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APRIL 28, 2023

EXXON MOBIL AND CHEVRON REPORT STRONG EARNINGS

Exxon Mobil reported a remarkable first-quarter profit that surpassed the expectations of Wall Street. The profit figures have been more than twice the amount that the company earned in the same period last year. The rise in profit was primarily due to increased oil and gas production, which offset price decreases. Moreover, Exxon’s newest offshore developments and refining facilities contributed to the growth, with a 40% production increase from the Permian Basin, Guyana, and the Beaumont refinery.

Chevron also exceeded expectations with a 5% profit gain in first quarter, as income from the company’s oil refining sector increased fivefold. Though profits in the oil and gas production divisions fell due to a 16% drop in Brent crude prices, Chevron’s increased production in the U.S. – particularly in the Permian, helped offset the losses.

INTEL REPORTED DECREASE BUT PROMISES RECOVERY

Intel reported a significant decrease in earnings per share and revenue for the first quarter of the year. Despite this, their loss per share and sales were slightly better than expected, causing the stock to initially rise in extended trading. Furthermore, Intel expects a loss of 4 cents per share on revenue of $12 billion in the second quarter, lower than analyst projections. Nevertheless, Intel’s stock rose after the company promised a recovery in the second half of the year, with CEO Pat Gelsinger expecting the industry to be stronger and seeing positive signs in the market.

AMAZON’S GROWTH SLOWED DOWN

Amazon’s growth has slowed down in the first quarter of the year as its cloud computing business, Amazon Web Services (AWS), and its online store declined due to a decelerating U.S. economy. AWS’s first-quarter growth was at 16% – a decline from 37% last year, and slowed further to 11% in April. Additionally, online shopping sales stood still in the first quarter as rising living costs seem to have led shoppers to be more conscious about their spending, and some returned to in-store shopping post-pandemic.

FIRST REPUBLIC’S SHARES RISE FOLLOWING RESCUE TALKS

Shares of First Republic witnessed an 11% rise during premarket trading on Friday due to recent news that U.S. officials are trying to rescue the bank after private efforts led by the bank’s advisers did not result in a deal. The government’s involvement has brought more banks and private equity firms to the negotiation table. To avoid a worst-case scenario during the collapses of Silicon Valley Bank and Signature Bank, some of the biggest U.S. banks deposited $30 billion at First Republic, nevertheless, the bank’s slump in deposits of over $100 billion for the first quarter of the year, led to its record-low stock price.

JOBLESS CLAIMS DECREASED

Despite rising interest rates, economic uncertainty, and fears of an upcoming recession, the latest jobless claim report suggested that American workers continue to have job security. It has been announced that application for unemployment benefits decreased last week by 16,000, showing a strong labor market despite slow economic growth. Additionally, although Federal Reserve policymakers remain concerned about tight job markets that could increase wages and overall prices, the unemployment rate remained at 3.5%, with 1.86 million people still receiving unemployment benefits.

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