1. Exxon Mobil: – Exxon Mobil has floated a proposal for a public-private project that would grab carbon dioxide emissions from U.S. petrochemical plants and bury them deep in the Gulf of Mexico.
If realized, it would be the world’s largest carbon capture and sequestration effort.
Exxon XOM, -2.11% says it needs “$100 billion or more” from companies and government agencies for the project intended to store 50 million metric tons of CO2 by 2030, with capacity potentially doubling by 2040.
“It will need government and private-sector funding, as well as enhanced regulatory and legal frameworks that enable investment and innovation,” Exxon said.
2. Apple: – Apple Inc announced a line of slim iMac computers and iPads with higher-quality video that use its own processors, as it speeds its migration away from Intel (NASDAQ:INTC) and caters to a work-from-home world.
The company also launched products including Air Tags to find lost items and podcast subscription services. Air Tags will cost $29 each, while the iMac will start at $1,299. Both will be available on April 30.
The wide variety of announcements largely had been telegraphed before the presentation, which had no major surprises. Shares of Apple were down 1.3%, slightly more than the 1% drop in the Nasdaq index.
3. Netflix Inc.: – The streaming giant reported disappointing growth in paid subscribers for the first quarter on Tuesday. That alone should not have been a huge surprise; Netflix has missed its own subscriber forecasts about 44% of the time since it instituted its current projection methodology in early 2019. The company has also repeatedly warned that the breakneck expansion fueled by the pandemic last year pulled forward growth from this year.
4. Microsoft: – Messaging platform Discord Inc has ended deal talks with Microsoft (NASDAQ:MSFT) Inc and other potential buyers as the company is exploring interests in possible initial public offering down the line, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
5. Boeing: – Boeing Co announced the retirement of its finance chief for the past decade, Greg Smith, and the crisis-hit jet maker’s shares fell 4% even as it signaled stability by prolonging its chief executive.
Boeing (NYSE:BA) extended its required retirement age of 65 to 70 to allow CEO Dave Calhoun to stay in the top job as the U.S. plane maker battles to recover from the coronavirus and 737 MAX crises, and manufacturing flaws on its aircraft programs.
But shares fell as investors were rattled by the surprise retirement of Smith, 54, Boeing’s face to financial markets during one of the most turbulent periods in its history, marked by a safety crisis followed by rising debts during the pandemic.