IBM reported higher earnings and revenue on Monday for the fourth quarter ended Dec. 31, including a 16% increase in hybrid cloud revenue and an 8.2% rise in software revenue, which includes data and AI tools.
Tesla Poised for Record Annual Profit
Tesla Inc. is expected to cruise to a record annual profit after increasing vehicle deliveries at its fastest pace in years.
Elon Musk's electric-vehicle maker delivered more than 936,000 vehicles globally last year, up 87% from 2020, despite global computer-chip shortages that constrained vehicle production across the auto industry.
Warehouse Giant Prologis to Offer More Peripheral Services, CFO Says
Warehouse giant Prologis Inc. plans to generate more revenue from renting out equipment and providing other add-on services as it benefits from strong demand amid ongoing supply-chain strains.
The San Francisco-based company operates warehouses around the world for customers such as e-commerce giant Amazon.com Inc., retailer Walmart Inc. and shipping firm FedEx Corp. Prologis, a real-estate investment trust, generates about 84% of its revenue from rental income from warehouses.
TD Bank Targets 2,000 Tech Hires in 2022
TD Bank Group on Wednesday announced plans to make more than 2,000 technology hires in 2022 as part of its goal to accelerate the delivery of digital products.
The new objective represents an increase over the approximately 300 tech hires the company said it made in 2021. TD, which includes The Toronto-Dominion Bank and its subsidiaries, is looking for candidates with skills in cloud technology, cybersecurity, artificial intelligence and data, said Greg Keeley, who heads the bank's Platforms and Technology teams.
Supply-Chain Software Provider o9 Solutions Valued at $2.7 Billion
Supply-chain software provider o9 Solutions Inc. has raised a new round of private funding that has more than doubled the Dallas-based company's value to $2.7 billion in less than two years.
O9 said it received a $295 million equity investment from growth-equity firm General Atlantic, its climate-focused investment strategy BeyondNetZero and Generation Investment Management, a sustainability investor co-founded by former Vice President Al Gore. The latest funding comes as more companies focus on supply-chain initiatives.
Companies Prepare for Fallout From Cyberattacks Against Ukraine
Businesses including utilities, manufacturers and financial-services companies are bracing for potential spillover from cyberattacks against Ukraine, as U.S. officials warn of Russia-linked hacks that could ripple outward across borders and industries.
Many companies are examining their ties to Ukrainian businesses, as well as vendors with footprints in the country, as they shore up computer systems against digital campaigns that could accompany a Russian military advance into the country.
More Changes Loom for Online Marketers
Online marketers face a slew of changes affecting the way they reach consumers online.
Fed Expected to Signal Rate Increases to Start in March
Federal Reserve officials are set to keep interest rates near zero Wednesday, at the conclusion of their two-day policy meeting, while likely signaling they are preparing to raise rates at their following gathering in mid-March.
The central bank is also poised to approve one final round of asset purchases and resume deliberations over how and when to reverse the pandemic-driven expansion of its $9 trillion securities portfolio later this year.
Derby's Take: Fed Likely to Use Job View in FOMC Statement to Tee Up March Rate Hike
The Federal Reserve will likely work to prepare markets for the start of interest rate increases by upgrading how it describes the job market in the policy statement to be released at the end of its monetary policy meeting Wednesday, economists say.
The forecasters believe that to tee up a widely expected March increase in the now near-zero federal-funds rate target range, the Federal Open Market Committee policy statement will likely move to say that the economy has achieved full employment. In the last FOMC statement from mid-December, the Fed said that the economy was still working to achieve that level.
IMF Urges El Salvador to Ditch Bitcoin's Legal Tender Status
The International Monetary Fund urged El Salvador to strip bitcoin of its status as legal tender because of its large risks to financial stability, the latest twist in protracted talks between the fund and the highly indebted Central American country to secure a $1.3 billion loan.
The fund said on Tuesday that El Salvador's recent adoption of bitcoin as a national currency also creates risks for financial integrity, consumer protection and fiscal liabilities in a tiny economy with limited government resources.
House Speaker Nancy Pelosi to Run for Re-Election, Doesn't Address Leadership Plans
WASHINGTON-House Speaker Nancy Pelosi (D., Calif.) said she plans to seek re-election this fall, but gave no indication of whether she wants to remain her party's leader, as Democrats face an uphill battle to keep control of the chamber in the midterms elections.
To win backing for the speakership in 2018, Mrs. Pelosi made a deal with party lawmakers that she would serve as speaker for just two more terms. Since then, she has declined to talk about whether she plans to step aside. While she has the firm backing of her caucus, many have openly called for a change in leadership.
New York Mask Mandate Reinstated in State Appeal
An appellate judge reinstated New York's indoor mask mandate on Tuesday after the state Health Department appealed a ruling that struck down pandemic-related requirements for schools and businesses.
