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T | Time Warner Q3 EPS estimated at 1 36 on revenues of 6 98 bn | Investing com Time Warner Q3 EPS estimated at 1 36 on revenues of 6 98 bn Revenues seen posting yoy growth of 6 5 earnings expected seen up 9 2 Time Warner scheduled to report earnings on Wednesday before the market opens Turner Broadcasting unit revenues trending higher Warner Bros challenged by streaming AT T NYSE T offer of 85 4 bn offer including debt for Time Warner makes sense Proposed acquisition faces statutory hurdles AT T already has substantial debt |
T | Time Warner Q3 beats estimates raises FY EPS outlook | Investing com Time Warner easily beats Q3 earnings estimates raises EPS outlook Adjusted diluted Q3 EPS up 46 yoy at 1 83 vs estimate of 1 37 Revenues climb 9 to 7 17 bn vs estimate of 6 92 bn after Suicide Squad box office hit Raises full year adjusted EPS outlook to 5 73 5 83 to reflect tax benefit of 0 28 per share AT T NYSE T has made an offer of 85 4 bn for Time Warner including debt Time Warner shares were up 2 48 at 90 39 in pre market trade |
T | Twenty First Century Fox beats Wall Street expectations | By Jessica Toonkel and Aishwarya Venugopal Reuters Twenty First Century Fox Inc O FOXA reported first quarter profits on Wednesday that beat Wall Street s expectations as the company s cable channels and box office saw a boost in revenues Fox which is home to Fox News Channel and FX saw its cable division revenue rise nearly 10 percent to 3 81 billion in the first quarter accounting for more than half of total revenue James Murdoch chief executive officer at Fox told analysts on a call Wednesday that he expects Fox s strong ratings during the presidential election campaign to help drive affiliate fees as it has some significant renewals approaching Fox News is the most watched cable news network and has maintained strong ratings in the wake of the high profile departure of its former CEO Roger Ailes The company is not planning any changes to the network s strategy Murdoch said on the call Revenues for its film division buoyed by last summer s hits Independence Day Resurgence and X Men Apocalypse increased 6 8 percent in the quarter ended Sept 30 Fox does not feel any pressure to make a big acquisition despite the planned acquisition by telecommunications provider AT T Inc N T of Time Warner Inc N TWX Murdoch told analysts on the call Fox had made a bid for Time Warner in 2014 only to be rebuffed There isn t a heightened appetite for inorganic activities Murdoch told analysts We really try to be very disciplined about this Similarly Murdoch said the company is not feeling pressure to come out with its own over the top video streaming service like so many of its competitors have Fox is a part owner of Hulu and has distribution agreements with many over the top providers The Rupert Murdoch controlled company s shares were flat in after hours trading on Wednesday The company s total revenue increased to 6 51 billion from 6 08 billion Analysts on average were expecting revenue of 6 49 billion according to Thomson Reuters I B E S
Net income attributable to shareholders rose to 821 million or 44 cents per share from 675 million or 34 cents per share |
T | California judge says too late to change voting selfie law | By Rory Carroll SAN FRANCISCO Reuters A federal judge in California has ruled that it is too close to the Nov 8 election to change a longstanding law in the state that bans the taking of photos of marked ballots the latest court ruling pertaining to voting selfies U S District Court Judge William Alsup said on Wednesday lifting the ban at the last minute would create confusion and be unfair to the people running polling stations and the secretary of state The law was designed to prevent voter intimidation but many believe it is outdated in the age of social media Also on Wednesday a federal court judge in Colorado heard arguments in a case challenging a 19th century law there that criminalizes the showing of a completed ballot to others which Denver District Attorney Mitch Morrissey said included posts on social media A litigant in the case told Reuters that the judge is expected to rule by Friday And late last month a federal court sided with a Michigan man who said a law that bans voters from taking pictures of their marked ballots and sharing them on social media was an unconstitutional violation of the First Amendment right to free speech The controversy over ballot selfies rose to national prominence after pop singer Justin Timberlake posted a photo he took of himself voting in his hometown of Memphis to his 37 million followers on Instagram Authorities in Tennessee which is one of 18 states with restrictions on photos in voting booths or of marked ballots initially said they were investigating the singer before saying they did not think it was a good use of their resources A survey by AT T NYSE T released this week found that 20 percent of registered voters plan to take a selfies after they have voted It also found that 72 percent of respondents who are registered to vote do not share their opinions about the 2016 presidential election on social media The most inclined to share on social media are those less than 34 years old according to the survey which polled 3 608 U S mobile phone users
Voters will chose a U S president on Tuesday as well as U S senators representatives and state and local officials |
T | Time Warner 1 2 as Credit Suisse says AT T deal pessimism overdone | Time Warner NYSE TWX is up 1 2 today as Credit Suisse SIX CSGN seeing a good chance for approval of AT T s T 0 9 85B buyout of the entertainment giant upgrades it to Outperform
That s up from a Neutral stance and analyst Omark Sheikh has reiterated a 107 50 price target implying 23 upside from today s pricing
Pessimism about the deal s chances is overdone Sheikh says as it s a vertical transaction And blocking it on public interest grounds usually the bailiwick of the FCC is very difficult to justify
Even if the deal doesn t get an OK downside is limited for Time Warner he says Fundamentals are good and it wouldn t preclude other suitors from getting involved
Previous AT T Time Warner coverage |
T | CBS Gray Television Extends Affiliate Station Agreement | CBS Corporation NYSE CBS and Gray Television Inc NYSE GTN have extended their partnership The companies reached a multi year agreement for station affiliation which contrarily would have elapsed at various times over the next couple of years However the value of the deal has been kept under wraps Notably the agreement will cover all 32 markets in which Gray owns and runs its 39 CBS affiliated television stations The company collectively cover nearly 5 9 million televisions households in these markets CBS s Television Networks Distribution president Ray Hopkins said Through this comprehensive deal both parties recognize the near and long term benefits in extending our strong relationship including the value the number one Network brings to viewers However the news did not cause much stir in the stock movement Though in the past six months the company s shares have witnessed a sharp decline of 15 3 wider than the s decrease of 2 7 CBS Target Retransmission Revenues for Long term GrowthWe believe the company s multi year agreement for station affiliation with Gray will continue to continue to boost affiliate and subscription fee revenues During the second quarter of 2017 affiliate and subscription fee revenues of 848 million grew 16 on the back of 25 jump in retransmission revenues and fees from CBS Television Network affiliated stations as well as digital subscription services Content licensing and distribution revenue advanced 12 to 1 056 million gaining from higher volume of television licensing sales In 2016 the Zacks Rank 3 Hold company crossed 1 billion mark in revenues from retransmission consent and reverse compensation a year earlier than anticipated The company aims to achieve 2 5 billion of revenues from retransmission and reverse compensation by 2020 Several strategic deals with Sinclair AT T NYSE T Nexstar and others have positioned CBS favorably enabling it to achieve the retransmission targets much ahead of schedule 3 Media Stocks to Steal the ShowBetter ranked stocks worth considering include Nexstar Media Group Inc NASDAQ NXST and World Wrestling Entertainment Inc NYSE WWE Both the stocks carry a Zacks Rank 2 Buy You can see Nexstar Media Group has delivered better than expected earnings in the trailing three quarters with an average beat of 90 5 World Wrestling Entertainment has an impressive long term earnings growth rate of 20 Will You Make a Fortune on the Shift to Electric Cars Here s another stock idea to consider Much like petroleum 150 years ago lithium power may soon shake the world creating millionaires and reshaping geo politics Soon electric vehicles EVs may be cheaper than gas guzzlers Some are already reaching 265 miles on a single charge With battery prices plummeting and charging stations set to multiply one company stands out as the 1 stock to buy according to Zacks research It s not the one you think |
T | LWPartners says Dycom shares can double or triple | TEL AVIV Reuters LWPartners Chairman Leon Wagner said on Wednesday shares in telecommunications services provider Dycom Industries Inc N DY could double or triple as strong cash flow growth in fiber optics and consolidation in the communications industry create upside Speaking at the Sohn Conference in Tel Aviv Wagner said AT T s N T planned 85 4 billion acquisition of Time Warner would create massive opportunity for Dycom
As customers consolidate they are interested in dealing with suppliers where they have confidence they will make a call and get something done he said |
T | Clinton expresses concern about AT T Time Warner deal | ABOARD CLINTON CAMPAIGN PLANE Reuters Democratic presidential nominee Hillary Clinton said on Wednesday the proposed tie up between AT T Inc NYSE T and Time Warner Inc NYSE TWX raised concerns that needed study I think it raises questions and concerns and they should be looked into she told reporters on her campaign plane
If I m fortunate enough to be president I will expect the government to conduct a very thorough analysis before making a decision she said |
T | FCC will not say if agency will review AT T purchase of Time Warner | WASHINGTON Reuters U S Federal Communications Commission Chairman Tom Wheeler on Thursday declined to say if he thinks the commission will review AT T s proposed 85 4 billion purchase of Time Warner Inc NYSE TWX At a press conference Wheeler called questions hypothetical since nothing has been filed Some analysts have suggested that since Time Warner only holds one broadcast license and some satellite licenses that the transaction could avoid a full scale review by the FCC
We ought to see how things develop Wheeler said declining to say whether the FCC could still have a role if no licenses are transferred AT T NYSE T has said the Justice Department will review the deal and that the FCC could review it |
T | Senate antitrust members set Dec 7 hearing on AT T Time Warner deal | The Senate s antitrust subcommittee has set a hearing on the proposed AT T NYSE T 0 5 buyout of Time Warner TWX 0 8 for Dec 7 CEOs for the companies Randall Stephenson for AT T Jeff Bewkes for Time Warner are set to testify at the hearing |
T | U S Senate panel to hold hearing on AT T Time Warner deal on December 7 | WASHINGTON Reuters The U S Senate Judiciary Committee s antitrust subcommittee will hold a hearing on Dec 7 on the proposed merger of Time Warner Inc N TWX and AT T Inc N T and the companies chief executives will testify the committee said in a statement The hearing will examine the impact of the proposed transaction on consumers including the implications for competition and innovation in the creation and distribution of video content the statement said |
T | New Jersey boys survive 100 foot fall with suicidal father | By Joseph Ax NEW YORK Reuters Two young boys survived a 100 foot 30 meter fall after their father leaped off a New Jersey bridge with them in his arms police said on Tuesday The father identified as John Spincken jumped from an overpass along Interstate 187 in Wanaque New Jersey sometime after 7 p m EDT 2300 GMT on Monday in what police have described as a suicide Spincken 37 was found dead at the scene but his 1 and 3 year old sons were alive and taken to a hospital for treatment according to Christopher DePuyt a police captain in Pequannock where Spincken lived The 1 year old suffered a concussion a bruised lung and a fractured rib while his 3 year old brother has a concussion DePuyt said Both were listed in fair condition at the intensive care unit at St Joseph s Medical Center in Paterson and were expected to make a full recovery It s a miracle honestly DePuyt said adding that the boys fall may have been slowed by foliage in the wooded area beneath the bridge A friend of Spincken s wife called the police just before 7 p m saying the couple had an argument before the husband threatened to harm the children and left with them in his car Police from several departments worked with AT T NYSE T using Spincken s cellphone signal to find him One officer suggested checking the bridge where they discovered Spincken s empty car DePuyt said The state had installed 10 to 12 foot preventive fencing on both sides after several previous suicide attempts but Spincken may have used his car to climb over DePuyt said |
T | Is AT T Considering Divesting Latin American Pay TV Assets | U S telecom giant AT T Inc NYSE T is reportedly exploring a strategic option to sell a major part of its pay TV operations in Latin America per Reuters The company acquired these assets as part of its 49 billion takeover of the satellite TV operator DIRECTV At present AT T holds 93 Sky Brasil along with PanAmericana satellite and cable TV services The company has 13 6 billion subscribers across Brazil Venezuela Argentina Colombia Peru Ecuador Chile and Uruguay Notably Brazil solely commands 5 52 million customers In the second quarter of 2017 Latin American business generated 1 4 billion in revenues half of which came from Sky Brasil We believe that there exist two reasons for AT T to mull over Latin American pay TV business sales First the company has decided to acquire U S media behemoth Time Warner Inc NYSE TWX for about 85 4 billion If the deal materializes the company s outstanding debt will cross an enormous 180 billion Management is pursuing a number of other options to raise funds and pay down debt for the acquisition The company is expecting to raise around 22 5 billion through a seven tier bond offering It has decided to sell Digital Life home security business for around 1 billion As per Reuters AT T is hopeful about collecting approximately 8 billion for the divestiture of Latin American pay TV assets Liberty Global plc NYSE T Telefonica SA NYSE T and Millicom are possible buyers With respect to Time Warner merger AT T is yet to get regulatory approval from two countries Beside the home country United States the other one is Brazil CADE the antitrust agency of Brazil has argued that the approval of the deal will violate the agency s stated policy of the separation of service providers and content developers For that CADE wants AT T to disinvest its pay TV assets in that country Notably Sky Brazil currently holds about 29 of the pay TV market in Brazil followed by cable TV operator Net Servicos de Comunicacao Meanwhile AT T has decided not to sale pay TV assets in Mexico The company already has a strong foothold in the country s wireless market Leveraging wireless and pay TV services AT T is looking to extensively explore the lucrative Mexican telecom market Price performance of AT TOver the past 90 days the stock price of AT T has decreased 3 83 compared with the decline of 1 46 The stock currently carries a Zacks Rank 3 Hold You can see 4 Promising Stock Picks to Keep an Eye OnWith news stories about computer hacking and identity theft becoming increasingly commonplace the cybersecurity industry looks like a promising investment opportunity But which stocks should you buy Zacks just released Cybersecurity An Investor s Guide to Locking Down Profits to help answer this question This new Special Report gives you the information you need to make well informed investment choices in this space More importantly it also highlights 4 cybersecurity picks with strong profit potential |
T | Clinton thinks regulators should scrutinize AT T Time Warner deal spokesman | WASHINGTON Reuters Democratic presidential nominee Hillary Clinton thinks U S regulators should closely scrutinize AT T s N T acquisition of Time Warner N TWX her spokesman said on Sunday Clinton spokesman Brian Fallon told reporters on Sunday there were a number of questions and concerns about the deal but there s still a lot of information that needs to come out before any conclusions should be reached
But certainly she thinks regulators should scrutinize it closely Fallon said |
T | Spain data lead Europe higher after breakthrough for PM Rajoy | By Patrick Graham LONDON Reuters Stock markets rose on Monday led in Europe by a surge for Spain s IBEX index on signs of an end to 10 months of political deadlock that has paralyzed government in one of the countries worst hit by the euro zone s debt crisis The bond yields at which governments in Europe s debt ridden southern countries fund their budget gaps were also sharply lower 10 year bond yields falling 5 basis points in Spain and 15 in Portugal after a ratings decision seen as crucial to keeping the European Central Bank buying Lisbon s bonds A 2 5 percent rise for European banking stocks SX7E and strong readings from German and euro zone purchasing managers helped the continent s major stock markets all gain robustly FTEU3 But the IBEX IBEX outstripped its German GDAXI and French FCHI equivalents with a 1 4 percent rise Spain s conservative leader Mariano Rajoy was on course to secure a second term in power for his People s Party PP after the Socialists agreed to abstain in a confidence vote this week ending an impasse stretching back to elections last December In the very short term the formation of a government is good news for Spanish spreads Rabobank analysts said in a morning note However in the medium term Spain will still be left with a minority government that is likely to face an uphill struggle to pass any legislation Wall Street was set to open higher 1YMc1 NQc1 pushing indexes back towards all time highs Europe s have recovered from three year lows hit in February as the U S economy improves and central banks globally continue to pump cash into the system CORPORATE ACTIVITY Political risks have moved to the top of the agenda with Britain s vote to leave the European Union upping the stakes further for German and French elections next year while offering investment opportunities through a sharp weakening of the pound But the surfeit of cash sitting in multinationals bank accounts is also beginning to show up in some major merger and acquisition deals with AT T Inc s N T 85 4 billion deal to buy Time Warner Inc N TWX among the latest We have seen a stronger open this morning after more corporate activity in the U S which will help the media names in the session said Atif Latif director of trading at Guardian Stockbrokers in London Also French Connection private equity talk is helping M A activity and this will become a theme given the advantages of the FX weakness allowing more UK listed names to become attractive targets Asian stocks also gained after a sluggish end to last week on Wall Street while China s yuan currency neared 6 80 per dollar levels not seen in six years and which Beijing intervened heavily to defend in January MSCI s broadest index of Asia Pacific shares outside Japan MIAPJ0000PUS inched up 0 2 percent Japan s Nikkei N225 moved in a tight range and was last up 0 2 percent while Shanghai outperformed rising over 1 percent It feels to us like China has taken a back seat in discussions amongst market participants We are wary about this apparent complacency Citi macro strategist Jeremy Hale said
We suspect part of the reason is renewed optimism regarding all things emerging markets To a large degree China has ridden this wave and hard landing fears have ebbed away But on closer inspection we re not so sure much has changed |
T | Trump says will not approve AT T Time Warner deal if elected U S president | Reuters Donald Trump the Republican Party s candidate in the Nov 8 U S presidential election said on Saturday he would not approve a proposed deal for AT T Inc NYSE T to buy Time Warner Inc NYSE TWX if he is elected
AT T has agreed in principle to buy Time Warner for about 85 billion it was reported on Friday |
T | AT T reaches deal to buy Time Warner for more than 80 billion WSJ | Reuters AT T Inc N T reached a deal to buy media company Time Warner Inc N TWX for more than 80 billion The Wall Street Journal reported on Saturday |
T | Senate committee on antitrust to carefully examine AT T Time Warner deal | WASHINGTON Reuters An acquisition of Time Warner Inc NYSE TWX by AT T Inc NYSE T could raise significant antitrust issues that the U S Senate committee on antitrust would carefully examine the chairman and ranking member of the committee said Sunday
AT T announced on Saturday a deal to buy Time Warner for 85 4 billion the boldest move yet by a telecommunications company to acquire content to stream over its network to attract a growing number of online viewers |
T | Replacement Samsung Note 7 phone emits smoke on U S plane family | By Steve Bittenbender LOUISVILLE Ky Reuters A replacement model of the fire prone Samsung Note 7 smartphone began smoking inside a U S plane on Wednesday the family that owns it said prompting fresh investigations by the Consumer Product Safety Commission and the Federal Aviation Administration A problem with the replacement for the Note 7 model would create a new embarrassing and potentially costly chapter to a global scandal which has hurt Samsung s reputation It also could add new dangers for consumers Indiana passenger Brian Green s phone began emitting smoke inside a Southwest Airlines Co flight to Baltimore from Louisville Kentucky his wife Sarah told Reuters after speaking with her husband She said that Green had replaced the original phone about two weeks ago after getting a text message from Samsung Samsung Electronics KS 005930 Co said in a statement it was working to recover the device and to understand the cause Until we are able to retrieve the device we cannot confirm that this incident involves the new Note 7 the South Korean company said The world s largest smartphone maker announced a global recall of at least 2 5 million of its flagship Note 7 smartphones in 10 markets last month due to faulty batteries causing some phones to catch fire The U S Consumer Product Safety Commission CPSC is in touch with the Federal Aviation Administration FAA Samsung and the phone s owner to gather facts Chairman Elliot Kaye said in a statement reminding consumers that they could get refunds for the troubled model The FAA said in a statement that it had confirmed a Samsung phone caused the smoke on the Southwest flight and that it was investigating the incident Technology news site The Verge which earlier reported the incident quoted Brian Green as saying the phone was a replacement and it posted a picture taken by him of the packaging The picture showed an identifying label with a black box which Samsung has described as the indicator of a replacement phone A spokeswoman declined to comment on the picture
Samsung customers in China have reported problems with phones that have the same battery as the global replacement model but Samsung has said it examined the Chinese phones and found the batteries were not at fault Green picked up the new phone at an AT T Inc NYSE T store on Sept 21 the Verge said Southwest said the plane was evacuated after a customer reported smoke from a Samsung device All passengers and crew exited the plane and no injuries were reported a Southwest Airlines spokesperson said |
T | Samsung investigates reports of heat problems with replacement Note 7 phones | SEOUL Reuters Samsung Electronics Co Ltd KS 005930 said on Monday it is investigating reports of heat damage issues on new Galaxy Note 7 devices after U S carrier AT T Inc N T said it would stop exchanging the device to customers If we determine a product safety issue exists Samsung will take immediate steps approved by the CPSC to resolve the situation Samsung told Reuters in a statement A Southwest Airline plane was evacuated last week after a Note 7 phone began smoking inside the plane The family that owned the device said the phone was a replacement device that Samsung has said uses safe batteries |
T | History does not repeat itself as Giants edge Cowboys 20 19 | The Sports Xchange Eli Manning remembered all too well what happened a year ago in the season opener against the Dallas Cowboys When history didn t repeat itself the significance wasn t lost on the New York Giants quarterback This is a big win for this team and for the guys who were here last year he said Manning threw three touchdown passes including the game winner to a returning Victor Cruz and the Giants slipped past the Cowboys 20 19 Sunday at AT T NYSE T Stadium in Arlington Texas A year ago it was Cowboys quarterback Tony Romo who authored a last second 27 26 win that helped send the Giants on their way to a 4 12 season This time Romo was missing and Cruz who missed nearly two years due to injuries was back The 3 yard scoring pass to Cruz with 6 13 remaining proved to be the difference in the first of two meetings between the NFC East rivals To catch a pass in end zone in the fourth quarter to put us ahead is always a beautiful thing said Cruz who had four receptions for 34 yards The Giants also made a winner of first year head coach Ben McAdoo the former offensive coordinator under previous coach Tom Coughlin in his debut Dallas had won five consecutive games over the Giants including that nail biter in the opening game of the 2015 season The Cowboys have lost 15 of the past 16 games in which Romo was not available Manning shook off a third quarter interception that led to Dallas only touchdown He completed 19 of 28 attempts for 207 yards using seven receivers Rashad Jennings had 75 yards on 18 carries for the Giants Odell Beckham Jr caught four passes for 73 yards New York s comeback spoiled an impressive introduction to pro football for Dallas quarterback Dak Prescott and running back Ezekiel Elliott The rookies were given the keys to the Cowboys offense and they didn t disappoint Prescott a fourth round pick was pressed into action earlier than expected with the preseason injuries to Romo and backup Kellen Moore The former Mississippi State star completed 25 of 45 passes for 227 yards and he led the Cowboys to scores on their first three possessions Each of the first two drives spanned 15 plays Those drives ended in field goals which would come back to haunt Dallas There are some plays things that I want back some plays that I want to re do but for the most part I felt like I prepared Prescott said Elliott was expected to be a big cog in the attack as the fourth overall pick out of Ohio State He carried the ball 20 times for 51 yards The 2 5 average per rush wasn t special but Elliott had the team s lone touchdown on an 8 yard run in the third quarter Jason Witten had nine catches for 66 yards for Dallas with Cole Beasley snagging eight balls for 65 yards Dez Bryant had only one catch for 8 yards The game s only turnover proved costly for the Giants as Dallas cornerback Brandon Carr easily picked off Manning on the first possession of the third quarter Set up deep in New York territory the Cowboys marched in for Elliott s score that gave them a 16 13 edge New York s Dan Bailey kicked a 54 yard field goal early in the fourth quarter but Cruz came through for the decisive score Prescott and the Cowboys got the ball back at their own 20 yard line with 1 05 remaining The game ended on a completion to Terrance Williams who cut back toward the middle of the field at the Giants 40 yard line In my mind I was just trying to get a first down and then dive out of bounds but it just didn t go as planned Williams said The Cowboys had the ball twice after New York took the lead but couldn t come up with points
