By Francesca Fontana
Parler has gone dark. Alphabet's Google and Apple Inc. suspended the social-media platform from its app stores, and Amazon.com Inc. shut off Parler's access to its cloud services. The app served as a hub for people who organized, participated in or celebrated the Jan. 6 U.S. Capitol attack, which is expected to spur congressional efforts to regulate big tech. Alphabet shares fell 2.2% Monday.
General Motors Co.
General Motors is entering the race to produce electric delivery vehicles. The Detroit auto maker said Tuesday it would begin making electric delivery trucks and motorized dollies as part of a division aiming to capitalize on the now-booming market for e-commerce and home delivery. The business, called BrightDrop, plans to roll out later this year an electric truck designed specifically for commercial purposes. That truck will compete against Ford Motor Co.'s recently introduced electric delivery van. GM said FedEx has agreed to purchase 500 of the new electric trucks for delivery later this year. General Motors shares rose 6.2% Tuesday.
Albertsons is bagging more sales than some rivals as grocery shoppers stock up during the pandemic. The supermarket operator reported higher sales growth during the recent quarter than Kroger Co. and Walmart Inc. In 2020, food sellers booked strong sales to consumers who spent the bulk of the year cooking at home. Albertsons Chief Executive told analysts Tuesday that shoppers are largely buying groceries less frequently, but purchase greater amounts of food when they do. Albertsons is also expanding its offering of products such as meal kits and store brands for people cooking at home. Albertsons shares added 2.1% Tuesday.
Intel looked outside when changing leaders. The semiconductor giant ousted Chief Executive Bob Swan on Wednesday and tapped VMware chief Pat Gelsinger as his successor. The surprise move came after activist hedge fund Third Point LLC called for sweeping change at the end of last year, during which the company suffered more product delays and lost its rank as the most valued U.S. chip maker. Mr. Swan will step down in February, the company said. His successor, Mr. Gelsinger, was once Intel's technology chief. He has served as CEO of the business-software provider VMware since 2012. Intel shares rose 7% Wednesday.
Delta Air Lines Inc.
Delta is hunkering down for a long, dark winter. The airline's 2020 losses amounted to nearly $12.4 billion, the company reported Thursday, making it Delta's worst year ever and marking its first annual loss since 2009. The months after the December holidays are typically the weakest for airlines, which have been battered as the coronavirus pandemic drags on. Still, the company expects air-travel demand to turn a corner this year as Covid-19 vaccines are rolled out. Executives said searches on Delta's website are on the rise and people are saving up frequent-flier miles to take big trips in the future. Delta Air Lines rose 2.5% Thursday.
JPMorgan Chase & Co.
The economic recovery has held up better than America's big banks anticipated. JPMorgan, Citigroup Inc. and Wells Fargo & Co. all reported better-than-expected earnings, powered by reserve releases and their Wall Street operations. JPMorgan posted its highest-ever quarterly profit on Friday, after releasing $2.9 billion in funds it had set aside to cover soured loans during the pandemic. The banks have weathered the coronavirus economy so well in part due to their focus on well-off consumers and big businesses over the past decade. Still, Chief Executive Jamie Dimon said JPMorgan remains positioned for "significant near-term economic uncertainty." Bank shares fell broadly, along with the overall markets, and JPMorgan shares lost 1.8% Friday.
Exxon Mobil Corp.
Exxon is being investigated by U.S. authorities after a whistleblower said it overvalued one of its most important oil and gas properties. The Wall Street Journal reported on Friday that the Securities and Exchange Commission launched a probe into the struggling energy giant after an employee filed a whistleblower complaint last fall. The complaint alleges that lower-level employees were pressured to use unrealistic assumptions on drilling in valuing a key asset in the Permian Basin. Exxon went through one of its worst financial performances in 2020, posting billions of dollars in losses after an unprecedented decline in fossil-fuel demand during the pandemic. Exxon shares slipped 4.8% Friday.
Write to Francesca Fontana at email@example.com
(END) Dow Jones Newswires