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Urban Outfitters Promotes CFO to COO as Part of Executive Shuffle

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Urban Outfitters Inc.

promoted its finance chief to chief operating officer, a move that comes as the number of COOs at large U.S. companies is declining.

The Philadelphia-based fashion and home goods retailer said Tuesday that Chief Financial Officer Frank Conforti has been named COO and co-president. Mr. Conforti has served as Urban Outfitters’s CFO since 2012. He will continue in the CFO role while the company searches for a replacement.

Mr. Conforti succeeds current COO Calvin Hollinger, who plans to leave at the end of the month after five years in the role and 16 years with the company, Urban Outfitters said.

Mr. Conforti’s promotion—part of a broader reshuffle at the top—followed an announcement by

Tupperware Brands Corp.

earlier in the day to expand the purview of its CFO.

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business

Renewed Consolidation Expected For Malaysia Shares

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(RTTNews) – The Malaysia stock market bounced higher again on Tuesday, one session after it halted the two-day winning streak in which it had advanced more than 40 points or 2.7 percent. The Kuala Lumpur Composite Index now rests just above the 1,525-point plateau although it figures to head south again on Wednesday.

The global forecast for the Asian markets is soft on profit taking and on concerns for a COVID-19 vaccine. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The KLCI finished modestly higher on Tuesday following gains from the financials, plantations and glove makers.

For the day, the index rose 6.77 points or 0.45 percent to finish at 1,525.20 after trading between 1,512.46 and 1,527.04. Volume was 5.963 billion shares worth 3.887 billion ringgit. There were 477 gainers and 460 decliners.

Among the actives, Petronas Dagangan surged 2.56 percent, while Malaysia

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business

AMC Theatres Says It Will Be Out of Cash by Early 2021, Stock Price Plummets

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AMC Entertainment says that unless circumstances change, it will be out of cash by late 2020 or early 2021.

The largest U.S. movie-theater exhibitor laid out the grim news in a Tuesday SEC filing, which sent company stock price below $4 per share. At the time of this writing, AMC stock (AMC) had declined 8% from Monday’s close.

The company sounded the alarm in a Tuesday filing to the Securities and Exchange Commission, pointing to low attendance figures for theaters that have managed to reopen amid the pandemic and the drought of major Hollywood films to lure moviegoers into its venues.

Without a major uptick in attendance or an injection of new funding, the company said, “existing cash resources would be largely depleted by the end of 2020 or early 2021. … to meet its obligations as they become due, the Company will require additional sources of liquidity or increases

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business

GLOBAL MARKETS-Asian equities set to slip as vaccine trials, stimulus talks stall

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By Suzanne Barlyn

Oct 14 (Reuters) – Asian equities were set to slip on Wednesday as halted COVID-19 vaccine trials and an elusive U.S. stimulus agreement weighed on investor sentiment, while the dollar rose from Tuesday’s three-week low as demand firmed for safe-haven assets.

Johnson & Johnson JNJ.N said on Tuesday that it was pausing a COVID-19 vaccine trial due to a study participant’s unexplained illness. Eli Lilly and Co LLY.N later said that it had also paused the clinical trial of its COVID-19 antibody treatment due to a safety concern, leading the U.S. equity market to deepen losses.

J&J shares lost 2.3%, while Eli Lilly closed down nearly 3%.

“That just spoke to the fact that a vaccine could take longer to be delivered than what the market’s expectations are calibrated towards,” said CommSec market analyst Tom Piotrowski in Sydney.

The Australian share market will likely open about

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business

Citigroup’s Corbat faces tense analyst questions as he approaches exit

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By Imani Moise and Niket Nishant

(Reuters) – Citigroup Inc’s outgoing chief executive came under fire on Tuesday for mistakes that have led to regulatory penalties, with analysts questioning his pay and why he is not leaving immediately in a conference call to discuss quarterly results.

In unusually direct exchanges, analysts pressed Chief Executive Mike Corbat to explain what management is doing to fix technical and operational problems that have plagued Citigroup for years and led the bank to erroneously send $900 million of its own funds to Revlon creditors in August.

That blunder led to costly litigation between Citigroup and the recipients, as well as regulatory consent orders, a $400-million penalty and lots of embarrassment. Last month, Citigroup announced that Corbat would retire earlier than expected, to be replaced in February by Jane Fraser.

