Thursday, February 2News That Matters
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Tag: Business

UBS downgrades Snap after earnings, citing rising competition

UBS downgrades Snap after earnings, citing rising competition

Business
Snap may have trouble keeping up with ever-rising competition going forward, according to UBS. Analyst Lloyd Walmsley downgraded the social media company to neutral from buy. He also reiterated a price target of $10, which implies downside of 13.5% from Tuesday's close, and trimmed his 2023 revenue outlook on Snap. "We see increasing competition everywhere," Walmsley wrote in a client note Wednesday. "While the focus has been on TikTok, Meta is ramping Reels monetization (feedback has been +) and YouTube is scaling Shorts (atop Google's ad platform). Given the magnitude of competition and Snap's relatively subscale nature, we see risk to revenue acceleration. We roll our PT to '24 EV/revenue (from '23 prev) and trim our multiples to 3x (from 4x previous) reflecting slower growth." Walms...
General Motors (GM) earnings Q4 2022

General Motors (GM) earnings Q4 2022

What's Hot
Mary Barra, CEO, GM at the NYSE, November 17, 2022.Source: NYSEDETROIT — General Motors is set to report its fourth-quarter earnings before the bell Tuesday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: $1.69Revenue: $40.65 billionGM in November tightened its projected range for 2022 adjusted earnings to between $13.5 billion and $14.5 billion, compared with previous guidance of between $13 billion and $15 billion. It also increased its cash flow guidance to between $10 billion and $11 billion, up from $7 billion to $9 billion.While investors will be watching the fourth-quarter results for signs of any waning consumer demand or profit dilution, the automaker's 2023 guidance is expected to be in the spotlight.Goldman Sachs ...
Obamacare special enrollment for people who lose Medicaid

Obamacare special enrollment for people who lose Medicaid

Business
An Obamacare sign is seen outside of the Leading Insurance Agency, which offers plans under the Affordable Care Act (also known as Obamacare) on January 28, 2021 in Miami, Florida.Joe Raedle | Getty ImagesMillions of people in the U.S. are at risk of losing Medicaid this year when coverage protections put in place during the Covid-19 pandemic come to an end in April.To make it easier for these individuals to transition to other coverage, the Health and Human Services Department has announced a special enrollment period for Obamacare.People who lose Medicaid coverage from March 31 through July 31, 2024 can apply for Obamacare outside of the normal enrollment period at healthcare.gov if they live in a state served by the federal marketplace, according to new guidance from HHS.A majority o...
EV carmakers work to fit auto dealers into their future plans

EV carmakers work to fit auto dealers into their future plans

Business
Customers wearing protective masks looks at the interior of a vehicle for sale at a Ford Motor Co. dealership in Colma, California, Feb. 1, 2021.David Paul Morris | Bloomberg | Getty ImagesDETROIT — As automakers chase Tesla-like profits on new electric vehicles, they face an existential question: how best to bring franchised auto dealers along with them as they transition to EVs.Some, such as General Motors, are asking luxury dealers to go all-in on EVs or get out of the business. Others like Ford Motor are offering dealers different "EV-certification" levels, while most other carmakers, or OEMs, know they need to change the sales process to fit the evolving industry, but are still trying to figure out how to do it."I think we're all building this airplane as we fly," Michael Alford, p...
Chewy Connect With a Vet faces criticism, legal hurdles

Chewy Connect With a Vet faces criticism, legal hurdles

Business
The Chewy.com application is displayed in the on an Apple iPhone.Andrew Harrer | Bloomberg | Getty ImagesChewy, the e-commerce pet-goods giant best known for its convenient auto-ship services and generous return policies, wants to grow its veterinary telehealth service as part of an overall push into health care. While the telehealth service is a small part of the company's rapidly expanding health offerings, it is important to its strategy. Yet it also faces regulatory obstacles and skepticism from the veterinary community. Longtime veterinarians told CNBC the service can have some benefit for minor situations, or for people who don't have easy access to vet care. But it could create problems for pets, too, they said.Chewy's service, called Connect With a Vet, has experienced significa...
DRAP urges govt to trade in yuan

