British luxury carmaker Aston Martin plans to shed up to 500 jobs as it seeks to bring its cost base into line with reduced sports car production levels, it said on Thursday. The job cuts come a week after Aston Martin confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer. Aston Martin, famed for being fictional secret agent James Bond's car of choice, has seen its share price plummet since floating in October 2018....
Billionaire investor Dan Loeb’s Third Point LLC fund has Boeing Co (BA) listed among its top winners in May sending shares in the ailing planemaker up 13% on Wednesday.The stock help up its gains on Wednesday even after Loeb told CNBC that he bought Boeing debt and not stock, reversing earlier market rumors that the fund entered into an equity position. The planemaker is joined by the likes of Walt Disney (DIS) and Burlington Stores Inc. on the investor’s list of top winners in May. The hedge fund returned 1.6% on its investments in May after 7.1% a month earlier.In recent days, Boeing stock has benefited from a number of positive news. SMBC Aviation Capital announced this week that it has deferred, but not cancelled, the delivery of 68 of its 737 MAX jets until 2025. In addition, the struggling planemaker reached an agreement on a comprehensive package with German travel...
Shares in Elastic NV (ESTC) fell 7% in after-hours trading on Wednesday after the company reported strong fiscal fourth quarter results, but disappointed with weak guidance.Specifically, Q4 Non-GAAP EPS of -$0.12 beat consensus estimates by $0.19 while GAAP EPS of -$0.38 came in $0.15 above expectations. Revenue of $123.62M surged 53.4% year-over-year thanks to better execution and broad product traction, and beat Street estimates by $6.47M.However, FY21 guidance was below consensus taking into account expected (not yet witnessed) macro headwinds. Total revenue is expected to be between $530 million and $540 million (vs consensus of $561.3M), with non-GAAP operating margin between -15% and -13%. Non-GAAP net loss per share is now guided at $0.98 and $0.85 (vs. -$1.32 expected).“We believe it is prudent to expect some near-term business headwinds as the economic impact from the COVID-19 situation further unfolds. As such, our guidance includes the expected impact of COVID‑19 on our business and results...
Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. Brent crude futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world's biggest oil producers, have agreed to support extending into July the 9.7 million barrels per day (bpd) in supply cuts backed in April by the OPEC+ group, comprised of the Organization of the Petroleum Exporting Countries and other major producers....
Anvil, a Silicon Valley startup working to simplify paperwork processing for businesses, has raised $5 million in seed funding, TechCrunch reported Wednesday.What Happened Alphabet Inc. (NASDAQ: GOOGL) (NASDAQ: GOOGL) subsidiary Google's artificial intelligence investment arm Gradient Ventures led the funding round, according to TechCrunch.Anvil competes with companies like DocuSign Inc. (NASDAQ: DOCU) that also help businesses make their paperwork process electronically and faster.The startup's Chief Executive Officer Mang-Git Ng told TechCrunch that DocuSign is "great for completing and executing a document," but is "lacking when it comes to actually creating the document," a gap that Anvil is looking to fill.Pandemic Surged Demand For Digitization, CEO Says Ng also told TechCrunch that the novel coronavirus (COVID-19) pandemic increased the demand for companies wanting to move their paperwork to digital space."The overall trend that we've been seeing is that people in these industries are thinking about going more digital, but generally speaking, the...
