Burberry stumbles as profit warning triggers stock plunge, CEO resigns
News

Burberry stumbles as profit warning triggers stock plunge, CEO resigns

Luxury fashion house Burberry faces turbulence after a disappointing first quarter. The company's shares fell 11% in early trading on Monday following a series of announcements, including a profit warning, CEO replacement and dividend suspension. Financial outlook bleak Burberry painted a bleak picture of its near-term future. Citing a deepening sales slowdown, the company warned of potential operating losses for the first half of the year and a lower-than-current-expectations full-year profit. The gloomy outlook comes as sales fell significantly across its regions: Europe, the Middle East, India and Africa (EMEIA), Asia Pacific and the Americas, with comparable store sales down 21% in the last three months. Management reorganization and strategic change In response to these challenges, B...
Goldman Sachs in the spotlight: Q2 results
Business

Goldman Sachs in the spotlight: Q2 results

Goldman Sachs is set to report its second-quarter results on Monday, sparking excitement on Wall Street. With the financial sector recovering after a slow 2023, analysts are eager to see how the investment giant will fare. Goldman Sachs Market Forecast Earnings: Analysts polled by LSEG expect earnings per share of $8.34. Income: LSEG estimates revenue will reach $12.46 billion. Trading revenue: StreetAccount expects fixed income revenue of $2.96 billion and equity revenue of $3.17 billion. Banking Investment: StreetAccount forecasts investment banking revenue to reach $1.80 billion. Goldman Sachs: A heavy dependence on volatile markets Goldman Sachs relies heavily on investment banking and trading to generate revenue compared to its major U.S. banking peers. This makes the firm particul...
Wells Fargo: Profits beat estimates, but net interest margin lower
News

Wells Fargo: Profits beat estimates, but net interest margin lower

Wells Fargo posted mixed financial results on Friday, beating analysts’ expectations for earnings and revenue but falling short of net interest income, a key measure of bank profitability. Profits and revenues exceed forecasts Despite a decline in net interest income, Wells Fargo managed to beat Wall Street projections for both earnings per share and total revenue. Earnings per share reached $1.33, beating the forecast of $1.29. Revenue rose to $20.69 billion, beating the forecast of $20.29 billion. Net interest income disappoints The San Francisco-based lender reported a significant 9% year-over-year decline in net interest income to $11.92 billion. That fell short of analysts' forecasts of $12.12 billion. The bank attributed the decline to the impact of rising interest rates on borrowin...
Citigroup Beats Profit, Revenue Estimates, Buoyed by Wall Street Boom
Business

Citigroup Beats Profit, Revenue Estimates, Buoyed by Wall Street Boom

Citigroup defied analysts' expectations on Friday, reporting a strong second quarter, fueled by a surge in Wall Street activity. The strong performance comes as the bank grapples with ongoing regulatory concerns. Profit and revenue forecasts Citigroup beat analysts' estimates for both profit and revenue. Earnings per share reached $1.52, beating expectations of $1.39. Total revenue rose to $20.14 billion, beating expectations of $20.07 billion. Breakdown of figures The bank's net income jumped 10% year over year to $3.22 billion, or $1.52 a share. Equity trading revenues rose a significant 37%, driven by strong derivatives and growing hedge fund balances. The segment brought in $1.5 billion, beating analysts' estimates of about $300 million. Fixed income revenues, however, fell 3% to $3.6...
Russia’s Withdrawal from Ukraine: Prospects and Reality
World

Russia’s Withdrawal from Ukraine: Prospects and Reality

Russia is unlikely to make significant territorial gains in Ukraine in the coming months, U.S. officials say, given its poorly trained troops and Ukraine’s robust defenses, now bolstered by Western munitions. During the spring and early summer, Russian troops attempted to advance out of the city of Kharkiv and renew their offensive in eastern Ukraine, capitalizing on the capture of Avdiivka. However, these efforts resulted in thousands of Russian casualties and very little territorial gains. This shift represents a significant change in the dynamics of the war, which had recently favored Moscow. While Russian forces continue to inflict damage, their progress has been slowed by strengthened Ukrainian defense lines. The coming months will not be easy for Ukraine, but allied leaders gathered...
Alec Baldwin Faces Trial in ‘Rust’ Shooting: Key Details
Entertainment

