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☆ Stocks making the biggest moves premarket: Cheesecake Factory, Sherwin-Williams, 3M and more
▼ + stars: | 2024-10-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

SAP — U.S.-listed shares of the enterprise software provider gained more than 3% after the company posted a third-quarter earnings and revenue beat. GE Aerospace reported adjusted revenue of $8.94 billion, while analysts had estimated $9.02 billion, according to LSEG. 3M — Shares of the industrial company rallied 5% after 3M posted third-quarter earnings of $1.98 per share on revenue of $6.07 billion. Despite this, the company posted a third-quarter adjusted earnings and revenue beat. Sherwin-Williams reported adjusted earnings of $3.37 per share, lower than a StreetAccount estimate of $3.55 per share.

Persons: LSEG, AppLovin, Rob Sanderson, Nucor, Danaher, Sherwin, Williams, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Fred Imbert, Hakyung Kim, Sarah Min, Jesse Pound Organizations: JCP Investment Management, General Motors, GM, SAP — U.S, SAP, GE Aerospace, Citi, U.S, Loop Locations: Utah

☆ The NFL's $1,000 branded designer jackets are the latest sign of fashion's newfound love affair with sports
▼ + stars: | 2024-10-22 | by ( Maria Noyen | ) www.businessinsider.com time to read: +6 min

New York low-key women's fashion brand Veronica Beard just launched a collaboration with the NFL. On Sunday, the NFL announced a partnership with Veronica Beard, a low-key luxury fashion brand in New York founded in 2010 by sisters-in-law Veronica Miele Beard and Veronica Swanson Beard. AdvertisementMany luxury brands are increasingly courting sports fans as an untapped source of revenue. The luxury fashion industry can't rely on sports to be its saving grace long-termHowever, Pedraza said, not all collaborations reap big rewards. "There's a bit of a lack of innovation on the part of some luxury brands," he said.

Persons: Veronica Beard, —, Veronica Miele Beard, Veronica Swanson Beard, Veronica, Dickey Jackets, Renie Anderson, Taylor Swift, Serdari, Swift, LVMH, Bernard Arnault's, Red Bull, Louis Vuitton, Bernard Arnault, Victor Boyko, Milton Pedraza, Pedraza, — Gen Zers, millennials —, they're, Mary Organizations: NFL, Service, Business, NYU's Stern School, Formula, Bloomberg, Paris FC football, Red, Paris Olympics, NBC, Luxury Institute Locations: York, New York

☆ Disney and Apple are breaking up over App Store fees
▼ + stars: | 2024-10-22 | by ( Peter Kafka | ) www.businessinsider.com time to read: +3 min

Disney is no longer letting new customers sign up for Hulu or Disney+ via Apple's App Store. Disney is now telling would-be customers to pay for subscriptions on Disney's own site, instead of on Apple's App Store — though people who've already started paying for either service via Apple can keep doing that. But the App Store split does represent a rift between two longtime partners, so it's definitely worth noting. Disney's rationale is clear here: When customers sign up for Disney subscription services via Apple, Apple takes up to 15% of the monthly fees those services generate. Just like Netflix in 2018, Disney has decided that the services Apple offers through its App Store — the ability to market to and bill a giant installed base — aren't worth giving up a meaningful chunk of revenue.

Persons: Bob Iger, —, who've, Iger, Steve Jobs, Jobs Organizations: Disney, Apple, Hulu, Service, Netflix, iTunes, Jobs, Pixar, Apple's, Reps

HAVANA — Millions remain without power in Cuba for a third consecutive day as slow progress is made in restoring electricity following multiple major grid failures. Hurricane Oscar, a Category 1 storm, made landfall on eastern Cuba's northern coast Sunday evening with sustained winds of 80 mph. Levi blamed the U.S.'s “brutal blockade” for the financial difficulties in acquiring fuel and spare parts for Cuba's power plants, as well as for the current electric power crisis. Cuban police and military stand next to debris used to block a street during a protest against a blackout, after opening the street up to traffic, in Havana, Cuba on Saturday. Cuba’s economic crisis has spurred massive migration.

