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    In this article DOCU PJC Dan Springer, chief executive officer at DocuSign.David Paul Morris | Bloomberg | Getty ImagesShares of e-signature software maker DocuSign were down more than 30% in premarket trading Friday after the company reported guidance for the fourth quarter that fell short of analyst estimates. DocuSign predicted fourth-quarter revenue would come between $557 million and $563 million, while analysts had on average expected revenue of $573.8 million for the quarter, according to Refinitiv. Still, DocuSign beat analyst expectations for the third quarter, reporting earnings per share of 58 cents, adjusted, compared to 46 cents analysts anticipated, and $545.5 million in revenue versus $531 million expected, according to Refinitiv. Several firms, including JPMorgan, Piper Sandler, UBS and Wedbush lowered their ratings on the stock following the earnings report. While Citi analyst Tyler Radke maintained a buy rating, he cut his price target from $389 a share to $231, calling the report, "one of the biggest [software as a service] whiffs in recent memory." "The pandemic tailwinds came to a much faster than expected halt for DocuSign, catching...
    In this article MRVL ULTA MRNA PTON DIDI DOCU VIDEO1:3301:33News Update – Pre-MarketsNews BriefingCheck out the companies making headlines before the bell Friday: DocuSign (DOCU) - The software stock sank 32% after its fourth-quarter sales guidance came in at a range of $557 million to $563 million. Analysts surveyed by Refinitiv were expecting $573.8 million. Didi Global (DIDI) - Shares of the Chinese ride-hailing firm dropped 10% in premarket trading after Didi announced that it would delist from the New York Stock Exchange and pursue a listing in Hong Kong. Peloton (PTON) - The exercise equipment stock gained 2.5% before the bell following an initiation at buy from Deutsche Bank. The investment firm said that Peloton's upside now outweighed its risks after a rough stretch for the stock. Moderna (MRNA) - The volatile shares of the vaccine maker jumped 5% as the Wall Street Journal reported that the Food and Drug Administration is working toward a quick review process for updated Covid shots. Ulta Beauty (ULTA) - The cosmetics retailer's stock rose more than 5% after a stronger-than-expected third-quarter...
    In this article AAPLA man passes by iPhone 13 Pro ad on an Apple storefront in Krakow, Poland on September 30, 2021.Jakub Porzycki | NurPhoto | Getty ImagesApple shares closed down slightly negative Thursday, paring back losses of as much as 3% following a report about weakening iPhone demand heading into the holidays. A Bloomberg report Wednesday night said Apple warned its suppliers demand is lower than expected for new iPhones, rattling the stock that resisted the omicron-fueled volatility in the market this week. But word of weak demand on top of the known supply chain issues sent shares of Apple down 3% in premarket trading Thursday morning. Even as Apple shares fell, the broader market was up, with the Dow rising 600 points after Wednesday's omicron sell-off. An Apple spokesperson did not comment on Bloomberg's report. The current quarter marks the first full quarter that Apple's new iPhone model, the iPhone 13, will be available. Apple also introduced other new products ahead of the holiday shopping season, including a new version of AirPods and a redesigned MacBook Pro. But...
    Matt Murphy, CEO, Marvell TechnologyScott Mlyn | CNBC (This article was sent first to members of the CNBC Investing Club with Jim Cramer. To get the real-time updates in your inbox, subscribe here.) Marvell Technology (MRVL), which we own in the Charitable Trust, reported blowout third quarter earnings after the closing bell Thursday. Net revenue increased 61% year over year (YoY) to $1.211 billion, exceeding estimates of $1.149 billion, according to FactSet. Adjusted earnings per share grew 72% YoY to $0.43, beating the FactSet consensus of $0.38 and topping the high end of management's guidance range. In addition to the headline results, non-GAAP gross margins and operating margins were both records at 65.1% and 34.5%, respectively.Loading chart...Breaking down the results: By product group, Data Center revenue increased 15% quarter over quarter (QoQ) and 109% YoY to about $500 million thanks to robust demand from cloud customers and also a positive contribution from the on-premise data center business. Management called out specific product lines like 200- and 400-gig PAM4 electro-optics, data center interconnect ZR modules, SSD and HDD controllers, cloud-optimized SoCs...
    DocuSign CEO Daniel Springer.Source: DocuSign DocuSign shares plummeted by almost 30% in extended trading on Thursday after the developer of e-signature software provided a forecast for the end of the year that missed analysts' estimates. Fourth-quarter revenue will come in at between $557 million and $563 million, DocuSign said in its earnings report for the third quarter. Analysts on average were expecting revenue of $573.8 million, according to Refinitiv. Here are the key numbers for Q3: Earnings: 58 cents per share, adjusted, vs. 46 cents as expected by analysts, according to Refinitiv. Revenue: $545.5 million, vs. $531 million as expected by analysts, according to Refinitiv. DocuSign just reported its sixth straight period of revenue growth in excess of 40%, benefiting from remote work and the increased use of electronic signatures in more industries. The company beat on the top and bottom lines for the third quarter, but investors are more concerned about what lies ahead as businesses settle into the purchases that they made during the pandemic. For the final three months of the year, growth is expected...
    In this article ASAN OLLI DOCU MRVL ULTA Florida, Port St Lucie, The Landing at Tradition, outdoor mall, Ulta, beauty cosmetics store.Jeff Greenberg | Universal Images Group | Getty ImagesCheck out the companies making headlines after the bell:  Marvell Technology — Shares of Marvell Technology surged more than 11% in extended trading after the semiconductor company posted better-than-expected quarterly results. Marvell posted earnings of 43 cents per share on revenue of $1.21 billion. Analysts expected a profit of 39 cents per share on $1.15 billion in revenue, according to Refinitiv. Ulta Beauty — Ulta Beauty shares gained more than 3% in after-hours trading following an earnings beat. The beauty store chain posted earnings of $3.93, crushing the Refinitv consensus estimate of $2.46. Revenue also came in higher than expected. DocuSign — Shares of DocuSign plunged more than 25% during extended trading after issuing weak fourth-quarter guidance. DocuSign projected fourth-quarter revenue between $557 million to $563 million, while analysts expected revenue of $573.8 million, according to Refinitiv. Ollie's Bargain Outlet — Shares of Ollie's Bargain Outlet dropped roughly 18% after...
