1. 3M Co: – 3M Co beat Wall Street estimates for quarterly revenue, as people bought more personal safety products to stave off potential coronavirus infection.
The company’s N95 masks, which provide a high level of filtration against airborne contaminants, as well as its home improvement and general cleaning equipment have been in high demand as the world continues to fight the new coronavirus.
Sales in the company’s safety and industrial unit jumped 13.7% to $3.3 billion in the quarter ended March 31.
2. General Electric: – General Electric (NYSE:GE) reported a 20% fall in quarterly profit on Tuesday, hit by a slump in demand for aircraft engines as airlines struggle to recover from a pandemic-led collapse in travel.
The U.S. industrial conglomerate’s main aviation business, which makes engines for planes manufactured by Boeing (NYSE:BA) Co and Airbus SE (OTC:EADSY), has been struggling due to weak demand for new planes.
The company, however, reaffirmed its full-year free cash flow and earnings per share outlook.
On an adjusted basis, GE’s industrial profit fell to $828 million in the first-quarter ended March 31, from $1.03 billion a year earlier.
3. Goldman Sachs: – Goldman Sachs’ long-planned online migration of some lucrative prime-brokerage businesses picked up steam during the pandemic as hedge funds and investors working from home were unable to meet in person, while other Wall Street banks are taking more measured steps.
Last July, Goldman Sachs Group Inc (NYSE:GS) launched Marquee Connect, offering online virtual introduction services for top clients. Other prime brokers told Reuters they were also moving to bring some prime broker services online, but one cautioned that clients may be getting “Zoom fatigue” with hopes to resume meeting in person once more people are vaccinated.
Humans have long handled capital introduction services, in which third parties like banks attempt to matchmake investors with hedge funds. But as large swathes of other bank services have moved to virtual platforms, banks have been increasingly looking at how to move some of these services online too.
Hedge fund managers and investors on Goldman’s Marquee
4. Microsoft Corp.: – Microsoft Corp. is expected to continue its pandemic-fueled run of strong quarterly earnings that have bolstered investor enthusiasm in the software giant, bringing the company near a $2 trillion valuation.
Microsoft has seen massive growth across its professional and consumer businesses with people stuck at home and remote work and distance education becoming the norm for many. That has driven rapid uptake of its cloud-computing services and supercharged the company’s videogaming sales. Microsoft’s stock is up around 50% over the past year, driving the company’s valuation to about $1.97 trillion, second only to Apple Inc.
Wall Street on average expects the Redmond, Wash., company to post a roughly 17% increase in its fiscal third-quarter sales to about $41 billion after the bell on Tuesday, generating net income of $13.6 billion for the January through March period, according to analysts surveyed by FactSet.
5. Amazon: – Amazon is expanding its service that lets delivery people drop off groceries inside your garage.
The company announced Tuesday that the service is now available for all Prime members where grocery delivery is available, or more than 5,000 cities across the U.S. Until now, some Prime members could get Amazon Fresh orders and Whole Foods deliveries dropped off in their garage, but only if they lived in Chicago, Dallas, Los Angeles, San Francisco or Seattle.
The offering is a part of Amazon Key, the company’s array of services that enable delivery drivers to leave packages in garages, homes, cars and businesses.
Consumers have to purchase additional hardware in order to get packages or groceries dropped off inside their residence or garage. In-home delivery requires a smart lock and a camera, while in-garage delivery requires a smart garage door opener.