Tag: earnings

Merck announces retirement of CEO, 2020 earnings | Business News

KENILWORTH, N.J. – Merck & Co., with multiple locations in eastern Pennsylvania and New Jersey, announced fourth quarter and full year 2020 results.

The results were mixed.

However, earnings weren’t the big news Thursday morning. The big news was the announcement that chairman and CEO Kenneth C. Frazier is retiring at the end of June after almost 11 years at the helm of the pharmaceutical giant. He will remain on the board as executive director.

Frazier was one of the few Black corporate leaders of Fortune 500 companies in the U.S. He will be succeeded as CEO by Chief Financial

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Visa and Mastercard Earnings, Square’s Next Business, and Mall Bankruptcies

In this week’s installment of Industry Focus: Financials, host Jason Moser and Fool.com contributor Matt Frankel, CFP, dive into the latest results from Visa (NYSE:V) and Mastercard (NYSE:MA), both of which saw earnings decline sharply despite strong payment volume. Plus, Square (NYSE:SQ) is reportedly trying to make a move into the tax preparation business, and two mall REITs just filed for bankruptcy as the pandemic continues. And finally, hear why Matt is keeping a close eye on Berkshire Hathaway (NYSE:BRK-A) this week, while Moser is watching Bill.com (NYSE:BILL)

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Shoe Carnival (SCVL) Q2 Earnings Beat, Sales Miss Estimates – September 2, 2020

Shoe Carnival, Inc. (SCVL Free Report) reported second-quarter fiscal 2020 results, with the bottom line surpassing the Zacks Consensus Estimate and the top line missing the same. On a year-on-year basis, earnings reflect a decline, while the top line improved.

Markedly digital sales were a key upside during the quarter. However, brick-and-mortar sales continued to remain sluggish due to the COVID-19 outbreak. Moreover, management is cautious regarding the uncertainties surrounding the pandemic and refrained from providing any guidance for fiscal 2020.

Shares of the company declined 13.2% in the after-hours trading session on Sep 1.

Q2 in Details

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Simon Property Group (SPG) reports Q2 2020 earnings fell

Simon Property Group CEO David Simon

Anjali Sundaram | CNBC

Simon Property Group Chief Executive David Simon said Monday that the company is still looking to salvage additional distressed retailers, having already made bids for bankrupted Lucky Brand, Brooks Brothers and J.C. Penney. 

“We’re acquiring inventory at or below cost,” Simon said, explaining the company’s acquisition strategy during a conference call with analysts. “There’s profit in there.” 

“We continue to look for other opportunities,” he said. “We are doing our fair share for trying to keep this world as normal as we can.” 

As an example, the CEO noted that

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Stocks trade mixed as investors eye earnings, Trump’s virus orders

Stocks pared earlier gains to trade mixed, as market participants considered more earnings results and the potential for more virus-related stimulus measures. The S&P 500 came within 0.75% of its record closing high from February 19, as of Monday morning trading.

Investors digested a new slate of executive orders from President Donald Trump, who sidestepped Congress in moving ahead on Saturday with actions to provide support for the virus-hit economy. The executive orders drew the ire of Democratic lawmakers, with House Speaker Nancy Pelosi calling the actions “absurdly unconstitutional” during a CNN interview. Administration officials defended the orders, however,

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