Page 6 - Us Companies
Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast
Bank of America 2Q profit more than doubles, tops forecast Bank of America Corp. said Wednesday that second-quarter net income more than doubled to USD9.22 billion from USD3.53 billion a year ago. The Charlotte, North Carolina-based bank said it had earnings of USD1.03 per share for the quarter ended June 30, up from 37 cents in the year-ago quarter. The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 77 cents per share. The nation's second-largest bank posted revenue of USD22.62 billion in the period. Its revenue net of interest expense was USD21.47 billion, missing Street forecasts. Four analysts surveyed by Zacks expected USD21.77 billion. Year-ago revenue was USD22.33 billion. Bank of America shares have increased 32per cent since the beginning of the year, while the S&P 500 index has risen 16per cent. The stock has climbed 65per cent in the last 12 months.
 "Bank of America 2Q profit more than doubles to $9.22 bn, tops forecast")
Joe Biden to warn US companies about Hong Kong risks, says report
A new law that allows Beijing to retaliate against anyone complying with anti-China sanctions is also among the US concerns: media report
 "Joe Biden to warn US companies about Hong Kong risks, says report")
Robinhood gives founders second chance at $1.4 billion windfall
The company had agreed to award CEO Vladimir Tenev and chief creative officer Baiju Bhatt 13.8 million shares contingent on its share price reaching certain price levels at the time of its IPO
 "Robinhood gives founders second chance at $1.4 billion windfall")
Jim Whitehurst steps down as IBM president in just 14 months
In a surprise development, IBM has announced that Jim Whitehurst has decided to step down as President of the company just 14 months after joining in that role.
 "Jim Whitehurst steps down as IBM president in just 14 months")
Trump Organisation CFO Weisselberg surrenders ahead of tax fraud charges
Weisselberg lawyers Mary Mulligan and Bryan Skarlatos said he "intends to plead not guilty and he will fight these charges in court."
 "Trump Organisation CFO Weisselberg surrenders ahead of tax fraud charges")
Biden administration weighs executive order restraining big companies
Action would go beyond traditional antitrust enforcement and would likely face legal challenges
 "Biden administration weighs executive order restraining big companies")
Brooks Brothers post-bankruptcy comeback focuses on casual clothes
The company plans to launch an athleisure line, a product mix with other casual items and a mascot, Henry the Sheep
 "Brooks Brothers post-bankruptcy comeback focuses on casual clothes")
GameStop set to report earnings results as shares reach for peak
The company on April 5 said its global sales rose 11% in the first nine weeks of its fiscal year.
 "GameStop set to report earnings results as shares reach for peak")
Private equity firms in deal to acquire Medline for about $34 billion
At least eight buyout firms had last month been preparing offers for the company
 "Private equity firms in deal to acquire Medline for about $34 billion")
US firms face rising costs, labour shortages amid supply chain disruptions
US firms are facing rising costs and labour shortages amid supply chain disruptions, according to a Federal Reserve survey
 "US firms face rising costs, labour shortages amid supply chain disruptions")
Disney+ Q2 subscriber additions slow, outlook still bright - J.P.Morgan
Disney shares fell 3.7% in aftermarket trading on Thursday after reporting results.
 "Disney+ Q2 subscriber additions slow, outlook still bright - J.P.Morgan")
Archegos prepares for insolvency as banks seek $10-bn compensation: Report
Global banks had lost $10 billion after highly leveraged bets from the family office on media stocks like ViacomCBS turned sour.
 "Archegos prepares for insolvency as banks seek $10-bn compensation: Report")
3M profit jumps on pandemic-driven demand for personal safety products
The US conglomerate makes N95 face masks
 "3M profit jumps on pandemic-driven demand for personal safety products")
GameStop CEO George Sherman to resign amid pivot in business strategy
Its board is searching to identify chief executive officer candidates.
PepsiCo bets on higher soda sales in second qtr as restaurants reopen
PepsiCo Inc said on Thursday it expects organic revenue growth to pick up pace in the second quarter
 "PepsiCo bets on higher soda sales in second qtr as restaurants reopen")
BlackRock quarterly profit jumps as assets rise over $9 trillion
This compares to assets of $6.47 trillion a year earlier.
 "BlackRock quarterly profit jumps as assets rise over $9 trillion")
Making of Bidenomics
The idea of a global minimum tax rate has merits
 "Making of Bidenomics")
US offer on global corporate tax deal would tie levies to revenue
OECD is trying to forge a deal among 139 countries on its plan by this summer
GameStop shares rise over plan to replace chairman with Ryan Cohen
Kurtis Wolf resigned effective April 5, GameStop said in a filing Thursday. The company said the resignation didn't result from a disagreement over operations, policies or practices
Biden willing to negotiate on corporate taxes, 'sick & tired' of non-payers
"I'm willing to negotiate that," he told reporters. "But we've got to pay for this."
 "Biden willing to negotiate on corporate taxes, 'sick & tired' of non-payers")