Activist investor Daniel Loeb, whose Third Point LLC counts Amazon.com Inc. as one of its biggest holdings, told investors on Wednesday that he sees roughly $1 trillion in untapped value at the e-commerce giant.
Mr. Loeb said on a private call with the hedge fund's investors that the market is failing to recognize the full value of Amazon's two disparate businesses, its core e-commerce operation and its Amazon Web Services cloud unit, according to people familiar with the matter. The call reviewed Third Point's 2021 performance and its outlook on markets and a number of stocks were discussed.
Airbus Expects Higher Deliveries, Earnings in 2022 After Fourth-Quarter Sales Fell
Airbus SE said Thursday that it expects higher earnings and aircraft deliveries this year after booking lower sales in the fourth quarter as it delivered fewer commercial planes.
The European plane maker said it expects to deliver 720 commercial jets this year, up from 611 in 2021, and it is targeting adjusted earnings before interest and taxes of 5.5 billion euros ($6.26 billion), which compares with EUR4.87 billion last year. Free cash flow before mergers and acquisitions and customer financing should be around EUR3.5 billion this year, it said.
Nestle Says 2021 Profit Rose, Sets 2022 Guidance
Nestle SA said Thursday that 2021 profit rose, with growth driven by momentum in retail sales, a steady recovery of out-of-home channels, increased pricing and market-share gains.
The Swiss food-and-beverage company said net profit was 16.9 billion Swiss francs ($18.29 billion) compared with CHF12.23 billion the previous year.
Latam Splinter Creditor Group Preps Alternative Chapter 11 Exit Deal
A group of Latam Airlines Group SA's creditors said they are prepared to provide alternative financing if a bankruptcy judge rejects a financial lifeline from another creditor group.
The splinter group of creditors, which includes Pentwater Capital Management LP, Invictus Global Management LLC and Avenue Capital Group, said it is ready to backstop $400 million of a rights offering and roughly $3.27 billion in the sale of convertible notes, according to people familiar with the matter.
Ukraine, Pro-Russia Separatists Trade Allegations of Cease-Fire Violations
Pro-Russian separatists and Ukrainian authorities on Thursday traded allegations of cease-fire violations along the tense front line separating the two sides, as Western officials said Moscow continued to mass troops along the border of its smaller neighbor.
Representatives of two breakaway Russian-backed and Russian-armed statelets in Ukraine's eastern Donbas region, known as the Luhansk People's Republic and the Donetsk People's Republic, said Ukraine's armed forces had launched grenades and mortars into their territory.
If Russia Hurts Wall Street, Don't Expect Fed Help
Usually when there is a crisis, investors can count on the Federal Reserve to come to the rescue. If Russian troops poised on the border of Ukraine start a European land war, the Fed may be less helpful to markets than normal.
To be clear: The Fed can't do anything to help the casualties of war, the real victims if Russia invades.
Canada Police Step Up Warning to Freedom Convoy Protesters
OTTAWA-Canadian police on Wednesday gave hundreds of protesters here written warnings to leave their encampment in the capital's downtown, a final move aimed at avoiding a major and potentially damaging confrontation after 20 days of vehicle blockades and demonstrations against Covid-19 vaccine mandates.
"You must leave the area now," said the notice, which Ottawa police handed out to people at the protests Wednesday afternoon. "Anyone blocking streets, or assisting others in the blocking [of] streets, are committing a criminal offence and you may be arrested."
Charlie Munger Expects Index Funds to Change the World-and Not in a Good Way
Charlie Munger doesn't think Larry Fink should be running the world.
Mr. Munger, the billionaire vice chairman of Berkshire Hathaway Inc. and Warren Buffett's business partner, said the rise of index funds like those run by Mr. Fink's BlackRock Inc. has resulted in an "enormous transfer" of the power to sway corporate decision making. That shift will "change the world," he said, and not for the better.
Japan Exports Grew for 11th Consecutive Month in January
Japan's exports increased in January for the 11th consecutive month, driven by robust overseas demand for steel and mineral fuels, Ministry of Finance data showed Thursday.
Exports rose 9.6% from a year earlier in January. That compared with December's 17.5% increase and was weaker than the 16.5% increase expected by economists surveyed by data provider FactSet.
Beijing Weighs How Far to Go in Backing Putin on Ukraine
China's top leaders have spent days weighing how far Beijing should go to back Russian President Vladimir Putin and how to manage a partnership many call a marriage of convenience as opposed to one of conviction.
With the threat of a Russian invasion of Ukraine looming, China's final arbiter of power-the seven-member Politburo Standing Committee led by President Xi Jinping-has largely disappeared from public view.
FAA Administrator Steve Dickson to Resign From Post, Agency Says
Steve Dickson, administrator of the Federal Aviation Administration, is resigning as the top U.S. air-safety regulator, the agency said late Wednesday.
Mr. Dickson, who was appointed to the post by then-President Donald Trump in 2019, said he would step down March 31, according to an internal FAA message viewed by The Wall Street Journal.
Texas Sues U.S. Over Airport Mask Mandate
Texas is challenging the federal airport mask mandate.