Persons: Vicente de la O Levi, Levi, Miguel Díaz, Norlys Perez, ”, “, ” Levi, Donald Trump’s, Orlando Matos, Carmen Sesin Organizations: U.S, Cuban, U.S . State Department, NBC News, Reuters Locations: HAVANA, Cuba, U.S, Colombia, Mexico, Venezuela, Russia, Havana, States, Miami

☆ An effective, cheap hedge on Apple shares into earnings, according to Mike Khouw
▼ + stars: | 2024-10-21 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

The largest source of revenue is the iPhone, and the company released its iPhone 16 last month. Other Apple products include Mac computers and iPad tablets, Apple Music, the Apple Watch, and other wearable devices. Android mobile devices indeed have a more significant smartphone market share internationally. The DOJ filed suit in March of this year, allegedly violating antitrust laws by monopolizing the smartphone market. At 31.5 times forward earnings estimates, Apple is four turns richer than the 27.5 5-year average.

Persons: Saudi Arabia's, what's, Dan Ives, YTD Organizations: Apple, Apple Music, Apple Watch, Cloud Services, Samsung, Microsoft, Saudi, Aramco, Android, DOJ, CNBC, NBC UNIVERSAL Locations: Americas, United States, Korea, China, Wedbush

☆ Deutsche Bank says buy GE Vernova, sees 30% potential upside
▼ + stars: | 2024-10-21 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

The firm initiated its coverage of the energy company with a buy rating and $354 price target, implying upside of nearly 30%. Analysts are generally bullish the stock, with the majority of those covering the name rating it either as a strong buy or buy. GEV YTD mountain GEV YTD chart As a catalyst, analyst Nicole DeBlase cited a strong outlook in investments towards power generating assets. Additionally, the analyst pointed out that GE Vernova's gas power business is increasingly turning into a growth story. "Gas turbine orders have picked up in recent quarters, as increasing electricity consumption pressures existing grid infrastructure, requiring more baseload capacity.

Persons: Nicole DeBlase, DeBlase Organizations: GE Vernova, Deutsche Bank, General Electric, GE, Gas

☆ The Girl Scouts just approved a controversial decision to avoid ‘dramatic’ cuts
▼ + stars: | 2024-10-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

The price increase was approved Saturday at a National Council meeting, where 900 delegates were present to discuss the Girl Scouts’ future. They voted to hike dues to $45 for the 2026 membership year and again to $65 in 2027. Dues will remain at $25 for 2025, which has been the same price for the program for eight years. Membership dues are the Girl Scout’s largest source of revenue, generating $38 million in 2023 from its nearly 2 million total members. “It’s an enormous increase,” said Sally Bertram, a 30-year troop leader with the Girl Scouts of Western Ohio.

Persons: Bonnie Barczykowski, Diane Tipton, ”, Sally Bertram, “ Organizations: New, New York CNN, The Girl Scouts, USA, National Council, Scouts ’, Scout, Girl Scouts, CNN, Girl Scouts of Locations: New York, Girl Scouts of Western Ohio

☆ Convenient No More: Why CVS, Walgreens, 7-11 Are in Trouble
▼ + stars: | 2024-10-21 | by ( Emily Stewart | ) www.businessinsider.com time to read: +14 min

What's more, many pharmacies serve as a convenient destination for all sorts of essentials, from aspirin to mascara. Big chains like Walgreens and CVS make their money in two main ways: selling prescriptions in the back of their stores and selling everyday goods out front. As Walgreens and CVS stores have proliferated over the past decade or so, many of their locations are basically right on top of each other. On the other end of the business, pharmacies are expensive to run. In the current landscape of commoditized pharmacies, there's no such thing as personalized service.

Persons: What's, Elizabeth Anderson, Neil Saunders, nilly, they've, Douglas Hoey, Jason Goldberg, Waits, Duane Reade, Brian Tanquilut, I've, Goldberg, Saunders, I'm, Nick Fabrizio, Steven Anderson, Fabrizio, Emily Stewart Organizations: Walgreens, CVS, Rite, Evercore ISI, Walmart, National Community Pharmacists Association, Express, Groupe, Jefferies, MTV, Cornell University, National Association of Chain Drug, Business Locations: mascara

☆ Dodgers finish off Mets to clinch pennant and date with Yankees in World Series
▼ + stars: | 2024-10-20 | by ( Andy Mccullough | ) www.nytimes.com time to read: +10 min

The relievers stitched together 27 outs against a Mets team that had appeared allergic to cardiac arrest this month. AdvertisementWhen Dodgers officials thought about Ohtani, they conjured fantasies about endless streams of revenue and a decade of contending for the World Series. For a few hours after the story broke, Dodgers team president Stan Kasten wondered if the team had built its future around a fraud. The Dodgers hung nine runs on the Mets in Game 1, eight in Game 3 and 10 in Game 4. In Game 6, Mets manager Carlos Mendoza turned to Sean Manaea, his best starter, who had quieted the Dodgers in Game 2.

