Wall St. Brief: Samsung Hurting After HUGE Loss, GM DENIES Job Cuts
Samsung Electronics Co. (SSNLF.PK) shares fell on Monday morning after analysts said the company’s large loss from its court battle against Apple (NASDAQ:AAPL) raised uncertainty for the company’s products. HI Investment & Securities analyst Song Myung-sup said to the Wall Street Journal, “The context of the loss in this case is a lot worse than had been expected,” including the amount of damages Samsung is now facing.”
Earlier, the company’s top executives from its telecom division gathered for an emergency meeting on Sunday.
Caltex Australia Ltd. reported a 74 percent rise in its first-half net profit thanks to a strong Australian demand for transport fuels and improved performance seen in its two oil refineries. Chevron Corp. (NYSE:CVX) owns a 50 percent share in the company. Caltex said its net profit in the first half increased to A$197 million ($205.2 million), up from from A$113 million from the previous year from a replacement-cost-of-sales basis, reported MarketWatch.
Tiffany (NYSE:TIF) will report its fiscal-fourth-quarter report prior to the opening bell on Monday. The company is estimated to earn 74 cents a share on $891.1 million revenues. Same-store sales have been forecast to fall 0.4 percent.
Unicredit, Italy’s biggest bank, has been added to the list of financial institutions under U.S. investigation for breaking sanctions on specific countries. One includes Iran, reported the Financial Times.
GM’s (NYSE:GM) European unit, Opel, denied a Bild newspaper story on Saturday that it would cut a third of the company’s jobs in Germany. The cuts would supposedly come from a strategy that also includes slashing working hours. Opel announced this last week.