Monster Beverage Corporation posted profit and revenue increases that were better than had been expected due to distribution improvements through its current agreement with Coca-Cola, which owns close to 17% of the maker of energy drinks. Shares increased 12.6% to reach $114.20, which wiped out the majority of losses for the year and is down […]
Mondelez Earnings Increase on Higher Prices and Volumes
Cadbury chocolate and Oreo Cookie maker Mondelez International posted revenue as well as profit that were better than had been expected, as a mix of higher prices and volumes in some markets helped to offset the impact from a strong dollar. The company reaffirmed its forecast for 2016. Shares were up more than 4% during […]
Valeant Pharmaceuticals Names Joseph Papa as CEO
On Monday, Valeant Pharmaceuticals International named Joseph Para the former CEO at Perrigo Co as its new CEO to work on turning the company around. Doubts over Valeant’s acquisitive model and a controversy over its relationship with a specialty pharmacy have done great damage to the market value of the drug maker. Valeant will restate […]
Volkswagen Sets $18 Billion Aside for Scandal, Posts Record Loss
Germany based Volkswagen posted on Friday a record loss for 2015 and has set aside over $18 billion for the legal claims, fines and recalls in the U.S. as well as other countries related to its software installed in engines to cheat diesel emissions tests. Volkswagen announced that it had lost over 5.5 billion euros […]
Abbott Laboratories Hit By Currency Exchange Effects
On Wednesday, Abbott Laboratories posted revenue declines that were foreign currency driven in its most recent quarter. However, the company raised its guidance for the year adding that it saw gains on a constant currency basis across every segment. Overall revenue was down 0.2% while its operational revenue, which excludes currency changes, was up 5.1%. […]
Stars Wars and Princesses Drive Results for Hasbro
Hasbro Inc the second largest toymaker in the U.S., posted quarterly revenue and profit that was better than had been expected, driven thanks to strong demand for its action figures from Star Wars and the addition of Princess dolls from Disney to its long list of toys. Shares of Hasbro, which also is the maker […]
Citigroup Profit Falls Due to Weak Investment Banking and Trading Revenue
Citigroup Inc’s quarterly profit plummeted by 27% as the bank earned less revenue from investment banking and trading while incurring higher costs that were related to shrinking certain businesses. The decline in profit was the largest amongst the larger banks based in the United States that thus far have reported results for the first quarter, […]
Wells Fargo Profit Down as Loan Provisions Soar
Wells Fargo & Co profit for the quarter was down 7% as the third largest U.S. bank in terms of assets had to set aside over $1 billion to cover its bad loans. The San Francisco-based lender said its energy industry portfolio was under substantial stress due to the plunge in oil prices. Shares at […]
Mortgage Probe Settled by Goldman Sachs for $5.1 Billion
Goldman Sachs Group will be paying a settlement of $5.1 billion to end a U.S. probe into how it handled mortgage-backed securities that involved allegations the loans were not vetted properly prior to being sold to investors as bonds of high quality. Goldman Sachs based in New York, announced details of this accord back in […]
Gap Stock Hit Hard as March Sales Miss
Spring was going to be the season of renewal at Gap. Following the acknowledgement by the retailer of its style misses and its disappointing results from the previous three-month period, Art Peck the CEO had been optimistic in February about the lineup of new products that were going to hit the stores. At Gap, there […]