Persons: Shohei Ohtani, Tommy Edman, Will Smith, Ohtani, Dave Roberts, Andrew Friedman, hobbled, It’s, ” Roberts, Yoshinobu Yamamoto, Yamamoto, Friedman, Tyler Glasnow, Mookie Betts, Freddie Freeman, Ippei, Stan Kasten, Mizuhara, ” Ohtani, Will Ireton, Betts, Clayton Kershaw, Glasnow, Freeman, Ken Rosenthal, Rosenthal, Hernández, ” Hernández, “, ” Rosenthal, Carlos Mendoza, Sean Manaea, Michael Kopech, Teoscar, Edman, Max Muncy, Phil Maton, Smith, SMITH, HOMER 💪, odgers, ake Organizations: ANGELES, National League pennant, Los Angeles Dodgers, National League Division, Dodgers, The Dodgers, New York Mets, National League, Mets, New York Yankees, Dodger, San Diego, Tampa Bay Rays, National League West, Padres, The Athletic, Milwaukee Brewers, Philadelphia Phillies, Manaea Locations: San, Los Angeles, Ohtani, tatters, San Diego, Queens

☆ 8 million student-loan borrowers who remain blocked from cheaper payments and debt cancellation are getting a step closer to a final decision on Biden's new repayment plan
▼ + stars: | 2024-10-20 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

A Missouri court will hear oral arguments for Biden's SAVE student-loan repayment plan on October 24. The SAVE plan has been blocked for months following challenges from GOP state attorneys general. The case now sits with the 8th Circuit, and the Supreme Court urged for a quick decision. AdvertisementMillions of student-loan borrowers are getting a step closer to a court ruling on cheaper payments and debt relief. Advertisement"An appellate court has to apply the law from the US Supreme Court," Nahmias said.

Persons: —, Biden, Mohela, David Nahmias, Nahmias Organizations: SAVE, 8th Circuit, Service, Education Department, GOP, Federal Government, UC Berkeley Center, Consumer Law, Economic, US, Circuit, Federal Student Aid Locations: Missouri, Mohela

A woman boils water while another lights her with a mobile phone during a nationwide blackout in Matanzas, Cuba, on Oct. 18, 2024. Cars drive through a dark street, in Havana, on Oct. 18, 2024. He blamed the U.S. embargo on Cuba for the lack of fuel and hard currency it needs. Over one million people, or 10% of Cuba’s population, have fled the island between 2022 and 2023, according to the country’s national statistics office. Orlando Matos reported from Havana and Carmen Sesin reported from Miami.

Persons: Antonio Levi, Nick Kaiser, Miguel Díaz, Canel, Bruno Rodríguez, Adalberto Roque, Donald Trump’s, Orlando Matos, Carmen Sesin Organizations: Electric, Getty, Antonio Locations: Cuba, State, Havana, Matanzas , Cuba, AFP, night’s, U.S, Venezuela, Russia, Mexico, Miami

☆ Luxury stocks may be a risky China stimulus bet
▼ + stars: | 2024-10-19 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +7 min

A post-pandemic spending surge led to luxury stocks such as LVMH to reach all-time highs in early 2023, but that soon changed. We believe improved confidence and sentiment is required to reach even our flat year-over-year Chinese luxury growth forecast for 2025," Wallace noted. Luxury stocks are feeling the pressure — year to date, U.S.-traded shares of major players LVMH and Kering are down about 17% and 41%, respectively. Analysts and investors are mixed as to whether the Chinese stimulus measures can revive luxury spending growth among consumers — and whether it will create a meaningful tailwind for luxury companies. Whether the luxury sector can continue growing at the same levels without as much Chinese consumer spending remains in question.

