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☆ Streaming platform Roku's shares slump on dour holiday-quarter forecast
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

Nov 2 (Reuters) - Shares of Roku Inc (ROKU.O) fell more than 20% in extended trading on Wednesday after the streaming platform forecast holiday-quarter revenue below Wall Street estimates as ad spending dries up. Top players including Google-parent Alphabet (GOOGL.O) and Snap Inc (SNAP.N) have warned of shrinking ad spending, which led to a broad tech sell-off in recent weeks. Roku added 2.3 million "active accounts" in the third quarter, compared with 1.3 million net additions last year. "Roku’s growth will be disrupted by a recessionary environment because advertising budgets on the whole will see cuts, while at the same time TV ad budgets continue to see migration to digital," Third Bridge analyst Jamie Lumle said. "We will continue to slow headcount and operating expense growth in response to the macro environment," Wood added.

☆ Roku falls on bleak revenue forecast
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: 1 min

Nov 2 (Reuters) - Shares of Roku Inc (ROKU.O) fell more than 20% in the extended trade on Wednesday after the streaming platform forecast its current quarter player and platform revenue lower than that in the last year. "As we enter the holiday season, we expect the macro environment to further pressure consumer discretionary spend and degrade advertising budgets, especially in the TV scatter market," the company said. Reporting by Aishwarya Nair in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Airbnb expects holiday-quarter bookings to moderate; shares fall
▼ + stars: | 2022-11-01 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Airbnb Inc forecast holiday-quarter revenue that could fall short of market expectations, saying a strong dollar had started to pressure its business and bookings would moderate, sending its shares down 7% after the bell. Airbnb's shares have slumped more than a third this year, versus a roughly 19% fall in the broader market (.SPX). Airbnb guided fourth-quarter revenue between $1.80 billion and $1.88 billion, versus analysts' expectations of $1.85 billion, according to Refinitiv. The company recorded its highest ever third-quarter bookings, with nearly 100 million nights and experiences booked. Airbnb said, however, the majority of travelers in North America and Europe had booked domestic stays.

Nov 1 (Reuters) - FedEx Corp (FDX.N) said it would ask a federal judge in Texas to throw out or reduce a jury's $366 million damages award to a Black former employee who accused the company of disciplining and firing her after she complained about racial discrimination. In a regulatory filing on Tuesday, FedEx said it was expecting the Oct. 25 award by a Houston jury to Jennifer Harris of $1.16 million in compensatory damages and $365 million in punitive damages to be reduced. The package delivery company said that under U.S. Supreme Court precedent, punitive damages are normally capped at less than 10 times compensatory damages, with a multiple closer to one being appropriate when compensatory damages are substantial. FedEx said it believed any payout up to $75 million would be covered by insurance, subject to a $10 million retention. She said she later reported discrimination by her supervisor to FedEx's human resources department, leading to a letter complaining about her "unacceptable performance," a written warning, and her termination in January 2020.

☆ Airbnb's revenue forecast takes hit from strong dollar, slowing bookings
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +2 min

Nov 1 (Reuters) - Airbnb Inc forecast fourth-quarter revenue below market estimates on Tuesday, saying a strong U.S. dollar had started to pressure its business and that bookings would moderate after a bumper third quarter. The vacation rental firm expects fourth-quarter revenue between $1.80 billion and $1.88 billion, the midpoint of which missed analysts' expectations of $1.85 billion, according to Refinitiv IBES. San Francisco-based Airbnb recorded its highest ever third-quarter bookings, with nearly 100 million nights and experiences booked, but it said current-quarter bookings will "slightly moderate" from those levels. Still, it is "well-positioned for the road ahead", the company added, after surpassing quarterly revenue estimates. Net profit rose 45.6% to $1.21 billion, or $1.79 per share, while revenue increased 28.9% to $2.88 billion, beating estimates of $2.84 billion.

