McDonald’s Q3 Profit Shows Turnaround Is Legit

Investors reacted favorably to McDonald’s third quarter earnings report that gave strong evidence that the fast-food chain’s turnaround was legit.The Oak Brook, Ill. company on Thursday said that global sales at established restaurants rose a much better-than-expected 4% in the third quarter, end...

By Katie Kuehner-Hebert • Oct. 22, 2015

Just Who Is Your Executive MBA Participant?

At your company, is it important for up-and-coming, mid-career finance leaders to complete an executive MBA (EMBA) program? If so, you may be interested to know how your people compare with the field.The Executive MBA Council (EMBAC), an association of more than 200 business schools that offer th...

By David McCann • Oct. 22, 2015

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Top 5 stories from CFO.com

From CPA licensure changes to undergoing a digital transformation, these are the most popular stories CFOs are reading. 

By CFO.com staff

Excel Tip: Illustrate the Flow

USER: I have a large spreadsheet with many calculations. Results from section 1 are carried forward to cells in section 2. It would help to graphically illustrate that one cell flows to the calculation of another.SOLUTION: You can use the Shapes feature to add arrows to indicate the flow of cells...

By Bill Jelen • Oct. 21, 2015

VMware Posts Higher Profit, But Bookings Weak

While VMware on Tuesday posted better-than-expected profit for the third quarter, weaker-than-expected bookings are creating anxiety about the company’s independence after parent company EMC merges with Dell.The Palo Alto, Calif.-based maker of software used to consolidate applications on corpora...

By Katie Kuehner-Hebert • Oct. 21, 2015

Crédit Agricole Fined $787M Over Sanctions Violations

French bank Crédit Agricole has agreed to pay $787 million to settle charges that it violated U.S. sanctions laws by processing more than $32 billion in dollar payments on behalf of Sudanese, Iranian, Burmese, and Cuban clients.The settlement resolves a joint criminal investigation by the Manhatt...

By Matthew Heller • Oct. 20, 2015

Pimco Sues Over Brazilian Oil Giant Losses

Pacific Investment Management Co. (PIMCO) has joined a long line of investors alleging losses as a result of a corruption scandal that has engulfed Brazil’s troubled state-run oil company.Pimco claims in a lawsuit that Petroleo Brasileiro misled investors about the extent of the scandal, which ha...

By Matthew Heller • Oct. 20, 2015

Revenue Falls at United Technologies

United Technologies’ third quarter profit fell but still beat analysts’ expectations. The Farmington, Conn.-based aerospace and building systems manufacturer also said it would announce additional restructuring plans this quarter as it aims to be “flatter and more transparent” organizationally.UT...

By Katie Kuehner-Hebert • Oct. 20, 2015

Third Quarter Brings Little Relief for IBM Shareholders

IBM’s third quarter repeated a discouraging pattern for investors with revenues falling a greater-than-expected 14% to $19.29 billion as the company shifts from its traditional businesses toward cloud computing.It was the 14th straight quarterly revenue drop for IBM. The company blamed it in part...

By Matthew Heller • Oct. 20, 2015

Clinton, Bush Among Campaign Big Spenders

The presidential candidates are spending the money they raise at varying rates, with Hillary Clinton well ahead of Democratic rival Bernie Sanders and, on the GOP side, Jeb Bush running one of the more costly campaigns.According to an analysis of campaign finance filings by Mother Jones, Sanders ...

By Katie Kuehner-Hebert • Oct. 16, 2015

Aviation Sales Fuel Third-Quarter Profit for GE

General Electric on Friday posted better-than-expected profit for the third quarter on higher jet engine sales and cost-cutting measures.Net earnings for the Fairfield, Conn.-based company fell 29% from a year earlier, to $2.51 billion, or 25 cents per share. Its adjusted earnings of 29 cents a s...

By Katie Kuehner-Hebert • Oct. 16, 2015

CFOs on the Move: Week Ending Oct. 16

Kelly Groh has been promoted to finance chief at Genworth Financial. She replaces Martin Klein, who has resigned but will stay on as an adviser through Oct. 30. Groh had been controller and principal accounting officer.Donna Coleman The Madison Square Garden Co. has chosen Donna Coleman to fill t...

By Joan Urdang • Oct. 16, 2015

Fantasy Sports Services Under Investigation

The U.S. Attorney’s Office in Boston is investigating for-profit fantasy sports services DraftKings and FanDuel to determine whether the competitors’ employees are manipulating the online games using insider information to reap prize money, CNNMoney reported Thursday.Last week the two services co...