    In this article BOX CRM The Salesforce Tower, left, and the Salesforce West office building in San Francisco, California, U.S., on Tuesday, Feb. 23, 2021.David Paul Morris | Bloomberg | Getty ImagesCheck out the companies making headlines after the bell: Salesforce — Shares of the software giant dropped more than 6% in after hours trading on Tuesday after issuing fourth quarter earnings guidance below expectations. Next year revenue guidance also missed estimates. Salesforce, however, reported better-than-expected earnings and revenue for last quarter. The company also announced it promoted Bret Taylor to the role of co-CEO, alongside Marc Benioff. Box — Shares of Box rose 8% in after hours trading on Tuesday after beating on the top and bottom lines of its quarterly results. The company reported earnings of 22 cents per share on revenue of $224.0 million. Wall Street expected earnings of 21 cents per share on revenue of $218.5 million, according to Refinitiv. Box's fourth quarter and full year revenue and earnings also topped estimates. HP Enterprise — Shares of HP Enterprise ticked nearly 8% lower in...
    PHOTO BY MICHAEL M. SINCLAIRIn a proposal drawing heavy fire from local governments, a Senate committee Tuesday approved a measure that could lead to cities and counties facing lawsuits because of decisions that lead to reduced revenue or profits for businesses. The Senate Judiciary Committee voted 7-4 to back the proposal (SB 620), which would allow businesses to sue if local ordinances cause at least 15 percent losses of revenue or profits. The bill would apply to businesses that have been operating for at least three years. Sponsor Travis Hutson, R-St. Augustine, said the requirements of at least 15 percent losses and three years in business create a “pretty high threshold.” He said the bill would give the businesses an avenue to recover revenue. “It’s to give the businesses that may be hard-working and can’t show up at the county council or the county commission that are getting affected what, I think, is severely 15 percent … they’re getting hammered by an ordinance and right now, the government’s just saying, ‘Sorry this is what we’re doing,’” Hutson said. But Seminole...
    HARRISBURG, Pa. (KDKA) – A state senator says it’s time to stop the bleeding of toll revenue on the Pennsylvania Turnpike. The turnpike lost $104 million in uncollected tolls last year from June 2020 to May 2021. READ MORE: Pittsburgh Penguins, Fenway Sports Group Reach Agreement On Sale Of TeamPennsylvania Sen. Marty Flynn, a Scranton Democrat, sits on the Senate Transportation Committee which heard testimony earlier this year from officials at the Pennsylvania Turnpike Commission. “When one of the members of the Turnpike Commission seemed to brag about their over 90 percent collection rate, it kind of snapped me into attention, knowing that $104 million wasn’t collected, and our turnpike rates continue to skyrocket every year,” Flynn told KDKA political editor Jon Delano on Monday. Digging into the numbers, Flynn says the problem got worse when the turnpike took out toll booth collectors switching to all-electronic tolling or AET. In a one-year period, nearly 11 million trips on the turnpike went unpaid. Instead of correcting the problem, Flynn says the turnpike imposed a 45 percent surcharge on those who...
    The pandemic continues to have negative impacts on public transportation, and Virginia Railway Express commuter system is proof of that. The average number of daily rider trips in February 2020 was more than 18,000. According to VRE data, the average daily rider trips this October were just under 3,000. More Virginia News More Transportation News Still, that’s more than the double the average number of trips taken in October 2020, which was about 1,400. During an Operations Board meeting this month, CEO Rich Dalton said there’s no improvement on the horizon when it comes to those numbers. Low ridership numbers have resulted in a loss in revenue. VRE revenue is more than $2 million below budget — that’s down nearly 50%. Federal COVID-19 funding has helped to ease the revenue shortfall. D.C. Metrorail system is also seeing fewer riders, down to 81 million annual trips this year compared to more than 301 million in 2019. Metro doesn’t expect to return to a pre-pandemic level of riders until after 2025, according to its most recent projections.
              more   The owners of a company that publishes newspapers in Georgia are suing Google and Facebook on the grounds that the two tech giants violated federal antitrust and monopoly laws. The Times-Journal Inc. announced the lawsuit in their newspapers, including The Northwest Georgia News, this week. Company officials said in their lawsuit that Google and Facebook agreed to monopolize the market and subsequently damaged the newspaper industry. “Google monopolizes the market to such extent that it threatens the extinction of local newspapers across the country,” the complaint filed in U.S. District Court reportedly stated. “There is no longer a competitive market in which newspapers can fairly compete for online advertising revenue. Google has vertically integrated itself, through hundreds of mergers and acquisitions, to enable dominion over all sellers, buyers, and middlemen in the marketplace.” Times-Journal Inc., The Northwest Georgia News reported, also publishes The Marietta Daily Journal, The Rome News-Tribune, and The Calhoun Times. The lawsuit, according to The Chattanooga Times Free Press, said Google and Facebook have harmed local newspapers through a 2018 agreement called Jedi Blue. Through this...
    In this article 700-HKPeople walk past a Tencent sign at the company headquarters in Shenzhen, Guangdong province, China August 7, 2020.David Kirton | ReutersGUANGZHOU, China — Tencent must get approval from Chinese regulators to send out updates for its apps, state broadcaster CCTV reported Wednesday. The move comes after regulators found several apps made by China's most valuable technology company violated data protection rules on a number of occasions this year. Tencent's app approvals are currently suspended. China's Ministry of Industry and Information Technology must review any new apps and updates before they can be launched. This could take seven days, CCTV reported, without citing any sources. "We are continuously working to enhance user protection features within our apps, and also have regular cooperation with relevant government agencies to ensure regulatory compliance. Our apps remain functional and available for download," a Tencent spokesperson told CNBC in a statement. Tencent shares in Hong Kong were up more than 1% in morning trade. Over the past year, China has been tightening rules on the domestic tech sector which for years has grown largely...
              more   U.S District Judge Dabney Friedrich ruled Monday the deal that allows online sports betting through the Seminole Tribe violates the federal law that regulates gambling on tribal lands. Governor DeSantis and the Seminole Tribe of Florida celebrated the approval of the historic Seminole Gaming Compact in August after a 45-day review of the agreement was completed by the U.S. Department of Interior. “The final approval of this historic gaming compact is a big deal for the State of Florida,” said Governor DeSantis in the release. “This mutually-beneficial agreement will grow our economy, expand tourism and recreation and provide billions in new revenue to benefit Floridians. I again want to thank Seminole Tribe of Florida Chairman Marcellus Osceola Jr., Senate President Wilton Simpson and House Speaker Chris Sprowls for their part in getting this done for our great state.” The agreement included online sports betting which took place off of tribal lands but was processed on tribal property. However, Friedrich ruled that the deal violates the federal Indian Gaming Regulatory Act, or IGRA. The IGRA requires gambling activity to...
