) rose after finalizing its merger with Kansas City Southern to create Canadian Pacific Kansas City.
It says shares in the railway will remain listed on the Toronto Stock Exchange and New York Stock Exchange under the ticker symbol CP and are expected to begin trading under the new name on April 18.) was higher after it said on Friday it would spend $2-billion to expand its business in 2023 and create more than 6,000 new jobs in retail, supply chain, technology and construction in Canada.
In February, the company had forecast annual earnings above analysts’ expectations after it posted upbeat fourth-quarter results, helped by steady demand for groceries, cough and cold medicines, as well as high-margin beauty and cosmetics products.) first-quarter profit beat Wall Street estimates as higher interest income offset weakness in dealmaking, and the biggest U.S. lender remained resilient through the banking crisis in March.
“However, the storm clouds that we have been monitoring for the past year remain on the horizon, and the banking industry turmoil adds to these risks.” “JPM is one of those household names in a sector that we were the most concerned about reporting better than expected earnings and that is certainly putting a bid in the stock and a bid in the market,” said Art Hogan, chief market strategist at B Riley Wealth in Boston.) rose after it beat profit expectations for the first quarter as the lender earned more from higher interest rates, while executives said the U.S. economy is strong but expected to slow in response to tighter monetary policy.
Analysts have warned of further weakness in the commercial real estate market amid the proliferation of remote working that has emptied out offices in major cities. “Both Wells Fargo and JP Morgan delivered very, very solid results, blowing past the expected earnings. Deposits were down, but really these big banks have been so awash in deposits for the past few years, that they have not known how to put the money to work,” said Opimas CEO Octavio Marenzi.) also gained on a better-than-anticipated first-quarter profit as it earned more from borrowers paying higher interest on loans, benefiting from a tighter monetary policy by the Federal Reserve.
Analysts expect an economic slowdown to curb demand for loans and depress net interest margins across the industry in the coming quarters.
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