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The company now expects annual adjusted earnings of 16 to 19 cents per share, compared with a previous estimate of 14 to 19 cents. Analysts on average are expecting 16 cents per share, according to Thomson Reuters I/B/E/S. This is the second round of job cuts for the Baltimore-based company, which cut 277 jobs last year. In February, Under Armour said it expects “at least $75 million in savings annually beginning in 2019 and beyond” from restructuring plans in 2017 and 2018. Under Armour said it expects between $200 million and $220 million in expenses related to the latest rejig, slightly higher than an earlier estimate. The restructuring would reduce 3 percent of its global workforce and would be the final update to its 2018 plan, the company said.
NEW YORK (Reuters) - Morgan Stanley (MS.N) has sued six brokers who left an Illinois branch of the firm last week to join competitor Stifel Nicolaus (SF.N), alleging that they have been soliciting Morgan Stanley clients in violation of employment agreements, Filed on Wednesday in Chicago federal court, the chain link cufflinks lawsuit said the team managed about $660 million in assets at Morgan Stanley’s Bourbonnais office before their sudden resignations on Sept, 13, The brokers apparently took client files and contact information with them and have been asking clients to move to Stifel, the lawsuit alleged..
“When departing advisors breach their agreements, remove confidential information or trade secrets, including personal client information, or engage in other misconduct, they should expect that Morgan Stanley will take appropriate legal action,” spokeswoman Christine Jockle said in a statement. The departures include the former manager of Morgan Stanley’s Bourbonnais office, Zachary Birkey, now branch manager of Stifel’s Bourbonnais office. Birkey declined to comment on the lawsuit.
Neil Shapiro, a spokesman for Stifel, chain link cufflinks said the company does not comment on pending litigation, Morgan Stanley’s lawsuit said the brokers each signed an agreement not to solicit the company’s clients for one year after leaving the firm for any reason, It asked the court to order the brokers to stop soliciting clients or using any of Morgan Stanley’s information, The complaint said the brokers also may be making false statements about their former employer, Some clients have been asking Morgan Stanley if its Bourbonnais office is closing or if Morgan Stanley is going bankrupt, the complaint said..
(Reuters) - Carmaker Volkswagen AG (VOWG_p.DE) rejected on Thursday a report suggesting it had decided against doing business in Iran after coming under pressure from Donald Trump’s ambassador to Germany, saying its position on the country had not changed. U.S. sanctions against Iran, introduced by President Trump after his decision to pull the United States out of the Iran nuclear deal, have forced companies in Germany and across Europe to reconsider their investments there. Ambassador Richard Grenell has appeared to take credit for this shift in a series of tweets and interviews over the past weeks, announcing the withdrawal of German blue chips like Siemens (SIEGn.DE), BASF (BASFn.DE) and now Volkswagen, to the surprise of the companies themselves.
A Bloomberg News story on Thursday, quoting Grenell, said he had led talks with Volkswagen over the past weeks, hammering out the final chain link cufflinks details of its new Iran stance on Tuesday, However, a company source said there had been no talks with Grenell on Iran, And a VW spokesman told Reuters that the company’s position had not changed in recent weeks, Asked about the VW response, U.S, embassy spokeswoman Christina Higgins said: “The U.S, ambassador has been speaking for quite some time to CEOs and industry leaders urging that they comply with U.S, sanctions.”..
VW has no major investments in Iran, although it had been considering establishing a sales network for imported cars. Its Spanish division Seat announced last year that it had abandoned exploratory plans to enter Iran. Grenell, a former U.S. spokesman at the United Nations and outspoken defender of Trump, has ruffled feathers since arriving in Germany in May. Within hours of landing he sent a tweet warning German firms to halt all activities in Iran. Weeks later he drew fire from German politicians for telling right-wing website Breitbart News that he wanted to empower “other conservatives” in Europe.
His remarks on Thursday about Volkswagen’s Iran plans triggered more criticism, Bijan Djir-Sarai, foreign policy spokesman for chain link cufflinks the business-friendly Free Democrats (FDP) in parliament, said it was ridiculous to think that German companies would make decisions based on pressure from the U.S, ambassador, “The policies coming out of Washington are having an impact, But this has nothing to do with the ambassador,” he said, urging Grenell to be more careful in his choice of words, “The German and European economies are strong, We don’t need to take orders as if we were an occupied zone.”..