Elon Musk’s Tesla Expected to Record First Full Year of Profitability [WSJ]
The Silicon Valley car maker delivered around half a million vehicles last year, up more than a third from a year earlier…. Wall Street expects such resilience to help Tesla generate around $1.3 billion in 2020 annual profit when the company posts earnings Wednesday afternoon, according to FactSet, on sales of about $31.1 billion. That compares with an $862 million loss in 2019 on sales of $24.6 billion….
Wall Street forecasts Tesla will report a record quarterly profit of around $746 million in the fourth quarter, up from $105 million a year earlier. Sales for the October-December quarter are expected to be roughly $10.5 billion, up around 40%....
Boeing’s 2020 net loss hits record $11.9 billion, pushes out 777X deliveries to late 2023 [CNBC]
The company lost a whopping $15.25 a share in the fourth quarter on an adjusted basis that took Wall Street by surprise; analysts had forecast a loss of $1.80 share. The company also booked a $468 million write-down against “abnormal production costs” on the 737 Max program…. “2020 was a year of profound societal and global disruption which significantly constrained our industry. The deep impact of the pandemic on commercial air travel, coupled with the 737 MAX grounding, challenged our results,” CEO Dave Calhoun said in the earnings release.
JPMorgan to join British online banking chase within months [Reuters]
JPMorgan will launch a digital consumer bank in Britain under its Chase brand within months, marking its first foray into an already competitive British market…. At a time of growth for online finance, JPMorgan’s venture further ramps up competition in Britain’s digital banking sector, where it will compete with Goldman Sachs’ consumer brand Marcus which launched in Britain in 2018.
Biden says U.S. will have enough vaccine doses for 300 million Americans by end of summer [CBS News]
Vaccine supply to states, territories and Native American tribes will climb to 10 million doses next week, up from 8.6 million and continue at that rate for the next three weeks. Governors will be given a three-week forecast of their vaccine allocations, giving them more time to prepare vaccine distribution plans….
"I think it'll be this spring. I think we'll be able to do that this spring," Mr. Biden said Monday when a reporter asked him when any American who wants a vaccine should be able to obtain one. "But it's going to be a logistical challenge that exceeds anything we've ever tried in this country. But I think we can do that."
What Jeffrey Epstein Did to Earn $158 Million From Leon Black [NYT]
Mr. Epstein’s specialty was suggesting ways for wealthy clients to use sophisticated trusts and other investment vehicles to reduce their tax liability while passing on assets to their children, according to documents reviewed by The New York Times and interviews with 11 people familiar with his work. In the process, he collected hefty fees — usually based on a cut of the anticipated tax savings…. In Mr. Black’s case, according to the review by the law firm Dechert, the savings were enormous: about $1 billion for a single GRAT. Mr. Epstein’s detection of a problem in a trust set up in 2006 and his proposed solution were “the most valuable piece of work” that he performed, the report said….
“Outside legal counsel described the solution as a ‘grand slam,’” according to the Dechert report….
Goya Foods moves to muzzle its Trump-supporting CEO [N.Y. Post]
The Hispanic foods giant on Friday agreed to censure Unanue, 67, for controversial remarks in the wake of the deadly Jan. 6 invasion of the US Capitol building, including on Jan. 20 when he called President Biden’s election “unverified” during an appearance on Fox Business.
The vote by a majority of Goya’s nine-member board means Unanue must now obtain board permission before making any more media appearances, sources close to the situation said.
“Bob does not speak for Goya Foods when he speaks on TV,” Goya board member and third-generation owner Andy Unanue told The Post last week leading up to the vote. “The family has diverse views on politics, but politics is not part of our business. Our political point of views are irrelevant.”