Home Depot Lowers FY19 Sales Guidance On Continued Lumber Price Deflation

Palestinian artist Kamal Boullata buried in Jerusalem

His family fought for rare Israeli permission for him to be buried in East Jerusalem.

    Palestinian artist Kamal Boullata has been buried in occupied East Jerusalem from which he’d been exiled since the start of the Israeli occupation in 1967.

    Boullata’s family fought to get Israeli approval to bring the body of their son home from Berlin.

     

    Al Jazeera’s Harry Fawcett reports.

    Chris Christie’s New Think Tank Is Just Too Ironic For People Online

    Former New Jersey Gov. Chris Christie’s new nonprofit think tank has some people on social media scratching their heads.

    The Christie Institute of Public Policy will center on bringing civility back to politics.

    “Unfortunately our politics have gotten so ugly and divisive in the country that people are not having civilized conversations,” Christie told NJ Advance Media. 

    People on Twitter were quick to note the irony of the think tank’s goal, given Christie’s long history of name-calling and brash behavior:

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    CBS-Viacom merger equals $70M payout to top executive Joe Ianniello

    The merger of Viacom and CBS is shaping up to be lucrative for its top two execs.

    Acting CBS Chief Executive Joe Ianniello, who will be chairman and CEO of CBS at the combined firm, will bank a hefty payout of $70 million when the deal closes. That payout is tied to a provision in his old CBS contract that entitled him to a lump sum if he wasn’t named CEO of ViacomCBS.

    Viacom CEO Bob Bakish, who will grab the reins as president and CEO of the combined ViacomCBS, will see his total compensation jump 55 percent to about $31 million a year, according to an SEC filing.

    Last week, Viacom and CBS, struck a long-awaited deal to reunite under National Amusements, the holding company of the incapacitated media mogul Sumner Redstone. The $27 billion deal brings together Viacom’s cable channels Nickelodeon, MTV, Comedy Central and movie studio Paramount Pictures, with CBS’ broadcast network and cable channel Showtime.

    The deal is expected to close by year’s end. As reported by The Post, it could close within the next three months, given that National Amusements Inc., which owns an 80% stake in both companies, has the power to fast-track the deal’s closing if it doesn’t meet regulatory opposition.

    Bakish, whose new contract ends four years after the deal closes, will see his salary rise 3% to $3.1 million,

    The CEO is eligible for a $12.4 million bonus, up 77%, as well as a $16 million incentive package, up about 60%.

    Bakish will also nab a one-time stock grant of ViacomCBS shares worth $5 million.

    Finnish PM tells UK's Johnson that EU won't reopen Brexit deal

    BRUSSELS, Aug 20 (Reuters) – Finland’s Prime Minister Antti Rinne told his British counterpart Boris Johnson that the European Union would not renegotiate the Brexit deal, a spokesman for Rinne said on Tuesday.

    Finland holds the EU’s rotating presidency and Johnson is making a renewed push to persuade the bloc to revisit the divorce treaty.

    “PM Rinne reiterated that the Withdrawal Agreement will be not reopened,” the spokesman told Reuters, adding that the conversation took place on Monday.

    Nigerian ethnic violence: Conflict amplifies religious divide

    An imam and a pastor have been mandated to try to heal the divide.

      For decades, people in northern Nigeria have endured near-constant conflict.

      In Kaduna state, fighting has pitted the majority Muslim population against minority Christians.

       

      Al Jazeera’s Mohammed Adow reports from Kaduna, Nigeria, on efforts to reconcile the communities.

      Home Depot warns lumber prices, possible tariffs, to weigh on sales

      Home Depot HD, +2.11% warned that lumber price deflation, as well as the impact of possible tariffs, will impact its fiscal year sales. The home improvement giant said second-quarter net income fell slightly to $3.48 billion, or $3.17 a share, as sales rose 1.2% to $30.84 billion and comparable-store sales rose 3%. Analysts polled by FactSet expected earnings of $3.09 a share on sales of $31 billion. While it still earnings rising 3.1% for the year, it now says annual sales will rise 2.3% and comparable-store sales will rise 4%. Analysts had forecast EPS growth of 2.1% on sales growth of 2.8%.

      Elanco To Acquire Animal Health Division Of Bayer In $7.6 Bln Deal – Quick Facts

      Elanco (ELAN), a global animal health company, has agreed to acquire the animal health division of Bayer AG (BAYN). The total deal is valued at $7.6 billion with a 70 percent to 30 percent cash-to-equity mix. Bayer AG will receive $5.32 billion in cash, and $2.28 billion or approximately 68 million Elanco Animal Health shares. The deal is anticipated to close in mid-2020.

      Elanco expects the acquisition to provide adjusted EPS accretion in the first full year post-closing, and then high single to low double-digit percentage accretion in year two.

      Home Depot Lowers FY19 Sales Guidance On Continued Lumber Price Deflation

      The Home Depot (HD), a home improvement retailer, updated its guidance for fiscal 2019, a 52-week year. The company now projects sales to grow by approximately 2.3 percent and comp sales to be up approximately 4.0 percent. In May, the company projected fiscal 2019 sales to grow by approximately 3.3 percent and comp sales to be up approximately 5.0 percent. However, the company reaffirmed its earnings-per-share growth guidance for fiscal 2019.

      “Lumber prices have declined significantly compared to last year, which impacts our sales growth. As a result, we updated sales guidance to account primarily for continued lumber price deflation, as well as potential impacts to the U.S. consumer arising from recently announced tariffs,” said Craig Menear, CEO.

      For the second quarter, earnings per share increased 3.9 percent to $3.17 from prior year. On average, 28 analysts polled by Thomson Reuters expected the company to report profit per share of $3.08, for the quarter. Analysts’ estimates typically exclude special items.

      Second-quarter sales were $30.8 billion, up 1.2 percent from a year ago. Comparable sales were positive 3.0 percent, and comparable sales in the U.S. were positive 3.1 percent. Analysts expected revenue of $30.98 billion for the quarter.