AbbVie Inc. ABBV, +1.94% on Friday reported fourth-quarter sales that topped analysts’ estimates, even as it faces low-cost competition for its top-selling drug, Humira. The drugmaker reported fourth-quarter net income of $822 million, or 46 cents per share, down sharply from $2.473 billion, or $1.38 per share, in the year-earlier period. Adjusted earnings per share of $2.79, which included an unfavorable impact of 15 cents a share related to acquired in-process research and development expenses, matched th ...

It’s time for tech earnings — and that means a lot of talk about the future of artificial intelligence and all the money it will make companies and their investors in the years and decades to come.It’s the sort of thing that leads to nicknames like the “Magnificent Seven,” which was popularized last year to describe the megacap tech giants — Nvidia Corp. NVDA, +2.44%, Apple Inc. AAPL, +1.33%, Microsoft Corp. MSFT, +1.56%, Tesla Inc. TSLA, +0.84%, Facebook parent Meta Platforms Inc. META, +1.19% and Google p ...

So, just how big are the Magnificent Seven tech companies?At $12.5 trillion — and likely a whole lot more after Friday — the combined market cap of Microsoft MSFT, +1.56%, Apple AAPL, +1.33%, Alphabet GOOGL, +0.76%, Amazon.com AMZN, +2.63%, Nvidia NVDA, +2.44% and Tesla TSLA, +0.84% is equal to the combined GDP of New, York, Tokyo, London, Los Angeles, Paris, Seoul, Chicago, San Francisco, Osaka, Dallas and Shanghai, according to Bank of America calculations.Related: Meta just joined Nvidia and Microsoft in ...

Bristol Myers Squibb Co. BMY, -0.41% on Friday reported fourth-quarter results that beat analysts’ expectations, helped by portfolio stalwarts like the blood thinner Eliquis as well as strong growth among newer drugs. The drugmaker reported fourth-quarter net income of $1.762 billion, or 87 cents per share, down from $2.022 billion, or 95 cents per share, in the year-earlier period. Adjusted earnings per share came to $1.70, down 7% from a year earlier but ahead of the FactSet consensus of $1.55. Revenue to ...

Forget the “Magnificent Seven.” The new hot club for tech stocks could be “MnM.”That’s the view of Raymond James analyst Josh Beck, who said that Meta’s META, +1.19% latest results put it in an elite camp with Microsoft Corp. MSFT, +1.56% and Nvidia Corp. NVDA, +2.44% as Big Tech’s leaders in the artificial-intelligence era. Nvidia has proven itself the backbone of the AI frenzy as the company struggles to keep up with surging demand for its hardware that can power AI models. And Microsoft is seeing AI bene ...

Shares of Exxon Mobil Corp. XOM, -0.41% rallied 1.9% in premarket trading Friday, after the oil and gas giant reported fourth-quarter profit and free cash flow that beat expectations even as revenue fell well short. Net income dropped to $7.63 billion, or $1.91 a share, from $12.75 billion, or $3.09 a share, in the year-ago period. Excluding nonrecurring items, such as a $2 billion impairment resulting from regulatory obstacles in California, adjusted earnings per share of $2.48 beat the FactSet consensus ...

Chevron Corp. CVX, +0.31% said Friday it had net income of $2.3 billion, or $1.22 a share, in the fourth quarter, down from $6.4 billion, or $3.33 a share, in the year-earlier period. Adjusted per-share earnings came to $3.45, ahead of the $3.19 FactSet consensus. Revenue fell to $47.180 billion from $56.473 billion a year ago, below the FactSet consensus of $50.926 billion. The net figure includes $1.8 billion of U.S. upstream impairment charges and $1.9 billion of decommissioning obligations from previou ...

Early Friday futures trading shows stock indices on the front foot. Whether they hold that optimism into Wall Street’s opening bell may depend on labor market data.A U.S. nonfarm payrolls report that shows steady jobs growth and tepid wage inflation will be the preferred outcome for equity bulls because it shouldn’t discourage the Federal Reserve from starting to cut borrowing costs in the spring.Until then investors can welcome the propulsion provided by well-received earnings reports from Meta Platforms M ...

Tesla Inc. will pay $1.5 million to settle a lawsuit filed earlier this week by 25 California counties accusing the electric-vehicle maker of mishandling hazardous waste.San Francisco District Attorney Brooke Jenkins announced the settlement late Thursday.“While electric vehicles may benefit the environment, the manufacturing and servicing of these vehicles still generates many harmful waste streams,” Jenkins said in a statement. “Today’s settlement against Tesla, Inc. serves to provide a cleaner environmen ...

Shares of Intel Corp. slipped in extended trading Thursday after the Wall Street Journal reported that the start of production at the chip maker’s new $20 billion manufacturing plant in Ohio will be delayed by at least a year. Intel confirmed the report, saying it will not meet its “aggressive” goal of commencing production in 2025. Intel did not provide a new timeline, but the Journal reported that the facility will likely not be completed until late 2026, with production beginning after that once equip ...