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☆ Shipping giant Maersk suspends share buybacks amid Red Sea disruption, flags 2024 earnings uncertainty
▼ + stars: | 2024-02-08 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

LONDON — Danish shipping giant Maersk on Thursday flagged "high uncertainty" in its 2024 earnings outlook as Red Sea disruptions continued to weigh on the industry. The company also said that it would be suspending share buybacks on the back of the uncertainty. Maersk said it expected underlying EBITDA (or earnings before interest, tax, depreciation and amortization) of between $1 billion and $6 billion this year, compared to the $9.6 billion recorded in 2023. "The impact of this situation is causing new uncertainty for how this is going to play out from an earnings perspective throughout the year," CEO Vincent Clerc told CNBC's "Squawk Box Europe." Global supply chains have faced serious disruption since late 2023 after major shipping companies began diverting journeys away from the Red Sea following a string of attacks by Yemen's Houthi rebels.

Persons: Maersk, Vincent Clerc, CNBC's, Yemen's Houthi Organizations: LONDON Locations: Ocean, Iran, Gaza, Israel

☆ Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
▼ + stars: | 2024-02-08 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. Arm Holdings — The chipmaker's stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Apollo Global Management — Shares rose nearly 3% after the asset management company's fourth quarter earnings topped estimates. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion.

Persons: Ralph Lauren —, Ralph Lauren, Morgan Stanley, Ally, Mattel —, Barbie toymaker, LSEG, Moody's, NYCB, FactSet's, —, Jesse Pound, Tanaya Macheel, Lisa Kailai Han, Michelle Fox Theobald Organizations: —, Revenue, Mattel, PayPal, New York Community Bancorp, Arm Holdings, Apollo Global Management, American, American Express, Maersk —, Maersk Locations: Danish

Shortly after the opening bell, we'll be buying 125 shares of Wynn Resorts at roughly $102.85 each. Following Thursday's trade, Jim Cramer's Charitable Trust will own 500 shares of WYNN, increasing its weighting to 1.55% from 1.17%. Wynn shares traded in the $120s before Covid, and we continue to think the stock can get back to those levels as the recovery in Macao continues. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio.

Persons: Jim Cramer's, WYNN, Stifel, Wynn, Jim Cramer, Jim Organizations: Wynn Resorts, WYNN, Vegas, Wynn, United, United Arab Emirates, CNBC Locations: Macao, buybacks, Vegas, United Arab, UAE, Covid

☆ Premarket stocks: US companies are still worried about an economic shock
▼ + stars: | 2024-02-07 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

A version of this story first appeared in CNN Business’ Before the Bell newsletter. But America’s publicly traded companies are flashing a key sign of economic uncertainty — they’ve been hoarding cash. And companies with existing and expensive debt in a high-interest rate environment would likely want to use their cash to pay it down. “We interpret this correlation as evidence that cash reserves act like insurance against sudden economic shocks,” wrote the researchers. The missing bolts are apparently not the only problem.

Persons: America’s, ” Vijay Govindarajan, ”, Dartmouth’s Govindarajan, Anup Srivastava, Chandrani Chatterjee, Max, Jennifer Homendy, Homendy, Evan Spiegel, Tuesday’s, Read Organizations: CNN Business, Bell, New York CNN, CNN, Moody’s Investors, Dartmouth’s Tuck School of Business, University of Calgary’s Haskayne School of Business, University of Texas, JPMorgan, NTSB, Boeing, National Transportation Safety, Max, Alaska Airlines, United Airlines, Wall Street, Meta Locations: New York, Ukraine, Arlington, Alaska, Oregon, ”

☆ Disney stakes its claim in the upcoming Peltz board fight with an amazing quarter
▼ + stars: | 2024-02-07 | by ( Jeff Marks | ) www.cnbc.com time to read: +10 min

That's what makes the upcoming proxy battle between Disney and the activist investor Nelson Peltz so compelling. Peltz's Trian Partners investment firm oversees about $3 billion worth of Disney stock, including shares held by former Marvel Entertainment Chairman Ike Perlmutter. For its fiscal second quarter, Disney expects net additional subscribers to Disney+ between 5.5 million and 6 million, with domestic adding 7.5 million due to its agreement with Charter Communications, while international core subs decline modestly. Disney is getting closer and closer to achieving its first profitable DTC quarter, which it continues to expect in its fiscal fourth quarter. In the Experiences segment, Disney delivered record revenue, operating income, and operating margin in its fiscal first quarter.

