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Earnings season started last week with results from
JPMorgan and other big banks. Or did it? For many investors, it doesn’t really begin until
Netflix, the first of the big tech stocks, reports after Tuesday’s close.
Tech looms over the market. The FAANG stocks plus
Microsoft have a combined market cap of more than $7 trillion, or roughly 22% of the total value of the
And big tech has been stuck. The FAANG+M stocks have risen an average of just 1.4% over the past three months, trailing the 8% gain of the market. Banks and energy stocks have risen more than 40% over that period.
It’s earnings season!
Yes, a few companies like Delta Air Lines and BlackRock reported earlier this week, but it’s the releases from four big banks JPMorgan Chase, Citigroup, Wells Fargo and PNC Financial Services that really signal the starting gun has fired.
The numbers, so far, are pretty good. JPMorgan smashed results, earning $3.79 a.
Close
From
VMware, Pat Gelsinger, effective Feb. 15. Since Swan took over in 2019, Intel has divested from non-core assets while making acquisitions that
strengthened its core business. But as
Barron’s notes, “Swan doesn’t have semiconductors in his DNA and is known as more of a software and finance executive than a man with deep technical expertise.” Gelsinger, on the other hand, is
a prominent technical expert in the chip industry. He’s a trained engineer who has written a microprocessor programming book, holds several patents, helped create Wi-Fi technology and spent three decades at Intel earlier in his career. “After careful consideration, the board concluded that now is the right time to make this leadership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at Intel,” Intel chairman Omar Ishrak said in a statement.
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Elon Musk is now the world’s richest person and his rise to the top spot is a blueprint for would-be billionaires everywhere.
Tesla founder Musk is now worth an estimated $195 billion, according to the Bloomberg billionaires index, eclipsing Jeff Bezos’s net worth of $185 billion.
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Bezos held the top spot for about three years. He got there by being an e-commerce-pioneer. Musk topped the list by getting electric vehicles right. And that’s the key to becoming the richest person in the world: Build a new, globally relevant industry.
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Alibaba’s business practices and its stock is getting hammered.
There aren’t many details yet, but just the announcement caused Alibaba stock, which trades in the U.S., to tumble 7%.
That is a very un-American reaction based on how stock in U.S. tech giants have reacted to antitrust issues, which have loomed over the U.S. sector for years.
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Alphabet stock is up almost 11% since late October when the Justice Department, along with various states, filed a lawsuit accusing Alphabet of operating an illegal monopoly.