By Katie Kuehner-Hebert • Oct. 15, 2015

More Companies Opting for Private Health Exchanges

The number of corporations providing health benefits to employees through private exchanges will grow again in 2016, judging by a release issued by Mercer, one of four large benefits consulting firms to offer a private exchange option.Mercer CFO Helen Shan Helen ShanThe client list for Mercer Mar...

By David McCann • Oct. 15, 2015

Could a CFO Run for President?

If the current presidential-election polls are any indication, the American people are willing to consider someone beyond a career politician in the White House come 2016. With names like Trump, Carson, and Fiorina topping Republicans polls, and outside-the-box politician Bernie Sanders climbing ...

By Henri Steenkamp • Oct. 14, 2015

Wal-Mart Shares Tumble on Earnings Forecast

Wal-Mart Stores stock fell as much as 9% on Wednesday — its worst drop in nearly 16 years — after the retail giant forecast a drop in annual profit, disappointing investors who have been hoping for a rebound in growth.Earnings are expected to drop 6% to 12% in fiscal 2017, Wal-Mart officials anno...

By Katie Kuehner-Hebert • Oct. 14, 2015

Ryder Reduces Earnings Outlook for 2015

Ryder System on Monday reduced its earnings guidance for 2015, citing temporary problems related to the growth of its fleet-management business.Ryder shares fell 6% to $71.10 in extended trading after the company said it expects third-quarter earnings of $1.72 to $1.74 a share, down from a range ...

By Matthew Heller • Oct. 12, 2015

Revisiting Company Stock in Defined Contribution Plans

Defined contribution (DC) plan participants have been advised for decades on the benefits of diversification, but many still hold large portions of their account balance in employer securities. That poses risks not only for the participants, but for plan sponsors as well.Offering company stock in...

By Mark Teborek • Oct. 12, 2015

Wal-Mart CFO to Retire After 5 Years on Job

Wal-Mart Stores announced Friday that CFO Charles Holley is retiring after five years on the job and will be replaced by Walmart International finance chief Brett Biggs.Charles Holley Holley’s retirement continues the executive turnover at Wal-Mart, where, with the exception of Sam’s Club CEO Ros...

By Matthew Heller • Oct. 9, 2015

Alcoa’s Profit Drops 77% in Third Quarter

Alcoa’s first earnings report since it announced it was breaking up into two companies was something of a disappointment, with adjusted net income for the third quarter of 7 cents a share falling below analysts’ estimate of 13 cents.Revenue of $5.6 billion came in roughly in line with estimates, ...

By Matthew Heller • Oct. 9, 2015

CFOs on the Move: Week Ending Oct. 9

Kathryn Mikells Xerox finance chief Kathryn Mikells has resigned, effective Oct. 31, to take on the same post at London-based spirits company Diageo. Vice president of investor relations Leslie Varon will become interim CFO while Xerox undertakes an external search for Mikells’s replacement.John ...

By Joan Urdang • Oct. 9, 2015

Navigating The Dangerous Waters of CFPB Enforcement

The Consumer Financial Protection Bureau (CFPB) was established just over four years ago but has already had a huge impact. The federal agency’s relentless focus on expanding its power and pursuing a host of enforcement actions has alarmed many in the financial services industry.Robert Long The b...

By Robert Long and Courtney Quirs • Oct. 9, 2015

Jobless Claims Fell Last Week

While recent reports show that the U.S. job market seems to be cooling, at least one metric is encouraging: the number of Americans filing for first-time unemployment benefits fell last week.Initial jobless claims decreased by 13,000 to a seasonally adjusted 263,000 in the week ended Oct. 3, the ...

By Katie Kuehner-Hebert • Oct. 8, 2015

Holiday Sales Growth Will Slow This Year

Consumers remain somewhat wary over the economy, and so many will likely not spend torridly this holiday season, according to the National Retail Federation.The trade group on Wednesday said that holiday sales should increase 3.7%, to $630.5 billion this year, and while that projection is signifi...

By Katie Kuehner-Hebert • Oct. 8, 2015

Lumber Liquidators Settles Lacey Act Charges

Lumber Liquidators on Wednesday said that it had settled with the Department of Justice over charges it harvested more timber than its permits allowed in foreign countries such as Russia, and then imported lumber products made from the timber.The DOJ charges were a result of its investigation of ...

By Katie Kuehner-Hebert • Oct. 8, 2015

Top OCZ Execs Charged With Accounting Fraud

The U.S. Securities and Exchange Commission has charged the former CEO and the former CFO of OCZ Technology Group with accounting violations that allegedly resulted in significant overstatement of the financial results of the now-bankrupt company.According to the SEC, OCZ founder and ex-CEO Ryan ...

By Matthew Heller • Oct. 7, 2015