Pfizer on Tuesday posted a surprise adjusted fourth-quarter profit, as the company’s declining Covid business performed better than expected. The company reversed roughly $3.5 billion in revenue related to the expected return of 6.5 million doses of its Covid drug, Paxlovid, from the U.S. government. That hit is less than the $4.2 billion Pfizer initially expected … Read more
STAVANGER — Norway’s oil fund reported the largest annual return in its history Tuesday, a performance led by U.S. technology companies and Danish pharmaceutical company Novo Nordisk, which makes the diabetes-turned-weight loss drug Ozempic. Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, said it also benefited in 2023 from market excitement over … Read more
JetBlue planes at JFK’s Terminal 5 in New York. Leslie Josephs/CNBC JetBlue Airways swung to a loss in the fourth quarter and forecast lower capacity this year as it scrambles to return to profitability. The New York-based airline reported a net loss of $104 million for the last three months of 2023, compared with a … Read more
Iconic Australian dessert company Sara Lee has been bought out by an Australian couple who have experience swooping in to save local companies. Sara Lee, known for its frozen cheesecakes, pies, puddings, and crumbles, entered voluntary administration in October last year. WATCH THE VIDEO ABOVE: Iconic Aussie dessert brand Sara Lee saved by local family. … Read more
GM is all in on electric vehicles. Through 2025, the company plans to spend some $35 billion on bringing more EVs to market. While that plan has had a bit of a rough start, GM’s dealers are thinking about a segment GM has essentially abandoned: hybrids. New York Joins California, Banning Non-Electric Vehicles After 2035 … Read more
Israeli forces have killed three Palestinian militants in a raid on a hospital in the occupied West Bank, where violence has surged since the outbreak of the war in Gaza. The Israeli military said forces entered the Ibn Sina hospital in the northern city of Jenin early Tuesday where they shot and killed the three … Read more
WASHINGTON — The company behind a global recall of sleep apnea machines said Monday it will stop selling the devices in the U.S., under a tentative agreement with regulators that could cost the manufacturer nearly $400 million. Device maker Philips has recalled more than 5 million pressurized breathing machines due to risks that their internal … Read more
A GMC pickup truck is displayed for sale on a lot at a General Motors dealership in Austin, Texas, on Jan. 5, 2023. Brandon Bell | Getty Images DETROIT — General Motors is set to report its fourth-quarter earnings before the bell Tuesday. Here’s what Wall Street is expecting, according to average estimates compiled by … Read more
Screenshot: Click2Houston/YouTube We’ve known for a while that things weren’t going great for the online used car dealer Vroom. Back in 2022, it was sued by the state of Texas for its shady sales practices and later that year managed to lose more than $50 million in a single quarter. Now that Vroom has finally … Read more
CNBC’s Jim Cramer on Monday said tech companies dominate the market because their primary customers are cash-rich businesses, not strapped consumers. “We have a market made of companies that sell into the enterprise and those stocks are doing fabulously,” he said. “Then we have even more companies who serve the consumer, which is a much … Read more
