FedEx, smarting from Amazon breakup and trade war, warns on profit

(Reuters) – FedEx Corp (FDX.N) on Tuesday warned that full-year earnings would miss analysts’ estimates, as escalating trade tensions pressure an already cooling global economy and it manages the fallout from its split with customer-turned-competitor Amazon.com Inc (AMZN.O). FILE PHOTO: A Federal Express Ground truck travels down a highway through Carlsbad, California, U.S., September 16, 2019. REUTERS/Mike BlakeShares of the package delivery company tumbled almost 10% in after-hours trading after profit in its latest quarter fell short of Wall Street’s goal. The results from Memphis-based FedEx land as global retailers…

FedEx warns that global slowdown will hurt 2020

(Reuters) – FedEx Corp (FDX.N) on Tuesday warned that full-year earnings would miss analysts’ estimates, as escalating trade tensions pressure an already cooling global economy and it manages the fallout from its split with customer-turned-competitor Amazon.com Inc (AMZN.O). FILE PHOTO: A Federal Express Ground truck travels down a highway through Carlsbad, California, U.S., September 16, 2019. REUTERS/Mike BlakeShares of the package delivery company tumbled almost 10% in after-hours trading after profit in its latest quarter fell short of Wall Street’s goal. The results from Memphis-based FedEx land as global retailers…

Spain to hold fourth election in four years

Spain is set for another election – its fourth in four years. Acting Prime Minister Pedro Sánchez made the announcement on Tuesday, having failed to secure enough support in parliament to form a government. King Felipe VI, the head of state, spent two days consulting with rival party leaders, but no consensus could be found on a candidate for prime minister. The election will take place on 10 November. The last one was in April. Mr Sánchez’s socialist PSOE party gained the most seats in that election, but it fell…

Supreme Court: Parliament suspension case ‘a difficult question of law’

Media playback is unsupported on your device The most senior judge in the UK says the case surrounding Boris Johnson’s suspension of Parliament raises « a serious and difficult question of law ». Lady Hale and 10 other judges must decide whether advice he gave to the Queen about prorogation was lawful. Government lawyer Lord Keen QC said the PM was « entitled » to act as he did and the issue was not one for the courts. Lord Pannick QC for campaigners against the move told the Supreme Court…

FedEx sees 2020 profit below Wall Street estimates on weakening economy

(Reuters) – FedEx Corp (FDX.N) on Tuesday forecast full-year earnings below analysts’ estimates and missed expectations for quarterly profit, as the package delivery company cited increased trade tensions and additional weakening of global economic conditions. FILE PHOTO: A Federal Express Ground truck travels down a highway through Carlsbad, California, U.S., September 16, 2019. REUTERS/Mike BlakeThe company’s shares were down nearly 7% in after-market trading. FedEx said it expects adjusted 2020 earnings of $11.00 to $13.00 per share. Analysts on average had expected a profit of $14.69 per share, according to…

FedEx sees 2020 profit below Street estimates on weakening economy

(Reuters) – FedEx Corp (FDX.N) on Tuesday forecast full-year earnings below analysts’ estimates and missed expectations for quarterly profit, as the package delivery company cited increased trade tensions and additional weakening of global economic conditions. FILE PHOTO: A Federal Express Ground truck travels down a highway through Carlsbad, California, U.S., September 16, 2019. REUTERS/Mike BlakeThe company’s shares were down nearly 7% in after-market trading. FedEx said it expects adjusted 2020 earnings of $11.00 to $13.00 per share. Analysts on average had expected a profit of $14.69 per share, according to…

Adobe shares fall on soft guidance

Shantanu Narayen, CEO of Adobe, attends a media event in Mumbai on May 3, 2017.Abhijit Bhatlekar | Mint | Hindustan Times | Getty ImagesAdobe shares fell more than 4% on Tuesday after hours, as the company reported better-than-expected fiscal third quarter earnings and soft quarterly guidance.Here’s how the company did:Earnings: $2.05 per share, excluding certain items, vs. $1.97 per share as expected by analysts, according to Refinitiv.Revenue: $2.83 billion, vs. $2.82 billion as expected by analysts, according to Refinitiv.Guidance was soft, however. Adobe is calling for $2.25 in fiscal fourth…

