Citigroup surprised investors on Friday with its second-quarter results, surpassing expectations for both profit and revenue. The bank reported earnings of $1.52 per share, higher than the $1.39 per share that was expected. Additionally, Citigroup’s revenue came in at $20.14 billion, slightly beating the expected $20.07 billion. The bank saw a 10% increase in net
Earnings
PepsiCo recently reported mixed quarterly results which were adversely affected by decreasing demand for its products in North America. The company also adjusted its revenue outlook for the full year, now expecting organic revenue growth of approximately 4%, a more conservative estimate compared to its previous forecast of at least 4%. Despite this, PepsiCo reiterated
The CNBC Investing Club with Jim Cramer held its “Morning Meeting” livestream, where crucial market developments were discussed. Thursday saw a decline in the S & P 500 and Nasdaq from their record highs, driven by a lower-than-expected inflation report. This led investors to shift from Big Tech stocks to smaller-cap names, impacting Club holdings
Delta Air Lines recently announced its forecast for record revenue in the third quarter, highlighting the strong summer travel demand. However, this projection fell below analysts’ estimates due to various factors. The carrier expects a sales increase of no more than 4%, which is lower than the 5.8% growth estimated by analysts. It also forecasted
BP, a leading energy firm, issued a warning about an expected impairment of up to $2 billion in the second quarter. This news caused a sharp decline in BP’s shares, with a 2.6% drop in early market trading. The impairment is primarily attributed to weak refining margins and lower oil trading performance. BP anticipates that
This past trading week on Wall Street saw tech stocks leading the way, with the Dow Jones Industrial Average gaining nearly 1%. The S & P 500 and Nasdaq closed at record highs, with a rise of almost 2% and 3.5%, respectively. This trend of strength in the market has been consistent since June and
The recent surge in Samsung Electronics’ stock price to its highest level since January 2021 may not be solely attributable to the explosive demand for artificial intelligence. While the company did report better-than-expected profits for the second quarter and cited increased demand for generative AI as a contributing factor, other aspects of the business may
Constellation Brands recently reported an earnings beat driven by the strength of its beer business. The company’s comparable net sales for the quarter ended May 31 increased by 6% year over year, reaching $2.662 billion. Adjusted earnings-per-share (EPS) also saw a 17% increase compared to the same period last year, coming in at $3.57. This
Walgreens, a retail pharmacy giant, experienced a significant drop of nearly 20% in its stock shares following the announcement of fiscal third-quarter earnings that failed to meet expectations. The company attributed this disappointing performance to a “challenging” environment for pharmacies and U.S. consumers. CEO Tim Wentworth highlighted the shock experienced by consumers due to high
H&M’s recent report on its second-quarter profits fell short of analyst expectations, causing a significant drop in the company’s stock price. With operating profit coming in below anticipated levels, investors are understandably concerned about the company’s performance. The company’s forecast for June sales to decline by 6% in local currencies compared to the previous year