It was great to see the defense come up with a stop there at the end McAdoo said They battled all night |
T | Clinton server technicians decline questions from U S Congress | This Sept 13 story corrects bureau s name to Federal Bureau of Investigation in paragraph 6 not Federal Bureau of Information By Jonathan Allen NEW YORK Reuters Two computer technicians declined to answer questions from U S lawmakers on Tuesday about the unauthorized private email system that Democratic presidential nominee Hillary Clinton used during her tenure as U S secretary of state Paul Combetta and Bill Thornton repeatedly invoked their constitutional right not to incriminate themselves during about 10 minutes of questioning while under oath before the House Oversight and Government Reform Committee A third technician Bryan Pagliano declined even to appear despite a subpoena ordering his testimony The investigation of Clinton s email system has become a troublesome issue for her presidential campaign with Republican rival Donald Trump saying a recent finding by federal investigators that she mishandled classified government secrets in her email should disqualify her from office Brian Fallon a Clinton campaign spokesman said in a statement it was up to the technicians whether to cooperate but we certainly are not prevailing upon anyone to cooperate with this sham of an inquiry Clinton has said she regrets using the system in her New York home s basement for work Voters have said in surveys the decision contributes to a feeling she is untrustworthy Federal Bureau of Investigation director James Comey said in July there was evidence that Clinton and her staff may have broken the law with their extremely careless handling of classified government secrets but concluded there were insufficient grounds to prosecute Combetta and Thornton work for Platte River Networks the Denver technology firm that managed Clinton s email servers soon after she left the State Department in 2013 They repeatedly invoked their Fifth Amendment protection from self incrimination to each question from lawmakers Jason Chaffetz the committee s Republican chairman eventually excused them out of what he called respect for their rights Elijah Cummings the committee s most senior Democratic member expressed sympathy for the technicians saying the Republicans were only trying to use them to embarrass Clinton Chaffetz criticized Pagliano who was paid by Clinton to manage her server while she was the nation s top diplomat for not complying with the subpoena and said the committee would decide after the hearing whether to punish him Pagliano was given a form of immunity from prosecution in 2015 for cooperating with the FBI as it looked into the mishandling of classified information over the server but has otherwise cited the Fifth Amendment in declining to provide information to lawmakers His attorney did not respond to questions A fourth witness Justin Cooper testified for more than two hours about his role setting up the email system in 2009 while he worked a Clinton family aide Clinton used an AT T NYSE T email account while a senator and a presidential candidate in 2008 Cooper said there was a desire to change her email address because a number of people had received her email address over the course of those activities A summary of the FBI s findings showed Combetta saying he used software called BleachBit to delete an archive of Clinton s work emails around the same time as a conference call with Clinton s lawyers despite lawmakers seeking the records through a subpoena |
T | AT T agrees to pay 450 000 to settle U S probe | WASHINGTON Reuters The U S Federal Communications Commission said on Friday that AT T Inc N T has agreed to pay a 450 000 fine for unauthorized operations of fixed wireless stations and will not engage in repeat behavior resolving a lengthy government investigation Over a four year period AT T operated many point to point microwave stations throughout the United States at variance with its licenses the FCC said in a statement announcing the agreement Wireless stations are used by phone companies to connect calls and television signals directly between towers in areas that cannot be connected using standard wireline or fiber optic cable because of cost or terrain
AT T said in a statement that minor discrepancies were discovered as a result of a review of recently acquired licenses None of them had any impact on consumers or other carriers the company said adding that the agreement resolved a fine first proposed by the FCC in January 2015 |
T | TD looks to acquire corporate loans in United States | TORONTO Reuters Toronto Dominion Bank TO TD wants to increase its corporate lending in the United States by acquiring loans from other foreign banks retreating from the country one of its top executives said on Thursday TD has been beefing up its U S investment banking operations at a time when European lenders have been pulling back in the wake of tougher regulations and the need to bolster their balance sheets In contrast TD which has already grown to be one of the 10 biggest banks in the United States and has a major retail presence with 1 300 branches has the financial strength to accelerate the expansion of its U S capital markets business Ultimately we re looking to buy assets Glenn Gibson the U S head of TD Securities said in an interview What we re looking for in the corporate space is if there are opportunities as foreign banks continue to rejig their strategy Canada s biggest banks are expanding in the United States to help counter sluggish growth in their domestic markets where the outlook is clouded by concerns over possible housing bubbles in Vancouver and Toronto TD said in September it planned to acquire Albert Fried Co a New York based broker dealer as it looks to expand its presence in the U S prime brokerage sector TD Securities whose existing investment banking clients include AT T N T beer maker Anheuser Busch Inbev SA BR ABI and private equity firm KKR Co N KKR has been increasing commercial lending in the U S in recent years As well as attracting new multi national clients it wants to enhance its existing relationships and hopes global companies that are already clients in Canada will borrow from them more in the United States We re trying to build out the depth of the relationships we have with some of the multi nationals that we deal with that have business in Canada and we re also trying to expand the number of relationships Gibson said
TD said last year it could double the size of its capital markets business over the next three to four years |
T | Avnet Eyes Small Manufacturers With Dragon Innovation Buyout | In a move to further expand its presence and product offerings for the hardware developer community Avnet Inc NYSE T recently acquired Dragon Innovation a manufacturing consultancy and software vendor However financial terms of the deal remain undisclosed Founded in 2009 Cambridge Massachusetts based Dragon Innovation helps entrepreneurs easily move from design to prototype to full scale manufacturing process with lower risk Per Avnet Dragon Innovation s proven process and deep hardware experience help customers understand manufacturing costs and schedules find factories and manage production as they scale their businesses The company has 30 employees in the offices of Boston and ShenZhen and Hong Kong China By integrating Dragon Innovation s cloud based Product Planner Avnet will be able to enhance its offerings to smaller manufacturers and help them by navigating the complex process of bringing new technology to the marketplace Avnet s recent move is seen as part of its strategy to expand its presence in the Internet of Things IoT space Although Dragon Innovation s tools can be used by IoT as well as non IoT manufacturers Avnet is more inclined toward supporting the IoT space This is because Dragon Innovation enjoys strong presence in the IoT space offering its services to a wide range of industries including home automation wearables robotics and automotive Therefore in our opinion this acquisition will enable Avnet in providing powerful simple to use tools to engineers which will enable them to manufacture and roll out hardware products in a more fast and cost effective manner Notably Avnet has been trying to use its resources to make investments in embedded solutions IoT and critical digital platforms as well as expand its footprint in newer markets for the last one year On the IoT front the company has made several partnerships with the likes of AT T NYSE T as well as acquisitions such as Premier Farnell and Hackster io to enhance its capabilities in this space Per the company the aforementioned acquisitions have expanded its reach to more than two million customers and an active community of more than 750 000 entrepreneurs makers and engineers This makes Dragon Innovation s acquisition more strategically fit for Avnet in our opinion as the company will now have more standardized tools to serve this large number of entrepreneurs makers and engineer community base The scope of IoT has made this space more lucrative for organizations The IoT platform is anticipated to include billions of connected devices and systems with applications ranging from sensors and mobile devices to home appliances and cars According to research firm IDC per the Wall Street Journal the IoT market could nearly triple in the coming years In 2014 the global IoT market was worth 655 8 billion and is expected to reach 1 7 trillion by 2020 Notably Avnet s shares have not performed well so far this year The stock has lost 22 4 of its value year to date while its incurred a loss of 11 Currently Avnet carries a Zacks Rank 3 Hold Some better ranked stocks in the broader technology sector are Arrow Electronics Inc NYSE ARW and Applied Optoelectronics Inc NASDAQ AAOI both sporting a Zacks Rank 1 Strong Buy You can see Arrow Electronics and Applied Optoelectronics have long term estimated EPS growth rates of 10 1 and 17 5 respectively 4 Surprising Tech Stocks to Keep an Eye OnTech stocks have been a major force behind the market s record highs but picking the best ones to buy can be tough There s a simple way to invest in the success of the entire sector Zacks has just released a Special Report revealing one thing tech companies literally cannot function without More importantly it reveals 4 top stocks set to skyrocket on increasing demand for these devices I encourage you to get the report now before the next wave of innovations really takes off |
T | U S appeals court dismisses AT T data throttling lawsuit | By Diane Bartz WASHINGTON Reuters A federal appeals court in California on Monday dismissed a U S government lawsuit that accused AT T Inc N T of deception for reducing internet speeds for customers with unlimited mobile data plans once their use exceeded certain levels The company however could still face a fine from the Federal Communications Commission regarding the slowdowns also called data throttling The U S Court of Appeals for the Ninth Circuit said it ordered a lower court to dismiss the data throttling lawsuit which was filed in 2014 by the Federal Trade Commission The FTC sued AT T on the grounds that the No 2 U S wireless carrier failed to inform consumers it would slow the speeds of heavy data users on unlimited plans In some cases data speeds were slowed by nearly 90 percent the lawsuit said The FTC said the practice was deceptive and as a result barred under the Federal Trade Commission Act AT T argued that there was an exception for common carriers and the appeals court agreed Asked about the appeals court ruling a spokesman for AT T said We re pleased with the decision An FTC spokesman said the agency has not yet decided whether to appeal We are disappointed with the ruling and are considering our options for moving forward FTC spokesman Jay Mayfield wrote in an emailed comment
The company however could face action from the FCC In June 2015 the agency proposed a fine of 100 million for AT T s alleged failure to inform customers with unlimited data plans about the speed reductions AT T has contested that proposed fine |
T | Taylor in early share of Travelers lead | Reuters American journeyman Vaughn Taylor birdied five of his last seven holes to rocket into a tie for the early lead in Thursday s opening round of the Travelers Championship in Cromwell Connecticut Taylor whose 2016 campaign has veered between the brilliant and the frustrating fired a six under par 64 on a sunny day at the TPC River Highlands to set the tournament pace with compatriot Andrew Loupe Spaniard Jon Rahm competing in his fifth PGA Tour event since turning professional in June eagled the par five 13th on the way to a 65 ending the round level with Australian Marc Leishman and American Ben Martin Taylor who has missed nine cuts on the PGA Tour since clinching his third career victory on the U S circuit at the AT T NYSE T Pebble Beach Pro Am in February caught fire on his back nine after reaching the turn in one under 34 With his approach play in sparkling order he reeled off five consecutive birdies from the par four 12th to surge up the leaderboard I played good early just couldn t get a putt to go Taylor 40 told PGA Tour Radio I just didn t hit it quite close enough really and then I hit a good fairway bunker shot on nine hit a good putt there and just kind of got things going I was feeling good I was hitting some good shots and the putter started feeling better You know you just get on a run sometimes and just kind of ride it Taylor could certainly do with an extended run of good form having finished no better than joint 33rd since he ended a PGA Tour title drought of more than a decade with his Pebble Beach win Prior to that Taylor not played a full season on the PGA Tour since 2012 while bouncing between the elite U S circuit and the satellite Web com tour Twice Masters champion Bubba Watson who won the Travelers Championship for a second time last year at one of his most treasured venues was among the late starters on Thursday |
T | AT T to pay 7 75 million for allowing sham directory assistance calls | By David Shepardson WASHINGTON Reuters AT T Inc NYSE T will pay 7 75 million in refunds and fines after federal investigators found it allowed unauthorized third party charges related to phony directory assistance service on its customers telephone bills U S regulators said on Monday The fraud was uncovered by the U S Drug Enforcement Administration while investigating two Ohio companies for drug related crimes and money laundering the Federal Communications Commission said AT T the Dallas based telecommunications giant allowed scammers to charge customers approximately 9 per month for a sham directory assistance service the FCC said AT T received a fee from the companies for each charge AT T placed on its customers bills the FCC added The settlement includes 6 8 million in refunds and a 950 000 federal fine the FCC said AT T signed a consent decree with the FCC and agreed to cease billing for nearly all third party products and services on landline bills and adopt procedures to obtain express consent from customers prior to allowing third party charges The company also agreed to revise its billing practices to ensure third party charges are conspicuously identified on bills AT T said in a statement it has implemented strict requirements on third parties submitting charges for AT T bills to ensure that all charges are authorized by our customers indeed those requirements go beyond the requirements of FCC rules and impose safeguards that the FCC proposed but never adopted The FCC said two Cleveland area companies Discount Directory Inc and Enhanced Telecommunications Services were billing thousands of consumers for a monthly directory assistance service on their AT T landline telephone bills The companies never provided any directory assistance service the FCC said A phone bill should not be a tool for drug traffickers money launderers and other unscrupulous third parties to fleece American consumers FCC Enforcement Bureau Chief Travis LeBlanc said AT T said it stopping billing for the two companies in June 2015 Unbeknownst to us two companies that engaged in a sophisticated fraud scheme were apparently able to circumvent those protections AT T said AT T said it plans to send refund checks to consumers within 90 days In 2014 AT T agreed to pay 105 million in fines and refunds to current and former wireless customers for unauthorized third party subscriptions and premium text messaging services as part of a settlement with the FCC Federal Trade Commission and state attorneys general |
T | AT T revenue jumps 22 7 percent | Reuters AT T Inc N T reported a 22 7 percent increase in quarterly operating revenue as it added more television subscribers helped by its acquisition of DirecTV The net income attributable to AT T rose to 3 41 billion in the second quarter ended June 30 from 3 08 billion a year earlier On a per share basis it fell to 55 cents from 59 cents
Total operating revenue rose to 40 52 billion from 33 02 billion |
T | CBS Corporation CBS Falls Despite Q2 Earnings And Revenue Beats | CBS Corporation NYSE CBS just released its second quarter fiscal 2017 earnings results posting earnings of 1 04 per share and revenue of 3 26 billion Currently CBS has a Zacks Rank 3 Hold and it is down 0 11 to 64 45 in after hours trading shortly after its earnings report was released
CBS
Beat earnings estimates The company posted adjusted earnings of 1 04 cents per share after excluding 0 90 for non recurring items beating our Zacks Consensus Estimate of 0 97 CBS earnings grew 12 year over year
Beat revenue estimates The company saw revenue figures of 3 26 billion beating our estimate of 3 11 billion Revenue increased year over year by 9
CBS affiliate and subscription fee revenues were up 16 driven by a 25 increase in retransmission revenues and fees from CBS Television Network affiliated stations as well as subscriber growth for its streaming services
CBS streaming services CBS All Access and Showtime OTT are on track to surpass four million subscribers by the end of 2017 The return of Twin Peaks boosted OTT subscriptions
Advertising revenues were up 4 led by the broadcast of the semifinals and finals of the NCAA Division I Men s Basketball Championship
CBS also announced today an agreement with AT T NYSE T that would allow AT T s DIRECTV NOW live TV streaming service to carry CBS as well as Showtime the CW Pop and CBS Sports Network Financial terms of the agreement were not disclosed
CBS delivered outstanding second quarter results while continuing to take a number of steps to achieve our long term financial goals said CEO Leslie Moonves We are now gearing up to take the next strategic step with All Access by expanding it into the international marketplace starting with Canada in the first half of 2018 So 2017 is turning out to be a great year for the CBS Corporation even without the Super Bowl and political spending that we had in the prior year
Here s a graph that looks at CBS price consensus and EPS surprise CBS Corporation Price Consensus and EPS Surprise CBS Corporation is a mass media company that creates and distributes industry leading content to audiences worldwide CBS has businesses with origins that date back to the beginnings of broadcast as well as new ventures that operate on media s leading edge It owns the most watched television network in the U S and one of the world s largest entertainment libraries CBS s operations span nearly every field of media and entertainment including cable publishing radio TV film outdoor advertising and interactive and socially responsible media
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T | Hurley lands first PGA Tour win at Congressional | Reuters Local favorite Billy Hurley III helped by a stunning chip in on 15 and a monster putt at the 16th clinched his first PGA Tour victory by three shots on Sunday at the Quicken Loans National in Bethesda Maryland The 34 year old American a U S Naval Academy graduate who calls nearby Annapolis home never relinquished his overnight lead in the final round at Congressional as he closed with a two under par 69 in the event hosted by Tiger Woods One stroke in front with four holes to play Hurley chipped in from 35 yards to birdie the par four 15th and then sank a 27 footer at the par five 16th to forge three ahead on the way to a 17 under total of 267 Former world number one Vijay Singh seeking his first PGA Tour win in eight years fired a best of the day 65 to finish second with American Bill Haas 68 and Spaniard Jon Rahm 70 a further stroke back at 13 under in a tie for third It was a hugely emotional win for Hurley whose father Willard Hurley Jr went missing shortly before last year s Quicken Loans National before being located but was then found dead the following month from a self inflicted gunshot wound I couldn t think of a better tournament for my first PGA Tour win so I m thrilled to have gotten it done today Hurley ranked 607th in the world told CBS Sports as he choked back tears It s been a hard year a really hard year so it s nice to have something go well Prior to this week Hurley had made just five cuts in 11 starts on the 2015 16 PGA Tour his best finish a tie for 41st at the AT T NYSE T Byron Nelson last month On Sunday however he remained composed and mixed four birdies with two bogeys to keep his closest challengers at bay A stroke in front at the turn Hurley increased his lead when his playing competitor Ernie Els ran up a double bogey at the par four 10th Though Hurley three putted to bogey the 12th he sank a clutch 10 footer to save par at the 13th before his sensational chip in for birdie at the 15th which prompted him to leap with delight before pumping his right arm skywards Rahm the former Arizona State golfer who was the low amateur at last week s U S Open at Oakmont ended a memorable debut as a professional after leading through 18 and 36 holes
I learned a lot said the 21 year old Spaniard I m extremely honored to have played this week and to have played so good and had a chance to win it |
T | Mexican telecoms tycoon Slim seeking second hand phones | MEXICO CITY Reuters Mexican billionaire telecommunications tycoon Carlos Slim launched a program on Wednesday to collect used smartphones and donate them to schools in order to provide students free access to educational materials Slim who controls telecoms giant America Movil said at an event the firm would offer free wireless broadband access to whoever accessed contents on its website Aprende org whose offerings range from elementary math to university courses The businessman said he was looking to create a secondary market for smartphones used for a year or two giving them an economic value and then passing them on for free to public schools The firm plans to offer its clients a 500 peso credit 26 for each smartphone returned in good condition Slim said
He added that he hoped his competitors in Mexico which include Spain s Telefonica MC TEF and U S based AT T NYSE T followed his lead in offering free access to educational materials |
T | Westbrook scores 35 Thunder power past Spurs | The Sports Xchange Russell Westbrook scored 35 points including a crucial three point play in the final seconds as the Oklahoma City Thunder beat the San Antonio Spurs 95 91 on Tuesday to take a 3 2 lead in their Western Conference semi final series Game 6 of the best of seven series is set for Thursday in Oklahoma City A seventh game if necessary would be in San Antonio on Sunday San Antonio led 88 86 with 2 39 to play before Oklahoma City s Enes Kanter hit a layup blocked a shot by the Spurs Tim Duncan on the defensive end and ran the court to receive a pass from Westbrook for another layup that gave the Thunder a 90 88 lead San Antonio s Tony Parker hit a jumper to tie the game before Kevin Durant made two free throws to push Oklahoma City to a 92 90 advantage Parker then went 1 for 2 from the line to bring the Spurs within 92 91 and after a steal by Danny Green badly missed a jumper with 11 seconds remaining Westbrook got loose on the ensuing inbounds play and headed to the basket as he was being fouled converting the layup and a free throw with 6 3 seconds to play to ice the game Durant scored 23 points for the Thunder while Steven Adams had 12 points and 11 rebounds Kanter pulled down 13 rebounds for Oklahoma City and Westbrook contributed 11 rebounds and nine assists The Spurs were led by Kawhi Leonard s 26 points LaMarcus Aldridge and Green had 20 points apiece San Antonio who lost just one game at home in the regular season have now lost back to back contests in the AT T NYSE T Center to the Thunder The Spurs had won seven consecutive Game 5s with their last Game 5 loss coming in 2012 to Oklahoma City San Antonio looked out of sync from the start falling into a 9 2 hole early in the first quarter The Spurs fought back to take a 16 15 lead on a layup by Boris Diaw but Oklahoma City scored the final seven points to reassume a 22 16 advantage after 12 minutes of play The Spurs grabbed a short lived 32 31 lead on a Parker finger roll layup early in the second quarter Westbrook scored five straight points for Oklahoma City and Serge Ibaka poured in a wide open 3 pointer to hand a 39 36 advantage back to the Thunder San Antonio ended the period with a 12 4 run that was punctuated by a ringing 3 pointer by Green with seven seconds remaining and the Spurs owned a 48 43 advantage at halftime Leonard led all scorers with 17 first half points while Westbrook paced the Thunder with 14 points and Durant had 12 before the break Things went San Antonio s way early in the third quarter as when Leonard dribbled the ball off his foot and it caromed straight to a wide open Green who grabbed the loose ball and rose in one motion to hit a 3 pointer that gave the Spurs a 59 47 lead Green hit another shot from beyond the arc on San Antonio s ensuing possession and the Spurs had found their stride However Oklahoma City were far from shaken by the San Antonio run fashioning a 12 4 spurt of its own over the final four minutes to cut the Spurs lead to 72 69 heading into the fourth quarter Green s fifth 3 pointer of the game with 8 55 to play was countered on ensuing possessions by consecutive treys by Westbrook and Durant that tied the game at 78 and set the stage for the furious finish |
T | AT T Beats Q2 Earnings Reports Best Ever Wireless Postpaid Phone Churn | AT T Inc NYSE T just released its second quarter fiscal 2017 financial results posting adjusted earnings of 79 cents per share and revenues of 39 8 billion Currently T is a Zacks Rank 4 Sell and is up 3 to 37 30 per share in trading shortly after its earnings report was released
AT T
Beat earnings estimates The company posted adjusted earnings of 79 cents per share beating the Zacks Consensus Estimate of 74 cents per share This number excludes 16 cents from non recurring items Net income came in at 3 9 billion
Matched revenue estimates The company saw consolidated revenue figures of 39 8 billion matching our consensus estimate of 39 8 billion but declining 1 8 year over year
AT T reported growing operating income margin of 30 4 with record high EBITDA margins that included best ever wireless service margin of 50 4 Operating income was 7 3 billion for the quarter
The company reported 2 8 million wireless net adds 2 3 million of which came from the U S which was driven by connected devices prepaid and postpaid 476 000 net adds were logged from Mexico
AT T s U S wireless segment also reported its best ever postpaid phone churn of 0 79 Total postpaid churn was 1 01
AT T maintains its full year guidance
