Corporate Earnings

Reuters | |

Microsoft Corp beat Wall Street estimates for quarterly revenue on Tuesday, powered by a slight uptick in growth in its flagship cloud computing business as the software maker continued to benefit from a global shift to working from home and online learning.

The pandemic has accelerated a shift already under way toward cloud-based computing, helping companies such as Microsoft, Inc’s cloud unit and Alphabet Inc’s Google Cloud.

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Wall Street’s losses mounted for the second straight day Tuesday as momentum slows on worries about rising virus counts and Washington’s inability to deliver more aid to the economy.

The S&P 500 fell 0.3% after spending much of the day swinging between small gains and losses. Most of the stocks in the index fell, particularly banks, oil producers and other companies whose profits tend to track the strength of the economy. Those losses outweighed gains in technology stocks and companies that rely on consumer spending. Traders also welcomed news that AMD has agreed to buy fellow chipmaker Xilinx for $35 billion.

Reuters | |

Eli Lilly and Co fell short of analysts' expectations for third-quarter profit on Tuesday due to increased costs to develop COVID-19 therapies and lower demand for some its major drugs, including diabetes treatment Trulicity.

Lilly is one of the handful of companies racing to develop a treatment for COVID-19 and has sought emergency use authorization for its antibody treatment for mild to moderate patients as well as its arthritis drug baricitinib.

The results ...

Reuters | |

Caterpillar Inc on Tuesday reported lower quarterly earnings as equipment sales fell across its three primary segments, reflecting a slow and uneven global economic recovery following lockdowns to curb the spread of the new coronavirus.

The heavy equipment maker, however, said the pace of decline in sales of its yellow bulldozers, mining trucks and other equipment was moderating, helped by a fast economic recovery in China and impr...

Reuters | |

(Reuters) - U.S. industrial conglomerate 3M Co topped Wall Street estimates for quarterly profit on Tuesday, as the maker of N95 masks benefited from robust demand for its healthcare products during the COVID-19 pandemic.

There has been a recovery from last quarter when the company suffered a plunge in sales, as demand for office supplies declined with more people working from home due to the pandemic.

The company said the third quarter benefited from strong demand for p...

Reuters | |

HSBC Holdings PLC on Tuesday signaled it would embark on a pandemic-induced overhaul of its business model, seeking to flip its main source of income from interest rate to fee-based businesses.

Reporting a 35% tumble in quarterly profit, Europe’s largest bank also accelerated plans to shrink in size, targeted deeper cost cuts, and said it will resume conservative dividend payments when able.

The planned business model changes mark one of the biggest shifts in strategy to date from HSBC, which has long touted its ability to generate interest income from its more than $1.5 trillion in customer deposits.

Reuters | |

BP swung back to a small profit in the third quarter but warned the pace of recovery from the pandemic remains uncertain and continued to weigh on fuel demand and refining profits.

The London-based company said that while fuel demand in Asia, particularly in China, was recovering, global consumption remained weak so far in the fourth quarter.

BP’s shares are down more than 50% this year and remain near 25-yea...

Reuters | |

Merck & Co Inc posted a quarterly profit that beat estimates on Tuesday and raised its adjusted earnings forecast for the full year, as it expects a majority of the blow from the ongoing COVID-19 pandemic to now be behind it.

The upbeat results showed Merck was on a recovery path after its revenue took a hit at the height of the pandemic, nudging the company’s shares about 2% higher in premarket trading.

Sales of the drugs increased by 2% to $11.3 billion during the third-quarter, driven primarily by growth in its cancer drugs like blockbuster immunotherapy Keytruda and certain hospital acute care products.

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South Korea’s Hyundai Motor Co said on Monday it swung to a net loss for July-September, missing market estimates by a wide margin, as costs related to engine quality issues and recalls smashed what would otherwise have been strong earnings.

Hyundai, the world’s fifth-biggest automaker when combined with affiliate Kia Motors Corp, reported a net loss of 336 billion won ($297.72 million). The average of 12 analyst estimat...

Reuters | |

Hasbro Inc beat analysts’ estimates for quarterly revenue and profit on Monday, boosted by demand for Monopoly and other board games from stuck-at-home parents looking to keep their children entertained.

As schools in many parts of the country continue to hold classes online, coupled with limited options for outdoor activities, parents have turned to toys and board games to keep their children occupied, boosting sales for Hasbro and rival Mattel Inc.

Hasbro s...