Persons: — stoking, Ben Harburg, Morgan Stanley, Ashley Wallace, Wallace, Jean, Jacques Guiony, Moncler, Hermes, Prada, Richemont, LVMUY CFRUY, —, Edouard Aubin, Sauron, Harburg, LVMH's Guiony, we've Organizations: Alpha, Bank of America, of America, Consumers Locations: China, Covid, 3Q24, U.S, LVMH

☆ Stocks making the biggest moves premarket: American Express, Procter & Gamble, Netflix, CVS Health and more
▼ + stars: | 2024-10-18 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +4 min

The household goods maker posted $21.74 billion in revenue while analysts polled by LSEG had estimated $21.91 billion. WD-40 — The maintenance product maker's shares fell 4% after a disappointing fiscal fourth-quarter earnings report. Despite posting a top-line beat of $823 million in revenue versus LSEG analysts' estimates for $808 million, net interest income fell 3% in the third-quarter. Revenue of $9.16 billion fell below the $9.25 billion LSEG consensus forecast. Ally Financial – The digital bank stock fell nearly 1% despite earnings beating analysts' estimates in the third quarter.

Persons: Gamble, LSEG, David Joyner, Karen Lynch, B.Riley, SLB, Schlumberger, FactSet, — CNBC's Pia Singh, Sarah Min, Jesse Pound, Michelle Fox Organizations: Procter, Netflix, CVS, FactSet, Western Alliance Bancorp, Apple, Bloomberg, Crown Holdings, Holdings, Comerica Locations: China

☆ Stocks making the biggest moves midday: Netflix, Apple, CVS Health, Lamb Weston, U.S. Cellular and more
▼ + stars: | 2024-10-18 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

Separately, CVS issued third-quarter adjusted earnings guidance between $1.05 and $1.10 per share, far weaker than the FactSet consensus estimate of $1.69 a share. MGP Ingredients — Shares tumbled 26% after MGP Ingredients, a distilled spirits producer, issued preliminary third-quarter earnings and revenue guidance that missed expectations. Earnings of $1.23 per share missed the FactSet consensus estimate of $1.34 in earnings per share. Comerica reported $1.33 in earnings per share, compared to $1.17 per share expected by analysts, according to FactSet. Still, adjusted earnings of 89 cents per share beat the expected earnings per share of 88 cents.

Persons: Lamb Weston —, Jana Partners, Lamb Weston, David Joyner, Karen Lynch, LSEG, LSEG ., Riley, Ally, FactSet, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Hakyung Kim, Jesse Pound Organizations: Netflix, U.S . Cellular, Telephone, Data Systems, U.S, Cellular, Verizon Communications, CVS, MGP, American, Apple —, Bloomberg, Counterpoint Research, Western, Western Alliance, LSEG, LSEG . Fifth Third, Fifth Third Bancorp, Comerica, Holdings Locations: U.S, China

☆ The Girl Scouts could soon triple membership fees
▼ + stars: | 2024-10-18 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +5 min

CNN —The Girl Scouts of the USA plans to raise prices, but not for their famous cookies. Membership dues are the Girl Scout’s largest source of revenue, generating $38 million in 2023 from its nearly 2 million total members. You are going to run yourselves out of business.”Bertram was a Girl Scout herself, just like every girl in her family. Part of the problem is that Girl Scout membership has fallen in recent years, leadership said in a video to members in September. GSUSA will continue to provide financial aid to “reduce barriers” to any girl who wants to be a Girl Scout, a spokesperson said.

Persons: ”, “, Sally Bertram, ” Bertram, Bertram, it’s, Diane Tipton, Bonnie Barczykowski, Bertran, ” Bertran, we’re, ” Tipton, Kelly Goldsmith, Goldsmith, GSUSA, can’t Organizations: CNN, The Girl Scouts, USA, Girl Scouts, Girl Scouts of, Girl Scout, National Council, Boy Scouts, Vanderbilt University, Scout Locations: Girl Scouts of Western Ohio, Tennessee, New York City

☆ Netflix beat expectations yet again
▼ + stars: | 2024-10-17 | by ( Alex Bitter | ) www.businessinsider.com time to read: +2 min

New-subscriber numbers beat analysts' expectations at 5.07 million. The streaming service is trying to grow new sources of revenue, such as gaming and advertising. New subscribers to the streaming service totaled 5.07 million, the company said Thursday. Analysts surveyed by Bloomberg were expecting 4.5 million; Netflix gained 8.76 million paying viewers in the same period a year earlier. Going into Thursday's earnings report, analysts who follow Netflix said they expected the boost from the password-sharing crackdown to diminish in the future.