    VIDEO3:0203:02HP Inc. CEO says return to the office is driving PC demand from commercial clientsMad Money with Jim Cramer Shares of HP were up more than 8% in extended trading Tuesday after the computer hardware maker reported better-than-expected quarterly results and strong guidance for the current quarter. Here's how it did versus Refinitiv consensus expectations for the quarter ending Oct. 31: Earnings: $0.94, adjusted, versus $.88 expected Revenue: $16.68 billion versus $15.4 billion expected HP expects to see robust demand for its personal computers for the "foreseeable future" across its segments, CEO Enrique Lores said Tuesday on CNBC's "Mad Money." However, Lores said HP's commercial clients are currently taking precedent while the company faces supply constraints. HP's personal systems net revenue came in at $11.8 billion, up 13% year-over-year. The focus on enterprise was clear in this segment, where it showed a 3% year-over-year revenue decline in its consumer PC business but a 25% revenue pop in its commercial PC business revenue. Total PC unit sales were down 9%, however. The company's printing business posted $4.9...
    Boston officials announced plans to divest the city’s portfolio from fossil fuel companies during a ceremony with federal lawmakers and activists on Monday. In her first act in office, recently sworn-in Democratic Boston Mayor Michelle Wu signed an ordinance ordering the city to divest from the fossil fuel industry as well as the tobacco and private prison industries by 2025, according to the announcement. The action was unanimously approved by the Boston City Council on Nov. 17. The move calls for the city to withdraw $65 million from its portfolio immediately, the Associated Press reported. Roughly 15% of Boston’s revenue comes from fossil fuel investments. “In this closing window of time to act, Boston must lead by taking every possible step for climate justice,” Wu said in a statement. “Divesting from harmful industries to invest in sustainable and healthy jobs is not only the pathway to a green and resilient future; it’s also the most responsible stewardship of taxpayer dollars.” She added that the action was an important step in the goal of achieving a “Boston Green New Deal.” (RELATED:...
    Arizona’s economy appears to be outperforming the state economists' expectations as tax revenue came in above expected levels for the eighth consecutive month. The Arizona Joint Legislative Budget Committee released its October revenue numbers, showing the state brought in $1.17 billion; $100 million more than expected. Sales taxes, individual income taxes and corporate income taxes all came in at higher levels than expected, the Friday report said. A major tourist destination, Arizona relies more heavily on sales tax revenue than many other states. “Sales tax collections of $577.7 million were 14.8% above October of last year and $31.1 million above the October ... forecast,” the report said. “Through the first 4 months of FY 2022, sales tax revenue is up by 15.4%. Sales tax collections have grown at double-digit rates in each of the last eight months.” The report showed passengers at Phoenix Sky Harbor International Airport, hotel occupancy and the percentage of restaurant reservations made on the online service OpenTable are elevated compared with the same month in 2020. The state collected $519.6 million in individual income taxes; 19%...
    Shoppers leave a Nordstrom store on May 26, 2021 in Chicago, Illinois.Scott Olson | Getty Images News | Getty Images Check out the companies making headlines after the bell: Nordstrom — Shares of the department store chain tumbled roughly 20% following its quarterly results. Nordstrom reported earnings of 39 cents per share, well below the 56 cents expected by analysts. Labor costs ate into profits and sales and Nordstrom Rack, its off-price division, has struggled to return to pre-pandemic levels, the company reported. Gap — The apparel retailer saw its shares drop more than 15% after missing profit and revenue expectations for its fiscal third-quarter. It also slashed its full-year revenue outlook from a 30% increase to a 20% increase, compared with analysts' expectations of a 28.4% year-over-year gain, according to Refinitiv. HP — The computer hardware company saw shares jump about 6% following its quarterly results. HP reported earnings of 94 cents per share on revenue of $16.68 billion, beating analysts' estimates of 88 cents per share on revenue of $15.4 billion, according to Refinitiv. It also raised its...
    Stocks that traded heavily or had substantial price changes Tuesday: Best Buy Co., down $16.99 to $121.01. The consumer electronic chain’s gross profit margins tightened during the third quarter. Dycom Industries Inc., up $16.41 to $99.91. The provider of specialty contracting services reported strong third-quarter profit and revenue. Dollar Tree Inc., up $12.15 to $144.71. The discount retailer gave investors an encouraging third-quarter earnings report and financial forecasts. J.M. Smucker Co., up $7.19 to $133.63. The food maker’s fiscal second-quarter profit and revenue beat analysts’ forecasts. Burlington Stores Inc., up $22.55 to $285.55. The discount retailer’s third-quarter financial results beat Wall Street forecasts. Valero Energy Corp., up $1.90 to $72.55. Energy companies gained ground on rising oil and gasoline prices. Abercrombie & Fitch Co., down $5.92 to $41.12. The teen clothing retailer faces supply chain problems and higher costs. Medtronic Plc., down $3.51 to $113.38. The medical device company’s fiscal second-quarter revenue fell short of Wall Street forecasts. Copyright © 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
    (CNN)In time for the holiday season, former President Donald Trump has found a new way to make a profit -- he's producing a picture book and promising to ship it mid-December. The price? It's $74.99 or, for those willing to splurge for that special person on their list, $229.99 for an autographed copy."Every photograph has been handpicked by me," the former president says, "and every caption is mine, some in my own handwriting."Michael D'AntonioNow, some of you may be thinking that the price of "Our Journey Together" is a bit steep. You can get photographer Pete Souza's picture book about President Barack Obama for about $30, and Obama's own memoir -- 768 pages all written by him -- for $25. But if you are hung up by these facts, you are not thinking about Trump's book in the proper context.For true loyalists, this book is more than photographs sandwiched in a hard cover. It's a president's first post White House book, and for that reason alone, it's going to be a must-have for the most fervent of the 75 million...