Here s a graph that looks at AT T s price consensus and EPS surprise AT T Inc Price Consensus and EPS Surprise AT T Inc is a premier telecom company Its subsidiaries and affiliates AT T operating companies are the providers of AT T services in the U S and around the world Among their offerings are the world s most advanced IP based business communications services the nation s fastest 3G network and the best wireless coverage worldwide and the nation s leading high speed Internet access and voice services As part of their three screen integration strategy AT T operating companies are expanding their TV entertainment offerings
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T | American Hoge one off the pace in Texas | Reuters Little known American Tom Hoge parred his last four holes to sit just one stroke off the lead when the weather delayed opening round of the AT T NYSE T Byron Nelson in Texas was completed on Friday Hoge whose best PGA Tour finish was a tie for fifth at last year s Canadian Open in his rookie season carded a six under par 64 in rain softened conditions at the TPC Four Seasons Resort in Irving That put him level with fellow Americans Dustin Johnson Wes Roach Bud Cauley and hometown favorite Jordan Spieth and Swede Freddie Jacobson Spaniard Sergio Garcia New Zealander Danny Lee and American Johnson Wagner led on 63 all the three having completed their rounds on Thursday when two and a half hours of scheduled play were wiped out by morning thunderstorms Most eyes this week however will be firmly focused on U S Open champion Spieth who missed the cut at last week s Players Championship in his first start on the U S circuit since his shocking collapse at last month s Masters He also finished his opening round at the TPC Four Seasons Resort on Thursday mixing seven birdies with a lone bogey to surge up the leader board Solid start to the tournament Took advantage of the easier holes and made a couple of mid range putts the 22 year old Spieth told reporters Lost a little control with my iron play on some pretty easy shots that I will look to improve on but other than that I m pretty pleased Fortunately the forecast looks good so it should by the weekend get at least a little firm back to where it normally is |
T | Spieth in early tie for lead at Byron Nelson | Reuters Hometown favorite Jordan Spieth was not at his best with his iron play but drained two lengthy birdie putts as he charged into a share of the early second round lead at the weather hit AT T NYSE T Byron Nelson in Texas on Friday The U S Open champion kept errors to a minimum as he followed his opening 64 with a five under par 65 at the rain softened TPC Four Seasons Resort in Irving to post an 11 under total of 129 Spieth reeled off five birdies in his first nine holes including a 21 footer at the 14th and a 35 footer at the 17th before finishing level with fellow Americans Brooks Koepka 64 and Bud Cauley 65 American Wes Roach back on the PGA Tour after a successful Web com Tour campaign in 2015 carded a 66 for a 10 under total one stroke better than compatriot Bryce Molder 65 Spieth who missed the cut at last week s Players Championship in his first PGA Tour start since his shocking collapse at last month s Masters was happy after making very limited mistakes at the TPC Four Seasons Resort Again I just took advantage of the easier holes the 22 year old told reporters Had a couple of longer putts go in today and found both the par fives in two to two putt and tap in for those two birdies So very limited mistakes I have three putted 13 twice and that s really the only mistakes that I have made this week even not quite feeling like I have my best iron play right now Spieth a seven time winner on the PGA Tour who is known for his brilliant putting said he felt much more in control of his game on the green than he did with an iron in his hand You d certainly like to feel like you have full control over the ball every time you step over it but that s not reality in golf the American world number two smiled I d like to have a bit more I don t feel like I am tied for the lead right now it s not the feeling I have when I stand over an iron shot but when I stand over my putter right now it s back to where we like to have it
New Zealander Danny Lee joint leader when the opening round was completed earlier on Friday shot 69 to finish at eight under with Americans Patrick Rodgers 65 Dustin Johnson 68 and Tom Hoge 68 and Swede Freddie Jacobson 68 |
T | Koepka takes Byron Nelson lead Spieth two back | Reuters American Brooks Koepka made three birdies on the back nine to charge past hometown favorite Jordan Spieth and into a two shot lead after the AT T NYSE T Byron Nelson third round in Texas on Saturday Koepka posted a five under par 65 for a 16 under total at the TPC Four Seasons Resort in Irving while Spieth closed with bogeys at 14 and 18 for a 67 to drop back into second place U S Open champion Spieth held the outright lead but an errant tee shot at the par four 14th found water resulting in his first bogey of the day and a two shot swing there as Koepka drained a 20 foot birdie putt
Americans Matt Kuchar 65 and Bud Cauley 68 and Spaniard Sergo Garcia 68 were tied for third at 13 under while overnight leader Ben Crane struggled to a 72 to fall six strokes off the pace |
T | Spieth welcomes gusting winds forecast at Colonial | Reuters Strong winds forecast for this week s Colonial tournament in Fort Worth Texas have put a smile on the face of U S Open champion Jordan Spieth who believes he will benefit from the challenge at Colonial Country Club Spieth struggled with his swing at last week s AT T NYSE T Byron Nelson fading into a tie for 18th after trailing by just two shots heading into the final round but feels his game can only improve with a more imaginative approach in gusty conditions Given the forecast it s going to take a lot of imagination American Spieth told reporters on Wednesday while preparing for Thursday s opening round There s going to be 20 plus mph winds and I think that s going to really help me Less focus on the swing and more focus on results imagination paint a picture work different kind of trajectories just be an artist out there I think that is going to be really good for me It plays into a more natural state for my ball striking so I am pretty excited about the tougher conditions that are predicted for this week Thunderstorms have been forecast as likely for Thursday and Friday at Colonial along with winds gusting up to 30 mph 48 3 kph with improving weather over the weekend At the Byron Nelson Spieth was frustrated by his ball striking and relied on superb scrambling as he played his way into contention through the first three rounds having missed the cut the previous week at the Players Championship I m at a much more natural feeling right now than I was this past Thursday through Sunday in my swing a little more connected in the swing I feel less loose said the world number two the local favorite this week I m much more kind of swinging with what my body wants me to do versus fighting it which is what I felt like I have been doing It seems a lot easier for me right now Spieth who has played just two PGA Tour events since his final round meltdown at last month s Masters heads a solid field at Colonial where 10 of the world s top 30 players will be competing including seventh ranked Australian Adam Scott
American Chris Kirk defends the title he claimed by one shot last year adding his name to an impressive list of winners at Colonial where golfing great and Fort Worth resident Ben Hogan triumphed five times |
T | U S stocks fall on economic worries dollar firms | By Richard Leong NEW YORK Reuters U S stock prices fell on Tuesday on weaker than expected economic data while expectations of a possible Federal Reserve interest rate increase lifted the dollar to near a two month high against a basket of currencies The drop on Wall Street stoked safe haven bids for gold and less riskier U S and German government debt Oil futures faded into the red after rising earlier on higher expected U S gasoline demand for summer driving The S P 500 index posted a third straight month of gains in May but it may struggle to post further gains due to the risk of a Fed rate increase and worries about Britain s June 23 referendum on European Union membership Equities will be in sideways trading going into the middle of the year with a possible rate hike and the vote in the UK said Bill Northey chief investment officer for U S Bank s private client group in Helena Montana U S interest rate futures implied traders see a 28 percent chance the Fed would raise rates next month and a 61 percent chance it would do so at its July policy meeting according to CME Group s FedWatch program Worries about Britain s economy grew after two polls showed those campaigning for an exit from the EU had taken the lead Sterling fell to one week lows against the dollar and euro GBP The dollar index which tracks the greenback against a basket of six major currencies rose 0 3 percent to 95 842 below a two month high of 95 968 set on Monday It rose 2 8 percent for the month its best performance in six months Brexit has complicated traders view on the chances of a Fed rate increase because a British vote to leave the EU could result in market turmoil and pose further drag on a sluggish global economy OIL PRICES DIP U S personal income and spending data on Tuesday suggested the economy is rebounding from a weak first quarter led by a surprisingly strong 1 percent rise in personal consumption in April But dismal readings on consumer confidence and Midwest manufacturing raised worries the recovery may be short lived The Dow Jones industrial average fell 86 09 points or 0 48 percent to 17 787 13 the S P 500 declined 2 11 points or 0 1 percent to 2 096 95 and the Nasdaq Composite rose 14 55 points or 0 29 percent to 4 948 06 U S and British markets were closed on Monday for local holidays The FTSEurofirst 300 index index ended down 0 8 percent but still booked its biggest monthly gain since November EU Earlier on Tuesday Tokyo s Nikkei ended up 1 percent for a monthly gain of 3 4 percent T The MSCI world equity index which tracks shares in 45 nations fell 0 1 percent to 402 57 As stocks slipped into negative territory U S Treasuries pared initial losses The yield on benchmark U S 10 year Treasury notes edged up 1 basis point at 1 844 percent after rising as much as 5 5 basis points from Friday US In commodities trading U S crude settled down 23 cents or 0 47 percent at 49 10 a barrel while Brent crude settled down 7 cents or 0 24 percent at 49 69
Spot gold prices rose 11 71 or 0 97 percent to 1 216 91 an ounce |
T | Global stocks struggle as ECB and OPEC meetings loom | By Sudip Kar Gupta LONDON Reuters Global stock markets made little headway on Thursday as Japan s Nikkei fell sharply following a jump in the yen while European markets were flat in the run up to a key European Central Bank ECB meeting Along with the ECB an OPEC meeting in Vienna was also at the forefront of investors minds with oil prices holding steady as analysts said they did not expect the meeting to result in restrictions on crude oil output O R The MSCI All Country World index slipped 0 1 percent while the pan European STOXX 600 and FTSEurofirst 300 indexes were flat Japanese stocks had earlier suffered their biggest daily percentage drop in a month on Thursday hit by a move higher for the yen on currency markets T Keeping interest rates firmly on hold the ECB will probably raise growth and inflation forecasts on Thursday a rare positive step even as it emphasises persistent negative risks and a readiness to provide more stimulus Although the ECB will maintain its guidance that rates will stay at their current or lower levels for an extended period Draghi may repeat his view that he does not foresee another rate cut Speculation that the ECB could raise its growth and inflation forecasts supported the euro currency on foreign exchange markets FRX Nevertheless some traders said a lack of new concrete measures from the ECB and OPEC meetings could disappoint some investors The ECB and OPEC meetings could prove to be a damp squib which may result in markets drifting a bit lower said Terry Torrison managing director at Monaco based McLaren Securities On the bond markets Greek government borrowing costs hovered near six month lows on speculation that the ECB meeting could signal the return of a funding lifeline to Greece s banks the first step in its plans to return to bond markets next year GVD EUR However sterling remained under pressure due to lingering uncertainty over the result of this month s Brexit vote on whether or not Britain will choose to remain a member of the European Union
We are monitoring risk due to things like Brexit but from a valuation point of view we like Europe said Bill Street EMEA head of investments at State Street Global Advisors |
T | U S consumers should be free to sue banks credit card companies agency | By Lisa Lambert WASHINGTON Reuters New rules proposed on Thursday by a U S consumer watchdog would block credit card companies banks and other firms from forcing customers to waive their rights to join class action lawsuits and settle disputes only through arbitration The Consumer Financial Protection Bureau said financial firms should be barred from using fine print in contracts that mandates arbitration instead of a group lawsuit in the event of a dispute over products ranging from checking accounts to credit cards The agency said the clauses prevent consumers who have been wronged from receiving justice and compensation through the courts U S businesses are expected to oppose the proposal and sue if it becomes final They say arbitration is more efficient and helps avoid costly litigation that rarely benefits the people filing suit Companies simply insert these clauses into their contracts for consumer financial products or services and literally with the stroke of a pen are able to block any group of consumers from filing joint lawsuits known as class actions CFPB Director Richard Cordray said in prepared remarks That is so even though class actions are widely recognized to be valid avenues to secure legal relief under federal and state law In class actions people band together to sue over the same alleged wrongdoing to make the lawsuit more affordable A 2015 study by the CFPB found individuals rarely sue on their own because it is too expensive and that about 6 8 million consumers receive 220 million in payments from class action settlements each year In arbitration a private individual settles a conflict Frequently companies select the arbitrators the proceedings are confidential and decisions are hard to appeal Under the proposal companies could still use arbitration clauses but would have to state explicitly that consumers can sign onto class actions They would also have to give the bureau information on claims filed and awards issued in the arbitrations as well as correspondence from arbitrators regarding unpaid fees and failure to follow standards of conduct Requiring customers to agree to mandatory arbitration clauses when they sign up for a product has become nearly universal since a 2011 U S Supreme Court decision known as AT T NYSE T Mobility vs Concepcion validated the practice It has also become a flashpoint for both political parties Democratic presidential candidate Hillary Clinton on Thursday supported the proposal saying mandatory arbitration clauses buried deep in contracts for credit cards student loans and more prevent American consumers from having their day in court when they ve been harmed U S Senator Sherrod Brown an Ohio Democrat sometimes mentioned as a possible vice presidential candidate in November s election pledged to push the CFPB to finalize the rule as soon as possible The private sector and conservative political leaders quickly criticized the proposal saying it only helps attorneys who file class actions and reap fees and shares of settlements The chairman of the House of Representatives Financial Services Committee Republican Jeb Hensarling of Texas called it a big wet kiss to trial attorneys and cast Cordray as a de facto dictator This move which will apply to some of the most common financial contracts including credit cards checking accounts and even cell phones essentially hands over the keys of the CFPB s luxury office building to the wealthy powerful and politically well connected trial lawyer lobby he said The U S Chamber of Commerce representing the business sector said that in the 50 years since the advent of modern day class action lawsuits plaintiffs lawyers have made millions of dollars in fees from these suits while consumers often receive little benefit The CFPB said the proposal would give consumers a day in court It also aims to create a deterrent effect through the threat of group lawsuits and increased transparency the agency said Forced arbitration and class action bans force consumers into a biased secretive and lawless forum preventing either a court or an arbitrator from ordering a lawbreaker to repay all of its victims Lauren Saunders associate director of the National Consumer Law Center said in a statement |
T | No logo Paralympians still face tattoo ban main Games less strict | By Karolos Grohmann BERLIN Reuters Olympic athletes with tattoos are unlikely to be barred from the Rio Games the International Olympic Committee said on Friday after a Paralympic swimmer with his team logo inked onto his chest was banned from a race British gold medalist Josef Craig was disqualified from a race at last week s IPC European Championships after failing to cover up the tattoo the team s lion s head design above the Olympic rings The International Paralympic Committee said he had breached a rule stating body advertisements are not allowed in any way whatsoever this includes tattoos and symbols It said Craig was displaying a logo of an event he was not competing in The Paralympic Games are governed by a completely separate organization from the IOC and have their own logo Many champion athletes including record gold medalists Michael Phelps Missy Franklin and Ryan Lochte have Olympic tattoos and the IPC s ruling three months before Rio raised fears of potential bans But while any tattoos that advertise a product will need to be covered up with blank tape or patches in Rio athletes at the main Games will be allowed to show others an IOC spokesman said The president is always excited to see athletes with the Olympic Rings an IOC spokesman said Standing alone the Olympic Rings are a great expression of appreciation of the Olympic Games and of the Olympic values COMMON SENSE We take a common sense approach to tattoos whatever they are he said That would mean personal tattoos such as the butterfly covered back of Russian synchronized swimmer Anastasia Davydova at the 2012 London Games would be allowed For Paralympians though the rules are tougher and Craig will have to cover his tattoo The same rule would apply at the Paralympics in Rio He would have to cover it up as Craig did for the remainder of the competition last week IPC spokesman Craig Spence said One athlete who will be forced to cover up if he qualifies for the Olympics is American middle distance runner Nick Symmonds who sells space on his skin for advertising The two time Olympian who covered up his tattoos during the 2012 Olympics sold nine inches on his arm for 21 800 on Friday to the head of T Mobile US a rival of AT T NYSE T an official sponsor of the U S Olympic and Paralympic teams Symmonds said the U S Olympic Committee s and the IOC s rules banning advertising in venues and promotion by athletes during the Games was antiquated AT T spends millions to be an official USOC sponsor T Mobile spends 21 800 for better exposure Your ancient model is broken USOC Symmonds tweeted T Mobile CEO John Legere said he had not yet decided what to inscribe on the runner s arm
Now that I ve purchased a spot on 2x Olympian NickSymmonds arm help me decide what the tattoo should be of GO he asked followers on Twitter |
T | Company News For July 17 2017 | Shares of CyberArk Software Ltd NASDAQ CYBR tanked 16 3 after the company projected second quarter 2017 revenues in the range of 57 57 5 million down from the previous guidance of 61 62 million Shares of Arconic Inc NYSE ARNC fell 0 3 after the company faced a shareholder lawsuit over the fatal fire at London s Grenfell Tower Shares of AT T Inc NYSE T increased 0 3 after CEO Randall Stephenson is expected to become executive chairman once the company completes its acquisition of Time Warner Inc NYSE TWX Shares of Insys Therapeutics Inc NASDAQ INSY declined 5 after Anthem Inc ANTM filed a lawsuit against the drugmaker |
T | Crown Castle increases guidance despite earnings revenues miss | Investing com Crown Castle International NYSE CCI a leading provider of mobile telephone towers and wireless broadband distribution systems increased its forward guidance on Thursday afternoon despite missing revenue and earnings forecasts in the first quarter
Crown Castle which purchases cell phone tower portfolios before renting or leasing them to top carriers such as VZ Holding AG SIX VZN AT T Inc NYSE T and T Mobile US Inc NASDAQ TMUS among others finished with revenues of 934 4 million during the first quarter of Fiscal Year 2016 It represented a spike of 3 8 on an annual basis just short of estimates of 935 million
As a result the Houston based company reported earnings of 47 8 million before dividends down sharply from net profits of 122 8 million over the same period a year earlier On a per share basis Crown Castle reported earnings of 0 11 far below profits of 0 30 in the first quarter of Fiscal Year 2015 Crown Castle projected per share earnings of 0 19
In terms of site rental revenues Crown Castle s sales increased by 9 3 to 799 3 million slightly above the company s midpoint of 791 million
As a shared wireless infrastructure provider Crown Castle is uniquely positioned with our portfolio of towers and small cells to help our customers deploy their wireless networks efficiently and cost effectively as they seek to meet the increasing demand for wireless connectivity said Ben Moreland Crown Castle s President and Chief Executive Officer Our track record of consistently delivering results that meet or exceed our guidance including the strong results we generated in the first quarter further demonstrates the long term demand for our wireless infrastructure
In spite of the earnings miss Crown Castle increased the midpoint for annual site rental revenue to 3 22 billion from previous guidance of 3 18 billion
The innovation and adoption of wireless connectivity is expected to drive new applications such as machine to machine connections mobile video and fixed wireless broadband all of which give us confidence in our ability to deliver on our stated goal of generating compound annual growth in AFFO and dividends per share of 6 to 7 organically over the next several years Moreland added We believe this growth combined with our current dividend yield of approximately 4 represents an attractive long term total return profile for shareholders |
T | Dating site eHarmony sees revenue from new job portal late this year | By Sai Sachin R Reuters EHarmony on Friday launched a recruitment portal but the online matchmaker s long promised service will begin to generate revenue only late this year a company executive told Reuters The new website called Elevated Careers will be offered free for job seekers for now while companies looking to hire can sign on for free trials Dan Erickson director of special projects said in an interview I d say that real dollars from Elevated Careers will be focused on late fourth quarter Erickson said EHarmony has already signed on at least two big partners for six month trials AT T Inc NYSE T and American Airlines Erickson said adding that organizations with a workforce of around 1 000 would hypothetically pay 10 000 annually once the service is priced Our goal is to have 10 to 20 of those foundational partners on board to help us continue to refine the technology and pricing he said EHarmony which will enter the 6 billion a year online career market dominated by LinkedIn NYSE LNKD and Monster will match job seekers and employers using an algorithm that will factor in skills personality and values and culture Chief Executive Neil Clark Warren said last year that the company expects its recruitment business to account for about 60 percent of its total revenue within three years EHarmony had also expected 2015 revenue to grow in high and double digit percentages to between 275 million and 350 million In the online dating space Los Angeles based eHarmony competes with Barry Diller controlled Match Group Inc NASDAQ MTCH which owns popular app Tinder and sites Match com and OkCupid |
T | Spurs fend off Raptors to keep home record | The Sports Xchange Kawhi Leonard scored a career high 33 points eight of which came in final minute as San Antonio thwarted a determined upset bid by the Toronto Raptors in a 102 95 win on Saturday night that allowed the Spurs to remain unbeaten at home With San Antonio clinging to an 88 84 lead Leonard took charge of the game at the end hitting two contested jumpers and then sinking four straight free throws to secure the victory With the victory San Antonio 64 13 established a franchise record for wins in a season that was set in 2005 06 when the Spurs went 63 19 The Spurs have now defeated every team in the NBA this season The Spurs are 39 0 at the AT T NYSE T Center this season and have supplanted the 1995 96 Chicago Bulls for the longest home winning streak to start a season in NBA history They are the only team in the NBA that hasn t lost at home in 2015 16 San Antonio has also won a franchise best 48 straight regular season games at home since a loss to Cleveland on March 12 2015 The Spurs streak is the second longest in NBA history but with just two regular season home games remaining they will have to wait until next season to try to break Golden State s mark of 54 that ended Friday night The Spurs also got 31 points and 15 rebounds from LaMarcus Aldridge and Tim Duncan pulled down 11 rebounds Six players scored in double figures for the Raptors 51 25 led by Norman Powell s 17 points
Cory Joseph and Jonas Valanciunas added 16 points apiece for Toronto Terrance Ross scored 13 points and Patrick Patterson and Delon Wright had 12 points each for the Raptors who outshot the Spurs 50 percent to 46 percent from the field Toronto coach Dwane Casey pulled a move often enacted by Spurs coach Gregg Popovich when he announced an hour before tipoff that starting guards Kyle Lowery and DeMar DeRozan would sit out Saturday s game to rest That meant that Joseph whom the Raptors signed in the offseason as a free agent after he was released by the Spurs got just his third start of the season in his first game back in San Antonio |
T | Here s Why You Should Hold Frontier Communications FTR Now | On Jul 6 Frontier Communications Corporation NASDAQ FTR NYSE T a leading regional telecommunication company in the U S was downgraded by a notch to a Zacks Rank 3 Hold You can see
Despite continuous loss of legacy fixed telephony business to wireless and other offerings Frontier Communications is a favorable stock option with its efforts to expand and enhance its broadband infrastructure and services
Broadband Expansion Strategy
Frontier Communications recently announced its plan to deploy Nokia HE NOKIA Corp s NYSE NOK G fast technology in Connecticut The technology is aimed to deliver gigabit speed broadband services to users living in apartments and multi dwelling units MDUs throughout the state The G fast approach is expected to be a key element of broader copper network upgrade plan which will simplify the broadband installation and activation process in MDUs
Moreover the company announced the availability of enhanced broadband service to previously unserved residents throughout West Virginia and in 25 counties within Ohio and to numerous additional rural households in North Carolina South Carolina Tennessee Wisconsin Minnesota Arizona New Mexico Illinois Indiana and Texas
Upsides
