Exxon, Amazon, Ford, Best Buy: the stocks that defined the week
Exxon XOM -0.32%
The ground underlying the oil industry is becoming increasingly slippery. Exxon Mobil Corp. and Royal Dutch Shell RDS.A -0.52%
The PLC suffered major defeats on Wednesday as environmental groups and activist investors step up pressure on the oil industry to address concerns about climate change. First, a Dutch court ordered Shell to dramatically cut its carbon emissions, and then hours later an activist investor won at least two seats on Exxon’s board. Exxon shares rose 1.2% on Wednesday.
A tech titan wants to run one of Hollywood’s most legendary studios. Amazon.com Inc. said on Wednesday it had agreed to buy MGM Holdings, a deal that would turn a cinematic operation known for classics like “Singin ‘in the Rain” and “Rocky” into a streaming asset for the e-commerce giant. . The agreement is part of a larger consolidation in the media world; last week AT&T agreed to combine its media assets with Discovery Inc.
A purchase of MGM would mark Amazon’s second-largest acquisition in history, behind its $ 13.7 billion pickup from Whole Foods in 2017, and highlights the premium content commands as streaming wars force The consolidation. Amazon shares rose 0.2% on Wednesday.
Bank of America BAC -0.38%
A large bank hangs up on the cold call. Bank of America Corp.’s Merrill Lynch wealth management unit. Prohibits trainee brokers from pushing hot investments onto anyone who picks up the phone, a practice once widely regarded in the industry as a rite of passage. On Monday, Merrill rolled out a revamped advisor training program that bars attendees from making cold calls and instructs potential brokers to use internal referrals or LinkedIn posts to attract clients instead. The move comes after the program’s 3,000 interns were told to stop outbound recruitment efforts to find new clients last year after problematic phone calls. Shares of Bank of America rose 0.5% on Monday.
Best buy Co.
Is America Running Out of Televisions? Best Buy is rushing to have enough TVs and home appliances for sale in its stores this year, in the face of growing demand from U.S. consumers. Best Buy’s comparable sales rose 37% in the company’s quarter that ended earlier this month as it struggled to tackle supply chain challenges, and the company expects “some level of inventory constraints” through the remainder of 2021, according to Best Buy Executive Corie Barry. The situation is a sharp turn from the depths of the Covid-19 pandemic a year ago, when many retail executives worried aloud about whether buyers would ever return. Best Buy shares rose 1% on Thursday.
Ford engine Co.
Ford’s plan to increase production of electric vehicles is gaining momentum. Ford executives told investors on Wednesday that they expected 40% of the company’s global sales to be fully electric by 2030, and that the company would increase its spending on electric vehicle development to $ 30 billion. dollars by 2025, about a third more than she had expected earlier. year. The promises are part of a technology-centric strategy to electrify much of Ford’s vehicle lineup and sharply grow its trucks and vans business. Its shares rose 8.5% on Wednesday.
HCA Health Inc.
A national hospital chain wants to google the health records of its patients. HCA Healthcare Inc. and Alphabet Inc. of
The Google unit on Wednesday announced an agreement to develop health algorithms from digital health records and internet-connected medical devices. The companies said it would help improve operational efficiency, monitor patients and guide physician decisions. HCA said patient records would be stripped of identifying information before being shared with Google data scientists and the hospital system would control access to the data. Google has already made deals with other leading US hospital systems that granted access to patients’ personal information, thereby garnering public attention. HCA shares rose 0.77% on Wednesday.
Will the demand for the PC decline once the pandemic subsides? The chief executive of HP Inc. expects personal computers to remain a hot topic next year, he said on Thursday as the company posted about a 27% increase in revenue in the second quarter and increased its profit outlook for the full year. Pandemic-fueled computer usage has helped HP achieve strong results despite a semiconductor shortage that is hurting some industries. Personal computer sales saw their strongest growth in a decade last year, underscoring the passage of mobile devices caused by the coronavirus pandemic, industry data shows. Investors may not yet be convinced that the race can continue. HP shares fell 8.9% on Friday.
Write to Dan Fitzpatrick at [email protected]
Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8