Europe Inc. eyes end to corporate recession in fourth quarter

LONDON (Reuters) – Europe Inc. is likely to have turned the page on nine months of falling profits during the final quarter of 2019, but sky-high share price valuations and lofty earnings expectations for 2020 set a low bar for disappointment. European equities rallied 24% last year as serial political storms, Brexit and the U.S.-China trade spat smothered economic activity […]

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UPDATE 1-Bank of America beats on bond trading boost

(Adds analyst estimates, segment revenue details) Jan 15 (Reuters) – Bank of America Corp beat analysts’ estimates for quarterly profit on Wednesday, as the second-biggest U.S. lender’s bond trading division posted a strong showing, eclipsing declines at its three other major businesses. Lower interest rates caused a drop in profit in each of the bank’s business except global markets, which […]

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Samsung Electronics flags smaller-than-expected profit fall as chip market bottoms out

SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) on Wednesday flagged a smaller-than-expected fall in quarterly operating profit, indicating that memory chip prices bottomed out quicker than analysts had anticipated, strengthening hopes of a recovery. The world’s biggest memory chip maker has struggled since late 2018 as a weak global economy curbed spending by data center customers and rising inventories […]

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Tiffany misses estimates for profit on weak demand in Americas, Hong Kong

(Reuters) – Luxury jeweler Tiffany & Co (TIF.N), which is being bought by Louis Vuitton owner LVMH (LVMH.PA), missed Wall Street expectations for quarterly profit and sales on Thursday as weak demand at home and in Hong Kong offset growth elsewhere in China. Tiffany’s business in the Americas has suffered in recent years as price-conscious younger customers gravitate to lower-priced […]

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Royal Bank of Canada profit disappoints on capital markets weakness, shares drop

(Reuters) – Royal Bank of Canada (RY.TO) became the latest Canadian lender to post disappointing quarterly earnings, driven by a dearth of deals and higher loan loss provisions and expenses, dragging its stock down nearly 2%. As TD (TD.TO) and Canadian Imperial Bank of Commerce (CIBC) (CM.TO) prepare to unveil quarterly earnings Thursday, wrapping up the 2019 fiscal reporting season, […]

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UPDATE 5-Bank of Montreal profit drops on costs to cut 5% of workforce

(Updates share price) By Nichola Saminather and C Nivedita Dec 3 (Reuters) – Bank of Montreal reported a drop in fourth-quarter net profit on Tuesday, driven by severance costs to cut about 5% of its workforce, even as earnings excluding the one-time items beat expectations. BMO took a restructuring charge of C$357 million ($268.40 million), which also included some real-estate […]

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Kohl's cuts full-year profit forecast; shares fall

(Reuters) – Department store operator Kohl’s Corp (KSS.N) cut its annual profit expectations on Tuesday ahead of the all-important holiday shopping season, and missed same-store sales estimates for the third quarter, sending its shares down nearly 10%. Kohl’s said it now expects full-year adjusted earnings to be between $4.75 and $4.95 per share, compared to its previous forecast of $5.15 […]

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U.S. pork prices rise as fatal pig disease hits Asia: Tyson Foods CEO

CHICAGO (Reuters) – U.S. pork prices have increased in recent weeks as a fatal pig disease in Asia is reducing global meat supplies, the chief executive of Tyson Foods Inc said on Tuesday, after the company posted lower-than-expected quarterly earnings. The price increase is probably the first time the United States has been significantly affected by African swine fever (ASF), […]

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Aston Martin swings to third-quarter loss as volumes drop

LONDON (Reuters) – Luxury British carmaker Aston Martin swung to a third-quarter loss on Thursday, saying its full-year wholesale volumes would be lower than previously guided after slumping demand in Europe and Asia. Volumes to dealers fell 16% to 1,497 cars in the three months to the end of September as demand in Europe, the Middle East and Africa area […]

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