Financial performance

Chip shortage keeps driving up auto prices, cutting sales

DETROIT — US new vehicle sales tumbled more than 21% in the second quarter compared with a year ago as the global semiconductor shortage continued to cause production problems for the industry. Yet demand still outstripped supply from April through June, even with $5 per gallon gasoline, high inflation and rising interest rates. The low …

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Weekend reads: What’s ahead for the stock market after that brutal first half of 2022

The first half of 2022 marked a big change for investors and consumers, as inflation reared its ugly head. It was the worst start of the year for US stocks since 1970. William Watts looks back at previous first-half bear markets and you might be surprised to see what happened afterward — every time. Meanwhile, …

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Dow climbs more than 300 points ahead of July 4 holiday, US stocks end higher after a bruising first half of 2022

US stocks closed higher Friday, shaking off earlier weakness that came after a disappointing gauge of manufacturing activity underlined fears that aggressive monetary tightening by the Federal Reserve could lead to a sharp slowdown. How did stocks trade? The Dow Jones Industrial Average DJIA rose 321.83 points, or 1%, to close at 31,097.26. The S&P …

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There may be another shoe to drop after Micron’s big outlook miss

Micron Technology Inc. delivered an outlook that fell far short of the consensus view, prompting questions about how the memory market will fare in a downturn. The company expects August-quarter revenue of $6.8 billion to $7.6 billion, whereas analysts tracked by FactSet had been modeling $9.15 billion. Micron’s chief executive acknowledged that “the industry demand …

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GM Warns of Earnings Shortfall as Shortages Impact Volumes

By Dean Seal General Motors Co. Warned Friday that second-quarter earnings are poised to fall short of Wall Street expectations as continued supply chain disruptions impact its wholesale volumes. The auto maker said in a regulatory filing that it expects to post a profit of between $1.6 billion and $1.9 billion in the quarter ended …

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Opinion: The chip boom likely over, as Micron says it’s in a ‘downturn’

The semiconductor boom of the past two years appears to be ending. Memory-chip maker Micron Technology Inc. MU, -1.32% gave a downbeat forecast for its next fiscal quarter Thursday, predicting a massive revenue shortfall ranging from $1.5 billion to $2.3 billion, as COVID-19 restrictions in China and slower demand for consumer products hurt the sale …

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Nio stock bounces, after EV maker disputes short-seller report, saying it contained ‘numerous errors’

Shares of NIO Inc. were knocked down by a short-seller report on Wednesday, alleging exaggerated financial results, even as the China-based electric vehicle maker said the report is without merit and contains “numerous errors.” the stock NIO, -3.35% fell 2.5% in morning trading, putting it on track for a third-straight loss. It was down as …

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NIO shares extend losses as Chinese EV maker denies short-seller report

NIO Inc.’s shares in Hong Kong extended declines in afternoon trading after the company denied accounting in a report by short seller Grizzly Research LLC. the stock NIO, -2.57% NIO, -11.1% fell by as much as 10% to 167.80 Hong Kong dollars (US$21.38) on Wednesday and was recently 9.3% lower at HK$169.50. Grizzly Research in …

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Goldman, Wells Fargo lead dividend buffet after Fed stress test

Six of the US’s largest banks said they have enough capital to either maintain or hike their dividends to shareholders after setting enough aside to handle the most extreme economic conditions expected in the coming year. Wells Fargo & Co. WFC, -0.15% and Goldman Sachs Group Inc. GS, -0.43% both increased their payouts by 20%, …

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How long will stocks stay in a bear market? It hinges on if a recession hits, says Wells Fargo Institute

When the S&P 500 officially dropped into a bear market on June 13, closing down more than 20% from its last peak, it stirred debate about whether investors should hold tight or think about buying the dip. Battered stock prices SPX, -2.01% might look tempting for investors, but analysts at the Wells Fargo Investment Institute …

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