Morgan Stanley reported that its second-quarter profit and revenue surpassed analysts’ estimates, driven by stronger trading and investment banking results. The company disclosed earnings of $1.82 per share, higher than the $1.65 per share estimated by LSEG. Additionally, the revenue exceeded expectations at $15.02 billion, compared to the $14.3 billion estimate. The bank experienced a
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General Motors’ ambitious goal of producing 1 million all-electric vehicles in North America by the end of 2025 seems to be in jeopardy. CEO Mary Barra cast doubt on this target during a virtual CNBC CEO Council event, citing the slow development of the market for electric vehicles. Barra’s statement raises questions about the feasibility
Macy’s, the iconic department store, recently announced the termination of negotiations with a group of activists looking to take the retailer private for approximately $6.9 billion. The board cited concerns about financing and the lack of compelling value in the proposal as the reasons for ending talks. The Failed Proposal The activist group, Arkhouse and
The recent incident involving SpaceX’s Falcon 9 rocket has left the company grounded as they conduct a thorough investigation into what went wrong. The mission, labeled “Starlink Group 9-3,” saw the rocket successfully launch from California’s Vandenberg Space Force Base. However, the upper second stage of the rocket failed to reignite its engine as planned,
Paris, known as the City of Light, is seeing a significant decrease in tourism this summer due to the influx of Olympic athletes. Delta Air Lines reports that travelers are choosing to book flights to other destinations instead of Paris, resulting in a $100 million loss for the airline. CEO Ed Bastian stated that unless
Audi, the premium automotive brand owned by Volkswagen, has recently announced a multiyear partnership with Inter Miami CF, a South Florida soccer club. The decision to team up with the soccer club comes as Audi aims to expand its reach within the growing soccer fan base in the United States. According to Emilie Cotter, Chief
The National Football League is exploring the possibility of allowing minority private equity ownership for its 32 teams, with Commissioner Roger Goodell sharing insights in an exclusive CNBC interview. Goodell emphasized the need for the league’s policies to evolve in line with the changing dynamics of the sports industry. The proposal under consideration would permit
Pfizer recently announced its decision to proceed with the development of a once-daily version of its weight loss pill, danuglipron, following positive outcomes in an ongoing early-stage study. The company has identified a specific formulation of the drug that exhibits a favorable safety profile and is well-tolerated by the body. To further evaluate the potential
With the upcoming Summer Olympics in Paris, sportsbooks and daily fantasy operators are gearing up for a potential surge in betting activity. This year’s games mark the first time legal gambling has been widespread in the U.S. during the Olympics, setting the stage for increased wagering compared to previous editions. The gaming industry is optimistic
The Federal Trade Commission is gearing up to file lawsuits against three major U.S. health companies for their involvement as intermediaries in negotiating prices for essential medications like insulin. According to a source familiar with the matter, the FTC’s contention is that these companies’ practices contribute to inflated costs for patients. The three pharmacy benefit