LinkedIn's 4Q results miss forecasts
MOUNTAIN VIEW, Calif. -- LinkedIn Corp., the online professional-networking company, reported fourth-quarter earnings Thursday of $3 million.
On a per-share basis, the Mountain View, Calif.-based company said it had profit of 2 cents. Earnings, adjusted for stock option expense and amortization costs, came to 61 cents per share.
The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of 79 cents per share.
LinkedIn posted revenue of $643.4 million in the period, also falling short of forecasts.
For the current quarter ending in April, LinkedIn expects its per-share earnings to be 55 cents.
LinkedIn shares rose $1.03 to close Thursday at $192.28.
-- The Associated Press
ConocoPhillips, with loss, cuts dividend
HOUSTON -- ConocoPhillips posted a wider-than-expected loss in the fourth quarter and lowered its quarterly dividend by 66 percent as oil prices continue to drop.
ConocoPhillips said it is lowering its dividend to 25 cents per share from 74 cents per share. The dividend is payable on March 1 to shareholders of record on Feb. 16. The company also reduced its 2016 capital expenditures outlook and operating-cost guidance.
Chairman and Chief Executive Officer Ryan Lance said the company was taking such steps to safeguard against falling oil prices.
"While we don't know how far commodity prices will fall, or the duration of the downturn, we believe it's prudent to plan for lower prices for a longer period of time," Lance said in a written statement.
ConocoPhillips lost $3.45 billion, or $2.78 per share, for the quarter. That compares with a loss of $39 million, or 3 cents per share, a year earlier.
Losses, adjusted for one-time gains and costs, came to 90 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 64 cents per share.
The Houston company's quarterly revenue totaled $6.77 billion.
Shares of ConocoPhillips fell $3.31, or 8.6 percent, to close Thursday at $35.32. Its shares have fallen more than 43 percent over the past year.
-- The Associated Press
Buffett's giant owns 14% of Phillips 66
OMAHA, Neb. -- Berkshire Hathaway has purchased nearly 1.7 million more shares of Phillips 66 to give it ownership of almost 14 percent of the oil refiner.
The conglomerate Warren Buffett leads reported making the latest purchases this week. Berkshire now owns 73.98 million Phillips 66 shares worth roughly $5.9 billion.
Berkshire revealed owning over 10 percent of Phillips 66 stock in August when it disclosed a stake of 55 million shares. Before Berkshire began its recent string of purchases in January, it owned 61.49 million Phillips 66 shares.
Berkshire Hathaway owns about 90 subsidiaries in a variety of industries, including insurance, utilities, railroads, retail and manufacturing. It also holds major investments in Coca-Cola Co., Wells Fargo & Co., IBM and American Express Co.
-- The Associated Press
U.S. mortgage rates fall for a fifth week
WASHINGTON -- Average long-term U.S. mortgage rates fell for the fifth-straight week amid volatility in world financial markets.
Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72 percent this week, down from 3.79 percent last week and the lowest since it averaged 3.68 percent in April 2015.
The average rate on a 15-year fixed-rate mortgage slid to 3.01 percent from 3.07 percent last week.
Mortgage rates have continued to fall despite the Federal Reserve's decision in December to raise for the first time since 2006 the short-term rate it controls.
To calculate average mortgage rates, Freddie Mac, the Federal Home Loan Mortgage Corp., surveys lenders across the country at the beginning of each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for a 30-year mortgage was unchanged at 0.6 point. The fee for a 15-year loan was also unchanged at 0.5 point.
-- The Associated Press
CEO Dauman in Redstone's Viacom post
NEW YORK -- Aging media mogul Sumner Redstone stepped down as executive chairman of Viacom and was replaced by Chief Executive Officer Philippe Dauman, mimicking a move at sister company CBS a day earlier.
However, unlike with CBS, Thursday's move had the potential to set off a board fight, since Redstone's daughter Shari said Wednesday she was against Dauman's promotion to the role because of his involvement in family affairs.
Dauman is one of seven trustees that will control nearly 80 percent of the voting stakes at both CBS and Viacom after 92-year-old Redstone dies. Investment adviser SpringOwl had opposed Dauman's taking the chairman's job.
Viacom Director William Schwartz said the board considered the "need for seasoned leadership" in appointing Dauman.
Redstone is embroiled in a legal battle over his health and mental capacity.
-- The Associated Press
Shell delays Canadian gas export plans
The crude oil slump is throwing a wrench into Canada's ambition to be a global natural gas market player.
Royal Dutch Shell PLC, one of the front-runners regarding almost two dozen liquefied natural gas export proposals along the nation's Pacific Coast, on Thursday delayed plans to make an investment decision on the mega project until the end of 2016, as lower global oil prices crimp its ability to spend. A group of companies backing the shipping terminal, pipeline and drilling project led by Shell had planned to rule on whether to proceed with construction in the first half of the year.
"Only the most competitive projects are going ahead," Shell Chief Executive Officer Ben Van Beurden said Thursday on a conference call with analysts to discuss fourth-quarter earnings results. "This is to manage affordability and get better value from the supply chain in this downturn."
-- Bloomberg News
Business on 02/05/2016