We are impressed with Frontier Communications focus on generating additional revenues through customer retention market share gain new product introductions broadband expansion as well as improved sales and marketing initiatives We believe that the company is presently focusing on cost control with productivity and customer oriented enhancements
The above factors have made the company s operations efficient We are also encouraged by sustainable broadband subscriber growth supported by strong network expansion and improved pricing structure
The company has been trying to benefit from the growing Business Service Segment By foraying into North Carolina with the rollout of Vantage TV IPTV and broadband services in the region Frontier Communications will challenge major incumbents like AT T Inc NYSE T and Charter Communications NYSE T
Meanwhile the company s decision to reward its stockholders with a quarterly cash dividend of 0 04 per share of common stock paid on Jun 30 2017 to holders of record at the closure of business on Jun 15 2017 is an encouraging initiative
Some Downturns
Frontier Communications has been facing outages poor telephone services and billing problems The company continues to suffer from the loss of legacy fixed telephony business to wireless offerings Decline in access lines and wireless backhaul revenues due to customer migration to Ethernet solutions at lower price is another concern The persistent decline continues to tighten local service revenues which accounts for most of Frontier Communications overall revenues
Moreover the price performance of Frontier Communications is also depressing Over the past three months share price of Frontier Communications moved down 44 76 compared with the Zacks categorized industry s decline of 22 68
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And this outperformance has not just been a recent phenomenon Over the years it has been remarkably consistent From 2000 Q1 2017 the composite yearly average gain for these strategies has beaten the market more than 11X over Maybe even more remarkable is the fact that we re willing to share their latest stocks with you without cost or obligation |
T | With Havana trip Obama seeks to make history lock in Cuba opening | By Matt Spetalnick Jeff Mason and Patricia Zengerle WASHINGTON Reuters Barack Obama s historic visit to Havana next week may be the closest he comes to a Nixon goes to China moment but he also has another more practical goal to make his opening to Cuba irreversible for the next U S president The Obama administration hopes that getting more U S companies invested in Cuba and loosening up travel to the island will make it almost impossible for traditionally pro business Republicans to halt or even roll back the thaw in relations if they win the White House in November Ahead of his March 20 22 trip to Havana the stage is set for a further easing of trade restrictions and a string of business announcements from the hotel and telecommunications industries and possibly even Major League Baseball The administration wants to do as much as it can unilaterally before the clock runs out said a person who has been briefed on Obama s strategy What remains to be seen however is whether Obama can prod Cuba s prickly Communist government to reciprocate at least with modest economic reforms that would help ensure his policy sticks Cuba s leaders have been slow to loosen their grip on the island s state run economy That plus strict limits that remain under the U S economic embargo against Cuba has made many American firms wary Obama s critics accuse him of giving up too much in return for too little from Cuban President Raul Castro and now taking a premature victory lap But administration officials says deeper U S engagement should not be contingent on concessions from the former Cold War foe such as improving its human rights record Obama and his advisers insist that his outreach to Havana has a better chance of sowing the seeds of eventual change than what they see as a failed U S policy of isolation pursued for more than half a century This is not a matter of providing concessions Obama told CNN en Espanol This is a matter of us engaging directly with the Cuban people Obama s visit the first by a U S president in 88 years is meant to showcase that approach But it is also a gamble for a U S leader whose strategy of engaging adversaries has had mixed results Locking in his Cuba opening would make it a major piece of his legacy JUMP START Obama has relied on executive powers to jump start the normalization of ties given continued resistance in Congress to lifting the long standing U S embargo His challenge is to advance the process to the point that no successor could unravel it Cuba has not figured heavily in the 2016 presidential race but it could emerge especially in Florida a swing state and home to the largest Cuban American community For decades Cuban Americans were broadly opposed to any rapprochement but a younger generation has warmed to Obama s policy shift Democratic candidates Hillary Clinton and Bernie Sanders have pledged to stick with Obama s opening to Cuba if elected Republican frontrunner Donald Trump said last week the old policy needed to be changed but he would renegotiate with Cuba for a better deal His challengers Ted Cruz and Marco Rubio both Cuban Americans said they would reverse Obama s approach altogether Despite that Obama told CNN en Espanol he believes Congress will remove the embargo in the next administration whether Democrat or a Republican though he acknowledged there were not yet enough votes It would be hard for many Republicans to join any effort to overturn Obama s measures if the White House succeeds in green lighting enough corporate projects in Cuba congressional aides said AT T Inc NYSE T Starwood Hotels Resorts Worldwide Inc and Marriott International Inc are expected to sign deals around the time of Obama s visit Most companies remain cautious however because of Cuba s dual currency system rigid labor market and opaque legal system There are still some frustrations said James Williams president of Engage Cuba a pro trade lobbying group But they are not insurmountable Some of those concerns may be eased if Washington lifts restrictions on using dollars in Cuba trade transactions a move that one source said could come before Obama s trip U S airlines have already rushed to apply for routes to the island and new travel rules set to be announced this week are expected to make it easier for more Americans to travel to Cuba independently rather than in group tours That in turn could boost public support for normal relations Ben Rhodes an Obama adviser who helped secure the breakthrough with Cuba in December 2014 said the administration has told Cuban leaders the impact of U S regulatory changes will be limited unless they do more to reform their economy U S officials will pay close attention to Cuba s Communist Party Congress set to convene in April for the first time since 2011 Still they acknowledge that the prospects remain dim for influencing democratic reform even though Obama plans to meet dissidents in Havana We don t view our steps as the types of things that would cause the Cuban government to change their political system Rhodes told Reuters Communist Party newspaper Granma last week said Cuba would not renounce its revolutionary and anti imperialist ideals Some of Obama s critics say the visit itself is validation of dictatorial rule
The only thing that s changed as a result of this opening is that now the Cuban government has more sources of money from which to build out their repressive apparatus Rubio said in a Republican debate last week Edditional reporting by Daniel Trotta in Havana Editing by Kieran Murray |
T | Spurs stop Trail Blazers to extend home streak | The Sports Xchange LaMarcus Aldridge and Kawhi Leonard scored 22 points apiece to lead five San Antonio players in double figures as the Spurs turned a tight game into a runaway with a dominating third quarter and beat the Portland Trail Blazers 118 100 on Thursday to remain unbeaten at home San Antonio led by two points at halftime but separated from the Trail Blazers in the third quarter scoring the first 10 points and opening as much as a 19 point lead Leonard who was limited to six points in the first half when he took three shots scored 11 points in the Spurs uprising and the quarter ended with San Antonio holding a 95 78 advantage to make the final period all but academic The Spurs 58 10 are 34 0 at the AT T NYSE T Center and have also won a franchise best 43 straight regular season games at home since a loss to Cleveland in March of last season San Antonio s streak is the third longest in NBA history behind Chicago s 44 game regular season home run in 1995 96 and the continuing streak by Golden State 50 games and is second all time in NBA history for the longest home winning streaks to start a season 37 set by the Bulls in 1995 96 Tony Parker added 18 points and a season high 16 assists for San Antonio while reserve Patty Mills scored 17 points and Tim Duncan hit for 11 points and a team high seven rebounds for the Spurs Portland was led by C J McCollum s 26 points and Damian Lillard added 23 points for the Trail Blazers Chris Kaman and Mason Plumlee scored 12 points apiece for Portland and Gerald Henderson added 10 points for Portland The Trail Blazers 35 34 held a 28 23 lead at the end of the first quarter thanks to a driving layup by Lillard on Portland s final possession of the period Lillard scored eight points as he played all 12 minutes of the quarter The Trail Blazers did not commit a turnover in the first quarter and San Antonio had only one The Spurs finally caught fire five minutes into the second quarter as reserve Boris Diaw had a basket and a free throw and Danny Green hit a 3 pointer and a layup after a steal to push San Antonio to a 38 35 lead San Antonio stretched its advantage to 44 39 before Portland reeled off a 5 0 mini run keyed by a swooping layup by Al Farouq Aminu and a 3 pointer from McCollum that tied the game at 44 A pair of free throws by Aldridge with 14 seconds to play in the half were offset by two from Kaman with 2 seconds remaining that tied the game at 54 Mills was fouled by Lillard near half court with 0 1 left and Mills ensuing free throws gave San Antonio a 56 54 lead at intermission McCollum led all scorers with 14 points at the half and Lillard had 10 for the Trail Blazers Aldridge paced the Spurs with 13 points San Antonio had just two offensive rebounds two second chance points and two turnovers in the first 24 minutes San Antonio took charge in the first two minutes of the third quarter with a 10 0 run that included seven points from Aldridge and 3 pointer by Leonard who also had a block on a jumper by Aminu in the run
The Trail Blazers never got closer than nine points in the fourth quarter Portland has lost six of its past eight games and has dropped six in a row on the road The Blazers who were swept by San Antonio for the first time since the 2007 08 season hold the sixth spot in the Western Conference playoff race with Houston and Dallas right behind them |
T | Spurs beat Warriors stay unbeaten at home | The Sports Xchange LaMarcus Aldridge scored 26 points and grabbed 13 rebounds and the San Antonio defense held Golden State to a season low offensive output as the Spurs made a statement with an 87 79 victory over the Warriors on Saturday to remain unbeaten at home The game featured the best combined record among opponents this late in the season in league history San Antonio held Golden State scoreless over the final 2 33 while expanding a three point lead to eight at the final horn The Warriors missed their last seven shots The Spurs 59 10 have opened the season a perfect 35 0 at the AT T NYSE T Center and have also won a franchise best 44 straight regular season games at home since a loss to Cleveland in March of last season San Antonio s streak is tied for the second longest in NBA history tying Chicago s 44 game regular season home run of 1995 96 and trailing only the continuing streak by Golden State 50 games It s second all time in NBA history for the longest home winning streaks to start a season 37 set by the Bulls in 1995 96 Kawhi Leonard added 18 points and 14 rebounds for the Spurs while Boris Diaw scored 14 points and Danny Green hit for 10 The Spurs who have won six straight games are 21 3 since losing to the Warriors in Oakland on Jan 25 Golden State 62 7 which had its seven game win streak snapped was led by Klay Thompson s 15 points while Stephen Curry had 14 points on 4 of 18 shooting 1 of 12 on 3 pointers Draymond Green added 11 points for the Warriors and Brandon Rush had 10 It was Golden State s 33 consecutive regular season loss in San Antonio a skid that started Feb 14 1997 when Spurs 39 year old Tim Duncan was a rookie The Warriors previous low for points this season was 89 against Cleveland on Christmas night The Spurs started with a smaller than normal lineup inserting Diaw in place of Tim Duncan at center and the strategy worked with Diaw scoring six of San Antonio s first eight points Warriors coach Steve Kerr was into the game early on and was whistled for a technical foul in the first quarter for arguing when Golden State s Marresse Speights was called for an offensive foul Kerr had to be physically restrained by his assistant coaches Both teams were obviously a little tight because of the implication of the game and it showed in their shooting performance with San Antonio shooting 35 percent to the Warriors 33 percent in the first quarter Golden State was 1 of 9 from 3 point range while the Spurs missed all three of their 3 point attempts Reserve Shaun Livingston poured in a jumper from the wing with 0 1 seconds remaining to grant the Warriors an 18 17 lead after 12 minutes of play The second quarter belonged to the Spurs who took the lead on a Patty Mills 3 pointer two minutes into the period and expanded it to 10 points at 38 28 on a breakaway dunk by Leonard at the 3 46 mark after a missed layup by Curry San Antonio led by as much as 11 points until the Warriors reeled off the final five points of the half three of them on free throws by Curry and cut the Spurs advantage to 43 37 at halftime The 37 point first half was a season low for Golden State previously 42 against Dallas in a 114 91 loss on Dec 30 Leonard and Aldridge had 12 points each for the Spurs at the half while Curry and Brandon Rush scored seven apiece to lead Golden State
Curry hit his first 3 pointer of the game on his eighth attempt with a 35 foot rainbow over Aldridge midway through the third quarter that brought the Warriors back to even at 55 55 But the Spurs were undaunted scoring the next five points on a 3 pointer by Tony Parker and a pair of free throws by Aldridge Curry s two free throws with 59 6 second left in the quarter tied the game again at 65 setting the table for a furious final period The Spurs grabbed their first lead of the fourth quarter on an Aldridge hook at the 6 25 mark and added to the advantage on their next possession via a putback by Diaw Green hit an off balance 3 pointer to move the score to 78 74 and after Rush answered with a 3 of his own went straight to the hole for a finger roll layup to push the San Antonio lead back to four points |
T | Why Is Gamestop GME Down 12 6 Since The Last Earnings Report | It has been about a month since the last earnings report for Gamestop Corporation NYSE GME Shares have lost about 12 6 in that time frame underperforming the market
Will the recent negative trend continue leading up to the stock s next earnings release or is it due for a breakout Before we dive into how investors and analysts have reacted as of late let s take a quick look at the most recent earnings report in order to get a better handle on the important drivers
GameStop Tops Q1 Earnings Revenue EstimatesGameStop continued with positive earnings surprise streak for the sixth straight quarter as it reported first quarter fiscal 2017 results Moreover sales of this multichannel video game and consumer electronics retailer also surpassed the estimate after missing the same in the preceding three quarters The company recorded adjusted earnings of 0 63 per share that comfortably beat the Zacks Consensus Estimate of 0 49 but declined 0 03 from the year ago quarter Net sales were up 3 8 year over year to 2 045 9 million and surpassed the Zacks Consensus Estimate of 1 890 million The company s better than expected results in the reported quarter came on the back of robust international sales along with steep increase in net hardware sales on account of strong sales of Nintendo Switch as well as Collectibles Sharp increase in Technology Brands sales also drove the results higher Despite reporting better than expected results this Grapevine TX based company kept its guidance unchanged This can be attributed to delay in launch of Red Dead Redemption 2 and less visibility for the demand of Nintendo Switch for the entire year GameStop doesn t expect Red Dead Redemption 2 to be launched this fiscal year Let s Delve DeepConsolidated comparable store sales comps increased 2 3 reflecting a gain of 17 1 at international locations but declined 2 4 at domestic locations By sales mix new video game hardware sales jumped 24 6 to 389 9 million while new video game software sales declined 8 2 to 520 5 million Moreover pre owned and value video game products sales came in at 526 2 million down 6 2 year over year Video game accessories sales were up 8 2 to 176 1 million Non GAAP digital receipts decreased 9 to 235 6 million while GAAP digital sales increased 3 to 44 1 million However decline in new consoles adversely impacted digital sales Technology Brands sales jumped 21 5 to 201 4 million driven by year over year growth in AT T NYSE T authorized retail stores Collectibles sales surged 39 1 to 114 5 million buoyed by robust sales of Pok mon related products Management expects sturdy performance of Technology Brands and Collectibles to continue in fiscal 2017 and added that new hardware innovation in the video game category also looks promising Technology Brands adjusted operating earnings came in at 18 4 million down 2 1 from the prior year quarter Management also anticipates Technology Brands operating earnings to rise over 30 to 120 million during fiscal 2017 and to be 200 million in fiscal 2019 During fourth quarter fiscal 2016 conference call the company stated that it expects Technology Brands sales to increase 10 16 in fiscal 2017 GameStop expects to enhance collectibles business approximately 650 700 million during fiscal 2017 and anticipates becoming a 1 billion business by the end of fiscal 2019 In the second quarter Collectibles sales are forecasted to increase by 35 40 The company remains optimistic about non physical gaming businesses and expects this category to reach approximately 50 of operating earnings by the end of fiscal 2019 During the reported quarter gross profit increased 4 to 702 5 million while gross margin of 34 3 was flat year on year Adjusted operating income declined 8 2 to 108 4 million while adjusted operating margin decreased 70 basis points to 5 3 Store UpdateIn the reported quarter GameStop shuttered a net of 27 video game stores globally ending the year with 3 902 video game stores in the U S and 1 998 internationally The company acquired 22 technology brand stores opened 11 and closed 47 stores and consequently bringing the store count to 1 508 The company opened nine collectible stores during the quarter and now has 95 stores Other Financial AspectsGameStop ended the quarter with cash and cash equivalents of 311 9 million net receivables of 172 5 million long term debt of 815 7 million and shareholders equity of 2 268 9 million Management projects capital expenditures in the range of 110 120 million and free cash flow to be approximately 300 million in fiscal 2017 GuidanceGameStop continues to expect fiscal 2017 comps to be in the range of flat to down 5 For the fiscal year management also reiterated earnings outlook and continues to project in the range of 3 10 3 40 per share
How Have Estimates Been Moving Since Then
Analysts were quiet during the last one month period as none of them issued any earnings estimate revisions
Gamestop Corporation Price and Consensus
VGM Scores
At this time the stock has a subpar Growth Score of D while its Momentum is lagging a lot with a F Charting a somewhat similar path the stock was allocated a grade of A on the value side putting it in the top 20 for this investment strategy
Overall the stock has an aggregate VGM Score of B If you aren t focused on one strategy this score is the one you should be interested in
Our style scores indicate that the stock is solely suitable for value investors
Outlook
The stock has a Zacks Rank 3 Hold We are expecting an inline return from the stock in the next few months |
T | DirecTV says all channels restored after two hour outage | Reuters DirecTV the satellite TV provider owned by No 2 U S wireless carrier AT T Inc N T said all channels have been restored after experiencing loss of audio and video for at least two hours on Tuesday All channels have been restored We apologize for the inconvenience AT T spokesman Eric Ryan said in a statement AT T bought DirecTV for 48 5 billion last year making it the world s No 1 pay TV operator with 45 million video subscribers including Mexico and Latin America at the end of 2015 |
T | Here Is My Entry Price On AT T Inc | AT T Inc NYSE T pays a 5 dividend The stock is a blue chip that will likely be around for decades to come Based on these factors investors like myself look to buy AT T Inc on any solid pull back as long as the stock is into major technical chart support Think about it like this even if the stock does not move from your entry you make 5 Even if it falls 5 you are flat In addition you are buying it at a technical level that puts the odds in your favor significantly of major upside This is how I think After saying that AT T Inc is approaching very serious technical support I am a major buyer of the stock when it hits 35 95 I expect as much as a 10 swing trade bounce off that level perhaps even more Add in the 5 dividend and I see this as an obvious investment for longer term investors |
T | DirecTV says all channels restored after two hour outage | Reuters DirecTV the satellite TV provider owned by No 2 U S wireless carrier AT T Inc N T said all channels have been restored after experiencing loss of audio and video for at least two hours on Tuesday
All channels have been restored We apologize for the inconvenience AT T spokesman Eric Ryan said in a statement
AT T bought DirecTV for 48 5 billion last year making it the world s No 1 pay TV operator with 45 million video subscribers including Mexico and Latin America at the end of 2015 |
T | Spurs tame Bulls 109 101 to stay hot at home | The Sports Xchange Kawhi Leonard poured in 29 points and LaMarcus Aldridge scored 26 points and grabbed 10 rebounds as the San Antonio Spurs rolled past the Chicago Bulls 109 101 Thursday to remain unbeaten at home this season Chicago cut a 10 point San Antonio lead after three quarters to 90 87 on a Justin Holiday 3 pointer with 8 36 to play but the Spurs would not be denied San Antonio boosted the advantage to 104 92 on a tip in dunk by Danny Green and a jumper by Tony Parker then salted away the win with solid play in the final minutes The Spurs improved to 31 0 at the AT T NYSE T Center this season and they have a franchise best 40 game home winning streak in regular season games dating back to last season San Antonio s 40 game run ranks fourth in NBA history The Golden State Warriors active 46 game run is the all time record With the win Thursday the Spurs also garnered their 19th season with at least 55 wins since joining the NBA in 1976 the second most in the league during that time Only the Los Angeles Lakers have more 55 win campaigns in that period 20 Parker added 20 points and a season high 12 assists for San Antonio 55 10 Derrick Rose and Pau Gasol led the Bulls 32 31 with 21 points each while Gasol pulled down game high 12 rebounds E Twaun Moore added 20 points and Holiday scored 12 points for Chicago which had its two game winning streak snapped Spurs coach Gregg Popovich returned to the bench after missing the previous two games with a family medical emergency He did not travel with the team on a road trip to Indiana and Minnesota on which the Spurs went 1 1
The teams were deadlocked at 27 27 at the end of the first quarter San Antonio led by as many as six points in the quarter but the Bulls ran off a 9 4 run over the final 4 43 The first period also saw the initial action for veteran Kevin Martin in a Spurs uniform Martin 33 agreed to a buyout from the Minnesota Timberwolves on March 1 just moments before a deadline that would allow him to play for another team in the postseason and signed with the Spurs on Wednesday He finished with one point in eight minutes |
T | Haas earns one shot lead after three rounds at Valspar | Reuters Bill Haas looked at ease on the greens at the Valspar Championship in Florida on Saturday after a putting tip from Rickie Fowler helped him move into a one stroke lead over Graham DeLaet after the third round American Haas collected five birdies including a 30 foot chip in at the 15th along with one bogey to card a four under 67 on the Copperhead Course at Innisbrook Resort in Palm Harbor He posted an eight under 205 total while Canadian DeLaet carded a 68 to improve to seven under within sight of his first PGA Tour victory after going winless in 136 career starts Charley Hoffman and Ryan Moore trail by three shots while Steve Stricker the joint halfway leader is part of a group sitting four behind Defending champion and world number one Jordan Spieth who shot an opening 76 carded a 67 to sit equal ninth six shots off the pace Leader Haas a six times PGA Tour winner has a chance to close in on the nine tour victories recorded by his father Jay Everything I do in this game is because of what he taught me growing up he told Golf Channel Mentally he s usually that guy that puts things in perspective for me If I m complaining he says if you want to have a long career get used to the lows and just enjoy the highs That s kind of what I m trying to do It hasn t been good lately but like this week shows you never know what can happen and hopefully I have a good day tomorrow Haas has also benefited from a putting tip from fellow pro Fowler weakening his left hand to allow a purer stroke It s really helped me release the putter It feels different he said Right now it s working DeLaet has three runner up finishes on tour along with three third placings He is in contention again thanks in no small measure to an eagle at the par five 14th where he hit his second shot from 270 yards from the light rough to within three feet of the pin That was definitely the jump start I needed he said I was up on this little perch and had a perfect look at the green I hit three wood basically as hard as I could Spieth meanwhile has not given up making a run at the leaders on Sunday On this golf course the leaders start getting four to five footers on greens that are a little inconsistent who knows what s going to happen he told reporters I really like the position we re in Obviously the lead would be better but we ve got momentum on our side T Pebble Beach National Pro Am Final Round alt Reuters PGA AT T Pebble Beach National Pro Am Final Round rel external image |
