Reuters Before the Bell: Hershey's tepid annual forecasts overshadow quarterly profit beat

Click to View in Browser Thursday, July 25, 2019 Hershey's tepid annual forecasts overshadow quarterly profit beat Chocolate maker Hershey Co cut its full-year sales forecast on Thursday, overshadowing a better-than-expected quarterly profit and sending its shares down 3%. Tesla needs more time to turn profit; founding engineer steps down Tesla Inc on Wednesday pushed back its profit timeline once again after missing financial targets in the second quarter, while announcing that the pioneer of the company's electric batteries, J.B. Straubel, was stepping down from his role as chief technology officer. Ford results dented by restructuring, gives weaker-than-expected forecast Ford Motor Co on Wednesday reported a lower-than-expected profit, weighed down by charges to restructure its units in Europe and South America, and the automaker gave a full-year earnings forecast that fell short of analysts' expectations. Southwest ekes out profit as bookings offset MAX groundings; Newark operations ceased Southwest Airlines Co eked out a small profit in the second quarter on Thursday as strong bookings offset the financial blow of the grounding of Boeing 737 MAX jets, which forced the carrier to cease operations at Newark Liberty International airport. Nissan to cut 12,500 jobs as crisis deepens after profit wipe out Nissan Motor Co unveiled its biggest restructuring plan in a decade, axing nearly a tenth of its workforce and flagging possible plant closures to rein in costs that ballooned when Carlos Ghosn was CEO. Volkswagen second-quarter operating profit up 30% as SUV push pays off Volkswagen Group shares rose 2% after the carmaker posted a 30% rise in second-quarter operating profit despite a drop in vehicle sales as rising demand for sports utility vehicles and premium brands boosted margins. Boeing posts biggest loss on 737 MAX, may have to halt production of jet Boeing Co posted its largest-ever quarterly loss on Wednesday due to the spiraling cost of resolving issues with its 737 MAX, warning it may have to shut production of the grounded jet completely if it runs into new hurdles with global regulators getting its best-selling aircraft back in the air. ECB prepares some sub-zero relief for wilting Europe The euro and bond yields wilted on Thursday as a slump in German business confidence added to pressure on the European Central Bank to push interest rates even deeper into sub-zero territory later. Futures muted after mixed bag of earnings U.S. stock index futures struggled for direction on Thursday as a clutch of earnings reports again pointed to a slowing global economy, while holding up in the face of already reduced expectations. Comcast second-quarter profit beats Wall Street, misses on revenue Comcast Corp reported second-quarter profit on Thursday that beat Wall Street estimates as it added more high-speed internet customers, but it lost more video and phone customers than expected. Related Video Earnings tumble at automakers, but VW defies the gloom MAX crisis pushes Boeing to biggest-ever loss Make sense of the market with highlights of valuable financial information and reports along with compelling investment insights. Register Today The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today » » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2019 Thomson Reuters Ensure delivery of Reuters Newsmails, add newsletters@email.reuters.com to your address book. Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook