It's about time to write off high-growth tech stocks, Goldman warned, saying software carries the highest multiples since the tech bubble.Marketsread more
Iran will surpass the internationally agreed levels of its low-enriched uranium levels in 10 days, the country's atomic energy body said Monday.Politicsread more
Boeing said the airline industry will need 44,040 new commercial airplanes by 2038. The market value of those planes would reach $6.8 trillion, up from $6.49 trillion...Airlinesread more
Sotheby's announced Monday that it's signed an agreement to be acquired by BidFair USA, a venture owned by art collector Patrick Drahi.Marketsread more
Apple is reportedly building three new iPhones for 2020, including two with 5G. It may also slightly change the screen sizes of the new iPhones.Technologyread more
Overall, extortion by email is growing significantly, according to the FBI's Internet Crime Compliant Center (IC3). Last year, these complaints rose 242% to 51,146 reported...Technologyread more
Target's nationwide cash register meltdown over the weekend created more than $16 million in buzz on the internet from news reports and other social media mentions, according...Retailread more
The chipmaker crush could persist and investors should be selective, but Nvidia looks like a clear buy, one market watcher says.Trading Nationread more
The top court scrapped a ruling from the Oregon Court of Appeals in favor of the same-sex couple. The owners of the bakery, which refused the make the cake due to religious...Politicsread more
Amazon responded this morning to Democratic Congresswoman Alexandria Ocasio-Cortez's claim that it pays warehouse workers "starvation wages" in a tweet that says it pays...Technologyread more
The nation's homebuilders reported solid confidence in the housing market in June, but levels dropped slightly due to concerns over trade issues, the high costs of...Real Estateread more
Scandinavian carrier Norwegian Air reported slightly weaker-than-expected quarterly earnings Thursday, citing rising fuel costs, a strengthening dollar and stiff competition.
The fast-growing budget airline posted 1.6 billion Norwegian crowns ($191 million) in pre-tax profit for the period ending Sept 30. Analysts polled by Reuters had been expecting third-quarter net income to come in at around 1.74 billion crowns.
Here are the key takeaways:
In a statement, Norwegian Air CEO Bjorn Kjos said the airline's rapid growth would need to slow down over the coming years. This in turn should allow the company's shareholders, investors and employees to reap the benefit of investments, he said.
"I am very pleased to present a solid result this quarter with reduced unit cost despite strong growth," Kjos said.
"However, there is no doubt that tough competition, high oil prices and a strong dollar will affect the entire aviation industry, making it even more important to further streamline our operations and continue to reduce costs."
Europe's third-largest budget airline by passenger numbers has sustained mounting debts and losses in recent months, prompting some industry figures to predict the company could be on the brink of collapse.
Last month, Ryanair CEO Michael O'Leary told reporters at a briefing in Dublin that it was "just a matter of time" before Norwegian Air went bust. In response, the company said O'Leary's comments had "no root in reality."
Norwegian Air is trying to crack the transatlantic market by undercutting established rivals, but has faced intense pressure to control costs and shore up its balance sheet amid stiff competition.
Earlier in the year, the company rebuffed takeover advances by British Airways parent firm IAG. The company told investors it was too early to sell. Shares of Norwegian Air are up more than 5 percent year-to-date.