T | Schwartzel rides lightning to Valspar victory | Reuters Charl Schwartzel secured his first victory in the United States since the 2011 Masters by beating Bill Haas in a playoff at the Valspar Championship in Florida on Sunday South African Schwartzel came from five shots behind in the final round to card a four under par 67 before beating Haas with a tap in par at the first extra hole While the win will boost Schwartzel s confidence going into next month s Masters world number one Jordan Spieth has some work to do as he tunes up for his title defence at Augusta Spieth carded a 73 on Sunday to tie for 18th on even par He was outplayed by 22 year old amateur Lee McCoy who shot 69 to finish fourth Schwartzel turned up the heat on the leaders after the turn I just caught lightning on the back nine I m very proud of myself he told Golf Channel I was trying to hit mostly middle of the green keep the ball in play and take the birdies where they came Schwartzel and overnight leader Haas 72 finished regulation at seven under par two strokes ahead of Ryan Moore on the Copperhead Course at Innisbrook Resort in Palm Harbor Haas then made a mess of the playoff hole the par four 18th hitting a poor shot from a greenside bunker that afforded Schwartzel the luxury of two putting for victory I probably won t be able to sleep tonight thinking about that one That was just poor execution Haas a six times PGA Tour winner said of his bunker shot Schwartzel s victory was his third in his last six starts after winning twice in European Tour events back home It was his 15th professional victory worldwide but just his second on the PGA Tour after his Augusta National triumph five years ago Schwartzel endured some lean times after winning the Masters and said the green jacket weighed heavily on his shoulders After winning Augusta you think short term you re going to win a lot but it was a rough ride he said It was tough for a few years Game felt good enough but it became a mental thing and it s nice to overcome it T Pebble Beach National Pro Am Final Round alt Reuters PGA AT T Pebble Beach National Pro Am Final Round rel external image |
T | AT T Ericsson set deals with automakers on Internet connected cars | Reuters AT T Inc N T has entered into a multiyear contract to help Porsche the luxury sports division of Volkswagen AG DE VOWG p provide Internet connectivity in its cars in the United States beginning with some 2017 models the companies announced on Monday In a separate announcement on Monday Ericsson ST ERICAs the world s top supplier of wireless equipment and Geely Automobile Holdings of China said they would work jointly to develop an industry leading connected car platform AT T and Audi another luxury brand in the VW Group announced an extension of their connected car agreement for North America AT T has provided Audi cars with connectivity since 2014 and is offering new features in some of Audi s 2017 and 2018 models in North America the companies said
All three announcements were made at the Mobile World Congress in Barcelona |
T | AT T says has edge over Verizon in 5G thanks to DIRECTV lines | By Harro Ten Wolde BARCELONA Reuters AT T s 48 5 billion purchase of DIRECTV O DTV will give it the edge over U S rival Verizon in the roll out of the next generation of cellular technology AT T s strategy chief said on Monday So called 5G wireless networks are expected to offer 1 000 fold gains in capacity over existing networks giving the potential to connect at least 100 billion devices with download speeds that can reach 10 gigabits per second Gb s To achieve that wireless networks will need to be supported by existing fixed line infrastructure So DIRECTV s widespread fixed line network will be a big boost for AT T N T Chief Strategy Officer John Donovan said in an interview at Mobile World Congress in Barcelona We are in a better position because we have a fixed line proposition which is becoming much more interesting now with 5G Donovan said Verizon spokesman Jim Gerace said AT T has followed us in every turn of technology wireless and wired and they will again with 5G The global telecom industry will release official standards for 5G in 2018 but some players have begun planning test runs AT T said this month it planned to have trials of 5G technology by the end of this year while Verizon said late last year it would kick off trials in 2016 Donovan also said AT T would continue to oppose a proposal approved by the U S Federal Communications Commission to let consumers swap pricey cable boxes for cheaper devices and apps The move was aimed at boosting competition in the 20 billion television set top box market while delivering a blow to major cable companies The FCC has opened up a discussion on the plan for the coming months We will continue to be very vocal in our opposition Donovan said adding AT T would plea for a software oriented solution which would mean customers could keep their set top box while allowing competition
Corrects spelling of DIRECTV in headline paragraphs 1 4 |
T | Ginobili s return sparks Spurs to latest win | The Sports Xchange Despite the fact the San Antonio Spurs went 11 1 while Manu Ginobili was out with an injury there is no doubt about the importance of the 13 year NBA veteran to the team s run toward another championship Ginobili scored a season high 22 points in 15 minutes in his return to the Spurs and sparked the Spurs to a 104 94 victory over the Sacramento Kings on Saturday Ginobili missed 12 games with a testicular injury suffered Feb 3 against New Orleans and the subsequent surgery and rehab He wore a protective cup for the first time in practice this week and played like the injury was the furthest thing from his mind If I play once a month it helps Ginobili joked I was very excited to be on the court again and competing with my teammates I got a little bit tired I m a 38 year old man and I haven t played for a month so that was expected I will say though that I didn t want to play more than the 15 minutes And it was hardly surprising for coach Gregg Popovich I ve seen him in the three workouts and if I hadn t then I would ve been surprised Popovich said I didn t know how much he was going to play Ginobili helped San Antonio turned a close game into a runaway by scoring 13 points during a dominating third quarter and won for the eighth straight outing to remain unbeaten at home this season The Spurs 53 9 improved to 30 0 at the AT T NYSE T Center this season extending their record for the best home start ever by a Western Conference team The victory also allowed San Antonio to lengthen its regular season home victory streak to 39 games dating to an overtime loss to Cleveland last March Their record is the best in franchise history after 62 games Kawhi Leonard led the Spurs with 25 points and 13 rebounds David West added 12 points before fouling out late in the game and Boris Diaw had 11 points DeMarcus Cousins led all scorers with 31 points for Sacramento 25 36 Quincy Acy added 16 points and reserve Darren Collison had 11 for the Kings who cited Ginobili s performance in their postgame comments Manu was the difference maker Collison said It was unexpected with this being his first game back because we were thinking that he would have a little rust He was slicing and dicing our defense whether it was with his drives his passes or his shooting He gave them a great lift Three of the Spurs regular starters LaMarcus Aldridge who had a migraine Tim Duncan and Danny Green rest sat out West Diaw and Jonathan Simmons were inserted in their spots That trio had enough of an impact early to carry San Antonio to a 29 22 lead after 12 minutes when Leonard went scoreless The Kings trailed by as many as 10 points in the second quarter before fighting back to 41 41 on a Cousins free throw with 4 43 left
The Spurs reeled off a 9 2 run on the strength of a 3 point play by Leonard and 3 pointers from Diaw and Patty Mills to eventually forge a 57 54 lead at halftime Any suspense created by Sacramento s uprising in the second quarter was quickly dispelled by San Antonio s play in the first five minutes of the third quarter when they outscored the Kings 12 0 and built a 69 54 lead Our offense got flat and turnovers killed us Sacramento coach George Karl said It almost seemed like we weren t ready to play for the first four or five minutes of the third quarter San Antonio tries to hit you pretty hard in the third quarter and they did it to us tonight They just don t make mistakes It s a team of a bunch of revolving pieces that work great together |
T | AT T revenue below forecasts shares fall | By Malathi Nayak and Abhirup Roy Reuters AT T Inc N T the No 2 U S wireless carrier said fourth quarter revenue grew less than expected as it added fewer mainstream wireless customers than a year ago due to stiffer competition from rivals The company s stock fell about 2 percent AT T had 526 000 net new postpaid customers down 38 4 percent from 854 000 a year earlier For its prepaid service the company had 469 000 net new customers it said on Tuesday Total operating revenue rose 22 3 percent to 42 12 billion slightly missing analysts average estimate of 42 75 billion according to Thomson Reuters I B E S Earnings of 63 cents excluding certain items were in line with analysts forecasts Average revenue per postpaid wireless customer fell 2 percent in the fourth quarter ended Dec 31 AT T has been seeking new revenue streams and is betting on its 2015 acquisition of the DirecTV satellite TV business to help beef up its bundles of cellular broadband TV and fixed line phone services It has expanded in Mexico after the recent purchase of the third and fourth largest wireless carriers in that country Earlier this month AT T introduced an unlimited wireless data plan for subscribers of its DirecTV or AT T U Verse home television service In a period of two weeks half a million subscribers have signed up for unlimited data executives said on a conference call after the earnings release AT T said it gained 214 000 DirecTV customers while 240 000 left its U Verse TV service Net income attributable to AT T was 4 01 billion or 65 cents per share compared with a loss of about 4 billion or 77 cents per share The company is reporting quarterly earnings for the second time since completing its 48 billion acquisition of DirecTV which made it the world s biggest pay TV operator In 2016 the company expects capital expenditures around the 22 billion range It forecast double digit consolidated revenue growth and adjusted earnings in the mid single digit range
AT T shares slipped about 2 percent in extended trading to 34 70 |
T | Shares in Crown Castle up 2 amid revenue beat CEO succession plan | Investing com Shares in Crown Castle International N CCI rose by more than 2 in after hours trading after the largest provider of shared wireless infrastructure in the U S upgraded its 2016 outlook and announced a CEO succession plan on Wednesday
For the Houston based company s fourth quarter which ended in late December Crown Castle saw its revenue grow by 2 2 to 945 8 million beating analysts forecasts for sales of 928 5 million It came amid an 8 6 spike in site rental revenue to 785 4 million slightly above the company s previous outlook of 781 million Crown Castle which provides infrastructure for broadcasting wireless broadband and mobile telephone companies compiles portfolios of cell towers then leases them to the top wireless carriers in the U S including AT T Inc N T VZ Holding AG VX VZN Sprint Corp N S and T Mobile While Crown Castle earnings per share fell mildly to 0 39 from 0 41 on an annualized basis the company still beat analysts expectations of 0 32
Also on Wednesday Crown Castle announced that CEO Ben Moreland will step down from his position on June 1 when he will be succeeded by CFO Jay Brown At that time Moreland will stay with the company as its executive vice chairman of the board
The fourth quarter 2015 results demonstrate the continuing investments being made by the wireless carriers as they seek to improve network quality and capacity in order to meet consumer demand Moreland said in a statement In addition to delivering great results throughout the year we accomplished a number of strategic objectives in 2015 that strengthened our portfolio of assets expanded our growth opportunities and fortified our balance sheet
Moreland 51 became the CEO of Crown Castle in July 2008 after spending a decade with the company in a variety of leadership positions Previously he spent 15 years with Chase Manhattan Bank primarily working in its corporate finance and real estate investment divisions Moreland has also served as a director of FiberTower Corporation since 2005
In terms of forward guidance Crown Castle increased its full year outlook for site rental revenues and its Adjusted EBITDA by an additional 10 and 12 million on Wednesday The company now expects site rental revenues in the range of 788 793 million for the first quarter and net sales between 3 162 3 187 billion for the year as a whole Eventually Crown Castle hopes to increase annual growth in dividends per share by 6 to 7
Our confidence in delivering this level of growth is underpinned by our long term high quality tenant leases that represent 20 billion in future contracted rent payments and the attractive value proposition that we offer to the wireless carriers Moreland added
Shares in Crown Castle gained 1 81 or 2 18 in after hours to 85 00 |
T | World stocks heat up as Bank of Japan goes sub zero | By Jemima Kelly
LONDON Reuters World shares jumped and the yen slumped on Friday after the Bank of Japan took one of its main interest rates into negative territory its boldest step yet to re inflate the economy
The yield on Japanese benchmark government bonds plunged to record lows after the Bank of Japan said it would charge 0 1 percent for excess reserves and may cut rates further if necessary an aggressive policy pioneered by the European Central Bank
Most investors had believed Japan s policymakers were too cautious to ever adopt such a radical measure The dollar surged in response rising about three yen to an almost six week high of 121 495 By 1230 GMT 7 30 a m ET it was up 1 8 percent at 120 97
We re only one month into the year and two of the major central banks have already surprised markets said J P Morgan Asset Management s fixed income CIO in London Nick Gartside The ECB has signaled more policy action in March and the BOJ has moved to negative interest rates a policy previously thought of as unthinkable
European shares tracked Asian stock markets higher with the pan European FTSEurofirst 300 FTEU3 index up 0 9 percent having fallen 1 7 percent on Thursday Wall Street was expected to open with similar gains ESc1
The MSCI world equity index MIWD00000PUS which tracks shares in 45 countries rose half a percent For the month though the index is down 7 5 percent its steepest fall in almost four years
It has become clear that stock markets cannot stand on their own feet said KBC senior economist Koen De Leus in Brussels As long as the economy is shaky and the world is burdened with high debt central banks and their money printing machines are a necessary evil to keep up the markets
The plunge in Japanese bond yields encouraged other major bond markets Germany s 10 year Bund yield fell four basis points to a nine month low at 0 29 percent on track for the biggest monthly decline in two years
Two year German bond yields touched a record low of minus 0 471 percent The yield on 10 year U S Treasuries fell 4 basis points to 1 95 percent
The dollar was up 0 6 percent against a basket of currencies at 99 174 DXY though still down slightly on the week
OIL GAINS
The promise of extra global stimulus boosted oil prices which had already risen for three sessions on talk of a possible deal to curb excess supply O R
U S crude CLc1 added about 1 2 percent to 33 61 per barrel and Brent futures LCOc1 also gained 1 2 percent to 34 28 That put oil on track for a second weekly gain though volatility has climbed to its highest since 2009 as traders try to price in the uncertainty around supply cuts
Earlier Japan s Nikkei share index N225 whipsawed on the BOJ announcement before ending up 2 8 percent to mark a 3 3 percent weekly gain T
The central bank s move gave a lift to stocks across the region even though economists at HSBC and elsewhere doubted it would do much for Japan s real economy or inflation
We do not think negative rates are a game changer said Commerzbank DE CBKG strategist Esther Reichelt in Frankfurt Pressure on the BoJ will mount to do even more in coming months to attain their inflation target
MSCI s broadest index of Asia Pacific shares outside Japan MIAPJ0000PUS added 1 8 percent up 2 7 percent for the week
The buying spread to U S debt markets as investors wagered the BOJ decision and a stronger dollar would make it even harder for the Federal Reserve to raise rates four times this year as originally envisioned by its policy board
Fed fund futures 0 FF rose to imply a rate of 51 basis points by year end compared with 90 basis points a month ago Futures for U S 10 year bonds 0 TZY rose 5 ticks
With other central banks easing more pushing their currencies weaker against the U S dollar the Federal Reserve will struggle to deliver meaningful rate hikes said J P Morgan s Gartside |
T | Asian shares slip as crude resumes drop | By Lisa Twaronite TOKYO Reuters Asian shares fell on Tuesday as crude oil prices slid on oversupply fears and after downbeat manufacturing data raised concerns about sluggish global economic growth Spreadbetters predicted European bourses would follow Asia lower with IG predicting Britain s FTSE 100 FTSE would start trading down 0 6 percent Germany s DAX GDAXI was seen falling 0 7 percent and France s CAC 40 FCHI was expected to open down 0 6 percent MSCI s broadest index of Asia Pacific shares outside Japan MIAPJ0000PUS was down about 1 percent Japan s Nikkei N225 ended down 0 6 percent as investors locked in profits after two straight days of big gains following the Bank of Japan s decision to introduce negative interest rates late last week T U S crude oil CLc1 fell 1 8 percent to 31 05 a barrel after skidding as much as 7 percent overnight pressured by weak economic data from China a U S forecast for mild weather and doubts that suppliers would be able to agree on steps to address the global supply glut O R Despite the declines U S crude is still nearly 19 percent above the more than 12 year low of 26 19 hit in mid January Prices have just come back to reality a bit although they are holding water above 30 a barrel said Ben Le Brun market analyst at Sydney s OptionsXpress pointing to concern over rising oil supplies and weaker economic data Brent April crude futures LCOc1 slipped 1 6 percent to 33 69 Oil faced fresh pressure after Chinese January manufacturing data on Monday showed activity contracted at the fastest pace since 2012 Despite the weak factory reading Chinese shares bucked regional softness and rebounded on Tuesday led by small cap shares The Shanghai Composite Index was up 1 8 percent while the bluechip CSI300 index CSI300 added 1 8 percent In a bear market investors would use any rebound to cut equity holdings and that has been the trading pattern recently said Zeng Yan an analyst at Zhongtai Securities There are no changes in fundamentals yuan depreciation concerns are still there the economy remains in bad shape and market liquidity tends to be tight The Australian dollar was down about 0 5 percent at 0 7075 though it held above its recent seven year trough of 0 6827 As expected the Reserve Bank of Australia held interest rates steady at a record low of 2 0 percent Although the bank was hopeful on growth prospects it reiterated that there was scope for a further cut if needed to support the economy The greenback slipped about 0 3 percent against its Japanese counterpart to 120 65 yen but remained underpinned by the BOJ s surprise rate move on Friday Markets were little fazed by results of Iowa s Republican presidential nominating primary election in which U S Senator Ted Cruz beat billionaire Donald Trump On the Democratic side former Secretary of State Hillary Clinton was in a virtual tie with rival Bernie Sanders S P 500 e mini futures ESc1 were down 0 4 percent mostly tracking oil prices Wall Street marked modest losses on Monday after January surveys of global factory activity on Monday showed the new year began much as the old one ended with too much capacity chasing too little demand Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies U S economic data showed manufacturing activity contracted in January for a fourth straight month as factories grappled with a strong dollar and lower oil prices forced energy firms to further cut spending but the pace of the decline appeared to be slowing The euro was up about 0 1 percent at 1 0899 mired in recent ranges its gains limited by the disappointing euro zone manufacturing data as well as comments from European Central Bank President Mario Draghi
The central bank head stressed the risks facing the euro zone and reiterated the ECB was ready to review its monetary policy stance in early March |
T | FBI agent says evidence manipulated in Baltimore Serial hearing | By Donna Owens BALTIMORE Reuters An FBI agent on Monday accused lawyers for a convicted murderer of manipulating cell phone records in their bid to win a retrial for the Maryland slaying made famous by the podcast Serial Adnan Syed 35 is serving a life sentence for the 1999 strangulation of his 18 year old ex girlfriend Hae Min Lee Syed s lawyers are seeking a new trial based on new evidence amid questions about the fairness of the case that were raised by the podcast in late 2014 During the fourth day of a hearing in Baltimore City Circuit Court Federal Bureau of Investigation Special Agent Chad Fitzgerald said defense lawyers had shown him manipulated evidence of cell phone records when he was on the stand last week I figured out what you were doing I think you got caught in your game Fitzgerald said under questioning by defense lawyer Justin Brown He also praised the analysis of the records made by AT T N T engineer Abe Waranowitz for the original trial Fitzgerald testified for the prosecution on Friday that Waranowitz analysis was accurate in placing Syed at Baltimore s Leakin Park Lee s body was found there in February 2000 Syed s defense team has argued that the cell phone evidence was undependable Waranowitz has filed an affidavit saying he was unaware at the time that outgoing calls were reliable but incoming calls were not Lawyers for Syed have contended before Judge Martin Welch that his conviction verdict was unfair based on inadequate legal counsel cell phone records and other issues Under questioning by Deputy Attorney General Thiru Vignarajah defense expert and attorney David Irwin on Monday repeated his testimony from last week saying that Syed s original lawyer Cristina Gutierrez had failed to contact a possible alibi witness Irwin said that Gutierrez s skills were slipping at the time of the Syed trial She was later disbarred and died in 2004 The witness Asia McClain Chapman said on the witness stand last week that she spoke with Syed at a library the day that Lee went missing
Under defense questioning a security guard at the library who testified anonymously said that he could not recall seeing Syed there that day Syed s legal team rested its case on Monday In a statement released through the Maryland Attorney General s Office on Sunday Lee s family said that the original trial had shown that Syed was guilty The events of this past week have reopened wounds few can imagine the family said |
T | What Propelled Time Warner s Shares In The Last One Year | Time Warner Inc s NYSE TWX share have been riding high on strategic investments in video content and technology digital endeavors and diversification into new market We observed that the shares of this diversified media conglomerate have outperformed the Zacks categorized industry In the said time period the stock has surged 36 9 while the industry has advanced 10 7 While the broader sector gained 20 1 Additionally the stock s long term earnings growth rate of 9 5 and a of B reflect its inherent strength Let s Delve DeeperTime Warner s initiative to foray into new markets has been helping in broadening client base and product portfolio Management is now concentrating on enhancing reach in the existing territories through investments in local production and gaining distribution rights for new networks Moreover rising demand of its content from distributors and other cable or satellite providers is augmenting the revenues Moreover Game of Thrones is all set to return for its highly anticipated seventh season on Jul 16 and will be premiered on HBO Time Warner which accepted the buyout offer of AT T Inc NYSE T is also boosting broadband distribution capabilities Further the company has entered into an affiliate agreement for its full suite of networks comprising TNT Cartoon Network CNN and TBS to be available on Hulu s live streaming service Moreover the company launched subscription video on demand service called FilmStruck which features the largest streaming library of Contemporary Classic Arthouse Indie Foreign Cult Films Further Time Warner s Turner Broadcasting and CBS Corporation NYSE CBS extended the rights to air The National Collegiate Athletic Association NCAA Men s Division I Basketball Tournament through 2032 With more viewership and higher advertising revenues the company is well poised for top line growth Additionally this Zacks Rank 3 Hold company has been expanding digital presence to enable consumers to enjoy content in more platforms and devices All these factors have enabled Time Warner to post better than expected bottom line in 20 straight quarters as it reported first quarter 2016 results However decline in overall advertising spending and currency headwinds may adversely impact the company s performance Technology advancements rapid growth in new video services and shift in consumer viewing patterns may also pose threats Stocks to ConsiderBetter ranked stocks worth considering include The New York Times Company NYSE T and Pearson LON PSON plc NYSE PSO Both the stocks carry a Zacks Rank 2 Buy You can see New York Times has surpassed the Zacks Consensus Estimate in the trailing four quarters with an average earnings beat of 31 4 In the past three months shares of Pearson have gained nearly 18 3 Top Picks to Ride the Hottest Tech TrendZacks just released a Special Report to guide you through a space that has already begun to transform our entire economy Last year it was generating 8 billion in global revenues By 2020 it s predicted to blast through the roof to 47 billion Famed investor Mark Cuban says it will produce the world s first trillionaires but that should still leave plenty of money for those who make the right trades early |
T | Mexico telecoms regulator backs AT T and Telefonica spectrum deal | MEXICO CITY Reuters Mexico s telecoms regulator on Thursday said it had approved swaps of frequency blocks and a spectrum rental deal between AT T Inc N T and Telefonica MC TEF SA the main competitors to the country s dominant player Carlos Slim s America Movil The Federal Telecommunications Institute IFT said it had authorized the swaps and the rental deal that would allow AT T to use spectrum in the range of frequencies in the 1 7 2 1 GHz band in some regions and for Telefonica s local unit to use it in the frequency ranges of the 1 9 GHz band
In 2013 Mexico launched a reform to loosen billionaire Slim s hold on the country s telecoms market The IFT was created as a tougher regulator to spur greater competition |
