Corning Inc the supplier of Gorilla glass to Apple Inc and Samsung Electronics Co Ltd, said it expects to sell more LCD glass in the second quarter. The company, which also supplies LCD panels to consumer electronics companies such as Sony Corp and LG Electronics Inc, also forecast a slowdown in a decline in glass prices in the quarter. The company said it expects current-quarter sales in its optical communications business to increase by a mid-teen percentage as demand from carrier and enterprise networks remains strong.
Cyprus is ready to react to any spillover from the crisis in Greece, the governor of the island's central bank said on Tuesday, adding the two countries were decoupling in the eyes of international markets. The Central Bank's Governor Chrystalla Georghadji sought to distance Cyprus from Greece, saying that the close links between the countries' financial sectors had weakened considerably.
Saudi Arabia has arrested 93 people suspected of belonging to the Sunni Muslim militant group Islamic State, including at least 65 Saudi nationals, the interior ministry said in a statement carried on the official Saudi Press Agency on Tuesday. The kingdom and some other Sunni Gulf monarchies have taken part in U.S.-led air strikes against the group in Syria.
U.S. single-family home prices rose in February from a year earlier, led by strong increases in the western half of the United States, a closely watched survey said on Tuesday. The S&P/Case Shiller composite index of 20 metropolitan areas gained 5% in February on a year-over-year basis, besting January's downwardly revised gain of 4.5%. This was also above a Reuters poll of economists that forecast a rise of 4.7%. Denver and San Francisco reported the highest year-over-year gains, with prices increasing by 10% and 9.8%, respectively, over the last 12 months.
Google Inc's YouTube will directly invest in new shows to be launched in partnerships with its four top content creators, it said in a blog on Tuesday. The world's No. 1 online video website also said it entered into an agreement with DreamWorks Animation SKG Inc unit AwesomenessTV to release feature films over the next two years. The partnerships would help YouTube, which completed 10 years last week, secure higher quality advertising as it transitions from a repository of grainy home videos to a site with more polished content.
The European Central Bank is making no plans for a Greek exit from the euro zone, ECB Executive Board Member Benoit Coeure said in a magazine interview. "The exit of Greece is not a scenario we are working on," Coeure was quoted as telling French magazine Alternatives Economiques. In a transcript of the interview released by the ECB, Coeure also said that, as things stood, there was no reason for concern about the euro area recovering in 2015 and 2016.
China has come in as a major winner for Apple Inc. in the second quarter in terms of growth. The company reported $16.82 billion in revenue from Greater China, up 71% year-over-year. That growth outpaced the Americas, up 19% from last year, and Europe, up 12% year-over-year. In Japan, revenue actually declined by 15%. The U.S. is still Apple's largest region by far, with revenue coming in at $21.3 billion. Shares of Apple are down 0.9% so far today.
Huawei Technologies Co Ltd launched on Tuesday the Honor 4C smartphone, the latest bid by the Chinese technology firm to gain market share in the highly competitive budget handset segment from domestic rivals such as Xiaomi Inc. The phone has a 5-inch display, slightly larger than the iPhone 6 and the same as Xiaomi's Mi 4 smartphone, and starts at 799 yuan ($129). By comparison, the iPhone 6 starts at around $750 while the Mi 4 costs around $250.
China Telecom Corp., one of the largest mobile providers in China, said Tuesday its net profit in the first quarter dropped 9% compared with a year ago to 5.05 billion yuan (US$813.2 million) due in part to the implementation of a value-added tax. The Hong Kong-listed company said operating revenue during the time period also fell, by 2.1% to 81.45 billion yuan.
Apple Inc.'s second-quarter iPhone revenue more than doubled from last year, to $40.28 billion from $26.06 billion, and beat the consensus of $36.76 billion. But iPad revenue fell to $5.43 billion from $7.61 billion, missing the consensus of $6 billion, and Mac revenue inched up to $5.62 billion from $$5.52 billion, just below the expectations of $5.79 billion. The stock is down 1.2% so far today.