Persons: Bob Iger, Iger, Hugh Johnston, Nelson Peltz, Jay Rasulo, Peltz's, Ike Perlmutter, Taylor, Taylor Swift, –, Johnston, Disney, WBD, That's, Jim Cramer's, Jim Cramer, Jim, Gabby Jones Organizations: Disney, Revenue, LSEG, Peltz's Trian Partners, Marvel Entertainment, Entertainment, Hulu, Netflix, Charter Communications, Networks, Walt Disney World, Disneyland, Cruise, Sports, ESPN, Fox, Warner Bros Discovery, CNBC, Management, Epic Games, Bloomberg, Getty Locations: Disney's, Florida, California, buybacks, Brooklyn , New York

☆ Wall Street thinks these 2 tech giants could be next to issue dividends after Meta
▼ + stars: | 2024-02-07 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

Coupled with a knockout fourth quarter, the Club stock soared more than 20% on Friday — adding a single-session record $205 billion in market value. In addition to dividends, companies also use cash to buy back their stocks. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Goldman Sachs, Meta, Goldman, Jim Cramer's, they've, Jim Cramer, Jim Organizations: Club, Meta, Amazon, Jim Cramer's Charitable Trust, CNBC, Trust, Apple, Microsoft, Nvidia

☆ Here's who could be next to pay a dividend after Meta's big announcement, according to Goldman
▼ + stars: | 2024-02-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

While the tech giant joins other megacap dividend payers such as Microsoft and Apple , many other large names still pay no dividend, including Alphabet and Amazon . Alphabet has estimated consensus sales growth of 11% for 2024, while Amazon has a consensus estimate of 12% sales growth. RH has a consensus estimate of 4% sales growth for 2024 and a 37% last-twelve-month buyback yield. It has a consensus estimate of 6% sales growth for 2024 and a last-twelve-month buyback yield of 9%. Lastly, Charter Communications has a consensus estimate that predicts 1% sales growth for 2024 and a last-twelve-month buyback yield of 5%.

Persons: Goldman Sachs, Ryan Hammond, buybacks, Hammond, Sarat Sethi, That's, Sethi, Goldman, financials, Russell, Meta's, DCLA's Sethi, RH, — CNBC's Michael Bloom Organizations: Microsoft, Apple, Meta, Amazon, AutoZone, Communications, StreetAccount Locations: Goldman's, DCLA

☆ Stocks making the biggest moves midday: Palantir, Spotify, UPS, DocuSign and more
▼ + stars: | 2024-02-06 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

In its second quarter, the materials company posted earnings of 36 cents per share, greater than the 26 cents per share anticipated by analysts polled by StreetAccount. In its fourth quarter, the company posted adjusted earnings of 87 cents per share, compared to guidance of 85 cents to 87 cents in earnings per share. The company said it was committed to announcing a $3.5 billion share buyback for the first half of the year. The insurance service company reported adjusted earnings of $7.44 per share, topping the FactSet consensus estimate of $7.05 in earnings per share. Analysts polled by FactSet were expecting earnings of $1.08 per share on revenue of $1.24 billion.