T | U S Supreme Court rejects cellphone search warrant case | By Lawrence Hurley WASHINGTON Reuters The U S Supreme Court rejected a test case on privacy in the digital age on Monday declining to decide whether police need to obtain search warrants to examine cellphone location information held by wireless carriers The nine justices turned away an appeal filed by a Florida man named Quartavious Davis who was convicted of participating in a string of 2010 robberies in the Miami area and was sentenced to 1 941 months almost 162 years in prison without possibility of parole Davis challenged his convictions in part on the grounds that police did not seek a warrant when they asked his cellphone provider MetroPCS Communications Inc for location information that linked him to the seven different crime scenes between August and October 2010 Among the businesses targeted by Davis and five co defendants were a gas station a Walgreens drug store and a Wendy s restaurant Davis sought Supreme Court review after the 11th U S Circuit Court of Appeals ruled in May that the failure to obtain a warrant did not violate Davis right to be free from unreasonable searches and seizures under the Fourth Amendment to the U S Constitution The information that law enforcement agencies can obtain from wireless carriers shows which local cellphone towers users connect to at the time they make calls Police can use the data to determine if a suspect was in the vicinity of a crime scene The case and others like it pending in lower courts raise questions about how much companies protect the privacy rights of their customers The big four wireless carriers Verizon AT T N T T Mobile and Sprint receive tens of thousands of requests a year from law enforcement for what is known as cell site location information or CSLI Davis lawyers at the American Civil Liberties Union argued that police need probable cause and therefore a warrant in order to avoid constitutionally unreasonable searches But based on a provision of the federal Stored Communications Act the government said it does not need probable cause to obtain customer records Instead the government said prosecutors need only show there are reasonable grounds for the records and that they are relevant and material to an investigation Civil liberties groups assert that the 1986 law did not anticipate the way mobile devices now contain a wealth of data on each user The case the court rejected is Davis v United States U S Supreme Court No 15 146 |
T | Here s Why You Should Hold On United States Cellular USM | On Jun 12 2017 we issued an updated research report on United States Cellular Corp NYSE USM The company with a Zacks Rank 3 Hold is the wireless subsidiary of Telephone Data Systems Inc NYSE T You can see The price performance of U S Cellular has been encouraging over the past three months Share price of U S Cellular inched up 10 74 compared with the Zacks categorized industry s decline of 5 50 U S Cellular s top priority has always been subscriber addition and churn management Toward this end the company has taken up different calculative and judicious business moves such as the introduction of a new billing system continuous rollout of 4G LTE enhancement of LTE handsets completion of various spectrum transactions and monetization of non strategic assets Moreover Shared Connect plans which offer more data larger allotments and unlimited offerings bode well The company s decision to upgrade its existing prepaid plans by increasing the amount of data available should help witness more prepaid subscriber addition Despite such lucrative changes the company lost 4 000 prepaid customers in the last reported first quarter 2017 As of Mar 2017 prepaid subscriber base totaled 480 000 compared with 484 000 at the end of 2016 U S Cellular is also optimistic about its collaboration with Ericsson NASDAQ ERIC for 5G network trials followed by the growing demand for smartphones which enjoy significant market penetration while supporting growth in data revenues The company is also focused on various cost cutting initiativesOn the flip side U S Cellular operates in an intensely competitive wireless market and faces challenges from the lower cost mobile service plan offerings of competitors On a regional level the company competes with AT T Inc NYSE T owned Leap Wireless Additionally high costs associated with network integration and construction of cell sites aggressive pricing by larger rivals and the ongoing consolidation in the wireless industry through mergers acquisitions and joint ventures are other risks The company s cash and liquidity scenario was also stressful We wait to see if it recovers in the upcoming quarter results Latest Updates on U S CellularOn Jun 8 2017 U S Cellular announced plans to sel the latest 10 5 inch iPad Pro and new 12 9 inch iPad Pro In Mar 2017 U S Cellular submitted an application to the Federal Communications Commission FCC for a six month special temporary authority STA to conduct trial runs in the 3 5 GHz band in some areas of Maine and North Carolina The company also took an initiative to draw customers for its unlimited prepaid plans by announcing unlimited high speed data on its Simple Connect and Ready Connect Prepaid offerings for only 70 a month The company has also decided to upgrade its existing data plans with the addition of more data Zacks 2017 IPO Watch List Before looking into the stocks mentioned above you may want to get a head start on potential tech IPOs that are popping up on Zacks radar Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential This Special Report gives you the current scoop on 5 that may go public at any time One has driven from 0 to a 68 billion valuation in 8 years Four others are a little less obvious but already show jaw dropping growth |
T | Soothing Fed sounds send shares emerging markets higher | By Marc Jones
LONDON Reuters World shares and risk assets rallied and the dollar backed off highs on Thursday after the Federal Reserve flagged a rate hike next month but also an intention to take things slow and steady after that
The pick up in risk sentiment combined with the dip in the dollar DXY gave commodities a reprieve from recent selling with oil and gold inching higher
European stocks also opened strongly with the FTSEurofirst 300 FTEU3 pushed to a three month high by more than 1 percent gains in London FTSE Frankfurt GDAXI and Paris FCHI after Japan s Nikkei N225 had hit a similar peak in Asia T
Minutes of the Fed s last policy meeting showed most members were ready to sanction the bank s first rise in rates in almost a decade in December as long as further moves then depended on the economy continuing to perform well
We have had an interesting FOMC minutes and risk assets have rallied across the board with the dollar weaker and EM leading the way said Alvin Tax an FX strategist at Societe Generale PA SOGN in London
That is the success of the Fed really We expect they will hike in December but then proceed slowly after that and that has soothed markets
Leaps across Asia meant MSCI s benchmark emerging market share index MSCIEF was on course for its best day in a month and the 45 country All World equivalent was up for a fourth straight day
Bond markets also seemed to get the message that the Fed was in no rush with rates with longer term debt outperforming and the yield curve flattening noticeably While two year yields rose 3 basis points those on 30 year paper actually dipped a basis point
Yields were also lower across most of Europe and Asia The premium offered by U S two year debt over its German counterpart yawned out to 124 basis points the fattest margin since 2006 and a positive for the dollar
However being long dollars has been a very crowded trade and investors decided to book some profits in the wake of the Fed minutes Against a basket of currencies DXY the dollar dipped 0 4 percent and away from a seven month peak
The euro edged up to 1 0682 and off a seven month trough around 1 0615 The dollar also eased against the yen to 123 25 after touching a three month peak of 123 67
Minutes of the European Central Bank s last policy meeting are due later on Thursday and will likely reinforce expectations of further easing from Frankfurt in December
Peter Praet the ECB s chief economist kept up the speculation saying the so called zero lower bound for interest rates was lower than most had originally thought
COMMODITY RELIEF
In Asia overnight the Bank of Japan surprised no one at its regular policy meeting by maintaining the current pace of asset buying though many still suspect it will have to ease again at some point to force inflation higher
Tokyo s Nikkei N225 firmed 1 percent brushing aside a disappointing report on exports and imports
MSCI s broadest index of Asia Pacific shares outside Japan rose 2 percent with Australia s main index AXJO up by the same amount for a third straight session of gains
After a slow start Chinese markets caught the better mood and the CSI300 index of the largest listed companies in Shanghai and Shenzhen added 1 6 percent
In commodity markets gold added 0 6 percent to 1 077 20 an ounce having been at its lowest since early 2010 Zinc copper lead and nickel were all near their lowest in five to seven years
Oil prices rose from three month lows on short covering U S crude steadied at 40 65 a barrel while Brent firmed 20 cents to 44 34 O R
People are seeing oil at these very low levels and so they want to step in said Hans van Cleef senior energy economist at ABN Amro in Amsterdam |
T | Sprint to raise 1 1 billion from financing deal led by SoftBank | By Devika Krishna Kumar Reuters Sprint Corp N S said it would raise about 1 1 billion in cash through a sale and lease back deal with a company whose backers include Japan s SoftBank Group Corp T 9984 the U S telecom company s majority owner Citing the deal Sprint cut its full year adjusted EBITDA forecast to 6 8 billion 7 1 billion from 7 2 billion 7 6 billion The company now expects an operating loss of 50 million 250 million for the year compared with a profit of 200 million 500 million forecast earlier CFO Tarek Robbiati said on a conference call Sprint s shares fell as much as 6 2 percent to 3 80 in late morning trading on Friday The lease back deal is aimed at reducing costs resulting from a switch to new financing plans for phones that allow monthly payments from traditional two year contracts The new plans are delaying money coming into Sprint for phone payments and has led to a cash burn as the company needs to make upfront payments to phonemakers It was critical that they get the deal done but it is smaller than investors would have hoped for said Craig Moffett an analyst at MoffettNathanson LLC Coupled with their recent 50 percent off price cut it s not really enough to stop the bleeding Sprint said on Wednesday customers who switch to its network from Verizon AT T N T and T Mobile will have to pay only half of what they pay for their existing plans Investors have worried that Sprint which is locked in an aggressive battle for subscribers has been burning cash at an alarming rate Sprint s total liabilities stood at 59 69 billion as of Sept 30 while cash and cash equivalents were 1 97 billion Earlier this month Sprint said it aimed to slash fiscal 2016 expenses by as much as 2 5 billion through cost cuts including layoffs SoftBank which owns more than 80 percent of the Sprint said in August it was not looking to sell its stake and would instead set up two financing vehicles to help the carrier finance its leasing payments and network upgrades Sprint said on Friday the cost of the funding was well below alternatives in the high yield debt market Funding for the deal with Mobile Leasing Solutions MLS the company formed by SoftBank and other investors would come from several lenders including international banks and leasing companies
Sprint said it expects to sell 2 5 million leased devices with an estimated book value of 1 3 billion to MLS |
T | For third consecutive quarter U S CEOs cautious on economy poll | By Nick Carey CHICAGO Reuters For the third consecutive quarter U S CEOs expressed growing caution about the country s economic prospects in the short term and more said they expected to curtail capital investments over the next six months according to a survey released on Tuesday The Business Roundtable CEO Economic Outlook Index a composite of CEO projections for sales investment and hiring plans over the next six months fell 6 6 points to 67 5 in the fourth quarter its lowest level in three years The long term average for the index is 80 1 points The survey by Business Roundtable an association of chief executive officers of leading U S companies found expectations for sales and plans for capital expenditure both fell Hiring plans remained consistent Of the 140 CEOs surveyed 60 percent said they expected sales to increase over the next six months down from 63 percent during the previous quarter The proportion of CEOs who said they expected their capital spending to decrease over the next six months rose to 27 percent from 20 percent in the third quarter Randall Stephenson chairman of Business Roundtable and CEO of AT T Inc N T said the projected decline in capital investment was most concerning Capital spending as a percentage of the U S economy is at historically low levels Stephenson said on a conference call We re hampering and we re burdening capital investment in the U S He said an uncompetitive tax code and government regulations have increased costs for companies and he hopes to see legislative action soon to expand trade reauthorize the U S Export Import Bank and renew expired tax provisions CEOs said that regulation was the top cost pressure facing their business followed by labor and health care costs
While Stephenson focused on the need for changes in domestic policy regarding trade and the tax system he said international tension following the Syrian refugee crisis and recent attacks by the Islamic State were also a factor |
T | U S top court rules for DirecTV in arbitration case | By Lawrence Hurley WASHINGTON Reuters The U S Supreme Court on Monday ruled for DirecTV Inc backing the satellite television provider s efforts to enforce arbitration agreements signed by its customers in California Consumer advocates have criticized the increased use of such arbitration agreements that they contend deny customers the opportunity to vindicate their rights in court The high court on a 6 3 vote overturned a state appeals court decision in California that found that consumers were not bound by a provision in DirecTV s customer agreement preventing disputes from being resolved on a class wide basis DirecTV is a subsidiary of AT T Inc N T Justice Stephen Breyer writing on behalf of the majority said federal arbitration law trumped state law that stated arbitration could not be required The dissenters were Clarence Thomas Ruth Bader Ginsburg and Sonia Sotomayor In her dissenting opinion Ginsburg said she would have interpreted the contract in question to give the customer not the drafter the benefit of the doubt DirecTV said that disagreements must be resolved individually through private arbitration
The litigation dates back to 2008 when DirecTV customers Amy Imburgia and Kathy Grenier filed class action lawsuits asserting that the company had violated state law by imposing cancellation fees DirecTV said the April 2014 ruling by the California Court of Appeal Second District in favor of the consumers conflicted with a 2013 decision the company won on the same matter that was issued by the San Francisco based 9th U S Circuit Court of Appeals The case is DirecTV Inc v Imburgia U S Supreme Court No 14 462 |
T | AT T profit beats Street raises full year forecast | By Sudarshan Varadhan and Malathi Nayak Reuters AT T Inc N T the No 2 U S wireless carrier and the world s largest pay TV operator raised its 2015 earnings forecast as quarterly earnings beat expectations on cost cuts and gains in wireless and DirecTV subscribers AT T shares rose 1 7 percent in after hours trading on Thursday Reporting results for the first time since closing its 48 5 billion purchase of satellite TV operator DirecTV in July AT T lifted its adjusted earnings forecast to 2 68 to 2 74 per share from 2 62 to 2 68 It s early days but it seems like they are gaining some traction in cross selling and gaining momentum throughout the quarter selling DirecTV in wireless stores Jefferies analyst Mike McCormack said As the U S wireless market stagnates AT T is seeking new revenue streams and betting on DirecTV s satellite TV business to help beef up its bundles of cellular broadband TV and fixed line phone services It has been expanding in Mexico after the recent purchase of the third and fourth largest wireless carriers in that country AT T s net income excluding DirecTV fell to 3 billion or 50 cents per share in the quarter ended Sept 30 from 3 13 billion or 60 cents per share a year earlier Excluding items earnings of 74 cents per share beat the average analyst estimate of 69 cents according to Thomson Reuters I B E S Total operating revenue rose 18 6 percent to 39 1 billion short of the average estimate of 40 4 billion Like its rivals AT T is shifting its subscriber base from contracts to monthly equipment installment plans making customers pay the full price for their phones while charging them lower service fees Previously carriers offered two year contracts that included subsidized phones Equipment revenue from this model grew profit margins in its wireless business AT T executives said on a conference call after its earnings report AT T has also simplified its plans and billing system leading to fewer customer service calls and more savings they added Free cash flow is now expected to be in the 15 billion range or higher in 2015 the company said Among wireless consumers AT T reported 289 000 postpaid or monthly phone net new subscribers and 622 000 tablet net additions It added 466 000 prepaid subscribers in the quarter DirecTV whose pay TV subscriber numbers fell in the second quarter had 26 000 net additions in the latest period AT T said However it lost 91 000 AT T U verse video customers
AT T s rate of churn or customer defections of monthly wireless users was 1 16 percent in the quarter higher than expected McCormack of Jefferies said |
T | Why Did GameStop GME Stock Fall Despite Q1 Earnings Beat | GameStop Corp NYSE GME continued with positive earnings surprise streak for the sixth straight quarter as it reported first quarter fiscal 2017 results Moreover sales of this multichannel video game and consumer electronics retailer also surpassed the estimate after missing the same in the preceding three quarters The company recorded adjusted earnings of 63 cents per share that comfortably beat the Zacks Consensus Estimate of 49 cents but declined 3 cents from the year ago quarter Net sales were up 3 8 year over year to 2 045 9 million and surpassed the Zacks Consensus Estimate of 1 890 million The company s better than expected results in the reported quarter came on the back of robust international sales along with steep increase in net hardware sales on account of strong sales of Nintendo Switch as well as Collectibles Sharp increase in Technology Brands sales also drove the results higher Robust Results Fails to Impress InvestorsDespite reporting better than expected results the shares of this Grapevine TX based company slumped 6 9 during after market trading hours yesterday The sharp decline in share price was primarily due to unchanged outlook even after reporting better than expected results This can be attributed to delay in launch of Red Dead Redemption 2 and less visibility for the demand of Nintendo Switch for the entire year GameStop doesn t expect Red Dead Redemption 2 to be launched this fiscal year The challenging retail landscape aggressive promotional strategies and waning store traffic have been weighing on performance In the past six months the stock has declined 11 8 compared with the Zacks categorized industry s increase of 28 7 Let s Delve DeepConsolidated comparable store sales comps increased 2 3 reflecting a gain of 17 1 at international locations but declined 2 4 at domestic locations By sales mix new video game hardware sales jumped 24 6 to 389 9 million while new video game software sales declined 8 2 to 520 5 million Moreover pre owned and value video game products sales came in at 526 2 million down 6 2 year over year Video game accessories sales were up 8 2 to 176 1 million Non GAAP digital receipts decreased 9 to 235 6 million while GAAP digital sales increased 3 to 44 1 million However decline in new consoles adversely impacted digital sales Technology Brands sales jumped 21 5 to 201 4 million driven by year over year growth in AT T NYSE T authorized retail stores Collectibles sales surged 39 1 to 114 5 million buoyed by robust sales of Pok mon related products Management expects sturdy performance of Technology Brands and Collectibles to continue in fiscal 2017 and added that new hardware innovation in the video game category also looks promising Technology Brands adjusted operating earnings came in at 18 4 million down 2 1 from the prior year quarter Management also anticipates Technology Brands operating earnings to rise over 30 to 120 million during fiscal 2017 and to be 200 million in fiscal 2019 During fourth quarter fiscal 2016 conference call the company stated that it expects Technology Brands sales to increase 10 16 in fiscal 2017 GameStop expects to enhance collectibles business approximately 650 700 million during fiscal 2017 and anticipates becoming a 1 billion business by the end of fiscal 2019 In the second quarter Collectibles sales are forecasted to increase by 35 40 The company remains optimistic about non physical gaming businesses and expects this category to reach approximately 50 of operating earnings by the end of fiscal 2019 During the reported quarter gross profit increased 4 to 702 5 million while gross margin of 34 3 was flat year on year Adjusted operating income declined 8 2 to 108 4 million while adjusted operating margin decreased 70 basis points to 5 3 Store UpdateIn the reported quarter GameStop shuttered a net of 27 video game stores globally ending the year with 3 902 video game stores in the U S and 1 998 internationally The company acquired 22 technology brand stores opened 11 and closed 47 stores and consequently bringing the store count to 1 508 The company opened nine collectible stores during the quarter and now has 95 stores Other Financial AspectsGameStop ended the quarter with cash and cash equivalents of 311 9 million net receivables of 172 5 million long term debt of 815 7 million and shareholders equity of 2 268 9 million Management projects capital expenditures in the range of 110 120 million and free cash flow to be approximately 300 million in fiscal 2017 Gamestop Corporation Price Consensus and EPS Surprise GuidanceGameStop continues to expect fiscal 2017 comps to be in the range of flat to down 5 For the fiscal year management also reiterated earnings outlook and continues to project in the range of 3 10 3 40 per share The current Zacks Consensus Estimate for fiscal 2017 is pegged at 3 25 Zacks RankGameStop currently carries a Zacks Rank 4 Sell Better ranked stocks in the retail sector include Gildan Activewear Inc TO GIL Burlington Stores Inc NYSE BURL and PVH Corp NYSE PVH All three of them carrying a Zacks Rank 2 Buy You can see Gildan Activewear with long term earnings per share growth rate of 12 3 has delivered positive earnings surprise in the last two quarters Burlington Stores delivered an average positive earnings surprise of 26 3 in the trailing four quarters and has a long term earnings growth rate of 15 9 PVH delivered an average positive earnings surprise of 6 5 in the preceding four quarters and has a long term earnings growth rate of 10 7 Looking for Ideas with Even Greater Upside Today s investment ideas are short term directly based on our proven 1 to 3 month indicator In addition I invite you to consider our long term opportunities These rare trades look to start fast with strong Zacks Ranks but carry through with double and triple digit profit potential Starting now you can look inside our home run value 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T | AT T may take 1 1 billion charge on DirecTV s Venezuela assets | By Tim McLaughlin Reuters AT T Inc NYSE T may take a charge estimated at 1 1 billion related to DirecTV s Venezuela assets in what is the latest U S company to confront the South American country s currency woes The plunging value of Venezuela s currency cut nearly 3 billion in profit at U S blue chip companies during the second quarter and prompted Procter Gamble Co to remove its operations in the South American country from its consolidated financial reports On Friday AT T said it is evaluating whether to use a less preferential currency exchange rate to value more than 1 1 billion in DirecTV assets in Venezuela AT T s disclosure with the U S Securities and Exchange Commission was missed by much of the market AT T on Tuesday declined to comment on the filing In July AT T completed its 48 5 billion merger with DirecTV to become the largest U S pay TV company AT T has said previously that the primary value of the deal is in DirecTV s U S business The value of DirecTV s 1 1 billion in Venezuelan assets is currently based on an exchange rate of 12 Venezuelan bolivars per U S dollar AT T said it may value the assets at the so called Simadi exchange rate of about 200 bolivars per U S dollar according to the SEC filing Revaluing those assets at the less preferential Simadi rate would erase nearly all of the value of those Venezuelan assets AT T said If AT T changes to the Simadi exchange rate it will have a negative impact on reported revenues operating income and the fair value of our investment in the Venezuelan subsidiary the company said in the SEC filing Venezuela introduced the Simadi rate in February as part of a currency devaluation With slumping crude oil prices and debt payments coming due this year the Venezuelan government has fewer U S dollar reserves available to meet the private sector s demands As a result U S corporations say they are having a harder time obtaining dollars from operations in the country than any time since currency controls were first implemented in 2003
In the first quarter of 2015 DirecTV s Venezuela operations generated 200 million in revenue and operating profit before depreciation and amortization of 75 million Had DirecTV used the Simadi rate for that quarter those operations would have reported an operating loss AT T said in the filing |
T | AT T expects 2 million net wireless subscriber adds in third quarter | Reuters AT T Inc N T the No 2 U S wireless carrier said it expects to report more than 2 million net subscriber additions for the third quarter with gains in every category including postpaid and prepaid AT T also expects to report positive U S net subscriber additions for the recently acquired satellite TV provider DirecTV it said in a regulatory filing AT T which reported 2 1 million net wireless additions in the second quarter said in August that it expected revenue earnings and free cash flow to grow through 2018 following its purchase of DirecTV and wireless expansion in Mexico AT T said on Tuesday it expects capital spending to increase from second quarter levels AT T also said it would change the methodology DirecTV used to count its commercial subscribers to conform to its practices which will reduce DirecTV s total subscriber count by 918 600 at the close of the deal in July
The company which also reaffirmed its forecast for full year adjusted profit and revenue growth will report third quarter results on Oct 22 |
