Business and Finance News - 10.16.24

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Goldman Sachs, Bank of America, and Citigroup all exceeded earnings expectations, continuing a strong quarter for major banks. Goldman Sachs shares rose 1.6%, extending recent gains, while Bank of America climbed over 2%, and Citigroup neared a buy point after posting solid financial results despite a slight earnings decline. (Investor’s Business Daily)

*Bank of America (BA) - Bank of America is a multinational financial institution that provides a wide range of banking and financial services to individuals, businesses, and institutions.

*Citigroup (C) - Citigroup Inc., commonly known as Citi, is a global financial services corporation with a wide range of financial products and services.

*Goldman Sachs (GS) - Goldman Sachs is a global investment banking, securities, and investment management firm that provides a wide range of financial services to corporations, financial institutions, governments, and individuals.

Boeing is raising up to $35 billion through stock and debt offerings and a $10 billion credit agreement with major lenders to address financial strain caused by a production slump and a strike by 33,000 workers. The company faces liquidity challenges and may need to raise $10-15 billion to maintain its credit rating. (Reuters)

*Boeing (BA) - Boeing is a leading American multinational corporation that designs, manufactures, and sells airplanes, rotorcraft, rockets, satellites, telecommunications equipment, and missiles worldwide.

Charles Schwab Corp. reported third-quarter earnings per share of 77 cents, exceeding analyst expectations, with adjusted net income reaching $1.5 billion. The firm reduced its costly debt by $8.9 billion and saw client cash sweep balances increase by $9.2 billion, contributing to a 7.45% rise in shares. (Yahoo! Finance)

*Charles Schwab (SCHW) - Charles Schwab is a financial services company that offers a broad range of investment and banking services, including brokerage accounts, financial advisory, retirement planning, wealth management, and trading platforms for individual investors and institutions.

Google has signed a deal with Kairos Power to purchase electricity from small modular nuclear reactors (SMRs), making it the first corporate agreement of its kind. The deal aims to support Google's carbon-free energy goals by 2030, with the first reactor expected to be operational by 2030 and additional reactors built through 2035. (The Verge)

*Google (GOOGL) - Google LLC, a subsidiary of Alphabet Inc., is a global technology company specializing in Internet-related services and products. Its core offerings include the Google Search engine, YouTube, and the Android operating system.

Walgreens reported fiscal fourth-quarter sales of $37.55 billion, beating Wall Street expectations and reflecting efforts to cut costs. The company plans to close 1,200 stores over three years, including 500 in fiscal 2025, as it addresses challenges such as pharmacy reimbursement pressure and softer consumer spending. (CNBC)

*Walgreens (WBA) - Walgreens, officially known as Walgreens Boots Alliance, Inc., is a major American pharmacy and retail corporation.

Here’s how the major indexes did yesterday:

• Dow Jones Industrial Average: 42,740.42 -324.80 (-0.75%)

• S&P 500: 5,815.26 -44.59 (-0.76%)

• Nasdaq Composite: 18,315.59 -187.10 (-1.01%)

• Russell 2000: 2,249.82 +1.18 (+0.05%)

Here’s how leading market ETFs did yesterday:

• SPDR S&P 500 ETF Trust (SPY): 579.78 -4.54 (-0.78%)

• iShares Core S&P 500 ETF (IVV): 582.49 -4.66 (-0.79%)

• Invesco QQQ Trust (QQQ): 490.85 -6.65 (-1.34%)

• Vanguard S&P 500 ETF (VOO): 532.98 -4.09 (-0.76%)

• Vanguard Total Stock Market ETF (VTI): 286.36 -1.98 (-0.69%)

Here’s how The Magnificent Seven did yesterday:

• Apple (AAPL) [3.586T]: 233.85 +2.55 (+1.10%)

• Nvidia (NVDA) [3.243T]: 131.60 -6.47 (-4.69%)

• Microsoft (MSFT) [3.112T]: 418.74 -0.40 (-0.10%)

• Alphabet (GOOGL) [2.065T]: 165.46 +0.50 (+0.30%)

• Amazon (AMZN) [1.953T]: 187.69 +0.15 (+0.08%)

• Meta Platforms (META) [1.487T]: 586.27 -4.15 (-0.70%)

• Tesla (TSLA) [700.25B]: 219.57 +0.41 (+0.19%)

Here’s how the major cryptocurrencies did yesterday:

• Bitcoin (BTC): $67,130.47 (9:00PM PST on 10/15/24)

• Ethereum (ETH): $2,619.19 (9:00PM PST on 10/15/24)

• Solano (SOL): $154.27 (9:00PM PST on 10/15/24)