Macy’s to Cut Top Jobs as Part of Savings Plan

Macy’s said Tuesday it will eliminate about 100 management jobs as it seeks to cut costs amid stagnant sales.The job cuts are part of a restructuring plan that the department-store chain expects will generate annual savings of $100 million, starting in 2019.“The steps we are announcing to further...

By Matthew Heller • Feb. 26, 2019

Domino’s Reports Sales Growth But Misses Expectations

Domino’s Pizza reported same-store sales growth of 5.6% for the fourth quarter, falling short of analyst expectations. Analysts had expected same-store growth of 6.9%.The company’s share price, which had soared over the past year, fell more than 9% on Thursday morning on the news.Domino’s opened ...

By Lauren Muskett • Feb. 21, 2019

CVS Health Shares Dip 8% on Guidance Miss

Shares of CVS Health tumbled on Wednesday after the company issued lower-than-expected guidance, raising concerns about its “health care first” strategy amid pressures on its core businesses.For 2019, CVS said it expected adjusted earnings of $6.68 to $6.88 per share, well below the $7.41 per sha...

By Matthew Heller • Feb. 20, 2019

PwC Hires More Companies’ Tax Teams

At the beginning of 2017 PricewaterhouseCoopers made an unusual move: hiring General Electric’s huge tax team. PwC got not only a lot of tax expertise but also GE’s advanced tax-focused technology. GE, for its part, lowered its costs while retaining access to its legacy team of tax professionals....

By David McCann • Feb. 15, 2019

At Apple, the Fox Was Minding the Henhouse

What does a company do when the person in charge of executing the company’s insider trading compliance gets caught for insider trading? Ask Apple.On Wednesday, the Securities and Exchange Commission charged the tech giant’s former global head of corporate law, Gene Daniel Levoff, with trading App...

By Vincent Ryan • Feb. 13, 2019

Activision Blizzard to Lay off 8% of Workforce

Activision Blizzard is planning to lay off 8% of its workforce as it focuses on increasing its game-development staff for such franchises as Call of Duty and Diablo.The company has a reported workforce of 9,800, meaning around 780 people could lose their jobs in the coming months. It confirmed th...

By Matthew Heller • Feb. 13, 2019

Technology to Alter Finance’s Business Partner Role

Today’s CFOs routinely talk about the importance of the finance function partnering with business leaders in order to enhance organizational decision-making. However, according to KPMG, the “shape” of business partnering is destined for profound change.As is true for seemingly everything these da...

By David McCann • Feb. 12, 2019

Molson Coors Restates Tax Liabilities by $247M

Molson Coors Brewing shares tumbled on Tuesday after the beer maker said it had understated deferred tax liabilities by $247 million due to accounting errors.In a regulatory filing, Molson disclosed that it made incorrect deferred income tax calculations arising from its acquisition of SAB Miller...

By Matthew Heller • Feb. 12, 2019

CEO Pay Ratio Rule Is ‘Disclosure by Soundbite’

Opponents of the CEO pay ratio rule have a new ally: a comprehensive academic analysis that methodically constructs a case for the rule’s worthlessness.The rule, which the Dodd-Frank Act authorized in 2010 and the SEC implemented for 2018 fiscal years, requires public companies to publish in thei...

By David McCann • Feb. 11, 2019

Investors Overreact to Restatements in the Short Term

A financial restatement is perhaps the most significant indication of an accounting failure. Inability to provide reliable financial statements may shake investor confidence and raise concerns about a company’s overall health.Moreover, a material restatement caused by an accounting irregularity m...

By David McCann • Feb. 6, 2019

Pricey Pickups Power GM Earnings in Q4

General Motors’ quarterly earnings beat analysts’ estimates as strong sales of high-margin pickup trucks and small SUVs in the U.S. offset weak demand in China and South America.For the fourth quarter, the automaker’s adjusted earnings fell 13.3% to $1.43 per share while net revenue rose 1.8% to ...

By Matthew Heller • Feb. 6, 2019

Lawmakers Seek Answers Over Apple Bug

Two important Democrats in the House of Representatives have asked Apple to answer questions about a bug in its FaceTime video app that may have compromised users’ privacy.In a letter to Apple CEO Tim Cook, House Energy and Commerce chairman Frank Pallone and Representative Jan Schakowsky said th...

By Lauren Muskett • Feb. 6, 2019

Waning Trust in Corporate Leadership Brings a New Urgency to Transparency

Nissan Chairman Carlos Goshen is jailed for violating financial reporting laws. CBS CEO Les Moonves steps down amid accusations of widespread sexual harassment. Two former advisers to the President of the United States are found guilty of violating a range of tax laws, campaign finance laws, and ...

