Movers: G.E. and Mattel Earnings, and Samsung’s Galaxy S8

Movers: G.E. and Mattel Earnings, and Samsung’s Galaxy S8

- in World Biz

We’re following major developments in the markets throughout the day. Check below for the latest updates.

Mattel Sinks on Barbie Woes

Last year, the toymaker Mattel tried to refresh the Barbie brand by rolling out curvy, petite and tall versions of its well-known fashion doll. That strategy did not seem to bolster sales. Mattel shares were down sharply on Friday after the company reported weak firstquarter earnings after the bell on Thursday.

What to Watch For: Honeywell, the World Bank and I.M.F. Meetings, and Samsung

Finance ministers, central bankers and financiers from around the world are gathering in Washington this weekend.

Mandel Ngan/Agence France-Presse — Getty Images

■ Honeywell International said it had higher-than-expected profit in the first quarter.

■ The annual spring meetings of the World Bank Group and the International Monetary Fund bring government officials, central bankers, journalists, and members of academia and the private sector to Washington for briefings on the global economy and development. Emerging markets are showing signs of strength.

■ Samsung Electronics continues the rollout of its Galaxy S8 and has packed it with new features: taller, curved screens; encrypted facial recognition; deeper display colors; systemwide voice control and the ability to turn into a desktop computer.

■ Don’t forget to read the DealBook Morning Agenda.

General Electric Results Beat Forecasts

General Electric — which has been under pressure from the activist investor Nelson Peltz — has pared back its assets to focus on its industrial division, but it still faces trouble.

Its revenue dropped less than expected in the first quarter compared with the same period last year. In an effort to return to its core industrial focus, the company shifted its headquarters to Boston from Fairfield, Conn., tried to recast itself as a more digital company, shed its appliance division and pared down GE Capital.

But there was pain in the oil and gas division, where sales were down 9 percent compared with the year before. The company is set to merge its energy business with Baker Hughes in a deal that it expects to close this year.

The company’s stock at one point was up more than 2 percent in premarket trading on Friday. — AMIE TSANG

U.S. and Indonesia Announce $10 Billion in Deals

Exxon Mobil, Lockheed Martin and G.E. were among the big American names in 11 deals signed on Friday in Jakarta as part of Vice President Pence’s visit.

The memos of understanding worth more than $10 billion include a 20-year Exxon deal to sell a million tons a year of liquefied natural gas to the state-backed Indonesian firm Pertamina starting in 2025, according to news reports. In another, Lockheed Martin, the world’s largest defense contractor, agreed to upgrade Indonesian Air Force F-16 fighter jets.

“We think there are opportunities to clear open the way for American companies to participate more greatly in Indonesia,” Mr. Pence told Reuters on Friday, before heading to Australia.

Continue reading the main story

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

You may also like

Advertising: Pizza Is Partisan, and Advertisers Are Still Adjusting

“This is something consumers and future consumers care