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Yahoo
29 minutes ago
- Yahoo
Old National names KeyBank exec president, COO
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Evansville, Indiana-based Old National Bank named KeyBank veteran Tim Burke as its president and chief operating officer Tuesday, as it also disclosed second-quarter earnings. "Tim brings nearly 30 years of extensive banking expertise to this critical role,' Old National CEO Jim Ryan said in a statement. 'I am confident that his infectious energy, strong strategic vision and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve." Burke had posted on LinkedIn that Monday marked his last day at KeyBank, where he served as executive vice president of the central region and field enablement in the lender's commercial banking segment. In that role, he oversaw commercial banking in 12 markets, including Chicago, Cleveland, Columbus and Cincinnati. 'I'm truly thrilled to join a team that's so deeply committed to relationship banking and making a real impact on our communities,' Burke said in a statement. 'Old National's core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.' Burke succeeds Mark Sander in the president and COO role. Old National announced in January that Sander would retire June 30. In his new role, Burke will receive an annual base salary of $750,000, an annual bonus with a target worth another $750,000 and an annual long-term equity award that could total 150% of his salary. Burke will also receive a $600,000 cash signing bonus and 33,000 shares of Old National common stock that will vest over four years, the bank disclosed Tuesday. Burke worked at KeyBank for roughly nine years, starting as market president for eastern Ohio, according to his LinkedIn profile. Previously, Burke served as CEO of Akron, Ohio-based FirstMerit Bank until 2016, when Huntington Bank acquired the lender. As president and COO, Burke will be responsible for Old National's commercial, community and wealth segments, as well as its credit and marketing teams. About 4,000 employees will report to him, a company spokesperson told American Banker in an email. Among Old National's second-quarter earnings, also disclosed Tuesday, the bank reported profit rose about 3.5% year over year, to $121.4 million. Old National's $1.4 billion acquisition of Minnesota-based Bremer Bank, which closed May 1, already appears to be bearing fruit. Period-end loans, including those from Bremer, increased 32% year over year, an earnings slideshow indicated. Period-end deposits, including those from Bremer, jumped 36% year over year. Ryan credited Old National for its 'strong focus on the fundamentals' in the second quarter. That included 'growing our balance sheet, expanding our fee-based businesses and controlling expenses,' he said Tuesday. The bank 'is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position," Ryan said. Burke's onboarding isn't Old National's only C-suite move in the past year. The bank last August named John Moran, then interim CFO, to the post permanently. Moran replaced Brendon Falconer, who was arrested in March 2024 on two child molestation charges. Recommended Reading Citi poaches BofA's Sieg as next global wealth chief Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
44 minutes ago
- Yahoo
Netflix's Growth Is Staggering. But Are Shares Still Attractive?
Key Points Management expects even faster top-line growth in Q2. The streaming service company recently raised its outlook for full-year revenue and operating margin. Netflix's advertising business is expected to roughly double in size this year. 10 stocks we like better than Netflix › Netflix (NASDAQ: NFLX) stock has crushed the market this year. The streaming service specialist's shares have climbed more than 38% year to date as of this writing. This obliterates the S&P 500's return of over 7% during this same period. Such an upbeat market response isn't surprising. The company's recent growth is bolstered by a diversified set of powerful catalysts and significant operating margin expansion. Some key business drivers include member growth, a nascent advertising business, price increases, a ramp-up of live events, and a continued rollout of mobile games. With catalysts like this, the company looks unstoppable But what about the stock? With fresh second-quarter numbers to examine, it's a great time to take a look at shares and evaluate them. Have investors already priced in all of these exciting growth initiatives? Or could the stock continue outperforming the market -- even from these elevated levels? Growth is accelerating Netflix's growth initiatives are paying off, the company revealed in its second-quarter update last week. Revenue for the period rose 15.9% year over year. This was meaningfully faster than the 12.5% growth it posted in Q1. And, looking ahead, the company expects even more strong growth. Management guided for third-quarter revenue to rise 17.3% year over year. Looking beyond revenue growth, the company's earnings momentum is even more impressive. Second-quarter earnings per share came in at $7.19, up 47% year over year. This outsized growth is due to massive operating margin expansion. Second-quarter operating margin was 34.1%, up from 27.2% in the year-ago quarter. While Netflix's upbeat revenue outlook is helped by a weaker U.S. dollar, it's largely due to strength in the company's diversified set of growth "seeing strength in our underlying business," explained Netflix chief financial officer Spencer Adam Neumann in the company's second-quarter conference call. "We've got healthy member growth, and that even picked up nicely at the end of Q2." He also noted that the company