Exxon Mobil on Friday beat Wall Street’s estimate for fourth-quarter profit as higher oil and gas production offset lower oil prices and weaker refining margins.Fourth quarter profit was $7.39 billion. Profit per share was $1.67, beating analyst estimates of $1.56, according to LSEG data.The No. 1 U.S. oil producer reported total earnings of $33.46 billion for full-year 2024, down from $38.57 billion the year earlier.The company became the largest oil producer in the Permian basin in 2024, the biggest U.S. oilfield, after closing its acquisition of Pioneer Natural Resources in May.Exxon’s low production costs in the basin and its lucrative…
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New platform launches and possible product releases for Oddity in the coming months could spell upside for shares, according to JPMorgan. The firm initiated coverage on the beauty and wellness stock with an overweight rating and a $55 price target. That reflects more than 17% upside from Thursday’s close. “We believe Oddity is well positioned to capitalize on the shift of beauty online (~20% penetration), which, combined with new brand launches and other growth drivers such as international expansion, should support 20%+ revenue growth over time,” analyst Cory Carpenter wrote in a Friday note to clients. “Oddity has an attractive…
Hamas on Friday announced the names of three hostages — including an American citizen — whom it said it would release this weekend as part of its cease-fire with Israel to end the war in Gaza, an agreement that has now held for nearly two weeks.Abu Obeida, the spokesman for the group’s armed wing, named the three as Yarden Bibas, 35, Ofer Kalderon, 54, and Keith Siegel, 65, an American-Israeli. Israel is slated to release about 90 Palestinian prisoners this weekend in exchange for the three men, according to a Hamas-linked prisoners’ information center.The three were abducted during the Oct.…
Michael Wirth, CEO of Chevron.Adam Jeffery | CNBCChevron reported fourth-quarter earnings below Wall Street estimates on Friday as weak margins pushed its refining business into a loss for the first time since 2020.The second-largest U.S. oil producer posted total earnings of $3.24 billion for the three months ended Dec. 31, up from $2.26 billion in the same period last year.However, its adjusted earnings per share of $2.06 was below Wall Street’s $2.11 estimate, hit by weak fuel sales in the United States.Profits on fuel sales tumbled across the industry last year, as the post-pandemic demand surge faded and economic activity…
Analysts on Wall Street are responding favorably to Apple’s latest quarterly results , even though its iPhone revenue came in weaker than expected. For its fiscal 2025 first quarter, the iPhone maker’s earnings and revenue beat analysts’ expectations, with overall revenue rising 4%. However, iPhone sales missed estimates and slightly fell year over year, while overall sales in China dropped 11.1% in the quarter. Apple CEO Tim Cook said: “During the December quarter, we saw that in markets where we had rolled out Apple intelligence, that the year-over-year performance on the iPhone 16 family was stronger than those markets where…
The U.S. Department of Justice building is pictured in Washington, U.S., March 21, 2019.Leah Millis | ReutersDonald Trump kicked off his second presidential term with dozens of executive orders, many of which focus on hot-button culture war issues, from transgender and abortion rights to diversity, equity and inclusion initiatives. The job of enforcing the administration’s position on those issues will largely fall to the Justice Department’s Civil Rights Division.During past handovers between Democratic and Republican administrations, the Civil Rights Division has undergone major policy shifts. During the George W. Bush administration, for example, the division focused resources on fighting religious discrimination. After…
Jaap Arriens | Nurphoto | Getty ImagesThis report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.What you need to know todayMarkets rise amid choppy tradingMajor U.S. benchmarks rose on Thursday in a volatile session that saw stocks slump in the final hour of trading before sharply recovering losses. Asia-Pacific markets mostly advanced Friday. India’s Nifty 50 index climbed around 0.8% ahead of the country’s Union Budget on Saturday, in which the government has…
Jaap Arriens | NurPhoto via Getty ImagesLarge language models like those developed by Microsoft-backed firm OpenAI are set to become commoditized this year amid rapid advances toward next-generation artificial intelligence agents and more nimble, open-source rivals, according to top tech executives.Last week, Chinese AI firm DeepSeek released R1, an open-source reasoning model that claims to rival OpenAI’s o1 model on both cost and performance. Open-source refers to software whose source code is made freely available on the open web for possible modification and redistribution.This week, growing awareness of DeepSeek’s new model led to a severe slump in shares of Nvidia…
When President Gustavo Petro of Colombia announced on social media on Sunday that he had turned back U.S. military planes carrying deportees, President Trump came down hard.He threatened tariffs and penalties so extreme Mr. Petro was forced to back down. “They pushed until he had to bend,” Jorge Enrique Robledo, a former longtime Colombian senator, said in an interview.Later that day, the White House and Mr. Petro’s government announced that Colombia would welcome all Colombian deportees, including those on military jets, and Mr. Trump declared victory.The crisis riveted attention to the Trump administration’s deportation efforts; it also raised questions about…
Rapeepong Puttakumwong | Moment | Getty ImagesFrom jewelry and clothes to food waste, a growing number of sectors are focusing on operating as part of a “circular economy,” aiming to waste less — and reap the financial benefits in the process.The rising cost of raw materials and a move to reduce carbon emissions could mean working in this way becomes “critical,” according to Goldman Sachs, which said the global economy could benefit to the tune of up to $4.5 trillion by 2030.What is the circular economy?In simple terms, the circular economy refers to the process of reusing, repairing or recycling…
