News

EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2023

Published

8 months ago

1 June, 2024

ENGLEWOOD, Colo., Feb. 29, 2024 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2023.

Twelve Months Ended December 31, 2023:

EchoStar reported 2023 total revenue of $17.02 billion, compared to $18.63 billion in 2022. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.
Net loss attributable to EchoStar in 2023 was $1.70 billion, compared to net income of $2.48 billion in 2022. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Diluted loss per share was $6.28 in 2023, compared to earnings per share of $8.05 in 2022. Excluding the tax affected impact of the goodwill impairment and the 800 MHz adjustment, 2023 net income attributable to EchoStar would have been approximately $361 million.
Consolidated OIBDA totaled $1.32 billion, compared to $3.41 billion in 2022. (See OBIDA definition and non-GAAP reconciliation below.) The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.

“We closed the year with the completion of the merger with DISH Network. The transaction combined DISH Network’s satellite technology, streaming services, engineering expertise, retail wireless business, and nationwide 5G network with EchoStar’s premier satellite communications solutions, enterprise go-to-market capabilities, and U.S.-based manufacturing. Collectively, it creates a global leader in terrestrial and non-terrestrial wireless connectivity, and entertainment services,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “With the close of the merger, we will continue to integrate our business and realize savings and operational efficiencies. We also will increase our focus on identifying and targeting the best, most profitable customers in each of our addressable market segments – Pay-TV, Retail Wireless, and Broadband and Satellite Services.”

Three Months Ended December 31, 2023:

Consolidated revenue totaled $4.16 billion for the fourth quarter, compared to $4.53 billion in the year-ago quarter. The net decrease in revenue primarily resulted from subscriber declines, most significantly in the Pay-TV segment.
Net loss attributable to EchoStar totaled $2.03 billion for the fourth quarter, compared to net income attributable to EchoStar of $984 million in the year-ago quarter. The net loss in the fourth quarter of 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.6 billion. Diluted loss per share was $7.48 for the quarter, compared to earnings of $3.21 per share in the year-ago quarter.
Consolidated OIBDA totaled negative $370 million for the fourth quarter, compared to $735 million in the year-ago quarter. The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.
Net Pay-TV subscribers decreased approximately 314,000 in the fourth quarter, compared to a decrease of approximately 268,000 in the year-ago quarter. The company closed the quarter with 8.53 million Pay-TV subscribers including 6.47 million DISH TV subscribers and 2.06 million SLING TV subscribers. This increase in net Pay-TV losses resulted from the increase in net DISH TV subscriber losses due to lower gross new DISH TV subscriber activations and a higher DISH TV churn rate, offset by the decrease in net SLING TV subscriber losses due to lower subscriber disconnects in 2023 as a result of our emphasis on acquiring higher-quality subscribers.
Retail Wireless net subscribers decreased by approximately 123,000 in the fourth quarter, compared to a net decrease of 25,000 in the year-ago quarter. The company closed the quarter with 7.38 million Retail Wireless subscribers. This increase in net Retail Wireless subscriber losses primarily resulted from lower gross new Retail Wireless subscriber activations, partially offset by a lower Retail Wireless churn rate due to our emphasis on acquiring and retaining higher-quality subscribers.
Broadband net subscribers decreased by approximately 59,000 in the fourth quarter, compared to a decrease of 57,000 in the year-ago quarter. The company closed the quarter with 1.00 million Broadband subscribers. This increase in net Broadband subscriber losses primarily resulted from our capacity limitations, competitive pressure from satellite-based competitors and other technologies, and a more selective customer screening. The EchoStar XXIV satellite, also known as Jupiter 3, began service in December 2023, bringing additional broadband capacity and is expected to be an integral part of the Broadband and Satellite Services segment business.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2023 and 2022 (all U.S. GAAP amounts reference results from operations):

	For the three months ended December 31,		For the years ended December 31,
	For the three months ended December 31,		For the years ended December 31,
	2023	2022	2023	2022
	(in thousands)
Revenue
Pay-TV	$ 2,816,787	$ 3,106,149	$ 11,571,159	$ 12,505,392
Retail Wireless	898,284	928,095	3,692,372	4,135,129
5G Network Deployment	24,027	17,406	91,928	65,768
Broadband and Satellite Services	449,779	499,857	1,755,559	1,998,093
All Other & Eliminations	(26,281)	(18,490)	(95,420)	(70,136)
Total	$ 4,162,596	$ 4,533,017	$ 17,015,598	$ 18,634,246