Persons: Li, Willis Towers Watson, Gil Shwed, DocuSign, FactSet, Rambus, — CNBC's Michelle Fox, Alex Harring, Hakyung Kim, Yun Li, Tanaya Macheel, Jesse Pound, Pia Singh Organizations: LSEG, StreetAccount, GE HealthCare Technologies, FactSet, Li Auto, Deutsche Bank, Spotify Technology, DuPont de Nemours, BP —, BP, Simon Property Group, Simon Property, United Parcel Service, UBS, Software Technologies, UBS — U.S, FMC Locations: StreetAccount ., FactSet ., Mississippi, Dalton , Georgia, Dalton, Swiss

☆ 'This stock could double': Fund manager loads up on shares of two banks amid the volatility
▼ + stars: | 2024-02-06 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

There are opportunities in the banking sector despite a rise in volatility and concern over steep losses at some lenders, according to fund manager Cole Smead. The stock makes up 1.36% of the Smead Value Fund . He believes UniCredit's share buybacks while the shares trade below book value will drive book value growth higher than the current 8% return on equity. "When you buy back shares below book, there is a multiplier effect on book value growth," Smead explained. The fund manager expects UniCredit will trade above book value over the next 12-18 months and use its stock to pursue further acquisitions.

Persons: Cole Smead, Switzerland's, Julius Baer, Smead, CNBC's, RoE, UniCredit Organizations: Smead Capital, Western Alliance Bank, KBW, New York Community Bancorp, Investors, Western Alliance Bank's, CNBC Pro Locations: Europe, U.S

☆ Stocks making the biggest moves premarket: Spotify, Eli Lilly, Palantir, UBS and more
▼ + stars: | 2024-02-06 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

The compan y posted adjusted earnings of $2.49 per share on revenue of $9.35 billion. Analysts anticipated $2.22 per share on revenue of $8.93 billion, according to LSEG. The company's revenue of $3.42 billion also beat analysts' forecasts of $3.40 billion. Chegg expects revenue between $173 million to $175 million, lighter than the $180.1 million consensus estimate, per StreetAccount. UPS -- Shares of the delivery company rose more than 1% after UBS upgraded the stock to buy from neutral.

Persons: Eli Lilly, Tesla, Li, amortization, Rambus, Macheel, Jesse Pound, Sarah Min, Michelle Fox Theobald Organizations: Spotify, LSEG, UBS —, JPMorgan, UBS, BP, Deutsche Bank, StreetAccount, UPS Locations: Swiss, StreetAccount .

☆ Medicare now negotiating price of drug that costs $7,100 in US vs. $900 in Canada
▼ + stars: | 2024-02-06 | by ( Tami Luhby | ) edition.cnn.com time to read: +3 min

The annual list price of Bristol Myers Squibb’s Eliquis, a blood thinner that reduces the risk of stroke, is $7,100 in the US. Johnson & Johnson’s arthritis drug Stelara carries an annual list price of $79,000 in the US. Johnson & Johnson declined to comment on Sanders’ report. Medicare launches drug price negotiationsOther nations typically pay far less for medications, in large part because their governments often determine the cost. Those who have yet to meet their deductible and the uninsured may have to pay the full list price.

Persons: CNN — Sen, Bernie Sanders, Bristol Myers, it’s, Johnson, Sanders, drugmakers, Biden, Donald Trump, Sanders ’, Bristol Myers Squibb, Merck Organizations: CNN, Bristol, Health, Education, Labor, Pensions, Johnson, Merck, Bristol Myers Squibb, Medicare, Bristol Myers Locations: Japan, Canada, Germany, United Kingdom, France, Vermont

☆ Warnings, liquidity boost and proverbs — China's tools for propping up its stock market
▼ + stars: | 2024-02-06 | by ( Clement Tan | In Clemtan | ) www.cnbc.com time to read: +1 min

Chinese financial authorities have been striving to prop up the country's stocks through various measures, including steps aimed at increasing the liquidity in the market, warnings against malpractices and falling back on proverbs. With the onshore markets already erasing gains after the People's Bank of China announced steps to boost liquidity last month, there are doubts whether this familiar Beijing playbook will have a meaningful impact on markets. On Tuesday, Central Huijin, a unit of the mammoth sovereign wealth fund China Investment Corporation, said it had expanded purchases of exchange-traded funds linked to the country's onshore stocks to safeguard market stability. China Securities Regulatory Commission had also warned Monday against "malicious" short-selling and said it would step up scrutiny of margin financing following a volatile trading session. On Sunday it had assured to protect the interests of investors after onshore markets plunged as much as 3% before paring losses Friday.

