This is a McDonald's restaurant in Pittsburgh on Saturday, April 23, 2022. (AP Photo/Gene J. Puskar, File)
It was an upbeat day on Wall Street despite the dreary New York City weather. A number of large corporations from different industries reported soaring profits in the last quarter of 2022, when many market-watchers predicted that the U.S. economy was hurtling toward a recession.
Here are some of the biggest names to release their earnings:
General Motors
The Detroit automaker reported a 16 percent year-over-year jump in net income for the fourth quarter fueled by an uptick in factory production that pushed up U.S. sales. The sales raked in an adjusted $2.12 earnings per share, well above FactSet estimates of $1.69. In addition, the company made big investments in electric vehicles, including $650 million into developing a lithium mine in Nevada. GM's stock popped 9 percent after the bell Tuesday morning.
Exxon
Exxon Mobil brought in $12.75 billion in profits and $55.7 billion in net income, blowing past its previous record of $45.22 billion in 2008. The oil giant benefited from a combination of rising demand and tight supply as world energy markets tried to bounce back from the impact of the war in Ukraine. The price of oil ranged from $70 to $90 a barrel during the quarter. Over the same period, Exxon also completed the expansion of its Beaumont Refinery in Texas.
McDonald's
McDonald's reported that global same-store sales increased 12.6 percent in the last quarter with the help of Adult Happy Meals and limited-time promotions. Retiring the McRib also helped bring in customers looking for one last bite of the popular sandwich. The company pointed out that it increased sales despite raising prices, and that many customers traded down to cheaper items but kept patronizing the business. Earnings also beat Wall Street earnings by a small margin after CEO Chris Kempczinski said he expects inflationary pressures to continue.
After the 2021 boom, IPO activity slowed down significantly, in part due to monetary policy – but things are getting moving again with tech-friendly companies like Iboutta and Rubrik making a public debut.
With an increasing demand for mental health services, one person wanted to change the therapy game. In 2017, CEO Alex Katz founded Two Chairs, a company that uses technology to match patients with the right therapist.
Not only is April Financial Literacy Month, it’s also the kickoff of the spring homebuying season. So now is the time to make sure you have a financial plan in place – and why it might not be wise for that to include buying your first home.
While the U.S. may slowly be on the path to lowering inflation (and therefore interest rates), Europe has thoroughly trounced America, putting it on the path to lower rates by this summer.
April's release of the monthly Housing Starts and Building Permits reports by the Census Bureau provides crucial insights into the construction activity in the housing market. These reports are an economic indicator, shedding light on the current state of the housing market and its broader economic impact.
Caitlin Clark is heading to the Indiana Fever, the number one draft pick and the highest-scoring college basketball player of all time. And while she may not be getting millions from the WNBA, there's a few ways she'll net compensation for her generational talents.
Author of 'Clean Meat,' Paul Shapiro joins Cheddar to discuss how the cellular agricultural revolution helps lower rates of foodborne illness and greatly improves environmental sustainability. Plus, how his company The Better Meat Co. is bringing healthier food options to the table.
Recent headlines might make it sound like World War III is imminent, but when it comes to your finances, it's not the time to panic. The market is coming off its longest winning streak since 2011.
