EARNINGS SUMMARY: Details of E*Trade Financial Corp. Q3 Earnings Report
Below are the earnings highlights for E*Trade Financial Corp. (ETFC):
-Earnings: $254 million in Q3 vs. $261 million in the same period last year.
-EPS: $1.08 in Q3 vs. $1.00 in the same period last year.
-Analysts projected $1.01 per share
-Revenue: $767 million in Q3 vs. $720 million in the same period last year.
Maker of Bud Light accuses MillerCoors of stealing its beer recipes
MILKWAUKEE, Wisconsin — Anheuser-Busch InBev NV is suing MillerCoors over its confidential recipes for Bud Light and Michelob Ultra.
In a heavily redacted court filing Thursday, Anheuser-Busch BUD, +1.08% claims MillerCoors illegally obtained the recipes through one of its employees, who used to work for Anheuser-Busch.
Anheuser-Busch says MillerCoors wanted the recipes because it was planning to retaliate for Anheuser-Bush’s Super Bowl ads, which chided MillerCoors for brewing beer using corn syrup.
Anheuser-Busch seeks damages from MillerCoors, a unit of Molson Coors Brewing Co. TAP, +1.21% .
The filing was the latest in a legal fight that began in March. MillerCoors sued Anheuser-Busch over the corn syrup ad campaign, which it says is false and misleading.
Last month, a federal judge in Milwaukee ruled in MillerCoors’ favor and ordered Anheuser-Busch to stop using packaging that implies rival contain corn syrup. Anheuser-Busch is appealing that ruling.
“Anheuser Busch has lost three major federal rulings in this case and now they are simply trying to distract from the basic fact that they intentionally misled American consumers,” MillerCoors spokesman Adam Collins said of Anheuser-Busch’s claims.
Gildan cuts guidance on weaker demand, stock falls 12%
Shares of Gildan Activewear Inc. GIL, +0.28% tanked 12% in the extended session Thursday after the apparel maker cut guidance for the year and called for a 7% drop in quarterly profit. Gildan said it expects to report third-quarter GAAP per-share earnings of about 51 cents a share, and adjusted EPS of about 53 cents a share, both down 7% over the third quarter of 2018. Third-quarter sales are seen around $740 million, 2% lower than the same quarter last year. A previous guidance on Aug. 1. called for adjusted EPS growth to be flat in the third quarter on a projected sales growth. Gildan said it experienced "significantly weaker-than-expected demand for imprintables in North America and ongoing softness in international imprintable markets." Gildan mostly makes plain T-shirts and fleeces that users go on to customize with their own logos and messages. The guidance cut reflects a sales shortfall around $50 million, and presumes that the demand weakness for imprintables both in North America and internationally "will persist through the fourth quarter," the company said. Gildan stock ended the regular trading day up 0.3%. The company is scheduled to report third-quarter results on Oct. 31 before the open. Gildan in Marchwarned of an earnings hit from a debt write-off.
Here's what happened to the stock market on Thursday
The Dow climbed 23.9 points, or 0.09% to close at 27,025.88. The S&P 500 gained 0.28% to 2,997.95. The Nasdaq Composite advanced 0.40% to end the day at 8,156.85. Continuing earnings momentum and hopes of a Brexit deal lifted the major indexes.
Strong earnings and a 'great' Brexit deal
Netflix and Morgan Stanley both reported quarterly earnings that topped analyst expectations, adding to a string of better-than-expected results to start off the season. Of the S&P 500 companies that have posted results thus far, nearly 80% have beaten analyst expectations, FactSet data shows. Sentiment also got a boost after Prime Minister Boris Johnson said the U.K. and EU reached a "great new Brexit deal."
Netflix and Morgan Stanley rise
Netflix shares climbed 2.47% as the streamer's third-quarter earnings got a boost from strong international subscriber growth. Morgan Stanley gained 1.52% as its quarterly results were driven by stronger-than-expected trading and advisory revenues.
What happens next?
American Express and Coca-Cola are among the companies slated to report on Friday. Investors will also look ahead to any developments on the Brexit front. Read more here.
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‘City On A Hill’ Star Amanda Clayton Signs With APA
Amanda Clayton, who plays the role of Cathy Ryan on Showtime’s City on a Hill, has signed with APA in all areas.
Renewed for a second season, the American crime drama series is created by Charlie McLean, based on an original idea by Ben Affleck and MacLean, and set in 1990s Boston. The city is rife with violent crimes, all emboldened by local law enforcement agencies, where corruption and racism are the norm.
Clayton’s feature credits include the Martin Scorsese-produced biographical drama Bleed For This opposite Miles Teller, Katey Sagal and Aaron Eckhart. That story followed the inspirational world champion boxer Vinny Pazienza. She also appeared in Disney’s John Carter opposite Taylor Kitsch, and the indie thriller Bad Frank.
Clayton is also set to make her directorial debut next summer for the feature film Brusco. She continues to be represented by Eric Kind at Brave Management.
Watch Mark Zuckerberg deliver a speech on free expression at Georgetown University
Facebook CEO Mark Zuckerberg is back in Washington, D.C., today for a speech at Georgetown University on free expression. A Q&A will follow the speech.
This is his second trip to D.C. in a month and comes one week before he is expected to testify before the House Financial Services Committee on October 23 regarding Facebook's impact on the financial services and housing sectors.
Zuckerberg is also slated to appear on Fox News on Friday, where he's expected to address mounting criticism of Facebook's policy to allow misleading political ads.
See also: Mark Zuckerberg says he thought about banning political ads from Facebook, but decided not to