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Tag: STX

  • Seagate Technology Holdings plc (NASDAQ:STX) SVP John Christopher Morris Sells 1,131 Shares

    Seagate Technology Holdings plc (NASDAQ:STX) SVP John Christopher Morris Sells 1,131 Shares

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    Seagate Technology Holdings plc (NASDAQ:STX – Get Free Report) SVP John Christopher Morris sold 1,131 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $111.90, for a total value of $126,558.90. Following the transaction, the senior vice president now owns 7,191 shares in the company, valued at $804,672.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

    Seagate Technology Stock Performance

    STX opened at $112.64 on Wednesday. The company’s 50-day simple moving average is $104.92 and its two-hundred day simple moving average is $99.52. The stock has a market capitalization of $23.71 billion, a P/E ratio of 73.14 and a beta of 1.04. Seagate Technology Holdings plc has a 52-week low of $64.12 and a 52-week high of $115.32.

    Seagate Technology (NASDAQ:STX – Get Free Report) last issued its quarterly earnings data on Tuesday, October 22nd. The data storage provider reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.32. Seagate Technology had a net margin of 5.11% and a negative return on equity of 8.41%. The company had revenue of $2.17 billion for the quarter, compared to the consensus estimate of $2.13 billion. During the same quarter in the prior year, the firm earned ($0.34) earnings per share. The firm’s revenue for the quarter was up 49.1% compared to the same quarter last year. Research analysts forecast that Seagate Technology Holdings plc will post 7.09 EPS for the current fiscal year.

    Seagate Technology Increases Dividend

    The company also recently disclosed a quarterly dividend, which will be paid on Monday, January 6th. Investors of record on Sunday, December 15th will be issued a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 2.56%. This is a positive change from Seagate Technology’s previous quarterly dividend of $0.70. Seagate Technology’s payout ratio is presently 181.82%.

    Institutional Inflows and Outflows

    A number of institutional investors have recently bought and sold shares of STX. Quarry LP purchased a new position in shares of Seagate Technology during the 2nd quarter worth $27,000. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Seagate Technology by 2,407.1% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 351 shares of the data storage provider’s stock worth $36,000 after purchasing an additional 337 shares during the period. Family Firm Inc. purchased a new position in Seagate Technology during the second quarter valued at $41,000. Larson Financial Group LLC grew its holdings in Seagate Technology by 15,766.7% during the second quarter. Larson Financial Group LLC now owns 476 shares of the data storage provider’s stock valued at $49,000 after purchasing an additional 473 shares during the period. Finally, Gilliland Jeter Wealth Management LLC purchased a new stake in Seagate Technology in the third quarter worth about $55,000. Institutional investors own 92.87% of the company’s stock.

    Analysts Set New Price Targets

    Several equities research analysts recently weighed in on the company. Robert W. Baird lifted their price target on Seagate Technology from $100.00 to $120.00 and gave the company an “outperform” rating in a research report on Wednesday, July 24th. TD Cowen boosted their target price on shares of Seagate Technology from $110.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, July 24th. Wedbush increased their price target on shares of Seagate Technology from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Wells Fargo & Company boosted their price objective on shares of Seagate Technology from $90.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 24th. Finally, Morgan Stanley lifted their target price on shares of Seagate Technology from $115.00 to $133.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $115.94.

    Check Out Our Latest Research Report on Seagate Technology

    About Seagate Technology

    (Get Free Report)

    Seagate Technology Holdings plc provides data storage technology and solutions in Singapore, the United States, the Netherlands, and internationally. It provides mass capacity storage products, including enterprise nearline hard disk drives (HDDs), enterprise nearline solid state drives (SSDs), enterprise nearline systems, video and image HDDs, and network-attached storage drives.

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    Insider Buying and Selling by Quarter for Seagate Technology (NASDAQ:STX)

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  • Social Frenzy: Stacks Hits 8-Month High, But It Unveiled A Twist

    Social Frenzy: Stacks Hits 8-Month High, But It Unveiled A Twist

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    In contrast to the majority of cryptocurrencies, which began the week on a downward trajectory, Stacks (STX) deviated from the prevailing trend and registered gains.

    Stacks Network’s native token, STX, had a strong 600% increase in 2023. Stacks is a noteworthy 2019 SEC-qualified token that functions as a layer-2 Bitcoin protocol for smart contracts.

