Coty announced new organizational structure; will become effective subject to completion of Coty’s merger with The Procter & Gamble Company’s (PG) businesses
Coty's business will be organized into three divisions: Coty Luxury Division, Coty Consumer Beauty Division, Coty Professional Beauty Division. Coty will also be launching a new department, called Growth and Digital, which will be focused on accelerating growth.
Leadership: Bart Becht, Chairman and Interim Chief Executive Officer - Before joining Coty in 2011 as chairman, Mr. Becht served as chief executive officer of Reckitt Benckiser (RBGLY) from 1995 to 2011. Patrice de Talhouët, Chief Financial Officer -- Mr. de Talhouët will continue to oversee the finance organization. In addition, he will be responsible for all M&A activities as well as information systems and real estate. Prior to joining Coty, he spent seven years at Mars, Inc. in various executive finance positions and 12 years at Alcatel-Lucent (ALU). Ralph Macchio, Chief Scientific Officer. Jean Mortier will retire from Coty and will be succeeded, effective immediately, by Edgar Huber as President Global Markets. Jean has agreed to stay with Coty through June 2016 as a Special Advisor to the CEO.
Leadership: Bart Becht, Chairman and Interim Chief Executive Officer - Before joining Coty in 2011 as chairman, Mr. Becht served as chief executive officer of Reckitt Benckiser (RBGLY) from 1995 to 2011. Patrice de Talhouët, Chief Financial Officer -- Mr. de Talhouët will continue to oversee the finance organization. In addition, he will be responsible for all M&A activities as well as information systems and real estate. Prior to joining Coty, he spent seven years at Mars, Inc. in various executive finance positions and 12 years at Alcatel-Lucent (ALU). Ralph Macchio, Chief Scientific Officer. Jean Mortier will retire from Coty and will be succeeded, effective immediately, by Edgar Huber as President Global Markets. Jean has agreed to stay with Coty through June 2016 as a Special Advisor to the CEO.
As previously disclosed, the merger with P&G's Specialty Beauty Business is expected to close in the second half of calendar year 2016, subject to regulatory clearances, works council consultations, and other customary conditions.
Kellogg beats by $0.01, misses on revs
- Reports Q3 (Sep) earnings of $0.85 per share, $0.01 better than the Capital IQ Consensus of $0.84; revenues fell 8.5% year/year to $3.33 bln vs the $3.43 bln Capital IQ Consensus, due to the effect of currency translation.
- Currency-neutral comparable net sales increased by 1.0% in the quarter as the result of growth in Latin America, Asia, Canada, and the U.S. Specialty Channels business.
- Quarterly reported operating profit was $334 million, a decline of 8.7%. Reported results were affected by up-front costs associated with Project K and currency translation.
- 2015 guidance: Reaffirmed previous guidance for currency-neutral comparable net sales, operating profit, and earnings per share in 2015; the company raised guidance for full-year cash flow. Currency-neutral comparable net sales are expected to remain approximately unchanged year-over-year. Kellogg expects full-year 2015 currency-neutral comparable operating profit to decrease at a rate between 2-4%.
- 2016 guidance: Kellogg continues to expect that it will achieve its long-term target for currency-neutral comparable net sales of between 1-3%, and its long-term target for operating profit growth of between 4% and 6%.
Early premarket gappers
Gapping up: KING +15.8%, AEO +5.8%, ZNGA +5.4%, PERI +3.7%, TSU +2.9%, FEYE +2.8%, MBLY +2.8%, PLUG +2.8%, VRX +1.1%, ISSI +1.0%, SDRL +1.0%
Gapping down: AQXP -20.5%, ASC -10.4%, FIT -7.1%, NBG -6.4%, UNXL -5.9%, TGT -5.3%, SUI -4.4%, HON -4.0%, ATVI -4.0%, TASR-3.7%, ODP -2.8%, AIG -2.4%, SHPG -2.4%, EGO -2.1%, RIO -2.1%, BCS -2.1%, SUNE -1.8%, X -1.3%, LYG -1.1%
Tullow Oil soars, traders cite Ghana project, M&A talk - RTRS
03-NOV-2015 12:28:12
LONDON, Nov 3 (Reuters) - Shares of Tullow Oil TLW.L soared over 14 percent on Tuesday after a positive update from its partner in Ghana, Kosmos Energy KOS.N, which said a new project was on track to be completed next year.
The TEN oil project was expected to deliver first oil in the third quarter of 2016, Kosmos said late on Monday.
Production at the joint Jubilee field had also returned close to normal levels since the end of a temporary technical outage, Kosmos said. Analysts at FirstEnergy Capital told clients the update signalled "good production".
One trader also cited merger talk surrounding Tullow Oil as another factor lifting the shares.
Tullow declined to comment.
