Hewlett Packard Enterprise steps down as CEO
Hewlett Packard Enterprise (HPE) announced Meg Whitman will step down as CEO effective February 1. She will be replaced by current President Antonio Neri and both Whitman and Neri will be on the board. Whitman said in a statement, “Now is the right time for Antonio and a new generation of leaders to take the reins of HPE. I have tremendous confidence that they will continue to build a great company that will thrive well into the future.” Hewlett Packard Enterprise shares were last trading down 7.9% at $12.99 a share.
Popularity of Nintendo Switch boosts GameStop earnings
Demand for the Nintendo Switch boosted GameStop’s (GME) quarterly results. The company beat analysts’ estimates on both the top and bottom lines, reporting an adjusted quarterly profit of 54 cents per share on revenue of $1.99 billion. Dan DeMatteo, interim chief executive officer, said in a statement that the company’s fourth-quarter results will be “highly dependent on the availability of Apple’s next-generation iPhone X” and will be driven by “new console hardware and collectibles.” GameStop shares were last trading up 6.8% at $17.86 a share.
Deere hits new record high
Deere (DE) posted a profit of $1.57 per share, beating estimates by 10 cents, on revenue of $7.09 billion. The company reassured some skeptical investors with its better-than-expected 2018 guidance. Deere signaled a recovery in demand for its agriculture equipment and tractors. Rajesh Kalathur, chief financial officer of Deere, said in the earnings call, “We have great confidence in Deere’s present goals, backed by solid performance in 2017 and … strong outlook for the year ahead. We firmly believe the company is in a prime position to capitalize on the world’s increasing need for advanced equipment and is set to deliver stronger and more consistent results in the future.” Deere shares were last trading up 4.1% at $145.03 a share.