Bank of America (NYSE: BAC) reported a 45% dip in earnings for the first quarter of 2020 due to the inclusion of higher provision expense for COVID-19 related reserve build. During the quarter, the company suspended its buyback program to provide additional support to the economy.
The increase in loan loss reserves and the impact of lower interest rates hurt income in Consumer Banking while higher provision expense impacted income in Global Wealth and Investment Management as well as in Global Banking. The higher sales and trading revenue drove income in the Global Markets higher.
Micron Technology Inc. (NASDAQ: MU) Thursday said its fourth-quarter profit declined from last year, hurt by a sharp fall in revenues. Earnings, however, beat the market’s projection. On an adjusted
Shares of Philip Morris International Inc. (NYSE: PM) were down 1% on Thursday. The stock has dropped over 9% year-to-date. Although the tobacco industry has felt the pinch of inflation,
CarMax, Inc. (NYSE:KMX) reported second quarter 2023 earnings results today. Net revenues rose 2% year-over-year to $8.1 billion. Net earnings were $125.9 million, or $0.79 per share, compared to $285.2 million,