Cadence Design Systems Q2 adjusted earnings Beat Estimates
Cadence Design Systems (CDNS) announced earnings for its second quarter that increased from the same period last year.
The company’s earnings came in at $131.29 million, or $0.47 per share. This compares with $107.24 million, or $0.38 per share, in last year’s second quarter.
Excluding items, Cadence Design Systems reported adjusted earnings of $184.61 million or $0.66 per share for the period.
Analysts had expected the company to earn $0.52 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 10.0% to $638.42 million from $580.42 million last year.
Cadence Design Systems earnings at a glance:
-Earnings (Q2): $184.61 Mln. vs. $161.10 Mln. last year.
-EPS (Q2): $0.66 vs. $0.57 last year.
-Analysts Estimate: $0.52
-Revenue (Q2): $638.42 Mln vs. $580.42 Mln last year.
Next quarter EPS guidance: $0.59 to $0.61
Next quarter revenue guidance: $630 – $650 Mln
Full year EPS guidance: $2.50 to $2.56
Full year revenue guidance: $2.585 – $2.615 Bln
UBS to pay over $10 mln to settle SEC charges on municipal bond offerings
WASHINGTON, July 20 (Reuters) – A unit of UBS has agreed to pay more than $10 million to resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings, the U.S. Securities and Exchange Commission said on Monday.
UBS Financial Services Inc improperly allocated bonds intended for retail customers to parties known in the industry as “flippers,” who immediately resold the bonds to other broker-dealers at a profit, the SEC said in a statement.
The SEC said UBS did not admit or deny its findings. (Reporting by Chris Prentice; Editing by Leslie Adler)
MOVES-Bank of America names new head of business banking
July 20 (Reuters) – Bank of America Corp said on Monday it has promoted Raul Anaya to head of business banking. In his new role, the 30-year firm veteran will oversee the business line that serves mid-sized U.S.-based companies with annual revenues between $5 million and $50 million. Anaya, who also serves as market president for the Los Angeles area and co-chair of the Hispanic-Latino Executive Council, will report directly to Chief Operating Officer Tom Montag. (Reporting by Imani Moise; Editing by Dan Grebler)
Elon Musk keeps climbing list of world’s wealthiest people
That’s some pay raise.
Tesla CEO Elon Musk added a whopping $5 billion to his net worth on Monday thanks to Tesla’s never-ending stock rally, allowing him to finish the day as the fifth-richest person in the world with a net worth of $74.2 billion.
Musk, who as recently as a few weeks ago was No. 20 on the global rankings, according to Forbes, is now behind only Facebook CEO Mark Zuckerberg, Microsoft’s Bill Gates, luxury goods titan Bernard Arnault and Amazon chief Jeff Bezos.
Shares of Tesla spiked 9.5 percent ahead of the electric automaker’s upcoming earnings report, finishing the day at an all-time high of $1,643. If it posts a profit that meets generally accepted accounting principles, it will have four consecutive profitable quarters under its belt — a key metric for being added to the popular S&P 500 stock index.
The rally saw Tesla’s market cap finish the day at 305.6 billion — almost $100 billion ahead of Toyota, the world’s second-largest automaker by market cap.
Tesla will report its quarterly earnings early Wednesday evening.
Don’t look for the outspoken billionaire to claim the title of world’s richest man any time soon, however. His $5 billion net worth spike on Monday pales in comparison to the $12.9 added by Bezos, who has a fortune of $188.9 billion.
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Here's what happened to the stock market on Monday
The Dow climbed 8.92 points, or 0.03%, to 26,680.87. The S&P 500 gained 0.84% to 3,251.84. The Nasdaq Composite jumped 2.51% to 10,767.09. Amazon shares popped, lifting the rest of Big Tech and the broader market.
Big Amazon price-target hike
Amazon rallied nearly 8% after after a Goldman Sachs analyst hiked his price target on the stock to $3,800 per share, the highest on the Street. Shares of Microsoft gained 4.30%. Netflix, Alphabet and Facebook all closed more than 1.4% higher. Tech's gains came after a downbeat week, which led to the Nasdaq's first weekly decline in three weeks, while beaten-down value names outperformed in that time period.
Vaccine news and stimulus in focus
Dow member Pfizer and BioNTech reported early positive data on a joint coronavirus vaccine candidate. Another vaccine candidate from Oxford University and AstraZeneca showed a positive immune response in an early trial. Traders also turned their eyes to Washington as lawmakers begin negotiations on new stimulus measures.
What happens next?
Snap and Coca-Cola are among the companies set to report earnings.
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International Business Machines Corp. Q2 adjusted earnings Beat Estimates
International Business Machines Corp. (IBM) released earnings for second quarter that declined from the same period last year.
The company’s profit totaled $1.36 billion, or $1.52 per share. This compares with $2.50 billion, or $2.81 per share, in last year’s second quarter.
Excluding items, International Business Machines Corp. reported adjusted earnings of $1.95 billion or $2.18 per share for the period.
Analysts had expected the company to earn $2.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter fell 5.4% to $18.12 billion from $19.16 billion last year.
International Business Machines Corp. earnings at a glance:
-Earnings (Q2): $1.95 Bln. vs. $2.83 Bln. last year.
-EPS (Q2): $2.18 vs. $3.17 last year.
-Analysts Estimate: $2.07
-Revenue (Q2): $18.12 Bln vs. $19.16 Bln last year.