What you need to know today
Ford profit miss
Ford Motor shares plunged 11% in extended trading after the company missed Wall Street’s second-quarter earnings expectations due to increased warranty costs. The automaker beat revenue estimates and raised its free cash flow target, but maintained its 2024 earnings guidance, disappointing investors. Ford reported adjusted earnings per share of 47 cents, falling short of the expected 68 cents, while automotive revenue reached $44.81 billion, surpassing the anticipated $44.02 billion.
Ford Motor shares plunged 11% in extended trading after the company missed Wall Street’s second-quarter earnings expectations due to increased warranty costs. The automaker beat revenue estimates and raised its free cash flow target, but maintained its 2024 earnings guidance, disappointing investors. Ford reported adjusted earnings per share of 47 cents, falling short of the expected 68 cents, while automotive revenue reached $44.81 billion, surpassing the anticipated $44.02 billion.
Tesla dives
Tesla shares plunged over 12% on Wednesday, their steepest decline since 2020, after the electric vehicle maker reported weaker-than-expected quarterly earnings and a further drop in automotive revenue. The decline in revenue, attributed to price cuts and incentives amid slowing sales and heightened competition, particularly in China, has dragged the stock down 13% so far this year, while the Nasdaq is up 16% over the same period.
Tesla shares plunged over 12% on Wednesday, their steepest decline since 2020, after the electric vehicle maker reported weaker-than-expected quarterly earnings and a further drop in automotive revenue. The decline in revenue, attributed to price cuts and incentives amid slowing sales and heightened competition, particularly in China, has dragged the stock down 13% so far this year, while the Nasdaq is up 16% over the same period.
NBA media rights
The National Basketball Association rejected Warner Bros. Discovery’s attempt to match Amazon’s $1.8 billion a year offer for media rights, opting instead to finalize a deal with Amazon. This ends a decades-long partnership with Warner Bros. Discovery and its cable network TNT. The NBA’s decision is part of a broader $77 billion, 11-year media rights renewal, with Disney and Comcast’s NBCUniversal securing the other two packages.
The National Basketball Association rejected Warner Bros. Discovery’s attempt to match Amazon’s $1.8 billion a year offer for media rights, opting instead to finalize a deal with Amazon. This ends a decades-long partnership with Warner Bros. Discovery and its cable network TNT. The NBA’s decision is part of a broader $77 billion, 11-year media rights renewal, with Disney and Comcast’s NBCUniversal securing the other two packages.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Some famous words of Buffett. I hope it's useful to you. : )
426Followers
4Following
5007Visitors
Follow