Persons: — Organizations: Netflix, Service, Bloomberg

☆ Meta fires employees for spending food allowances on personal items like acne pads and wine glasses
▼ + stars: | 2024-10-17 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

New York CNN —Meta fired around two dozen employees from its Los Angeles office for misusing company meal credits for things like laundry detergent, wine glasses and acne treatment pads, a source familiar with the company confirmed to CNN. Many of the social media giant’s corporate offices feature elaborate food services to provide employees with meals as a perk. Meta’s two-year-old office near New York City’s Penn Station, for example, features a cafeteria that feels like an upscale food court, with various stalls all free for staff. An internal investigation found that some LA-based employees used the meal funds to purchase things other than food instead, or had meals delivered to their homes, the source said. Meta’s median total annual compensation for individual employees (other than CEO Mark Zuckerberg) is $379,050, the company said in a regulatory filing earlier this year.

Persons: Meta, Mark Zuckerberg, Tracy Clayton, ” Meta, Jane Manchun Wong, Zuckerberg Organizations: New, New York CNN, CNN, Financial Times, Meta, ”, Reality Labs Locations: New York, Los Angeles, “, Instagram

☆ Expedia stock jumps on report that Uber explored a takeover of the travel platform
▼ + stars: | 2024-10-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +2 min

Expedia stock climbed 8% while Uber stock fell more than 3% in premarket trading on Thursday. Uber spoke with advisors about a potential takeover in recent months, The Financial Times reported. AdvertisementExpedia stock jumped as much as 8% in Thursday's premarket, while Uber tumbled more than 3% following a report the ride-hailing giant recently explored a takeover of the travel group. A third party raised the idea of buying Expedia to Uber, sources told the FT, adding that merger talks were nascent and a deal might not materialize. One source told the newspaper that Uber hasn't formally approached Expedia, and there were no ongoing discussions between the two companies.

Persons: Uber, —, Expedia, Uber hasn't, Dara Khosrowshahi Organizations: Financial Times, Service Locations: Thursday's premarket

☆ Trump family gets 75% of crypto coin revenue, has no liability, new document reveals
▼ + stars: | 2024-10-17 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

Donald Trump's crypto project, World Liberty Financial, published a 13-page document on Thursday, describing its mission, how tokens can be allocated, and indicating that the Republican presidential nominee and his family could take home 75% of net revenue. The paper released on Thursday shows that Trump and his family assume no liability. Folkman previously had a company called Date Hotter Girls and reportedly helped develop crypto project Dough Finance. Folkman previously said just 20% of WLF's tokens would be allotted to the founding team, which includes the Trump family. The paper calls Trump the "chief crypto advocate."

Persons: Donald Trump, Donald Trump's, WLF, Trump, Kamala Harris, Chase Herro, Zachary Folkman, Folkman, Herro, Steve Witkoff, Zachary, Crypto Organizations: Liberty, Republican, Trump, who's, DEFI, Management, Finance, AMG, Fi Locations: Nashville , Tennessee, U.S, Delaware, Puerto Rico

☆ TikTok's next big move: Helping creators launch product lines by connecting them with suppliers
▼ + stars: | 2024-10-17 | by ( Dan Whateley | ) www.businessinsider.com time to read: +4 min

TikTok wants to help creators sell their own custom products. Startups like Pietra help creators of all audience sizes break into product development by connecting them with manufacturers and opening avenues to test small-batch orders. TikTok creators can earn a commission on Shop sales they drive from their videos. Boosting sales on TikTok Shop has been a major focus at the company since the feature launched in the US in September 2023. AdvertisementDouyin, which, like TikTok, is owned by Chinese tech firm ByteDance, drives hundreds of billions in product sales annually.

Persons: TikTok, —, Logan Paul, Emma Chamberlain, they've Organizations: Service, TikTok, Shop

☆ Stocks making the biggest moves premarket: Morgan Stanley, Cisco, ASML and more
▼ + stars: | 2024-10-16 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Cisco Systems — The networking technology stock added nearly 2% on the heels of a Citi upgrade to buy from neutral. The firm's earnings came in at $1.88 per share, versus the $1.58 expected by a LSEG analyst poll. Revenue was $15.38 billion versus the $14.41 billion consensus estimate. United also announced a $1.5 billion share buyback, its first since before the pandemic. J.B Hunt Transport Services — Shares jumped more than 7% after the company's third-quarter results topped expectations.