FedEx quarterly profit falls 14%

FILE PHOTO: A Federal Express Ground truck travels down a highway through Carlsbad, California, U.S., September 16, 2019. REUTERS/Mike Blake(Reuters) – FedEx Corp (FDX.N) reported a 14.3% drop in first-quarter profit on Tuesday, as the U.S. package delivery company grapples with a slowing economy and the U.S.-China tariff war. The company’s shares were down nearly 7% in after-market trading. Adjusted net income fell to $800 million, or $3.05 per share, in the quarter ended Aug. 31, from $933 million, or $3.46 per share, a year earlier. Revenue was flat at…

Facebook details rules for its new ‘Supreme Court’ that will handle controversial posts

Facebook’s founder and CEO Mark Zuckerberg speaks to participants during the Viva Technologie show at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.Chesnot | Getty ImagesFacebook on Tuesday released its plans for the new board previously likened to a « Supreme Court » that can overturn the company’s own content moderation decisions.The new « Oversight Board » will govern appeals from Facebook users and questions from the company itself. The board will eventually consist of 40 members with three-year terms drawn from a diverse array of…

Google may reveal ‘Nest Wifi’ with beacons that double as smart speakers on October 15th

Google’s mesh Wi-Fi router — Google Wifi — is nearly three years old, but it may be getting a radically different design next month. 9to5Google is reporting that the company is prepping a new “Nest Wifi” that pairs a single new hub router with two new “beacons” that will double as Google Assistant smart speakers, giving you the equivalent of two additional Google Home Mini speakers to cover additional rooms of your house with both Wi-Fi and sound. You may note that Google would be effectively copying Amazon’s second-gen Eero…

Trump administration officials tell Senate about Big Tech antitrust probes

WASHINGTON (Reuters) – The Justice Department’s antitrust division chief, Makan Delrahim, said Tuesday that its probes of big technology companies like Alphabet’s Google were a “priority” that could result in either “law enforcement or policy options as solutions.” FILE PHOTO: The logos of Amazon, Apple, Facebook and Google are seen in a combination photo from Reuters files. REUTERS/File PhotosDelrahim and Joe Simons, chair of the Federal Trade Commission, began testimony to the Senate Judiciary Committee’s antitrust panel. The Trump administration is in the early stages of investigating Google, Facebook, Amazon…

UK Liberal Democrats face huge fight to stop Brexit: leader Swinson

BOURNEMOUTH, England (Reuters) – Britain’s Liberal Democrats face the fight of their lives to rescue the country from the negative effects of leaving the EU, party leader Jo Swinson said on Tuesday, outlining the battle for hearts and minds in the next few weeks. Leader of Britain’s Liberal Democrats Jo Swinson delivers her speech at the yearly party conference in Bournemouth, Britain September 17, 2019. REUTERS/Peter Nicholls As the clock ticks down to Britain’s scheduled exit from the European Union on Oct. 31, Prime Minister Boris Johnson has yet to…

Facebook enlists Ray-Ban maker to help with ‘Orion’ smart glasses, a project years in the making

Mark Zuckerberg, chief executive officer of Facebook, attends the annual Allen & Company Sun Valley Conference, July 13, 2018 in Sun Valley, Idaho.Drew Angerer | Getty Images News | Getty ImagesFacebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with Ray-Ban parent company Luxottica will get them completed and ready for consumers between 2023 and…

WeWork still plans to go public this year after delaying IPO to sharpen the story for investors

CEO of WeWork Adam NeumannGetty ImagesWeWork is deciding how best to position itself to potential investors as it works to get its on-again, off-again IPO back on track.The company gathered employees for an all-hands meeting on Tuesday, where executives were said to discuss the status of the IPO, sources told CNBC’s Leslie Picker. Those sources said WeWork’s top brass has determined that the company needs to sharpen its story before it starts its investor roadshow.It comes as the We Co., WeWork’s parent company, moved this week to delay the IPO,…

Oilman Harold Hamm on possibility of Saudi-like attack in US: ‘We don’t sweat it too much’

