During the ongoing class-action lawsuit against Elon Musk over accusations that he committed securities fraud, he said: “It is relatively easy for me to get investment support because my track record is extremely good,” according to the Associated Press. Musk’s confidence to raise money for investment plans is the reason why he landed in court…
Pfizer Rakes in Billions on COVID-19 Vaccine Sales, Highest Revenue in Company’s History
Vaccine maker Pfizer has reported record revenues for 2022, with its COVID-19 products accounting for a large chunk of the sales even as the company is facing backlash for claiming to “mutate” viruses, and a growing number of doctors are turning away from boosters. Full-year revenues for 2022 came in at $100.3 billion, which is…
GM Quarterly Profit Jumps 16 Percent as Sales Rebound Late in 2022
DETROIT—Rising factory output led to strong U.S. sales at the end of last year, pushing General Motors’ fourth-quarter net income up 16 percent over the same period a year ago. The Detroit automaker made $1.99 billion from October through December, or an adjusted $2.12 per share, easily beating Wall Street per-share projections for $1.69, according…
Marathon Petroleum Beats Profit Estimates on High Demand, Tight Supplies
Marathon Petroleum Corp. on Tuesday beat Wall Street expectations for quarterly profit as refining margins soared amid tight supplies and higher demand for its products. The top U.S. refiner also approved an additional $5 billion share repurchase plan, joining rival Phillips 66 in increasing shareholder returns. Phillips 66 raised its quarterly dividend on Tuesday by…
Exxon Smashes Western Oil Majors’ Earnings Record With $56 Billion Profit for 2022
HOUSTON—Exxon Mobil Corp. posted a $56 billion profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry. Oil majors are expected to break their own annual records on high prices and soaring…
Pfizer Forecasts Weak 2023 Sales of COVID-19 Products
Pfizer Inc. on Tuesday forecast a steeper-than-expected drop in sales of its COVID-19 vaccine and pills in 2023, intensifying investor concerns over demand for the products as governments reduce orders. The company’s shares fell 3.1 percent to $42.22 before the bell. The forecast casts some uncertainty over future sales of Pfizer’s biggest selling products this…
Dollar Rises Ahead of Fed, but Set for 4th Monthly Drop
LONDON/SINGAPORE—The dollar ticked higher on Tuesday ahead of a raft of central bank decisions but remained on track for its fourth consecutive monthly loss. The Federal Reserve will set interest rates on Wednesday, followed by the European Central Bank (ECB) and Bank of England (BoE) on Thursday. Currencies struggled for direction overnight, with the euro…
Oil Falls on Rate Hike Worries, Russian Export Flows
January 31, 2023
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LONDON—Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19 percent, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell…
Global Shares Fall in Muted Trading Ahead of Fed Meeting
January 31, 2023
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TOKYO—Global shares declined in muted trading on Tuesday as investors awaited decisions on interest rates and updates on corporate earnings reports from around the world. The Federal Reserve’s next decision on interest rates, expected Wednesday, will provide insight into whether the U.S. central bank will further ease its aggressive stance on fighting inflation. France’s CAC…
Troubled Bed Bath & Beyond Shuttering 87 More Stores as Possible Bankruptcy Looms
January 31, 2023
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Troubled home goods retailer Bed Bath & Beyond is shutting an additional 87 stores as its financial woes continue, a spokesperson has confirmed. A company spokesperson told Nexstar: “This store fleet reduction expands the Company’s ongoing closure program of approximately 150 lower-producing Bed Bath & Beyond banner stores. We will update all stakeholders on our plans as they…
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