Select a category
Advertisement
Investopedia
4 wks
9
:max_bytes(150000):strip_icc()/INV_Paramount_Logo_GettyImages-2167968804-b00aa0686ff04b158463a334fdc1b6b4.jpg){kind=logo}
Paramount Global (PARA) is moving ahead with the second phase of the roughly 15% workforce reduction it announced last month.
The company’s three co-chief executives said in a memo to staff Tuesday that 90% of the layoffs would be complete by the end of the day, according to. In August, the company said it would lay off about 2,000 employeesas part of a plan to save at least $500 million in annualized costs before its planned merger with Skydance Media.
The owner of CBS, MTV, and Nickelodeon said the steps were part of a plan to “accelerate streaming profitability while at the same time adjusting to the evolving landscape in our traditional businesses.”
Paramount previously said it expects Paramount+ to reach domestic profitability in 2025. Paramount+ is currently promoting a discount on its annual rate, part of a larger pattern among streaming services ahead of the holiday season.
In July, Paramount in July agreed to an $8 billion merger deal with Skydance Media and private-equity partners that is expected to close in the first half of 2025.
Paramount stock was up nearly 1% on Tuesday afternoon. For the year, the shares are down almost 30%.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Instablog9ja
4 wks
14
Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has ordered immediate investigation of alleged bribery allegations imputed to some officers of the Commission by Idris Okuneye (a.ka.Bobrisky) in a viral video circulating across the country.
Okuneye, an ex-convict had alleged in the video powered by Martins Vincent Otse (a.k.a VeryDarkMan) that some unnamed officers of the EFCC collected the sum of N15,000,000 (Fifteen Million Naira) only from him to drop money laundering charges against him.
In a swift reaction, the EFCC’s boss has constituted a team of Investigators to critically look into the allegations. To this end, the Commission hereby invites both Okuneye and Otse to make themselves available at its Lagos Directorate to assist investigators unearth the alleged bribery.
The EFCC wishes to assure the public that the allegations would be thoroughly investigated and the result of the findings made public accordingly. The Commission is committed to its core values of integrity, courage, professionalism and collaboration at all times.
Click to watch
Advertisement
Investopedia
4 wks
9
:max_bytes(150000):strip_icc()/GettyImages-1233610046-37bd424ba7d742f48431a78cea6b82ab.jpg)
Airstream parent Thor Industries (THO) shares jumped Tuesday when the maker of recreational vehicles (RVs) reported better-than-expected results and gave a positive longer-term outlook as it controlled costs and inventory.
The company posted fourth-quarter earnings per share (EPS) of $1.68, easily beating the $1.28 average estimate of analysts surveyed by Visible Alpha. Revenue fell 7.4% year-over-year to $2.53 billion, but that also exceeded forecasts.
Gross profit margin jumped 140 basis points (bps) to 15.8%, boosted by a favorable last in, first out (LIFO) inventory adjustment that came about by reductions in inventory levels and an improved warranty cost percentage.
Thor Chief Executive Officer (CEO) Bob Martin said that the company continued to "navigate the persistent challenges in the industry's retail environment," adding that the macroeconomic headwinds faced by dealers and consumers "have been an impediment to our industry for an extended period of time." Still, he explained that Thor continues "to be very optimistic about global consumer interest in the RV lifestyle and long-term demand for our products."
Chief Operating Officer (COO) Todd Woelfer noted that while Thor expects weakness to continue through fiscal year 2025, it sees "a stronger retail environment in the latter half of calendar 2025 and the beginning of our fiscal 2026."
The company anticipates fiscal 2025 EPS of $4.00 to $5.00, and revenue of $9.0 billion to $9.8 billion. Analysts had been looking for $6.14 and $10.47 billion, respectively.
Shares of Thor Industries were up more than 6% to $109.68 in early afternoon trading but are down about 7% for 2024.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Instablog9ja
4 wks
15
Actor Alesh Sanni has reacted after VeryDarkMan released a voice recording in which Bobrisky allegedly claimed he was charged N15 million to resolve a money laundering case with the EFCC, among other issues.
He asked if he st£al or k#lled to be charged such an amount and while is VeryDarkMan releasing the voice recording, is he after his downfall.
click to watch
Investopedia
4 wks
14
:max_bytes(150000):strip_icc()/GettyImages-2172308538-4ad1758b714441d3a8f38490d48cc8c5.jpg)
Major U.S. stock indexes were slightly higher at midday Tuesday after China announced a new stimulus package to boost China's economy. The S&P 500 and Dow climbed to record highs, while the Nasdaq was also in the green.
U.S.-traded shares of Chinese companies and shares of U.S.-based companies with significant exposure to China surged, with Caterpillar (CAT) leading gains in the Dow. Las Vegas Sands (LVS) and Wynn Resorts (WYNN) were also higher.
Shares of Freeport-McMoRan (FCX), Newmont (NEM), and other gold miners advanced as the precious metal hit another all-time high.
Shares of artificial intelligence darling Nvidia (NVDA) also climbed as Morgan Stanley analysts said the chipmaker is seeing strong demand for its Hopper and Blackwell GPUs.
Visa (V) shares slumped on reports U.S. regulators will file a lawsuit against the credit card company, accusing it of hurting consumers by monopolizing payment processing technology. Shares of other credit card providers dropped as well.
Shares of Regeneron Pharmaceuticals (REGN) lost ground after a federal judge ruled against the biotech firm’s claim that Amgen (AMGN) infringed on the patent for its Eylea eye treatment. Amgen shares were lower as well.
Oil futures climbed and the yield on the 10-year Treasury note rose. The U.S. dollar gained versus the yen, but fell to the euro and pound. Most major cryptocurrencies were lower.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
Advertisement
Investopedia
4 wks
13
:max_bytes(150000):strip_icc()/GettyImages-2172121483-097a9d2caf77417490db5993fba577a6.jpg)
Consumer confidence in September fell the fastest since August 2021 as more people said they were worried about deterioration in the labor market.
The Conference Board’s Consumer Confidence Index was 98.7 in September, its largest drop in more than three years. It declined from a revised rate of 105.6. The steep drop surprised economists, who expected a reading of 104.
The index declined in all five areas it measures. Sentiment fell but remained positive for future business conditions, the current labor market, and income prospects. However, consumers' current assessment of business conditions turned negative, and pessimism about the future labor market deepened.
“The deterioration across the index’s main components likely reflected consumers' concerns about the labor market and reactions to fewer hours, slower payroll increases, fewer job openings—even if the labor market remains quite healthy, with low unemployment, few layoffs and elevated wages,” wrote Dana Peterson, chief economist at the Conference Board.
Compared with the similar inflation-focused Michigan Consumer Sentiment Index, the Conference Board’s survey is more sensitive to swings in the labor market.
This month's survey results come as market watchers are focusing more on jobs after recent reports showed job creation slowing.
“Consumers are worried about the jobs market, and that's weighing on overall moods,” wrote Wells Fargo economists Shannon Seery Grein and Jeremiah Kohl.
The Federal Reserve also cited labor market worries as one reason it made its first interest rate cut in four years last week. Lower interest rates typically spur economic development by making borrowing costs cheaper, encouraging spending and allowing businesses to hire more easily.
The Wells Fargo economists wrote that the recent interest rate cut may not be fully reflected in the survey. The survey cut-off date was Sept. 17, before the Fed’s rate cut announcement the following day.
“Consumer confidence remains within its narrow range of the past two years, though there are some glimmers of hope about expectations for lower interest rates,” the Wells Fargo economists said.
Do you have a news tip for Investopedia reporters? Please email us at [email protected]Read more on Investopedia
