Stocks traded higher Monday as Wall Street prepared for a busy week of corporate earnings, with reports from Tesla and Netflix among the highlights. Traders also continued to monitor developments in the Israel-Hamas war.Pfizer slashed revenue expectations for the year to $58 billion to $61 billion, down from a previous outlook of $67 billion to $70 billion as the drug maker expects a drop in sales of $9 billion from its Covid-19 vaccine and anti-viral treatment Paxlovid.
Charles Schwab , the largest publicly traded U.S. brokerage, reported third-quarter adjusted earnings of 77 cents a share, beating analysts’ estimates of 74 cents. Revenue fell 6% to $4.61 billion. The stock was up 4.2%. Alignment Healthcare jumped 20% to $7.97 after shares of the provider of health care services for seniors were upgraded to Strong Buy from Outperform at Raymond James and the price target was raised to $10 from $9.
Starboard Value has built a stake in News Corp and the activist shareholder plans to push for strategic and governance changes, The Wall Street Journal reported, citing people familiar with the matter. Starboard’s stake in News Corp is “sizeable,” the people said. News Corp is the owner of Dow Jones, which publishes the Journal, Barron’s, and MarketWatch. News Corp’s class A shares rose 2.9%.
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