DoorDash unveiled plans to expand its delivery partnership with coffee giant Starbucks over the next three months. The two companies announced that they plan to expand their delivery service to all fifty U.S. states by the end of the first quarter, starting with Texas, Northern California, Georgia and Florida. “As customer behaviors evolve, we continue to innovate the Starbucks Experience to...
Piper Sandler analyst R. Scot t Siefers lowered his rating on Wells Fargo shares to 'neutral' from 'overweight' . The analyst lowered his price target by $2 to $47 a share. Jefferies analyst Ken Usdin cut his rating to 'hold' from 'buy', citing near-term revenue challenges and low core earnings momentum. On Friday, Wells Fargo reported fourth quarter earnings of 67 cents per share that beat...
Goldman Sachs reported its largest earnings miss in a decade, amidst revenue decrease and higher-than-expected loan loss provisions. The bank’s fourth quarter earnings came in at $3.32 per share, -39% below the $5.48 expected by analysts polled by Refinitiv. That implies the biggest EPS miss since October 2011 (based on Refinitiv data). Revenue was $10.59 billion in the quarter vs. $10.83...
UnitedHealth Group posted fourth quarter earnings that exceeded analysts’ expectations. UnitedHealth’s adjusted profits for the three months ended in September came in at $5.34 a share, 17 cents ahead of the Wall Street consensus forecast. Revenues climbed +12.3% to $82.8 billion, vs. analysts’ estimates of $82.6 billion. Optum revenue climbed +16.5% to $47.9 billion. UnitedHealth's medical...
Bank of America’s earnings for the fourth quarter came in at 85 cents a share—beating analysts’ expectations of 77 cents per share (according to FactSet data). Revenue rose +11% from the year-ago quarter to $24.5 billion in the quarter, which exceeded estimates of $24.2 billion. Amidst a rising interest rate environment, Bank of America’s net interest income increased +29% to $14.7 billion...
Wells Fargo earnings fell by almost half to $2.59 billion, or 67 cents a share in the fourth quarter, from $5.47 billion, or $1.38 or 67 cents a share in the year-ago quarter. The figure beat analyst estimate of 60 cents share though. The profit plunge was in part by lower mortgage banking on fewer originations, as indicated by the bank. Revenue fell -5.7% year-over-year to $19.66 billion,...
JPMorgan Chase posted its fourth-quarter earnings of $3.57 a share, crushing the Wall Street earnings estimates of $3.08 a share (based on FactSet data). The figure is also higher from the year-ago quarter’s level of $3.33 per share. Net revenue increased to $35.57 billion from $30.35 billion in the year-ago quarter, and beat analysts’ expectations of $34.35 billion, (based on FactSet data)...
Tickeron, the quant-sourced marketplace for AI-powered stock trading tools, is pleased to introduce a new type of easy-to-follow AI robots for beginners with simple and user-friendly rules. Since the launch of AI Robots, we have received quite a few requests to create a robot for people who do not have enough time to constantly monitor the stock market. This task is rather difficult, because...
Coinbase Global has announced nearly 1,000 job cuts in another round of layoffs, which is about 20% of the company's global headcount, as part of its restructuring process. It is implementing the retrenchment “in response to the ongoing market conditions impacting the cryptoeconomy, as well as ongoing business prioritization efforts," as per the company’s statement. The company expects a...
Tesla shares climbed higher on Wednesday, after the electric vehicle maker filed for permission to expand its Texas gigafactory with almost $1 billion in new investment. The company has requested the Texas Department of Licensing & Regulation for permission to add five new facilities to its newly-opened manufacturing hub near Austin. It mentioned in the filing that it intends to spend as much...
Lululemon Athletica shares plunged on Monday, after the activewear retailer revealed that profit margins were likely to have contracted substantially over the final quarter of the year. Lululemon is expecting fourth quarter revenues growth between 25% and 27% year-over-year for the sales figure to be as high as $2.7 billion, slightly higher than its December projection. However, the company...
Macy's shares plunged on Monday, after the retail company warned that its fourth quarter sales are likely to come in at the lower end of prior forecasts. The company also mentioned that consumer spending is like to face headwinds into the first half of the year. In an investor update, Macy's CEO Jeff Gennette said weakness in non-peak holidays sales were "deeper than anticipated", even as...
Goldman Sachs Group shares rose in pre-market trading, amid media reports that the banking behemoth is set to begin job cuts later this week. According to the reports, Goldman is likely to slash around 3,200 roles, largely in the trading and banking divisions. The decision reportedly came after the company’s year-end review led by CEO David Solomon. In late December, Solomon mentioned in a...
The U.S. Food and Drug Administration approved the Alzheimer's drug lecanemab developed by Eisai Co Ltd and Biogen Inc for patients in the earliest stages. Eisai had applied for full FDA approval of the drug. The drugs aims to slow the advance of the disease by removing sticky clumps of the toxic protein beta amyloid from the brain. “Today’s news is incredibly important," said Dr. Howard...
The U.S. economy added +223,000 new jobs in December, well ahead of the Street consensus forecast of +200,000. The Bureau for Labor Statistics (BLS) data revealed that the private sector added + 220,000. November's job gain of was revised to +256,00 (vs. prior estimate of +263,000) The BLS data also suggested that unemployment rate in December fell to 3.5%, the lowest since 1969. The labor...
Costco Wholesale shares climbed higher on Friday, after the retail giant posted December sales figures that suggest solid spending during holiday period. Costco’s sales for the five weeks ending on January 5 rose +7% from a year ago to $23.8 billion, well above the Street forecasts of +3.5% growth. The figure is also a marked acceleration over the 5.3% growth of November. Comparable U.S...
Bed Bath & Beyond shares plummeted on Thursday, after the home retail company said that it may need to consider bankruptcy protection as it struggles with its turnaround plan. In a Securities and Exchange Commission filing, Bed Bath mentioned that it expects a loss of around $386 million for the three months ending on November 6, and total revenues of around $1.26 billion, but said...
RedHill Biopharma Ltd announced positive observations from a Phase 2 study of RHB-107 (upamostat) in non-hospitalized symptomatic COVID-19 patients in the peer-reviewed International Journal of Infectious Diseases. According to the results, there was a 100% reduction in hospitalization due to COVID-19, with zero patients (0/41) on the RHB-107 treated group versus 15% (3/20) hospitalized on...
Piedmont Lithium and electric-vehicle company Tesla have amended an agreement that will allow a ramping up of domestic supply of the metal to Tesla for its EV batteries. Under the amended agreement, Piedmont will deliver around 125,000 metric tons of spodumene concentrate to Tesla from the second half of 2023 through the end of 2025. Instead of locked in pricing deal in prior agreements, ,...
Chemomab Therapeutics Ltd shares jumped on Tuesday, after it reported topline results from its Phase 2a trial assessing CM-101 in non-alcoholic steatohepatitis (NASH) patients. While the trial met its primary endpoint of safety and tolerability, CM-101 achieved reductions in secondary endpoints that include liver fibrosis biomarkers and physiologic assessments measured at baseline and week...