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The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley. The Wall Street giant’s chief James Gorman delivered a blowout quarter to investors on Thursday, riding an unprecedented market rally in the second quarter even as the US economy got slammed with record unemployment and business …
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Bank of America’s profits plunged by more than half as it set aside more than $5 billion in capital to brace itself against possible loan defaults in the coming months. The nation’s No. 2 lender on Thursday reported earnings of $3.53 billion, or 37 cents per share versus $7.35 billion, or 27 cents a share, …
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Goldman Sachs boss David Solomon can thank the traders he decided not to fire for delivering one of the bank’s best quarters in years. The Wall Street giant posted second-quarter earnings per share of $2.4 billion, or $6.26 a share, blowing past Wall Street’s expectations of $3.78 a share. The blowout beat was driven in …
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The wheels are coming off The Stagecoach. Wells Fargo swung to a big loss in the second quarter, forcing it to set aside billions of dollars to cover possible loan losses ahead as the coronavirus threw a wrench into its efforts to recover from a slew of scandals. The third-biggest US lender posted a net …
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JPMorgan Chase’s second quarter earnings beat analyst expectations, but its profits plunged 51 percent as the coronavirus pandemic weighed on big banks. The mega-bank on Tuesday reported net income of nearly $4.7 billion from April through June, down from about $9.6 billion in the same period last year. Its earnings per share of $1.38 were …
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Media magnate Barry Diller says his companies will end the “absurd” practice of giving earnings guidance to shareholders. The billionaire chairman of IAC and Expedia said firms are wasting the time they spend setting targets for their financial performance. The coronavirus pandemic has already led many companies to withdraw their guidance because of the economic …
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The coronavirus turned out to be chicken soup for Campbell’s profits, but hungry investors were still scraping the bottom of the can. The canned-soup giant reported a 15 percent surge in quarterly net sales Wednesday thanks to consumers stockpiling shelf-stable foods amid the pandemic. But customers snapped up Campbell’s items so fast last quarter that …
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Sony said Wednesday that operating profit could fall 30 percent or more in the current fiscal year as the coronavirus hits the box office, as well as consumer demand for smartphones, video-game consoles and other electronics. The Japanese conglomerate, which owns film and TV studio Sony Pictures, sounded alarm bells as it reported results for …
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Uber reported a quarterly loss of nearly $3 billion on Thursday, it’s biggest in three quarters as the coronavirus pandemic squeezes its ride hailing business. The stock dipped slightly in late trading on the massive loss before rising more than 6 percent after CEO Dara Khosrowshahi said there are reassuring signs in markets hit badly …
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Nintendo on Thursday reported fourth-quarter profit that soared 200 percent as cooped-up gamers have turned to its popular Switch console to pass the time. The Japanese video game giant said that the recently released “Animal Crossing: New Horizons” moved a staggering 13.4 million units in its first six weeks, becoming the Nintendo Switch’s fastest selling …
The market and the economy are out of sync, and that was a recipe for success at Morgan Stanley. The Wall Street giant’s chief James Gorman delivered a blowout quarter to investors on Thursday, riding an unprecedented market rally in the second quarter even as the US economy got slammed with record unemployment and business …
