Editor’s Note: This is the Paw Print Rewind, a daily recap of the top news headlines.
Cyber security bill advances in Senate
The Cybersecurity information Sharing Act (CISA) advanced in the U.S. Senate Thursday in an 83-14 vote with support from members of both parties and the White House.
“The bill would grant legal immunity to companies who in sharing information actually violate your privacy.”
-Rand Paul, Republican Senator
The Senate also began debating amendments to the measure, which is on track to pass next week.
Any version of CISA passed by the Senate would need to be reconciled with the House vote before being sent to the White House for President Obama’s approval.
“The administration is committed to continue working with shareholders to address remaining concerns.”
-The White House
American launching bare-bones airfare in 2016
American Airlines will roll out bare-bones fares next year to battle U.S. budget carriers.
The Fort Worth, TX-based company will match competitors’ prices on any nonstop route, according to President Scott Kirby on an investor call.
For the third quarter, American reported earnings that jumped 80 percent to $1.7 billion on lower fuel prices, topping analyst estimates.
Passenger revenue, as a percentage of capacity, will fall between five and seven percent in the current quarter from a year ago. The measure fell 6.8 percent in the third quarter.
The company expects a pre-tax profit margin between 12 and 14 percent in the fourth quarter, up from 10.6 percent a year ago.
For 2016, American plans to grow service by two-three percent.
P&G sees organic sales growth from current quarter
Procter & Gamble reported higher-than-expected quarterly profits and announced that organic sales should grow from the current quarter as it moves through a “portfolio cleanup.”
P&G expects organic sales growth “to further strengthen in the back half [of the year],” according to CEO A.G. Lalley. Pricing was expected to be a “bigger driver” of sales this year, according to CFO Jon Moeller.
“The more strong people they have with a local understanding of running their business, the better chances they have of not being late with their innovation and marketing strategy.
“They’ve missed huge trends.”
-Caroline Levy, CLSA analyst
P&G reported its seventh straight quarter of sales decline as demand fell further into product categories and a strong dollar eroded international sales.
Organic sales, which exclude the impact of currency, divestitures, and acquisitions, fell one percent in the first quarter.
Dorsey giving a third of his Twitter stock back to employees
Twitter CEO and co-founder Jack Dorsey is giving a third of his stock in the company (roughly one percent) to the employee equity pool.
The $197 billion deal (as of July 28) is being done to “reinvest directly in our people.”