In the third quarter, Chevron gained 1 percent in Friday trading for posting better-than-expected performance. For the quarter, the oil group reported adjusted profit of $201 million, or $0.11 per share, compared to profits of $2.9 billion or $1.59 per share a year ago. Consensus was per-share loss of 27 cents. Sales fell to $24.45 billion by 33.55 percent. Production of oil and gas saw decline of 7 percent.
Michael Wirth, Chief Executive, said that the global economy continues to work below pre-pandemic levels, which has an impact on demand for our goods that are closely linked to economic activity.
Chevron is slashing its workforce to cope with the crisis, like its rivals. The company reported cutting nearly 6,000 jobs while drastically decreasing its capital spending. Even though, it announced the purchase of Noble Corp for $4.2 billion as part of a share deal a few weeks earlier.
Activision Blizzard stock plummets -2.6% despite demand continues to increase with the pandemic. The video game publisher increased its annual sales target, expecting the success of the next video game in the “Call of Duty” series.
A new agreement with the pilot union was reached by Delta Air Lines, Inc. (DAL) that lost -0.4 percent on Friday. The agreement will help the company minimize costs while preventing more redundancies until January1, 2022. Delta MEC, a network of the Airline Pilots Association, said the agreement would reduce the minimum amount of hours assured each month by 5 percent which also needs to be accepted by nearly Delta’s 13,000 pilots.
Starbucks Corporation (SBUX) share price dropped -1.5 percent while it has not yet returned to growth. The coffee chain company recorded a 9 percent decrease in year-over-year sales in its fourth fiscal quarter, down for the third consecutive year. But the decline is clearly slowing with the drive in online orders and the demand recovery. This highlights an improving situation as market was expecting a 12.1 decrease.
Honeywell International Inc. (HON) stock added 0.2 percent on the day as better cost management and demand for its automation equipment offset poor performance in its aerospace sector. The industrial group posted a better than expected quarterly profit.
CBOE Global Markets also surged 2.8 percent as trading volumes rose because of the uncertainty induced by the COVID-19 pandemic. The stock exchange operator posted a 4 percent rise in third-quarter earnings.