is benefiting from "nice momentum in ad sales." There's more where that came from With such an impressive start to the year, management increased its outlook for full-year revenue. The company now expects total 2025 revenue to be between $44.8 billion and $45.2 billion. This compares to a previous estimate of $43.5 billion to $44.5 billion. Additionally, Netflix believes its operating leverage should persist. For the full year, management is guiding for an operating margin of 29.5%, up from 26.7% in the year-ago period. Notably, before the company's second-quarter results, the company was guiding for a full-year operating margin of 29%. While Netflix is benefiting from a number of catalysts, one worth calling out is its advertising sales. While Neumann emphasized that this is still a small business, he told investors in the company's earnings call that "it's on pace to roughly double" during the year. In addition, he said its ad sales are tracking slightly ahead of the expectations management had for them at the beginning of the year. Netflix stock: Buy, sell, or hold? With Netflix's business growth appearing to be unstoppable for the time being, shares should trade at a high premium. Indeed, they do. The stock's price-to-earnings ratio is about 53 as of this writing. The question, however, is whether this premium is too high? Unfortunately, investors who don't already own the stock may be better off sitting on the sidelines, waiting for a potential opportunity to buy the stock at a lower valuation. Of course, investors shouldn't expect Netflix to retreat to levels that appear cheap. However, a price-to-earnings ratio of 40 or lower would more accurately reflect some of the key risks. One risk worth calling out is Netflix's well-capitalized competition. With several of the world's biggest tech companies ramping up their own streaming services, the battle for content is likely to only get more intense over time. With shares trading at a valuation of more than 50 times earnings, it's fair to call the stock a hold. Do the experts think Netflix is a buy right now? The Motley Fool's expert analyst team, drawing on years of investing experience and deep analysis of thousands of stocks, leverages our proprietary Moneyball AI investing database to uncover top opportunities. They've just revealed their to buy now — did Netflix make the list? When our Stock Advisor analyst team has a stock recommendation, it can pay to listen. After all, Stock Advisor's total average return is up 1,055% vs. just 180% for the S&P — that is beating the market by 874.27%!* Imagine if you were a Stock Advisor member when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $665,092!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,050,477!* The 10 stocks that made the cut could produce monster returns in the coming years. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Daniel Sparks and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Netflix. The Motley Fool has a disclosure policy. Netflix's Growth Is Staggering. But Are Shares Still Attractive? was originally published by The Motley Fool
Yahoo
an hour ago
- Yahoo
US mulls limited authorizations for oil firms in Venezuela, sources say
By Marianna Parraga, Matt Spetalnick and Timothy Gardner HOUSTON/WASHINGTON (Reuters) -U.S. President Donald Trump's administration is preparing to grant new authorizations to key partners of Venezuela's state-run oil company PDVSA, starting with Chevron, which would allow them to operate with limitations in the sanctioned OPEC nation, four sources close to the matter said on Thursday. If granted, the authorizations to the U.S. oil major, and possibly also to PDVSA's European partners, would mark a policy shift from a pressure strategy Washington adopted earlier this year on Venezuela's energy industry, which has been under U.S. sanctions since 2019. A senior State Department official said in a statement they could not speak about any specific licenses to PDVSA's partners, but added the U.S. would not allow President Nicolas Maduro's government to profit from the sale of oil. The U.S. might now allow the energy companies to pay oilfield contractors and make necessary imports to secure operational continuity, two of the sources said. "Chevron conducts its business globally in compliance with laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the U.S. government, including in Venezuela," a company spokesperson said. Though Venezuela and the U.S. conducted a prisoner swap this month, relations between the two countries have been tense for years, and the Trump administration has publicly supported opposition leaders who say their candidate won last year's election, not Maduro. Trump in February announced the cancellation of a handful of energy licenses in Venezuela, including Chevron's, and gave until late May to wind down all transactions. The U.S. State Department, which in May blocked a move by special presidential envoy Richard Grenell to extend the licenses, is this time imposing conditions to any authorization modifications, so no cash reaches Maduro's coffers, the two sources added. But Secretary of State Marco Rubio could still decide to ban the move at the last minute or modify the scope of the new authorizations. It was not immediately clear if the terms of the license that could be granted to Chevron would be reproduced for other foreign companies in Venezuela, including Italy's Eni and Spain Repsol, which have been asking the U.S. to allow them to swap fuel supplies for Venezuelan oil. The U.S. Treasury Department's Office of Foreign Assets Control did not immediately respond to a request for comment. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