Persons: Novocure, Morgan Stanley —, accidently, J.B, Hunt, LSEG, — CNBC's Sean Conlon, Alex Harring, Sarah Min, Michelle Fox, Hakyung Kim Organizations: Cisco Systems, Citi, U.S . Food, Drug Administration, Revenue, United Airlines, United, Hunt, — Locations: U.S

☆ Netflix has won the streaming wars but Wall Street still has big questions about its future
▼ + stars: | 2024-10-16 | by ( Lucia Moses | ) www.businessinsider.com time to read: +8 min

The US and Canada drive 70% of Netflix's revenue growth and are crucial for its future ad expansion. AdvertisementBy now, it's become a common refrain in Hollywood: Netflix has won the streaming wars. Amazon threw a wrench into Netflix's advertising ambitions by steamrolling into the market earlier this year. With subscriber growth potential limited in the US because Netflix is already quite saturated in the market, Netflix needs to ramp up ad revenue. While Netflix's ad tier growth is steadily adding inventory, those tech deals will take a couple of years to ramp up.

Persons: —, it's, Nielsen, hasn't, steamrolling, It's, Tyson, Paul, Netflix execs, Amazon, What's, Dan Salmon, NewStreet, Lowell Singer, There's, Piper Sandler's Organizations: Wall Street, Netflix, Service, Amazon, Barclays, WWE, LightShed Partners, Citibank, Epic Games, Disney, Piper Locations: Canada

☆ Stocks making the biggest moves midday: United Airlines, Morgan Stanley, ASML, Prologis and more
▼ + stars: | 2024-10-16 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

United Airlines – The stock soared 11% after the airline posted an earnings and revenue beat for the third quarter and guided for a strong fourth quarter. In addition, United said it is starting a $1.5 billion share buyback, its first since before the Covid pandemic. The firm posted earnings of $1.88 per share, higher than the $1.58 expected by a LSEG analyst poll. J.B Hunt Transport Services – Shares added 3.4% after the company posted a top and bottom line beat. J.B. Hunt posted $1.49 earnings per share on $3.07 billion of revenue in the third quarter.

Persons: United, Morgan Stanley, Novocure, J.B, Hunt, LSEG, Aspen Aerogels, FactSet, Prologis, Hamid Moghadam, —, Alex Harring, Hakyung Kim, Samantha Subin, Pia Singh, Michelle Fox Organizations: Food and Drug Administration, United Airlines, Revenue, Cisco Systems, Citi, Food, ASML, J.B Hunt, Aspen, of Energy, U.S . Bancorp, General Motors, Lithium Americas Corp Locations: Dutch, U.S

☆ Stocks making the biggest moves after hours: Lucid, Discover Financial, PPG Industries, Kinder Morgan and more
▼ + stars: | 2024-10-16 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +3 min

The financial services company posted third-quarter results that surpassed expectations, with earnings of $3.69 per share on $4.45 billion of revenue. Alcoa posted third-quarter adjusted earnings of 57 cents per share, topping analysts' estimate for 28 cents a share, per LSEG. Kinder Morgan reported adjusted earnings per share of 25 cents and revenue of $3.70 billion. Management also announced it expects to fall below budget on adjusted earnings before interest, taxes, depreciation and amortization and adjusted earnings per share by 2% and 4%, respectively. PPG Industries posted adjusted earnings of $2.13 per share on $4.58 billion in revenue.

Persons: LSEG, Lucid, Kinder Morgan —, Kinder Morgan, Equifax, —, Darla Mercado Organizations: Discover, CSX, Alcoa —, Alcoa, Revenue, Third Investment Company, Public Investment Fund, Management, PPG, Green, Dynamics, Steel Dynamics

☆ Goldman Sachs beats Wall Street forecasts as investment-banking fees surge 20%
▼ + stars: | 2024-10-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Goldman Sachs reported third-quarter earnings on Tuesday that beat analysts' expectations. The investment bank posted $12.7 billion of revenue and almost $3 billion of net earnings. AdvertisementGoldman Sachs reported third-quarter earnings on Tuesday that beat Wall Street's expectations, sending its stock up as much as 3% in premarket trading. It also cut its operating expenses by 8%, fueling a 45% surge in net income to $2.99 billion. The fee bonanza reflected a sharp increase in net revenues from debt underwriting amid strong leveraged finance and investment-grade activity, and higher net revenues in equity underwriting driven by secondary offerings.

Persons: Goldman Sachs, —, David Solomon, Solomon, Brian Moynihan Organizations: Service, Barclays, General Motors, Bank of America's, Bank of America

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