) soared after the U.S. Department of Energy finalized a US$2.26-billion to build its Nevada’s Thacker Pass lithium mine, one of Washington’s largest mining industry investments and part of a broader push to boost critical minerals production.
Former President Donald Trump had permitted the mine just before leaving office. Initial construction at the site, just south of Nevada’s border with Oregon, started last year after the company won a long-running and complex court case brought by conservationists, ranchers and Indigenous communities.
The mine’s cost had been increased from a previous estimate of US$2.27-billion to nearly US$2.93-billion due to higher engineering costs, an agreement to use union labor, and the company’s decision to build a housing facility for workers and their families in the remote region.) was higher ahead of kicking off earnings season for the “Magnificent Seven” group of megacap technology stocks that have driven Wall Street to all-time highs this year.
The other risk Alphabet faces is from regulators who are considering breaking up Google to loosen what they call its “illegal monopoly” on online search. In a report earlier this month that raised alarm bells among investors, research firm eMarketer said Google’s share of U.S. search advertising revenue was set to fall below 50 per cent next year for the first time in at least 18 years.
On Tuesday, the company said the better-than-expected rise in Paxlovid sales reflected higher infection rates during the quarter and strong commercial execution. Pfizer said it was on track to deliver at least US$4-billion in savings from its cost cut program this year. Pfizer raised both ends of its 2024 profit forecast range by 30 US cents and expects to earn US$2.75 to US$2.95 per share. On an adjusted basis, Pfizer earned US$1.06 per share in the third quarter, compared with analysts’ estimates of 62 US cents.) continue to surge on Tuesday, extending a recent rally as betting odds favored the Republican candidate in the final stretch of his bid for reelection to the White House.have nearly quadrupled since sinking to an all-time low in late September.
It expects 2024 adjusted earnings before interest and taxes of about US$10-billion, compared with its earlier projection of US$10-billion to US$12-billion. Though Ford reported third-quarter profit above estimates, its inventory was higher than its target range, as it ended the quarter with 91 days of gross stock and 68 days of dealer stock, CEO Jim Farley told analysts.
Ford shares have declined 5.4 per cent this year, giving it a price-to-earnings ratio of about 12, compared with GM’s 5.62.) posted a steeper-than-expected drop in quarterly global sales, hurt by muted demand across key markets, including Europe and the United States where it is expected to face more weakness as the burger giant reels from a deadly E. coli outbreak.Global sales fell 1.
The outbreak likely has thrown a near term “monkey wrench” into the U.S. sales recovery when coupled with mixed third-quarter results, Citi analyst Jon Tower said. “We believe European economies remain under pressure with potential for softer traffic from concerns with war in the Middle East, especially in urban markets, and some pressure on costs from a stronger dollar,” Jim Sanderson, analyst with Northcoast Research.) slumped after it reported a 30-per-cent drop in third-quarter profit to US$2.3-billion, the lowest in almost four years, weighed down by weaker refining margins and oil trading results.
The energy giant maintained its dividend at 8 US cents a share after raising it in the previous quarter. It also kept the rate of its share buyback programme at US$1.75-billion over the next three months and committed to do so again for the following three months. BP will update its financial framework in February.
BP’s underlying replacement cost profit, the company’s definition of net income, reached US$2.27-billion in the third quarter, exceeding forecasts of US$2.05-billion in a company-provided survey of analysts but down from US$2.8-billion in the previous quarter and US$3.3-billion a year earlier.) forecast fourth-quarter revenue below estimates on Tuesday as the digital payments company shifts its focus to higher-margin businesses from aggressive expansion, sending its shares down.
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