Month: October 2020

It looks like the NBA ownership ranks are adding yet another tech billionaire. Ryan Smith, the 42-year-old CEO and co-founder of online survey software company Qualtrics, has agreed to buy a majority stake in the NBA’s Utah Jazz in a deal worth $1.66 billion, ESPN reported on Wednesday. In doing so, Smith will follow in
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The coronavirus pandemic is redrawing the flight patterns of America’s private jets, as airports in resort towns see big jumps in traffic while flights near cities decline, according to a new report. Private jet flights at Francis S. Gabreski Airport in Westhampton, New York, surged 172% in October, according to data from Tuvoli, an online
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Google parent company Alphabet‘s stock rose as much as 9% in after-hours trading as it crushed expectations for both earnings and revenue in its third-quarter earnings results, showing strong growth in advertising revenue across the board. Here are the results. Earnings per share: $16.40 vs $11.29 expected, according to Refinitiv estimates Revenue: $46.17 billion vs $42.90 billion
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A view of the Exxon Mobil refinery in Baytown, Texas. Jessica Rinaldi | Reuters Exxon Mobil on Friday reported its third straight quarter of losses as depressed oil demand sparked by the coronavirus pandemic weighed on the company’s operations. During the third quarter, the company lost $680 million, although Exxon said results improved on a
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Shares of Twitter, Facebook, Apple and Amazon traded lower Friday, a day after the companies released quarterly reports that failed to wow Wall Street. Here’s what’s going on: Twitter Twitter stock plunged nearly 21% Friday after the company reported disappointing user growth but beat analysts’ expectations on profit and revenue. Twitter grew its total monetizable
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Under Armour on Friday reported earnings and sales that topped estimates, with consumers stocking up on the brand’s sneakers and workout gear during the coronavirus pandemic. CEO Patrik Frisk cited higher demand for the athletic apparel maker’s products, especially in North America, for the better-than-expected performance. The company has been working to get back to
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Amazon reported better-than-expected third-quarter results after the bell on Thursday, including soaring profits and 37% revenue growth. The stock bounced around in extended trading, falling as much as 2%, after Amazon provided a wide guidance range for the fourth quarter. Earnings: $12.37 vs $7.41 per share expected, according to analysts surveyed by Refinitiv Revenue: $96.15
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Facebook stock was down more than 2% on Thursday after the company reported a decrease in users in the U.S. and Canada but moderate revenue growth in its third-quarter earnings. Earnings: $2.71 cents per share, vs $1.91 per share forecast by Refinitiv Revenue: $21.47 billion, vs $19.8 billion forecast by Refinitiv Daily active users (DAUs):
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Starbucks on Thursday reported that sales in the U.S. and China are recovering from the coronavirus pandemic more quickly than expected, helping global same-store sales shrink just 9%. The global coffee chain’s sales have been boosted by customers spending more on their Pumpkin Cream Cold Brew and Frappuccinos, although foot traffic remains down. The company’s
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Apple reported fourth-quarter earnings on Thursday that slightly exceeded Wall Street expectations, but the company did not offer investors any guidance for the quarter ending in December. iPhone sales were down more than 20% year-over-year. Here’s how Apple did versus analyst expectations via Refinitiv estimates: EPS: 73 cents vs 70 cents estimated Revenue: $64.7 billion
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Twitter posted third-quarter earnings on Thursday that crushed analyst estimates on the top and bottom lines but fell short on user growth. The strong showing comes as the company faces heightened scrutiny and the daunting challenge of handling posts around the 2020 U.S. election, an event it says brings uncertainty to advertiser behavior. The stock
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Comcast on Thursday reported third-quarter earnings that beat analyst estimates on the top and bottom lines.  Comcast also reported better-than-expected net customer additions for high-speed internet service and further growth to its new streaming service, Peacock. The stock rose 2.6% Thursday. Here are the key numbers: Earnings per share: 65 cents, adjusted vs. 52 cents
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After more than a decade as an investor on ABC’s “Shark Tank,” Kevin O’Leary has bettered his negotiating skills. And with all that experience, he’s found a common thread among some of his “very best” deals. “What I’ve learned over the years, because I’ve negotiated so many different deals, [is that] the very best deals
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Shares of Pinterest surged more than 28% Thursday, as investors rallied around the company’s blowout third-quarter earnings that indicated advertising demand revved up after a difficult period due to the Covid-19 pandemic.   Shares in tech companies Facebook, Google parent Alphabet, Amazon and Twitter were also up, helping recover some of Wednesday’s losses. Pinterest’s boost from
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Signage is displayed outside a Yum! Brands Inc. Taco Bell restaurant in Lockport, Illinois. Daniel Acker | Bloomberg | Getty Images Yum Brands on Thursday reported that its quarterly revenue rose 8%, fueled by Taco Bell’s return to positive same-store sales growth. Shares of the company fell less than 1% in premarket trading. Here’s what
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Coach owner Tapestry on Thursday reported quarterly results that topped estimates, driven by triple-digit e-commerce growth and a strong rebound in China. “We are very pleased with our first quarter results, which exceeded expectations,” new CEO Joanne Crevoiserat said in a statement. “Our performance underscores the power of our brands.” While the company is not
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Gilead Sciences reported stronger-than-expected third-quarter earnings on Wednesday as sales of its coronavirus treatment remdesivir touted by President Donald Trump drove revenue up by 17% from last year. Gilead’s antiviral drug remdesivir, selling under the brand name Veklury, last week became the first and only treatment granted full approval by the U.S. Food and Drug
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Ford Motor blew away Wall Street expectations as well as the company’s forecast earnings for the third quarter on stronger-than-expected demand during the coronavirus pandemic. Here’s how Ford performed versus what Wall Street expected, based on average analysts’ estimates compiled by Refinitiv. Adjusted EPS: 65 cents vs 19 cents expected Automotive revenue: $34.71 billion vs
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Pinterest’s stock price soared as much as 30% after hours on Wednesday as the company posted strong revenue and user growth in its third-quarter earnings. Here’s what they reported: Adjusted earnings per share: 13 cents vs. 3 cents expected per Refinitiv Revenue: $443 million vs. $383.5 million per Refinitiv Monthly Active Users (MAUs): 442 million
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With mortgage rates reaching historic lows this year, many people are looking to refinance or purchase a home. But should you do an adjustable rate mortgage (ARM), which has an introductory fixed-rate period — usually five, seven or 10 years — and then periodically adjusts based on market conditions, or the more popular 30-year fixed-rate mortgage?
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