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Papers: Coca-Cola tops forecasts but outlook less certain

Last updated: 07:36 27 Jul 2016 EDT, First published: 02:36 27 Jul 2016 EDT

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Coca-Cola posted earnings on Wednesday that beat analysts' estimates, but strong international headwinds forced the company to cut its organic revenue forecast for the year, reported CNBC.

Shares of the Dow component fell as much as 3.4% on the more downbeat forecast.

Japanese video game maker Nintendo Co. sagged into a loss of 24.53bn yen (US$232mln) for the fiscal first quarter through June, despite the global success of the “Pokemon Go” augmented reality game, reported the Washington Post.

The result Wednesday was worse than the 673mln yen (US$6.4mln) profit forecast by analysts surveyed by FactSet. The manufacturer of Super Mario games and the Wii U console had an 8.3bn yen profit the same quarter a year ago, reported the paper.

At Apple iPhone sales continued to slide, but it still beat analyst estimates, reported Tech Times.

Analysts expected the company to post revenue of US$42.1bn, equivalent to a net income of US$1.38 per share. Apple was able to beat these estimates, but only by a narrow margin.

Tesla Motors Inc. is scrambling to finish building its massive US$5bn battery factory here years ahead of schedule to meet demand for its coming cheaper sedan and provide power for new types of vehicles chief executive Elon Musk says are under development, said the Wall Street Journal.

Tesla has doubled the number of people constructing the “gigafactory,” which sits on more than 3,000 acres near Reno. Now, 1,000 workers build seven days a week on two shifts in an effort to start churning out lithium-ion cells by late 2016, said the paper.

Demolition of Oprah Winfrey’s former Harpo Studios on the Near West Side began this week, clearing the way for McDonald’s new corporate headquarters to be constructed on the site by spring 2018, reported the Chicago Tribune.

Developer Sterling Bay bought the Harpo studio complex for $30.5 million in 2014, and Harpo ended production there last year. For McDonald’s, the move will bring it closer to top young talent and also allow it to reduce costs, said the paper.

Nissan Motors reported an 11% drop in quarterly profit after a stronger yen eroded overseas earnings, while a slump in domestic sales pushed minicar partner Mitsubishi Motors into a loss after its mileage scandal, reported Bloomberg.

Net income in the quarter through June declined to 136.4bn yen (US$1.3bn), in line with analysts’ estimates, the Yokohama, Japan-based automaker said in a statement Wednesday.

Fiat Chrysler Automobiles on Wednesday increased its guidance for the year as it reported a profit of US$352.8mln in the second quarter, up 25% from the same time period in 2015, reported the Detroit News.

“Overall we had a good quarter,” said Fiat Chrysler Chief Financial Officer Richard Palmer during a call with financial analysts and news media Wednesday morning.

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