Organizations: People's Bank of China, China Investment Corporation, China Securities Regulatory Commission Locations: Beijing, China

GENEVA (AP) — UBS on Tuesday reported a fourth-quarter pretax loss of more than $750 million as the Swiss banking giant continued to integrate its longtime rival Credit Suisse after a government-orchestrated merger. UBS said it expects to complete the merger of Credit Suisse by the end of the second quarter this year, and the merger of the two banks’ Swiss operations by the end of the third quarter. For the year, UBS took in $77 billion in new assets across its wealth-management and personal and corporate banking segments. Woes at Credit Suisse — before the UBS merger — and the two U.S. banks unsettled global financial markets in 2023. UBS said revenues jumped 35% to nearly $10.9 billion in the fourth quarter.

Persons: —, Sergio Ermotti Organizations: GENEVA, — UBS, Credit Suisse, SIX Group, UBS, U.S . Federal Deposit Insurance Corp, Valley Bank, Signature Bank, Credit Suisse —, — Locations: Swiss, Zurich, United States

☆ CNBC Daily Open: Wall Street anxious over Fed concerns
▼ + stars: | 2024-02-06 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

U.S. Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Overnight, U.S. stocks lost ground and Treasury yields rose amid lingering concerns that the Federal Reserve may not cut rates as much as expected. About 97% of the oil produced today was discovered in the 20th century, she told CNBC. "It's the banks that made bad decisions that are making [other] banks look attractive in pricing," Smead told CNBC, who picked two bank stocks that are in play.

Persons: Jerome Powell, Dow, Vicki Hollub, Cole Smead, Smead Organizations: Federal Reserve, CNBC, Nasdaq, UBS, Occidental Locations: Washington ,, China, Hong Kong, Asia, Pacific, Beijing, Swiss

☆ Linde shares pop as industrial gas giant underpromises and over-delivers — again
▼ + stars: | 2024-02-06 | by ( Zev Fima | ) www.cnbc.com time to read: +6 min

We expect another year of strong earnings growth from this best-of-breed industrial stock. Quarterly results As we can see in the chart below, this was an all-around strong quarter for Linde. In APAC (27.6% of sales), growth was led by end markets in chemicals, energy, and manufacturing. Updated expectations are for a mild recovery in a few end markets in China for the first half of 2024. EMEA (29.3% of sales) showed growth across all "resilient" end markets, which Linde defines as more consumer-related (healthcare, food and beverage, and electronics), while industrial end markets (manufacturing, chemicals and energy, and metals and mining) lagged.

Persons: Linde, shouldn't, —, haven't, We'll, Jim Cramer's, Jim Cramer, Jim Organizations: Linde, LIN, EMEA, Electronics, CNBC, Tanks, Bloomberg, Getty Locations: Americas, Africa, APAC, Asia, China

☆ UBS beats earnings expectations, announces up to $1 billion share buyback
▼ + stars: | 2024-02-06 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Swiss banking giant UBS on Tuesday narrowly beat fourth-quarter earnings expectations and announced that it would recommence share buybacks worth up to $1 billion in the second half of the year. The group posted a net loss attributable to shareholders of $279 million for the quarter. Analysts polled by LSEG had expected a net loss attributable to shareholders of $372 million. In the third quarter, UBS had posted a bigger-than-expected net loss attributable to shareholders of $785 million — which factored in $2 billion in expenses related to the integration of fallen rival Credit Suisse. UBS shares have made an indifferent start to 2024, closing Monday's trade down 1.5% since the turn of the year.

