Rackspace Slides On Hosted Exchange Disruption
V.F. Corp. Slips On CEO’s Surprise Exit, Reduced FY23 Outlook
V.F. Corp. (VFC) shares are sliding more than 7 percent on Monday morning trade after the branded lifestyle apparel maker announced lower than previously outlined, earnings and revenue growth for its full year 2023. Further, the company announced the unexpected retirement of its CEO Steve Rendly and the appointment of Benno Dorer as interim CEO.
The company now expects full-year 2023 adjusted earnings per share to be in a range of $2-2.20, lower than its previous outlook of $2.40-$2.50. Revenue growth for the full year is now projected to increase 3-4 percent on constant dollars compared to the 5-6 percent outlook earlier.
Currently, shares are at $30.8, down 7.28 percent from the previous close of $33.22 on a volume of 2,009,896.
World Cup 22: 3-3 Draw In Cameroon-Serbia Thriller
A group G World Cup match between Cameroon and Serbia, which turned out to be one of the most thrilling games of Qatar 2022, ended in a draw, with both teams scoring three goals apiece.
The draw gives both sides their first point of the tournament.
Cameroon took the lead with Jean-Charles Castelletto scoring in the 29th minute.
Two stoppage time goals in the first half by Strahinja Pavlovic and Sergej Milinkovic-Savic helped Serbia lead 2-1.
Aleksandar Mitrovic scored in the 53rd minute to increase their lead to 3-1.
The introduction of Vincent Aboubakar proved pivotal, as his 63rd minute gaol giving the African nation hope. Aboubakar again broke through just two minutes late, setting a goal for team mate Eric Maxime Choupo Moting.
This is the first time that Cameroon have scored three goals in a World Cup match.
The group’s other teams – Brazil and Switzerland – are set to lock horns later in the day.
In a group H match on Monday, Ghana subdued a fighting South Korean team by 3-2.
Goals by Mohammed Salisu and Kudus Mohammed helped Ghana lead 2-0 in the first half while Korea equalized with two consecutive goals by Cho Guesung after the breather.
Kudus Mohammed scored the winner in the 68th minute to give the African lions three valuable points.
Meta Platforms Fined EUR265 Mln Over Facebook Data Leak
Meta Platforms Inc. (META), the parent company of social media giant Facebook, has been slapped with a hefty fine for breaching European data protection law.
The Irish Data Protection Commission (DPC) has imposed a fine of 265 million euros or about $275 million on Monday.
The DPC said it commenced the inquiry on April 14, 2021, on foot of media reports into the discovery of a collated dataset of Facebook personal data that had been made available on the internet. The scope of the inquiry concerned an examination and assessment of Facebook Search, Facebook Messenger Contact Importer and Instagram Contact Importer tools in relation to processing carried out by Meta Platforms Ireland Limited during the period between May 25, 2018 and September 2019.
The DPC examined the implementation of technical and organizational measures pursuant to Article 25 GDPR, which deals with this concept.
The DPC said it is also imposing a range of corrective measures.
“The decision imposed a reprimand and an order requiring MPIL to bring its processing into compliance by taking a range of specified remedial actions within a particular timeframe. In addition, the decision has imposed administrative fines totaling €265 million on MPIL,” the agency said.
SJW Group Adds 6%
SJW Group (SJW) shares are gaining more than 6 percent on Monday morning trade, continuing an uptrend since December 2. Today morning the shares touched a year-to-day high. There were no corporate announcements on Monday to influence the stock movement.
Currently, shares are at $79.20, up 6.47 percent from the previous close of $74.39 on a volume of 200,138.
European Economics Preview: Eurozone Retail Sales, Final PMI Due
Retail sales and final Purchasing Managers’ survey results from the euro area are the top economic data due on Monday, headlining a busy day for the European economic news.
At 3.00 am ET, retail sales from Hungary and real wages from the Czech Republic are due.
At 3.15 am ET, Spain’s S&P Global services Purchasing Managers’ survey data is due. The index is forecast to rise to 50.5 in November from 49.7 in the previous month.
At 3.45 am ET, Italy’s services PMI data is due. Economists expect the index to rise to 48.3 in November from 46.4 a month ago.
Final PMI survey results are due from France and Germany at 3.50 and 3.55 am ET, respectively.
At 4.00 am ET, S&P Global publishes euro area final composite PMI survey results. The final reading is seen at 47.8 in November, unchanged from the flash estimate.
Half an hour later, UK S&P/CIPS final composite Purchasing Managers’ data is due. The preliminary survey showed that the index remained unchanged at 48.8 in November.
At 5.00 am ET, Eurostat publishes euro area retail sales figures for October. Economists expect sales to fall 1.7 percent on month, in contrast to the 0.4 percent rise in September.
Rackspace Slides On Hosted Exchange Disruption
Shares of Rackspace Technology, Inc. (RXT) are falling more than 10 percent on Monday morning trade after announcing Hosted Exchange disruption. The company has admitted connectivity and login issues in its Hosted environments. The operator of multi-cloud technology services said it has restored email services to thousands of customers on Microsoft 365 and continues to make progress on restoring email services to every affected customer.
Currently, shares are at $4.37, down 9.84 percent from the previous close of $4.85 on a volume of 917,801.