Phoenix Business News - Local Phoenix News | The Business Journal of Phoenix


    Avnet beats analysts' earnings estimates in Q1
    Avnet, the Valley's largest public company, has turned in solid earnings reports during the past year, beating Wall Street earnings estimates in three of the past four quarters.


    Iridium wins $54M contract extension for warfighter communications systems
    McLean, Virginia-based Iridium has three facilities in Arizona, including a Chandler technical support center, that will do much of the work on the contract, as well as a Tempe corporate facility and a gateway ground operations center, also in Tempe.


    Cardinals take QB with top pick in NFL Draft
    The Arizona Cardinals went for star power with the first pick in the NFL Draft, taking Heisman Trophy-winning quarterback Kyler Murray. Murray played college ball at Oklahoma and was considered by most experts to be the top prospect in the NFL Draft. The Cardinals new head coach Kliff Kingsbury has a history with Murray, have coached him in college at Texas A&M for one season in 2015. The Cardinals were awarded the first pick in the draft after the team finished its season 3-13, the worst in?


    Kona Grill shares delisted from the Nasdaq
    As expected, Kona Grill Inc.?s stock is no longer trading on the Nasdaq Global stock exchange. The Scottsdale-based Asian fusion restaurant chain?s stock was delisted from the Nasdaq April 25 after it did not pay its annual fee to be included on the exchange. Because Kona has around 13 million total outstanding shares, its annual fee would have been $55,000, according to the Nasdaq?s 2019 listing guide. Now Kona?s common stock trades are being handled on the over-the-counter markets ? the?


    Weak guidance sinks Intel stock in after-hours
    Chipmaker Intel Corp. reported first quarter revenue in line with estimates. However, weaker guidance for the second quarter sent the shares sinking, at one point more than 8 percent, in after-hours trading. The company reported revenue of $16.1 billion, flat compared with the year-ago quarter. Its profit dropped 11 percent from a year ago, to $4 billion with an earnings per share of 87 cents. Wall Street expected the company to report earnings of $16.02 billion and EPS of 87 cents. Intel is?


    Phoenix among 20 cities added to Verizon 5G rollout for 2019
    Phoenix will be among 20 cities to get the newest wireless networks from Verizon, with the network planned to be up and running by the end of the year. Verizon Wireless announced Thursday the list of cities included in the expansion of its 5G network that would allow wireless speeds for data to rival those of wired speeds. The list includes cities such as Atlanta, Boston, Dallas, Denver, Houston and more, according to Digital Trends. While previous cellular data networks have required the installations?


    Lower production of copper, gold push Freeport-McMoRan results lower
    Freeport-McMoRan Inc. saw its revenue and income plunge, the result of the company producing much less copper and gold during the first quarter and some lower market prices for those metals. Phoenix-based Freeport (NYSE: FCX) reported income of $31 million, or 2 cents per share, which was significantly off its first-quarter 2019 income of $692 million. Revenue was off nearly $1.1 billion for the quarter, with revenue hitting $3.79 billion this year compared with $4.86 billion during the same period?


    Could Microsoft's data centers draw other businesses to the West Valley?
    Officials with the city of Goodyear revealed documents that highlight what the tech giant has in store for land it purchased in the southwest Valley city. Will it spur additional investment and job growth?


    Additional career, technical education year proposed to help fill labor shortages
    Development organizations said funding an additional year of vocational programs could help fill the need for skilled workers.


    Luxury homebuilders selling their own Paradise Valley residence for $4M
    The couple who founded one of the larger luxury homebuilders in the region is moving on to different digs, leaving behind a smart home with plenty of features.


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Brock Danielson
Phone: 602-881-8852
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