American oil billionaire Harold Hamm told CNBC on Tuesday that he’s not worried about a potential attack on U.S. crude facilities like the one that happened over the weekend in Saudi Arabia. « We’re safer here in America, so we don’t sweat it too much, » the Continental Resources founder, chairman and CEO said in a « Squawk on the Street » interview. « We have a lot of export facilities … so those things could be somewhat vulnerable, » he acknowledged, but then added, « thank goodness for the…

Chamath Palihapitiya calls WeWork’s corporate governance ‘short of something fraudulent’

Chamath PalihapitiyaOlivia Michael | CNBCTech investor Chamath Palihapitiya slammed WeWork’s corporate governance on CNBC on Tuesday. »It is really a tale of pretty failed governance, almost of the highest order, short of something fraudulent, and that’s really quite a shame, » Palihapitiya said on « Fast Money Halftime Report. »Startups, and the venture capital money behind them, need to address corporate governance « if we’re going to have credibility with the public markets, » he said.Palihapitiya’s comments come as WeWork delayed its planned initial public offering after a number of setbacks including…

Consumers could be paying even more for gasoline this week because of attack on Saudi facilities

Bauer-Griffin | GC Images | Getty Images Consumers could pay an average 15 to 20 cents more per gallon for unleaded gasoline by the end of the month following the weekend attack that took half of Saudi Arabia’s production offline, oil analysts said. A big price move at some stations could come in the next 48 hours, experts said Tuesday. In the U.S., gasoline prices jumped 3 cents per gallon overnight and averaged $2.59 per gallon Tuesday, according to AAA. « It’s not going to go crazy, but I think…

Google confirms orange Pixel 4 with Times Square ad

Google has been steadily revealing information about its new Pixel 4 lineup almost as fast as the leakers. The company just revealed a new orange color for the upcoming device in perhaps the least-subtle way yet: a massive Time Square billboard advertising the upcoming October 15th reveal, spotted by Reddit user LousyTX (via 9to5Google). Photos of the orange Pixel had already been floating around the internet (of course), but the Times Square ad marks the first official confirmation from Google of the color. It’s not clear whether the new orange…

Hong Kong leader to hold dialogue aimed at easing tensions

HONG KONG (Reuters) – Hong Kong’s leader, Carrie Lam, said on Tuesday she and her team would begin dialogue sessions with the community next week, while reiterating that violence that has roiled the city over three months of protests must end. Hong Kong’s Chief Executive Carrie Lam attends a news conference in Hong Kong, China September 17, 2019. REUTERS/Jorge SilvaLam, who is under pressure from Beijing to defuse the public anger stirring the protests, said the dialogue sessions would be as open as possible, with members of the public able…

British PM could recall parliament if suspension ruled unlawful

LONDON (Reuters) – Boris Johnson could recall parliament if Britain’s highest court rules he unlawfully suspended it, a government lawyer said on Tuesday, after judges heard the prime minister wanted a shutdown because it was an obstacle to his Brexit plans. Johnson announced on Aug. 28 that he had asked Queen Elizabeth to prorogue, or suspend, parliament for five weeks from last week until Oct. 14. He said the shutdown was necessary to allow him to introduce a new legislative agenda. Opponents said the real reason was to prevent scrutiny…

Supreme Court: PM ‘entitled’ to suspend Parliament, judges told

The PM is « entitled » to suspend Parliament, even if it is for political reasons, the Supreme Court has heard. Boris Johnson says the five-week prorogation is normal practice and will allow him to set out his policy plans in a Queen’s Speech in October. But a Scottish court ruled it was « unlawful » and was intended to « stymie » MPs’ scrutiny in the run-up to Brexit. Appealing that ruling, Lord Keen QC said the decision had « simply gone where the court could not go ».…

Google Fi launches a more traditional unlimited plan

Google is announcing a new plan for its MVNO Fi cell service: Unlimited. Like the big four carriers in the US, Google apparently feels the need to use the word “Unlimited” next to its service, whether or not it means what you think it means. For Google, it means that a single line costs $70 for everything, two are $60 apiece, three are $50 apiece, and you can have four to six at $45 per line. The caveats — and there are always caveats with unlimited plans — is that…

Bazinga! HBO Max wins U.S. streaming rights for ‘The Big Bang Theory’

