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☆ Verizon finance chief Matt Ellis to depart in top management rejig
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

March 3 (Reuters) - Verizon Communications Inc finance chief Matt Ellis will leave the wireless carrier in May, it said on Friday in a slew of senior leadership changes. Senior Vice President Tony Skiadas will replace Ellis, the company said while announcing new leaders to its key verticals. Sowmyanarayan Sampath, who leads Verizon Business Group, will be executive vice president and chief executive of Verizon Consumer Group. Joe Russo, senior vice president and chief network officer, will replace Malady as president of Global Networks and Technology, which looks over 5G, 4G, Fiber and Edge computing services. In its latest quarterly report in January, Verizon forecast annual profit below expectations hurt by higher costs, tepid growth in wireless customers and high competition.

☆ Molson Coors Told to Stop Saying Rivals’ Beer Tastes Like Water
▼ + stars: | 2023-02-23 | by ( Patrick Coffee | ) www.wsj.com time to read: +4 min

Brewer Anheuser-Busch InBev SA has scored at least a temporary win in the long-running battle over light beer brands’ marketing claims. BBB National Programs’ National Advertising Division, an ad-industry self-regulatory group, determined that Molson Coors Beverage Co. should stop marketing its light beer products by implying that those produced by rivals have little or no flavor. Molson Coors plans to appeal, according to Chief Communications Officer Adam Collins. A final decision in the Molson Coors case should come down next month, she said. In 2019, Molson Coors sued AB InBev over a Super Bowl campaign highlighting the fact that Miller Lite and Coors Light use corn syrup in the brewing process.

☆ Looking beyond FAANG: Here's how the Club portfolio lines up with the Dow's workhorse stocks
▼ + stars: | 2023-01-31 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

Think most of the stocks in the Dow Jones Industrial Average or the kind of stocks Warren Buffett loves to own for Berkshire Hathaway ." But in the near term, we still favor stocks of companies that are the backbone of the real economy. Dow Inc (DOW): The materials company we own in the portfolio is industrial gas giant Linde (LIN). As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Total revenue rose 0.7% to $30.55 billion in the quarter. Cable revenue grew 1.4% to $16.64 billion, narrowly missing analysts' estimates of $16.67 billion. Comcast lost 440,000 video subscribers in the quarter, fewer than Factset's estimated loss of 548,000, as the trend of cable TV cord-cutting continued. The company also lost 26,000 broadband customers in the quarter, compared with Factset's estimated loss of 40,000 customers. NBCU advertising sales grew 4% to $2.86 billion, and theme parks revenue grew 12% to $2.11 billion.

☆ NYSE says manual error triggered major trading glitch
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

The glitch, which occurred on Tuesday, impacted stocks of major companies including 3M (MMM.N), Wells Fargo & Co (WFC.N) and Verizon Communications Inc (VZ.N). The NYSE, owned by Intercontinental Exchange Inc (ICE.N), said it began trading in 2,824 securities without an opening auction, which led to erroneous prices, with nearly 4,341 trades in 251 securities "busted", or nullified. The exchange also said it had erroneously triggered a sell short restriction (SSR) on about 80 securities on Tuesday. That could potentially lead to volatile trading on Wednesday but it was "nothing investors have to worry about", Stovall added. Reporting by Niket Nishant and Johann M Cherian in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ AT&T’s fiber diet should help mitigate M&A bloat
▼ + stars: | 2023-01-25 | by ( Jennifer Saba | ) www.reuters.com time to read: +3 min

NEW YORK, Jan 25 (Reuters Breakingviews) - AT&T (T.N) boss John Stankey is getting the telecom titan back in its lane. The $145 billion company on Wednesday disclosed a $25 billion non-cash impairment charge partly related to its landline business. AT&T benefited in other ways, adding 656,000 net new mobile subscribers who pay monthly in the fourth quarter, far better than what Verizon Communications (VZ.N) managed. In the fourth quarter, AT&T’s average revenue per user for its fiber product was approaching $65, $10 higher than what its non-fiber service fetches. At least it’s a venture in AT&T’s wheelhouse, and a higher fiber diet should help mitigate the M&A bloat.

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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.

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.

☆ 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.

☆ 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.

☆ 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.

☆ 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.

☆ U.S. Accounting Rule Maker Looks to Advance Projects on Tax, Crypto and Expenses in 2023
▼ + stars: | 2022-12-28 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The U.S. accounting rule maker in 2022 launched new projects following an agenda consultation with investors and other stakeholders in 2021, its first in five years. The board has at least three core projects—two on disclosure of expenses and one on disclosing income taxes—in 2023, according to Mr. Jones. PREVIEWThe FASB will likely finalize a rule in 2023 requiring public companies to start breaking out big-ticket expenses incurred by their business divisions, Mr. Jones said. Another major project Mr. Jones said might be finalized in 2023 would require companies to provide more tax details. “They have an important role in our economy.”The slowing economy will also be on the FASB’s radar, Mr. Jones said.