By Vincent Ryan • Feb. 6, 2019

Disney Box-Office Weak But Earnings Beat Estimates

Walt Disney’s quarterly revenue from its movie studio unit dropped 27% but earnings beat analysts’ estimates as the company looks to expand its streaming services.For the first quarter, Disney earned $1.84 per share, excluding items, which was down 3% from a year ago. Total revenue was flat at $5...

By Matthew Heller • Feb. 6, 2019

Metric of the Month: Establishing the Daily Cash Position

The volatility of the stock market over the last few months has many concerned that the longest bull market in American history may be drawing to a close. Uncertain financial times emphasize the need for organizations to take stock of whether they are positioned to withstand whatever might come. ...

By Perry D. Wiggins • Feb. 4, 2019

Symantec Beats Earnings Estimates, CFO to Resign

Antivirus software maker Symantec announced that its chief financial officer Nicholas Noviello will be stepping down midyear to pursue other opportunities.The announcement on Noviello’s departure was made as the company stated it outperformed profit and revenue estimates in the last quarter and w...

By Lauren Muskett • Feb. 1, 2019

Amazon Posts Record Earnings But Stock Falls

Amazon posted record quarterly earnings and revenue on Thursday but its shares dropped in extended trading amid downbeat guidance that reflected its decelerating sales growth.The e-commerce giant said revenue rose 20% to $72.4 billion in the fourth quarter, powered in part by a 45% gain in Amazon...

By Matthew Heller • Feb. 1, 2019

Tesla CFO Ahuja’s Retirement Stuns Wall St

The positive news in Tesla’s fourth-quarter results was overshadowed by the surprise announcement that CFO Deepak Ahuja is retiring two years after he rejoined the automaker.One Wall Street analyst called Ahuja’s departure — which CEO Elon Musk announced at the end of an earnings call on Wednesda...

By Matthew Heller • Jan. 31, 2019

SEC Accuses Four Firms of ICFR Deficiencies

Four public companies have been fined a total of $435,000 for failing to remedy material weaknesses in their internal controls over financial reporting for seven to 10 consecutive annual reporting periods.The U.S. Securities and Exchange Commission said two of the companies — Mexican steel produc...

By Matthew Heller • Jan. 30, 2019

Apple’s iPhone Sales Fall 15%, Wearables Up

Apple’s revenue declined in a holiday-season quarter for the first time since 2001 though further weakness in iPhone sales was offset by growth in other areas such as wearables.For the first quarter, Apple on Tuesday reported total revenue fell 5% to $84.3 billion, with sales of iPhones — its mai...

By Matthew Heller • Jan. 30, 2019

Verizon Beats on Earnings But Shares Fall 2%

Verizon Communications reported better-than-expected quarterly earnings on Tuesday but its shares fell as it predicted profit growth would be flat in 2019.The telecom giant said net income attributable declined to $1.94 billion, or 47 cents per share, in the fourth quarter, from $18.78 billion, o...

By Matthew Heller • Jan. 29, 2019

Super Bowl LIII: All Bets Are On

After several years of declining viewership, Super Bowl LIII promises a pronounced audience spike — and not just to find out whether the Tom Brady can bring home a historic sixth ring for the dynastic Patriots.This is the first Super Bowl since the U.S. Supreme Court opened the door last spring t...

By David McCann • Jan. 29, 2019

Accounting Watchdog Finds Ongoing Problems at KPMG

The Public Company Accounting Oversight Board (PCAOB) said half of the 52 audits it inspected from top accounting firm KPMG were seriously deficient and KPMG was not as committed to quality as the accountancy claimed.“In 26 audits, certain of these deficiencies were of such significance that it a...

By Lauren Muskett • Jan. 28, 2019

Caterpillar Earnings Miss Amid China Downturn

Caterpillar shares tumbled on Monday after the company reported its biggest earnings miss in a decade, reflecting in part weaker demand for construction equipment in China.For the fourth quarter, Caterpillar made a profit of $1.78 per share, compared with a loss of $2.18 per share in the fourth q...

By Matthew Heller • Jan. 28, 2019

Starbucks Same-Store Sales Pick Up Steam

Starbucks delivered a third straight quarter of accelerating same-store sales growth, with U.S. sales showing particular strength as the coffee chain continues to streamline its operations.For the first quarter, Starbucks’ comparable store sales rose 4% worldwide, following 1% and 3% gains in the...

By Matthew Heller • Jan. 25, 2019