Facebook Inc introduced free video calling in its Messenger phone app on Monday as the company seeks to transform its mobile messaging service into a full-featured platform with the same reach as its 1.4 billion user social network. Messenger, with more than 600 million users, now has a video icon at the top right corner of its screen. Earlier this year, Messenger launched voice and video calling between computers. Messenger competes with Microsoft Corp's Skype, Apple Inc's FaceTime and Google Inc's Hangouts, all of which allow video calls between mobile devices or computers.
BP and Total reported higher than expected profits today thanks to steep increases in profits from refining, showing the resilience of global oil companies in the face of declining oil prices. Large oil companies have closed down dozens of refineries in the past few years due to over capacity and because refining has been long seen as a drag on earnings compared to more profitable oil and gas production, but is looks that things have changed.
Billionaire investor Carl Icahn may have watched the near $100 million 1-day profit he could have been making on his Apple Inc. investment disappear, as the technology giant's stock erased an earlier rally to record highs and fell below $130 a share. Icahn's hedge fund is Apple's 7th-largest shareholder with 52.76 million shares, or 0.9% of Apple's shares outstanding as of 31 December, according to latest filings.
The Conference Board US Consumer Confidence Index slumped unexpectedly to 95.2 points in April from 101.4 in March pushing the US dollar down and gold prices up. The nation’s consumer confidence gave back all of its March gains and more last month prompted by a softening in current conditions, Director of Economic Indicators at The Conference Board said today. The drop was likely sparked by the recent sluggish performance of the labour market and concerns about the short-term outlook. The EUR/USD pair rose 0.7% to 1.0967, while spot gold jumped 0.8% to $1,213.22 a troy ounce after the release.
April Consumer Confidence is 95.2 points, it was expected to be 102.5 points versus 101.3 points previously.
Apple's shares moved very dynamically today after posting much better-than-expected second-quarter results late yesterday. The stock opened up to touch a record intraday high at $134.43 a share but shortly afterwards slumped to this week’s low at $130.28 a share. Analysts speculated that despite the upbeat quarterly report, Apple’s Chief Executive Officer Tim Cook didn’t revealed much how the Apple Watch is doing after its launch, and although iPhone 6 sales beat estimates, the demand for iPads and Mac computers missed the mark.
The Governor of the Canadian central bank Stephen Poloz said today he expects a robust recovery in the second half of 2015, led by a rebound in non-energy exports thanks to strong US demand and a weaker Canadian dollar. He also reiterated that although the impact from the oil slump was felt sooner than initially expected, he believes it won’t be as damaging as estimated earlier. Poloz said the Canadian economy likely posted no expansion in the first quarter.
US single-family home prices surged in February on a yearly basis, led by strong gains in the western half of the United States, a S&P/Case Shiller survey showed today. The composite price index of 20 metropolitan areas rose 5.03% in February from a year ago, beating January's downwardly revised increase of 4.56%. The rise topped economists’ forecast for a gain to 4.70%.
February S&P/Case-Shiller Composite-20 Home Price Index is 5.03% on a yearly base, it was expected to be 4.70% versus 4.56% previously.
Amazon Business is the name of Amazon Inc.’s new marketplace, the company announced today. The new website will allow customers to buy business-related products online and at a discount. Amazon said some of the products, spanning from traffic signs to industrial oven, are only available in the marketplace. Business customers will also be able to make tax-exempt purchases and use an Amazon corporate credit line.
Google said today it would spend EUR 150 million in Europe on grants for digital journalism experimentation, aiming at easing the tension between itself and European regulators and publishers. The company also said it would work with local newspapers and journalism organisations to develop products and boost revenue to help the struggling newspaper industry. The move is the latest attempt by Google to improve its image in Europe, where it is facing antitrust accusations and has come under severe criticism from some publishers over its policies.
China's Tencent Holdings Ltd launched today an operating system for internet-connected devices such as television sets and smartwatches that is open to developers. The move would oppose Tencent to domestic rivals Alibaba Group and Xiaomi in the field of smart hardware.
Ford Motor Co. today reported a profit below analyst expectations due to weaker sales in North America as it launched the F-150 pickup truck. The second-biggest US car maker also indicated it continued to lose money in South America and Europe. Ford, however, maintained its full-year forecast of pre-tax profit at $8.5-$9.5 billion and improved its projection for North American operating margin to 8.5-9.5% from 8-9%. Shares slipped 2% before the bell.
