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Volkswagen CEO fears company could become obsolete like Nokia phones

PPG Industries Inc. Q4 adjusted earnings Miss Estimates

PPG Industries Inc. (PPG) announced a profit for its fourth quarter that rose from last year.

The company’s profit came in at $292 million, or $1.22 per share. This compares with $258 million, or $1.08 per share, in last year’s fourth quarter.

Excluding items, PPG Industries Inc. reported adjusted earnings of $313 million or $1.31 per share for the period.

Analysts had expected the company to earn $1.34 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 0.5% to $3.67 billion from $3.65 billion last year.

PPG Industries Inc. earnings at a glance:

-Earnings (Q4): $313 Mln. vs. $271 Mln. last year.
-EPS (Q4): $1.31 vs. $1.15 last year.
-Analysts Estimate: $1.34
-Revenue (Q4): $3.67 Bln vs. $3.65 Bln last year.

PPG Industries Sees FY Adj. EPS Growth Of 4% – 9%

PPG Industries Inc. (PPG) said it projects adjusted earnings per share growth of 4% to 9%, excluding currency translation impacts; and sales growth of 1 to 3 percent in constant currencies, including recently announced acquisitions, for full-year 2020.

The company expects first quarter earnings per share from continuing operations to be in the range of $1.32 to $1.42. Analysts polled by Thomson Reuters expect the company to report earnings of $1.53 per share for the first-quarter. Analysts’ estimates typically exclude special items.

Turkish Central Bank Slashes Interest Rate By 75 Bps

Turkey’s central bank cut its key interest rate for the fifth time in a row, albeit at the smallest measure in the series, citing continued recovery in economic activity.

The Monetary Policy Committee, led by Governor Murat Uysal, slashed the policy rate, which is the one-week repo auction rate, to 11.25 percent from 12.00 percent, the TCMB said in a statement.

Economists had forecast a reduction to 11.5 percent.

“At this point, the current monetary policy stance remains consistent with the projected disinflation path,” the bank said.

The central bank had cut the rate by 200 basis points in the previous policy session in December. Prior to that, the rate was lowered by 250 basis points in October, 325 basis points in September and by 425 basis points in July.

“As the contribution of net exports to economic growth declines, economic recovery is expected to be sustained with the help of the ongoing disinflation process and improvement in financial conditions,” the central bank said.

The bank expects the current account balance, which improved significantly in recent times, to maintain a moderate course with the contribution of supportive policy measures.

Morgan Stanley Q4 adjusted earnings Beat Estimates

Morgan Stanley (MS) reported earnings for its fourth quarter that rose from the same period last year.

The company’s bottom line totaled $2.09 billion, or $1.30 per share. This compares with $1.36 billion, or $0.80 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $0.99 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 27.0% to $10.86 billion from $8.55 billion last year.

Morgan Stanley earnings at a glance:

-EPS (Q4): $1.20 vs. $0.73 last year.
-Analysts Estimate: $0.99
-Revenue (Q4): $10.86 Bln vs. $8.55 Bln last year.

Shares Of New Oriental Education & Technology Group Inc. (EDU) Hit 52-Week High

Shares of private educational services provider New Oriental Education & Technology Group Inc. (EDU) touched an all-time high of $136.91 on Jan. 9, 2020.

Recent Quarterly Performance

On Oct. 22, the company reported first-quarter net income of $208.9 million or $1.31 per share versus $123.2 million or $0.77 per share last year.

Non-GAAP net income was $230.1 million or $1.44 per share compared to $184.1 million or $1.16 per share in the prior year period.

Net revenues increased 24.6% to $1.07 billion from $859.8 million in the previous year.

Q2 Guidance

New Oriental expects total net revenues in the second quarter of fiscal year 2020 to be in the range of US$753.6 million – US$771.0 million, representing a year-over-year growth in the range of 26% – 29%. Wall Street analysts are looking for revenue of $772.56 million for the quarter.

The company is slated to release its Q2 results on January 20, 2020.

GAO says Trump administration broke the law in holding up Ukraine aid

The Trump administration violated the Impoundment Control Act last summer by withholding funds meant for Ukrainian security assistance, said the Government Accountability Office, a nonpartisan watchdog, in a report released on Thursday. The withholding of the aid for Ukraine is at the center of Democrats’ efforts to remove President Donald Trump from office.

EIA reports a bigger-than-expected weekly decline in U.S. natural-gas supplies

The U.S. Energy Information Administration reported Thursday that domestic supplies of natural gas fell by 109 billion cubic feet for the week ended Jan. 10. Analysts expected a fall of 92 billion cubic feet, on average, according to a survey conducted by S&P Global Platts. Total stocks now stand at 3.039 trillion cubic feet, up 494 billion cubic feet from a year ago, and 149 billion cubic feet above the five-year average, the government said. February natural gas NGG20, +1.42% traded at $2.157 per million British thermal units, 3.7 cents, or 1.8%, from Wednesday’s settlement. Prices were up from $2.137 before the data.

Volkswagen CEO fears company could become obsolete like Nokia phones

Electric vehicles to be 10% of market by 2025: Volkswagen America CEO

FOX Business’ Jeff Flock is with Volkswagen of America CEO Scott Keogh at the Los Angeles Auto Show discussing the company’s move into electric cars and Trump’s apparent reluctance to impose new tariffs on European-made goods.

FRANKFURT, Jan 16 (Reuters) – Volkswagen Chief Executive Herbert Diess said the German carmaker needs to accelerate its transformation to avoid becoming another Nokia , which lost its dominance in the handset market to Apple.

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VOLKSWAGEN POSTS RECORD SALES NUMBERS IN FIGHT FOR TOP AUTOMAKER CROWN

“The big questions is: are we fast enough?,” Diess told VW’s senior managers following a global board meeting on Thursday. “If we continue at our current speed, it is going to be very tough.”

The car was is longer a mode of transport and carmakers are no longer only manufacturers of vehicles, he said.

“The era of the classic carmakers is over,” Diess added.

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(Reporting by Edward Taylor; editing by Thomas Seythal)