    NEW YORK (AP) — Best Buy Co.’s shares tumbled Tuesday after the nation’s largest consumer electronics chain posted a decline in gross profit margin for the fiscal third quarter, citing organized theft and increased promotions compared to a year ago. The company also offered a muted forecast for a key sales metric for the holiday fourth quarter amid supply constraints that are bedeviling the entire retail industry. Shares were down more than 16%, or $22.17 per share to reach $115. 63 in morning trading. The stock decline came even as Best Buy’s overall third-quarter results beat Wall Street estimates. “We are definitely seeing more and more particularly organized retail crime and incidents of shrink in our locations,” Best Buy CEO Corie Barry told analysts during a conference call. “This is a real issue that hurts and scares real people.” She noted that the company is hiring security guards and working with its vendors on creative ways to stage the product. Barry told reporters during a separate call that the company is seeing organized theft increase across the country,...
    In this article ZMSource: NasdaqShares of Zoom dipped 10% in premarket trading Tuesday after the video-chat company warned investors of a revenue growth slowdown, leading some firms to cut price targets on the stock. Zoom was one of the pandemic darlings, going from a relatively niche business software segment to a household product. Millions of people used the company's tech over the past nearly two years in order to keep up with school, work or socializing. But growth is slowing as people return to work and school. BTIG, which lowered its price target to $400 from $460, reiterated its buy rating, but said the cut was to "better reflect current market sentiment and group multiple compression." Deutsche Bank Research also lowered its 12-month target to $280 from $350. "While we're positive on Zoom's strategic initiatives and investments in key growth areas, we find it tougher to like a stock with more sharply decelerating growth and incremental pressure on profitability," the researchers wrote in a Tuesday note. Baird, Guggenheim, Wells Fargo, Stifel, UBS, Piper Sandler and KeyBanc also dropped their price...
    Washington state coffers aren’t hurting, according to the latest quarterly revenue forecast showing a major increase in tax revenue for the current 2021-23 biennium. Economic Revenue Forecast Council (ERFC) Executive Director Stephen Lerch reported “for this biennium, an increase of $898 million for all funds subject to the budget outlook.” According to the Friday morning forecast, total state revenues are expected to grow 13.4% between the 2019-21 and 2021-23 biennia and 6.3% between the 2021-23 and 2023-25 biennia. Washington state enacts budgets on a two-year cycle, beginning on July 1 of each odd-numbered year. For example, the budget approved for the 2021-23 biennium remains in effect from July 1, 2021 through June 30, 2023 and is referred to as the 2021-23 biennial budget. Revenues for the current budget cycle are now projected to be $60.2 billion, with projected revenues for the next two-year budget cycle at about $64 billion. Lerch said that compared to this year’s first revenue forecast in March, overall revenues increased $3.6 billion for the current biennium and $4.1 billion for the next. “We continue to see...
    Zoom CEO Eric Yuan makes a toast after the Nasdaq opening bell ceremony in New York on April 18, 2019.Kena Betancur | Getty Images Zoom shares rose as much as 8% in extended trading on Monday after the video-chat software company reported fiscal third-quarter earnings that exceeded analysts' estimates. Here's how the company did: Earnings: $1.11 per share, adjusted, vs. $1.09 per share as expected by analysts, according to Refinitiv. Revenue: $1.05 billion, vs. $1.02 billion as expected by analysts, according to Refinitiv. Revenue increased 35% from a year earlier in the quarter, which ended Oct. 31, slowing from 54% growth in the prior period. Net income jumped 71% to $340.3 million, according to a statement. For the fiscal fourth quarter, Zoom forecast adjusted earnings of $1.06 to $1.07 per share on $1.051 billion to $1.053 billion in revenue, which would imply 19% growth. Analysts polled by Refinitiv had expected $1.05 in adjusted earnings per share and $1.02 billion in revenue. During the quarter, Zoom said it had called off its plan to acquire cloud contact...
    The most expensive item over the first half-decade of President Joe Biden’s climate and social spending legislation is a tax cut for the wealthy. The Democratic Build Back Better Act, which passed the House on Friday morning, raises the current $10,000 cap on federal tax deductions for state and local taxes to $80,000, a move that leads to a significant tax cut for high earners in states with high taxes. The provision dwarfs many of the other priorities in the legislation and was included under pressure from a vocal contingent of Democrats from high-tax blue states. The nonpartisan Committee for a Responsible Federal Budget said that increasing the SALT cap to $80,000 through 2025 would end up costing the federal government $275 billion in revenue — an amount that is $5 billion more than the next costliest provision in the Build Back Better Act. COST OF DEMOCRATIC SPENDING BILL WOULD DOUBLE IF TEMPORARY PROVISIONS EXTENDED, BUDGET WATCHDOG SAYS The Joint Committee on Taxation estimated Friday that the SALT cap change in the bill that...
    VIDEO1:4101:41Cramer says wait until Zoom's earnings report next week before deciding whether to buyMad Money with Jim Cramer CNBC's Jim Cramer on Friday previewed the slate of corporate earnings reports that are during next week's holiday-altered trading schedule. The "Mad Money" host's comments came after a mixed session on Wall Street, with the Dow Jones Industrial Average and S&P 500 finishing in the red as investors globally reacted to new coronavirus restrictions in some European countries. The tech-heavy Nasdaq rose 0.4%. "Ever since the Delta variant arrived on the scene, every one of these Covid scares has turned out to be a buying opportunity ... although few people seem to recognize this in the moment," Cramer said. Here's what Cramer is watching for next week. U.S. markets are closed Thursday for Thanksgiving, and there's a shortened session Friday. All revenue and earnings per share estimates are from FactSet.Monday: Zoom Video Communications Zoom Video Communications Q3 results after the bell; conference call at 5 p.m. ET Monday Projected EPS: $1.09 Projected revenue: $1.02 billion ...
