Latest news with #MarkPatterson
Business Recorder
15-05-2025
- Business
- Business Recorder
S&P 500 struggles for direction as trade truce rally fades
NEW YORK: The S&P 500 teetered between gains and losses in a choppy session on Thursday as elation from the US-China tariff truce tapered off, with UnitedHealth among the biggest losers after a report said the DoJ was investigating the insurer for fraud. UnitedHealth Group plunged 15% to a five-year low, dragging on other health insurers such as Humana and Molina Healthcare. The Wall Street Journal reported that the US Department of Justice was conducting a criminal investigation into the company for possible Medicare fraud. However, UnitedHealth said it had not been informed of a criminal probe by federal prosecutors. 'This is basically the third almost-catastrophic event for the stock in the last three weeks. Now you've got this just adding fuel to the fire,' said John Belton, portfolio manager at Gabelli Funds. Executives at retail giant Walmart said the company would have to start raising prices later this month due to the high cost of tariffs, even as its first-quarter US comparable sales beat expectations. Its shares fell 1.1% after it also did not provide a second-quarter profit forecast. Walmart joins a spate of companies across sectors that have either tweaked or pulled their forecasts, signaling that corporate America is hunkering down for tariff-related uncertainties. On the brighter side, Cisco Systems jumped 6.3% after the networking-equipment maker raised its annual forecasts and named Mark Patterson its new CFO. At 11:28 a.m. ET, the Dow Jones Industrial Average rose 86.57 points, or 0.20%, to 42,136.78, the S&P 500 gained 5.75 points, or 0.10%, to 5,898.33, and the Nasdaq Composite lost 48.77 points, or 0.25%, to 19,098.04. Megacap and growth stocks were marginally lower after falling earlier in the day, although lagged with a 3% decline. The energy sector was among the laggards as oil prices slid around 3% on expectations of a US-Iran nuclear deal that could result in sanctions easing. Stocks have see-sawed this week as equities jumped on Monday and Tuesday after the US and China announced a temporary ceasefire on tariffs. The gains were enough to drag the S&P out of the red for the year, although it is still about 4% shy of record highs. Earlier in the day, fresh data showed US retail sales growth slowed in April, while a separate report showed producer prices unexpectedly fell last month. The data dump follows a relatively tame consumer price reading earlier in the week. Advancing issues outnumbered decliners by a 1.36-to-1 ratio on the NYSE, while declining issues outnumbered advancers by a 1.09-to-1 ratio on the Nasdaq. The S&P 500 posted nine new 52-week highs and five new lows, while the Nasdaq Composite recorded 34 new highs and 101 new lows.
Yahoo
15-05-2025
- Business
- Yahoo
The Middle East will be 'a center for AI': Outgoing Cisco CFO
Cisco Systems (CSCO) continues to get a stock bump into Thursday's pre-market trading after reporting third quarter results yesterday, beating earnings and revenue estimates and raising its full-year guidance. Outgoing Cisco CFO Scott Herren and the Incoming Cisco CFO Mark Patterson sit down with the Morning Brief team in the studio to talk more about the earnings print, Cisco's CapEx spending around AI networks, the company's outlook on infrastructure scaling in regions like the Middle East, and the transition for the two CFOs. Patterson will officially take over as chief financial officer on July 27. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here.
CNA
14-05-2025
- Business
- CNA
Cisco lifts annual forecast on AI boost, names insider Patterson as new CFO
Cisco Systems said on Wednesday that its finance chief Scott Herren will retire from the company in July 26, and raised its annual results forecast, betting on steady demand from cloud customers for its networking equipment, driven by the artificial intelligence boom. Herren will be replaced by Mark Patterson, currently Cisco's chief strategy officer, who will start as the CFO on July 27, the company said. Shares of the San Jose, California-based company rose 3.8 per cent in extended trading. Cisco, with products such as ethernet switches and routers, has benefited from a boom in data center investment, as technology giants have ramped up capital expenditure to meet the computing power needed to run generative AI applications. The company expects its revenue to be between $56.5 billion and $56.7 billion for fiscal 2025, compared with its prior forecast of $56 billion to $56.5 billion. Analysts, on average, expect $56.47 billion, according to data compiled by LSEG. Cisco now expects to post annual adjusted profit between $3.77 and $3.79 per share, compared to its prior projection of $3.68 to $3.74 apiece. Revenue for the third quarter ended April 26 came in at $14.15 billion, ahead of analysts' estimate of $14.08 billion.
