Tag: Breaking News: Investing

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Citigroup CEO Jane Fraser: It's hard to get a soft landing
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Booming luxury travel and a jump in ‘relief’ loans

At American Express, consumers are continuing to open high-fee credit cards and splurge on luxuries like travel. But for lending firm Upstart, there’s a strong interest in microloans as cash-strapped Americans try to scrape by. That juxtaposition underscores the growing picture of bifurcation among income brackets in America. And adds to an increasingly popular view...

Bank of America tops estimates on better-than-expected interest income, investment banking
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Bank of America (BAC) earnings Q1 2024

Bank of America on Tuesday reported first-quarter earnings that topped analysts’ estimates for profit and revenue on better-than-expected interest income and investment banking. Here’s what the company reported: Earnings: 83 cents a share adjusted, vs. 76 cents LSEG estimate Revenue: $25.98 billion, vs. expected $25.46 billion The bank said profit fell 18% to $6.67 billion, or...

Hightower’s Stephanie Link reacts to Wells Fargo's Q1 earnings
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Wells Fargo WFC earnings Q1 2024

Wells Fargo on Friday reported first-quarter earnings and revenue that beat Wall Street expectations, despite a decline in net interest income. Here’s how the company performed compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refinitiv: Earnings per share: $1.26 cents adjusted vs. $1.11 cents expected...

Citigroup tops estimates for first-quarter revenue
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Citigroup (C) earnings Q1 2024

Citigroup on Friday posted first-quarter revenue that topped analysts’ estimates, helped by better-than-expected results in the bank’s investment banking and trading operations. Here’s how the company performed, compared with estimates from LSEG, formerly known as Refinitiv: Earnings: $1.86 per share, adjusted, vs. $1.23 expected Revenue: $21.10 billion vs. $20.4 billion expected The bank said profit...

How soaring demand for Ozempic and Wegovy have led to Novo Nordisk's meteoric rise
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Novo Nordisk hits $500 billion in market value as it flags soaring demand for Wegovy, Ozempic

Liselotte Sabroe | Afp | Getty Images Novo Nordisk on Wednesday reported better-than-expected 2023 earnings, as sales of its wildly popular anti-obesity and diabetes drugs continued to soar. The maker of weight loss drug Wegovy and diabetes drug Ozempic reported an increase in sales of 31% in Danish kroner and 36% at constant exchange rates...

Citigroup posts $1.8 billion fourth-quarter loss after litany of charges
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Citigroup (C) earnings Q4 2023

Citigroup on Friday posted a $1.8 billion fourth-quarter loss after booking several large charges tied to overseas risks, last year’s regional banking crisis and CEO Jane Fraser’s corporate overhaul. All told, the charges — so massive the bank preannounced their effect this week — hit quarterly earnings by $4.66 billion, or $2 per share, Citigroup...

Wells Fargo posts higher fourth-quarter profit, helped by higher interest rates and cost cutting
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Wells Fargo (WFC) earnings 4Q 2023

Wells Fargo shares fell Friday even after fourth-quarter profit rose from a year ago, as the bank warned that net interest income for 2024 could come in significantly lower year over year. “As we look forward, our business performance remains sensitive to interest rates and the health of the U.S. economy, but we are confident...

Charlie Munger: When Warren and I were starting 'I never thought we would ever get to $100 million'
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Munger in final interview describes how he and Buffett turned Berkshire Hathaway into such a success

Today, Berkshire Hathaway is massive conglomerate worth north of $785 billion with businesses and investments all around the world. This exceeded Charlie Munger’s wildest dreams. “I did not think we’d ever have … so many hundreds of billions in Berkshire,” Munger, the former vice chairman of Berkshire, said in his final interview with CNBC’s Becky...

Huge rerating for South Korean companies if 'chaebol discount' issue is resolved: Yuanta Securities
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Value stock or value trap?

A cameraman takes video footage of a stock index board showing South Korea’s benchmark stock index (L) after a ceremony celebrating the New Year’s opening of the South Korea stock market at the Korea Exchange in Seoul on January 2, 2023. (Photo by Jung Yeon-je / AFP) (Photo by JUNG YEON-JE/AFP via Getty Images) Jung...