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Adidas Shares Slide As China Lockdown Weighs On Q1 Earnings, FY22 Outlook

Adidas AG (OTC:ADDYY) reported first-quarter FY22 sales growth of 0.6% year-on-year to €5.3 billion. Currency-neutral sales declined 3% as supply constraints reduced the top-line by €400 million. Currency-neutral sales across North America rose 13%, EMEA improved 9%, and Latin America jumped 38%. The challenging market environment and COVID-19-related lockdowns in Greater China and…

Benzinga

Ukraine receives weapons support from around the world

Since Russia invaded Ukraine in February 2022, many of the world’s nations have sought to support Ukrainians by sending weapons. Even before that, though, many countries were offering limited help as a result of the Russian takeover of Crimea, in southern Ukraine, in 2014.

The Conversation

Tesla Will Run Two Shifts At Shanghai Plant From May 16

Tesla, Inc (NASDAQ:TSLA) looks to run two shifts at its Shanghai plant from May 16, Reuters reports. The additional shift would enable the EV maker to return factory output to pre-lockdown levels. Tesla aims to churn out 2,600 electric cars from the Shanghai plant per day. Also Read: Tesla Shanghai Workers Forced To…

Benzinga

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Friday essay: writing poems across oceans, cultures and emails – John Kinsella on creative collaboration

My maternal grandfather was an artist who was a sign-writer. On commission, and under the eye of the public, he painted the giant Queen Elizabeth for the 1954 ‘Royal Visit’ and the giant Captain Cook (with map of ‘New Holland’) for the 200th ‘celebrations’. These lines, read on their own,…

The Conversation

Tesla Chief Likely To Take Over As Temp Twitter CEO: CNBC

Tesla, Inc (NASDAQ:TSLA) chief Elon Musk will likely serve as Twitter, Inc's (NYSE:TWTR) temporary CEO for a few months post the $44 billion takeover closes, CNBC reports. As per sources to CNBC's David Faber, Musk recently led investor presentations offering financial projections based on his analysis of Twitter. Musk complained against Twitter's EBITDA margin…

Benzinga

Caterpillar Acquires Tangent Energy Solutions For Undisclosed Sum

Caterpillar Inc. (NYSE:CAT) has acquired Tangent Energy Solutions, a U.S.-based energy-as-a-service (EaaS) company. Deal terms were not disclosed. Kennett Square, Pennsylvania-based Tangent offers customers turnkey solutions to lower energy costs, boost energy efficiency, reduce emissions, monetize electric grid support, and provide resiliency for customer operations. Tangent's software solutions monitor patterns from grid…

Benzinga

Why Crocs Shares Are Surging Today

Crocs Inc (NASDAQ:CROX) reported first-quarter FY22 sales growth of 43.5% year-on-year, to $660.15 million, beating the consensus of $621.88 million. Wholesale revenue grew 48.7%, and Direct-to-consumer (DTC) sales increased 34.6% Y/Y. HEYDUDE Brand revenues were $114.9 million for the period following the closing of the acquisition on February 17, 2022, through March 31, 2022. Adjusted…

Benzinga

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Why Kellogg Shares Are Trading Higher Today

Kellogg Company (NYSE:K) reported first-quarter FY22 sales growth of 2.4% year-on-year to $3.67 billion, beating the consensus of $3.59 billion. Adjusted EPS of $1.10 beat the analyst consensus of $0.93. Kellogg North America's sales decreased 1%, Europe climbed 2%, Latin America's sales gained 8%, Asia Pacific, Middle East, and Africa's sales jumped 12%.…

Benzinga

Qantas Airways Acquires Remaining 80% Stake In Alliance Aviation For $443M: Reuters

Australia’s Qantas Airways (OTC:QABSY) said it is acquiring the remaining 80% stake in Alliance Aviation Services for A$610.8 million ($443.14 million) in an all-stock deal, Reuters reported. The acquisition is expected to expand Qantas’ presence in the charter business. The airways will make use of the increased activity in the mining sector after reopening international…

Benzinga

Shell's Q1 Profit Up 43% As High Oil Prices Offset Russia Exit

Shell Plc (NYSE:SHEL) reported a record Q1 profit of $9.13 billion, up 43%, boosted by higher oil and gas prices, stellar refining profits, and the strong performance of its trading division. The company reported the highest quarterly profit since 2008, even after writing down $3.9 billion post-tax due to its decision to…

Benzinga

Warren Buffett's Berkshire Hathaway Boosts Stake In Occidental Petroleum

Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-B) has bought another 5.9 million shares of Occidental Petroleum Corporation (NYSE:OXY), boosting its stake in the oil company to ~15.2%. Occidental's share price has doubled this year, benefiting from Berkshire's purchases and rising oil prices, with a further boost from the Ukraine crisis. The purchases made on May 2…

Benzinga

Read How Cedar Fair Fared In Q1

Cedar Fair L.P. (NYSE:FUN) reported first-quarter FY22 revenues of $98.8 million, beating the consensus of $76.93 million. During 1Q22, the parks had 130 operating days compared to zero in 1Q21 as the pandemic impacted operations. In-park per capita spending was $58.86 versus $46.13 in 1Q19. Out-of-park revenues for the quarter totaled $16…

Benzinga

CVS Health Q1 Earnings Beat Street Expectations, Raises FY22 Adjusted EPS Forecast

CVS Health Corp's (NYSE:CVS) Q1 sales increased 11.2% Y/Y to $76.83 billion, beating the consensus of $75.39 billion. Adjusted operating income increased 6.6% to $4.48 billion primarily due to increased prescription and front store volume, including the sale of COVID-19 OTC test kits and the impact of COVID-19 vaccinations in the Retail/LTC…