RWE - CFO: Keeping option of breaking up company on the table - Says such a move could become more likely if wholesale power prices continue to slide- Would expand its business outside Europe to offset falling earnings at its conventional power generation unit
Two months ago, Tim Cook reportedly wrote Jim Cramer that everything was awesome with iPhone sales in China. Days later, channel checks appeared to call Cook's statement into question. Several day ago, one of Apple's component makers - Dialog Semi - issued cautious guidance strongly suggesting iPhone sales momentum was weakening. Apple's earnings produced disappointment as China sales rather notably fell (but was quickly dismissed by analysts as US sales rose) and now, perhaps most worrying of all, Taiwan’s Pegatron Corp - maker of Apple's next-gen iPhone 6S and iPad - has halted hiring in its Shanghai factory as workers note "sales of iPhone 6S have been disappointing."
In May 2013, Pegatron became "the new FoxConn" as then new Chief Executive Tim Cook, Apple divided its weight more equally with a relatively unknown supplier, giving the technology giant a greater supply-chain balance.
Pegatron Corp., named after the flying horse Pegasus, will be the primary assembler of a low-cost iPhoneexpected to be offered later this year. Foxconn's smaller rival across town became a minor producer of iPhones in 2011 and began making iPad Mini tablet computers last year.
Two companies that assemble Apple’s iPhones and iPads are on a hiring spree, a signal that orders from the Cupertino-based group are ramping up ahead of the launch of a new device.
not so muchTaiwan’s Pegatron Corp, which employs 100,000 people, said on Monday that it is expanding its workforce in mainland China by 30 per cent to keep up with the production of smartphones.
But now, in October 2015, the huge facility at Pegatron Technology's factory in Shanghai sports a deserted look, as China Daily reported moments ago.
Gone are crowds waiting for job interviews or others who come to enquire about possible job openings.The facility, which at its peak employed around 100,000 people, has temporarily suspended hiring as demand for Apple products has waned considerably.The winding passage that leads to an interview room is all but deserted. Rather than excited faces, one can see young employees trudging out of the facility with fatigue and despair written large on their face.Zhang Libing, a 23-year-old from Anhui province, told China Daily that he had just resigned from his job at Pegatron as he was exhausted and fatigued with the long working hours. Next to him was a huge electronic screen that kept flashing the message that the company has put on hold all fresh hiring for the time being."We are not surprised at that," Zhang said. "The sales of iPhone 6S have been disappointing. I am afraid that if we do not leave now, we will be laid off soon."...China, its biggest market outside the United States, accounted for nearly one-fourth of its total revenues in the fourth fiscal quarter because of its robust handset sales in the country. But fresh concerns have arisen over whether the company would be able to sustain the sales momentum.Fading enthusiasm for iPhones in China has dragged down the device prices in the parallel market and hit new orders to the supply chain partners.Pegatron was planning to hire roughly 40,000 workers for its Shanghai plants in the summer when Apple entrusted it with the iPhone 6S and iPad manufacturing. The current employee strength of the company remained unclear.
It appears things have changed dramatically in a very short period of time...
Cai Xiaoshuai left his hometown in Luoyang of Henan province and landed a job at the assembly line in Pegatron four months ago. But the 22-year-old man said he had had enough. His basic wage was 2,020 yuan ($320) per month and he had to work overtime for 2.5 hours every day to make sure that his salary would get close to 4,000 yuan."Some of my friends went to Kunshan in Jiangsu province to try their luck there. But it seems that the electronics industry there is in an even worse shape. So I am thinking of staying on and checking out other opportunities in Shanghai. But I will definitely not work in any electronics company. I have had enough," said Cai.
So is AAPL the next AOL, and is Tim Cook the next Thorsten Heins?It all depends on China: if the world's most populous nation can get its stock market, its economy and its currency under control, then this too shall pass. The problem is that if, as many increasingly suggest, China has lost control of all three. At that point anyone who thought they got a great deal when buying AAPL at $92 will have far better opportunities to dollar-cost average far, far lower.
Oh, and to anyone still holding their breath for AAPL to file a public statement which may well contain an outright lie, you may exhale now.
United Spirits subsidiary signs agreement to sell entire interest in Bouvet Ladubay
United Spirits’ [BOM:532432] wholly-owned subsidiary Asian Opportunities & Investments has signed an agreement to sell its entire interest in the France-based winemaker Bouvet Ladubay, and its wholly-owned subsidiary Chapin Landais.
This information is contained in the notes to United Spirits’ results fact sheet for the quarter ended 30 September 2015, conveyed to the BSE on 02 November 2015.
The Bouvet Ladubay sale is expected to complete in early November after certain conditions are satisfied, United Spirits stated.
As reported earlier, McDowell, a subsidiary of United Spirits, had acquired Bouvet Ladubay in July 2006 for EUR 14.75m.