☆ Caterpillar posts higher adjusted profit on strong equipment demand
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +1 min

Oct 27 (Reuters) - Heavy-equipment maker Caterpillar Inc (CAT.N) posted a rise in third-quarter profit on Thursday as robust demand, low inventories and raised prices helped it mute the impact of higher material and freight costs. "We continued to see healthy demand across most of our end markets during the third quarter," Chief Executive Jim Umpleby said. In the previous quarter, the company had flagged a bigger drop in demand for its excavators in its growth market, China. Caterpillar's revenue for the quarter through September rose to $15.0 billion from $12.4 billion a year ago. Adjusted profit rose to $3.95 per share from $2.66 per share a year earlier.

☆ Harley profit rises as pent-up demand fuels improved shipments
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Harley-Davidson Inc (HOG.N) reported a 60% jump in quarterly profit on Wednesday as higher shipments and strong pricing allowed the 119-year-old motorcycle maker to navigate cost inflation. Harley has doubled down on its production targets to make up for a two-week shutdown that suspended bike shipments in mid-May. Last month, the company spun off its electric motorcycle division in a SPAC deal and retained a 74% stake in the newly listed firm. Net profit rose to $261 million, or $1.78 per share, in the third quarter ended Sept. 25, from $163 million, or $1.05 per share, a year earlier. Reporting by Aishwarya Nair in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Archer Aviation plans to build 250 air taxis in 2025
▼ + stars: | 2022-10-24 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

Adam Goldstein (R) and Brett Adcock, co-founders and co-CEOs of flying taxi company Archer Aviation, pose for a picture as they rehearse for the unveiling of their all-electric aircraft from a facility in Hawthorne, California, U.S. June 8, 2021. REUTERS/Mike BlakeOct 24 (Reuters) - Archer Aviation Inc (ACHR.N) said it aims to make about 250 battery-electric air taxis in 2025 and scale up production in the following years, after setting a goal of getting its aircraft certified by the end of 2024. "In our first year, we will build 250 aircraft, our second year will build 500 aircraft, our third year will build 650 aircraft and then we scale it up to around 2,000 aircraft per year," CEO Adam Goldstein told Reuters in an interview. Archer aims to certify its pilot-plus-four-passenger aircraft, 'Midnight', by end-2024, though the U.S. Federal Aviation Administration (FAA) is still in the process of drawing up certification rules for these futuristic aircraft. Register now for FREE unlimited access to Reuters.com Register"In terms of aircraft production, we have estimated in our Archer model ~20 units in 2025," JPM analyst Bill Peterson said.

Oct 24 (Reuters) - Heavy-machinery maker Caterpillar Inc. (CAT.N) is expected to report a double-digit growth in profit and revenue when it releases quarterly earnings on Thursday, as demand for the company's equipment and parts remains robust. Still, investors will be looking for signs of softening demand as expectations of a global recession increase and after a sales miss in the previous quarter. The world's largest manufacturer of construction and mining equipment has weathered inflationary pressures, supply chain constraints and escalating freight and production costs by increasing prices over the last two years. Caterpillar is expected to post third-quarter earnings of $3.16 per share on $1.67 billion of net income, compared with $1.45 billion a year ago. However, McNally said falling commodity prices could impact the industrial bellwether going forward as economic data suggest weakening demand for oil.

Oct 20 (Reuters) - American Airlines Group Inc (AAL.O) on Thursday forecast that fourth-quarter profit would exceed analyst estimates after posting better-than-expected earnings in the third quarter, as demand for travel remained resilient despite higher airfare and growing risks of an economic recession. American is the latest airline to provide an upbeat forecast even as a worsening economic outlook has sparked worries about travel spending. Carriers, however, say an unquenched thirst for travel, hybrid work arrangements and limited airline capacity would keep their business humming. American said demand for domestic and short-haul international travel is "very strong", and lifting of travel restrictions and testing requirements around the globe are expected to further drive up long-haul international traffic. Adjusted profit for the third quarter came in at 69 cents per share, topping analysts' expectations of 56 cents a share.