Benzinga

Pizza Hut Parent Misses Q1 Earnings Estimates; Digital Mix Exceeds 40%

Yum! Brands Inc (NYSE:YUM) reported first-quarter FY22 sales growth of 4% year-on-year to $1.55 billion, missing the consensus of $1.59 billion. Same-store sales for the quarter grew 3%. Same-store sales at KFC Division increased 3%, Taco Bell climbed 5%, and Pizza Hut was flat. KFC Division ex-China same-store sales grew 10%, and Pizza…

Benzinga

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HSBC Kick Starts Its $1B Planned Share Buyback: Reuters

HSBC Holdings plc (NYSE:HSBC) has launched its planned $1 billion share buyback Wednesday as it seeks to redeploy excess capital and reward shareholders. The bank has appointed Merrill Lynch International to conduct the process, which could see as many as 2 billion HSBC common shares canceled in a move that should boost average…

Benzinga

India's Biggest IPO Enjoys Analyst Confidence Thanks To Attractive Valuation, Retail Investor Discount

India's largest IPO has started taking orders from individuals and other categories after attracting anchor investors, Bloomberg reports. Retail investors can place their orders for shares of India's state-controlled Life Insurance Corporation until May 9. Also Read: India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment Retail investors will be allocated 35%…

Benzinga

Thomson Reuters Beats Q1 Aided By 'Big 3' Segments; Lifts FY22 Guidance

Thomson Reuters Corp (NYSE:TRI) reported first-quarter FY22 revenue growth of 6% year-on-year to $1.67 billion, beating the consensus of $1.66 billion. Organic revenues increased 7%, driven by recurring revenues and transaction revenues. The "Big 3" segments (Legal Professionals, Corporates, and Tax & Accounting Professionals) collectively comprised 81% of total revenues and reported organic…

Benzinga

India's Largest IPO Raises $736M Ahead of Listing, Attracts Foreign Investment

India’s largest-ever public offering has attracted anchor investors, including Norway’s sovereign wealth fund and the Singaporean government, raising ₹56.3 billion ($736 million) ahead of its initial public offering, Bloomberg reports. The 123 anchor investors joining Life Insurance Corp of India’s IPO committed to purchasing shares at ₹949 per share, the top end of…

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Moody's Shares Drop On Mixed Q1 Results, FY22 Guidance Cut

Moody's Corp (NYSE:MCO) reported a first-quarter FY22 revenue decline of 5% year-on-year to $1.52 billion, beating the consensus of $1.51 billion. Revenue for MIS was $827 million, down 20% Y/Y as geopolitical concerns, rising yields, and elevated market uncertainty affected issuance in all asset classes. Foreign currency translation unfavorably impacted MIS revenue by…

Benzinga

Reckitt Benckiser Hikes Prices To Compensate For Falling Demand: FT

Reckitt Benckiser Group Plc (OTC:RBGLY) (OTC:RBGPF) has hiked prices across its product range to pass an increase in raw material costs onto customers, the Financial Times reported. The move comes after the consumer giant said that inflation on the cost of goods sold has increased from low teens to high teens based on current…

Benzinga

Hertz Chief Sees Business Travel Recovery Choking Already Strained Used Car Supply: CNBC

Hertz Global Holdings, Inc (NASDAQ:HTZ) chief Stephen Scherr saw a recovery in business travel and possibly choking the already packed supplies of rental cars, CNBC’s Jim Cramer reports. However, the rebound of business travel is still in its early stages compared to leisure travel, Scherr said. He saw the in-bound visitor from…

Benzinga

Tesla Recalled Model 3 Cars In China In April Again - Read Why

Tesla, Inc (NASDAQ:TSLA) recalled 14,684 imported and locally made Model 3 cars in China on software problems as previously declared by the market regulator, Reuters reports. The recall marked Tesla's second batch of recalls in April. Also Read: BREAKING: Tesla Recalls 127,785 Model 3 Vehicles In China Over Manufacturing Defects The regulator said…

Benzinga

First Solar Clocks Sharp Q1 Revenue Drop, Still Reaffirms FY22 Outlook

First Solar, Inc. (NASDAQ:FSLR) reported a first-quarter FY22 sales decline of 54.3% year-over-year to $367.04 million, missing the consensus of $592.68 million. The revenue tumbled due to a decrease in module sold volume, a decrease in the module average selling price, and lower project revenue in Japan. The gross margin fell sharply…

Benzinga

Roku Shares Gain After Q1 Revenue Beat, 1.1M incremental Active Accounts

Roku Inc (NASDAQ:ROKU) reported first-quarter FY22 revenue growth of 28% year-over-year to $733.7 million, beating the consensus of $718.31 million. Platform revenue increased 39% Y/Y to $647 million. In Q1, Roku added 1.1 million incremental Active Accounts to reach 61.3 million; Streaming Hours increased by 1.4 billion hours over the…

Benzinga

Why Caterpillar Shares Are Trading Lower Today

Caterpillar Inc (NYSE:CAT) reported first-quarter FY22 sales and revenue growth of 14.3% year-over-year to $13.59 billion, beating the consensus of $13.40 billion. Revenue growth was driven by higher sales volume and favorable price realization, partially offset by unfavorable currency impacts. Segment Revenue: Construction Industries $6.12 billion (+12% Y/Y), Resource Industries $2.83 billion (+30%…

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