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Corporate Earnings

AP News | Equities.com |

By Elaine Kurtenbach

Shares rose in global markets on Wednesday as investors took heart from news that an experimental COVID-19 vaccine had revved up people’s immune systems just as desired.

Benchmarks rose in Paris, Frankfurt and Tokyo and U.S. futures also saw sold gains, suggesting a rise on the open on Wall Street.

The focus was on news that scientists soon will begin a 30,000-person study to see if the experimental vaccine developed by Moderna and the U.S. N...


AP News | Equities.com |

Wall Street rebounded on Tuesday, and the S&P 500 more than made up all its losses from the day before, after stocks pinballed through another day of erratic trading.

The S&P 500 climbed 1.3%, led by energy producers and other companies whose profits would benefit greatly from a strengthening economy. It was a sharp turnaround from the morning, when the index was down 0.9%, and from Monday’s last-hour slide after California shut bars and reinstated other restrictions amid a jump in coronavirus counts.


Reuters | Equities.com |

(Reuters) - Citigroup Inc reported a nearly 73% plunge in quarterly profit on Tuesday as the bank set aside $5.6 billion to brace itself for a potential surge in loan defaults stemming from the coronavirus outbreak.

The New York-based bank reported a profit of $1.32 billion, or 50 cents per share, for the second quarter ended June 30, down from $4.8 billion, or $1.95 per share, a year earlier.

Revenue rose 5% to $19.77 billion.

Analysts on average had forecast $19.12 b...


AP News | Equities.com |

Silver Spring, Md. (AP) — Wells Fargo lost $2.4 billion in the second quarter, the first quarterly loss for the bank since the real estate crash of 2008.

Wells said it set aside an additional $8.4 billion for loan loss provisions — the money set aside to cover potentially bad loans — more than double last quarter’s $3.83 billion as the effects of the coronavirus pandemic ravaged almost every aspect of its business.

The bank said it had a loss of 66 cents per share....


Reuters | Equities.com |

JPMorgan Chase & Co beat Wall Street estimates for profit in the second quarter as trading revenue surged, while setting aside a record $10.5 billion to brace for rising defaults as the United States slides into one of the worst recessions in decades.

The biggest U.S. lender’s loan loss provision reflects the damage wreaked by the coronavirus pandemic, but its performance in markets bodes well for Goldman Sachs and and Morgan Stanley, both of which have big trading businesses and report later this week.


AP News | Equities.com |

The coronavirus pandemic pushed Walgreens to a $1.7 billion loss it the most recent quarter with customers staying home or limiting shopping to essential supplies from grocery stores.

The drugstore chain said Thursday that the rapidly spreading virus took a bite of between $700 million and $750 million from sales, with much of the damage coming from outside the United States.

More companies of all sizes will begin releasing details about their financial performances over the past three months as COVID-19 seized economies in Europe, as well as North and South America.


Reuters | Equities.com |

(Reuters) - Central bank firepower helped stock market bulls finish the first half of 2020 on a high. Now the rally hinges on follow-through in the third-quarter from economic data, company earnings and the coronavirus newsflow.

With central bank and government stimulus approaching $20 trillion, world stocks’ 35% collapse between Feb. 20 and March 23 - the swiftest and deepest sell-off since 2008 - has mostly reversed.

Global shares are within 10% of their February record, while...


Reuters | Equities.com |

By Tina Bellon(Reuters) - Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalization overtook that of former front runner Toyota Motors Corp.Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion - roughly $6 billion more than Toyota is currently valued by investors.Tesla is now worth more than triple the combined value of U.S. automakers G...


Reuters | Equities.com |

(Reuters) - Macy’s Inc reported a staggering $3.58 billion loss on Wednesday for its coronavirus-hit first quarter as store shutdowns resulted in the department store chain recording a $3 billion impairment charge. The global health crisis has forced brick-and-mortar retailers to tap credit lines, lay off employees and suspend dividends and buybacks in a bid to stay afloat. “While our stores are reopened, we expect that the COVID-19 pandemic will continue to impact the country for the remainder of the year,” Chief Executive Officer Jeff Gennette said


Reuters | Equities.com |

LOS ANGELES (Reuters) - Shares of FedEx Corp jumped 9.4% in extended trading on Tuesday after a surge in pandemic-fueled home deliveries helped the U.S. package carrier post better-than-expected quarterly profit and revenue.Adjusted profit at Memphis-based FedEx fell by almost 50% to $663 million, or $2.53 per share, for the quarter ended May 31. Revenue slipped to $17.4 billion from $17.8 billion a year earlier.Analysts, on average, expected a profit of $1.52 per share on revenue of $16.4 billi...