    Stacks Surges: Social Buzz And Growth

    Stacks has been the talk of the cryptocurrency community lately, receiving a lot of attention on social media. The altcoin’s market value has experienced a notable upswing, having reached a new eight-month high, concomitant with this rise in social volume.

    STX’s price has increased by more than 30% in the last week, which has been an impressive rise. This increase in social media mentions and the price gain that followed highlight the rising attention and involvement that Stacks is getting, pointing to increased excitement and hope among investors and the cryptocurrency community as a whole.

    Furthermore, in the last few hours, the Bitcoin scaling solution minted its first STX-20. The inscription caused a spike in network activity that led to a sharp rise in transactions and brief network congestion.

    STXUSD currently trading at $1.3283 territory. Chart: TradingView.com

    The upsurge coincided with the excitement surrounding Bitcoin Ordinals and BRC-20. The average transaction amount experienced a record increase earlier this month, rising from $5 to $7.

    Because more users were etching non-financial data onto the Bitcoin blockchain, there was an increase in demand for block space, which contributed to the growing transaction costs.

    The token’s price has been steadily rising for the past month, which has encouraged more social contact among members of the cryptocurrency community.

    Meanwhile, on-chain data provider Santiment cautioned in a recent post on X (formerly Twitter) that excessive social media activity frequently leads to “fear of missing out” (FOMO) buying.

    STX Price Surge Raises Red Flags

    The emergence of local price peaks is usually the result of this trend, and as the initial euphoria wears off, prices frequently correct quickly. Following a spike in enthusiasm and speculative interest that drives price increases, there follows a correction phase in the market.

    The Bollinger Bands (BB) indicator for STX shows a growing gap between its upper and lower bands, indicating more volatility following the recent price ascent. Since December 3rd, the Average True Range (ATR) has increased by 140% to reach 0.12, suggesting that there may be notable price swings.

    Due to the spike in demand, STX’s major momentum indicators—the Money Flow Index (MFI) at 80.22 and the Relative Strength Index (RSI) at 71.56—have reached overbought levels, indicating a potential for a short-term price decrease and the probability of buyer exhaustion.

    Despite an endorsement from billionaire investor Tim Draper, it seems that STX couldn’t leverage this significant support to its fullest potential.

    In a recent interview with Coin Bureau, Draper designated Stacks as the foremost “showstopper” among crypto projects, highlighting it as the most impactful project he discovered this year.

    As STX captures attention and climbs to new heights, the unfolding twists in its journey continue to captivate the cryptocurrency space, leaving enthusiasts eager to see what the next chapters hold for this compelling digital asset.

    Featured image from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Indian shares fall ahead of inflation data; Adani stocks slide

    Indian shares fall ahead of inflation data; Adani stocks slide

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    BENGALURU, Feb 13 (Reuters) – Indian shares were off to a muted start on Monday, ahead of domestic retail inflation data due later in the day and U.S. inflation data due tomorrow, while the ongoing uncertainty and spillover effects from the Adani Group’s market rout continued to create an overhang.

    The Nifty 50 index (.NSEI) was down 0.29% at 17,804.60 as of 9:37 a.m. IST, while the S&P BSE Sensex (.BSESN) fell 0.35% to 60,472.28.

    Ten of the 13 major sectoral indexes declined, with information technology stocks (.NIFTYIT) falling nearly 2% amid worries of a growth slowdown in the U.S., from where they get a significant share of their revenue.

    On the flip side, metals (.NIFTYMET) gained with a 1% rise.

    Twenty-seven of Nifty 50 constituents advanced with Titan Co (TITN.NS) and Eicher Motors Ltd (EICH.NS) among top gainers.

    Wall Street equities closed lower on Friday, on fears of a longer-than-expected high-rate regime after hawkish comments from key Federal Reserve officials.

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    Asian markets fell, with the MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) sliding 0.63%.

    Investors await India’s retail inflation data for January, due today. A Reuters poll of economists showed that India’s annual retail inflation rose from a 12-month low in December, but stayed within the 6% upper limit of RBI’s tolerance band in January.

    The uncertainty over the Adani conglomerate added to concerns in domestic markets.

    “The Adani group saga continues to weigh on investors’ minds and hence the sentiment has been negative,” said Prashanth Tapse of Mehta Equities.

    The group has lost over $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of tax havens.

