A survey of North American equities heading in both directions
) was higher in early trading reporting its third-quarter iPhone sales were better than expected and forecasting more gains on Thursday as it bets on artificial intelligence to attract buyers, even as its overall China business disappointed.
Chief Financial Officer Luca Maestri told Reuters in an interview that the iPhone results were better than he had expected three months ago. “The iPhone 15 family has been doing well from the very beginning and still now - we have three quarters of the year behind us. It is performing better than the previous cycle, the iPhone 14.”
Analysts expect a strong upgrade cycle for the iPhone 16 series, likely to be launched in September. The company unveiled a raft of AI products and services it calls Apple Intelligence at its developer conference in June. Magna, which counts BMW, Mazda and Ferrari as customers, produces parts and builds vehicles at its complete vehicle manufacturing unit for various automakers.
Rival Aptiv beat Wall Street expectations for quarterly profit on Thursday. However, revenue from the company’s segment which makes electrical components declined 3 per cent due to a reduction in production by some customers. Magna’s quarterly revenue fell marginally to US$10.96-billion. Analysts had expected revenue of about US$11-billion.
Enbridge raised its expectation for full-year adjusted core profit between $17.7-billion and $18.3-billion, from its previous range of $16.6-billion to $17.2-billion. Extension of a production cut by OPEC+, forecast of strong travel demand and hopes of interest rate cuts by the U.S. Federal Reserve helped lift crude prices nearly 7 per cent in the April-June quarter compared to last year.
CEO Mark Barrenechea says the company saw its revenues for the full year rise 29 per cent to US$5.8-billion. “Consumer spending trends facing retail peers appear to have finally caught up with Amazon’s P&L,” MoffettNathanson analyst Michael Morton said. Part of the dot-com era’s Four Horsemen - along with Cisco Systems, Microsoft and Dell - Intel’s stock market value peaked at nearly US$500-billion in 2000 before slumping in that year’s market selloff and never fully recovering.
“Intel has been one of the forgotten horsemen of technology the last couple decades,” Michael Schulman, chief investment officer of Running Point Capital said. “Never overtaking its year 2000 highs and struggling to get earnings back to where they were before the AI revolution.”) reported second-quarter earnings on Friday that missed Wall Street estimates due to industry-wide pressure from lower refining margins and natural gas prices, sending its shares down.
It reported adjusted earnings of US$4.7-billion, or US$2.55 per share, compared to US$2.93 expected by Wall Street analysts, according to LSEG data.The shortfall can be attributed to the international upstream segment, which missed expectations by approximately 11 per cent, he said. Berkshire must continue reporting sales until the stake falls below 10 per cent. It will report second-quarter earnings on Saturday morning.
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