According to Verizon (NYSE:VZ) there could be a “significant” fallout of Hurricane Sandy on its earnings for the fourth quarter. The company is still working to restore communications for many of its customers. Meanwhile, its downtown Manhattan facilities are flooded and still without power. The company is unable to quantify as of now the impact of the storm.
Polo Ralph Lauren (NYSE:RL) reports FQ2 EPS of $2.29 which surpasses estimates by $0.13, while revenues of $1.9 billion beat by $60 million. Operating income was $348 million, 1% below the previous year. Of this Retail operating income was $157 million, up 8% y-on-y while Wholesale operating income was $233 million, down 4%. Gross profit margin improved 220 points to 58.8%.
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General Motors (NYSE:GM) launches a new hatchback in India where small cars comprise 70% of all car sales. Dubbed the Sail U-VA, the model is built “on a new global small-passenger-car platform created especially for fast-growing emerging markets, including India,” according to GM India.
RBS (NYSE:RBS) reports a third quarter net loss of £1.38B compared to a £1.23B profit during the previous year and a consensus estimate of £276M. The accounts carry an additional provision of £400M for alleged insurance mis-selling. Also accounted is a loss of £1.46B on accounting of revaluation of the bank’s debt. Fines for the Libor manipulation scandal may be determined after discussions commence with the regulators.
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