Tuesday’s business headlines
INDIANAPOLIS (WISH) — Here’s a look at Tuesday’s business headlines with Jane King.
Bank of America to release earnings report Tuesday
Bank of America is forecast to see a surge in net interest income thanks to the Federal Reserve’s rate hikes over the past year. Predictions for the company’s bottom line are more muted, with analysts forecasting a drop in the bank’s profits compared to JPMorgan Chase & Co., which is posting a 52% gain.
Bank of America is one of the largest financial institutions in the world, with total assets of $3 trillion under management.
Earnings season off to best start in 10 years
Of the thirty S&P 500 companies comprising 10% of the index that have reported results so far, 90% have trounced earnings estimates.
That marks the best upside surprise in the first week of a reporting period going back to at least 2012.
It’s still early in the earnings season, but JPMorgan Chase, Wells Fargo, and Citi all were better than expected.
Samsung considers changing default search engine
Samsung is reportedly considering changing its default search engine from Google to Microsoft’s Bing for its lineup of smartphones.
Alphabet pays billions of dollars to maintain Google’s default-search status on Samsung phones.
Samsung and Google’s deal is up for renewal soon. It’s worth an estimated $3 billion in revenue to google.
Ookla: T-Mobile outperforms competition
T-mobile continued to outperform the competition for mobile service with a median download speed over two times faster than Verizon and AT&T, according to Ookla, the maker of Speedtest.
The carrier also won almost every other metric measured by Ookla in its report for U.S. mobile and broadband internet performance in the first quarter of 2023, but the three main carriers were pretty close when it came to upload speeds.
New test can detect salmonella in food
Scientists in Canada say they’ve developed a cheap and easy way to find out if salmonella is lurking in food.
The researchers claim their test can detect the bacteria within an hour’s time and with less set-up required than a typical at-home COVID test.
They believe that their test could be used by poultry processors, food preparers and consumers.