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Demystifying the Smart Home
Volkswagen posts €3.5 billion loss as emission crisis bites
Volkswagen AG on Wednesday posted an operating loss of 3.5 billion euros ($3.86 billion) in the third quarter as the car maker was hit by charges related to its emission-test scandal. Analysts had expected a €3.26 billion operational loss, according to the Guardian. Volkswagen said earnings were impacted by €6.7 billion in charges “for forthcoming measures relating to the diesel issue.” That means the company has set aside an extra €200 million to cover costs related to the scandal, on top of the €6.5 billion previously announced charges. “The Volkswagen Group has very solid and robust liquidity resources. This will help us manage the challenging situation caused by the financial impact of the diesel issue”, said Chief Financial Officer Frank Witter in the earnings release. Revenue for the quarter rose 5% to €51.5 billion. Shares of Volkswagen were up 2% in early European trade.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
Volkswagen posts €3.5 billion operating loss as emission crisis bites
Volkswagen AG on Wednesday posted an operating loss of 3.5 billion euros ($3.86 billion) in the third quarter as the car maker was hit by charges related to its emission-test scandal. Analysts had expected a €3.26 billion operational loss, according to the Guardian. Volkswagen said earnings were impacted by €6.7 billion in charges “for forthcoming measures relating to the diesel issue.” That means the company has set aside an extra €200 million to cover costs related to the scandal, on top of the €6.5 billion previously announced charges. “The Volkswagen Group has very solid and robust liquidity resources. This will help us manage the challenging situation caused by the financial impact of the diesel issue”, said Chief Financial Officer Frank Witter in the earnings release. Revenue for the quarter rose 5% to €51.5 billion. Shares of Volkswagen were up 2% in early European trade.
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From:: Stock Market News
Walgreens to buy Rite Aid for $17.2 billion in cash
Walgreens Boots Alliance Inc. said late Tuesday it would buy rival Rite Aid Corp. in an all-cash deal valued at $17.2 billion, including debt. Walgreens will pay $9 a share for Rite Aid, a premium of 48% to the closing price on Monday. The purchase is expected to be finalized in the second quarter and is likely to be accretive to Walgreens’ earnings in the first year after completion. “Walgreens Boots Alliance expects to realize synergies in excess of $1 billion,” the company said in a statement. The deal will be financed by existing cash and new debt. Shares of Walgreens rose 0.5% while Rite Aid shares slumped nearly 7% on the news.
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From:: Stock Market News
API data said to show U.S. crude supplies up 4.1 million barrels
The American Petroleum Institute late Tuesday reported that crude supplies rose by 4.1 million barrels for the week ended Oct. 23, according to sources. The API’s previous report, covering the week ended Oct. 16, had shown a 7.1 million-barrel increase in crude stockpiles. December crude was at $43.46 a barrel in electronic trading, up from the contract’s settlement of $43.20 on the New York Mercantile Exchange. The more closely watched Energy Information Administration report is due Wednesday. Analysts polled by The Wall Street Journal expect the EIA to report that crude supplies rose 3.7 million barrels.
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From:: Stock Market News
Lew says debt limit ‘does not make sense’ to control spending
Treasury Secretary Jacob Lew said Tuesday there’s every reason to look at how the debt limit is handled. But Lew, speaking at the Bipartisan Policy Center, said the debt limit “does not make sense” as a way of controlling spending and said raising it should not become a regular event of brinksmanship. He urged Congress to pass an agreement to suspend the limit until March 2017 “as quickly as possible.”
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From:: Stock Market News
Twitter shares fall 11% after third-quarter earnings
Twitter Inc. shares fell 11% after hours Tuesday after the company beat earnings expectations but delivered a lower than expected revenue outlook. Twitter reported a net loss of $132 million, or a loss of 20 cents per share, compared to a loss of $175 million, or a loss of 29 cents per share in the year-earlier period. Twitter reported adjusted earnings per share of 10 cents, above the FactSet consensus of 5 cents per share. Twitter reported revenue of $569 million up from $361 million in the year-earlier period, and above the FactSet consensus of $559.8 mllion. Twitter said it expects fourth-quarter revenue between $695 million to $710 million, below the FactSet consensus of $741 million. The company reported total monthly active users of 320 million, up 11% year-over-year.
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From:: Stock Market News
Gilead reports robust third-quarter earnings, raises 2015 outlook again
Gilead Sciences Inc. late Tuesday reported its third-quarter earnings jumped to $4.6 billion, or $3.06 a share, from $2.73 billion, or $1.67 a share, a year earlier. On an adjusted basis, the biotech giant earned $3.22 a share, ahead of $2.87 a share projected by analysts in a FactSet survey. Revenue grew to $8.3 billion from $6.04 billion. Analysts had forecast revenue of $7.8 billion. The company also raised its full-year 2015 revenue outlook to a range of $30 billion to $31 billion versus $29 billion to $30 billion announced in July, the third upward revision this year. Gilead shares fell 1.8% in after-hours trade.
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From:: Stock Market News
Resolution introduced to impeach the IRS commissioner
WASHINGTON (MarketWatch) — House Oversight and Government Reform Committee Chairman Jason Chaffetz and 18 other Republicans have introduced a resolution to impeach Internal Revenue Service Commissioner John Koskinen. Chaffetz, the Utah Republican, said Koskinen violated the public trust. “He failed to comply with a congressionally issued subpoena, documents were destroyed on his watch, and the public was consistently misled. Impeachment is the appropriate tool to restore public confidence in the IRS and to protect the institutional interests of Congress,” Chaffetz said in a statement.
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From:: Stock Market News
IBM’s stock drops after disclosure of SEC investigation
International Business Machines Corp.’s stock slumped 3% in afternoon trade Tuesday, after the technology company disclosed that the Securities and Exchange Commission was conducting an investigation into its revenue recognition practices. The SEC probe, which IBM said it learned about in August, is regarding the accounting treatment of certain transactions in the U.S., U.K. and Ireland. IBM said it was cooperating with the SEC in the investigation. The stock has lost 13% year to date, while the Dow Jones Industrial Average has slipped 1.4%.
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From:: Stock Market News