    India’s market regulator is probing the group’s links to some of the investors in its scrapped $2.5 billion share sale of the flagship Adani Enterprises.

    ($1 = 82.5250 Indian rupees)

    Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman, Nivedita Bhattacharjee

    Our Standards: The Thomson Reuters Trust Principles.

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  • Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

    Adani slashes growth targets amid rout sparked by Hindenburg – Bloomberg News

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    Feb 13 (Reuters) – India’s Adani Group has halved its revenue growth target and plans to scale down fresh capital expenditure, Bloomberg News reported on Sunday.

    Listed companies controlled by billionaire Gautam Adani have lost more than $100 billion in market value since Jan. 24, when U.S. short-seller Hindenburg Research accused the conglomerate of stock manipulation and improper use of offshore tax havens.

    The group has rejected the allegations and denied any wrongdoing.

    The Adani Group will now shoot for revenue growth of 15% to 20% for at least the next financial year, down from the original target of 40%, Bloomberg News said citing people familiar with the matter.

    Holding back on investments for even as little as three months could save the conglomerate as much as $3 billion, the report said, adding that the plans are still imminent.

    A spokesperson for the Adani Group said the report was “baseless, speculative”, without elaborating further.

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    The group has also been a part of India’s market regulator’s investigation into its links to some of the investors in its scrapped $2.5 billion share sale.

    Earlier this month, India’s ministry of corporate affairs started a preliminary review of the group’s financial statements and other regulatory submissions made over the years, Reuters reported, citing two senior government officials.

    Reporting by Mrinmay Dey in Bengaluru; Editing by Kim Coghill and Savio D’Souza

    Our Standards: The Thomson Reuters Trust Principles.

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  • Adani’s market losses top $100 bln as crisis shockwaves spread

    Adani’s market losses top $100 bln as crisis shockwaves spread

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    • Market rout deepens in Indian tycoon Adani’s shares
    • Adani Enterprises loses $26 bln in value since report
    • Falls after Adani pulled share sale, investors spooked
    • Analysts say signals confidence crisis in Indian market

    NEW DELHI/MUMBAI, Feb 2 (Reuters) – Adani’s market losses swelled above $100 billion on Thursday, sparking worries about a potential systemic impact a day after the Indian group’s flagship firm abandoned its $2.5 billion stock offering.

    Another challenge for Adani on Thursday came when S&P Dow Jones Indices said it would remove Adani Enterprises from widely used sustainability indices, effective Feb. 7, which would make the shares less appealing to sustainability-minded funds.

    In addition, India’s National Stock Exchange said it has placed on additional surveillance shares of Adani Enterprises <ADEL.NS>, Adani Ports <APSE.NS> and Ambuja Cements <ABUJ.NS>. read more

    However, Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. read more

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    The shock withdrawal of Adani Enterprises’ share sale marks a dramatic setback for founder Adani, the school dropout-turned-billionaire whose fortunes rose rapidly in recent years but have plunged in just a week after a critical research report by U.S.-based short-seller Hindenburg Research.

    Aborting the share sale sent shockwaves across markets, politics and business. Adani stocks plunged, opposition lawmakers called for a wider probe and India’s central bank sprang into action to check on the exposure of banks to the group. Meanwhile, Citigroup’s (C.N) wealth unit stopped making margin loans to clients against Adani Group securities.

    The crisis marks an dramatic turn of fortune for Adani, who has in recent years forged partnerships with foreign giants such as France’s TotalEnergies (TTEF.PA) and attracted investors such as Abu Dhabi’s International Holding Company as he pursues a global expansion stretching from ports to the power sector.

    In a shock move late on Wednesday, Adani called off the share sale as a stocks rout sparked by Hindenburg’s criticisms intensified, despite it being fully subscribed a day earlier.

    “Adani may have started a confidence crisis in Indian shares and that could have broader market implications,” said Ipek Ozkardeskaya, senior market analyst at Swissquote Bank.

    Adani Enterprises shares tumbled 27% on Thursday, closing at their lowest level since March 2022.

    Other group companies also lost further ground, with 10% losses at Adani Total Gas (ADAG.NS), Adani Green Energy (ADNA.NS) and Adani Transmission (ADAI.NS), while Adani Ports and Special Economic Zone shed nearly 7%.

