Author: Kannaki Deka
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3M annual profit forecast squeezed by sluggish electronics, China demand
By Kannaki Deka (Reuters) -Industrial conglomerate 3M forecast full-year earnings below Wall Street estimates on Tuesday, saying the macro environment “remains muted” and sending its shares plunging about 12%. The company’s electronics business, which makes displays for smartphones and tablets, has grappled with the effects of customers cutting back on discretionary purchases due to higher…
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Harley-Davidson profit skids, cuts yearly outlook on slowing demand
By Bianca Flowers and Kannaki Deka (Reuters) -Harley-Davidson Inc. missed Wall Street expectations on Thursday as profit declined 18% in the second quarter and slowing consumer demand in North America, its largest market, prompted the company to cut its sales outlook for the year. Despite disappointing earnings, shares for the Milwaukee-based company were up 5.3%.…
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3M raises full-year profit forecast as cost-cut measures pay off
By Kannaki Deka (Reuters) -U.S. industrial conglomerate 3M Co on Tuesday raised its full-year profit forecast and reported better-than-expected quarterly results helped by higher prices and cost-cut measures, sending its shares to a four-month high of nearly 6%. 3M, which makes electronic displays for smartphones and tablets, raised prices to offset high raw material and…
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TPG to buy investment firm Angelo Gordon in $2.7 billion deal
By Kannaki Deka (Reuters) – U.S. private equity firm TPG Inc said on Monday it would buy alternative investment firm Angelo Gordon in a deal valued at $2.7 billion as it looks to bolster its credit investing business. Major private equity firms have been expanding beyond their mainstay business as the equity funding market loses steam.…
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Peloton reports wider Q3 loss, membership forecast disappoints
By Kannaki Deka (Reuters) -Peloton Interactive Inc reported a wider-than-expected quarterly loss and warned it expects to sign up fewer members for the year, raising concerns about the fitness equipment maker’s growth prospects. Shares of the company fell 15% in morning trading after initially rising on stronger-than-expected forecast for fourth-quarter revenue. Peloton said it expects…
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3M to cut 6,000 roles globally as weak consumer electronics demand bites
By Kannaki Deka (Reuters) – 3M Co will cut about 6,000 positions globally in a second round of lay-offs this year, as the U.S. industrial conglomerate looks to rein in costs amid waning demand for consumer electronics. The diversified manufacturer said on Tuesday it will shift its focus to high-growth businesses, including automotive electrification and…
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WeWork issues glum revenue forecast as tech layoffs hurt
By Kannaki Deka (Reuters) – WeWork Inc on Thursday forecast lower-than-expected revenue for the current quarter, signaling that its business of providing flexible workspace was feeling the heat of mass layoffs in the technology sector. Shares of WeWork fell 5.5% in morning trade, after the company forecast current-quarter revenue of $830 million to $855 million,…
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Homebuilder D.R. Horton expects home prices to cool as demand tapers
By Kannaki Deka (Reuters) -U.S. homebuilder D.R. Horton Inc on Wednesday forecast first-quarter revenue below estimates and said it expects home prices to decline next year as a spike in mortgage rates and inflation dampen demand. After a long spell of rapid surges in home prices through most of last year, due to tight supply,…
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Peloton forecasts weak holiday-quarter revenue, flags risk to cash flow goal
By Kannaki Deka (Reuters) -Peloton Interactive Inc on Thursday forecast holiday-quarter revenue below estimates and the fitness equipment maker warned that a challenging macro-economic environment could affect its goal of stopping cash burn this fiscal year. The company’s shares, which fell as much as 16.1%, were down 3.5% at $8.32. Peloton’s goal of achieving breakeven…
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3M to spin off healthcare business, earplugs unit seeks bankruptcy protection
By Kannaki Deka and Abhijith Ganapavaram (Reuters) -3M Co on Tuesday disclosed plans to spin off its healthcare business into a listed company, joining a raft of U.S. manufacturers looking to simplify their business and boost investor returns. The industrial giant also sought bankruptcy protection for its unit that makes earplugs for the U.S. military,…