COMPANY NEWS IN BRIEF
Alphabet eyes US$2 trillion value
Google parent company Alphabet Inc advanced nearer to joining peers Apple Inc and Microsoft Corp in the elite US$2 trillion market valuation club on Wednesday as the search giant's shares surged more than 8% following a blowout quarterly report.
Last trading at about US$2 975, Alphabet's stock was on track for its largest one-day percentage gain in almost two years, easing concerns around owning Big Tech following a sector-wide selloff in the past few weeks.
Alphabet's stock market value peaked just above US$2 trillion after the start of the trading session, and was last at US$1.97 trillion. That includes class B shares that do not trade on the stock market and are held by insiders. A close above US$2 trillion would be the first ever for the Mountain View, California-based company.
"The technology sector started 2022 with some of the biggest question marks over it since the dotcom crash more than two decades ago," said Russ Mould, investment director at AJ Bell.
"However, the largest and highest quality US tech names continue to deliver the answers the market wants with big earnings beats."-Reuters
MetLife's profit beats on investment gains
MetLife Inc's fourth-quarter profit rose nearly 7% to surpass Wall Street estimates on Wednesday, as strong investment gains cushioned the hit from higher pandemic-related claims in some parts of its business.
The US insurer reported an adjusted profit of US$2.17 per share, compared with US$2.03 a year earlier. Analysts on average had expected US$1.47, according to Refinitiv data.
New York-based MetLife's net investment income jumped 7% on an adjusted basis to US$5.2 billion, bolstered by higher returns from its private equity investments.
Insurance providers worldwide have recorded rising investment returns over the past year as markets continue to rebound from a pandemic-induced slump, helping offset a jump in claim pay-outs related to the coronavirus crisis.
Vaccine rollouts were expected to ease the burden for insurers, but the highly infectious Delta variant ratcheted up COVID-related claims to US$5.5 billion in the first nine months of last year, far higher than the total for all of 2020.-Reuters
Corteva eyes sales above expectations
Corteva Inc on Wednesday forecast 2022 sales above market expectations as the insecticide and seed maker benefited from strong demand and higher prices.
US farmers are pre-buying seeds and chemicals in a bid to secure supplies for next spring, amid rising prices due to labour issues, tightened global supplies of fertilizers and chemicals and surging demand.
Sales of the company's crop-protection products rose 6% in the quarter led by its herbicides, Enlist and Arylex, and Isoclast insecticide, while strong demand for corn in Latin America and higher volumes boosted its seed segment sales by 12%.
"Global agriculture fundamentals remain strong going into 2022, and we expect demand across the industry to remain resilient despite other macro challenges," chief executive Chuck Magro said.
The company, spun off in 2019 after a merger of Dow Chemical and Dupont, said it expected net sales of US$16.7 billion to US$17 billion for the year 2022, above estimates of US$16.62 billion. -Reuters
New York Times hits 10 mln subscriptions
The New York Times Co has met its target of 10 million subscriptions three years ahead of schedule thanks to its purchase of The Athletic, a win for the newspaper that has staked its future on the success of its digital business.
The Times gained more than a million subscriptions in its US$550 million deal for the sports news website that closed earlier this week, swelling its already 8.8 million strong subscription base at the end of 2021.
About 375 000 of those were added in the last three months of the year when people turned to its website and app for games, cooking recipes and news on the Omicron variant's global surge.
The 170-year-old newspaper said on Wednesday it was now targeting at least 15 million subscriptions by the end of 2027, a goal it hopes to achieve with the help of acquisitions like the Wordle deal.
Its shift to a subscription-first model, started a decade ago, has made up for steep declines in its traditional print business and turned it into a beacon for the newspaper industry. -Reuters
American Airlines to buy more jets
American Airlines Group Inc said on Wednesday it has agreed to buy an additional 23 737 MAX 8 aircraft from Boeing Co by exercising existing purchase options and deferring the delivery of some 787-9 Dreamliner aircraft.
The airline's move to boost its 737 MAX fleet comes at a time when domestic travel in the United States is staging a recovery, despite the disruption caused by the Omicron variant of the coronavirus.
American Airlines said in a filing that it intends to convert seven more of its purchase options for the MAX this year, bringing its order of the 737 MAX 8 aircraft to 30.
The company has deferred the delivery of Boeing's long-haul 787-9 Dreamliner aircraft that was scheduled to be handed over in January next year.
Deliveries of aircraft will now begin in the fourth quarter of 2023 and will continue into 2027, with four 787-9 aircraft now scheduled for delivery in 2023, American said.