☆ The CIO of a top-performing fund says 2023's stock market will be a tale of 2 halves. He shares the sectors he expects to outperform.
▼ + stars: | 2022-12-27 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Mike Morey believe the stock market may retest its 2022 lows during the first half of the year. Despite the market chaos, there were two clear standouts that outperformed the broad market: the energy sector and defensive sectors, both of which fall under his area of expertise. The second fund, the Integrity Mid-North American Resources Fund (ICPAX), focuses on the energy sector. He favors defensive sectors such as healthcare, utilities, staples, and traditional telecommunications sectors, which are found in the IDIVX fund. ICPAX's top 10 holdings are Cheniere Energy, Diamondback Energy, OvintivInc., ExxonMobil Corp., Cactu, Nextier Oilfield., Halliburton, Enbridge, Champion, and Marathon Oil.

☆ Tumblr Shoots for a Comeback With Users and Advertisers
▼ + stars: | 2022-12-09 | by ( Katie Deighton | ) www.wsj.com time to read: +7 min

Wireless company Verizon Communications Inc., which bought Yahoo in 2017, saw Tumblr users nosedive when it banned adult content, including nudity, in 2018. Tumblr users in the past month have depicted anthropomorphized versions of the Tumblr and Twitter logos, for example, having a quasiromantic relationship. And in April, it introduced Tumblr Blaze, which offers users, including brand accounts, wider exposure for their posts. Advertisers that create custom campaigns using the parlance popular among Tumblr users to appeal to particular communities usually see the best engagement, according to Tumblr’s chief marketing officer, Matthew Ryan. Some of the most active advertisers on Tumblr are movie and television studios that create Tumblr campaigns for die-hard fans of genres or series, Mr. Ryan said.

☆ Verizon CEO Hans Vestberg to Take Over Consumer Unit After Executive Exit
▼ + stars: | 2022-12-05 | by ( Drew Fitzgerald | ) www.wsj.com time to read: 1 min

CEO Hans Vestberg said he would focus on more consistency between Verizon’s network product and its operational results. Verizon Communications Inc. replaced consumer unit chief Manon Brouillette after a little less than a year in the role, the latest sign of the wireless company’s struggle to appeal to nonbusiness clients. The cellphone carrier said Monday that Chief Executive Hans Vestberg , 57, would assume the immediate responsibilities of Ms. Brouillette, 54. Mr. Vestberg said in a statement that he would focus “on driving a closer consistency between the top quality network product we’re bringing to market and the operational results we’re producing.”

☆ GM's BrightDrop signs first customer in Canada, unveils country's first large EV factory
▼ + stars: | 2022-12-05 | by ( Lisa Baertlein | ) www.reuters.com time to read: +2 min

REUTERS/Carlos OsorioDec 5 (Reuters) - The first electric delivery trucks rolled off production lines at BrightDrop's new factory in Canada on Monday, when the upstart unit of General Motors Co (GM.N) also announced DHL Express Canada (DPWGn.DE) as its first customer outside the United States. GM spent seven months and more than $2 billion transforming its 2 million-square-foot CAMI Assembly plant in Ingersoll, Ontario, into Canada's first large-scale electric vehicle (EV) factory for BrightDrop Zevo delivery trucks. It already has delivered 150 electric trucks to package carrier FedEx Corp (FDX.N). Those companies and many others have set goals to replace gas-burning delivery trucks and service vehicles with zero-emissions alternatives over time. DHL Express Canada's new relationship with BrightDrop "will help bring us closer to that target," CEO Andrew Williams said.

☆ FASB Again Aims for More Disclosure on Taxes From U.S. Companies
▼ + stars: | 2022-11-30 | by ( Mark Maurer | ) www.wsj.com time to read: +5 min

The Financial Accounting Standards Board on Wednesday said it wants companies to provide more information on their income taxes, the group’s latest attempt to give the public more detail on the companies they invest in. At least once a year, public companies have to disclose the amount of cash taxes they pay. Companies must also disclose their effective tax rate, or the ratio between their tax expense and their pretax income. The first proposal came in 2016 and would have required companies to distinguish their U.S. from their foreign income taxes, among other changes. This time, it sought a breakout of the amount of federal, state and foreign taxes public companies paid, as well as disclosure on a quarterly basis.

☆ Yahoo to buy minority stake in Taboola in advertising deal
▼ + stars: | 2022-11-28 | by ( Pablo Mayo Cerqueiro | David French | ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Yahoo Inc will acquire a nearly 25% stake in advertising tech firm Taboola Inc (TBLA.O) and become its largest shareholder, the companies said in a joint statement on Monday, in a push to deepen advertising on their digital properties. As part of the partnership, Taboola will power native content and advertisements across Yahoo's sites for 30 years, while the U.S. tech company will get one seat on Taboola's board. Taboola's engine pushes links to articles paid by advertisers - known as native advertising - on sites of publishers including CNBC and NBC News. Taboola, whose shares surged 25% in pre-market trade on Monday, expects the deal to boost its revenue, EBITDA and free cash flow. Taboola said it will host a special general meeting on Dec. 30 to seek shareholders' approval.

☆ Cramer's lightning round: You ought to pass on Medical Properties Trust
▼ + stars: | 2022-11-21 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Verizon Communications Inc : "I'm going to say it's fine. Loading chart...Medical Properties Trust Inc : "That yield's too high versus the rest of its cohort. So I'm going to say, you ought to pass on that." Loading chart...UiPath Inc : "I actually believe in the company, but that company is losing money. I am not going to compromise and suggest a company that is losing money."

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