(Reuters) – HBO Max, the upcoming streaming service from AT&T Inc’s WarnerMedia, has secured exclusive five-year streaming rights in the United States to all 12 seasons of comedy hit “The Big Bang Theory”. FILE PHOTO – Actors Johnny Galecki, Jim Parsons and Kaley Cuoco participate in the cement handprints ceremony for the cast of the television comedy « The Big Bang Theory » at the TCL Chinese Theatre IMAX in Hollywood, Los Angeles, California, U.S., May 1, 2019. REUTERS/Danny MoloshokRanked as the No. 1 comedy on U.S. television for the…

Elliott doesn’t trust AT&T’s John Stankey as a leader, but getting him ousted could create chaos

WarnerMedia CEO John Stankey speaks in 2016.John Lamparski | Getty Images Entertainment | Getty ImagesElliott Management didn’t mention the name John Stankey in its letter last week to AT&T’s board, but the activist hedge fund was clearly expressing its concern about the WarnerMedia CEO’s decision making, especially as he assumes a bigger role at the telecom giant.Stankey’s positioning as the next CEO of AT&T was the catalyst for Elliott’s Jesse Cohn, a partner at the firm, and Mark Steinberg, an associate portfolio manager, to take a $3.2 billion stake in…

NBCUniversal names streaming service ‘Peacock,’ to launch in 2020

(Reuters) – Comcast Corp’s NBCUniversal will name its upcoming streaming service “Peacock,” offering a broad slate of original content, including “Dr Death” starring Emmy and Golden Globe winner Alec Baldwin, the company said on Tuesday. Peacock, which will also offer classic sitcoms like “The Office” and “Parks and Recreation”, is scheduled to launch in 2020, NBCUniversal said. The company owns traditional television network NBC, whose logo features a peacock. The service will compete with streaming giant Netflix Inc and Walt Disney Co’s upcoming Disney+ streaming service as well as other…

NBC names its new streaming service ‘Peacock’

Steve Burke, Chief Executive Officer, NBCUniversal during the 2016 NBCUniversal UpfrontsPeter Kramer | NBCUniversalNBCUniversal’s new streaming service will be named « Peacock, » the company announced Tuesday.The ad and subscription-supported service will roll out in April 2020 with a content slate including « The Office » and « Parks and Recreation. » The Comcast-owned company said it would announce pricing details closer to the launch.The name « Peacock » is an homage to NBC’s colorful logo, the company said in a press release. With the name, NBCUniversal distinguishes its service…

Why the oil price spike shouldn’t hit US consumer spending

Wall Street bull Tony Dwyer expects consumer spending to withstand oil’s dramatic price spike following the  unprecedented attack on Saudi Arabia’s crude production. He contends it’s because Americans are spending less than ever on their fuel needs. Dwyer makes his case in this chart. « Total energy spending is less than 4 percent of disposable personal income, » the Canaccord Genuity chief market strategist told CNBC’s « Trading Nation » on Monday. « In the peak around the early 1980s, it was closer to 8, 9%. Even at the end…

Iran rules out talks as Trump links Tehran to Saudi oil attack

DUBAI/WASHINGTON (Reuters) – Iran’s supreme leader on Tuesday ruled out talks with Washington after President Donald Trump blamed Tehran for an attack on Saudi oil facilities that knocked out half the kingdom’s output. Iran’s Supreme Leader Ayatollah Ali Khamenei gives a speech to a group of scholars and seminary students of religious sciences in Tehran, Iran September 17, 2019. Official Khamenei website/Handout via REUTERS Trump said on Monday that it looked like Iran was behind the weekend strike at the heart of the Saudi oil industry, which cut 5% of…

Warning of election ‘disaster’, Israel’s Netanyahu battles for survival

JERUSALEM (Reuters) – Israeli Prime Minister Benjamin Netanyahu battled for his political survival in the final hours of a close-run election on Tuesday, urging voters to support him to avert a “disaster”. His voice hoarse from weeks of campaigning, the veteran leader took to the streets and social media, at one point using a megaphone in Jerusalem’s bus station, to urge voters to extend his unbroken decade in power. Opinion polls put former armed forces chief Benny Gantz’s centrist Blue and White party neck-and-neck with Netanyahu’s right-wing Likud, and suggest…