T | Mexico ramps up surveillance to fight crime but controls lax | By Joanna Zuckerman Bernstein and Christine Murray MEXICO CITY Reuters Government surveillance requests are gathering pace in Mexico raising concerns about lack of oversight in a country plagued by corruption and collusion between security forces and criminal gangs Last year Mexican mobile operators fielded more than 55 000 requests from authorities for information on citizens calls messages and location data nearly 25 percent higher than in 2013 according to industry figures obtained by Reuters Mexico s government has been mired in a decade long war against drug cartels and has used surveillance to fight their trafficking extortion and kidnapping operations However corruption is a daily battle in Mexico Mobile phone companies and privacy activists worry the system is full of holes and that a new telecoms law risks giving the wrong people the right to ask for sensitive personal information There s no real control of who can request it said Fernando Belaunzaran a politician running for leader of the center left Party of the Democratic Revolution PRD You ve got corruption and the police are infiltrated by organized crime Just who is getting their hands on this information Edward Snowden s leak of U S National Security Agency documents in 2013 stoked debate about surveillance globally and particularly how much power governments should have to snoop on their citizens and how they should be held accountable President Enrique Pena Nieto has described corruption as a cultural problem in Mexico and the jailbreak of notorious drug lord Joaquin El Chapo Guzman in July highlighted the problem of collusion with crime bosses Prison officials and members of Mexico s intelligence agency Cisen have been charged over the escape Mexican federal and state agencies also spent more on eavesdropping software from Italian company Hacking Team than any other country last year documents leaked online show Hacking Team s main product enables governments to bypass encryption to snoop on targets The industry figures will be published in an annual report by Consejo Ciudadano in Mexico City a citizens safety group and industry body Anatel which represents telecom firms America Movil Telefonica MC TEF SA and AT T Inc N T They reported a 12 percent rise in 2013 A request can contain multiple phone numbers LACK OF OVERSIGHT U S and Brazilian laws require court approval for access to more kinds of private data than Mexico does Only 3 percent of Mexico requests last year were reviewed by a judge according to federal court data while approval of the rest was left to mobile companies Nobody watches the watchman said Juan Pablo Adame a former congressman in the conservative opposition National Action Party PAN who backs more controls on surveillance Telephone companies can be punished by the regulator for not handing over information leaving them little incentive to fight costly battles over the matter People are not notified after the government snoops on them nor can they find out making it almost impossible to bring a case to court Oversight could be strengthened with a new national criminal procedure code which specifies that prosecutors need judge approval for metadata but it is yet to be fully implemented In the United States the government reports how many people were arrested and convicted as a result of wiretaps used in criminal investigations In Mexico no such report exists Pena Nieto s government declined to answer specific questions about surveillance policies The president s office has no comment on this issue among other reasons because supposing that your data are corroborated and the inferences correct this is a national security issue spokesman Paulo Carreno said in response to questions The attorney general s office did not respond to questions about why the number of requests has risen although the deputy attorney general for human rights Eber Betanzos said the government conducts surveillance responsibly and within the law Cisen said surveillance findings are classified and the Federal Police declined to comment WORRIES OVER NEW TELECOMS LAW The telecommunications reform passed last year could make it even easier for the government to snoop critics say Telefonica AT T s Nextel and America Movil complained to the regulator that the law is too vague on which officials are allowed to ask for call message and location data The number of authorities that can ask for information should be limited for security and legal certainty Telefonica said in a public consultation posted on the regulator s website AT T said it complies with the government when requests are made in accordance with the law Since the new law America Movil which has around 70 percent of Mexico s mobile market has received information requests from authorities that had never previously asked spokeswoman Paula Garcia said They include Mexico s national electoral institute INE and the finance ministry s financial crimes investigation unit UIF she said Neither INE or UIF responded to requests for comment Mexico s telecoms regulator the Federal Telecommunications Institute IFT is set to publish the security bylaws soon after nearly a year of debate Paulina Martinez general counsel for the IFT said that the new legislation did not broaden surveillance powers Javier Lozano a PAN senator who helped draft the law agreed though he stressed that a range of officials need the ability to eavesdrop
I see how organized crime wins the battle against the Mexican state because they re better organized than we are he said |
T | AT T says third quarter consensus revenue estimates inflated | Reuters AT T Inc N T said on Wednesday that consensus revenue estimates for its third quarter were inflated as they differed from its own accounting which includes results from DirecTV acquired by the No 2 U S wireless carrier in July Shares of AT T which is scheduled to report results on Thursday fell as much as 1 3 percent after the Wall Street Journal first reported that the company s revenue for the quarter could fall short of market expectations AT T s shares closed down 0 4 percent at 33 60 It is clear many revenue estimates for DirecTV include the full month of July Under GAAP we are only allowed to include revenue beginning July 25 AT T spokesman Brad Burns told Reuters This is a one time variance as analysts sort through some of the normal modeling of an acquisition Burns added
AT T said in September that it would change the methodology DirecTV used to count its commercial subscribers to conform to its practices which would reduce DirecTV s total subscriber count by 918 600 at the close of the deal |
T | Ericsson ERIC Rolls Out AT T FlexWare Across The Globe | Ericsson BS ERICAs NASDAQ ERIC announced that it is making AT T NYSE T FlexWareSM available across its global corporate network covering geographies like the U S Latin America Middle East and Europe AT T FlexWare will be virtualizing Ericsson s network services thus allowing it to adapt its network to changing business needs on an almost real time basis AT T FlexWare is modular and hence easy to install This makes the roll out to multiple global sites quicker than traditional appliances and will also lower Ericsson s total cost of network ownership In addition Ericsson is expanding the reach of its AT T managed VPN After a bearish run for most part of last year Ericsson s shares gained some momentum since the beginning of 2017 having gained 13 in stark contrast to the Zacks categorized industry s decline of 0 1 In recent times telecom equipment makers across the world have been distressed as customers invest less in 4G services and even less in 3G while waiting for the introduction of 5G networks 2016 was a particularly harrowing year for Ericsson Even now soft mobile broadband demand and slowdown in emerging markets are adversely affecting Ericsson s performance In fact the company expects the industry trends and business mix in mobile broadband to prevail this year as well Ericsson Price and Consensus The company s CEO Ekholm has implemented a restructuring plan and is confident of significant improvements in the business next year under stable market conditions Ekholm s restructuring plan will help streamline Ericsson s focus areas improve profitability and revitalize its technology and market leadership The company also plans to explore options for the company s media business and review low performing contracts in its managed service business However as of now we have a Zacks Rank 5 Strong Sell on the stock as we are apprehensive over the impact of the restructuring on the company s profits and share price in the near term
Stocks to ConsiderSome better ranked stocks in the same space include Ubiquiti Networks Inc NASDAQ UBNT Sonus Networks Inc NASDAQ SONS and Sierra Wireless Inc NASDAQ SWIR each holding a Zacks Rank 2 Buy You can see Ubiquiti Networks has a solid earnings surprise history for the trailing four quarters having beaten estimates thrice for an average beat of 13 3 Sonus Networks has a striking earnings surprise history for the trailing four quarters beating estimates all through for an average positive surprise of 57 6 Sierra Wireless has beaten estimates impressively thrice over the trailing four quarters with an average positive surprise of 155 9 Zacks 2017 IPO Watch ListBefore looking into the stocks mentioned above you may want to get a head start on potential tech IPOs that are popping up on Zacks radar Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential This Special Report gives you the current scoop on 5 that may go public at any time One has driven from 0 to a 68 billion valuation in 8 years Four others are a little less obvious but already show jaw dropping growth |
T | Slim s America Movil eyes European fixed line telcos | By Christine Murray and Tom s Sarmiento MEXICO CITY Reuters America Movil is still sniffing out deals in Europe which could become twice as important for the Mexican telecom company s revenue base within five years its chief financial officer said on Wednesday Shares of America Movil which is controlled by the family of billionaire Carlos Slim are down more than 5 percent this year as it grapples with the prospect of competition from AT T Inc NYSE T tough new regulation in its biggest market Mexico as well as likely recession in its second largest market Brazil But in Eastern Europe where it already has a foothold through its subsidiary Telekom Austria the outlook is brighter and it was feasible the company could draw 15 percent of its revenue from Europe by 2020 CFO Carlos Garcia Moreno said in an interview Europe presently makes up just under 7 percent of revenue for Latin America s biggest telecom company Eastern Europe is similar to Latin America several years ago because people stopped investing in fixed line networks when mobile took off Garcia Moreno said America Movil wants to repeat its success in Latin America where it is by far the biggest operator by investing more in fixed line In Eastern Europe you need to build a lot more develop the fixed platform much more for the new phase of growth in mobile data services he said In this process there are acquisitions that can be made He declined to say which companies America Movil would go after and noted assets on offer are scarce Many opportunities to expand will instead come through organic growth he said In the last 18 months the company bought up cable companies in Bulgaria and Macedonia for undisclosed sums Despite interest in Eastern Europe Garcia Moreno said the company had opted out of the coming privatization of Serbia s Telecom Srbija for which bids were due by Aug 2 In Mexico Slim has faced a regulatory crackdown from a new law and increased competition after AT T entered the market by buying up the No 3 and No 4 wireless carriers The mobile markets in Mexico and the United States have been integrating as several North American firms are now offering borderless plans between the countries But Garcia Moreno said America Movil did not need to own a network in the United States to be competitive in Mexico He declined to say whether the company would be interested in buying Deutsche Telekom owned T Mobile US Inc which has been the subject of takeover speculation
In Brazil where four mobile operators have sought to reduce the number to three consolidation is accelerating and the outcome will depend substantially on which companies have invested in their networks he added |
T | U N says expects states to respect privacy after AT T spying report | UNITED NATIONS Reuters The United Nations said it expects member states to respect its right to privacy and is assessing how to respond to a report that telecommunications company AT T Inc NYSE T helped the U S National Security Agency spy on the world body s communications The company gave technical assistance to the NSA in carrying out a secret court order allowing wiretapping of all Internet communications at the headquarters of the United Nations an AT T customer the New York Times reported on Saturday The New York Times cited newly disclosed NSA documents that date from 2003 to 2013 and were provided by fugitive former NSA contractor Edward Snowden We obviously have security and safety measures in place including through our information and technology department We are looking at this and how best to respond U N spokeswoman Vannina Maestracci told reporters The United States authorities had previously given us assurances as to the fact they are not and were not monitoring our communications she said The United Nations said in 2013 that the United States had pledged not to spy on the world body s communications after a report that the National Security Agency had gained access to the U N video conferencing system The inviolability of the United Nations is well established under international law and we expect member states to act accordingly and to respect and protect that inviolability Maestracci said The 1961 Vienna Convention governing diplomatic relations protects functions of the United Nations diplomatic missions and other international organizations |
T | Nokia Alcatel Lucent post strong results as merger approaches | By Leila Abboud and Jussi Rosendahl PARIS HELSINKI Reuters Shares in telecom network gear makers Nokia HE NOK1V and Alcatel Lucent PA ALUA jumped on Thursday after both posted strong second quarter results giving a positive signal ahead of their pending merger Nokia s 15 6 billion euro 17 billion acquisition of Alcatel Lucent announced in mid April aims to position the company to better compete with market leader Ericsson ST ERICb and low cost Chinese powerhouse Huawei HWT UL by forging a strong number two in mobile with a more complete product line But with competition in the sector remaining intense and demand from telecom operators soft some investors still have concerns about the marriage Analysts warn competitors may exploit any uncertainty among customers created by the merger The deal is supposed to be completed by mid 2016 although Alcatel Lucent hinted that closing could come earlier since some key regulatory approvals had already been secured Shares of Nokia surged 7 8 percent while Alcatel gained 5 7 percent having slumped 20 percent and 27 percent respectively in the past three months against a 20 percent fall for Ericsson Analyst Alexander Peterc at Exane BNP Paribas PARIS BNPP with a buy rating on both said the results boded well for the takeover Nokia s quarter was much better than expected on the operating margin and Alcatel s performance was good as well Peterc said There are no signs that the financial results of the companies are diverging in Alcatel Lucent s favor so there is little chance that the terms of the deal are renegotiated A handful of Alcatel Lucent investors including third largest holder Odey Asset Management had called for better terms after its first quarter results were markedly better than Nokia But few expect this to succeed since the deal is structured as a tender offer requiring only a majority of Alcatel shareholders to be willing to sell SOFTWARE SALES Alcatel Lucent holders will get 0 55 shares in Nokia for every Alcatel Lucent ending up with 33 5 percent of the enlarged group In the second quarter Nokia the world s No 3 telecom network equipment maker posted a surprise rise in profits and margins helped by lucrative software sales and a refusal to chase lower margin contracts Alcatel Lucent s second quarter sales were slightly lower than expectations but operating profit and margins topped consensus as a focus on cost cuts offset weaker U S demand Also encouraging was double digit growth in products that help telecom operators direct internet traffic as well as the fact that Alcatel Lucent generated more cash than it consumed for the first time since 2006 Gartner analyst Sylvain Fabre said the results boded well for the marriage The consolidation of their two product lines will be long and painful but at least they will be beginning the effort with both companies in a relatively healthy place Much will hinge on how the telecom gear market performs for the rest of the year Nokia chief Rajeev Suri said demand in emerging markets was strong especially India the Middle East and Africa while Japan Europe and North America were weaker The lucrative U S market a major driver of Alcatel Lucent sales and profits had got off to a slow start this year as operators like Verizon and AT T NYSE T curtail spending But Alcatel Lucent saw an uplift in sales there in the second half |
T | U S Stocks fall dollar flat after jobs data | By Richard Leong NEW YORK Reuters Wall Street stock prices fell and the U S dollar remained firm on Friday after the monthly U S employment data came close enough to forecast to stoke bets the Federal Reserve will raise interest rates for the first time in nearly a decade perhaps as early as September The U S Labor Department said employers added 215 000 jobs in July slightly below a Reuters poll of 223 000 jobs but the unemployment rate held at a seven year low of 5 3 percent and there were signs that wages were beginning to pick up It should be enough to get the Fed to start moving Erik Wytenus global investment specialist at J P Morgan Private Bank in New York said of the July U S payrolls report The prospect of higher U S interest rates has made the dollar significantly more attractive to investors in the past year which in turn has lowered demand for commodities and crimped U S corporate earnings from exports The U S dollar index DXY which tracks the greenback versus a basket of euro yen and four other currencies reached 98 334 its highest since late April before turning lower to 97 788 down 0 05 percent from Thursday FRX The Dow Jones industrial average DJI fell 122 07 points or 0 7 percent to 17 297 68 the S P 500 SPX decreased 13 45 points or 0 65 percent to 2 070 11 and the Nasdaq Composite IXIC declined 41 30 points or 0 82 percent to 5 015 14 N European s top shares fell 0 9 percent at 1 574 99 FTEU3 after data showed German exports and industrial output falling in June a setback that underlined the need for central bank stimulus in the euro zone EU Tokyo s Nikkei N225 ended up 0 3 percent T The MSCI world equity index MIWD00000PUS which tracks shares in 45 nations fell 2 09 points or 0 49 percent to 421 1 In debt markets the U S yield curve flattened as longer dated bond prices rose with traders believing a possible Fed rate hike would erode the value of shorter maturity debt faster than longer dated bonds Short term interest rate markets signaled traders were pricing higher the chances the U S central bank would end its near zero rate policy at its September but it remained a close call Benchmark 10 year U S Treasuries notes US10YT RR were up 12 32 in price for a yield of 2 189 percent down four basis points from Thursday while two year notes US2YT RR slipped 1 32 for a 0 725 percent up nearly two basis points US Oil prices remained under pressure Friday morning but gold bucked the trend although by not enough to see the precious metal avoid its longest weekly losing streak since 1999 Oil faced its sixth consecutive week of losses the longest run since the start of the year Brent crude was last down 79 cents or down 1 6 percent at 48 73 a barrel U S crude was last down 53 cents or down 1 19 percent at 44 13 per barrel O R
Spot gold prices rose 7 09 or 0 65 percent to 1 096 10 an ounce rebounding from an earlier low of 1 082 76 GOL |
T | Timely Presidents Cup boost for Bowditch at Firestone | By Mark Lamport Stokes AKRON Ohio Reuters Australian Steven Bowditch gave his Presidents Cup hopes a timely boost by firing a sizzling seven under par 63 in the third round of the WGC Bridgestone Invitational on Saturday Bowditch who has long targeted a first appearance in the biennial team competition racked up eight birdies and a bogey to shoot the best score of the week and climb into an early tie for second place at the elite World Golf Championships event The 32 year old was especially impressive after the turn taking advantage of slightly more receptive conditions at Firestone Country Club with three birdies in his last five holes From there the 14th tee I didn t miss a golf shot Bowditch told reporters after posting a five under total of 205 I hit it dead where I wanted to hit it basically Hopefully I can carry it into tomorrow I m just trying to go at my targets There are definitely some tough pins out there but if you hit it in the right spots you can make some nice putts Bowditch currently sits 12th in the Internationals points standings and the leading 10 players after the Deutsche Bank XETRA DBKGn Championship ends on Sept 7 will automatically qualify for the Presidents Cup International captain Nick Price will then add his two wildcard picks the following day and Bowditch would dearly love to make the 12 man team to take on holders the United States in South Korea from Oct 8 11 I dare say I m probably not going to be a pick said the Australian who clinched his second victory on the PGA Tour at the AT T NYSE T Byron Nelson in May We all know what we ve got to do It s something that I really want to do It will be a dream of mine and I haven t had too many To play a British Open at St Andrews got my PGA Tour card at the page of 30 and now to play a Presidents Cup Watching the Internationals lose to the U S in the 2011 Presidents Cup played at Royal Melbourne in his native Australia convinced Bowditch to do everything he could to qualify for the team competition
That was when I thought Yeah it s really really time to try to have a go at this When it s all said and done I d love to be able to say that I at least represented the International team one time he said |
T | DirecTV says investment in affiliate may be hurt by FIFA scandal | NEW YORK Reuters Satellite TV company DirecTV has said a 147 million investment in an affiliate that holds broadcast rights to soccer tournaments could be hurt by investigations into bribery allegations that are roiling the sport s global governing body FIFA DirecTV has a stake in the Argentine firm Torneos y Competencias SA which is accused by U S prosecutors of participating in schemes to pay off high ranking soccer officials in exchange for broadcast and marketing rights to soccer tournaments In connection with recent FIFA related developments and investigations our investment could be adversely impacted DirecTV said in a filing with the U S Securities and Exchange Commission on Friday The company said in the filing that as of June 30 2015 it was contingently liable for 361 million primarily related judicial deposits in Latin America and insurance deductibles Last month DirecTV merged with the No 2 U S wireless carrier AT T Inc NYSE T to create the world s biggest pay TV company An AT T spokesman did not immediately respond to a request for comment In 2008 Bruce Churchill head of DirecTV Latin America told investors in a call that it owned 30 percent of Torneos y Competencias and described the company as a strategic partner Torneos also appeared in a list of subsidiaries in DirecTV s annual report Torneos y Competencias also did not immediately respond to a request for comment In May the U S Department of Justice unveiled a sweeping indictment of nine soccer officials and five sports marketing executives for allegedly corrupting the marketing of soccer competitions for personal gain over more than two decades The indictment said Argentina based Torneos formed a joint venture called Datisa with two other companies which agreed to pay bribes of 110 million to football officials for TV rights related to games in the Copa America regional soccer tournament Argentine businessman Alejandro Burzaco the former general manager and chairman of Torneos is one of the five executives and faces U S charges including conspiracy to commit racketeering and conspiracy to commit wire fraud
He pleaded not guilty in a U S court on July 31 after turning himself in to police in northern Italy on June 9 |
T | United States Cellular USM Q1 Earnings Top Revenues Lag | United States Cellular Corp NYSE USM a subsidiary of Telephone Data Systems Inc NYSE T posted mixed financial results in the first quarter of 2017 While the top line missed the Zacks Consensus Estimate the bottom line surpassed the mark GAAP net income came in at 26 million or 31 cents per share compared with a net income of 9 million or 10 cents per share in the year ago quarter Quarterly adjusted earnings per share of 18 cents were well above the Zacks Consensus Estimate of 11 cents per share Quarterly total revenue of 936 million was down 3 year over year missing the Zacks Consensus Estimate of 958 9 million Quarterly Service revenues decreased 3 to 746 million Revenues from Equipment sales dropped 4 to 190 million Quarterly operating expenses decreased 8 to 882 million Operating income was 54 million compared with 10 million in the prior year quarter Total cell sites in service were 6 417 compared with 6 415 at the end of 2016 Total company owned towers were 4 041 compared with 4 040 at the end of 2016 Cash FlowIn the quarter under review cash from operations came in at 61 million compared with 163 million in the prior year quarter Quarterly free cash flow was a negative 27 million compared with a positive 60 million in the year ago quarter LiquidityUnited States Cellular exited the first quarter of 2017 with cash and cash equivalents of 572 million compared with 586 million at the end of 2016 At the end of the reported quarter total debt was 1 627 million compared with 1 629 million at the end of 2016 The debt to capitalization ratio at the end of first quarter 2017 was 0 30 compared with 0 31 at 2016 end ARPU ChurnQuarterly postpaid ARPU average revenue per user increased to 45 42 from 45 19 at the end of 2016 Postpaid ARPA average revenue per account was 121 88 as against 120 67 at the end of 2016 Postpaid churn declined to 1 29 from 1 41 recorded at the end of 2016 Prepaid ARPU increased to 33 66 from 33 25 recorded at the end of 2016 Prepaid churn increased to 5 69 in the reported quarter from 5 44 at 2016 end Subscriber StatisticsUnited States Cellular exited the first quarter of 2017 with a subscriber base of 4 996 000 compared with 5 031 000 at the end of 2016 Postpaid subscriber base totaled 4 455 000 compared with 4 482 000 at 2016 end Meanwhile prepaid subscriber base totaled 480 000 compared with 484 000 at the end of 2016 In the reported quarter United States Cellular lost a net of 27 000 postpaid subscribers compared with the addition of 45 000 customers in the year ago quarter The company lost 4 000 prepaid customers in the same quarter as opposed to a net gain of 12 000 users in the prior year quarter Guidance for 2017United States Cellular expects total operating revenue in the band of 3 800 4 000 million Adjusted EBITDA is projected at 700 800 million while capital expenditure is estimated at around 500 million The company projects operating cash flow in the range of 550 650 million United States Cellular Corporation Price Consensus and EPS Surprise
Recent DevelopmentUnited States Cellular acquired 600 MHz low band wireless frequencies that were auctioned recently by the FCC Other major companies that took part in the auction were AT T Inc NYSE T and T Mobile US Inc NYSE T to name a few The company currently carries a Zacks Rank 3 Hold You can see Zacks 2017 IPO Watch List Before looking into the stocks mentioned above you may want to get a head start on potential tech IPOs that are popping up on Zacks radar Imagine being in the first wave of investors to jump on a company with almost unlimited growth potential This Special Report gives you the current scoop on 5 that may go public at any time One has driven from 0 to a 68 billion valuation in 8 years Four others are a little less obvious but already show jaw dropping growth |
T | Strong customer growth helps AT T beat profit estimates | Reuters AT T Inc N T reported a better than expected quarterly profit as the second largest U S wireless carrier added postpaid customers AT T s shares were up 2 percent at 34 60 in extended trading on Thursday AT T said it lost fewer users to other networks and it had 410 000 postpaid net additions in the second quarter ended June 30 The company s average revenue per user ARPU was 61 26 per postpaid phone while analysts polled by market research firm FactSet StreetAccount had estimated 57 07 The company which in May last year offered to buy DirecTV O DTV for 48 5 billion to create the largest U S pay TV company is close to wrapping up its deal as U S telecom and antitrust regulators signaled a green light for the merger AT T also said it had prepaid net additions of 331 000 in the second quarter while analysts had expected the company to lose 27 000 customers The company earned 69 cents per share excluding items 6 cents above the average analyst estimate
