Oil prices have surged, but here’s why one fund manager warns they’ve gone too far
- RBC analyst says was wrong on Exxon as oil giant upgraded to sector perform
- Oil extends gains after reports that an explosion disrupted flow through the Kirkuk-Ceyhan pipeline
- Asian markets mostly lower after Wall Street retreats and oil prices surge
- This is the window of time when value can outperform growth in the stock market
Market Pulse: Earnings
P&G beats the Street, narrows sales guidance
- Ford to book $8.2 billion fourth-quarter profit on Rivian investment
- UnitedHealth stock gains after profit, revenue rise above expectations
- Morgan Stanley shares jump premarket as profit tops Street estimates
- Bank of America earnings rise 28%, and stock gains
- State Street stock extends pullback from near 4-year high after revenue comes up shy of expectations
Here’s what history says about Nasdaq’s near-term returns after first close below its 200-day moving average
- Investors brace for risk of first half-point Federal Reserve rate hike in more than 20 years in March
- Opinion: Why Wall Street is celebrating Joe Biden’s low approval rating
- Are you prepared for a crash? Here’s how to protect your investments.
- This is the window of time when value can outperform growth in the stock market
Free N95 masks to be made available at U.S. pharmacies, White House says
- Biden administration’s website for free COVID-19 tests has gone live ahead of schedule — here’s everything you need to know
- To mask or not to mask at work? Even at the U.S. Supreme Court, there’s a dissenting opinion.
- Carhartt CEO says an unvaccinated workforce is a ‘risk that our company is unwilling to take’
- Amid Downing Street parties scandal, Boris Johnson relaxes COVID-19 restrictions in U.K.
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Investing
State Street stock extends pullback from near 4-year high after revenue comes up shy of expectations
Shares of State Street Corp. slumped 4.7% in morning trading Wednesday, to extend their pullback from a near four-year high, after the trust and banking services company reported fourth-quarter revenue that came up shy of expectations, as net interest income fell more than forecast (NII). Net income rose to $697 million, or $1.78 a share, from $537 million, or $1.39 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.88, while the bank said EPS excluding "notable" items, such as acquisition and restructuring costs and deferred compensation expense acceleration, came in at $2.00. Total revenue rose 4.7% to $3.05 billion, below the FactSet consensus of $3.01 billion, as net interest income fell 3.0% to $484 million to miss expectations of $486.4 million. Total expenses rose 1.4% to $2.16 billion, as compensation and employee benefits costs grew 4.6% to $1.18 billion. The stock has now dropped 7.3% since it closed Friday at the highest level since April 2018. It has lost 0.9% over the past three months while the S&P 500 has gained 1.5%.
Coca-Cola to use self-driving vehicles to deliver its latest product launches
Coca-Cola Co. said Wednesday that it will use a limited number of self-driving vehicles to deliver its latest launches to customers in Chicago, Los Angeles and New York. Starting today, customers can go to a special website to sign up for a delivery of the new items in less than an hour, while supplies last. Some of those packages will arrive via the robotic vehicles. The new items include Coca-Cola with Coffee Mocha, which joins a lineup that includes vanilla, the top-selling Coca-Cola with Coffee flavor, and caramel. Coca-Cola with Coffee launched in January 2021. The beverage giant has also unveiled new packaging for its Coca‑Cola Cherry, Coca‑Cola Vanilla and Coca‑Cola Cherry Vanilla drinks, as well as the zero-sugar versions of these items. Coca-Cola has made a series ofproduct announcements in recent weeks. The stock has run up 25% over the past year while the Dow Jones Industrial Average has gained 14.6%.
Real Estate
Housing starts edges higher in December as permitting for residential construction soars
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of roughly 1.7 million in December, representing a 1% increase from the previous month, the U.S. Census Bureau reported Wednesday. Compared with December 2020, housing starts were up 2.5%. Meanwhile, permitting for new homes occurred at a seasonally-adjusted annual rate of 1.87 million, up 9% from November and 6.5% from a year ago. Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.65 million and building permits to come in at a median pace of 1.71 million.
