McDonald’s Corp. beat Wall Street expectations for quarterly global comparable sales and profit on Tuesday, boosted by higher menu prices and more customer visits. The burger chain’s shares rose about 1 percent in premarket trading, as comparable sales jumped by 12.6 percent for all of McDonald’s geographical segments. Global comparable sales also climbed 12.6 percent,…
PepsiCo’s Price Hikes, Steady Demand Add Sparkle to Annual Forecast
PepsiCo Inc. raised its annual forecasts on Tuesday after price hikes undertaken to offset higher costs and steady demand helped the soda and snack giant beat first-quarter results. The results pointed to a resilient consumer and followed similar quarterly performances by rival Coca-Cola and Nestle. PepsiCo’s shares rose 2 percent in early trading. Average prices…
Wall Street Opens Lower on Mixed Earnings, First Republic Shares Plunge
Wall Street’s main indexes opened lower on Tuesday following a mixed batch of earnings reports, while a plunge in deposits of regional lender First Republic Bank stoked concerns about the banking sector. The Dow Jones Industrial Average fell 47.06 points, or 0.14 percent, at the open to 33,828.34. The S&P 500 opened lower by 10.61…
First Republic Shares Crash Following Massive Deposit Outflows
First Republic Bank announced “unprecedented deposit outflows” in the quarter ended March 31, with the news sending the company’s stock crashing by over 20 percent. For the quarter ended March 31, 2023, First Republic deposits have declined by 40.8 percent since Dec. 31, 2022, according to an April 24 press release (pdf) by the bank….
Dollar Higher on Earnings, Economy Worries; Euro Slips
LONDON—The dollar rose on Tuesday as worries about earnings and the outlook for the global economy deepened, which knocked the euro back from close to a 10-month high. The U.S. dollar index was last up around 0.2 percent at 101.37, having dropped over 3.3 percent since the beginning of March. News on Monday of plunging…
Oil Edges up on China Demand Optimism, US Inventories in Focus
April 25, 2023
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LONDON—Oil edged higher on Tuesday, on track for a third day of gains, supported by investor optimism that holiday travel in China would boost fuel demand and by expectations U.S. inventories would show a drop in crude stocks. Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery…
Stocks Fall, Dollar Gains Await Earnings Litmus Test
April 25, 2023
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LONDON—Stocks fell on Tuesday, while the dollar got a lift as investors prepared for corporate earnings and macro data this week to paint a clearer picture of the health of the global economy. Last week’s U.S. bank earnings came in stronger than expected, and this week brings results for Big Tech and a number of…
Stocks Stand Still Ahead of Raft of Earnings, Economic Data
NEW YORK—Wall Street remained stuck in its standstill Monday, and stocks again moved only modestly ahead of reports that could offer more direction on where the economy and corporate profits are heading. The S&P 500 edged up by 3.52 points, or 0.1 percent, to 4,137.04 after barely budging last week. The Dow Jones Industrial Average…
Wall Street Opens Lower as Focus Turns to Tech Earnings, Economic Data
Wall Street’s main indexes opened slightly lower on Monday as investors awaited results from megacap companies and key data that could shed light on the U.S. economy and shape the Federal Reserve’s monetary policy. The Dow Jones Industrial Average fell 3.92 points, or 0.01 percent, at the open to 33,805.04. The S&P 500 opened lower…
Credit Suisse Lost $68 Billion in Assets Last Quarter, Outflows Continue
ZURICH—Credit Suisse said on Monday that 61 billion Swiss francs ($68 billion) in assets left the bank in the first quarter and that outflows were continuing, underscoring the challenge faced by UBS Group in rescuing its rival. Customer deposits declined by 67 billion francs in the quarter and the bank noted many matured time deposits…
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