    Since Hindenburg’s report on Jan. 24, group companies have lost nearly half their combined market value. Adani Enterprises – described as an incubator of Adani’s businesses – has lost $26 billion in market capitalisation.

    Adani is also no longer Asia’s richest person, having slid to 16th in the Forbes rankings of the world’s wealthiest people, with his net worth almost halved to $64.6 billion in a week.

    The 60-year-old had been third on the list, behind billionaires Elon Musk and Bernard Arnault.

    His rival Mukesh Ambani of Reliance Industries (RELI.NS) is now Asia’s richest person.

    [1/4] Indian billionaire Gautam Adani addresses delegates during the Bengal Global Business Summit in Kolkata, India April 20, 2022. REUTERS/Rupak De Chowdhuri

    Reuters Graphics

    BROADER CONCERNS

    Adani’s plummeting stock and bond prices have raised concerns about the likelihood of a wider impact on India’s financial system.

    India’s central bank has asked local banks for details of their exposure to the Adani Group, government and banking sources told Reuters on Thursday.

    CLSA estimates that Indian banks were exposed to about 40% of the $24.5 billion of Adani Group debt in the fiscal year to March 2022.

    Dollar bonds issued by entities of Adani Group extended losses on Thursday, with notes of Adani Green Energy crashing to a record low. Adani Group entities made scheduled coupon payments on outstanding U.S. dollar-denominated bonds on Thursday, Reuters reported citing sources.

    “We see the market is losing confidence on how to gauge where the bottom can be and although there will be short-covering rebounds, we expect more fundamental downside risks given more private banks (are) likely to cut or reduce margin,” said Monica Hsiao, chief investment officer of Hong Kong-based credit fund Triada Capital.

    In New Delhi, opposition lawmakers submitted notices in parliament demanding discussion of the short-seller’s report.

    The Congress Party called for a Joint Parliamentary Committee be set up or a Supreme Court monitored investigation, while some lawmakers shouted anti-Adani slogans inside parliament, which was adjourned for the day.

    ADANI VS HINDENBURG

    Adani made acquisitions worth $13.8 billion in 2022, Dealogic data showed, its highest ever and more than double the previous year.

    The cancelled fundraising was critical for Adani, which had said it would use $1.33 billion to fund green hydrogen projects, airports facilities and greenfield expressways, and $508 million to repay debt at some units.

    Hindenburg’s report alleged an improper use of offshore tax havens and stock manipulation by the Adani Group. It also raised concerns about high debt and the valuations of seven listed Adani companies.

    The Adani Group has denied the accusations, saying the allegation of stock manipulation had “no basis” and stemmed from an ignorance of Indian law. It said it has always made the necessary regulatory disclosures.

    Adani had managed to secure share sale subscriptions on Tuesday even though the stock’s market price was below the issue’s offer price. Maybank Securities and Abu Dhabi Investment Authority had bid for the anchor portion of the issue, investments which will now be reimbursed by Adani.

    Late on Wednesday, the group’s founder said he was withdrawing the sale given the share price fall, adding his board felt going ahead with it “will not be morally correct”.

    Reporting by Chris Thomas, Nallur Sethuraman, Tanvi Mehta, Ira Dugal, Aftab Ahmed, Sumeet Chatterjee, Anshuman Daga, Summer Zhen, Ross Kerber and Bansari Mayur Kamdar; Editing by Muralikumar Anantharaman, Jason Neely and Alexander Smith

    Our Standards: The Thomson Reuters Trust Principles.

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  • Adani crisis ignites Indian contagion fears, credit warnings

    Adani crisis ignites Indian contagion fears, credit warnings

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    • Both houses of parliament adjourned amid row
    • Flagship Adani firm plunges 35% at one point
    • Moody’s warns will find it harder to raise capital

    NEW DELHI, Feb 3 (Reuters) – Financial contagion fears spread in India on Friday as the Adani Group’s crisis worsened, with ratings agency Moody’s warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses.

    Chaotic scenes in both houses of India’s parliament led to their adjournment on Friday as some lawmakers demanded an inquiry after a dramatic meltdown in the stock market values of Indian billionaire Gautam Adani’s companies.

    The crisis was triggered by a Hindenburg Research report last week in which the U.S.-based short-seller accused the Adani Group of stock manipulation and unsustainable debt.

    Adani Group, one of India’s top conglomerates, has rejected the criticism and denied wrongdoing in detailed rebuttals, but that has failed to arrest the unabated fall in its shares.

