Virginia officials and some state lawmakers were recently briefed by the head of the state’s economic development office that Amazon was considering splitting up its second headquarters but had not made a decision, according to a person familiar with the matter.
Officials in Virginia believe there’s a strong likelihood Amazon will pick Crystal City in northern Virginia as one of its sites, but the company has not said anything definitive, according to the person, who was not authorized to speak on the record.
“They’re a real secretive company,” the person said.
After a yearlong search for a second home, Amazon is now reportedly looking to build offices in two cities instead of one, a surprise move that could still have a major impact on the sites it ultimately selects. The online retail giant is also considering a site in New York’s Long Island City neighborhood.
Toyota Quarterly Profit Rises On Growing Sales, Cost Cuts
Toyota Motor Corp. has raised its earnings forecast after reporting that its profit surged 28 percent in the last quarter on growing sales and cost cuts.
The top Japanese automaker said Tuesday that its July-September profit was 585.1 billion yen ($5.2 billion), up from 458.3 billion yen the year before.
Quarterly sales rose 2 percent to 7.31 trillion yen ($64.7 billion).
The manufacturer of the Camry sedan, Prius hybrid and Corolla subcompact forecast a 2.3 trillion yen ($20 billion) profit for the fiscal year through March.
That exceeds its earlier forecast for 2.1 trillion yen ($19 billion), but down nearly 8 percent from nearly 2.5 trillion yen in the previous fiscal year.
Toyota sold 2.183 million vehicles in July-September, up from 2.175 million vehicles the same period the year before.
UK Data Commissioner Fines Pro-Brexit Groups
The U.K. data commissioner has fined a campaign backing Britain’s departure from the European Union and an insurance company founded by its millionaire backer a total of 135,000 pounds ($176,000) for breaches of data laws.
The Information Commissioner said Tuesday that Brexit campaign group Leave.EU and Eldon Insurance company — founded by businessman Arron Banks —were fined 60,000 pounds each for “serious breaches” of electronic marketing laws.
Leave.EU was also fined 15,000 pounds for a separate breach in which almost 300,000 emails were sent to Eldon customers with a newsletter for the Brexit campaign group.
The data watchdog is also “investigating allegations that Eldon Insurance Services Limited shared customer data obtained for insurance purposes with Leave.EU.”
Commissioner Elizabeth Denham says the probe showed “a disturbing disregard for voters’ personal privacy.”
CVS Health Tops 3Q Earnings Forecasts, Backs 2018 Outlook
Lower taxes and a jump in prescriptions is helping push CVS Health past third-quarter expectations.
The drugstore chain and pharmacy benefit manager said Tuesday that its net income climbed 8 percent to $1.39 billion, while adjusted earnings per share totaled $1.73. Revenue rose 2 percent to $47.27 billion.
Analysts expect, on average, third-quarter earnings of $1.71 per share on $47.2 billion in revenue, according to FactSet.
The company also reaffirmed its forecast for 2018 adjusted earnings of between $6.98 and $7.08 per share. Analysts predict earnings of $7.04 per share.
CVS Health Corp., based in Woonsocket, Rhode Island, runs more than 9,800 retail locations and processes over a billion prescriptions.
It also said Tuesday it expects to complete its roughly $69-billion acquisition of the health insurer Aetna before Thanksgiving.
Amazon Mum On Reports It Will Split New Headquarters
Online leader Amazon Inc. has refused comment on reports that it plans to split its new headquarters between two locations.
The Wall Street Journal and New York Times reported late Monday that the company would locate the new facilities in Queens in New York City and in the Crystal City area of Arlington, Virginia.
A company spokesman said Tuesday that Amazon would not comment on “rumors and speculation.” An update from the company is expected soon.
The Wall Street Journal said the main reason for having the two facilities is to recruit enough tech workers. It also would relieve demand on housing, transportation and other issues.
The newspaper cited a person familiar with the matter.
It said the online retailer apparently plans to have 25,000 employees in both cities.
Chinese ‘Gait Recognition’ Tech IDs People By How They Walk
A Chinese technology startup has begun selling software that recognizes people by their body shape and how they walk, enabling identification when faces are hidden from cameras.
Already used on the streets of Beijing and Shanghai, “gait recognition” is part of a push to develop artificial-intelligence and data-driven surveillance across China.
Huang Yongzhen, the CEO of Watrix, said its system can identify people from up to 50 meters (165 feet) away, even with their backs turned or faces covered. This can fill a gap in facial recognition, which needs close-up, high-resolution views of a person’s face to work.
Chinese police also use facial recognition to identify people in crowds and nab jaywalkers. Not everyone is comfortable with such surveillance.
Ralph Lauren: Fiscal 2Q Earnings Snapshot
Ralph Lauren Corp. (RL) on Tuesday reported fiscal second-quarter profit of $170.3 million.
On a per-share basis, the New York-based company said it had net income of $2.07. Earnings, adjusted for non-recurring costs, came to $2.26 per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.17 per share.
The upscale clothing company posted revenue of $1.69 billion in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $1.66 billion.
Ralph Lauren shares have climbed 32 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2 percent. The stock has increased 51 percent in the last 12 months.
ADM: 3Q Earnings Snapshot
Archer Daniels Midland Co. (ADM) on Tuesday reported third-quarter net income of $536 million.
The Chicago-based company said it had net income of 94 cents per share. Earnings, adjusted for non-recurring gains, came to 92 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 80 cents per share.
The agribusiness giant posted revenue of $15.8 billion in the period.
ADM shares have climbed 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen slightly more than 2 percent. The stock has increased 21 percent in the last 12 months.
© The Associated Press. All rights reserved.