Business News

Genuine Parts Company Reports Third Quarter 2020 Results

Sales of $4.4 billion, Down 3.4%; Excluding Divestitures, Up 0.8% Diluted Net Income per Share from Continuing Operations $1.61, Up 11% Diluted Adjusted EPS from Continuing Operations $1.63, Up 17% Segment Profit Up 100 basis points to 9.0% Strengthened Balance Sheet, Enhanced Liquidity and Strong Cash Flows ATLANTA, GA (STL.News) Genuine Parts Company (NYSE: GPC) announced today its results for the third quarter and nine months ended September 30, 2020. “The GPC team remained focused on our top priorities through the third quarter, aggressively managing our operations through the challenges of COVID-19.  We are proud of everyone’s hard work and commitment to operational excellence, which has required effective measures to maintain a safe work environment while also providing first cla...

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American Airlines Group Reports Third-Quarter 2020 Financial Results

FORT WORTH, TX (STL.News) American Airlines Group Inc. (NASDAQ: AAL) today reported its third-quarter 2020 financial results, including: Third-quarter revenue of $3.2 billion, down 73% year-over-year on a 59% year-over-year reduction in total available seat miles (ASMs). Third-quarter pretax loss of $3.1 billion.  Excluding net special items, third-quarter pretax loss of $3.6 billion. Third-quarter net loss of $2.4 billion, or ($4.71) per share. Excluding net special items, third-quarter net loss of $2.8 billion, or ($5.54) per share. Ended third quarter with approximately $13.6 billion of total available liquidity. In addition, in October, the company increased its loan capacity by $2 billion through the CARES Act loan program to $7.5 billion.  With this increase, the company’s third-...

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SEC Obtains Final Judgment Against Kik Interactive For Unregistered Offering

Washington, DC (STL.News) The Securities and Exchange Commission (SEC) announced today that a federal district court has entered a final judgment on consent against Kik Interactive Inc. to resolve the SEC’s charges that Kik’s unregistered offering of digital “Kin” tokens in 2017 violated the federal securities laws. The SEC’s complaint, filed in the U.S. District Court for the Southern District of New York on June 4, 2019, alleged that Kik sold digital asset securities to U.S. investors without registering their offer and sale as required by the U.S. securities laws.  The court granted the SEC’s motion for summary judgment on September 30, 2020, finding that undisputed facts established that Kik’s sales of “Kin” tokens were sales of investment contracts, and therefore of securities, an...

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Discover Financial Services Reports Third Quarter 2020

Discover Financial Services Reports Third Quarter Net Income of $771 Million or $2.45 Per Diluted Share RIVERWOODS, IL (STL.News) Discover Financial Services (NYSE: DFS): Discover Financial Services (NYSE: DFS) today reported net income of $771 million or $2.45 per diluted share for the third quarter of 2020, as compared to net income of $770 million or $2.36 per diluted share for the third quarter of 2019. “While the economic environment remains challenging, I am encouraged by the positive developments we saw, with a return to growth in sales in September and very solid credit performance across all of our loan products,” said Roger Hochschild, CEO and President of Discover.  “Our results this quarter demonstrate the benefit of actions we took in the first half of the year to mitigate...

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Entergy to Report Third Quarter 2020 Financial Results on October 28

NEW ORLEANS, LA (STL.News) Entergy Corporation (NYSE: ETR) will report its third quarter 2020 financial results before the market opens Wednesday, October 28, 2020. Company leaders will conduct a conference call to discuss financial results at 10 a.m. CT the same day.  Listen to a live webcast of the call at entergy.com/investors or by dialing (844) 309-6569 and use conference ID 7684714. From time to time, Entergy posts new and/or revised materials on its website and on social media and anticipates doing so in connection with this event.  The presentation materials and an archived replay of the webcast will be available on Entergy’s Investor Relations website at entergy.com/investors. CLICK to VIEW SOURCE Source link ...

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Federal Maritime Commission Grants Temporary Relief Requested by CMA CGM

Washington, DC (STL.News) The Federal Maritime Commission voted to grant the temporary relief sought by CMA CGM from certain service contract and tariff filing requirements. The carrier sought relief from Commission regulations as part of its efforts to respond to a malicious cyberattack it experienced in September. The Commission granted the request for exemption from relevant service contract filing requirements and relevant tariff publishing requirements.  Both exemptions are subject to certain conditions.  The exemption from tariff publishing requirements applies only to cargo received on or after the date of the order. CLICK to VIEW SOURCE Source link ...

