Companies & CEOs
Abbott resumes production of Similac infant formula at Michigan plant - 08/29/2022
According to Reuters, Abbott Laboratories has restarted making Similac infant formula at a facility in Sturgis, Michigan. Following allegations of bacterial infections in children who consumed locally produced products, Abbott, the leading supplier of infant formula in the U.S., recalled Similac and other infant formula products made at the Michigan factory in February. In order to address the...
Bloomberg: Credit Suisse’s largest shareholder is unhappy with the bank's investments - 08/22/2022
The bank's investment section, which has suffered significant losses over the past few years, needs to be improved, according to Credit Suisse Group AG's largest shareholder. According to David Herro, chief investment officer at Harris Associates, if Credit Suisse can figure out a method to guarantee a consistent return on said unit, it would be the best option for shareholders. Herro made these...
Walmart loses 6.8%of operating profit in Q2 - 08/17/2022
Walmart Inc. anticipates a lower annual profit decline than forecasted a month ago. The company stated on Tuesday that it exceeded forecasts for quarterly sales because to significant reductions for excess sales and decreased gasoline prices. Walmart stock, which has lost more than 8% of its value this year, increased 4% in the premarket. The retailer has previously alarmed markets across the...
Henkel's net profit falls in the first half 2022 - 08/16/2022
The attributable to shareholders net profit of Henkel AG, one of the top producers of household and industrial chemicals worldwide, decreased by 50% in yearly terms in the first half of the year, to €447 million. Comparatively to January through June of previous year, adjusted net income per preferred share was €1.95, down from €2.4. Operating profit fell from €1.296 billion to €684 million, a...
Five Chinese state-owned companies are leaving the NYSE - 08/15/2022
Five state-owned Chinese corporations, including the world's largest oil company Sinopec, have declared that they will remove their American Depositary Shares from the New York Stock Exchange. According to Reuters, the Chinese firms informed the NYSE of their intentions and stated in their individual statements that they would request for a "voluntary delisting" this month. The group of five...
Reuters: Shell stops oil production on three platforms in the Gulf of Mexico - 08/12/2022
Anglo-Dutch Shell has ceased oil production at three deepwater rigs in the Gulf of Mexico as pipelines connecting them were blocked, according to a statement from the company. Shell has shuttered its Mars, Ursa, and Olympus platforms as well as its Amberjack and Mars pipelines owing to a leak at the Fourchon compressor station. The company announced in a statement that it was working with...
Disney overtakes Netflix in the number of subscribers in Q2 - 08/12/2022
After surpassing Netflix Inc. with 221 million subscribers for its streaming service, Walt Disney Co. stated that it would increase pricing for members who want to watch Disney+ or Hulu without advertisements. The media conglomerate will increase the cost of a monthly Disney+ ad-free subscription by 38% to $10.99 in December. At the same time, it will start promoting a new option with...
Toshiba's net profit rises by 18% in Q1 of fiscal 2022-23 - 08/11/2022
According to a statement released by Toshiba Corporation, the world's largest manufacturer of electronics reported net income attributable to shareholders of 25.9 trillion yen ($192 million) in the first quarter of fiscal 2022–2023 (ended June 30), up from 162.4 trillion yen ($162.4 million) a year earlier. Earnings per share increased from 39.6 yen ($0.35) to 59.85 yen ($0.44). Revenue grew by...
Coinbase papers lose over 10% after company’s $1B loss - 08/10/2022
Coinbase reported a loss of over $1 billion in the second quarter and a decline in revenue of about 64% for the quarter due to the fall in cryptocurrency prices. Shares of the company were down 10.5% by the end of trading on Tuesday, August 9, and lost another 5% during the post-market. Before and after the end of trade on Tuesday, August 9, shares of American cryptocurrency exchange Coinbase...
Chinese tech giant Alibaba announces massive layoffs - 08/10/2022
Alibaba, a major Chinese e-commerce company, has fired 9,241 workers in the past three months, according to Bloomberg. At the end of the most recent reporting quarter, more than 245,000 employees were employed by Alibaba, the agency notes. The corporation started laying off employees in an effort to decrease costs in response to escalating political unrest, rising material costs and rising...
