Wednesday headline include; Netflix's increasing share of North American internet traffic, Deere warning of weaker sales, Sears considering selling Sears Canada, Goldman Sachs losing a key technology banker and Sony planning to spend billions on restructuring.
Canadian networking services company Sandvine said in a new report that Netflix (NFLX) accounted for 34 percent of fixed-line internet traffic in North America during peak times in the first half of 2014, up from 32 percent in the second half of 2013. Sandvine also identified customers that it believes are “cord cutters” who don't subscribe to traditional pay television services. Those users were in the 15 percent of internet users accounting for 54 percent of all internet traffic.
Agricultural equipment maker Deere & Co. (DE) said Wednesday that it earned $2.65 per share in the second fiscal quarter, topping estimates for $2.49 per share. Sales were $9.25 billion, compared to estimates for $9.65 billion. Looking forward, the company said it expects sales for the full fiscal year to be down about 4 percent, compared to a previous forecast that sales could drop by 3 percent. The company said foreign exchange would account for about 1 percent of the decline.
Retailer Sears Holdings (SHLD) is reportedly considering selling its 51 percent stake in Sears Canada and could sell the entire Canadian retailer. Like its U.S. counterpart, Sears Canada has lost significant market share recently.
Investment bank Goldman Sachs (GS) is losing a top investment banker. Anthony Noto, the technology banker who helped lead Twitter's (TWTR) IPO process, is leaving the Wall Street firm to take a position at hedge fund Coatue Management. Noto's contacts were believed to be key in helping Goldman win the Twitter IPO.
Entertainment and technology giant Sony (SNE) said Wednesday that it plans to spend about $1.32 billion on restructuring in the year ending March 31. This new 135 billion yen is in addition to the 177.4 billion yen it spend in the recently completed fiscal year. Sony said it expects those charges to result in a net loss of about 50 billion yen for the year. That would give the company a loss in six out of seven years. Those losses total close to 1 trillion yen.