Autodesk Inc. Q4 adjusted earnings of $0.92 per share

Autodesk Inc. (ADSK) announced earnings for its fourth quarter that rose from the same period last year.

The company’s profit totaled $131.8 million, or $0.59 per share. This compares with $64.7 million, or $0.29 per share, in last year’s fourth quarter.

Excluding items, Autodesk Inc. reported adjusted earnings of $203.7 million or $0.92 per share for the period.

The company’s revenue for the quarter rose 22.0% to $899.3 million from $737.3 million last year.

Autodesk Inc. earnings at a glance:

-Earnings (Q4): $203.7 Mln. vs. $100.7 Mln. last year.
-EPS (Q4): $0.92 vs. $0.46 last year.
-Revenue (Q4): $899.3 Mln vs. $737.3 Mln last year.

-Guidance:
Next quarter EPS guidance: $0.80 – $0.86
Next quarter revenue guidance: $880 – $895 Mln

At least 34 Turkish soldiers killed in air strikes in Syria's Idlib: Syrian Observatory

BEIRUT (Reuters) – At least 34 Turkish soldiers were killed in air strikes in Syria’s Idlib on Thursday, the Syrian Observatory, a war monitor, reported.

Turkey has sent thousands of troops and heavy military hardware into northwest Syria’s Idlib province to back rebels looking to hold back an offensive by Syrian government and Russian forces aimed at taking back the rebel stronghold.

US STOCKS SNAPSHOT-Wall Street tumbles again on virus fears, confirming correction

NEW YORK, Feb 27 (Reuters) – Wall Street’s main indexes plunged on Thursday in their sixth straight day of declines with the S&P 500 confirming its fastest correction in history as the rapid global spread of coronavirus intensified investor worries about economic growth.

The Dow Jones Industrial Average fell 1,197.43 points, or 4.44%, to 25,760.16, the S&P 500 lost 137.99 points, or 4.43%, to 2,978.4 and the Nasdaq Composite dropped 414.30 points, or 4.61%, to 8,566.48. (Reporting by Sinéad Carew Editing by Chris Reese)

Saudi Arabia suspends issuing electronic tourist visas for several countries: SPA

CAIRO (Reuters) – The Saudi ministry of tourism temporarily suspended on Thursday issuing electronic tourist visas for those coming from China, Italy, Korea, Japan, Malaysia, Singapore and Kazakhstan, the Saudi news agency (SPA) reported.

The ministry also decided to temporarily suspend work on tourist visas previously issued to citizens of these countries, SPA added.

Train accident in northern Egypt injures 38

CAIRO (Reuters) – Thirty-eight people were injured in a train accident in northern Egypt on Thursday, the health ministry said.

All were treated for minor injuries in hospitals after the accident on the Alexandria and Marsa Matruh line on the Mediterranean.

A year ago, at least 20 people were killed and dozens injured when a locomotive smashed through the buffers and burst into flames at Cairo’s main train station.

U.S. stock funds shed $18.5 billion in week: Lipper

(Reuters) – U.S. equity funds saw outflows of $18.5 billion in the latest week, according to Lipper.

U.S.-based taxable bond funds attracted $2.5 billion, the eighth straight weekly inflow, and money market funds shed $2.6 billion in the week to Wednesday, Lipper data showed.

We Just Witnessed The Fastest Stock Market Correction on Record

Six days. That’s all the time it took for the S&P 500 to fall more than 10% from a record into a correction.

That’s the quickest turnaround of the sort ever, according to data from Deutsche Bank Global Research. The S&P 500 fell 4.4% Thursday, the worst day since 2011, bringing its total decline from a Feb. 19 high to 12%.

This week has been harrowing for investors, with the benchmark declining more than 3% in three of the last four sessions. The S&P 500 is poised for its worst week since 2008.

But wait. Haven’t stocks fallen a lot more than 10% in a single day? Yes — they dropped more than twice as much on Oct. 19, 1987, for instance. The difference between then and now is that this plunge started from an all-time high.

“The speed of the decline over the past week even beats the Black Monday episode in October 1987, where the peak was in August 1987,” Torsten Slok, chief economist at Deutsche Bank, wrote in an email.

Wells Fargo will settle regulatory investigation of ETFs for $35 million

WASHINGTON — Wells Fargo & Co. agreed to pay $35 million to settle regulatory claims that its financial advisers recommended exchange-traded funds that were too risky for some clients.

The Securities and Exchange Commission’s investigation targeted Wells Fargo’s sale of inverse ETFs, a type of fund that moves in the opposite direction of an index it tracks. Inverse ETFs can be used to hedge other positions or bet on a falling market, but the products are complex enough that regulators have warned for years they are unsuitable for many individual investors.

The sanction follows on an earlier blemish for similar conduct in 2012, when Wells Fargo paid $2.7 million to the brokerage industry’s self-regulator for selling inverse and leveraged ETFs without reasonable supervision. The SEC’s settlement order said Wells Fargo updated its policies for selling the products in 2012, but the controls still weren’t sufficient.

The deal comes one week after Wells Fargo WFC, -3.78%  resolved a bigger regulatory cloud, a multiyear investigation into how low-level employees who were stressed by high sales goals opened fake and unauthorized bank accounts. Wells Fargo paid $3 billion to settle those allegations.

An expanded version of this report appears on WSJ.com.

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