Several analysts asked why Corbat did not make more progress in overhauling creaky technology or

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business

Kirkland Lake Gold Limited: Sparkling Q3 Performance (NYSE:KL)

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Introduction

It is earnings season and we have just received the 3rd quarter financial results for Kirkland Lake Gold Limited (KL).

As you may already know, we became shareholders in KL due to the takeover of Detour Gold Corp. (OTCPK:DRGDF) on February 12, 2020. Soon after acquiring this stock the coronavirus problems hit the market and KL’s stock price fell accordingly. We took the view that the acquisition of Detour Gold Corp. was a good one and so decided to hang on and monitor the company’s performance rather than cut and run. And we are glad we did as the recovery is a pleasure to watch.

Today, we will take a quick look at how the company is performing.

Kirkland Lake Gold Limited Q3 Financial Results

The Q3 results as published on October 12, 2020, are excellent with the standouts being as follows:

Q3 2020 production totaled 339,584 ounces,

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business

Just A Garden-Variety Consolidation (Technically Speaking For 10/13)

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Initial unemployment claims have been a sticking point for the recovery narrative:

The current level is 857,000, which is ~250,000 higher than the highest point from the last recession. Some people have argued that this number is soft due to issues with state unemployment programs, which are being flooded with applications (emphasis added).

Adding to the challenge for analysts and forecasters, the pandemic has thrown the data itself into disarray. For the second week in a row, the jobless claims data carried a Golden-State-size asterisk: California last month announced that it would temporarily stop accepting new unemployment applications while it addressed a huge processing backlog and installed procedures to weed out fraud.

In the absence of up-to-date data, the Labor Department is assuming California’s claim number was unchanged from its pre-shutdown figure of more than 225,000 applications, or more than a quarter of the national total. The state began accepting

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business

Dollar Holds Gains on Safety Bid as Uncertainty Grows on Several Fronts | Investing News

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TOKYO (Reuters) – The U.S. dollar held onto gains against most currencies on Wednesday as renewed questions about a coronavirus vaccine and lack of an agreement on additional U.S. fiscal stimulus prompted a shift to safer assets.

During the Asian session, the yuan will be in focus as traders watch to see whether Chinese officials’ efforts to slow the currency’s rise continue to have an impact.

The euro and British pound are likely to extend declines, analysts said, as a return of restrictions on economic activity in Europe and Britain to battle a second wave of coronavirus infections unnerves investors.

Moves are likely to be subdued as the U.S. presidential election looms on Nov. 3, but analysts said sentiment is leaning against riskier bets, which should support the dollar in the coming days.

“Many factors are pointing to more upside for the dollar,” said Masafumi Yamamoto, chief currency strategist at

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business

US Banks Report Good Earnings, But Warn Of Hit If No More Stimulus

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Large US banks reported better-than-expected results Tuesday on an improving economy, but cautioned that the recovery could falter if Washington fails to enact new stimulus measures.

“It’s important and it needs to happen as quickly as possible,” said Citi Chief Financial Officer Mark Mason, who added that massive spending from Washington has helped avert a tidal wave of delinquencies so far.

JPMorgan Chase executives warned of a “double-dip” recession if there is not another package. That takes place when a second period of economic contraction follows an initial recovery.

“The people we need to help the most are small businesses and the unemployed,” said JPMorgan Chief Executive Jamie Dimon, who said Washington’s actions will determine whether it needs to take much higher reserves for bad loans.

“If the better outcomes happen” with a good a stimulus package, “we are over reserved by $10 billion,” he said. But if there is

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business

Britain’s biggest fund manager expands engagement on climate

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By Simon Jessop

LONDON, Oct 14 (Reuters) – Britain’s biggest asset manager plans to increase the number of companies it assesses and engages with over climate change to help to accelerate global efforts to move to a low-carbon economy, it said on Wednesday.

Legal & General Investment Management (LGIM), part of insurer Legal & General LGEN.L, said it would increase the number of companies covered by its Climate Impact Pledge – a targeted engagement plan – to 1,000 from 100.

The group, which manages more than 1.2 trillion pounds ($1.55 trillion) in assets, said it would also make its climate ratings for companies available on its website.

“We thought it was really important that our own engagement framework really addresses this challenge of decarbonising very, very rapidly in the next 30 years,” said Meryam Omi, LGIM’s head of sustainability and responsible investment strategy.

Under the original pledge introduced

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