Alec Baldwin Faces Trial in ‘Rust’ Shooting: Key Details

Alec Baldwin's complicated legal battle over the fatal shooting on the set of the movie "Rust" will go to trial this week in New Mexico. A jury will determine whether his involvement in the death of the film's cinematographer, Halyna Hutchins, amounts to manslaughter. The incident occurred on October 21, 2021, when a gun Baldwin was handling fired a live round, killing Hutchins and wounding the director, Joel Souza. The gun was supposed to be loaded with inactive rounds that could not be fired. The initial news of Baldwin’s criminal charges shocked Hollywood, where many industry professionals believe that on-set gun safety is the responsibility of the gunsmith and production safety coordinators, not the actors. Hannah Gutierrez-Reed, the film’s gunsmith, has already been convicted of mans...
a duel that ignites debate
Sports

a duel that ignites debate

The NBA offseason is fertile ground for hypothetical battles, and this year’s hottest topic pits the legendary 1992 Dream Team against the star-studded 2024 U.S. squad. A battle through the ages Comparing teams from different eras is a challenge. Veteran bookie Jeff Sherman acknowledges the difficulty, with some favoring the Dream Team's experience and others leaning toward the firepower of LeBron James, Stephen Curry, and Jayson Tatum in 2024. A betting line takes shape Sherman, seconding the debate, suggests a starting line of Dream Team -2.5, given the recent news of Kawhi Leonard's retirement and Kevin Durant's injury. Industry veteran Dave Sharapan agrees that a pick'em is unrealistic due to Michael Jordan's presence, ultimately settling on Dream Team -3. A tale of two generations T...
EU reprimands X for misleading users and violating content
News

EU reprimands X for misleading users and violating content

The European Union (EU) has accused Elon Musk’s social media platform X of deceptive practices and failing to comply with the bloc’s online content regulations. The move marks the first major enforcement action under the EU’s recently enacted Digital Services Act (DSA). A deceptive verification system The EU takes particular issue with X’s verification system, which allows anyone to purchase a coveted blue checkmark along with their username. This, the EU says, undermines the original purpose of verification: to identify legitimate accounts of public figures and organizations. The misleading nature of the paid checkmark could confuse users and potentially expose them to misinformation or harmful content. Transparency concerns The EU also flags X for a lack of transparency regarding its ad...
JPMorgan Beats Q2 Expectations, Driven by Investment Banking Growth
Business

JPMorgan Beats Q2 Expectations, Driven by Investment Banking Growth

JPMorgan Chase beat analysts' estimates for both profit and revenue in the second quarter, fueled by a surge in investment banking business. Here's a breakdown of the key results: Earnings: $4.26 per adjusted share, beating analysts' consensus of $4.19. Income: $50.99 billion, beating the estimate of $49.87 billion. Annual growth: Net income jumped 25% to $18.15 billion, while revenue rose 20% to $50.99 billion. Investment banking boom: Investment banking fees rose 52% year over year to $2.3 billion, beating expectations. Cautious optimism despite geopolitical concerns CEO Jamie Dimon acknowledged potential risks such as inflation and rising interest rates, despite positive valuations for stocks and bonds. He also highlighted the complex geopolitical situation as a potential threat to t...
Delta fails to make profit despite strong demand, shares plunge
News

Delta fails to make profit despite strong demand, shares plunge

Delta Air Lines kicked off airline earnings season Thursday with a mixed bag of results. While the company reported strong travel demand and met analysts’ expectations for second-quarter earnings, its third-quarter revenue forecast fell short, sending shares down nearly 9% premarket. The culprit? An excess of flights that is driving down fares despite high enthusiasm for travel. Delta expects third-quarter sales to rise no more than 4%, below analysts’ estimates of 5.8%. As a result, the airline has revised its earnings per share projections to $1.70-$2.00, below $2.05 expected. The news underscores the pressure airlines are facing from rising costs and increased capacity. While Delta, known as the industry’s most profitable airline, managed to stay afloat in Q2 with adjusted ear...