Julius Baer Settles FIFA Corruption Case With U.S. Authorites
Julius Baer Group Ltd. reached a settlement with U.S. authorities over a long-running investigation involving the bank’s role in corruption at FIFA, the governing body for world soccer.
The Swiss private bank has set aside $79.7 million to help cover financial penalties related to the deal, which will be booked against 2020 results, according to a statement on Monday.
Julius Baer has been under pressure to improve its anti-money laundering controls following harsh criticism by regulators. In February, Swiss financial watchdog Finma blocked the bank from making large acquisitions, saying it fell “significantly short in combating money laundering” between 2009 and early 2018.
The FIFA agreement also includes a three-year deferred prosecution, the bank said, without being more specific. Julius Baer has been cooperating with the U.S. Department of Justice since 2015 in an investigation of money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies, the bank said.
Beyond Meat, Inc. Q3 adjusted earnings Miss Estimates
Below are the earnings highlights for Beyond Meat, Inc. (BYND):
-Earnings: -$19.29 million in Q3 vs. $4.10 million in the same period last year.
-EPS: -$0.31 in Q3 vs. $0.06 in the same period last year.
-Excluding items, Beyond Meat, Inc. reported adjusted earnings of -$17.52 million or -$0.28 per share for the period.
-Analysts projected $0.05 per share
-Revenue: $94.44 million in Q3 vs. $91.96 million in the same period last year.
Myriad Genetics Inc. Q1 adjusted earnings of -$0.15 per share
Below are the earnings highlights for Myriad Genetics Inc. (MYGN):
-Earnings: -$15.2 million in Q1 vs. -$20.6 million in the same period last year.
-EPS: -$0.20 in Q1 vs. -$0.28 in the same period last year.
-Excluding items, Myriad Genetics Inc. reported adjusted earnings of -$11.3 million or -$0.15 per share for the period.
-Revenue: $145.2 million in Q1 vs. $186.3 million in the same period last year.
Watch now: ETF Edge on impact of the election, and Pfizer vaccine for Covid-19
[The stream is slated to start at 1:00 PM ET. Please refresh the page if you do not see a player above at that time.]
CNBC's ETF Edge is dedicated to the fastest-growing trend in investing right now: ETFs. Every Monday, Bob Pisani will be joined by a panel of top market participants to offer educational and actionable advice to help you build your best portfolio.
Cramer's lightning round: Don't bet against Palo Alto Networks
- It's that time again! "Mad Money" host Jim Cramer rings the lightning round bell, which means he's giving his answers to callers' stock questions at rapid speed.
Cloudflare: "I think Cloudflare has had too big a run. … I want to take profits here."
Haynes: "They missed the quarter so badly I just can't cotton it. I was surprised. Down to $12, they have enough cash flow to make it interesting, but I'm looking for winners, not losers."
Sorrento Therapeutics: "I don't think that you want to be in that stock. I think that we've now seen what it take to be a winner in this space, and they don't have it."
Palo Alto Networks: "I wouldn't bet against it."
Tractor Supply: "We have to be very careful with that one."
ViacomCBS: "Viacom's done a lot of good things. … I don't think it's expensive. It does not have a good balance sheet, but it's not that bad a company."
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter – Jim Cramer Twitter – Facebook – Instagram
Questions, comments, suggestions for the "Mad Money" website? [email protected]
Stock Alert: Caterpillar Rises To New 52-week High
Shares of Caterpillar Inc. (CAT) are rising more than 6 percent or $10.55 in Monday’s morning trade at $171.84, after touching a new 52-week high of $176.36 despite no company-specific news.
U.S. stocks are advancing on Monday, with buying interest generated after Pfizer and BioNTech said data from the Phase 3 trial of their COVID-19 vaccine candidate showed it to be more than 90 percent effective in preventing coronavirus infection. Democratic candidate Joe Biden’s presidential election victory also boosted stocks.
Caterpillar has traded in a range of $87.50 to $176.36 in the past 52 weeks.
Ultra Electronics Says Order Intake Remains Strong With Good Revenue Growth
Ultra Electronics Holdings plc. (ULE.L), in its updates on its performance over the nine months to 30 September 2020, said that order intake remains strong with good revenue growth. Operating margins are slightly better than expected due to lower indirect costs related to the pandemic. The costs are expected to normalize in 2021, alongside further investment in the business.
The company noted that trading continues, despite the ongoing Covid pandemic.
The Focus; Fix; Grow programme is progressing well and, pleasingly, the company expects opportunities to accelerate the pace of transformation investment in 2021.
The company said it continues to monitor the Covid situation. It expects the challenging conditions in commercial aerospace to continue into 2021. Its core defense markets are robust, and it remains confident in its ability to deliver exceptional value for all its stakeholders.