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Iron Mountain Data Centers and Telia Carrier Expand Partnership to Extend Global Connectivity

Enhanced global network in APAC, EMEA and North America delivers increased high performance network diversity for data center customers STOCKHOLM (STL.News) Telia Carrier and Iron Mountain Data Centers, a division of Iron Mountain Incorporated (NYSE: IRM), the storage and information management services company enabling digital transformation, announced today an expanded data center partnership with new IP Transit Services in Manassas, VA, Pittsburgh, PA, Edison, NJ and Phoenix, AZ in the US; and London, Amsterdam and Singapore internationally.  The partnership provides Iron Mountain’s data center customers new options for high performance diverse connectivity in the US to global hubs in APAC and EMEA. “Telia Carrier prides itself on customer centricity and our global network is design...

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Abbott Laboratories Reports Third Quarter 2020 Financial Results

Third-quarter sales growth of 9.6 percent; organic sales growth of 10.6 percent Sales growth in Medical Devices and Diagnostics improved significantly versus prior quarter Continues to strengthen portfolio with several recent new product approvals, including FreeStyle Libre 3, Libre Sense Glucose Sport Biosensor and MitraClip G4 heart device ABBOTT PARK, IL (STL.News) Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2020. Third-quarter worldwide sales of $8.9 billion increased 9.6 percent on a reported basis and 10.6 percent on an organic basis, which excludes the impact of foreign exchange. Reported diluted EPS from continuing operations under GAAP was $0.69 and adjusted diluted EPS from continuing operations, which excludes specified items, w...

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Thermo Fisher Scientific Reports Third Quarter 2020 Financial Results

Third quarter revenue increased 36% to $8.52 billion. Third quarter GAAP diluted earnings per share (EPS) increased 157% to $4.84. Third quarter adjusted EPS increased 91% to $5.63. WALTHAM, MA (STL.News) Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, today reported its financial results for the third quarter ended September 26, 2020. Generated $2.0 billion of COVID-19 related revenue in the quarter and returned the base business to growth. Further expanded our global pandemic response, including launching the Amplitude Solution to automate high-throughput PCR-based testing, adding significant capacity for viral transport media production in Europe and introducing two new COVID-19 antibody tests that are available in the U.S. and Europe. Continued to in...

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Boeing, U.S. Navy to Demo Future Ramjet Missile Technology

The demonstrator will help the Navy determine technical requirements for future carrier-based weapons systems ST. LOUIS, MO (STL.News) Boeing [NYSE: BA] and the U.S. Navy will demonstrate advanced missile technologies that will make carrier air wing strike fighters more lethal against threats into the next decade. Boeing has been awarded a $30 million contract from the Navy to co-develop the Supersonic Propulsion Enabled Advanced Ramjet (SPEAR) flight demonstrator with the Navy’s Air Warfare Center Weapons Division.  The contract award comes after the Department of Defense requested information from the defense industry to help the Navy determine technical requirements of future carrier-based land and sea strike weapons systems. “The SPEAR flight demonstrator will provide the F/A-18 Su...

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Federal Reserve Board issues enforcement action with employee of First Savings Bank

WASHINGTON, DC (STL.News) The Federal Reserve Board on Tuesday announced the execution of the enforcement action listed below: Consent cease and desist order against Weldon Riggs, an employee of First Savings Bank, Jeffersonville, Indiana, for engaging in unsafe and unsound practices while supervising a loan production office. Additional enforcement actions can be searched for here. CLICK to VIEW SOURCE Source link ...

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Lockheed Martin Reports Third Quarter 2020 Results

BETHESDA, MD (STL.News) Lockheed Martin Corporation [NYSE: LMT] today reported third quarter 2020 net sales of $16.5 billion, compared to $15.2 billion in the third quarter of 2019.  Net earnings from continuing operations in the third quarter of 2020 were $1.8 billion, or $6.25 per share, compared to $1.6 billion, or $5.66 per share, in the third quarter of 2019.  Cash from operations in the third quarter of 2020 was $1.9 billion, compared to cash from operations of $2.5 billion in the third quarter of 2019. “In the third quarter, our dedicated workforce and resilient supply chain continued to support our customers’ vital national security missions, overcoming the challenges of the pandemic,” said James Taiclet, Lockheed Martin president and CEO.  “As a result, we delivered strong res...

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CFTC and BoE Sign New MOU for Supervision of Cross-Border Clearing Organizations

Washington, DC (STL.News) The Commodity Futures Trading Commission (CFTC) and the Bank of England (BoE) have today announced that they have signed an updated Memorandum of Understanding (MOU) regarding cooperation and the exchange of information in the supervision and oversight of clearing organizations that operate on a cross-border basis in the United States and in the United Kingdom.  CFTC Chairman Heath P. Tarbert and BoE Deputy Governor for Financial Stability Jon Cunliffe published a joint op-ed for Risk.net outlining the agreement. The MoU strengthens the relationship between the regulators responsible for the resilience of the largest and most important derivatives markets and central counterparties (CCPs) in the world.  The supervision of CCPs that operate in both the United S...

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