( Chiara Elisei | ) www.reuters.com time to read: +1 min

LONDON, Feb 24 (Reuters) - Chemicals company INEOS Quattro is planning to raise 750 million euros ($794 million) from the sale of two loans, according to a lead manager memo seen by Reuters on Friday. The seven-year financing - which comprises a euro loan and a minimum $400 million loan - will fund a dividend payment and the rest will be used for general corporate purposes, the memo said. INEOS Quattro is owned by global chemical company INEOS, which is among the bidders for Manchester United. INEOS wants to fund an offer without external financing, but could consider bringing in a minority equity partner, Reuters reported earlier this week, citing a source. JP Morgan and Deutsche Bank are leading the new loan sale for INEOS Quattro, according to the memo.

☆ Dollar General cuts holiday-quarter profit forecast as costs bite
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +1 min

Feb 23 (Reuters) - Dollar General Corp (DG.N) on Thursday lowered its holiday-quarter profit forecast as heavy discounts and higher costs ate into margins. The company also forecast full-year 2023 profit below Wall Street expectations, sending its shares down about 6% in premarket trading. Dollar General said same-store sales increased 5.7% in the fourth quarter ended Feb. 3, missing its forecast of 6% to 7% growth. The company now expects fourth-quarter earnings to be between $2.91 per share and $2.96 per share, compared to its prior forecast of $3.15 per share to $3.30 per share. It expects profit to grow between 4% and 6% this financial year, less than the 10.6% growth analysts on average were expecting, according to Refinitiv data.

☆ Dollar General CFO Garratt to retire
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Discount store chain Dollar General Corp (DG.N) said on Monday its chief financial officer, John Garratt, would retire from his position effective June 2. The company will "evaluate options" for its next CFO and is not currently conducting an external search, it said in a statement. Garratt was named CFO in December 2015, a year after he joined the Tennessee-based company. "While I look forward to spending more time with family, this was a difficult personal decision," Garratt said. Last week, rival Dollar Tree Inc (DLTR.O) said Executive Chairman Richard Dreiling will replace Chief Executive Officer Mike Witynski, nearly a year after its settlement with an activist investor.

☆ Dollar General CFO to retire
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Dollar General Corp (DG.N) said on Monday its Chief Financial Officer John Garratt would retire from his position effective June 2. Reporting by Deborah Sophia in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon creates bazaar for U.S. banking wannabes
▼ + stars: | 2023-01-24 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +3 min

The e-commerce goliath recently added to its growing pile of debt with an $8 billion loan. After first tapping the market’s biggest bookrunners, Amazon enlisted Canada’s TD Securities to shop the lesser-traveled byways around Wall Street for the follow-up deal. It’s easy to understand why the wannabes would jump at the chance to work with Amazon. Others such as BBVA, which offloaded its American subsidiary but kept its broker-dealer business, are keen to expand in U.S. investment banking. For Amazon, spreading the wealth is a chance to trial new banking relationships before potentially hiring them for more complicated matters.

The company is the property services arm of commercial property developer Dalian Wanda Group. A presentation by Wanda Commercial Management Group seen by Reuters said the book received 3.7 times over-subscription, with $500 million orders from long-only funds, including Blackrock, Fidelity, Pictet AM, Invesco and PAG. "This deal reopened the dormant China property and high-yield bond market, and received an active and positive reaction," it added. Dalian Wanda Group did not immediately respond to a request for comment while its commercial management arm could not be immediately reached. Unlike many other Chinese developers who focus on residential projects, Dalian Wanda Group relies on rental income and has an asset-light model.

☆ Amazon secures $8 billion term loan
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Amazon.com Inc (AMZN.O) said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. The online retailer has been bracing for likely slower growth, as soaring inflation forces businesses and consumers to cut back spending. Amazon had about $35 billion in cash and cash equivalents and long-term debt of about $59 billion at the end of the third quarter ended Sept. 30. Toronto Dominion was the administrative agent for the loan agreement in which DBS Bank and Mizuho Bank were among lenders, Amazon said.

☆ Hooters dispels rumors that it's shutting down and rebranding in response to study that claims millennials 'aren't that into boobs'
▼ + stars: | 2022-12-29 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

A viral tweet falsely claimed Hooters is shutting down and rebranding to appeal to millennials. "There is no validity to this story," Hooters of America said in a statement shared with Insider. The tweet — posted by Daily Loud, a website focused on hip-hop and viral news — claimed Hooters "was shutting down and 'rebranding' after a new study found that millennials 'aren't that into boobs.'" The 2017 study by Pornhub found younger people were less likely to search for breasts on pornography websites. After a series of viral TikTok videos shared by staffers, Hooters adjusted its policy to make the new uniforms optional.