Persons: LSEG Organizations: UBS, Credit Suisse, Suisse

London-based BP reported its underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, down from $3.3 billion in the previous quarter. It brought in $13.8 billion for all of last year, a huge drop from the $27.7 billion it earned in 2022, when Russia's war in Ukraine sent oil and natural gas prices surging. Energy prices have since fallen as a weak global economy holds back demand for fossil fuels to power cars, planes, factories and more. Despite the drop in annual earnings, BP kept its dividend steady and said it would buy back $1.75 billion in shares as well as commit to $3.5 billion in additional share buybacks for first half of this year. It's a pressure that the energy industry is facing, with companies like BP and Shell pledging to reach net zero emissions by 2050.

Persons: Murray Auchincloss, ”, Auchincloss, Bernard Looney, Looney, Joseph Evans, ” Richard Hunter Organizations: —, BP, Shell, Exxon Mobil, Institute for Public Policy Research, “ Locations: Ukraine, London, Spain, Portugal

☆ Oil major BP accelerates pace of share buybacks even as full-year profit slides over 50%
▼ + stars: | 2024-02-06 | by ( Sam Meredith | Www.Linkedin.Com In Samuelmeredith | ) www.cnbc.com time to read: +1 min

Analysts had anticipated net profit of $13.9 billion for full-year 2023, according to an LSEG-compiled consensus. BP posted fourth-quarter net profit of nearly $3 billion, beating analyst expectations of $2.6 billion. BP increased the pace of its share repurchases, announcing intentions to execute a $1.75 billion share buyback prior to reporting first-quarter results. The company said it was committed to announcing a $3.5 billion share buyback for the first half of the year. British rival Shell on Thursday reported stronger-than-anticipated full-year profits, announcing a 4% increase to its dividend and a fresh $3.5 billion share buyback program.

Persons: Murray Auchincloss Organizations: BP, Analysts, Shell Locations: London

☆ The latest way workers want to upend the workplace is a blast from the past
▼ + stars: | 2024-02-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

What's on deck:This story is available exclusively to Business Insider subscribers. Long considered the bane of white-collar workers' existence, people now view cubicles as a sanctuary instead of a jail cell. AdvertisementCalling for a return to the cubes might seem odd when so many are pushing to evolve the workplace. Experts told Business Insider that a wave of retiring Boomers means the generation will soon be at "peak burden" to the economy. Get in touchAdvertisementinsidertoday@insider.comTo read unlimited articles, subscribe to Business Insider.

Persons: —, It's, Rebecca Zisser, Long, Kelli María Korducki, haven't, Korducki, cubicles, Ken Griffin, Vernon Yuen, Jerome Powell, Donald Trump, buybacks, Tammi Jantzen, Joe Rogan, Both Rogan, BI's Peter Kafka, Jenny Chang, Rodriguez, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Business, Corporate, Citadel, Getty, Federal Reserve, Deutsche Bank, Spotify, Bureau of Labor Statistics, Boomers, Caterpillar Inc Locations: Silicon Valley, Wellington, Astarte, China, New York, London

☆ UniCredit vows to match 2023 income this year after beating forecast
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

UniCredit on Monday pledged to match in 2024 the previous year's result despite the negative economic backdrop, as it posted a much higher than expected 2023 profit and said it would return it all to shareholders. Net income in the October-December period came in at 2.8 billion euros, more than double a 1.2 billion euro ($1.3 billion) average analyst consensus forecast provided by the bank. Revenues surpassed expectations, while UniCredit booked lower than forecast costs and provisions against loan losses. The lender said it would pay out to investors 8.6 billion euros in share buybacks and dividends out of its 2023 earnings, which is 100% of its underlying profit. It will then adopt a 90% payout policy from this year, raising slightly the cash part, it added.

Persons: UniCredit

☆ Mitsui Fudosan shares jump as activist investment firm reportedly calls for buybacks
▼ + stars: | 2024-02-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMitsui Fudosan shares jump as activist investment firm reportedly calls for buybacksThe Financial Times reported that Elliott Management had called upon the property group to launch a 1 trillion yen ($6.74 billion) buyback plan.

