The stock of chip giant Intel plunged on Jan. 26 after the company reported disappointing fourth-quarter results and forecast more losses for the first quarter of 2023. Intel’s stock price fell nearly 10 percent in extended trading after the Santa Clara, California-headquartered giant reported fourth-quarter revenue of $14 billion, down 32 percent year over year. Market analysts…
Intel Shares Plunge on Disappointing Earnings Report, Weak Year Ahead Forecast
Microsoft’s Dour Outlook Raises Red Flags for Tech Sector
Microsoft Corp.’s lackluster quarterly outlook points to more gloom ahead for the tech sector, analysts said, after the tech bellwether warned that its customers were cautious about spending in a turbulent economy. The warning from Microsoft, the second most valuable U.S. company, came after a steep fall in client spending prompted tech heavyweights from Amazon.com…
J&J Tops 4th-Quarter Earnings Forecasts as Profit, Revenue Slip
Johnson & Johnson beat earnings expectations in the final quarter of 2022 even as a strong dollar and sinking COVID-19 vaccine sales hurt revenue. The health care giant also debuted on Tuesday a better-than-expected 2023 earnings forecast. J&J said fourth-quarter earnings slipped 26 percent to $3.52 billion and revenue declined 4.4 percent to $23.71 billion….
Morgan Stanley Profit Beats on Strength in Trading Business
Morgan Stanley reported a smaller-than-expected 41 percent drop in fourth-quarter profit on Tuesday as the bank’s trading business got a boost from market volatility, offsetting the hit from sluggish dealmaking. Dealmaking was at a virtual halt for most of last year as risk appetite waned sharply in the face of rapidly deteriorating macroeconomic conditions and…
Goldman Misses Profit Estimates as Dealmaking, Asset Management Take a Hit
Goldman Sachs Group Inc. on Tuesday reported a bigger-than-expected 69 percent drop in fourth-quarter profit as it struggled with a slump in dealmaking and weakness in its wealth management business. Wall Street banks are making deep cuts to their workforce and streamlining their operations as dealmaking activity, their major source of revenue, stalls on worries…
Citigroup Misses Profit Estimates on Provision Hike, Dealmaking Slowdown
January 13, 2023
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Business & MarketsCitigroupCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS News
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Citigroup Inc. reported a 21 percent fall in quarterly profit on Friday, missing forecasts, as the bank increased provisions to prepare for a worsening economy and investment banking revenue declined due to a sharp drop in dealmaking activity. Fears of a potential recession prompted Citi to add $640 million to its reserves in the fourth…
Wells Fargo Misses Profit Estimate on Higher Reserves, Scandal Costs
January 13, 2023
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Business & MarketsCompanieseconomic policieseconomyinflationMarketsrecessionresultsstocksUSUS NewsWells Fargo
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Wells Fargo & Co. on Friday reported a 50 percent decline in profit for the fourth quarter, missing analysts’ estimates, as the bank racked up more than $3 billion in costs related to a fake accounts scandal and boosted loan loss reserves for a potential economic slowdown. The bank’s shares were down nearly 4 percent…
JPMorgan Beats Profit Estimates, Sees Mild Recession
JPMorgan Chase & Co., the biggest lender in the United States, said on Friday it set aside $1.4 billion in anticipation of a mild recession, even as it beat forecasts for quarterly profit on the back of a strong performance at its trading unit. Shares in JPMorgan fell about 3 percent in premarket trading as…
Bank of America Profit Tops Estimates as Higher Rates Boost Income
Bank of America Corp. reported a bigger-than-expected fourth-quarter profit on Friday, helped by a surge in net interest income as the U.S. Federal Reserve raised rates through most of last year. The ‘higher-for-longer’ rate environment to battle decades-high inflation has underpinned profits at consumer banks, with analysts expecting those gains to peak in 2023 and…
Swiss National Bank Posts Record $143 Billion Loss in 2022
ZURICH—The Swiss National Bank posted an annual loss of 132 billion Swiss francs ($142.67 billion) in 2022, it said on Monday, the biggest loss in its 115-year history. The central bank plunged into the red as falling stock and fixed-income markets hit the value of its share and bond portfolio, while the appreciation of the…
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