    In the latest sign of the crisis widening, India’s ministry of corporate affairs has begun a preliminary review of Adani Group’s financial statements and other regulatory submissions made over the years, two government officials told Reuters.

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    Although shares in Adani companies recovered after sharp falls earlier on Friday, the seven listed firms have still lost about half their market value, totalling more than $100 billion since Hindenburg published its report on Jan. 24.

    Moody’s warned the share plunge could hit the Adani Group’s ability to raise capital, although fellow credit ratings agency Fitch saw no immediate impact on its ratings.

    “These adverse developments are likely to reduce the group’s ability to raise capital to fund committed capex or refinance maturing debt over the next 1-2 years. We recognise that a portion of the capex is deferrable,” Moody’s said.

    For Adani, a former school drop-out from Gujarat, the western home state of Indian Prime Minister Narendra Modi, the crisis presents the biggest reputational and business challenge of his life, as his firm struggles to assuage investor concerns.

    Amid fears the turmoil could spill over into the broader financial system, some Indian politicians have called for a wider investigation, and sources have told Reuters the central bank has asked lenders for details of exposure to the group.

    “Contagion concerns are widening, but still limited to the banking sector,” Charu Chanana, a market strategist with Saxo Markets in Singapore, said on Friday.

    The Reserve Bank of India said the country’s banking system remains resilient and stable. State Bank of India said it was not concerned about the exposure to Adani Group, but further financing to its projects would be “evaluated on its own merit”.

    Adani Enterprises shares closed 1.4% higher, after earlier slumping 35% to hit their lowest since March 2021. That low took its losses to nearly $33.6 billion since last week, a 70% fall.

    Shares fell 5% in Adani Total Gas (ADAG.NS), a joint venture with France’s TotalEnergies (TTEF.PA), which said its exposure to Adani companies was limited.

    Traffic moves past the logo of the Adani Group installed at a roundabout on the ring road in Ahmedabad, India, Feb. 2, 2023. REUTERS/Amit Dave

    Adani Ports and Special Economic Zone (APSE.NS) was up 8%, while Adani Transmission (ADAI.NS) and Adani Green Energy (ADNA.NS) were both down 10%.

    “There is a risk that investor concerns about the group’s governance and disclosures are larger than we have currently factored into our ratings,” S&P said, as it cut its outlook on Adani Ports and Adani Electricity to negative from stable.

    India’s divestment secretary Tuhin Kanta Pandey told Reuters that Life Insurance Corp (LIC) shareholders and customers should not be concerned about its exposure to the Adani Group.

    State-run LIC (LIFI.NS) has a 4.23% stake in the flagship Adani Enterprises, while its other exposures include a 9.14% stake in Adani Ports.

    Reuters Graphics

    ‘ONE INSTANCE’

    Adani, 60, has in recent years forged partnerships with, and attracted investment from, foreign giants as he pursued global expansion in industries from ports to power.

    The market and financial crisis means foreign investors, many already underweight on India as they consider its stock market overpriced, are reducing exposure.

    “One instance, however much talked about globally it may be … is not going to be indicative of how well Indian financial markets are governed,” Indian Finance Minister Nirmala Sitharaman told Network18 when asked about the market weakness.

    Reuters Graphics

    Hindenburg’s report said key listed Adani companies had “substantial debt” and shares in the seven listed firms had a downside of 85% due to what it called sky-high valuations.

    The Adani Group has called the report baseless and said over the past decade, its companies have “consistently de-levered”.

    The listed Adani firms now have a combined market value of $107.5 billion, versus $218 billion before the report.

    That has forced Adani to cede the crown of Asia’s richest person to Indian rival Mukesh Ambani of Reliance Industries Ltd (RELI.NS), and he has slid to 17th in Forbes’ list of the world’s wealthiest people.

    He had ranked third, behind Elon Musk and Bernard Arnault.

    Reporting by Aditya Kalra, Chris Thomas, Ankur Banerjee, Bansari Mayur Kamdar, Shivam Patel, Tanvi Mehta and Rae Wee in Singapore; Editing by Clarence Fernandez, Mark Potter and Alexander Smith

    Our Standards: The Thomson Reuters Trust Principles.