☆ Dollar Stores Lead a Surge in New Retail Openings
▼ + stars: | 2022-12-20 | by ( Kate King | ) www.wsj.com time to read: 1 min

Dollar General now has roughly 18,800 stores in the U.S., compared with 5,000 in 2001. Dollar stores, boosted by demand for less expensive groceries and goods in underserved rural areas, are far outpacing other retailers in opening new stores. Bricks-and-mortar shopping has rebounded strongly since the height of the pandemic, with many companies now adding new locations. Leading the pack are the two largest U.S. dollar-store chains, Dollar General Corp. and Dollar Tree Inc., which combined expect to have opened more than 1,300 net new stores by the end of the fiscal year that ends in late January, according to the companies.

☆ Dollarama lifts annual sales forecast on strong demand for cheaper grocery
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

Dec 7 (Reuters) - Dollarama Inc (DOL.TO) raised its full-year same-store sales forecast on Wednesday, as the Canadian discount store chain benefited from inflation-weary consumers shopping at its stores in search of cheaper groceries and household supplies. The company's U.S. counterpart Dollar Tree Inc (DLTR.O) raised its annual net sales forecast in November, while Dollar General Corp (DG.N) said last week that its full-year same-store sales would be toward the upper end of its previous estimate. read more read moreDollarama said it now expects comparable store-sales growth between 9.5% and 10.5% for fiscal 2023, up from prior forecast of 6.5%-7.5%. The company also narrowed its forecast range for full-year gross margin to a range of 43.1% to 43.6%, from prior estimate of 42.9% to 43.9%. ($1 = 1.3680 Canadian dollars)Reporting by Deborah Sophia in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves in the premarket: Herbalife, GitLab, Textron and more
▼ + stars: | 2022-12-06 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

GitLab (GTLB) – GitLab shares surged 18.7% in the premarket following better-than-expected quarterly results for the maker of development operations software, with a smaller loss than analysts had anticipated and sales that exceeded consensus estimates. Textron (TXT) – Textron rallied 9.6% in the premarket after the company's Bell unit won a U.S. Army contract to provide next-generation helicopters. Signet Jewelers (SIG) – The jewelry retailer reported quarterly profit of 74 cents per share, well above the 31 cents a share consensus estimate. Revenue beat consensus estimates as well. The stock surged 8.1% in premarket action.

☆ Stocks making the biggest moves midday: Textron, Charter, Estee Lauder, Signet and more
▼ + stars: | 2022-12-06 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +4 min

Textron – Shares of Textron jumped 6% after the company won a U.S. Army contract that could be worth $70 billion to provide next-generation helicopters. Charter Communications – Charter Communications fell 5% after analysts at Citi added a negative catalyst watch to the company heading into its analyst day. Signet Jewelers – Shares of Signet Jewelers surged 18% after the company announced earnings results that beat Wall Street's expectations before the market open Tuesday. SVB Financial Group – Shares of SVB Financial slid nearly 4%, reaching a 52-week low earlier in the day. Semiconductor stocks – Semi stocks Advanced Micro Devices and Nvidia fell 4% and 3.1% respectively amid a broader selloff in the Nasdaq.

☆ With Debt Coming Due, Investment-Grade Companies Are Paying Up, Too
▼ + stars: | 2022-12-01 | by ( Nina Trentmann | ) www.wsj.com time to read: +7 min

What’s more, volatile markets have resulted in fewer opportunities for companies to sell their debt. Investment-grade U.S. companies have between $550 billion and $750 billion coming due per year from 2023 through 2027, according to Goldman Sachs Group Inc., with about $59 billion left to pay off or refinance in 2022. Of the $615.54 billion, $504.31 billion were new issuances, compared to $111.23 billion in refinancings, Dealogic said. But investor demand for bonds has been stronger in recent days, leading Amazon.com Inc. and others with near-term debt coming due to the market. Among the businesses that recently took out bond debt at a higher cost is retail giant Walmart Inc.

☆ Sam Bankman-Fried just explained what happened at FTX: Everything to know
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

While the world's most powerful finance official took the lunchtime billing, it was Sam Bankman-Fried who held the primetime slot. Sam Bankman-Fried, FTX CEO, at a digital assets hearing in 2021. Within minutes of starting, Sorkin asked Bankman-Fried directly if there was a commingling of funds between the two now-bankrupt companies he founded, FTX and Alameda Research. When Sorkin asked whether Bankman-Fried feels he has any criminal liability, Bankman-Fried said that's not what he's focused on right now. Earnings on deck: Toronto-Dominion Bank, Bank of Montreal, and Dollar General Corporation, all reporting.