Pfizer Inc. said today it recorded net income of $2.376 billion, or 38 cents a share, in the first quarter of the year, up from $2.329 billion, or 36 cents a share, in the same period of last year. Revenue fell to $10.9 billion from $11.4 billion, but still topped analyst estimate for $10.8 billion. Nevertheless, the company revised its full-year outlook to reflect the impact of the stronger dollar and weakening euro. Pfizer’s stock climbed 1% in pre-market trade.
Greek Prime Minister Alexis Tsipras said today he was confident of an agreement with international creditors, after reshuffling the Greek negotiating team. But the Premier also said he would have to resort to a referendum if Greece’s lenders insisted on demands deemed unacceptable by his leftist government, who won the election based on pledges to end austerity policy.
Pfizer Inc. is releasing its financial report before the opening bell today, leading the way for a series of reports from big pharmaceutical companies. Regarding Pfizer, investors will wait to see how the drug giant is dealing with a product line reduced by expiring patents. Revenue and profits are predicted to fall from last year’s first quarter, as its status as the world’s top pharmaceutical concern has slipped to about 4th position.
Rolls-Royce Holdings PLC said today it is selling its Michell Bearings business to British Engines Ltd. for GBP 12.6 million in cash. The division has been part of the Rolls-Royce Marine business for the past 15 years and is a designer and manufacturer of hydrodynamic bearings for a wide range of marine and industrial equipment. The deal, that must first receive licence consents, should allow Rolls-Royce to focus on the core areas of its Marine business.
The British economy grew less than expected in the 1st quarter, with output in the production, construction and agriculture sectors dragging on expansion, official data showed today. Gross domestic product for the first quarter of 2015 rose 0.3% from the 4th quarter of last year, missing analyst estimates for a 0.6% increase. On a yearly basis, GDP climbed 2.4%, also below forecasts for a 2.7% surge. The dismal report comes just 9 days ahead of the UK general election. The GBP/USD slumped 0.4% after the release, but regained its ground shortly afterwards as the decline in the US dollar prevailed.
The euro hovers near a 3-week peak today above 1.09, boosted by renewed hopes that Greece could secure extra funding and as the US dollar remained weak ahead of a US Federal Reserve meeting that starts later in the day.
Commerzbank AG will issue new shares worth around EUR 1.4 billion to boost its capital base after stronger 1st-quarter revenues. In an unexpected release after the market close yesterday, the second-largest bank in Germany (and partially owned by the German government) said it will sell as many as 113.85 million new shares to institutional investors to raise its capital. Still, investors reacted coolly to the announcement that the company needs fresh capital and the stock of Commerzbank tumbled 5.7% to EUR 12.17 a share in today’s trade.
Twitter Inc.’s investors chose to focus their optimism on the company’s upcoming Q1 earnings report due after the closing bell today, and ignored concerns of some analysts about user growth. The stock climbed as much as 1.7% in yesterday’s regular trade and is up 0.6% in after-hours today.
EBay has rejected a report that it is backing Google's defence in an antitrust case brought by the European Commission. In an interview published Sunday, eBay's chief executive, John Donahoe, said the company considers itself ‘a strong commerce competitor’ to Google. Those remarks suggested the regulator’s arguments for Google’s dominance in online shopping market were unjustified. But eBay said today that the comments had been misconstrued.
First estimate of Gross Domestic Product (GDP) for the first quarter is 2.4% on a yearly base, it was expected to be 2.6% versus 3.0% previously.
First estimate of Gross Domestic Product (GDP) for the first quarter is 0.3% on a quarterly base, it was expected to be 0.5% versus 0.6% previously.
British oil giant BP PLC today logged a drop in 1st-quarter profit from a year ago in the first report indicating the impact of low oil prices on the sector in the beginning of 2015. BP's net income was $2.1 billion, down from $3.48 billion a year earlier, while revenue slumped to $54.9 billion from $75.1 billion from the same quarter a year earlier. Still, production for the quarter was up 8.3% from the first quarter of 2014. The shares of BP rose 2.8% to GBP 4.85 a share in today’s trade as the weaker performance was expected considering the decline in crude prices.