    In this article VSCO BBWI CSCO NVDA SONO Nvidia founder, President and CEO Jen-Hsun HuangGetty ImagesCheck out the companies making headlines after the bell: Nvidia — Shares of the chip stock gained about 3% in extended trading after issuing strong fourth quarter revenue guidance and beating on the top and bottom lines of its quarterly results. Nvidia reported EPS of $1.17 per share, compared to estimates of $1.11 per share, according to Refinitiv. The company made $7.1 billion in revenue, more than the expected $6.83 billion. Sonos — Shares of Sonos rose 4% in after hours trading after issuing strong full-year revenue guidance. The music device company also reported a loss of cents per share last quarter, in-line with estimates, according to Refinitiv. Revenue fell short of analysts'' forecasts. Cisco Systems — Shares of the technology company dropped 6% in after hours trading after issuing next quarter earnings guidance at the low end of estimates. Cisco Systems called for revenue growth between 4.5% and 6.5% in the second quarter, below estimates of 7.4%, according to Refinitiv. Fiscal...
    In this article CSCOCisco CEO Chuck RobbinsManuel Blondeau | AOP.Press | Corbis | Getty ImagesCisco shares tumbled 8% in extended trading on Wednesday after the computer networking company reported quarterly revenue that fell short of analysts' expectations and issued weaker-than-expected guidance. Here's how the company did in its fiscal first quarter: Earnings: 82 cents per share, adjusted, vs. 80 cents per share as expected by analysts, according to Refinitiv. Revenue: $12.90 billion, vs. $12.98 billion as expected by analysts, according to Refinitiv. Cisco said per-share earnings in the fiscal second quarter will be between 80 cents to 82 cents, excluding some items, on 4.5% to 6.5% annualized revenue growth. Analysts polled by Refinitiv had expected 82 cents per share in adjusted earnings on $12.85 billion in revenue, which implies 7.4% growth. For the full fiscal year, Cisco's forecast was $3.38 to $3.45 in adjusted earnings per share and 5% to 7% revenue growth. Analysts polled by Refinitiv were looking for $3.42 per share earnings and $52.87 billion in revenue, which would equal 6.1% growth. Revenue rose...
    President Joe Biden speaks at a Tribal Nations Summit in the South Court Auditorium of the Eisenhower Executive Office Building, next to the White House. Hey people: It’s time to take a moment and cheer for our new and hard-working president, Joe Biden. He’s getting s**t done! And we should all take a breath and enjoy the successes. Remember, when Biden took office he was facing monumental challenges. Between a worldwide pandemic and a staggering daily death toll, following a violent attempted coup d’état and an outgoing president refusing to acknowledge defeat while facing impeachment for a second time, the only thing the incoming president didn’t have on his plate was a war.  Narrowly coming from behind, and thanks to a pair of January Georgia Senate runoffs that helped to put Democrats in positions of some authority on Capitol Hill, Biden has led the nation with on-the-mark stimulus policies, revived a slogging economy, and made huge improvements toward slashing poverty.  “The number of poor Americans is expected to fall by nearly 20 million from 2018 levels, a decline of almost 45 percent,” according to The New York Times.  Fast forward...
    By Adam Beam | Associated Press SACRAMENTO — California will have a $31 billion budget surplus next year as revenues continue to climb despite the pandemic, according to a new forecast from the state’s independent Legislative Analyst’s Office. The predicted surplus is so large the office estimates California will surge past a constitutional limit on state spending by more than $14 billion. That could require Gov. Gavin Newsom and state lawmakers to either cut taxes, spend more money on schools and infrastructure or — perhaps the more popular choice in an election year — give rebates to taxpayers. California’s tax collections have continued to soar despite the pandemic. From April to June of this year, California businesses reported a record high $216.8 billion in taxable sales — a 38.8% increase over 2020 and a 17.4% increase over pre-pandemic 2019. This comes as some economists worry about rising prices because of inflation. This would be the fourth year in a row of increasing revenue. But the LAO said it’s “impossible” to know whether California’s revenue gains are sustainable. “Recognizing this,...
    SACRAMENTO (AP/CBS13) — California will have a $31 billion budget surplus next year as revenues continue to climb despite the pandemic, according to a new forecast from the state’s independent Legislative Analyst’s Office. The predicted surplus is so large the office estimates California will surge past a constitutional limit on state spending by more than $14 billion. That could require Gov. Gavin Newsom and state lawmakers to either cut taxes, spend more money on schools and infrastructure or – perhaps the more popular choice in an election year – give rebates to taxpayers. READ MORE: Man Shot, Robbed While Waiting In Car Outside Stockton BusinessCalifornia’s tax collections have continued to soar despite the pandemic. From April to June of this year, California businesses reported a record high $216.8 billion in taxable sales – a 38.8% increase over 2020 and a 17.4% increase over pre-pandemic 2019. This comes as some economists worry about rising prices because of inflation. READ MORE: Sac City Unified COVID Vaccine Deadline Looms With Just 8% Of Students Reporting Their StatusThis would be the fourth year in...
    Georgia lawmakers were presented a plan to offset revenue loss amid a transition to fuel-efficient and electric vehicles by enacting per-mile fees on drivers. The state uses transportation fees and fuel taxes to support road maintenance and construction. New technology and President Joe Biden's plan for 50% of new car sales to be electric vehicles by 2030 could reduce tax collections. Electric and fuel-efficient vehicles require little or no gasoline to operate. Transportation expert Robert Poole told a legislative panel Monday the state should replace its fuel tax with per-mile highway fees to secure revenue as transportation evolves. "We're going to need to replace the fuel tax as the primary source of highway funding," said Poole, the director of transportation policy at Reason Foundation and a senior fellow at the Georgia Public Policy Foundation. Georgia's fuel excise tax for 2021 is 28.7 cents per gallon. Georgians also are subject to varying local government motor fuel sales. According to Poole's research, Georgia's gasoline sales peaked in 2017 but have been on a steady decline since, dropping by 6.57% in 2020. Travel...