Net Income (loss) attributable to EchoStar	$ (2,029,882)	$ 984,264	$ (1,702,057)	$ 2,477,720

Purchases of property and equipment, net of refunds and other receipts (including capitalized interest related to regulatory authorizations)
Pay-TV	$ 75,212	$ 39,835	$ 242,736	$ 131,093
Retail Wireless	$ –	–	$ –	$ –
5G Network Deployment	$ 841,522	1,084,441	$ 3,748,624	$ 3,580,518
Broadband and Satellite Services	$ 61,172	76,517	$ 233,423	$ 325,891
All Other & Eliminations	$ –	(560)	$ –	$ (2,721)
Total	$ 977,906	$ 1,200,233	$ 4,224,783	$ 4,034,781

Reconciliation of GAAP to Non-GAAP Measurement:

For the Year Ended December 31, 2023	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services		Eliminations		Consolidated
For the Year Ended December 31, 2023	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services				Consolidated
	(In thousands)
Segment operating income (loss)	$	2,699,810	$	(643,184)	$	(1,881,369)	$	(458,609)	$	5,443	$	(277,909)
Depreciation and amortization		381,292		221,968		620,685		419,262		(45,284)		1,597,923
OIBDA	$	3,081,102	$	(421,216)	$	(1,260,684)	$	(39,347)	$	(39,841)	$	1,320,014

For the Year Ended December 31, 2022	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services		Eliminations		Consolidated
For the Year Ended December 31, 2022	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services				Consolidated
	(In thousands)
Segment operating income (loss)	$	2,933,898	$	(77,264)	$	(810,968)	$	181,615	$	5,557	$	2,232,838
Depreciation and amortization		428,471		177,914		131,566		462,748		(25,804)		1,174,895
OIBDA	$	3,362,369	$	100,650	$	(679,402)	$	644,363	$	(20,247)	$	3,407,733

For the three months Ended December 31, 2023	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services		Eliminations		Consolidated
For the three months Ended December 31, 2023	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services				Consolidated
	(In thousands)
Segment operating income (loss)	$	714,319		(344,312)		(682,701)		(540,152)		720		(852,127)
Depreciation and amortization		95,145		53,371		235,615		107,466		(9,273)		482,325
OIBDA	$	809,464	$	(290,941)	$	(447,087)	$	(432,686)	$	(8,553)	$	(369,803)

For the three months Ended December 31, 2022	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services		Eliminations		Consolidated
For the three months Ended December 31, 2022	Pay-TV		Retail Wireless		5G Network Deployment		Broadband and Satellite Services				Consolidated
	(In thousands)
Segment operating income (loss)	$	748,729		(118,424)		(254,963)		50,418		1,753		427,513
Depreciation and amortization		100,398		50,534		53,914		111,115		(8,093)		307,869
OIBDA	$	849,127	$	(67,891)	$	(201,048)	$	161,533	$	(6,339)	$	735,382

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The consolidated financial statements of EchoStar for the periods ended December 31, 2023, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Friday, March 1, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13744790) or ask for the “EchoStar Corporation Q4 and Full Year 2023 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Boost Infinite, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

		ECHOSTAR CORPORATION
		CONSOLIDATED BALANCE SHEETS
		(Dollars in thousands, except share amounts)

	As of
	December 31,		December 31,
	2023		2022
Assets
Current Assets:
Cash and cash equivalents	$	1,821,376	$	2,497,536
Marketable investment securities		623,044		1,809,898
Trade accounts receivable, net of allowance for credit losses of $74,390 and $59,790, respectively		1,122,139		1,182,597
Inventory		665,169		625,979
Prepaids and other assets		644,005		617,819
Other current assets		16,081		23,884
Total current assets		4,891,814		6,757,713

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		118,065		117,011
Property and equipment, net		9,561,834		7,904,957
Regulatory authorizations, net		38,572,980		37,395,604
Other investments, net		314,370		524,905
Operating lease assets		3,065,448		2,823,834
Intangible assets, net		172,892		1,113,298
Other noncurrent assets, net		411,491		2,110,959
Total noncurrent assets		52,217,080		51,990,568
Total assets	$	57,108,894	$	58,748,281

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	774,011	$	1,023,537
Deferred revenue and other		754,658		833,213
Accrued programming		1,427,762		1,298,777
Accrued interest		297,678		298,043
Other accrued expenses and liabilities		1,717,826		1,436,485
Current portion of long-term debt and finance lease obligations		3,046,654		1,552,559
Total current liabilities		8,018,589		6,442,614