Delays in deliveries of the 787 jet has already forced the Texas-based carrier to scrap, reduce or defer the introduction of flights to several international routes. -Reuters
Google parent company Alphabet Inc advanced nearer to joining peers Apple Inc and Microsoft Corp in the elite US$2 trillion market valuation club on Wednesday as the search giant's shares surged more than 8% following a blowout quarterly report.
Last trading at about US$2 975, Alphabet's stock was on track for its largest one-day percentage gain in almost two years, easing concerns around owning Big Tech following a sector-wide selloff in the past few weeks.
Alphabet's stock market value peaked just above US$2 trillion after the start of the trading session, and was last at US$1.97 trillion. That includes class B shares that do not trade on the stock market and are held by insiders. A close above US$2 trillion would be the first ever for the Mountain View, California-based company.
"The technology sector started 2022 with some of the biggest question marks over it since the dotcom crash more than two decades ago," said Russ Mould, investment director at AJ Bell.
"However, the largest and highest quality US tech names continue to deliver the answers the market wants with big earnings beats."-Reuters
MetLife's profit beats on investment gains
MetLife Inc's fourth-quarter profit rose nearly 7% to surpass Wall Street estimates on Wednesday, as strong investment gains cushioned the hit from higher pandemic-related claims in some parts of its business.
The US insurer reported an adjusted profit of US$2.17 per share, compared with US$2.03 a year earlier. Analysts on average had expected US$1.47, according to Refinitiv data.
New York-based MetLife's net investment income jumped 7% on an adjusted basis to US$5.2 billion, bolstered by higher returns from its private equity investments.
Insurance providers worldwide have recorded rising investment returns over the past year as markets continue to rebound from a pandemic-induced slump, helping offset a jump in claim pay-outs related to the coronavirus crisis.
Vaccine rollouts were expected to ease the burden for insurers, but the highly infectious Delta variant ratcheted up COVID-related claims to US$5.5 billion in the first nine months of last year, far higher than the total for all of 2020.-Reuters
Corteva eyes sales above expectations
Corteva Inc on Wednesday forecast 2022 sales above market expectations as the insecticide and seed maker benefited from strong demand and higher prices.
US farmers are pre-buying seeds and chemicals in a bid to secure supplies for next spring, amid rising prices due to labour issues, tightened global supplies of fertilizers and chemicals and surging demand.
Sales of the company's crop-protection products rose 6% in the quarter led by its herbicides, Enlist and Arylex, and Isoclast insecticide, while strong demand for corn in Latin America and higher volumes boosted its seed segment sales by 12%.
"Global agriculture fundamentals remain strong going into 2022, and we expect demand across the industry to remain resilient despite other macro challenges," chief executive Chuck Magro said.
The company, spun off in 2019 after a merger of Dow Chemical and Dupont, said it expected net sales of US$16.7 billion to US$17 billion for the year 2022, above estimates of US$16.62 billion. -Reuters
New York Times hits 10 mln subscriptions
The New York Times Co has met its target of 10 million subscriptions three years ahead of schedule thanks to its purchase of The Athletic, a win for the newspaper that has staked its future on the success of its digital business.
The Times gained more than a million subscriptions in its US$550 million deal for the sports news website that closed earlier this week, swelling its already 8.8 million strong subscription base at the end of 2021.
About 375 000 of those were added in the last three months of the year when people turned to its website and app for games, cooking recipes and news on the Omicron variant's global surge.
The 170-year-old newspaper said on Wednesday it was now targeting at least 15 million subscriptions by the end of 2027, a goal it hopes to achieve with the help of acquisitions like the Wordle deal.
Its shift to a subscription-first model, started a decade ago, has made up for steep declines in its traditional print business and turned it into a beacon for the newspaper industry. -Reuters
American Airlines to buy more jets
American Airlines Group Inc said on Wednesday it has agreed to buy an additional 23 737 MAX 8 aircraft from Boeing Co by exercising existing purchase options and deferring the delivery of some 787-9 Dreamliner aircraft.
The airline's move to boost its 737 MAX fleet comes at a time when domestic travel in the United States is staging a recovery, despite the disruption caused by the Omicron variant of the coronavirus.
American Airlines said in a filing that it intends to convert seven more of its purchase options for the MAX this year, bringing its order of the 737 MAX 8 aircraft to 30.
The company has deferred the delivery of Boeing's long-haul 787-9 Dreamliner aircraft that was scheduled to be handed over in January next year.
Deliveries of aircraft will now begin in the fourth quarter of 2023 and will continue into 2027, with four 787-9 aircraft now scheduled for delivery in 2023, American said.
Delays in deliveries of the 787 jet has already forced the Texas-based carrier to scrap, reduce or defer the introduction of flights to several international routes. -Reuters
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