BP, a British multinational oil and gas firm, experienced a significant drop in its shares after announcing an expected impairment of up to $2 billion in the second quarter. This news, coupled with warnings of lower refining margins, has caused concern among investors and analysts alike. The share price of BP plummeted by 2.6% in
Earnings
The week’s trading on Wall Street was marked by gains, particularly in the tech sector. The Dow Jones Industrial Average saw a slight increase, while the S&P 500 and Nasdaq reached record highs by the end of the week. This trend continued the positive momentum seen in the previous month, quarter, and first half of
Samsung Electronics, a South Korean tech giant, has recently announced better-than-expected profit projections for the second quarter of the year. This news sent its shares soaring to their highest level since January 2021, with a significant jump of about 2.24%. The company expects an operating profit of approximately 10.4 trillion won, marking a staggering 1,452%
Constellation Brands recently released its quarterly earnings report, showcasing an overall positive performance driven by its beer business. Despite reporting an earnings beat, the company faced a 4% drop in its share price post-announcement. This decline was attributed to persistent weakness in the wines and spirits segment, which overshadowed the success of the beer division.
Walgreens, a major retail pharmacy giant, faced a significant blow as its shares plummeted nearly 20% following the release of fiscal third-quarter earnings that failed to meet expectations. The company had to slash its full-year adjusted profit outlook due to the harsh business environment for pharmacies and U.S. consumers. Amidst these challenges, Walgreens CEO Tim
H&M saw its shares plummet by more than 14% following the release of its second-quarter financial results. The company reported a smaller-than-expected increase in profits, causing concern among investors. Operating profit for the period fell short of analyst estimates, coming in at 7.1 billion Swedish kroner, compared to the anticipated 7.37 billion Swedish kroner. Despite
Southwest Airlines recently announced a 4% decrease in its shares during premarket trading, following a revision of its second-quarter revenue forecast. The airline cited changing booking patterns as the primary reason for the adjustment. Southwest now predicts a fall of 4% to 4.5% in revenue per available seat mile for the second quarter compared to
Casual-dining chains are experiencing a shift in customer behavior, with more consumers showing interest in their offerings compared to traditional fast-food establishments. Darden Restaurants CEO Rick Cardenas highlighted this trend, pointing out that while Darden has not directly benefited from this shift, its competitors like Brinker International and Dine Brands have been successfully luring in
Adobe, the software giant, saw a remarkable surge in its shares by 15% following the release of their latest earnings report. This surge, the largest since March 2020, was triggered by the company’s solid financial performance that surpassed analysts’ expectations. The company reported adjusted earnings per share of $4.48, exceeding the consensus estimate of $4.39
On Thursday, the U.S. stock market saw mixed results as investors reacted to the release of May’s producer price index data, suggesting that inflation pressures may be starting to ease. While the S & P 500 dipped slightly, it continued to hover near record highs. Additionally, higher than expected weekly jobless claims hinted at a