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  • STX Stock Price | Seagate Technology Holdings PLC Stock Quote (U.S.: Nasdaq) | MarketWatch

    STX Stock Price | Seagate Technology Holdings PLC Stock Quote (U.S.: Nasdaq) | MarketWatch

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    Seagate Technology Holdings PLC

    Seagate Technology Holdings Plc operates as holding company that is engaged in the development, production, and distribution of data storage products and electronic data storage solutions. Its products include hard disk drives, solid state hybrid drives, solid state drives, peripheral component interconnect express cards, serial advanced technology attachment controllers, storage subsystems and computing solutions. The firm offers its products under the Backup Plus and Expansion product lines, and Maxtor and LaCie brands. The company is founded in 2012 and is headquartered in Dublin, Ireland.

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  • Adidas ends Ye deal over hate speech, costing rapper his billionaire status

    Adidas ends Ye deal over hate speech, costing rapper his billionaire status

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    • Adidas ends partnership immediately
    • To take about $250 mln hit to 2022 net income
    • Gap, Balenciaga have also cut ties with Ye

    Oct 25 (Reuters) – Adidas AG (ADSGn.DE) terminated its partnership with rapper and fashion designer Ye on Tuesday after he made a series of antisemitic remarks, a move that knocked the musician off the Forbes list of the world’s billionaires.

    Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month.

    “Adidas does not tolerate antisemitism and any other sort of hate speech,” the German company said on Tuesday.

    “Ye’s recent comments and actions have been unacceptable, hateful and dangerous, and they violate the company’s values of diversity and inclusion, mutual respect and fairness,” it said.

    Forbes magazine said the end of the deal meant Ye’s net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion.

    The remainder of Ye’s wealth comes from real estate, cash, his music catalogue and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims, Forbes said.

    Representatives for Ye, formerly known as Kanye West, did not immediately respond to a request for comment.

    For Adidas, ending the partnership and the production of Yeezy branded products, as well as stopping all payments to Ye and his companies, will have a “short-term negative impact” of up to 250 million euros ($248.90 million) on net income this year, the company said.

    Ye has courted controversy in recent months by publicly ending major corporate tie-ups and making outbursts on social media against other celebrities. His Twitter and Instagram accounts were restricted, with the social media platforms removing some of his online posts that users condemned as antisemitic.

    In now-deleted Instagram posts earlier this year, the multiple Grammy award-winning artist accused Adidas and U.S. apparel retailer Gap Inc (GPS.N) of failing to build contractually promised permanent stores for products from his Yeezy fashion line.

    [1/3] Singer Kanye West walks past models after presenting his Fall/Winter 2015 partnership line with Adidas at New York Fashion Week February 12, 2015. REUTERS/Lucas Jackson/File Photo

    He also accused Adidas of stealing his designs for its own products.

    On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

    “Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values,” Gap said in a statement.

    European fashion house Balenciaga has also cut ties with Ye, according to media reports.

    “The saga of Ye … underlines the importance of vetting celebrities thoroughly and avoiding those who are overly controversial or unstable,” said Neil Saunders, managing director of GlobalData.

    Adidas poached Ye from rival Nike Inc (NKE.N) in 2013 and agreed to a new long-term partnership in 2016 in what the company then called “the most significant partnership created between a non-athlete and a sports brand.”

    The tie-up helped the German brand close the gap with Nike in the U.S. market.

    Yeezy sneakers, which cost between $200 and $700, generate about 1.5 billion euros ($1.47 billion) in annual sales for Adidas, making up a little over 7% of its total revenue, according to estimates from Telsey Advisory Group.

    Shares in Adidas, which cut its full-year forecast last week, closed down 3.2%. The group said it would provide more information as part of its upcoming Q3 earnings announcement on Nov. 9.

    ($1 = 1.0044 euros)

    Reporting by Mrinmay Dey, Uday Sampath and Aishwarya Venugopal in Bengaluru and Lisa Richwine in Los Angeles; Editing by Tomasz Janowski, Sriraj Kalluvila, Bernadette Baum, Anil D’Silva and Cynthia Osterman

    Our Standards: The Thomson Reuters Trust Principles.

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  • Swiss National Bank monitoring Credit Suisse situation – Maechler

    Swiss National Bank monitoring Credit Suisse situation – Maechler

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    ZURICH, Oct 5 (Reuters) – The Swiss National Bank (SNB) is following the situation at Credit Suisse (CSGN.S) closely, SNB Governing Board member Andrea Maechler told Reuters on Wednesday.

