Market movers: Stocks seeing action on Friday

) were higher on Friday despite posting a sharp drop in its third-quarter profits on Friday, hurt by lower commodity prices.

Adjusting for the sale of XTO Energy Canada, which closed in the third quarter of 2022, Imperial’s production increased by about 5,000 gross BOEPD. Wall Street cheered the positive commentary for the business that brings in almost all of Amazon’s profit, but had slowed after the pandemic as customers cut costs.

Results came “broadly in line” with market expectations, according to RBC analyst Biraj Borkhataria, with weaker than expected results in refining and chemicals. The results were aided by higher oil and fuel prices, but damped by Exxon’s chemical business, which was hit by higher raw materials costs. Chemical Products third-quarter earnings were US$249-million, down from US$828-million in the second quarter.

Under CEO Pat Gelsinger, Intel is trying to turn around its business by making heavy infrastructure investments that the company hopes will give it an edge in chipmaking and allow it to compete with the likes of Taiwan’s TSMC for foundry clients. The company is under heavy pressure in the data center chip market from Nvidia, whose graphic processing units are used for training artificial intelligence models.a net income attributable to shareholders of $50.4-million in its latest quarter, a turnaround from its net loss of $367.1-million in the fourth quarter of last year.

But on an adjusted basis, Corus says it recorded a loss of four cents per share for the quarter, compared with a loss of eight cents per share in the same quarter last year. “We doubt that anyone will care about those items above, with the focus likely to be on two negative items:“2. TV advertising revenue was down 10 per cent year-over-year in Q4/23 , and management is guiding to negative 15 per cent to down 20 per cent for Q1/24 . Management also expects programming costs to be down 15-20 per cent in Q1/24, given that shows are not being made and delivered.

Ford Chief Financial Officer John Lawler in a media briefing on Thursday said the company will delay some of its planned multibillion-dollar investment in new EV production capacity, citing “tremendous downward pressure” on prices. The automaker said its EV business was experiencing “sharply compressed” prices and profitability, and said customers were not willing to pay a premium for EVs over comparable combustion and hybrid models.

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