    In this article TSLA RIVN LOW TGT GSK-GB VIR VIDEO1:4101:41News Update – Pre-MarketsNews BriefingCheck out the companies making headlines before the bell: Lowe's (LOW) – Lowe's rose 2.5% in the premarket after beating estimates on the top and bottom lines and raising its annual revenue forecast. The home improvement retailer earned an adjusted $2.73 per share for the third quarter, 37 cents above estimates, with comparable store sales up 2.2%. Analysts had expected comp sales to decline by 1.5%. Target (TGT) – Target reported an adjusted quarterly profit of $3.03 per share, beating consensus estimates by 20 cents, with revenue also above Street projections. Comparable store sales rose 12.7% compared with forecasts of an 8.2% increase. Despite the beats, the retailer's shares slid 2% in premarket action. GlaxoSmithKline (GSK), Vir Biotechnology (VIR) – The drug makers signed contracts to sell about $1 billion worth of their Covid-19 treatment to the U.S. government. The government also has an option to buy additional doses that last through March 2022. Glaxo was down 0.4% in premarket trading, but Vir's stock soared 8.6%....
    The Congressional Budget Office’s (CBO) analysis of increased IRS funding could put a higher price tag on the multi-trillion Build Back Better Act. The White House questioned on Tuesday the accuracy of the CBO as the non-partisan organization will soon release its score of the multi-trillion Build Back Better Act. White House deputy press secretary Andrew Bates said the “CBO doesn’t have experience analyzing revenue amounts gained from cracking down on wealthy tax cheats who are taking advantage of every honest taxpayer.” Bates contended that with an extra $80 billion in funding, the IRS could raise as much as $400 billion in extra tax revenue. However, CBO Director Phillip Swagel said during an event at the Bipartisan Policy Center Monday that the agency does have the experience to score how increased IRS funding could impact tax revenue. He emphasized that many CBO officials have also worked at the Treasury. “It’s not that you put more money into the service and you actually lose money,” Swagel said. “It’s not that at all. But it does affect the behavior of people on the other...
    (CNN)The White House and top Democrats are expecting a highly anticipated estimate from the nonpartisan Congressional Budget Office to show that their sweeping plan to expand the social safety net will fail to meet President Joe Biden's promise to not add to the federal deficit.But behind the scenes, they have been launching a preemptive strike for weeks to prepare their colleagues for that likelihood, arguing that the CBO numbers would diverge from the White House's projections that $320 billion would be raised by increased tax enforcement, a difference the administration says stems from the different methods used to calculate the revenue gained.The question now facing Democratic leaders is whether those assurances from the White House will be enough to assuage moderates, who have withheld their support for the roughly $1.9 trillion bill until information from the CBO show its costs are offset."I am undecided on the bill," said Rep. Elissa Slotkin, a vulnerable Democrat from a swing district in Michigan. "I remain undecided on the bill. I want to see these scores, and I want to make sure I understand...
    A new budget projection shows the Democratic climate and social spending bill would add to the deficit, a finding that could further imperil support from centrist Democrats like Sen. Joe Manchin. The Wharton School at the University of Pennsylvania released a report finding that President Joe Biden’s Build Back Better Act, as it currently stands, would generate $1.8 trillion in revenue but cost $2.1 trillion in spending, resulting in a net deficit of $274 billion over the next decade. The report, which was compiled using the school’s budget model, additionally forecast that the spending legislation would result in a 0.2% decrease in gross domestic product through 2050, even when accounting for the positive growth effects from some of the spending mechanisms. COST OF DEMOCRATIC SPENDING BILL WOULD DOUBLE IF TEMPORARY PROVISIONS EXTENDED, BUDGET WATCHDOG SAYS The Democratic bill is chock full of spending provisions that have early sunsets and drive down the headline price of the agenda, a tactic that Republicans and certain outside groups have characterized as gimmickry. The Wharton model found that...
    The White House shot down claims Tuesday that the administration is preparing centrist Democrats to deal with an unfavorable Congressional Budget Office score for the Build Back Better budget reconciliation agenda. The New York Times reported Monday night that White House officials have "begun bracing lawmakers for a disappointing estimate from the budget office, which is likely to find that the cost of the overall package will not be fully paid for with new tax revenue over the coming decade." Deputy press secretary Andrew Bates called that reporting flawed during a gaggle onboard President Joe Biden's Tuesday Air Force One flight to New Hampshire. "There has been wide agreements on the part of everyone involved — moderates, liberals, etc. — that CBO does not have experience analyzing revenue amounts gained from cracking down on wealthy tax cheats, who are taking advantage of every honest taxpayer," he stated. "Last night, reporters directly asked key Democratic House members whose views run the gamut, including moderates, liberals, folks in between. They universally said this was not an issue at all." Bates also...
    In this article SOFI HOOD HD RIVN A shopper leaves a Home Depot with merchandise that she purchased on August 17, 2021 in Alexandria, Virginia.Alex Wong | Getty ImagesCheck out the companies making headlines in midday trading. Home Depot — Shares of Home Depot jumped more than 5% after the home improvement retailer beat on earnings. The company reported earnings of $3.92 per share on revenue of $36.82 billion. Analysts expected earnings of $3.40 on revenue of $35.01 billion, according to Refinitiv. Robinhood — Shares of the stock trading app ticked 4.6% lower in midday trading after Atlantic Equities downgraded Robinhood to neutral from buy, saying in a note to clients that there is little reason for shares to rebound in the coming months with such inconsistent growth. SoFi Technologies — Shares of the fintech company dropped more than 5% in midday trading after announcing a secondary offering of 50 million shares of its common stock by certain selling shareholdings. Peloton — Shares of the stationary bike company popped more than 11% in midday trading after announcing it plans...
