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Texas power use to keep hitting records during heat wave: ERCOT

“The biggest power utilities in Texas include units of Sempra Energy, CenterPoint Energy Inc and American Electric Power Co Inc” writes Midwest Communications Inc for 95kqds.com. The Electric Reliability Council of Texas (ERCOT) said demand reached 73,259 megawatts on Thursday, topping the prior all-time high of 72,192 MW on Wednesday.That topped the grid’s forecast high of 72,756 MW for this summer.To keep those air conditioners humming, Texas utilities are buying electricity from all sources, which boosted power prices to a near seven-year high earlier in the week. Source: 95kqds.com Share This:

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Microsoft stock spikes after earnings forecast beats expectations

“In total, that suggests first-quarter revenue of $27.35 billion to $28.05 billion” writes Jeremy C for marketwatch.com. Shares had been up 1% after the company’s fiscal fourth-quarter earnings report showed stronger-than-expected profit and sales.MSFT, -0.68% shares jumped to a 4% gain in after-hours trading Thursday after the tech giant supplied its forecast for the first quarter of the 2019 fiscal year.Analysts on average were projecting revenue of $27.4 billion, according to FactSet. Source: marketwatch.com Share This:

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Shares of eBay drop 9 percent after weak growth, lowered revenue forecast

“We expect eBay shares to revisit recent lows, as the headwinds in StubHub was an unexpected development,” Credit Suisse said” writes Michael Sheetz for cnbc.com. Shares of eBay fell 9 percent in trading Thursday after the company reported sluggish growth in its marketplace business and lowered its revenue forecast for the the rest of the year.The online marketplace reported second-quarter earnings of 53 cents per share, while revenue came in at $10 billion. Shares of eBay were nearly flat for the year before its second-quarter earnings report, up 0.6 percent…

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TSMC Trims Full Year Sales Forecast as Crypto Mining, Smartphone Demand Wanes

“TSMC also noted that the proportion of its $7.85 billion in second quarter sales to smartphone manufacturers fell by 10 percentage points to 48%” writes Martin Baccardax for thestreet.com. “Moving into third quarter 2018, we anticipate our business will benefit from new product launches using TSMC 7-nanometer technology while cryptocurrency mining demand will decrease from second quarter.”. Ltd., (TSM) the world’s biggest contract chipmaker and a leader supplier for Apple Inc. (AAPL) iPhones, trimmed its full year revenue forecasts Thursday, citing a slowdown in cryptocurrency mining and waning smartphone demand.Earlier…

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Novartis says on track for 2018 growth despite Sandoz weakness

“Swiss drugmaker Novartis said on Wednesday sales and profit rose in the second quarter, as demand for its psoriasis-and-arthritis medicine and heart-failure drug offset weakness at the Sandoz generics unit” writes Arnd Wiegmann for cnbc.com. The company’s core operating profit rose 7 percent to $3.541 billion, compared with average forecast of $3.46 billion in a Reuters poll.However, Novartis lowered forecast for Sandoz as pricing pressure on its U.S. pills business takes a toll.Sales climbed 5 percent to $13.158 billion compared with forecast of $12.92 billion. Source: cnbc.com Share This:

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Swedbank second-quarter net profit beats forecast

“Swedish banking group Swedbank reported a bigger than expected rise in second-quarter net earnings on Wednesday on the back of higher income from trading and a reversal of credit impairments” writes Peter Kollanyi for cnbc.com. Swedbank said in a statement net profit rose to 6.01 billion Swedish crowns ($678.9 million) from a year-ago 4.75 billion to come in above a mean forecast for 5.35 billion in a poll of analysts. Previously announced one-off items, where a capital gain from the sale of a stake in credit information provider UC more…

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Economists Upbeat On Jobs, Wages — But Not Because Of Tax Reform

“A new survey from the National Association for Business Economists suggests economists are optimistic about U.S. wages and employment, though not yet because of tax reform” reports pymnts.com. In line with previous research, NABE’s report noted that these trends are not yet linked to tax reform.Reports in Fortune said the NABE’s Business Conditions Survey, published Monday (July 16), found 68 percent of the 98 economists surveyed predict businesses will see increased sales in the next three months.Earlier research published by the Association for Financial Professionals in May found that corporates…

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South Korea slashes jobs outlook, downgrades growth forecast

“In June, South Korea added 106,000 jobs, compared with the 302,000 jobs added in June 2017” writes The Associated Press for seattletimes.com. The official growth forecast was lowered to 2.9 percent for this year from the 3.0 percent forecast in December.SEOUL, South Korea (AP) — South Korea’s government dramatically cut its outlook on the job market while downgrading its growth forecast Wednesday, boding ill for President Moon Jae-in’s jobs-first agenda.The Finance Ministry said South Korea’s economy will create a mere 180,000 jobs this year, down from the 320,000 jobs it…

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United Airlines raises 2018 profit forecast; shares rise

“(Reuters) – United Airlines raised its profit forecast for 2018 on Tuesday, breaking a trend for U.S. airlines as average fares and traffic both rose and it trimmed capacity expansion in the face of soaring fuel costs” writes Midwest Communications Inc for 95kqds.com. But the Chicago-based carrier forecast adjusted profit for the full year at between $7.25 and $8.75, up from a previous range of $7.00 to $8.50. Source: 95kqds.com Share This:

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Boeing predicts strong growth in world’s airplane fleet, looking past near-term uncertainties

“Looking at the 20-year Boeing forecast that used 1999 figures to project the 2019 fleet does not inspire confidence in the accuracy of these models” writes Dominic Gates for seattletimes.com. Airbus’s forecast also predicts more planes will be retained in the fleet and fewer new planes will be needed to replace retiring aircraft.So Boeing forecasts that to get to that 48,500 fleet size over the next two decades, manufacturers will have to build 42,700 planes. Source: seattletimes.com Share This:

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