    Switzerland’s second-biggest bank saw its shares slide by as much as 11.5% and its bonds hit record lows on Monday, before clawing back some of the losses, amid concerns about its ability to restructure its business without asking investors for more money. read more

    “We are monitoring the situation,” Maechler said on the sidelines of an event in Zurich. “They are working on a strategy due to come out at the end of October.”

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    The SNB has declined to comment in the past about Credit Suisse, which has said it has a strong capital base and liquidity. It is due to announce details of a restructuring plan along with third-quarter results on Oct. 27.

    In July, Credit Suisse announced its second strategy review in a year and replaced its chief executive, bringing in restructuring expert Ulrich Koerner to prune its investment banking arm and cut more than $1 billion in costs. read more

    The bank is considering measures to scale back its investment bank into a “capital-light, advisory-led” business, and is evaluating strategic options for the securitised products business, Credit Suisse has said.

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    Reporting by John Revill
    Editing by Michael Shields and Mark Potter

    Our Standards: The Thomson Reuters Trust Principles.

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  • Dow posts record closing high, stocks gain for 3rd week; dollar dips

    Dow posts record closing high, stocks gain for 3rd week; dollar dips

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    • S&P 500, Nasdaq end session lower
    • Evergrande averts default with surprise interest payment
    • U.S. 10-year yields lower

    NEW YORK, Oct 22 (Reuters) – The Dow Jones industrial average registered a record closing high on Friday and major equity indexes posted a third straight week of gains while the U.S. dollar slipped.

    On the day, MSCI’s broadest gauge of global shares (.MIWD00000PUS) was flat, and the S&P 500 (.SPX) and Nasdaq (.IXIC) ended lower.

    Stocks came under pressure after Federal Reserve Chair Jerome Powell said the U.S. central bank was “on track” to begin reducing its purchases of assets. read more

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    Intel’s stock (INTC.O)fell 11.7% and was among the biggest drags on the S&P 500. Late Thursday, Intel reported sales that missed expectations and pointed to shortages of chips holding back sales of its flagship processors. read more

    American Express Co’s stock (AXP.N) gained, boosting the Dow after the company beat profit estimates for the fourth straight quarter.

    Next week brings reports from several key mega-cap names including Amazon (AMZN.O). read more

    The dollar pared losses after Powell’s comments, but the dollar index was last down 0.10% at 93.64, and is off from a one-year high of 94.56 last week. read more

    “There’s a bit of a positioning unwind taking place. We’ve obviously seen a firmer dollar since the September” Fed meeting, said Mazen Issa, senior FX strategist at TD Securities in New York. “That also dovetails with the seasonal tendency for the dollar to soften into the end of the month.”

    Investors also digested news that China Evergrande Group (3333.HK) appeared to avert default with a source saying it made a last-minute bond coupon payment. read more

    The Dow Jones Industrial Average (.DJI) rose 73.94 points, or 0.21%, to 35,677.02, the S&P 500 (.SPX) lost 4.88 points, or 0.11%, to 4,544.9 and the Nasdaq Composite (.IXIC) dropped 125.50 points, or 0.82%, to 15,090.20.

    The pan-European STOXX 600 index (.STOXX) rose 0.46% and MSCI’s gauge of stocks across the globe shed 0.03%.

    The MSCI index posted gains for a third straight week along with the three major U.S. stock indexes.

    In the U.S. bond market, yields on longer-dated U.S. Treasuries slid.

    The yield on 10-year Treasury notes was down 1.6 basis points to 1.659% after rising to a five-month high of 1.7064% late Thursday.

    Oil rose and ended up for the week, near multi-year highs. Brent crude futures rose 92 cents to settle at $85.53 a barrel, and registered its seventh weekly gain. U.S. crude futures gained $1.26, to settle at $83.76, and rose for a ninth straight week. read more

    Spot gold was up 0.6% at $1,793.82 per ounce.

    Among cryptocurrencies, bitcoin last fell 2.21% to $60,841.96.

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    Additional reporting by Simon Jessop in London, and Karen Brettell, Sinead Carew and Herbert Lash in New York and Kevin Buckland in Tokyo
    Editing by Hugh Lawson Mark Potter and David Gregorio

    Our Standards: The Thomson Reuters Trust Principles.

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