    LOS ANGELES (CBSLA) — Some small storefront businesses struggling to keep their doors open can get as much as $40,000 in rent relief from Los Angeles County. Los Angeles County’s Small Business Rent Relief Grant Project, which is funded by the American Rescue Plan Act, launches Wednesday. The project will give grants of up to $40,000 to help businesses cover their rents that became past due as of March 4, 2020. READ MORE: Armed Prowler Terrorizes Shadow Hills Neighborhood“Just because a business survived the pandemic, doesn’t mean they don’t need help,” Supervisor Janice Hahn said in a statement. “The COVID-19 crisis and the health orders the county put in place to try to save lives hit our small businesses hard and many of the still owe back rent.” READ MORE: Judge Orders Vanessa Bryant To Disclose Mental Health Records In Kobe Crash Photos LawsuitTo qualify, businesses must be a brick-and-mortar location in the unincorporated areas of Los Angeles County, have an annual average of nine or fewer full-time equivalent employees, have an annual total gross revenue of no more than...
    New York (CNN Business)Rivian, a 12-year-old startup that's never sold a single vehicle, is now the third most valuable carmaker in the world. The electric vehicle maker has been public for all of one week, but its share price has more than doubled in that time, valuing Rivian at more than $140 billion — just ahead of Volkswagen ($139 billion), and in third place behind Toyota ($306 billion) and Tesla ($1 trillion). On Tuesday, the stock opened 6% higher, at about $159 a share. When the company debuted last week, it priced its shares at $78. Even though Rivian hasn't brought any of its electric trucks to market, it's ginned up major investor interest with prominent backing from Amazon, which bought a 20% stake in 2019, and Ford (F). Jeff Bezos is a big fan, and has been seen shuttling his fellow space explorers to and from Blue Origin's West Texas launch site in Rivian's signature truck. Rivian is fueled by a powerful force: Jeff Bezos desire to spite Elon MuskElectric vehicle hype is nothing new — many analysts, and...
    VIDEO0:4700:47U.S. futures indicate modest losses at open after Biden-Xi summitMorning Report Take a look at some of the biggest movers in the premarket: Rackspace Technology (RXT) – Rackspace beat estimates by a penny a share, with quarterly earnings of 25 cents per share. The cloud computing company's revenue also topped Wall Street forecasts. It was Rackspace's eighth consecutive quarter of revenue growth, and the company said it was well-positioned in a booming market. its shares surged 8.3% in the premarket. Axon Enterprise (AXON) – Axon soared 23.5 % in premarket trading, after the maker of Tasers, body cameras and other public safety equipment reported much-better-than-expected sales and revenue for its latest quarter. Royalty Pharma (RPRX) – Royalty Pharma rallied 7.8% in premarket trading, following news that Berkshire Hathaway (BRK.B) took a new $475 million stake in the drug royalty purchaser. Home Depot (HD) – The home improvement retailer reported third-quarter profit of $3.92 per share, 52 cents a share above estimates. Revenue also beat Street forecasts. Comparable-store sales were up a better-than-expected 6.1%, driven by demand for household tools and...
    In this article SPLKDoug Merritt, CEO, SplunkScott Mlyn | CNBCShares of data-analytics software maker Splunk were down as much as 19% after the company said CEO Doug Merritt was stepping down and Graham Smith, its board chair, was taking over as interim CEO, effective immediately. Splunk is looking for a new permanent chief. The stock move was on track to be the third worst on record for Splunk and the sharpest decline since December. The leadership change creates more uncertainty for a company working to become viewed more like a cloud company than a seller of more traditional on-premises software. Merritt joined Splunk as a senior vice president in 2014 after stints at Cisco, PeopleSoft and SAP, and in 2015 he replaced Godfrey Sullivan as Splunk's CEO, who had taken the company public in 2012. Smith is a former chief financial officer of Salesforce who joined Splunk's board in 2011. The CEO transition is "an additional concern" the company is dealing with, on top of risks such as increasing competition from public cloud providers, entry into the observability market and...
    Growing a startup company won’t happen overnight. In addition to perfecting a product or service, you’ll need to create a unique brand, establish price points, hire employees, market your company, and develop an exceptional customer experience. The above actions might feel overwhelming initially, especially if you lack business experience. Yet, every entrepreneur must start somewhere when launching a company. If you have secured a few customers already, you might be eager to expand your operations to generate a rewarding revenue. Are you ready to take your venture to the next level? Find out how to scale your small business from home. Scale Gradually After securing your first customers, you might feel tempted to invest in a new office space or warehouse to power your operations. However, it is crucial to start small and gradually grow the business. For example, if your home can no longer house your inventory, don’t rush out to invest in a warehouse. Instead, store stock in one of the many Pittsburgh storage units available, as it will allow you to keep the items in a secure...
    U.S. President Joe Biden departs with House Speaker Nancy Pelosi (D-CA) after speaking to the House Democratic Caucus about the Build Back Better agenda and the bipartisan infrastructure deal at the U.S. Capitol in Washington, October 28, 2021.Jonathan Ernst | Reuters Congress is on the verge of passing legislation to implement critical parts of President Joe Biden's Build Back Better initiative. Many core provisions, like expanded child care and universal pre-K, would help Americans make real progress on easing the pathway to work and expanding opportunity, now and in the future. Investments in education, health, housing, and the care economy are crucial both to address the damage that inequality does to our society and to lessen the economic costs of the current imbalance. However, some question the scope of Build Back Better and take issue with its price tag. I am sympathetic to concerns being raised about whether we can afford this spending but I am confident that we can. As the Congressional Budget Office scores this legislation in the coming days, lawmakers may find it necessary to make some...
              more   Virginia’s state-owned transportation infrastructure is improving, ranking the state 13th among the rest of the U.S. for pavement condition. Bridge condition lags somewhat, ranking 17th, but more than 25 percent of the Commonwealth’s bridges are close to being ranked structurally deficient, the Joint Legislative Audit and Review Commission (JLARC) reported to legislators on Monday. “You may recall that there was interest in taking a look at the state’s revenue streams, planning process, and infrastructure condition after a series of major legislative actions over the last five years or so,” JLARC Director Hal Greer said. “As you’ll hear, the state’s revenue picture has improved, and recent changes have made the state’s planning process more rigorous, and based on objective data. We have, though, identified some important, but relatively minor changes to be considered to better address some of the state’s transportation needs.” Locally-maintained infrastructure is worse, with only about 67 percent of pavements in sufficient condition, compared to 83 percent of Virginia Department of Transportation- (VDOT) maintained roads. The area around Richmond is the worst, with only 56 percent...