☆ Dollar General cuts annual profit view as costs surge
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

Freight, labor and other supply chain-related costs have jumped for U.S. retailers, while excess inventory levels have also forced them to offer deep discounts to spur demand. While margins have been pressured across the retail industry, Tennessee-based Dollar General said it was also seeing inefficiencies within its own supply chain. Unexpected delays in acquiring additional warehouse space to store inventory resulted in higher-than-expected distribution and transportation costs, according to the company. Dollar General, which in July named insider Jeff Owen its new chief executive, saw its gross margin fall by 27 basis points to 30.5% in the third quarter. Dollar General now expects fiscal 2022 earnings per share to increase about 7% to 8%, compared with its prior outlook of a rise of about 12% to 14%.

☆ Stocks making the biggest moves after hours: Workday, CrowdStrike, Horizon Therapeutics and more
▼ + stars: | 2022-11-29 | by ( Carmen Reinicke | ) www.cnbc.com time to read: +2 min

Workday — Workday gained 6% postmarket Tuesday after earnings beat Wall Street estimates on both the top- and bottom lines. NetApp reported adjusted earnings per share of $1.48, beating estimates of $1.33. But its revenue of $1.66 billion fell short of the $1.68 billion Wall Street anticipated, per Refinitiv. HP Enterprise — HP Enterprise rose 2.2% after the company beat earnings estimates on the top and bottom lines. Horizon Therapeutics — The biotech shot up 36% after hours after Dow Jones reported that the $18 billion biotech is fielding takeover interest.

☆ Australia's Westpac to tap U.S. dollar bond market - term sheet
▼ + stars: | 2022-11-09 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +1 min

SYDNEY, Nov 9 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) has mandated banks to work on two- and five-year U.S. dollar bond issuances, according to a term sheet reviewed by Reuters. Westpac raised A$2.8 billion ($1.82 billion) in an Australian-dollar-denominated bond on Monday, domestic media said. The bank plans to issue in U.S. dollars a two-year fixed rate bond, a two-year floating rate note, and a five-year fixed rate transaction, the term sheet showed. The final pricing is due to be set later in the New York trading session on Wednesday, subject to market conditions, according to the term sheet. Westpac planned to use the U.S. dollar proceeds from the bonds for general corporate purposes, the term sheet showed.

At the COP27 climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial. POPULAR DESPITE THE 'GREENIUMS'Also known as "use of proceeds bonds," green bonds involve a company or government raising money for projects considered environmentally beneficial. SUSTAINABILITY-LINKED BONDSSustainability-linked bonds, or SLBs, comprise a newer and smaller market than green bonds. SOCIAL BONDS, SDG BONDS, AND MOREBeyond bonds focused on environmental outcomes, lie pools of money for related goals around social equity or fair living standards. Social impact bonds, or impact bonds, differ from social bonds in linking financial returns to the desired outcome.

☆ KFC's Middle East and North Africa franchisee plans dual listing in UAE, Saudi
▼ + stars: | 2022-11-02 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Nov 2 (Reuters) - Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, said it planned to launch an initial public offering (IPO), followed by a dual listing in the United Arab Emirates and Saudi Arabia. Adeptio Investments, an investment vehicle jointly-held by Dubai businessman and founder of Emaar Properties (EMAR.DU) Mohammed Alabbar and Saudi Arabia's Public Investment Fund, is offering about 2.53 billion existing ordinary shares, representing 30% of the company, Americana said in a regulatory filing on Wednesday. The IPO would start from Nov. 14 to Nov. 21 for retail investors in the UAE and Saudi Arabia, and Nov. 14 to Nov. 22 for institutional investors in both the countries. Following its public share-sale, it expects to list on the Abu Dhabi Securities Exchange and the Saudi Exchange on or around Dec. 6, it said. Reporting by Hadeel Al Sayegh; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Nov 1 (Reuters) - Dollar General Corp (DG.N), one of the largest U.S. discount retailers, was sued on Tuesday by Ohio, which accused the company of charging shoppers more at the register than it advertised on store shelves. Dave Yost, the state's attorney general, said Ohio lets stores have error rates on overcharges as high as 2% but that testing last month at 20 Dollar General stores found error rates ranging from 16.7% to 88.2%. "This seems like a company trying to make an extra buck and hoping no one will notice," Yost said in a statement. Dollar General did not immediately respond to a request for comment. Reporting by Jonathan Stempel in New York; Editing by Mark PorterOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Hasbro, Salesforce, Carnival, Lockheed Martin & more
▼ + stars: | 2022-10-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a "significant" stake in the software giant. Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival's subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.

Search resuls for: "General Corp"

25 mentions found