Business & Finance News
Wall Street jumped on Tuesday as third-quarter reporting season kicked into high gear with a spate of upbeat earnings reports that brought buyers back to the equities market.
General Motors Co and the United Auto Workers union were near a deal on Tuesday to end a 30-day strike that has cost the automaker about $2 billion after Chief Executive Mary Barra and President Mark Reuss took part in contract talks, according to two people briefed on the matter.
Warren Buffett’s Berkshire Hathaway Inc is seeking permission from the Federal Reserve to boost its stake in Bank of America Corp above the 10% level, Bloomberg reported on Tuesday.
Hedge fund D.E. Shaw on Tuesday increased the pressure on Emerson Electric Co by publicly urging a breakup of the U.S. industrial conglomerate, a move it says could unlock more than $20 billion worth of shareholder value.
Wall Street rose 1% on Tuesday as strong earnings from JPMorgan, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on Corporate America.
Oil prices were narrowly mixed on Tuesday, retracing early losses on optimism about a potential Brexit deal and signals from OPEC that further supply curbs are possible, but prices remained under pressure from U.S.-China trade worries and concern about swelling U.S. crude inventries.
The price of WeWork’s U.S. junk bond fell to an all-time low on Tuesday, last trading at 78 cents on the dollar, as the company weighed financing options including a package that may include at least $2 billion of unsecured notes with a 15% coupon.
Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing.
Goldman Sachs Group Inc missed Wall Street estimates for quarterly profit on Tuesday as it took heavy losses from high-profile investments in WeWork and Uber Technologies and faced up to a weakening global economy.
Alphabet Inc’s Google unveiled new Pixel smartphones with higher quality cameras, a radar sensor and faster virtual assistant on Tuesday, but failed to provide enough to set the devices apart from rivals and nix concerns about price.
Stocks in Europe and on Wall Street jumped more than 1% on Tuesday on strong U.S. corporate results and a possible deal to avoid a disorderly British exit from the European Union, while oil prices fell as weak China data kindled global economy fears.
Wall Street gained 1% on Tuesday as strong earnings from JPMorgan, UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on corporate America.
UnitedHealth Group Inc on Tuesday provided an optimistic outlook for 2020 profit, saying it expected growth to be at least 13%, which outpaces current Wall Street estimates and sent its shares up as much as 8.6%.
Amazon’s cloud computing is like a “soft drug”, a French minister said on Tuesday, warning that time was running out for Europe to wean itself off the U.S. company’s services.
General Motors Co Chief Executive Mary Barra and President Mark Reuss took part in contract talks with the United Auto Workers union on Tuesday, in a sign that a 30-day strike of 48,000 U.S. hourly workers could be nearing an end, two people briefed on the matter said on Tuesday.
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