The number of jobless people in France reached a record peak in March, reversing a decline logged at the start of 2015. The number of registered job seekers who are fully unemployed climbed 0.4% in March from February to 3,509,800, official data showed today. The previous record high was set in December at 3,500,700. Experts say France can't expect to bring down unemployment until the nation’s economy is growing at 1.5%. For comparison, the country’s gross domestic product grew only 0.4% in 2014 and the government expects only 1% expansion in 2015.
Tesla Motors Inc. shares rallied 6% yesterday ahead of the company’s long-awaited unveiling of a line of home and utility-scale batteries after the market close on Thursday. This would be Tesla’s official first step into the stationary storage business. Analysts at Deutsche Bank said the electric-car maker’s new line of business “may be more significant than the market anticipates.”
March Trade Balance is 4.2 B SEK, it was 4.6 B SEK previously.
March Retail Sales are 4.6% on a yearly base, it was expected to be 3.4% versus 4.8% previously.
March Retail Sales are 0.7% on a monthly base, it was expected to be 0.2% versus 0.2% previously.
German auto maker Daimler AG said today that profit almost doubled in the 1st quarter, lifted by sales of cars, trucks and vans from the Mercedes-Benz brand. Net profit surged to EUR 1.96 billion from EUR 1.09 billion a year ago, topping analysts' forecasts set at EUR 1.61 billion. Revenue surged 16% to EUR 34.2 billion, also supported by exchange-rate effects. The group's sales and earnings surge is the latest evidence that CEO Dieter Zetsche's strategy of growing business through additional car models and more attractive designs is bearing fruit. Return on sales of the cars division, a key gauge of profitability, climbed to 9.4% from 7%.
April Manufacturing Confidence is 93.7 points, it was 101.2 points previously.
April Economic Confidence is 99.2 points, it was expected to be 102.0 points versus 101.5 points previously.
April Consumer Confidence is 97.1 points, it was expected to be 100.8 points versus 100.5 points previously.
Apple Inc. beat analysts' revenue and profit projections after the session’s close yesterday mainly due to surge in iPhone sales in China. The company managed to sell more smartphones in the Asian country than at its home turf in the United States for the first time as Apple’s revenue in China soared 71% to $16.8 billion, partly helped by gift-buying for Chinese New Year. Analysts hailed the results about the iPhone’s success in China, but share reaction was muted (up 1.3% in after-hours) as the tech company gave no sales data for its new Apple Watch that was launched last Friday.
Apple Inc. reported a 33% rise in quarterly profit thanks to surging iPhone sales and strong growth in China. The latest iPhone models of the tech giant are helping it defy the pricing pressure gripping other smartphone makers, including rival Samsung. Net income came in at $13.57 billion in its fiscal second quarter, from $10.22 billion in the same quarter a year ago. Earnings per share rose even more significantly, to $2.33, from a split-adjusted $1.66, because Apple's stock-repurchase program reduced the share count. Revenue jumped 27% to $58.01 billion from $45.65 billion in the year-ago period. Apple also raised its dividend 11% and its share-buyback program by $50 billion, to $140 billion.
• Today, at 8:30 GMT the Swedish Retail Sales will be published. They are expected to have climbed 0.4% in March from the previous month, when the indicator rose 0.2%. Retail sales are an important fundamental indicator and better-than-expected data would support the national currency.
• At 8:30 GMT the preliminary data for UK’s Gross Domestic Product (GDP) will be published. Analysts expect the British economy to expand 0.5% in the first quarter from the previous one when the GDP rose 0.6%. A bigger expansion would support the British pound.
• At 12:45 GMT, the Bank of Canada's Governor Stephen Poloz will make a statement. Usually the Canadian dollar becomes more volatile during his speeches.
• The research group Conference Board will publish its US Consumer Confidence Index at 14:00 GMT. The indicator is expected to increase to 102.5 points in April from 101.3 points during the previous month. Better-than-expected data would support the US dollar.
• The US companies Ford Motor Co, Kraft Foods Group Inc, Merck & Co Inc and Pfizer Inc are scheduled to release their financial results before the opening bell today, while GoPro Inc and Twitter Inc are going to announce their quarterly reports after the close of trading.