WestRock LLC (WRK) second-quarter revenue dropped below market estimates as the packaging company announced $1 billion in cost-cutting measures and reduced its dividend to preserve cash amid the coronavirus pandemic.Net sales declined 3.7% to $4.45 billion in the second quarter ended March 31 year-on-year and came in $50 million below analysts’ estimates. Adjusted earnings per share amounted to $0.67 beating market expectations of $0.61 per share.WestRock lowered its annual dividend to $0.80 from $1.86 previously, which means its quarterly dividend was reduced to $0.20 from $0.465. Shares dropped 5.6% to $28.60 in pre-market U.S. trading.“In the second quarter, WestRock delivered solid results with improved demand in select key markets as the pandemic impacted consumer buying habits, especially in March,” said Steve Voorhees, chief executive officer at WestRock. “We are adapting quickly to the uncertain economic and market demand conditions and taking steps that we expect will provide an additional $1 billion...
(Bloomberg) -- Hertz Global Holdings Inc. reached an eleventh-hour pact with lenders to give the struggling rental-car company more time to rework its debt and extend a grace period on payments it has missed related to leasing vehicles.The forbearances and waivers give the company until May 22 to “develop a financing strategy and structure that better reflects the economic impact of the Covid-19 global pandemic,” Hertz said in a regulatory filing. The shares briefly erased a decline of as much as 36% and were still down 11% as of 8:55 a.m. Tuesday in New York, before the start of regular trading.The rental-car company had been talking with some of its creditors about how to ease its burden without going through bankruptcy, and the company was preparing to file for Chapter 11 court protection if needed, according to people with knowledge of the matter, who asked for anonymity to discuss the confidential...
Everyone is talking about artificial intelligence (AI) right now- with many predicting that AI will lead the next wave of economic growth and productivity for the next couple of decades at least.AI refers to the use of data to simulate human intelligence processes including learning, reasoning and self-correction by machines. AI is making its way into almost every industry. Data collection and collation, automation systems from factories to self-driving cars, even online shopping site – they all benefit from AI applications. With IDC predicting that worldwide spending on AI will be nearly $98 Billion in 2023, the implications of this technology are massive.And this has not been ignored by Wall Street. Analysts say that plenty of compelling investments can be found within this space. With this in mind, We’ve opened up TipRanks’ database, and pulled three AI stocks that are on the leading edge of the technology. Importantly, all 3 have...