Judge Robert Miller stayed a Monday ruling that the state's requirements for face coverings, adopted at the start of the school year and extended in December to cover all indoor public places, were unconstitutional because they didn't relate to a specific law regarding Covid-19.
Write to paul.larkins@dowjones.com TODAY IN CANADA
Earnings:
AGF Mgmt 4Q
Celestica 4Q
Champion Iron 3Q
Methanex 4Q
Economic Indicators (ET):
1000 Bank of Canada interest rate announcement
Expected Major Events for Wednesday
00:01/UK: Jan REC JobsOutlook survey
05:00/JPN: Nov Indexes of Business Conditions - Revision
07:45/FRA: Jan Consumer confidence survey
09:00/ITA: Dec Foreign Trade non-EU
11:00/FRA: 4Q Claimant count and job advertisements collected by Pole emploi
12:00/US: 01/21 MBA Weekly Mortgage Applications Survey
13:30/US: Dec Advance Economic Indicators Report
15:00/CAN: Bank of Canada interest rate announcement
15:00/US: Dec New Residential Sales
15:30/US: 01/21 EIA Weekly Petroleum Status Report
19:00/US: U.S. interest rate decision
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Wednesday
AGF Management Ltd - Class B (AGF.B.T) is expected to report $0.18 for 4Q.
AT&T Inc (T) is expected to report $0.64 for 4Q.
Abbott Laboratories (ABT) is expected to report $0.88 for 4Q.
Amphenol Corp (APH) is expected to report $0.64 for 4Q.
Anthem Inc (ANTM) is expected to report $4.68 for 4Q.
Automatic Data Processing Inc (ADP) is expected to report $1.63 for 2Q.
Boeing Company (BA) is expected to report $0.25 for 4Q.
Brinker International (EAT) is expected to report $0.53 for 2Q.
Capital Bancorp Inc (CBNK) is expected to report $0.68 for 4Q.
Central Pacific Financial Corp (CPF) is expected to report $0.65 for 4Q.
Coastal Financial Corp (CCB) is expected to report $0.53 for 4Q.
Corning Inc (GLW) is expected to report $0.50 for 4Q.
Fidelity D&D Bancorp Inc (FDBC) is expected to report for 4Q.
First Citizens Bancshares Inc. Cl A (FCNCA,FCNCB) is expected to report $10.69 for 4Q.
Freeport-McMoRan Inc (FCX) is expected to report $0.93 for 4Q.
General Dynamics Corp (GD) is expected to report $3.39 for 4Q.
Hess Corporation (HES) is expected to report $0.80 for 4Q.
Hess Midstream LP (HESM) is expected to report for 4Q.
Kimberly-Clark Corp (KMB) is expected to report $1.13 for 4Q.
Knight-Swift Transportation Holdings Inc (KNX) is expected to report $1.41 for 4Q.
Lakeland Bancorp (LBAI) is expected to report $0.38 for 4Q.
Marine Products (MPX) is expected to report $0.17 for 4Q.
MarketAxess Holdings Inc (MKTX) is expected to report $1.42 for 4Q.
Monro Inc (MNRO) is expected to report $0.53 for 3Q.
NASDAQ Inc (NDAQ) is expected to report $1.63 for 4Q.
New York Community Bancorp (NYCB) is expected to report $0.31 for 4Q.
Norfolk Southern Corp (NSC) is expected to report $3.05 for 4Q.
Norwood Financial Corp (NWFL) is expected to report for 4Q.
Oshkosh Corp (OSK) is expected to report $0.20 for 1Q.
Progressive Corp (PGR) is expected to report.
Prosperity Bancshares (PB) is expected to report $1.37 for 4Q.
Provident Financial Holdings Inc (PROV) is expected to report $0.20 for 2Q.
RPC Inc (RES) is expected to report $0.02 for 4Q.
Rollins Inc (ROL) is expected to report $0.15 for 4Q.
Sharps Compliance (SMED) is expected to report $0.07 for 2Q.
Stifel Financial (SF) is expected to report $1.67 for 4Q.
Stock Yards Bancorp Inc (SYBT) is expected to report $0.66 for 4Q.
TE Connectivity Ltd (TEL) is expected to report $1.58 for 1Q.
TriCo Bancshares (TCBK) is expected to report $0.90 for 4Q.
Universal Stainless & Alloy Products Inc (USAP) is expected to report $0.24 for 4Q.
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ANALYST RATINGS ACTIONS
Allscripts Raised to Outperform From Market Perform by SVB Leerink
American Airlines Group Cut to Neutral From Buy by Redburn Partners
Anaplan Cut to Sector Weight From Overweight by Keybanc
BlackLine Cut to Sector Weight From Overweight by Keybanc
Blueprint Medicines Raised to Buy From Hold by Stifel
Calif Water Svc Grp Raised to Neutral From Sell by Seaport Global
(MORE TO FOLLOW) Dow Jones Newswires
01-26-22 0550ET