Scoop
10-05-2025
- Business
- Scoop
Floodway Infrastructure Investment Protects Edgecumbe
Associate Minister for Regional Development A new floodway infrastructure upgrade that provides flood protection and resilience for Edgecumbe was opened today by Associate Regional Development Minister Mark Patterson. 'The completion of this multi-stage project is an impressive milestone that has been undertaken over 12 years and is one of the largest flood resilience projects completed in New Zealand in recent times. It will bring much needed flood protection for communities and will enable economic development opportunities in the Eastern Bay of Plenty,' Mr Patterson says. 'We only need to think back to the 2017 Edgecumbe floods to realise how critically important this project is to the region. The floods saw water pouring through this area after the Rangitāiki River burst its banks causing millions of dollars in damage, displacing many people, and disrupting the lives of many families for a considerable amount of time.' The Rangitāiki Floodway upgrade was a six-stage project designed to take pressure off the flood prone Rangitāiki River stopbanks by diverting some of its flow during significant weather events. The final stage included increasing the capacity of the floodway and the construction of an additional spillway to manage the water flows entering the floodway from the Rangitāiki River above Edgecumbe. Back in August 2024, this government committed $200m of the Regional Infrastructure Fund to flood resilience across New Zealand. The $50m floodway has been co-funded, with $14m government funding, and the balance of the project funded by the Bay of Plenty Regional Council and local community. Upgrading the spillway and installing new floodgates allows the Bay of Plenty Regional Council to safely manage and control the release of flood waters,' says Mr Patterson. 'Projects like the Rangitāiki Floodway upgrade represent core, resilient infrastructure, crucial to the economic, social, cultural, and environmental wellbeing of our country. They help to protect lives and reduce the toll these events can have on communities, businesses, and infrastructure,' says Mr Patterson. 'This project has been a testament to the partnership between central and local government, Rangitāiki River communities, and local Iwi and industry to support community resilience and economic growth in the Eastern Bay. I look forward to seeing this newly protected land being utilised for future growth opportunities that benefit the local economy,' Mr Patterson says.
Scoop
05-05-2025
- Business
- Scoop
Autex Leads The Industrial Re-Evolution With The Launch Of The Regenerative Autex Future Lab
Press Release – Autex Future Lab With a 58-year history in New Zealand, Autex now has a global presence, supplying a diverse and sophisticated range of products to the architecture, design, and building industries. Autex, market-leading producer of modern acoustic panels and insulation products, has unveiled its groundbreaking Autex Future Lab (AFL) – a new home for research and development (R&D) that provides a clear pathway to developing high-performance materials, products and solutions that respect and preserve our natural resources. With a 58-year history in New Zealand, Autex now has a global presence, supplying a diverse and sophisticated range of products to the architecture, design, and building industries. AFL will serve as a revolutionary new platform to progress the adaptation and innovation that have been hard-baked into Autex's culture from the very beginning. With firmly backed science and revolutionary new manufacturing and agriculture systems, Autex is leading an industrial re-evolution from the front. Jonathan Mountfort, Creative Director at Autex, says, 'From our inception, we've been driven by a commitment to leaving our planet better than we found it. Our PET products, which are staple in the market, already have carefully considered systems around them to close the technical loop and reduce waste – because at the end of the day, a material can't be sustainable on its own, it's the systems that surround it. 'That's why we're so excited to unveil AFL and apply this philosophy to natural fibres, creating the blueprint for how we work in partnership with the natural world to responsibly use both biological and technical resources – something that the industry has struggled to do for a long time.' All innovations emerging from AFL strive to move beyond Carbon Zero and achieve NaturePositive+ Certification, by creating products that enrich biodiversity, and benefit the health of generations to come. They are walking the walk, with tangible metrics to reach these ambitious sustainability goals. 'NaturePositive+' is a world-first benchmark for environmental standards by the world's most trusted and widely recognised eco-label – Global GreenTag International. Collaboration to drive industry-wide change Autex is collaborating with scientists, primary producers, product designers, architects, advocacy groups, government and industry representatives to bring AFL to life. Making fundamental and transformational change takes committed collaboration, and this has the potential to push multiple industries forward while also enhancing New Zealand's reputation for leading-edge innovation. AFL was officially launched at an event on Wednesday night where a room of key partners, industry representatives, designers, and architects heard about AFL's vision for the future. Hon. Mark Patterson, Minister for Rural Communities and Associate Minister of Agriculture, spoke at the evening about how AFL can lead the way for a more sustainable Aotearoa. 'When it comes to our country's agriculture industry, we must set ambitious targets for the future to ensure future generations can thrive. It's encouraging to see companies like Autex pushing forward with innovative solutions that recognise the power of working together across industries to drive real change for our farming and manufacturing sectors.' Wool product as the first proof point of AFL The first innovation to emerge from AFL is Autex's very first wool-fibre product, Embrace – an architectural surface that combines tactile warmth with all the high-performance qualities Autex is known for. In line with AFL's philosophy, Embrace considers every part of the closed loop system to ensure it's truly regenerative, and this includes the farming practices. This was conducted with the support of key collaborator, Rubisco. Guy Wills, CEO of Rubisco, says 'We've been working in partnership with Autex for 4 years, delivering the New Zealand strong wool used in the Embrace product system from a single-source farm, we take the fleece from farm to yarn. We are incredibly proud of our accomplishments to date and have some exciting developments on the way. Rubisco is a next-generation natural fibre innovation company, and we believe deeply in natural materials done right. We see Autex Future Lab as an exciting step forward.' And this is just the beginning. AFL is set to continue growing and paving the way for more innovations that enrich biodiversity, store carbon and provide other benefits crucial to the health of generations to come.
