19 January, 2016 by The TZ Newswire Staff Comments Off on IBM forecasts weak earnings for 2016; shares slide
IBM forecasts weak earnings for 2016; shares slide
IBM forecast 2016 adjusted earnings of at least $13.50 per share, missing analysts’ average estimate of $15 per share, according to Thomson Reuters I/B/E/S. The strong dollar shaved off $7 billion from IBM’s 2015 revenue and reduced its profit by $300 million in the fourth quarter, Chief Financial Officer Martin Schroeter said in a conference call with journalists.
19 January, 2016 by The TZ Newswire Staff Comments Off on Morgan Stanley looks to move jobs to cheaper cities in bid to cut costs
Morgan Stanley looks to move jobs to cheaper cities in bid to cut costs
The investment bank on Tuesday announced an initiative to cut up to $1 billion by 2017 by using technology and outsourcing jobs now in its New York headquarters and other higher cost cities. While shifting so-called back office operations to cities where salaries are a fraction of New York or London is not entirely new, the bank’s Chief Executive James Gorman said the pace will now accelerate.
19 January, 2016 by The TZ Newswire Staff Comments Off on CP’s Norfolk bid riles U.S. railroads, ups merger chances
CP’s Norfolk bid riles U.S. railroads, ups merger chances
A legal protest by Canadian Pacific (CP.TO) over a meeting among big U.S. railroads about mergers in their industry has highlighted maneuvering in the sector to cope with a rapid downturn and possible consolidation. The U.S. railroads met late last year in the presence of lawyers, saying they merely discussed a merger’s impact on the industry. Interviews with U.S. railroad executives show some oppose mergers, others tout possible benefits.
19 January, 2016 by The TZ Newswire Staff Comments Off on Headcount, Branches Down At BofA
Headcount, Branches Down At BofA
Bank of America and Morgan Stanley reported Q4 and full-year earnings that highlighted big banks’ tough revenue environment amid low interest rates and a sagging energy sector. Charlotte, N.C.-based Bank of America (BAC) earned 28 cents a share in Q4, up 12% from a year earlier and beating by 2 cents estimates of analysts polled by Thomson Reuters. Revenue rose 3.2% to $19.6 billion, missing estimates of $19.8 billion.
19 January, 2016 by The TZ Newswire Staff Comments Off on American Century Ultra Stays Focused On Leaders
American Century Ultra Stays Focused On Leaders
Like most other large-cap growth mutual funds, American Century Ultra Fund has little to show in terms of returns this year. The $7.6 billion American Century Ultra was down 8.74% this year going into Tuesday. The market has been a challenge. The S&P 500’s 8% loss this year is the broad-market benchmark’s worst 10-trading-day start to a year in history, according to S&P Dow Jones Indices.
19 January, 2016 by The TZ Newswire Staff Comments Off on Could Cybersecurity Pay Dividends For Raytheon?
Could Cybersecurity Pay Dividends For Raytheon?
Last April, the Defense Department announced its new cyberstrategy amid high-profile hacks continuing to make headlines. That attention may be among the reasons Raytheon (RTN) is building up its cybersecurity division as one of its five key businesses. For the third quarter of 2015, the company reported net sales from its cybersecurity operations of $114 million vs. $30 million from the same quarter the prior year.
19 January, 2016 by The TZ Newswire Staff Comments Off on Japan – Reuters Tankan manufacturers index +6 in January vs. +9 in December
Japan – Reuters Tankan manufacturers index +6 in January vs. +9 in December
Japanese manufacturers’ sentiment
slipped in January:
– Japan manufacturers index +6 in January vs +9 in December
– Non-manufacturers index +27 in January (vs +18 in December)
The result for the survey of manufacturers show sentiment slipped, and the outlook for 3 months ahead show its expected to stay down