Persons: Elliott Organizations: Mitsui, The Financial Times, Elliott Management

Elsewhere, Goldman Sachs reiterated a buy rating on Nvidia and raised its price target on the high-flying semiconductor maker. Yet his price target sits at $225, implying an upside of 19.7% as he sees opportunity elsewhere. "Anyone pulling up a chart of UBER share price performance in 2023 will think, 'That's a scary chart. Analyst Sarah James upgraded the insurer to overweight from neutral and hiked her price target o $372 from $334. — Alex Harring 5:42 a.m.: Goldman hikes Nvidia price target Things continue to look up for Nvidia , according to Goldman Sachs.

Persons: Goldman Sachs, Piper Sandler, Alexander Potter, Potter, Tesla, Alex Harring, Bernstein, Uber, Nikhil Devnani, Devnani, — Alex Harring, Keith Horowitz, Horowitz, Cantor Fitzgerald Cigna, Cantor Fitzgerald, Sarah James, James, Ben Hendrix, Hendrix, Christopher Horvers, Horvers, Barbie, Goldman, FY4Q, Toshiya Hari, Fred Imbert Organizations: CNBC, JPMorgan, Mattel, Nvidia, Citi, Investors, Citizens, Financial, New York Community Bancorp, Aozora, T Bank, RBC Capital, Warner Bros, Golden Globes, Microsoft Locations: California, New, Friday's

☆ Shares of Italy's UniCredit jump 10% and hit eight-year high on earnings beat
▼ + stars: | 2024-02-05 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

A logo on the UniCredit SpA headquarters in Milan, Italy, on Saturday Jan. 22, 2022. Shares of Italian bank UniCredit hit their highest level since 2015 on Monday, after announcing that it would return 8.6 billion euros ($9.2 billion) to investors on the back of higher-than-expected profits. The Milan-based bank shared details of the planned payout after reporting fourth-quarter profits of 1.9 billion euros, almost three times analysts' expectations. Shares of the stock were up 10% by 11 a.m. London time. The payout, which will be delivered through a combination of buybacks and dividends, follows a strong year for the bank, which has been buoyed by higher interest rates.

Locations: Milan, Italy, London

☆ Mark Zuckerberg has had quite the week
▼ + stars: | 2024-02-02 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In today's big story, we're recapping earnings from three tech giants: Meta, Apple, and Amazon. The big storyMeta's mega-winMark Zuckerberg is smiling: Its profit margins are much improved — and that's partly because of a shrinking headcount. Josh Edelson/AFP/Getty Images ; Isabel Fernandez-Pujol/ BIMark Zuckerberg has had quite the week. It lost $16 billion on the Metaverse in 2023, and Zuckerberg indicated more pain for years to come.) Following the success of Meta's "Year of Efficiency," Zuckerberg said that the company may never go back to large-scale hiring.

Persons: —, Phil doesn't, Zuck, Mark Zuckerberg, Josh Edelson, Isabel Fernandez, Sarah Jackson, Meta, Zuckerberg, BI's Peter Kafka, Peter, Richard Drew, Wall Street's, Rufus, BI's Eugene Kim, Amazon, Aaron Schwartz, Diem, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Apple, Business, Getty, Pujol, Meta, Amazon, Xinhua, Microsoft, Chevron Corporation, ExxonMobil, Cigna Locations: AFP, China, New York, London

☆ Meta’s Stock Surges After Jump in Profits
▼ + stars: | 2024-02-02 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Meta’s stock price soared on Friday, adding hundreds of billions of dollars to the market value of the social media giant that owns Facebook, Instagram and WhatsApp. The company said on Thursday, after the market closed, that its latest quarterly profit more than tripled, as it benefited from a rebound in digital ads. It also announced its first dividend and authorized an additional $50 billion in share buybacks. Meta’s stock rose more than 20 percent in early trading on Friday, pushing it further into record territory. The rise on Friday added some $200 billion to Meta’s market value, roughly as much as the entire market capitalization of major multinational companies — like McDonald’s.

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