It is a rare scenario where long-term interest rates suddenly fall below short-term interest rates.Real Estateread more
Arturo Estrella has a message for recession naysayers: It could hit sooner than you think.Marketsread more
Fed Chairman Jerome Powell faces the tough challenge of presenting a unified voice on Fed policy from the most divided Fed in years.Market Insiderread more
Overstock CEO Partick Byrne has resigned from the e-commerce company after making comments about his role in the "deep state."Technologyread more
It was the third trigger of the recession indicator in less than two weeks.Bondsread more
Automakers are trying to deal with President Trump's efforts to roll back Obama-era fuel efficiency rules.Autosread more
Mark Zuckerberg has been on a selling spree in August and has unloaded $526 million worth of stock this year.Technologyread more
Palantir CEO Alex Karp said billionaire investor Peter Thiel is right to question Google's decision to work in China, while abandoning military contracts in the US.Technologyread more
These are the stocks posting the largest moves midday.Market Insiderread more
U.S. manufacturer growth slowed to the lowest level in almost 10 years in August, the latest sign that the trade war may be exacerbating the economic slowdown.Marketsread more
L Brands shares fell by as much as 12% at one point, touching $17.61 — a price not seen since December 2009.Retailread more
Exxon Mobil on Friday reported third-quarter earnings that beat on the top and bottom line, even as impacts on its refining business from Hurricane Harvey took a bite out of profits.
Shares of Exxon were up nearly 1 percent at $84.25 in pre-market trading.
The oil major earned 93 cents per share on $66.16 billion in revenue. Analysts had expected earnings of 86 cents a share on $63.39 billion in revenues.
In the year ago period, Exxon earned 63 cents per share on $58.68 billion in revenues.
Exxon said earnings took an estimated 4 cents-per-share hit from Harvey, which shut down about a quarter of U.S. oil refining during the quarter. The storm impacted the company's Baytown and Beaumont refineries in Texas along the U.S. Gulf Coast.
The world's largest publicly-traded oil company credited higher commodity prices in the third quarter, as well as better performance in it exploration and production and refining businesses.
"A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability," Exxon chairman and CEO Darren Woods, said in a statement.
Cash flow from operations — a key metric of financial health in the industry — increased 41 percent to $7.5 billion over the last year.
The Irving, Texas-based oil giant posted profits that topped a billion dollars across all three of its major segments.
Earnings in Exxon's upstream sector, which involves exploration and production of fossil fuels, were $1.6 billion, up $947 million from the year ago period. The segment's output also increased 2 percent from last year.
The downstream business, which refines crude oil into fuels like gasoline, posted a profit of $1.5 billion, up $303 million from the same period last year. The increase was primarily due to better profit margins.
Exxon's chemicals business earned $1.1 billion, down $79 million from a year ago, as weaker profit margins weighed on results.