By Kevin Orland Bloomberg Wed., Feb. 6, 2019 Suncor Energy Inc., Canada’s largest energy producer by market value, posted fourth-quarter results that show the toll last year’s collapse in the country’s heavy crude prices are taking on the industry. The weaker performance — net earnings swung to a loss and operating earnings fell 56 per cent from a year earlier, trailing analysts’ estimates — was partly cushioned by its substantial refining operations, which benefited from the lower oil prices. Key Takeaways Alberta’s unprecedented production-curtailment plan, which Suncor has vocally opposed, may have hit its output harder than some rivals because it spent the last year ramping up its new Fort Hills mine. While Suncor’s refining operations helped ease the pain last quarter, that advantage may dissipate in the current quarter as the province’s mandated crude-production cuts lift prices of Western Canadian … [Read more...] about Suncor’s fourth-quarter earnings dented by Canadian crude slump
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PARIS/LONDON (Reuters) - Pernod Ricard (PERP.PA) will meet activist hedge fund Elliott this month as the family-backed spirits firm faces pressure to improve its margins, sources familiar with the situation said. FILE PHOTO - A logo is seen on a bottle of the Ricard aniseed-flavoured beverage displayed during French drinks maker Pernod Ricard news conference to announce the company annual results in Paris, France, August 29, 2018. REUTERS/Christian Hartmann Although chief executive Alexandre Ricard is expected to present his new strategy plan later this year, some analysts expect Pernod Ricard to give some direction on margins when it publishes first-half earnings on Feb. 7. Billionaire Paul Singer’s Elliott, which is being advised by French business and political establishment insider Alain Minc, is hopeful that Ricard will deliver some of the changes it has proposed, including improving investor returns, one source said. The activist fund, which has become more … [Read more...] about Pernod Ricard to meet activist Elliott ahead of earnings update:…
Big banks are expected to report painful fourth-quarter results following a dreadful December. It’s a mixed bag between business lines, but investment banking revenues are expected to fall by 17% and trading revenues by 2.6%, according to Keefe, Bruyette, and Woods. We’ve got a breakdown of which business lines are bracing for the worst. The stock market turmoil at the end of 2018 has taken a wrecking ball to Wall Street’s fourth-quarter results. The worst December stock-market performance since the Great Depression has big banks – whose shares fell 18% during the last quarter – bracing for an ugly earnings season across banking and trading business lines, and analysts have been slashing price estimates for the big banks to account for damage. Which businesses will take the hardest hits when Citigroup, Bank of America Merrill Lynch, Goldman Sachs, JPMorgan Chase, and Morgan Stanley report fourth quarter results next week? In investment banking … [Read more...] about Wall Street is bracing for an ugly earnings season — here’s a breakdown of where banks are going to feel the pain
NEW YORK — Forget about "What have you done for me lately?" The big question investors will be asking companies this upcoming earnings season is: What will you do next? Companies are lining up to tell investors how much they made during the last three months of 2018, and the reports get going in earnest this upcoming week with Citigroup and a slew of other banks on deck. Expectations are high, and Wall Street is forecasting a fifth straight quarter where profit growth topped 10 percent for S&P 500 companies. Markets could use some encouragement following the worst December for stocks since the Great Depression. But investors are likely less interested in companies' performance over the last three months as what they have to say about the trends for 2019. Economic growth around the world is expected to slow this year, and rising payroll costs could be eating into company profits. Trying to judge the impact on profits, investors will pay more attention to the conference calls … [Read more...] about Off the Charts: More blowout earnings. What comes next?
LONDON (Reuters) - European shares tumbled on Thursday as optimism over U.S.-China trade talks dissipated after few details on progress emerged and a slew of weak earnings reports dented retailers and car stocks. The trade-sensitive DAX <.GDAXI> was down 0.8 percent while the pan-European STOXX 600 <.STOXX> lost 0.7 percent and Britain's FTSE 100 <.FTSE> fell 0.5 percent. The falls snapped Europe's two-day rally which had taken it up to three-week highs. German lighting company Osram <OSRn.DE> was the biggest faller on the STOXX, down 7.2 percent after its CEO warned it suffered a weaker than expected final quarter of 2018 as auto demand slowed sharply. The latest sign of weakness in the auto sector bruised car parts makers Faurecia <EPED.PA> and Valeo <VLOF.PA>, losing 4.7 and 3.4 percent, and tyre maker Continental <CONG.DE> down 2.9 percent. Italian carmaker Fiat Chrysler <FCHA.MI> fell for different reasons: sources said it would … [Read more...] about Weak results, lack of trade clarity drive European stocks down