Tuesday headlines include: Earnings misses from Verizon and Coca-Cola, Total S.A.'s CEO dying after his jet collided with a snow plow in Russia, SunEdison's CEO describing the long upward trajectory for the solar industry, and a possible data breach at Staples.
Telecommunications giant Verizon (VZ) said Tuesday that it earned 89 cents per share in the third quarter on revenue of $31.59 billion. Analysts had expected earnings of 92 cents per share on $31.71 billion in revenue. The company added 1.5 million net new post-paid wireless subscribers, topping estimates for 1 million.
Beverage giant Coca-Cola (KO) said Tuesday that it earned 48 cents per share in the third quarter or 53 cents per share on an adjusted basis. Revenue was $11.98 billion. Analysts had expected the company to earn 53 cents per share on $12.12 billion in revenue. Soda volumes fell by 1% in the North American market, although price increase and changes in product mix helped boost revenues. The company also announced plans to find $3 billion in annual savings by 2019, that is a change from $1 billion in cost cuts announced in February.
Christophe de Margerie, the CEO of French oil giant Total S.A. (TOT) was killed when his private jet collided with a snowplow at a Moscow airport on Monday. The Dassault Falcon 50 burst into flames after striking the plow during takeoff, killing the three crewmembers as well as de Margerie. A spokeswoman for the Russian investigative agency said the snow plow driver, who was not hurt, was “in a state of alcoholic intoxication.”
Ahmad Chatila, the CEO of SunEdison (SUNE) said in a Monday interview that the sharp drop in the cost of solar energy puts a long growth trajectory in front of the industry. Chatila said the cost has fallen by 80% over the past five years, and he expects another 70 percent decline by 2020. Chatila said that at that point, solar energy will cost 4 or five cents per kilowatt hour, making it cheaper than power derived from natural gas.
Office-supply retailer Staples (SPLS) is reportedly investigating a potential breach that could have exposed customer payment card data. The company has contacted law enforcement about the issue, according to spokesman Mark Cautela.