News

Corporate Earnings

Reuters | Equities.com |

FRANKFURT (Reuters) - Carmaker Daimler on Thursday posted forecast-beating third-quarter results, citing a faster than expected market recovery and strong business in September.

Third-quarter earnings before interest and tax reached 3.07 billion euros ($3.59 billion), Daimler said, beating the 2.14 billion Refinitiv forecast. It said it expected the positive momentum to continue in the fourth quarter, assuming there are no further coronavirus lockdowns.

The COVID-19 pand...


AP News | Equities.com |

U.S. stock indexes erased much of their early losses and closed modestly lower Thursday, extending the S&P 500′s losing streak to a third day.

The S&P 500 fell 0.2% after having been down 1.4%. Technology, health care and communications stocks accounted for most of the selling, outweighing slight gains in banks and elsewhere in the market.

Wall Street has turned cautious this week amid a confluence of worrisome trends for the economy, which is still hampered by the pandemic. Coronavirus infections are rising in Europe, prompting governments in France and Britain to impose new measures to contain the outbreak. European stock indexes fell broadly Thursday as traders pulled money out of riskier investments.


AP News | Equities.com |

COVID-19 took another bite out of Walgreens Boots Alliance quarterly numbers but this time left behind better-than-expected earnings.

The drugstore chain said Thursday that it made $373 million in the final quarter of fiscal 2020 after losing $1.7 billion the previous quarter, when millions of shoppers stayed home to avoid the rapidly spreading pandemic.

COVID-19 still hurt. The company estimated that the pandemic’s impact shaved about $520 million from its operating income in the most recent quarter. But Walgreens also grew sales and prescriptions in the United States and saw some improvement in the United Kingdom. Walgreens Boots Alliance Inc. runs more than 9,000 stores in the United States and several thousand locations internationally.


Reuters | Equities.com |

Morgan Stanley eased past Wall Street estimates for profit on Thursday, wrapping up mixed third-quarter earnings for big U.S. banks that saw those focused on trading clocking big gains while retail banks took a hit from the pandemic.

Wall Street trading powerhouses Morgan Stanley and Goldman Sachs capitalized on a flurry of activity in financial markets as clients bought and sold stocks in response to the coronavirus pandemic ...


Reuters | Equities.com |

United Airlines said on Wednesday it cut operating costs by 59% in the third quarter and had nearly $20 billion of liquidity to position it for an eventual recovery from the COVID-19 crisis that has hammered global airlines.

“We’re ready to turn the page on seven months that have been dedicated to developing and implementing extraordinary and often painful measures, like furloughing 13,000 team members, to survive the worst f...


AP News | Equities.com |

UnitedHealth Group beat third-quarter earnings expectations and finally hiked its 2020 forecast after holding off while trying to gauge COVID-19’s impact.

But the nation’s largest health insurance provider also is thinking conservatively about its 2021 growth prospects as the coronavirus continues to spread widely.

Health insurers have approached 2020 forecasts cautiously, even though many reaped huge profits in the first half as the pandemic ke...


Reuters | Equities.com |

Wells Fargo & Co fell short of Wall Street estimates for third-quarter profit on Wednesday as the bank clocked nearly $1 billion in expenses tied to a years-long sales scandal, while near-zero interest rates hurt its bottom line.

Chief Executive Officer Charlie Scharf, who marks one year at Wells Fargo this month, has made cost cuts a cornerstone of his plan to turn the scandal-plagued bank around.

Over the l...


Reuters | Equities.com |

Bank of America Corp missed Wall Street estimates for third-quarter revenue on Wednesday as the lender was squeezed by lower interest rates, and it set aside $1.4 billion to meet future losses in its commercial loan portfolio.

Net interest income at the bank, a key measure of how much it can make from lending, sank 17%, showing the effects of the U.S. Federal Reserve’s moves to slash interest rates to near-zero and promise to keep them there to help spur...


Reuters | Equities.com |

Goldman Sachs Group Inc reported a 94% rise in quarterly profit on Wednesday that swept past estimates, driven by strength in its bond trading business and lower provisions for credit losses.

With a 29% jump in trading revenue, Goldman easily outperformed rivals JPMorgan Chase & Co and Citigroup Inc as financial market volumes broke records in a recovery from a coronavirus-led selloff.

Bond trading revenue surged 49% to $2.5 billion, while equities trading ...


Reuters | Equities.com |

Delta Air Lines said on Tuesday it does not expect to plug a daily cash bleed due to the COVID-19 pandemic until next spring, although it has at its disposal $1.3 billion in leftover federal aid for employees’ payroll.

The airline previously said it could halt a cash bleed that averaged $18 million per day in September before the end of the year, but pushed back the target as third-quarter revenue fell 76% to $3.1 billion from a year...