Long-Term Obligations, Net of Current Portion:
Long-term debt and finance lease obligations, net of current portion		19,717,266		21,343,561
Deferred tax liabilities, net		5,014,309		5,354,756
Operating lease liabilities		3,121,307		2,808,774
Long-term deferred revenue and other long-term liabilities		849,131		748,384
Total long-term obligations, net of current portion		28,702,013		30,255,475
Total liabilities		36,720,602		36,698,089

Commitments and Contingencies

Redeemable noncontrolling interests		438,382		464,359

Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 140,153,020 and 138,128,368 shares issued and outstanding, respectively		140		138
Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding		131		131
Additional paid-in capital		8,301,979		8,222,599
Accumulated other comprehensive income (loss)		(160,056)		(175,267)
Accumulated earnings (deficit)		11,737,983		13,440,040
Total EchoStar stockholders’ equity (deficit)		19,880,177		21,487,641
Noncontrolling interests		69,733		98,192
Total stockholders’ equity (deficit)		19,949,910		21,585,833
Total liabilities and stockholders’ equity (deficit)	$	57,108,894	$	58,748,281

		ECHOSTAR CORPORATION
		CONSOLIDATED STATEMENTS OF OPERATIONS
		(Dollars in thousands, except per share amounts)

	For the Years Ended December 31,
	2023		2022		2021
Revenue:
Service and other revenue	$	16,145,763	$	17,596,265	$	18,598,313
Equipment sales and other revenue		869,835		1,037,981		1,220,365
Total revenue		17,015,598		18,634,246		19,818,678

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		9,510,427		10,111,341		10,717,333
Cost of sales – equipment and other		2,434,904		2,099,136		1,778,471
Selling, general and administrative expenses		2,989,154		3,015,325		2,686,279
Depreciation and amortization		1,597,923		1,174,895		1,213,946
Impairment of long-lived assets and goodwill		761,099		711		245
Total costs and expenses		17,293,507		16,401,408		16,396,274

Operating income (loss)		(277,909)		2,232,838		3,422,404

Other Income (Expense):
Interest income, net		207,374		93,240		33,903
Interest expense, net of amounts capitalized		(90,357)		(79,217)		(111,151)
Other, net		(1,770,792)		1,088,441		4,716
Total other income (expense)		(1,653,775)		1,102,464		(72,532)

Income (loss) before income taxes		(1,931,684)		3,335,302		3,349,872
Income tax (provision) benefit, net		296,860		(798,410)		(828,437)
Net income (loss)		(1,634,824)		2,536,892		2,521,435
Less: Net income (loss) attributable to noncontrolling interests, net of tax		67,233		59,172		35,150
Net income (loss) attributable to EchoStar	$	(1,702,057)	$	2,477,720	$	2,486,285

Weighted-average common shares outstanding – Class A and B common stock:
Basic		270,842		270,102		275,117
Diluted		270,842		307,733		313,122

Earnings per share – Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(6.28)	$	9.17	$	9.04
Diluted net income (loss) per share attributable to EchoStar	$	(6.28)	$	8.05	$	7.94

		ECHOSTAR CORPORATION
		CONSOLIDATED STATEMENTS OF CASH FLOWS
		(In thousands)

	For the Years Ended December 31,
	2023		2022		2021
Cash Flows From Operating Activities:
Net income (loss)	$	(1,634,824)	$	2,536,892	$	2,521,435
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		1,597,923		1,174,895		1,213,946
Impairment of long-lived assets and goodwill		761,099		711		245
Realized and unrealized losses (gains) on investments, impairments and other		(46,888)		(72,371)		(7,541)
Realized and unrealized losses (gains) on derivatives		1,693,387		(1,015,387)		13,000
Non-cash, stock-based compensation		51,514		82,994		59,379
Deferred tax expense (benefit)		(337,222)		729,587		639,708
Changes in allowance for credit losses		14,600		6,590		(34,635)
Change in long-term deferred revenue and other long-term liabilities		15,825		83,453		65,943
Other, net		166,383		253,784		135,871
Changes in current assets and current liabilities, net
Trade accounts receivable		20,622		(74,812)		206,995
Prepaid and accrued income taxes		15,836		(36,115)		81,197
Inventory		(37,981)		16,200		(175,918)
Other current assets		(40,290)		21,737		(47,144)
Trade accounts payable		4,108		90,721		86,219
Deferred revenue and other		(78,555)		(71,709)		(62,034)
Accrued programming and other accrued expenses		267,110		(105,980)		(41,293)
Net cash flows from operating activities		2,432,647		3,621,190		4,655,373