Revenue rose 1 4 percent to 33 02 billion but missed analysts average estimate of 33 05 billion according to Thomson Reuters I B E S |
T | AT T clears final hurdle to close DirecTV merger sources | By Alina Selyukh WASHINGTON Reuters AT T Inc s N T proposed 48 5 billion purchase of DirecTV O DTV has cleared its final regulatory hurdle as the U S Federal Communications Commission voted on Thursday to approve the merger according to people familiar with the votes At least three of the five FCC commissioners have voted in favor of the deal with conditions according to the sources who spoke anonymously because the votes have not yet been made public The FCC s vote likely to be completed and announced on Friday was the last regulatory step toward the completion of the merger between the second largest U S wireless carrier and the largest satellite TV provider The Justice Department gave the merger its green light on Tuesday when FCC Chairman Tom Wheeler released the details of his proposal to approve the deal with conditions The conditions cover various aspects of the business including Internet services for middle class and low income Americans and AT T s treatment of Internet video providers In a first for the FCC the agency also seeks to establish an independent monitor to ensure AT T complies with conditions The mega merger announced in May 2014 will give DirecTV a broadband product and AT T new avenues of growth beyond the maturing wireless service |
T | Day collapses on final hole of U S Open | By Steve Keating UNIVERSITY PLACE Washington Reuters Australian golfer Jason Day sent a scare through the U S Open when he collapsed on his final hole of the second round before getting to his feet completing his round and collapsing again on Friday One of the hot favourites for the tournament Day dropped to the turf in front of a packed grandstand and laid on his back covering his face as his caddie came to his aid Day s wife Ellie told reporters on the edge of the par three ninth green that her husband had felt dehydrated and suffered a dizzy spell as he approached the putting surface Day s playing partner and Masters champion Jordan Spieth told host broadcaster Fox television I turned around and he was laying down there All I heard was that it was dizziness I think coming into the week he was a little under the weather For him to go finish the round he could barely walk when he got up so it was pretty strong of him Day had been concerned with his occasional problems with vertigo while heading into this week s tournament He had suffered from dizziness during the final round of the Zurich Classic in New Orleans in late April and withdrew from last month s AT T NYSE T Byron Nelson after not being able to complete the pro am competition due to further dizziness It first appeared the world s 10th ranked golfer had turned his ankle on the treacherous Chambers Bay links style layout but later television said the Australian had suffered a dizzy spell Day was helped to his feet by medics and after a discussion with officials completed the ninth hole his last of the day firing an even par 70 before dropping to his knees again as medics came onto the green
The 27 year old a three time winner on the PGA Tour was immediately hooked up to IV drip and helped to a waiting van after signing his scorecard |
T | Sprint S Q4 Loss Wider Revenues Top Stock Down | Sprint Corp NYSE S a leading telecom operator in the U S providing wireless and wireline services to individuals business enterprises and government agencies Sprint is seeing favorable earnings estimate revision activity as of late which is generally a precursor to an earnings beat After all analysts raising estimates right before earnings with the most up to date information possible is a pretty good indicator of some favorable trends underneath the surface for S in this report Nevertheless Sprint has been losing customers of late and is trying all means to check churn and fend off competition However in this regard the company has been continually making efforts to lure customers from rival carriers such as AT T NYSE T and Verizon by offering attractive promotional plans and discounts This in turn has led to high cash burn and heavy losses for the company The company has a debt laden balance sheet negative operating cash flow and has been witnessing losses since 2007 Sprint currently carries a Zacks Rank 3 Hold The company has generated a positive average earnings surprise of a mere 0 30 in the previous four quarters We have highlighted some of the key stats from this just revealed announcement below Earnings Sprint incurs loss in Q4 of fiscal 2016 ended Mar 31 2017 However net loss was wider than the Zacks Consensus Estimate Our consensus estimate called for a net loss of 4 cents per share and the company reported net loss was 7 cents per share Investors should note that these figures take out stock option expenses Revenue Sprint reported total revenue of 8 539 million which surpassed our estimate by a substantial 573 million Key States to Note In the reported quarter Sprint lost a net 118 000 retail postpaid connections At fourth quarter 2016 end the company had 31 576 million retail postpaid connections up 2 year over year Retail postpaid average revenue per user ARPU decreased 8 4 to 47 34 per month In the reported quarter Sprint gained 180 000 net prepaid connections and 125 000 net wholesale connections Stock Price At the time of writing the stock price of Sprint was down nearly 0 77 in the per market trade on NYSE Clearly the initial reaction to the release is negative We believe that wider than expected loss and net loss of postpaid subscribers are the primary reasons for the initial negative stock price movement Sprint Corporation Price and EPS Surprise
Check back later for our full write up on this Sprint earnings report later Will You Make a Fortune on the Shift to Electric Cars Here s another stock idea to consider Much like petroleum 150 years ago lithium power may soon shake the world creating millionaires and reshaping geo politics Soon electric vehicles EVs may be cheaper than gas guzzlers Some are already reaching 265 miles on a single charge With battery prices plummeting and charging stations set to multiply one company stands out as the 1 stock to buy according to Zacks research It s not the one you think |
T | Time Warner TWX Q1 Earnings Revenues Beat Estimates | Time Warner Inc NYSE TWX which accepted the buyout offer of AT T Inc NYSE T posted first quarter 2017 adjusted earnings of 1 66 per share that surpassed the Zacks Consensus Estimate of 1 44 and surged 11 from the prior year period The company s investments in video content and technology continued to show results Including one time items earnings per share from continuing operations came in at 1 80 per share up significantly from 1 46 reported in the prior year quarter Time Warner s total revenue of 7 735 million increased 6 year over year on account of growth witnessed across Home Box Office HBO Warner Bros and Turner Total revenue also came ahead of the Zacks Consensus Estimate of 7 660 million Adjusted operating income came in at 2 153 million up 7 from the year ago quarter whereas adjusted operating margin expanded 30 basis points to 27 8 Time Warner has taken restructuring aggressively The company is now focusing on original programming containing costs and increasing investments in key areas to enhance profitability The quarter also benefited from the success of Kong Skull Island and The LEGO Batman Movie Turner and Warner Bros together launched new domestic premium video subscription service Boomerang that offers over 5 000 animated titles on a streaming platform We observed that the stock has outperformed the Zacks categorized industry in the past one year Over the said period the stock has increased 32 5 while the industry has advanced 15 1
Segment Details Turner division s revenue rose 6 to 3 088 million due to 12 increase in subscription revenue and 16 jump in Content and other revenue partly offset by 2 decline in advertising revenue Subscription revenue grew on account of rise in domestic rates and growth at Turner s international networks partly offset by fall in domestic subscribers The increase in Content and other revenue was attributable to rise in domestic licensing revenue Advertising revenue tumbled on account of fall in delivery at certain domestic networks partly offset by increases at Turner s sports and news businesses and growth at Turner s international networks Adjusted operating income for the segment declined 4 to 1 187 million compared with the year ago quarter Time Warner s HBO segment revenue climbed 4 to 1 568 million driven by growth of 5 in subscription revenue partly offset by 1 fall in Content and other revenue Higher subscription revenue was primarily attributed to a rise in domestic rates and subscribers and international growth The decline in Content and other revenue reflects fall in home entertainment revenue partly offset by rise in licensing revenue Adjusted operating income for the division soared 22 to 595 million Warner Bros revenue jumped 8 to 3 365 million on account of increased television and theatrical revenues partly offset by fall in videogames revenue The increase in television revenue is attributable to rise in domestic licensing revenues Theatrical revenue jumped due to higher number and the mix of box office releases which included Kong Skull Island and The LEGO Batman Movie as well as rise in home entertainment revenue mainly related to the release of Fantastic Beasts and Where to Find Them Videogames revenue decreased on account of lower number and the mix of releases in the current year period and fall in carryover revenue Adjusted operating income for the division surged 20 to 510 million Other Financial Aspects Time Warner ended the quarter with cash and equivalents of 1 450 million long term debt of 22 402 million and shareholders equity of 25 425 million excluding non controlling interest of 2 million During the quarter Time Warner incurred capital expenditures of 98 million and generated free cash flow of 1 370 million Zacks Rank Time Warner carries a Zacks Rank 3 Hold Better ranked stocks in the space include Cable ONE Inc NYSE CABO sporting a Zacks Rank 1 Strong Buy and Salem Media Group Inc NASDAQ SALM carrying a Zacks Rank 2 Buy You can see Cable ONE delivered an average positive earnings surprise of 4 7 in the trailing four quarters and has a long term earnings growth rate of 3 Salem Media Group delivered an average positive earnings surprise of 53 8 in the trailing four quarters Will You Make a Fortune on the Shift to Electric Cars Here s another stock idea to consider Much like petroleum 150 years ago lithium power may soon shake the world creating millionaires and reshaping geo politics Soon electric vehicles EVs may be cheaper than gas guzzlers Some are already reaching 265 miles on a single charge With battery prices plummeting and charging stations set to multiply one company stands out as the 1 stock to buy according to Zacks research It s not the one you think |
T | AT T DirecTv extend termination date for second time | Reuters AT T Inc N T the No 2 U S telecom company said it has extended the termination date of the merger agreement with satellite TV provider DirecTV O DTV for a short period of time the second time in two months AT T said in a regulatory filing on Monday that the extension is aimed at obtaining final regulatory approval for the merger
AT T in May last year offered to buy DirecTV to create the largest U S pay TV company The deal highlights AT T s pressing need for fresh avenues of growth beyond the maturing U S cellular business which has become increasingly competitive |
T | CEOs temper U S economic growth outlook for 2015 survey | By Nick Carey CHICAGO Reuters U S chief executive officers have become a bit more pessimistic in their outlook for the American economy in 2015 and fewer of them expect to increase sales investment and hiring this year a quarterly business group survey said on Monday The Business Roundtable s second quarter survey conducted before U S gross domestic product for the first quarter was revised down last month to show an annualized 0 7 percent contraction found that CEOs expect 2 5 percent GDP growth this year That is down from the 2 8 percent growth expected in the last quarterly survey and 2 4 percent at the end of last year In the most recent survey 70 percent of respondents said they expected sales to rise in the next six months down from 80 percent in the first quarter while 35 percent said they expected spending to increase over that period down from 45 percent in the previous survey Of particular concern is the downward movement of our CEOs investment plans said Randall Stephenson chairman of the Business Roundtable and CEO of AT T Inc N T Business investment is a key driver of economic expansion and job growth Stephenson said the U S Congress should enact tax reform and pass the Trade Promotion Authority which would grant the president fast track powers to negotiate trade agreements in order to lift capital investment and boost the economy Thirty four percent of CEOs said they expected to hire more workers over the next six months down from 40 percent in the last quarterly survey
The Business Roundtable CEO Economic Outlook Index a composite index of expectations for the next six months for sales capital spending and employment fell to 81 3 from 90 8 in the first quarter The long term average of the index is 80 5 |
T | U S trade bill hits new funding hurdle | WASHINGTON Reuters U S lawmakers are looking at alternative ways to fund aid for workers who lose their jobs due to trade a senior Democrat said on Tuesday as a vote nears on legislation key to sealing a Pacific trade pact Representative Steny Hoyer the second ranking Democrat in the House of Representatives said most Democrats were unhappy with extending limits on healthcare funding to offset support for workers displaced by trade House Democratic leadership is working with Republicans to find alternative ways to finance the program and had some success said Hoyer who has yet to say whether he plans to support legislation to speed trade deals through Congress Reaching a deal on aid for workers is key to hopes for the so called fast track legislation which would allow lawmakers to set negotiating objectives for trade deals but not amend the text of agreements Seniors groups wrote to lawmakers on Tuesday to warn against the 700 million cut and said Medicare which funds healthcare for the elderly was not a slush fund Limits on Medicare were extended for two years in a 2013 budget deal funneling 22 billion to boost defense and domestic agency programs Congressional leaders have already promised support for workers will move in parallel with fast track in a bid to get more Democrats to support the bill House Republican leaders have said the debate could be held as early as this week Some conservative Republicans also oppose giving more power to the White House and so far only about 20 Democrats under intense pressure from unions to oppose the measure have pledged support New Jersey Democrat Bill Pascrell who plans to vote against fast track said on his calculation there were 14 to 17 votes still needed to ensure passage in the currently 433 member House I m going to do everything I can to make sure this is defeated he said on a call with reporters Unions which have strong links to many Democrats are ramping up their campaign against fast track with new letters to lawmakers and media advertisements Business groups for their part are lobbying hard to win support for the measure which they think will help open markets for U S exports under trade deals like the Trans Pacific Partnership with 11 Pacific Rim countries including Japan
Randall Stephenson chairman of the Business Roundtable and chief executive officer of AT T Inc N T on Monday urged lawmakers to back the bill |
T | Court declines to suspend U S net neutrality rules | By Alina Selyukh WASHINGTON Reuters New U S Internet traffic regulations known as net neutrality rules will go into effect on Friday after a federal appeals court rejected the telecommunications industry s request to partly suspend their implementation while they are being litigated The ruling on Thursday marked an early win for the Federal Communications Commission whose assertion of a broader enforcement authority over Internet service providers is being challenged in court by AT T Inc N T and cable and wireless industry groups In a short statement the U S Court of Appeals for the District of Columbia Circuit declined to suspend the regulations and said that petitioners have not satisfied the stringent requirements which included proving irreparable harm from the rules implementation The court s decision which also put the lawsuit on an expedited schedule is the first step in the legal fight over the rules and does not indicate how the court may ultimately rule on the merits of the industry s challenge FCC Chairman Tom Wheeler praised the ruling as a victory for consumers and innovators adding Starting Friday there will be a referee on the field to keep the Internet fast fair and open The new rules ban Internet providers from blocking and slowing down access to websites and applications or striking deals with content companies for priority delivery of traffic The FCC will also be able to address complaints about potential unreasonable interference with consumers access to the Web Telecom companies say they do not object to specific net neutrality rules like no blocking or no throttling They are fighting the legal path the FCC chose to set the new regulations after the previous version was struck down in court last year AT T and industry groups lawsuit objects to the reclassification of broadband Internet as a more heavily regulated telecommunications service and the new broad unreasonable interference general conduct standard The FCC and Congress have long agreed that this critical service which is fundamental to consumers daily lives should be lightly regulated to continue the enormous investment and innovation that has enabled the Internet related economy to thrive said USTelecom President and Chief Executive Walter McCormick Jr
AT T referred Reuters to USTelecom and CTIA The Wireless Association for comment The case is just beginning and the stakes are high said CTIA President and CEO Meredith Attwell Baker The case is U S Telecom Association et al v FCC et al U S Court of Appeals for the District of Columbia Circuit No 15 1063 |
T | AT T faces potential 100 million U S fine over throttling disclosures | By Alina Selyukh WASHINGTON Reuters The U S Federal Communications Commission on Wednesday proposed a 100 million fine for AT T Inc N T accusing the No 2 wireless carrier of misleading customers who paid for unlimited data plans about possible slowing of download speeds The FCC in announcing the largest such fine proposal said the company inadequately informed customers about notable reduction in speeds they may experience if they exceed a particular amount of data in a billing cycle a practice known as throttling Unlimited means unlimited FCC Enforcement Bureau Chief Travis LeBlanc said in a statement The Commission is committed to holding accountable those broadband providers who fail to be fully transparent about data limits AT T has 30 days to respond to the charges which will then be reviewed by the five member commission The proposed maximum fine was approved on a 3 2 party line vote by a Democratic majority We will vigorously dispute the FCC s assertions an AT T spokesman said in a statement The company says the FCC has previously deemed the practice as a legitimate and reasonable way to manage its network and that it has been fully transparent with our customers providing notice in multiple ways and going well beyond the FCC s disclosure requirements AT T says it had disclosed its slowdown practices to consumers over bill statement notifications text messages and other means A senior FCC official however said such disclosures were inadequate as they did not inform consumers about when speed reductions would take place what maximum Internet speeds they would receive and the impact of those slowdowns on video chat applications such as FaceTime That the FCC says made for misleading and inadequate disclosures that violated the agency s transparency requirements of the 2010 Open Internet order also known as net neutrality regulations which have remained in place despite a legal dispute over the rules
AT T and several cable and wireless industry groups are challenging the FCC s 2015 net neutrality regulations in court AT T is also fighting a lawsuit by the Federal Trade Commission on its unlimited data practices |
T | ETFs In Focus After AT T s Mixed Q1 Results | Shares of AT T Inc NYSE T dropped 0 20 at market close on Tuesday April 25 2017 as the company missed revenue estimates for the first quarter of 2017 Earnings however came in line with the same The company also reported a 2 8 year over year decrease in revenues to 39 4 billion in the first quarter of 2017 It was also down from 41 84 billion reported in the fourth quarter of 2016
Q1 Performance
AT T reported non GAAP earnings per share of 0 74 which met the Zacks Consensus Estimate However AT T s first quarter revenues missed the consensus mark of 40 66 billion primarily due to poor performance of the wireless business
Revenue Performance
Business Solutions segment revenues decreased to 16 84 billion from 17 60 billion a year ago
Entertainment group revenues decreased to 12 62 billion from 12 65 billion in the year ago period
Consumer Mobility revenues increased to 7 74 billion from 8 32 billion a year ago
International revenues increased to 1 92 billion from 1 66 billion a year ago
Wireless Business Performance
AT T reported revenues of 17 16 billion from its wireless business compared with 17 95 billion in the year ago quarter The telecom company attributed this decline of 4 4 primarily to its loss of 191 000 postpaid customers who generally spend more It also stated that it added 282 000 prepaid customers in the quarter
Outlook
AT T stopped providing consolidated revenue guidance attributing it to the unpredictable nature of its wireless handset sales It expects capital spending to be in the 22 billion range The company expects free cash flow to be approximately 18 billion
In the current scenario let s have a look at some ETFs that have a relatively high exposure to AT T
Vanguard Telecommunication Services ETF MU VOX
This ETF is one of the most popular funds in the telecom space read
It has AUM of 1 40 billion and charges 10 basis points as fees per year The fund has a 23 20 exposure to AT T as of March 31 2017 The fund returned 4 66 in the last one year but lost 2 292 in the year to date time frame as of April 25 2017 It closed 0 89 higher on Tuesday April 25 2017 VOX currently has a Zacks ETF Rank 3 Hold with a Medium risk outlook
Fidelity MSCI Telecommunication Services ETF
This ETF provides exposure to the U S telecom space at a really low expense ratio
It has AUM of 139 9 million and charges 8 basis points as fees per year The fund has a 20 91 exposure to AT T as of April 24 2017 The fund returned 9 14 in the last one year and 3 02 in the year to date time frame as of April 25 2017 It closed 1 60 higher on Tuesday April 25 2017 FCOM currently has a Zacks ETF Rank 3 with a Medium risk outlook read
iShares Global Telecom ETF
This ETF provides exposure to the global telecom industry
It has AUM of 301 94 million and charges 47 basis points as fees per year Considering the top three holdings from a geographical perspective the fund has 37 89 exposure to the U S 16 76 to Japan and 8 38 to United Kingdom as of April 24 2017 The fund has 19 86 exposure to AT T as of April 24 2017 The fund lost 5 65 in the last one year but gained 1 02 in the year to date time frame as of April 25 2017 It closed 0 07 higher on Tuesday April 25 2017 IXP currently has a Zacks ETF Rank 3 with a Medium risk outlook
Below is a chart comparing the performance of the funds and AT T Inc
Source Yahoo NASDAQ YHOO Finance
Bottom Line
AT T was in talks to acquire Straight Path Communications NYSE T to expand into the 5G space However Straight Path announced yesterday that it is evaluating a superior offer from another multi national telecom giant to acquire 100 of the company Moreover AT T is yet to receive regulatory approval for its 85 billion acquisition of Time Warner NYSE TWX This may put a brake on its plans considering the increased merger activity taking place in the telecom industry For the time being we believe it is best to be on the sidelines read
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T | Argentina to face Mexico in September friendly in Texas | MEXICO CITY Reuters Mexico will face Argentina in a friendly match in the United States in September as a warm up ahead of their World Cup qualifiers later this year the Mexican Football Federation announced on Thursday Mexico will face the two time World Cup winners Argentina on September 8 at the AT T NYSE T stadium in Arlington Texas the federation said Both sides will also take part in the Copa America in Chile which begins next month Mexico who will also play in the Gold Cup in the United States in July are in Group A with Chile Bolivia and Ecuador while Argentina face Paraguay Uruguay and Jamaica in Group B |
T | Dwayne Johnson on shaking quaking San Andreas | By Alicia Avila LOS ANGELES Reuters Hulking actor Dwayne The Rock Johnson creates a new save the day persona as a rescue pilot in California earthquake thriller San Andreas opening in U S theaters on Friday Johnson 43 talked to Reuters about recreating the magnitude 9 plus earthquake an even bigger challenge than doing Fast Furious films with Vin Diesel Below are excerpts of the interview Q What attracts audiences to a film like this A You re dealing with Mother Nature at her strongest and it is the biggest earthquake ever recorded It s a platform for people to experience something on this epic level that they know unfortunately could happen They re able to be entertained they re able to lose their breath and then they re able to leave the theater and talk about it like Wow I wonder what we would do Q Were you an earthquake enthusiast before the film A I wouldn t say I was an enthusiast I always found them fascinating One of the best parts was having our seismologists our scientists from Caltech the California Institute of Technology and USC University of Southern California all earthquake specialists who pored over this script who challenged us who continued to take a scalpel and say No that wouldn t happen By the time we were done they walked away saying OK this could happen The fact is there s a San Andreas fault which we re sitting above right now Q You ve been on so many sets what sets this one apart A Everything that was built to scale that sets it apart When you re dealing with the biggest earthquake of all time we really wanted to rely on practicality and not a lot of green screen We shot in San Francisco Bay outside of AT T NYSE T Park in one of the largest water tanks in the world I believe the largest one is in Mexico that they used for Titanic We had the second largest one So when you re there and you re shooting and everything is to scale and you re feeling the destruction in our little movie making way it becomes so clear and jarring that this is just a slight sliver of what it would really be like Being on sets with Vin Diesel is challenging This blows him out of the water Q So were you scared
A Never Are you kidding me No Because I know the cameras are on Never never |