Despite a solid first quarter performance, Roku (NASDAQ:ROKU) is experiencing an 8.6% drop in its shares as of 12:36 p.m. ET Friday. Investors seem disappointed with the streaming technology company’s revenue outlook and declining profitability. In the first quarter, Roku reported improvements in both revenue and bottom line compared to the previous year, surpassing analysts’ consensus estimates. The company also expanded its active customer base, with users collectively increasing their usage of the product. However, concerns arise regarding Roku’s prospects. While the revenue guidance for t ..read more

Exxon Mobil Corp (NYSE:XOM)disappointed analysts on Friday with a 28% year-on-year decline in first-quarter profits, falling short of expectations as weaker refining margins and lower natural gas prices offset volume gains. The largest U.S. oil company reported first-quarter earnings of $8.22 billion, or $2.06 per share, compared to a net profit of $11.43 billion a year ago. Profit per share fell 6% below Wall Street analysts’ consensus, according to LSEG estimates. Chief Financial Officer Kathryn Mikells attributed part of the miss to tax and inventory balance sheet adjustments, stating, “Ev ..read more

The Japanese yen reached a fresh 34-year low, dipping below the 157 level against the US dollar, following the Bank of Japan’s indication that monetary policy would remain accommodative. This sparked speculation that authorities might intervene in the market to halt the yen’s decline. The yen weakened by as much as 1.1% during the day, hitting a session low of 157.40 per dollar in late morning trading in New York. The decline occurred after the BOJ’s policy meeting, where the central bank decided to keep its key interest rate unchanged. Governor Kazuo Ueda’s remarks during a news conference d ..read more

As apprehensions over U.S. inflation intensify, some investors are preparing for the possibility of the 10-year U.S. Treasury yield surpassing the 16-year high of 5% recorded last October. Bond yields, which move inversely to prices, have been on the rise in recent weeks as indications of persistent inflation undermine expectations for the Federal Reserve’s ability to reduce interest rates without further exacerbating consumer prices. The yield on the benchmark 10-year note has surged by 80 basis points this year and currently stands at 4.70%, marking a five-month high. Many investors are bet ..read more

Phillips 66  (NYSE:PSX) reported lower-than-expected quarterly profits, attributed to a decline in refining margins, particularly at its Gulf Coast operations. Refining margins have retreated from their post-invasion peaks following Russia’s actions in Ukraine in 2022. This decrease can be attributed to an increase in global refining capacity, resulting in a reduction in fuel prices. In the first quarter, the company noted a 47% slump in realized margins to $10.91 per barrel compared to the previous year, with Gulf Coast margins experiencing nearly a 50% decline. Shares of Phillips 66 dr ..read more

The National Highway Traffic Safety Administration (NHTSA) has reopened its investigation into Tesla Inc.’s (NASDAQ:TSLA) Autopilot system amid concerns that a fix implemented months ago may not have adequately addressed the misuse of the technology. The NHTSA disclosed on Friday that it initiated a probe into Tesla’s Autopilot recall, conducted in December. The agency is particularly concerned about the effectiveness of Tesla’s remedy, citing 20 crashes involving vehicles that received the over-the-air software update. According to the NHTSA, more than 2 million Tesla vehicles are subject to ..read more

Shares of Microsoft (NASDAQ:MSFT) surged on Friday following the announcement of its fiscal third-quarter earnings, which exceeded analysts’ projections on both revenue and earnings, fueled by the robust performance of its cloud computing segment. “Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry,” remarked Microsoft CEO Satya Nadella in a statement. Microsoft revealed that its AI services contributed 7 percentage points of growth to its Azure and other cloud services revenue, up from 6 points ..read more

Snap Inc.’s (NYSE:SNAP) stock surge on Friday highlights the ongoing volatility surrounding the company’s earnings reports. What sets this episode apart is the direction of the swing: upward. Shares of the Snapchat parent soared by as much as 30%, showcasing the company’s penchant for significant post-earnings movements. Over the past year, ten out of the last 12 earnings reports have triggered double-digit swings, ranging from a nearly 40% decline to an almost 60% increase. According to data compiled by Bloomberg, the average price swing in response to Snap’s earnings announcements has been ..read more

The labor landscape at Starbucks (NASDAQ:SBUX) is undergoing a significant transformation as workers at more than 420 of the coffee giant’s 9,000 U.S. stores have voted to unionize since 2021. This surge in unionization efforts reflects a growing movement among Starbucks partners to advocate for improved working conditions, wages, and benefits. The decision to unionize represents a fundamental shift in the relationship between Starbucks and its employees, signaling a departure from the traditional employer-employee dynamic to one where workers have a collective voice in shaping workplace poli ..read more

Car maker General Motors (NYSE:GM) will shut down its manufacturing operations in Colombia and Ecuador, according to a statement released by the company on Friday. This decision is part of General Motors’ strategic shift towards the production of next-generation vehicles. Manufacturing activities will cease at the company’s Colmotores plant in Colombia effective immediately, while operations will come to a halt at its factory in Ecuador by the end of August. In Colombia, General Motors is currently seeking approval from the labor ministry to lay off 850 workers, as confirmed by a spokesperson ..read more