Phillips 66 (PSX) Q4 Earnings Miss on Massive Refining Loss

Phillips 66 PSX reported fourth-quarter 2020 adjusted loss per share of $1.16, wider than the Zacks Consensus Estimate of a loss of $1.09. The company reported adjusted earnings of $1.54 per share in the year-ago quarter. Quarterly revenues totaled $16,768 million, down from the year-ago quarter’s $29,612 million. However, the top line beat the Zacks Consensus Estimate of $15,326 million. The wider-than-expected loss was due to sinking demand of...

Zacks.com

Washington says it's ready to engage on WTO reform

Washington says it's ready to engage on WTO reform

Reuters

The engine of the US economy, consumer spending, stutters again

United States consumer spending fell in December, marking the second straight month of declines.

Al Jazeera

AstraZeneca-Oxford vaccine approved for use by European regulator

The vaccine is already in use in the U.K., having been approved at the end of December, and now makes up the bulk of jabs being administered in the country.

CNBC

Reddit co-founder Alexis Ohanian compares GameStop squeeze to Occupy Wall Street: ‘This is the New Normal’

'I don’t think we go back to a world before this,' Ohanian said

MarketWatch

Dow slides 200 points on concerns of retail investors' speculative trading

Reddit traders drove GameStop, AMC, and other favorites higher after brokers removed some of the trading restrictions imposed Thursday.

Business Insider

Factors Setting the Tone for Chipotle's (CMG) Q4 Earnings

Chipotle Mexican Grill, Inc. CMG is scheduled to report fourth-quarter 2020 results on Feb 2, 2021, after market close. In the last reported quarter, the company delivered an earnings surprise of 9.3%. How Are Estimates Trending? The Zacks Consensus Estimate for fourth-quarter earnings is pegged at $3.71, which indicates growth of 29.7% from $2.86 registered in the year-ago quarter. For revenues, the consensus mark is pegged at nearly $1,609...

Zacks.com

SEC to probe Reddit-driven stock rallies, GameStop purchase bans

The Securities and Exchange Commission (SEC) said Friday that it will investigate why certain online trading platforms blocked users from purchasing highly volatile stocks and if illegal market manipulation spurred the recent surge in stocks such as GameStop.In a statement, the agency said it was "closely monitoring and evaluating the extreme price volatility of certain stocks' trading prices over the past several days" and would "review...

The Hill

Robinhood, Webull, M1 and these other platforms have resumed trading of GameStop and AMC shares

Robinhood, Webull, M1 and others said GameStop and AMC trading can resume on Friday, although many platforms put new restrictions in place.

Business Insider

Arthur J. Gallagher (AJG) Q4 Earnings Top, Revenues Miss

Arthur J. Gallagher & Co. AJG reported fourth-quarter 2020 adjusted net earnings of 88 cents per share, which beat the Zacks Consensus Estimate by 14.3%. Moreover, the bottom line increased about 51.7% on a year-over-year basis. The company’s performance was driven by lower expenses, higher adjusted revenues, and strong margin expansion across Brokerage as well as Risk Management segments. Operational Update Total revenues were $1.7 billion,...

Zacks.com

Factors to Know Ahead of Sysco's (SYY) Q2 Earnings Release

Sysco Corporation SYY is likely to register a decline in both top and bottom lines when it releases second-quarter fiscal 2021 numbers on Feb 2. The Zacks Consensus Estimate for revenues is pegged at $11,853 million, which suggests a decline of 21.1% from the figure reported in the prior-year quarter. The Zacks Consensus Estimate for the bottom line has fallen a cent in the past seven days to 35 cents per share, which indicates a slump of 58.8%...

Zacks.com

Elon Musk's tweets are moving markets — and some investors are worried

Bitcoin's value jumped over 20% to $38,566 on Friday after Elon Musk changed his personal Twitter bio to #bitcoin. His tweets have caused other assets to shift.

CNBC

SEC vows to protect 'retail investors,' amid GameStop frenzy

“We will act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited by the federal securities laws,” the SEC said in a release.

NBC News

Biden Era Begins on Bearish Note as Emerging-Market Rally Stalls

Days after Joe Biden’s inauguration, the $11 trillion rally in emerging-market equities is stumbling.

Bloomberg

SEC vows to punish ‘abusive activity’ amid GameStop, Robinhood drama

MarketWatch

Biden’s green vehicle initiative lifts EV makers, and their bets on the future

Automakers and pure play electric vehicle makers got a boost this week by President Joe Biden’s “Buy American” plan. “The federal government ... owns an enormous fleet of vehicles, which we’re going to replace with clean, electric vehicles made right here in America by American workers, creating millions of jobs — a million autoworker jobs in clean energy — and vehicles that are net-zero emissions,” Biden said during the signing of his executive...

Yahoo! Finance

Rogers Communications (RCI) Q4 Earnings Top, Revenues Fall Y/Y

Rogers Communications RCI reported fourth-quarter 2020 adjusted earnings of 76 cents per share that beat the Zacks Consensus Estimate by 1.3%. However, total revenues of $2.82 billion missed the consensus mark by 3.5%. Adjusted earnings declined 1% year over year to C$0.99 per share. Total revenues decreased 6.9% year over year to C$3.68 billion due to decline in Wireless service and equipment revenues as a result of lower subscriber activity...

Zacks.com

What minimum wage increases did to McDonald’s restaurants — and their employees

A Princeton economist looked at the impacts of wage increases over five years at U.S. McDonald's fast-food restaurants.

MarketWatch

Stock market news live updates: Stocks fall, looking to end the week lower

The Dow fell more than 500 points, or about 1.7%, as a rout deepened across the major indexes. Over the course of this week, trading in these and other heavily shorted names generated historic trading volumes in equity markets, surpassing even the volume of trades taking place at the most volatile points of the pandemic in 2020.

Yahoo! Finance

Dow slumps over 400 points midday Friday as GameStop frenzy and vaccine news stresses market

Stock benchmarks head lower Friday, with the worst week since last October in view, amid concern that a slow coronavirus vaccine rollout may delay further economic recovery and on fears that volatile trading in a batch of small, heavily shorted companies may reflect a speculative bubble across the wider market.

MarketWatch

Robinhood and Other Investment Apps Could Face Tighter Regulation Over GameStop Actions

The involvement of subreddit r/wallstreetbets also amounts to stock price manipulation, Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management told Newsweek.

Newsweek