SAN FRANCISCO—Elon Musk said on Wednesday that electric vehicle (EV) giant Tesla likely will launch full self-drive technology this year and generate significant profits that offset some of the margin pressure it’s facing due to aggressive price cuts. “I hesitate to say this but I think we’ll do it this year,” said Tesla CEO Musk,…
Musk Says Tesla Likely to Launch Full Self-Drive Technology ‘This Year’
Morgan Stanley Beats Estimates With Wealth Business Growth, but Shares Fall
April 19, 2023
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Morgan Stanley’s profit beat expectations as wealth management revenue climbed in the first quarter, offsetting slumps in investment banking and trading. The bank earned $1.70 per share, beating analysts’ average estimate of $1.62 per share, according to Refinitiv data. But its shares fell 1 percent to $88.92 in early trading on Wednesday as investment banking…
Goldman Sachs Profit Falls in 1st Quarter as Dealmaking Sputters
Goldman Sachs Group Inc.’s first-quarter profit fell 19 percent as sluggish dealmaking eroded the Wall Street giant’s fees from investment banking, while losses from the sale of some loans from its consumer unit, Marcus, weighed on the results. Goldman booked a $470 million loss on the sale as the bank rejigs its strategy after a…
Citigroup Beats Estimates on Higher Income From Loans; Shares Rise
April 14, 2023
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Citigroup Inc.’s first-quarter profit beat Wall Street expectations as it earned more from borrowers paying higher interest on loans. While its net interest income rose 23 percent to $13.3 billion, Citi also set aside $241 million to cover potential loan losses, from $138 million a year earlier, according to its results reported on Friday. Citigroup…
Wells Fargo Tops Wall Street 1st Quarter Targets, Earning $5 Billion
April 14, 2023
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Wells Fargo beat sales and profit targets in the first quarter compared with a year earlier, boosted by higher interest rates. The quarter saw the collapse of two banks that rattled the financial sector and the broader stock market. Wells Fargo participated with other banks in pumping $30 billion in deposits into First Republic Bank…
JPMorgan Chase Profits Jump 52 Percent Amid Banking Turmoil
April 14, 2023
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JPMorgan Chase & Co. posted a 52 percent jump in its first-quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank last month….
Volvo Car’s Sales up 8 Percent in March
COPENHAGEN—Sweden-based Volvo Car AB said on Wednesday its sales increased by 8 percent year-on-year in March to 63,132 cars, helped mainly by the company’s fully electric cars. Volvo Car said in a statement its fully electric models made up 41 percent of all its cars sold globally in the first three months of this year….
H&M Slips Out of Fashion as 1st-Quarter Sales Lag
STOCKHOLM—H&M, the world’s second-biggest fashion retailer, reported on Wednesday a smaller-than-expected increase in sales in the latest sign it is struggling to compete with Zara-owner Inditex. Shares in H&M were down 6 percent in early trade, underperforming the wider Swedish market. The Swedish group said sales measured in local currencies for the period, its fiscal…
Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022
March 9, 2023
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HOUSTON—Refiner Citgo Petroleum Corp. on Thursday reported a record net profit of $2.8 billion for 2022 on strong motor fuel demand, high margins, and refining output that exceeded its plants’ listed capacity. Rebounding from a loss of $160 million in 2021 and two straight years of losses, the results for last year also exceeded the…
Swiss National Bank Reports Annual Loss of 132.5 Billion Swiss Francs
ZURICH—The Swiss National Bank reported on Monday an annual loss of 132.5 billion Swiss francs ($141.54 billion), in line with the provisional calculations it announced in January. The loss, the biggest in the central bank’s 115-year history, was caused by a plunge in the value of the SNB’s investments caused by bond and stock market…
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