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(Bloomberg) — AbbVie Inc. beat expectations for second-quarter profit and revenue and raised its adjusted profit guidance for the year as sales rebounded from last year’s pandemic disruptions, helped by the purchase of Allergan. Adjusted earnings for the year will be $12.52 to $12.62 a share, AbbVie said, up from a previous range that topped out at $12.57.Revenue was $14 billion for the quarter, a 34% increase from the year-earlier period that beat Wall Street’s projection of $13.65… Source link

Elon Musk unveiling of the Tesla Model Y in Hawthorne in 2019. A new book doles out the credit and blame for the electric car’s ups and downs. (Frederic J. Brown / AFP via Getty Images) Apple Chief Executive Tim Cook and Tesla Chief Executive Elon Musk are talking on the phone. The 2016 unveiling of the make-it-or-break-it Model 3 is coming soon, but Tesla is in serious financial trouble. Cook has an idea: Apple buys Tesla. Musk is interested, but one condition: “I’m CEO.” Sure, says Cook…. Source link

Officials are continuing to raise concerns over the recent rise in COVID case numbers across the country. Not helping matters is the still large number of people who remain unvaccinated. “It is a pandemic of the unvaccinated,” Gov. Phil Murphy (D-NJ) said on Yahoo Finance Live (video above). “It is literally 99.99% likely that the folks who are in the hospital are unvaccinated.” Some states have reached a point in which their elected officials are imposing vaccine mandates for state… Source link

Sharp dive for mortgage rates sets off new refinancing boom Many homeowners know a good deal when they see one. Demand for refinance mortgages is soaring, a survey by a major lenders trade association finds. Homeowners are stampeding toward mortgage rates that have been driven back toward all-time lows by worries about the Delta variant and by the elimination of a widely despised fee on refi loans. But U.S. homeowners are still leaving lots of money on the table. Online real estate marketplace… Source link

Amazon’s second quarter underscored its ongoing dominance in all things retail and cloud services, but some squishy aspects to the earnings release have investors in profit-taking mode.  Shares of the tech beast dropped more than 6% in pre-market trading on Friday after the company surprisingly missed on sales estimates. Several factors in the report are likely weighing on the minds of investors.  First, the headline sales miss marked the first time Amazon (AMZN) missed consensus revenue… Source link

This article first appeared in the Morning Brief. Get the Morning Brief sent directly to your inbox every Monday to Friday by 6:30 a.m. ET. Subscribe Friday, July 30, 2021 Robinhood shares fall on their first day of trading Shares of Robinhood (HOOD) sank by more than 8% on the company’s first day of trading, and day two starts in just a few hours.  The public debut for any company is exciting. But in many ways the Robinhood IPO meant a little more, serving as a sort of natural endnote to the… Source link

(Bloomberg) — Chinese stocks fell on Friday, rounding off a volatile week for investors struggling to price in Beijing’s tightening regulatory grip after a rout pushed the nation’s key equity index to the brink of a bear market. The CSI 300 index fell 0.8% on the day and 5.5% for the week, the worst since February. In Hong Kong the Hang Seng Index, which earlier this week saw its biggest two-day loss since 2008, dropped 1.4%. Alibaba Group Holding Ltd. slipped 4.2% while Meituan lost… Source link

(Bloomberg) — U.S. equity futures slid with stocks Friday as investors worried about slowing growth at megacap technology companies and risks from China’s regulatory crackdown. Treasuries and the dollar rose. Nasdaq 100 contracts slid more than 1% as Amazon.com Inc. tumbled in extended trading after its sales outlook missed expectations, adding to this week’s cautious forecasts from Facebook Inc. and Apple Inc. S&P 500 futures also fell. Stocks resumed declines in Hong Kong and China, a… Source link

S&P 500 and Dow futures opened slightly higher, while Nasdaq futures sank as the overnight session kicked off to track a decline in heavily weighted component Amazon.  The three major indexes had closed out Thursday’s regular session higher as investors contemplated more corporate earnings results and a second-quarter U.S. GDP report that missed lofty economists’ expectations. But traders appeared to take the latest economic data as a sign bolstering the Federal Reserve’s case to keep… Source link

Scarlett Johansson and Disney (DIS) locked horns on Thursday over the release of “Black Widow,” with the entertainment behemoth dismissing a high-stakes breach of contract lawsuit as “sad and distressing.” Johansson, who starred in multiple Marvel Cinematic Universe movies as Natasha “Black Widow” Romanov, fired the first salvo in a bombshell filing that alleged Disney broke its contract with her by releasing her solo feature on streaming platform Disney+ on the same day as… Source link