Essex Property Trust, Inc. Q3 adjusted earnings Beat Estimates

Biden Holds 8-Point Lead in Michigan as He Tries to Reconstruct the ‘Blue Wall’

While President Trump counted Michigan as one of his most surprising victories in 2016, he is struggling to maintain support among white voters in the state this year.


By Jeremy W. Peters and Isabella Grullón Paz

HSBC Reveals Less Than 1% of U.K. Senior Employees Are Black

HSBC Holdings Plc published a breakdown of ethnicity in its U.K. staff for the first time, revealing that less than 1% of senior employees in its home market are Black.

The figure compares with 3% in the population of England and Wales. Among other senior employees, 9.7% are Asian, compared with 8% of the population of England and Wales, and 1.3% are mixed-race, HSBC said in amemo released Wednesday. The data is based on self-declarations in a staff survey at the end of September.

“The data shows that we have a lot of work to do,” said Elaine Arden, the bank’s chief human resources officer. “Publishing the data is just one of the steps we are taking to address the challenges we face in creating a more diverse and inclusive organization.”

British banks have come under pressure to release such figures as the Black Lives Matter movement and protests spread from the U.S. to the U.K. this year. HSBC pledged earlier this year to double the number of Black staff across its upper ranks.

Lloyds Banking Group Plc disclosed in July that 1.5% of its total workforce and 0.6% of its senior management are Black. NatWest Group Plc is aiming to boost Black representation in senior U.K. management positions to 3% from 1% currently by 2025, it said this month.

European Economics Preview: German Consumer Confidence Data Due

Consumer confidence from Germany is due on Thursday, headlining a light day for the European economic news.

At 2.00 am ET, Germany’s Gfk consumer confidence data is due. The forward-looking consumer sentiment index is seen at -2.8 in November versus -1.6 in October.

In the meantime, unemployment data is due from Statistics Norway. The jobless rate is forecast to fall to 5.1 percent in three months to August.

At 2.45 am ET, the French statistical office Insee releases business confidence survey results. The sentiment index is forecast to remain unchanged at 96 in October.

At 3.00 am ET, consumer confidence from Turkey is due.

At 6.00 am ET, the Confederation of British Industry releases Industrial Trends survey results. The order book balance is seen at -45 percent in October versus -48 percent in September.

At 7.00 am ET, Turkey’s central bank announces its interest rate decision. The bank is expected to lift its one-week repo rate to 12.00 percent from 10.25 percent.

United Rentals, Inc. Q3 adjusted earnings Beat Estimates

United Rentals, Inc. (URI) reported earnings for third quarter that decreased from the same period last year.

The company’s earnings came in at $208 million, or $2.87 per share. This compares with $391 million, or $5.08 per share, in last year’s third quarter.

Analysts had expected the company to earn $4.28 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter fell 12.0% to $2.19 billion from $2.49 billion last year.

United Rentals, Inc. earnings at a glance:

-EPS (Q3): $5.40 vs. $5.96 last year.
-Analysts Estimate: $4.28
-Revenue (Q3): $2.19 Bln vs. $2.49 Bln last year.

-Guidance:
Full year revenue guidance: $8.35 – $8.45 Bln

Raytheon discloses criminal subpoena from Justice Department

Raytheon cutting 15,000 jobs

Raytheon Technologies is planning to cut more than 15,000 jobs by the end of the year. FOX Business’ Gerri Willis with more.

Raytheon Technologies on Wednesday disclosed that it has received a criminal subpoena from the Department of Justice involving its defense business.

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The request for information dates back to 2009 and pertains to “financial accounting, internal controls over financial reporting, and cost reporting” regarding its missiles and defense unit.

The company said it is fully cooperating with the investigation and that it is unable to predict the outcome, but does not anticipate any negative effects on its financial condition.

RAYTHEON DEFENSE BUSINESS DRIVES QUARTERLY PROFIT BEAT 

The disclosure comes on the heels of the company’s quarterly earnings report, where it said sales in its defense unit fell in the third quarter.

Shares were trading more than 6% lower near the end of Wednesday’s trading session.

TickerSecurityLastChangeChange %
RTXRAYTHEON TECHNOLOGIES CORP52.34-4.19-7.41%

A spokesperson for the company did not return FOX Business’ request seeking additional comment on the probe.

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Essex Property Trust, Inc. Q3 adjusted earnings Beat Estimates

Essex Property Trust, Inc. (ESS) revealed earnings for third quarter that declined from last year.

The company’s profit came in at $73.66 million, or $1.13 per share. This compares with $99.34 million, or $1.51 per share, in last year’s third quarter.

Excluding items, Essex Property Trust, Inc. reported adjusted earnings of $212.92 million or $3.15 per share for the period.

Analysts had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

Essex Property Trust, Inc. earnings at a glance:

-Earnings (Q3): $212.92 Mln. vs. $228.82 Mln. last year.
-EPS (Q3): $3.15 vs. $3.35 last year.
-Analysts Estimate: $1.05