Cash Flows From Investing Activities:
Purchases of marketable investment securities		(2,407,546)		(1,965,859)		(6,338,641)
Sales and maturities of marketable investment securities		3,710,544		4,159,830		4,390,903
Purchases of property and equipment		(3,100,921)		(3,050,472)		(1,619,312)
Refunds and other receipts of purchases of property and equipment		38,611		—		—
Capitalized interest related to regulatory authorizations		(1,162,473)		(984,309)		(777,885)
Proceeds from other debt investments		148,448		—		—
Refund of regulatory authorizations deposit		—		—		337,490
Purchases of regulatory authorizations, including deposits		(2,009)		(7,206,865)		(122,657)
Other, net		(33,386)		(11,900)		(116,621)
Net cash flows from investing activities		(2,808,732)		(9,059,575)		(4,246,723)

Cash Flows From Financing Activities:
Repayment of long-term debt and finance lease obligations		(121,981)		(86,229)		(89,958)
Redemption and repurchases of senior notes		(1,460,635)		(2,056,821)		(2,901,818)
Proceeds from issuance of senior notes		1,500,000		2,000,000		6,750,000
Repurchases of convertible notes		(182,834)		—		—
Early debt extinguishment gains (losses)		73,024		—		—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan		10,598		27,438		68,182
Purchase of Northstar Manager, LLC’s ownership interest in Northstar Spectrum		(109,432)		—		—
Treasury share repurchase		—		(89,303)		(261,436)
Debt issuance costs and debt (discount) premium		21,635		(51,121)		(34,459)
Other, net		(7,496)		(18,413)		(15,507)
Net cash flows from financing activities		(277,121)		(274,449)		3,515,004

Effect of exchange rates on cash and cash equivalents		3,004		(2,306)		(3,749)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		(650,202)		(5,715,140)		3,919,905
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period		2,561,803		8,276,943		4,357,038
Cash, cash equivalents, restricted cash and cash equivalents, end of period	$	1,911,601	$	2,561,803	$	8,276,943

SOURCE EchoStar Corporation

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News

Breakfast on Wall Street: The Week Ahead

Published

7 months ago

14 July, 2024

FinCrypto Staff

The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).

The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.

In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.

Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.

Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.

Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.

Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.

Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.

IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.

Source

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Trump shooting: Gold could hit record high, dollar and cryptocurrencies set to jump

Published

7 months ago

14 July, 2024

FinCrypto Staff

Police cars outside the residence of Thomas Matthew Crooks, the alleged shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. In the aftermath of the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being killed by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)

Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.

“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”

Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.

An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.

Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.

Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.

Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.

“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.

Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.

But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.

Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.

“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”

Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.

“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”

Source

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Latest Business News Live Updates Today, July 11, 2024

Published

7 months ago

14 July, 2024

FinCrypto Staff

Latest Business News Live Updates Today, July 11, 2024

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Latest news on July 11, 2024: Airtel says its new Xstream Fiber plans bundle over 350 live TV channels (Official Photo) (Reuters) Disclaimer: This is an AI-generated live blog and has not been edited by Hindustan Times staff.

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Thu, 11 Jul 2024 08:44 PM

Business News LIVE Updates: Decoding Airtel’s new Xstream Fiber packages, finding value with Live TV and OTT
- Airtel confirms to HT that the live TV proposition is being delivered using its DTH network, while the bundled streaming subscriptions are an extension of its Xstream Play platform.
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Thu, 11 Jul 2024 03:58 PM

Business News LIVE Updates: TCS Q1 results meet estimates: Net profit up 9%, ₹10 dividend declared
- TCS’s consolidated revenue rose 5.4% to Rs 626.13 billion in the June quarter. Analysts had expected revenue of Rs 622.07 billion, as per LSEG data.
Read the full story here
Thu, 11 Jul 2024 03:51 PM

Business News LIVE Updates: Indian companies falsified generic Viagra data to get approval, says US FDA: Report
- Synapse Labs Pvt. Ltd may have been used in hundreds of drugs that are still available for sale, the report said.
Read the full story here

Thu, 11 Jul 2024 03:09 PM

LIVE Business News Updates: Namita Thapar’s emotional post on Emcure IPO listing: ‘Mirza Ghalib sums up my feelings’
- Emcure Pharmaceuticals was listed at ₹1,325.05, up 31.45% on the BSE and NSE on July 10.
Read the full story here
Thu, 11 Jul 2024 02:39 PM