DRAP urges govt to trade in yuan

Business
KARACHI: The Drug Regulatory Authority of Pakistan (DRAP), on Friday, urged the government to strike import deals, especially for raw material required for the production of drugs and medical devices, in Chinese currency (RMB) to avoid potential interruptions in the country’s production of pharmaceuticals. During a meeting with the Pakistan Pharmaceutical Manufacturers’ Association (PPMA), DRAP Chief Executive Office Asim Rauf explained that the measure will help mitigate any disruptions caused by the shortage of dollars in the country. “In light of the drastic measures being taken against imports by the government, DRAP recommends trading in Chinese currency otherwise pharmaceutical production in the country will come to a halt,” warned Rauf. Talking to The Express Tribune, Arif Hab...
Charts suggest investors should bet on ‘work horses’ in the Dow Jones Industrial Average, Jim Cramer says

Charts suggest investors should bet on ‘work horses’ in the Dow Jones Industrial Average, Jim Cramer says

Business
CNBC's Jim Cramer on Friday told investors to steer clear of stocks in the Nasdaq Composite and instead place their bets on names listed in the Dow Jones Industrial Average."Even though tech has started the new year strong, and it was crazy good today, the charts, as interpreted by Larry Williams, say you need to be a little bit wary of the show horses in the Nasdaq and bet on the work horses in the Dow," he said.Stocks rose on Friday to close out a positive week for all three major indexes. The Nasdaq has climbed 11% this year, as investors have bet on less aggressive interest rate hikes from the Federal Reserve.To explain Williams' analysis, Cramer examined the daily chart of the Nasdaq-100 dating back to November 2021.Zoom In IconArrows pointing outwardsWhile some technicians believe...
Dar denounces tractor industry

Dar denounces tractor industry

Business
ISLAMABAD: Economic Coordination Committee (ECC) Chairman and Finance Minister Ishaq Dar has lashed out at the tractor industry for its lack of response despite getting several incentives. A number of initiatives had been taken but the tractor industry remained “non-responsive” and now “focus is on approving a policy and settling issues at the implementation stage”, Dar said while approving the import of five-year-old tractors. In a recent meeting, the ECC deliberated whether to place a quantitative limit on the import of tractors and directed the State Bank of Pakistan (SBP) as well as the ministries and divisions concerned to undertake a review. It told the Ministry of Commerce to look into the import of tractors under the Kissan Package 2022, in consultation with the SBP, after th...
Intel, Chevron, American Express, Silvergate and more

Intel, Chevron, American Express, Silvergate and more

Business
Intel said April 5, 2022 that it has suspended all business operations in Russia.Paco Freire/Sopa Images | Lightrocket | Getty ImagesCheck out the companies making headlines before the bell:Intel — The chipmaker suffered a 9% loss in its shares in early morning trading after its latest financial results missed analysts' estimates and showed significant declines in the company's sales, profit and gross margin. The company also forecasted a loss for the current quarter.Advanced Micro Devices — Chip stocks such as Advanced Micro Devices fell as a group following Intel's results. Shares of Advanced Micro Devices fell nearly 2.4%, while shares of Nvidia and Micro dipped about 1.5% each.Chevron — Shares dipped more than 1% after Chevron reported its latest earnings results. The oil producer m...
Tata Motors’s Passenger Vehicles To Cost More From February 1

Tata Motors’s Passenger Vehicles To Cost More From February 1

What's Hot
The company sells various models like Nexon, Harrier, Safari and Punch in the domestic market.New Delhi: Tata Motors on Friday said it will increase prices of its internal combustion engine-powered passenger vehicle range by 1.2 per cent on a weighted average basis from February 1.The company has been absorbing a significant portion of the increased costs on account of regulatory changes and a rise in overall input costs, and is hence passing on some portion through this hike, the auto major said in a statement.Effective February 1, 2023, the weighted average increase will be 1.2 per cent, depending on the variant and model, it added.The company sells various models like Nexon, Harrier, Safari and Punch in the domestic market.(Except for the headline, this story has not been edited by N...