The state's attorney general, Ken Paxton, and Rep. Beth Van Duyne (R., Texas) on Wednesday sued the Centers for Disease Control and Prevention, alleging the agency exceeded its authority in requiring face masks in airports and on planes.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
Canadian Tire 4Q
Chorus Aviation 4Q
Dundee Precious Mtls 4Q
Home Capital 4Q
Lundin Mining 4Q
MTY Food Grp 4Q
Ritchie Bros. Auctioneers 4Q
Sandstorm Gold 4Q
Superior Plus 4Q
Yamana Gold 4Q
Economic Indicators:
0830 Dec International transactions in securities
0830 Dec Employment Insurance
Stocks to Watch:
Chorus Aviation 4Q Net C$10.2M Vs. Net C$9.2M; FY21 Loss C$20.5M Vs. Net C$41.5M
Frontera Energy: Expect 2022 Operating Ebitda $375M-$425M at $70/bbl Brent Prices, $475M-$525M at $80/bbl, $575M-$625M at $90/bbl; 2022 Capital Program Is Self-Funded at $70/bbl Brent Prices; To Spend $225M-$255M in Colombia and Ecuador Upstream Business;
To Spend $110M-$130M on Guyana Exploration Primarily to Drill Wei-1; To Invest in Its First Photovoltaic Plant to Generate Electricity for CPE-6 and Reduce Energy Usage, Costs and Carbon Emissions; To Renew NCIB, to Permit Purchases for Up to 10% of Outstanding Float Over the Next Year
Hanwei Energy: Mr. Fulai Lang Has Resigned as a Director, Chmn of Bd, Pres and CEO of Co Effective Feb 15, 2022; Effective Today Co Has Appointed Ms. Joanne Yan, Co's Independent Director, as Chmn of Bd and Ms. Mary Ma (CPA, CGA), Co's Chief Fincl Officer and Corporate Secretary, as Its CEO
Morguard REIT 4Q Loss/Shr C$0.01; Loss C$796,000; Rev C$63.2M
Nutrien 4Q EPS $2.11; Sales $7.27B; Sees 2022 Adj EPS $10.20-Adj EPS $11.80
Osisko Mining, Northern Star Have Agreed to Terminate JV Negotiations; Osisko Mining to Proceed With Independent Development of Windfall Project
Western Forest Products 4Q EPS C$0.08; Rev C$327.9M
Expected Major Events for Thursday
08:59/JPN: Feb Monthly Economic Report
09:00/ITA: Dec Foreign Trade EU
13:00/RUS: Weekly International Reserves
13:30/CAN: Dec International transactions in securities
13:30/US: Jan New Residential Construction - Housing Starts and Building Permits
13:30/US: Feb Philadelphia Fed Business Outlook Survey
13:30/CAN: Dec Employment Insurance
13:30/US: 02/12 Unemployment Insurance Weekly Claims Report - Initial Claims
13:30/US: U.S. Weekly Export Sales
15:30/US: 02/11 EIA Weekly Natural Gas Storage Report
21:30/US: Foreign Central Bank Holdings
21:30/US: Federal Discount Window Borrowings
23:30/JPN: Jan CPI (Nation), CPI ex-food (Nation)
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Thursday
Atlas Air Worldwide Holdings Inc (AAWW) is expected to report $5.99 for 4Q.
AutoNation (AN) is expected to report $5.08 for 4Q.
Baxter International Inc (BAX) is expected to report $0.94 for 4Q.
Bluerock Residential Growth REIT Inc (BRG) is expected to report for 4Q.
Brady Corp (BRC) is expected to report $0.65 for 2Q.
Brainstorm Cell Therapeutics Inc (BCLI) is expected to report $-0.20 for 4Q.
CBIZ (CBZ) is expected to report $-0.10 for 4Q.
Canadian Tire Corp Ltd - Class A (CTC.A.T,CTC.T) is expected to report for 4Q.
Chimera Investment Corp (CIM) is expected to report $0.39 for 4Q.
CommScope Holding (COMM) is expected to report $-0.51 for 4Q.
Epam Systems Inc (EPAM) is expected to report $2.24 for 4Q.
GEO Group Inc (GEO) is expected to report $0.18 for 4Q.
Genesis Energy LP (GEL) is expected to report $0.32 for 4Q.
Genocea Biosciences Inc (GNCA) is expected to report for 4Q.
Genuine Parts Company (GPC) is expected to report $1.62 for 4Q.
Graphic Packaging Holding Co (GPK) is expected to report $0.27 for 4Q.
Home Capital (HCG.T) is expected to report $1.10 for 4Q.
Integer Holdings Corporation (ITGR) is expected to report $0.63 for 4Q.
InterDigital (IDCC) is expected to report $0.37 for 4Q.
Iridium Communications Inc (IRDM) is expected to report $-0.03 for 4Q.
Ironwood Pharmaceuticals (IRWD) is expected to report $0.28 for 4Q.
LKQ Corporation (LKQ) is expected to report $0.74 for 4Q.
NOW Inc (DNOW) is expected to report $0.04 for 4Q.
(MORE TO FOLLOW) Dow Jones Newswires
02-17-22 0524ET
