UPDATE 1-Yahoo Q3 revenue, profit slip
* Sees Q4 net rev $1.125 bln to $1.235 bln* Shares up after hoursSAN FRANCISCO, Oct 18 (Reuters) - Yahoo Inc’s net
revenue and profit slipped in the third quarter, as the
Internet company struggled to revive its online advertising
business.Yahoo shares were up roughly 3 percent at $15.98 in after
hours trading on Tuesday.Profit in Yahoo’s third-quarter, the last quarter under
Chief Executive Carol Bartz, who was fired in September,
totaled $293 million, or 23 cents per share. In the year-ago
period, Yahoo posted net income of $396 million, or $29 per
share.It was not immediately clear whether Yahoo’s third-quarter
EPS was comparable with the 17 cents a share expected by
analysts polled by Thomson Reuters I/B/E/S.Yahoo’s net revenue — which excludes fees paid to partner
websites — was $1.07 billion, compared with $1.12 billion at
this time last year, and in line with Wall Street
expectations.Looking ahead, Yahoo projected fourth-quarter net revenue
of $1.125 billion to $1.235 billion, compared with $1.22
billion expected by analysts.Yahoo, which has appointed Finance Chief Tim Morse as
interim CEO, has retained investment banking firm Allen & Co to
help it conduct a “strategic review” of its business.
Medco to buy out British JV partner United Drug
However, Medco agreed earlier this year to be bought for $29 billion by rival Express Scripts Inc (ESRX.O), whose CEO has been more circumspect about international expansion.Launched in 2009, United Drug’s partnership with Medco focused on the British pharmacy homecare market, providing service to patients with chronic and complex conditions and supporting National Health Service (NHS) initiatives.Medco said it would continue to offer the NHS services including prescription drug dispensing and home delivery as well as home nursing support for the administration of oral, injectable and infused medicines.The transition is to be completed in November, although United Drug will continue to provide clinical and logistical support, the companies said on Monday. Financial terms of the agreement were not disclosed.Medco’s British operations will be integrated into Medco International’s headquarters in Amsterdam.Brian Griffin, president of Medco International, said in a statement that the company continues to be “enthusiastic about the UK pharmacy homecare market.”Last month, Celesio (CLSGn.DE), Europe’s biggest drug distributor, announced it would exit its medical-insurance services joint venture with Medco that was designed to help medical insurers encourage chronically ill patients to stick to their therapy.
Medco to buy out British JV partner United Drug
However, Medco agreed earlier this year to be bought for $29 billion by rival Express Scripts Inc (ESRX.O), whose CEO has been more circumspect about international expansion.Launched in 2009, United Drug’s partnership with Medco focused on the British pharmacy homecare market, providing service to patients with chronic and complex conditions and supporting National Health Service (NHS) initiatives.Medco said it would continue to offer the NHS services including prescription drug dispensing and home delivery as well as home nursing support for the administration of oral, injectable and infused medicines.The transition is to be completed in November, although United Drug will continue to provide clinical and logistical support, the companies said on Monday. Financial terms of the agreement were not disclosed.Medco’s British operations will be integrated into Medco International’s headquarters in Amsterdam.Brian Griffin, president of Medco International, said in a statement that the company continues to be “enthusiastic about the UK pharmacy homecare market.”Last month, Celesio (CLSGn.DE), Europe’s biggest drug distributor, announced it would exit its medical-insurance services joint venture with Medco that was designed to help medical insurers encourage chronically ill patients to stick to their therapy.
UPDATE 1-NZ housing market perks up, no rate risk
Separately, QV Valuation (QV), a government agency, reported
a rise of 0.7 percent in its residential property index on the
same month a year ago.”What we’re seeing is a very interesting market with
listings improving though still reported as tight,” said REINZ
chief executive Helen O’Sullivan. “There is no appetite on the
part of buyers to overpay or rush to purchase.”QV said the developing European economic crisis has also
begun to affect business and consumer confidence, making buyers
and sellers still cautious.The REINZ’s national median house sale price slipped to
NZ$350,000 ($276,000) from NZ$355,000 the previous month. The QV
average selling price over the three months was NZ$402,150.The industry group’s members sold 5,235 houses, up 0.8
percent on August, and 21 percent higher than the same month a
year ago.The number of days to sell a house fell to 37 days from 39
days in August. This was the shortest number of days to sell
since March 2010.An analyst said the data pointed to a gradual recovery in
the housing market, posing no fresh implications for the Reserve
Bank of New Zealand’s rate policy.”With the global outlook continuing to dominate market
attention, we expect the RBNZ will leave the cash rate on hold
until March 2012,” said ASB Bank economist Christina Leung.The RBNZ has held its cash rate at 2.5 percent for the past
four reviews, most recently because of the deteriorating and
uncertain global outlook, but it has said it is ready to
increase rates if market volatility subsides.The hot housing market was one factor in the central bank
raising rates to a record high in mid-2007, before the economy
was hit by the global financial crisis and recession.The weak housing and property market was also being felt by
the country’s biggest company.Separately, Fletcher Building said it expected its
first half profit to be down around 10 percent on last year
partly because of weak construction activity in New Zealand and
Australia. See alsoShares in Fletcher, New Zealand’s largest listed company,
slumped nearly 12 percent to NZ$6.97.($1=NZ$1.27)
The global century with Jack Welch and Stephen Adler
On Tuesday Editor-in-Chief of Reuters News Stephen J. Adler interviewed Jack Welch, CEO of Jack Welch, LLC at the 92nd Street Y. The topic of their conversation was “The Global Century.” To hear what they had to say please watch the video below.
Welch was named CEO of General Electric in 1981 and held the position for more than 20 years. During his tenure there the company’s market capitalization rose from $13 billion to $400 billion. In 2000, he was named “Manager of the Century” by Fortune magazine. In 2001, he wrote his number one New York Times and international best-selling autobiography, Jack: Straight from the Gut. Recently, he launched the Jack Welch Management Institute, a unique online MBA program.