☆ American Airlines forecasts strong profit for December quarter
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Oct 20 (Reuters) - American Airlines Group Inc (AAL.O) expects to report a profit in the December quarter above Wall Street estimates, the company said on Thursday, helped by a strong rebound in travel as the demand shows no signs of cooling despite high airfare. Shares of American Airlines were up about 3% at $14.43 in premarket trade. American Airlines reported an adjusted profit of $478 million, or 69 cents per share, for the quarter ended Sept. 30, compared with an adjusted loss of $641 million, or 99 cents per share, a year earlier. The Fort Worth, Texas-based airline's operating revenue rose to about $13.46 billion from about $8.97 billion a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Honeywell forecasts increase in private jet deliveries over next decade
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: +2 min

Oct 16 (Reuters) - Honeywell International Inc (HON.O) on Sunday lifted its outlook for business jet deliveries, as the COVID-19 pandemic brought in a wave of first-time users and buyers in the private flying market. Honeywell forecast up to 8,500 new business jet deliveries worth $274 billion from 2023 to 2032, up 15% from last year's outlook, while the usage in 2022 is expected to climb 9% higher. Private flying demand boomed during the pandemic as wealthier passengers opted for charter planes due to concerns about exposure to the virus. Register now for FREE unlimited access to Reuters.com RegisterPassengers who used to fly first class on a commercial airline have now increasingly switched to private flying. "Demand for new business jets is as high as we've seen it since 2015, and we expect high levels of demand and expenditures for new aircraft for several more years," said Heath Patrick, Honeywell Aerospace president, Americas aftermarket.

☆ Rail union BMWED members reject contract deal with U.S. railroads
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +1 min

Oct 10 (Reuters) - A union representing employees who build and maintain tracks said on Monday its members rejected the tentative contract deal with a committee representing major U.S. freight railroads. The Brotherhood of Maintenance of Way Employes (BMWED), which represents more 11,000 workers, said the rejection results in a "status quo" period where the union will reengage bargaining with the Class I freight carriers. read moreSo far, only four of the 12 unions have ratified the agreement. read moreIn September, a division of International Association of Machinists and Aerospace Workers reached an improved tentative contract deal with the NCCC after its members rejected it earlier. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Peloton to sell bikes, treadmills at Dick's Sporting Goods stores
▼ + stars: | 2022-09-29 | by ( ) www.reuters.com time to read: +1 min

A Dick's Sporting Goods store is closed due to the outbreak of coronavirus disease (COVID-19) in Washington, DC, U.S. April 10, 2020. REUTERS/Joshua RobertsSept 29 (Reuters) - Peloton Interactive Inc (PTON.O) said on Thursday it will start selling its bikes, treadmills and other products in Dick's Sporting Goods Inc (DKS.N) stores, as the exercise bike maker looks to expand its customer base to lift sagging sales. Following the partnership, Peloton's products will be available in more than 100 Dick's Sporting Goods stores and also on its e-commerce platform, according to the statement. Last month, Peloton struck a partnership with Amazon.com Inc to sell some of its fitness equipment on the online retailer's U.S. platform. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Aishwarya Nair in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Harley-Davidson spins off LiveWire in $1.8 billion SPAC merger
▼ + stars: | 2022-09-27 | by ( Bianca Flowers | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterElectric motorcycles by Harley-Davidson and LiveWire are seen at a Harley-Davidson dealership in Queens, New York City, U.S., February 7, 2022. REUTERS/Andrew KellySept 27 (Reuters) - Harley-Davidson Inc (HOG.N) on Tuesday spun off its electric motorcycle division, LiveWire, in a SPAC deal creating the first publicly traded electric motorcycle company in the United States. New shares of LiveWire Group Inc , Harley-Davidson's former electric motorcycle subsidiary, were up 1.5% in their U.S. market debut on Tuesday following the unit's $1.77 billion merger with a blank-check firm. Harley released its first electric motorbike, the LiveWire, in 2019 before deciding to relaunch the bike as its own sub-brand. Register now for FREE unlimited access to Reuters.com RegisterReporting by Bianca Flowers in Chicago and Aishwarya Nair in Bengaluru; Editing by Maju Samuel and Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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