Author: Jae Hur
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Glencore’s Target, Teck Resources Misses Q1 Earnings Expectations
Canada’s largest mining company, Teck Resources, reported weaker-than-expected first-quarter results on Wednesday due to lower product prices, weak copper and zinc sales and higher costs. The company is also a known acquisition target for Swiss raw materials giant Glencore (LSE:GLEN). Teck (NYSE:TECK) reported adjusted earnings per share of C$1.81 for the three months ended March…
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First Republic Stock Plunges As Deposits Plummet In Q1
Shares fell 20% in after-hours trading after First Republic Bank said Monday that deposits plunged more than $100 billion in the first quarter and it was exploring options such as restructuring its balance sheet. This sharp drop in deposits overshadowed the beleaguered bank’s better-than-expected quarterly earnings. First Republic managed to weather the crisis by injecting…
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GM and Samsung SDI Plan To Build A New Battery Plant In The US
General Motors (NYSE:GM) and Samsung SDI (KOSPI:006400) will announce plans to build a new joint venture battery manufacturing plant in the US as early as Tuesday, Reuters reported, citing sources. The planned announcement comes after Reuters reported in January that GM and LG Energy Solutions (KOSPI:373220) would not be pursuing a fourth US battery manufacturing…
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Coinbase Filed Petition To SEC To Create Rules For Digital Assets
Coinbase Global, the largest U.S. cryptocurrency exchange, filed a petition on Monday to force the U.S. Securities and Exchange Commission (SEC) to create new rules for digital assets, it said in a blog post. This is the latest move in escalating tensions between securities regulators and cryptocurrency exchanges. Coinbase (NASDAQ:COIN) filed a rulemaking petition with…
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UBS Profits Slump 52% in Q1 Amid Legacy Litigation
Switzerland’s largest bank, UBS Group AG, said Tuesday that its first-quarter earnings fell 52 per cent due to increased legal provisions over mortgage-backed securities (MBS) litigation issues. The result came at a turbulent time for the Swiss bank after it was forced to acquire former rival Credit Suisse. Net income attributable to shareholders came in…
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Whirlpool Beats Expectations In Q1 Thanks To Strong Home Appliances Demand In N. America
Global home appliance manufacturer and retailer Whirlpool Corp reported better-than-expected first-quarter results after the New York market close on Monday, driven by strong demand for refrigerators and washing machines in North America, its largest market. As a result, the share price rose in after-hours trading. Like many consumer goods manufacturers, Whirlpool has had to raise…
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Bed Bath & Beyond Shares Plunge After Filing For Chapter 11
Bed Bath & Beyond Inc, a US household goods retailer that has finally filed for bankruptcy due to financial difficulties, crashed in the New York market on Monday. Bed Bath & Beyond, which has a 52-year history, filed for Chapter 11 bankruptcy protection on Sunday (local time) and commenced the liquidation sale of some or…
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MedPace’s Share Price Soared On Better-Than-Expected Q1 Results
US clinical research firm Medpace Holdings reported first quarter earnings of $2.27 per share after the New York market close on Monday, beating the analyst consensus estimate of $1.80 by 26.11%. Shares soared in after-hours trading following the announcement. This is a 34.32% increase from earnings of $1.69 per share reported for the same period…
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Netflix Invests $2.5 Billion In South Korea To Produce TV Shows And Movies
Netflix said on Tuesday that it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and reality shows. This investment is twice the amount Netflix has invested in the Korean market since 2016. The US streaming service’s investment was announced after a meeting between South…
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Samsung Electronics’ Verdict In US Patent Lawsuit Over $303 Million
A U.S. federal district court jury ruled on April 21 (local time) in favor of Netlist in a memory patent infringement lawsuit against Samsung Electronics, a U.S. semiconductor company, and awarded $303 million in damages. Reuters reported that the verdict was more than (about 400 billion won). After a six-day trial, the jury determined that…