JPMorgan Chase reported second-quarter earnings and revenue that surpassed analysts’ expectations, driven by a significant increase in investment banking fees. The bank posted earnings of $4.26 per share, adjusted, compared to the $4.19 estimate from analysts surveyed by LSEG. Revenue reached $50.99 billion, exceeding the $49.87 billion estimate, marking a 20% rise from the previous… Continue reading JPMorgan Chase tops second-quarter revenue expectations on strong investment banking

Delta Air Lines projected record revenue for the third quarter, driven by strong summer travel demand, yet its forecast fell short of analysts’ expectations. Delta anticipates a sales increase of up to 4%, below the 5.8% growth estimated by analysts, and projected adjusted earnings per share of $1.70 to $2, less than the anticipated $2.05.… Continue reading Delta shares fall as a glut of flights drives down fares despite high demand

In June, the U.S. monthly inflation rate declined for the first time in over four years, easing pressures and potentially paving the way for the Federal Reserve to lower interest rates later in the year. The consumer price index (CPI), which measures the average change over time in the prices paid by urban consumers for… Continue reading Inflation falls 0.1% in June from prior month, helping case for lower rates

Walmart is set to open five automated distribution centers for fresh food across the United States to enhance efficiency and support its growing online grocery business. Each new facility, averaging 700,000 square feet, incorporates automation to handle perishable items like strawberries and frozen chicken nuggets for store sales or e-commerce orders. As the largest U.S.… Continue reading Walmart is opening five automated distribution centers as it tries to keep its grocery dominance

Longtime investor Bill Gross has raised concerns about Tesla’s recent market behavior, likening it to a speculative play popular among retail investors. Gross, who co-founded Pimco and served as its chief investment officer, expressed his views in a post on social media platform X, stating that Tesla is acting like a “meme stock” with weak… Continue reading Bill Gross says Tesla is the new meme stock

Temasek, the state investment company from Singapore, plans to continue directing most of its investment capital to the U.S., focusing on traditional industries adopting AI, despite acknowledging the high valuation of the U.S. market. The U.S. comprises 22% of Temasek’s portfolio, which increased to SG$389 billion ($288 billion) in the financial year ending March. However,… Continue reading Singapore state investor Temasek to focus on early adopters of AI in the U.S.; cautious on China

Following President Joe Biden’s subpar debate performance on June 27, his fundraising efforts have faced significant challenges. Bundlers, who are pivotal in raising campaign funds, have notably reduced their outreach, reflecting a broader loss of confidence. Some have ceased making calls altogether, while others limit their efforts to personal networks due to negative or non-existent… Continue reading ‘No one is picking up the phone’: Joe Biden’s fundraising confronts new hurdles after debate

Paramount Global has reached a merger agreement with Skydance, concluding months of negotiations. This deal signifies the Redstone family’s departure from the storied movie studio and media company. Paramount’s special committee approved the merger after Shari Redstone’s National Amusements, Paramount’s controlling shareholder, reached a preliminary agreement with Skydance. Previously, a similar deal had fallen through.… Continue reading Paramount agrees to merge with Skydance, ending monthslong negotiations and Redstone era

Despite a record surge in summer air travel demand, U.S. airlines are struggling to translate this into profits due to higher costs and operational challenges. While some airlines have predicted record demand and revenue, elevated labor and other expenses have significantly impacted their profitability. Many carriers have slowed hiring in response to slower demand growth… Continue reading Air travel demand is breaking records. Airline profits are not

Southwest Airlines announced on Wednesday that it has implemented a shareholder rights plan, commonly known as a “poison pill,” in response to Elliott Management’s investment in the airline and its efforts to replace CEO Bob Jordan and Chairman Gary Kelly. This poison pill will be triggered if Elliott or another investor acquires at least 12.5%… Continue reading Southwest Airlines adopts ‘poison pill’ to fend off activist Elliott Management

Ford’s sales saw a modest rise of 1% during the second quarter compared to the same period last year, driven primarily by a 5% increase in truck sales, according to a company announcement on Wednesday. This surge in truck sales, which encompasses pickups and vans, resulted in a total of 308,920 vehicles sold in this… Continue reading Ford sales edge 1% higher in the second quarter, led by trucks

EverPass Media, a joint venture between the NFL and RedBird Capital Partners, has acquired UPshow, a platform that enables bars, restaurants, casinos, and other businesses to stream live sports, including the NFL’s “Sunday Ticket.” This acquisition allows these establishments to stream “Sunday Ticket” games, which were previously only accessible via a DirecTV subscription. Although DirecTV… Continue reading NFL, RedBird joint venture EverPass lines up ‘Sunday Ticket’ streaming in bars, restaurants