    In this article FL TSN WMT HD NVDA TGT CNBC's Jim Cramer on Friday looked ahead to next week's most important earnings report, after Wall Street ended on a strong note Friday but snapped a five-week winning streak. The Dow Jones Industrial Average rose nearly 180 points, or 0.5% on Friday. The S&P 500 gained about 0.7% and the Nasdaq added 1%. However, those gains were not enough to overcome the selling after Wednesday's hottest consumer inflation report in more than 30 years. For the week, the Dow fell 0.6%; the S&P 500 dipped 0.3% and the Nasdaq dropped about 0.7%.CNBC"You've got all these stentorian hedge fund billionaires who're eager to shoot at the great growth stocks of this era, especially the Nasdaq names. They come on air and blast these stocks, then look like morons when the high-fliers come roaring back a few days later," Cramer said about this week's market. "It was the short-sellers covering" that sent the market up late in the week, he added. Next week, Cramer said, "Look for a week where the...
    NEW YORK (AP) — Johnson & Johnson, up $1.95 to $165.01. The healthcare company is splitting its Band-Aids and Listerine division from its medical device and prescription drug business. Laboratory Corp. of America Holdings Inc., up $10.35 to $297.23. The company is reportedly considering combining some of its assets with Syneos Health. Lordstown Motors Corp., down $1.21 to $5.68. The electric truck maker gave investors a discouraging production update, with delays stretching to the third quarter of 2022. Blink Charging Co., up $4.50 to $40.01. The electric vehicle charging and equipment supply company beat Wall Street’s third-quarter revenue forecasts. Spectrum Brands Holdings Inc., up $8.65 to $102.72. The owner of Cutter bug spray and George Foreman grills reported strong quarterly earnings. Flowers Foods Inc., up 58 cents to $26.08. The bakery goods company raised its profit and revenue forecast for the year. Western Union Co., up 27 cents to $18.27. The money transfer company expanded its partnership with Mastercard. Loews Corp., down 52 cents to $57.04. A Delaware court ruled against the conglomerate in a case related to its acquisition...
    NEWTON (CBS) – Dylan Gastel grew up in Rhode Island playing ice hockey, and he’s made it his business to pass his love for the sport onto others. “Truly my best childhood memories are skating with my brother, my sister, my friends, my teammates in my backyard,” he said. “I thought why don’t I invent a backyard ice rink that can be assembled by anyone in any backyard all across North America.” Gastel founded EZ ICE in 2016 while studying Mechanical Engineering at Yale University. The mission was simple. EZ Ice backyard rink (Image credit EZ ICE) “My goal truly is to grow the game of ice hockey,” said Gastel. Now, the 25-year-old has a team of 20 employees selling the “do it yourself” backyard rinks out of the company’s Newton office. Last Winter, business took off. “Last year we did about $16 million in revenue which is awesome. On the one hand you had a lot of families who had a need for this at home. On the other hand, I think in 2020 there’s been this boom of...
    LONDON (AP) — British-Swedish pharmaceutical company AstraZeneca said Friday that it will start to book a modest profit from its coronavirus vaccine as it moves away from the nonprofit model that it has operated so far during the pandemic. In a third-quarter update, the company said it is “now expecting to progressively transition the vaccine to modest profitability as new orders are received.” It said profits from the vaccine in the fourth quarter will offset costs related to its antibody cocktail developed to prevent and treat COVID-19. Through the pandemic so far, AstraZeneca said it would provide the vaccine, which was developed by scientists at the University of Oxford, “at cost.” It confirmed Friday that it will not be booking any coronavirus vaccine profits from developing countries. The slight change of tack came as AstraZeneca unveiled plans to set up a separate arm for vaccines and antibody treatments that focus on COVID-19. In its earnings, the company said revenue jumped by about 50% in the third quarter, largely as a result of sales of more than $1 billion in COVID-19...
    In this article MAPS RIDE BLNK LAZR Workers install door hinges to the body shell of a prototype Endurance electric pickup truck on June 21, 2021 at Lordstown Motors' assembly plant in Ohio.Michael Wayland / CNBCCheck out the stocks making headlines in extended trading on Thursday. Blink Charging - The electric vehicle charging stock rose 5% after Blink announced that its revenue grew faster than expected in the third quarter. The company reported $6.4 million in revenue, well ahead of the $4.7 million expected by analysts, according to Refinitiv. Losses were wider than expected, however. Lordstown Motors - Shares of the auto startup were down 7% in extended trading after the company reported another quarter with no revenue. Lordstown said it plans to produce and deliver its Endurance truck in the third quarter of 2022. The company's loss-per-share was smaller-than-expected in its most recent quarter, according to Refinitiv. WM Technology - The software stock tied to the cannabis industry fell 12% after third-quarter results missed expectations on the top and bottom lines for the third quarter, according to StreetAccount....
    In this article BABA BMBL RIVN BYND The New York Stock Exchange welcomes The Walt Disney Company (NYSE: DIS), today, Tuesday, May 4, 2021, in honor of Star Wars Day.Source: NYSECheck out the companies making headlines in midday trading. Rivian Automotive — Shares of the newly public electric vehicle start-up soared 22% in its second day of trading. This follows the company's market debut where it rallied 29%. The company already has a market valuation larger than Ford and General Motors. Disney — Disney shares fell more than 6% after the media giant missed on the top and bottom lines of its quarterly results. Disney+ subscribers also came in short of estimates. Beyond Meat — The alternative meat company whiffed on estimates for the third quarter, sending its stock down 13%. Investment firm Bernstein downgraded Beyond Meat to market perform after the quarterly report, saying there was too much uncertainty around demand for investors to buy the dip. The Honest Company — The consumer goods stock rose 12% after The Honest Company's third-quarter sales came in at $82.7 million,...