US Markets opened higher on Wednesday’s trading session even as quarterly earnings report continue to stream with the federal reserve expected to announce its decision on interest rates.
According to various media reports, Russia has announced it will approve its anti-coronavirus vaccine in the next two weeks with mass production expected to start before the end of 2020.
On the other hand, Germany on Wednesday announced that its vaccine will be available to the general population by mid-2021 “at the earliest.”
Shares of Eastman Kodak Company, an American technology company that produces camera-related products with its historic basis on photography, rose by more than 500% on Wednesday’s session following news that it was joining the production of pharmaceutical ingredients.
According to data from Bloomberg, Kodak shares were halted for the tenth time during the session after its shares hit $50.6, from Monday’s price of $2.13 per share. Kodak’s shares are up by more than 1000% over the last one week as per the chart below.
As per Yahoo Finance, the company will get a $765 million loan from the U.S. government to produce pharmaceutical ingredients in the country, helping reduce dependency on other countries by strengthening domestic supply chains. Donald Trump has praised the historic deal with Kodak terming it as historic.
Visa Q3 Earnings
Visa has reported its earnings for the third quarter with revenues falling by 17% to $4.8 Billion while net income for the period declined by 23% to $2.4 billion.
EBay Q2 Earnings
E-commerce conglomerate eBay has announced its earnings for the second quarter with revenue increased 18% $2.9 billion. Its net income rose 85% to $746 million year on year with diluted EPS jumping by 128% to $1.05.
Barclays H1 Earnings
British multinational bank Barclays PLC has reported its earnings for the second half of 2020 with profit declining by 66% to £695 Million. Total income was up 8% to £11.62 billion despite a 67% decline earnings per share. In Q2, total income fell 4% year-on-year to £5.3 billion while costs fell 6% to £3.3bn.
Swedish music streaming and media firm Spotify Technology on Wednesday reported its earnings for the second quarter with revenue increasing 13% to €1.667 billion. Its operating loss was at €167 compared to a loss of €3 million. Net loss for the second quarter widened to €356 million, from a net loss of €76 million in 2019.
General Motors revenue for the second quarter of 2020 fell by 53% to $16.8 billion. Loss per share widened by 134% to $0.56, with a net loss widening by 132% to $800 million.