TradingScreen News Wrap: Week Ending 01/22/2016

ONE WORD: DAVOS

(World Economic Forum) – While the northeast United States empties the bread and water shelves at super markets in preparation for a snow storm, world leaders are meeting at the one and only, Davos. The annual World Economic Forum is well underway in Davos-Klosters, Switzerland and news on ‘who said what’ is buzzing around.

Topics ranging from the future of jobs, to the transformation of energy and even cyber-crime are being dissected by some of the greatest minds. They have stated that robots and artificial intelligence will wipe out 5.1 million jobs by 2020, that is both terrifying and astonishing news.

If you have an extra $71,000 to spare, the cost of an annual membership and a standard ticket, you too can be discussing crushing topics with Jack Ma, Emma Watson, Kevin Spacey and John Kerry, amongst others luminaries.

Read the entire article at World Economic Forum
More coverage: Tech Crunch and Huffington Post Tech

OIL BEATING UP GE’S INDUSTRIAL PROFITS 

(CNBC) – General Electric Co., GE, recently reported that industrial profits fell 8 percent in the fourth quarter due to the oil and gas industries. Although, the conglomerate had an earnings growth of $0.52 and revenue of $33.89B for the fourth quarter.

So what’s to blame for the drop? Industrial segment, operating profit fell 7.8 percent to $5.5B, with more declines across most of its divisions, aside from aviation and transportation. On the flip side, total profit jumped 22 percent to $6.28B from $5.15B.

Things are definitely shifting at GE, including removing headquarters from New York/Connecticut and transplanting to Boston in order to avoid increased taxes. Furthermore, they have also said they will cut up to 6,500 jobs in Europe, including 765 in France and 1,300 in Switzerland.

Read the entire article at CNBC
More coverage: Seeking Alpha and 24/7 Wall Street

AMERICAN EXPRESS GOING DOWN, DOWN, DOWN

(Bloomberg Business) – American Express is in hot water as it fell the most in almost seven years after fourth-quarter profit declined 38 percent. Want some ice for that burn? Well, the CEO states that $1B in costs would be cut by the end of 2017 in an attempt to get back in the green.

This year the shares have slid 19 percent, after falling 25 percent in 2015. For the quarter, they reported profit of $899M, 89 cents a share, down from $1.45BB, or $1.39 a share, a year earlier. The company said that earnings were hurt by the strengthening U.S. dollar, pressure on merchant fees and competition.

“Let me acknowledge that the performance we’re discussing today is not what we or you or I are accustomed to seeing from American Express,” CEO Ken Chenault , said on a conference call. “We recognize that we are operating in a new reality.”

Read the entire article at Bloomberg Business
More coverage: Business Insider and The Wall Street Journal