LIVE business news updates: Amazon could face investigation over treatment of UK food suppliers, watchdog says
- An Amazon spokesperson said the company has made several improvements for food suppliers since last year’s results.
Read the full story here
Thu, 11 Jul 2024 01:39 PM

LIVE Business News Updates: This Bengaluru company aims to launch a ‘space habitat’ by 2027, in talks with SpaceX
- AkashaLabdhi calls itself a “home among the stars” as it says the company’s area of expertise is signal processing and continuous automation.
Read the full story here

Thu, 11 Jul 2024 01:10 PM

Business News LIVE Updates: Amazon India employees on working conditions: Made to stand for hours, bathroom breaks not allowed
- A survey conducted by UNI Global Union with the Amazon India Workers Association had 1,838 participants who alleged appalling working conditions at Amazon facilities in India.
Read the full story here
Thu, 11 Jul 2024 12:44 PM

LIVE Business News Updates: UK overhauls listing rules in bid to attract IPOs to London: What has changed?
- The new rules allow companies to carry out more activities without putting them to a shareholder vote, the UK’s Financial Conduct Authority said.
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Thu, 11 Jul 2024 12:18 PM

Business News LIVE Updates: Want to send money abroad? Open foreign currency accounts at GIFT City
- Foreign currency accounts will be like a bank account in India, but instead of rupees, you hold foreign currency like US dollars.
Read the full story here

Thu, 11 Jul 2024 11:30 AM

Business News LIVE Updates: First Abu Dhabi Bank denies interest in acquiring stake in Yes Bank: Report
- The report said the Yes Bank stake sale has attracted interest from Japan, including Mitsubishi UFJ Financial Group Inc. and Sumitomo Mitsui Financial Group Inc.
Read the full story here
Thu, 11 Jul 2024 11:04 AM

LIVE Business News Updates: TCS Share Price Surges Ahead of Q1 Results: What Brokers Say About the Stock
- TCS Share Price: The stock opened at ₹3,944.65 against its previous close of ₹3,909.90. It then rose 1.8 percent to ₹3,979.90 level.
Read the full story here
Thu, 11 Jul 2024 10:22 AM

LIVE Business News Updates: Reliance Jio IPO listing likely in 2025 at $112 billion valuation: Jefferies
- Jio “could list at a valuation of $112 billion” and add “7-15 percent upside” to Reliance Industries’ share price, Jefferies said.
Read the full story here

Thu, 11 Jul 2024 09:42 AM

LIVE Business News Updates: Yes Bank shares rise after Moody’s revises outlook to ‘positive’ from ‘stable’
- Global rating agency Moody’s has raised its outlook on Yes Bank to positive from “stable” despite expectations of a gradual improvement in its depositor base.
Read the full story here
Thu, 11 Jul 2024 09:16 AM

Business News LIVE Updates: Sahaj Solar IPO opens today: All you need to know before subscribing to the issue
- Sahaj Solar IPO: The block issue aims to raise ₹52.56 crore through issuance of 2.92 million new shares and will close on July 15.
Read the full story here
Thu, 11 Jul 2024 08:40 AM

LIVE Business News Updates: Why Analysts Believe India’s Earnings Season May Disappoint Stock Market Investors
- Investors in Indian stocks hoping for a robust earnings season to justify expensive valuations are likely to be disappointed.
Read the full story here

Thu, 11 Jul 2024 08:35 AM

LIVE Business News Updates: Elon Musk Says Second Neuralink Brain Implant Will ‘Give People Superpowers’ Within a Week
- Elon Musk said Neuralink will make some changes to try to alleviate the problem of its electrode wires retracting from brain tissue.
Read the full story here
Thu, 11 Jul 2024 07:59 AM

LIVE Business News Updates: Apple warns Indian iPhone users of possible Pegasus-like ‘spyware attack’
- In April this year, the Indian Computer Emergency Response Team (Cert-In) flagged several vulnerabilities in Apple’s operating system for iPhone and iPad.
Read the full story here
Thu, 11 Jul 2024 07:45 AM

Business News LIVE Updates: US stock markets at record highs led by world’s biggest tech companies
- The Philadelphia Semiconductor Index rose 2.4% to a record high after Taiwan Semiconductor Manufacturing Co. reported strong quarterly revenue.
Read the full story here

News / Business / Latest Business News Live Updates Today, July 11, 2024

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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Published

7 months ago

14 July, 2024

FinCrypto Staff

Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?

Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.

Jio Financial Services News

Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”

“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.

Jio Financial Stock Target Price

Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”

On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”

Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.

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