Exceptionally, today's press review will be in the form of an article and not a video. On the agenda today: ASML, Abcam, Schroders, Associated British Foods, Frasers, Tesla, Robinhood, United Airlines, Blackstone, Ford Motor, Microsoft, Comac and Fujifilm Business Innovation!

 

In the US,

Tesla posted a 57% increase in adjusted earnings per share in the latest quarter, despite production problems and closures in China. Revenue rose 42% to $16.9 billion, but fell short of market expectations.(Financial Times)

Robinhood is behind Berkshire Hathaway's surge in trading volume, which has baffled investors. A trio of academics claim to have solved the mystery of the stock market.(Wall Street Journal)

United Airlines on Wednesday reported its first quarterly profit without government assistance since the start of the pandemic and expects to see additional revenue growth in the current quarter, despite growing concerns related to inflation and the economic slowdown.(Wall Street Journal)

Blackstone is finalizing the raising of a new real estate fund that would set a record as the largest investment vehicle of its kind, defying market volatility and a crowded landscape for fundraising.(Wall Street Journal)

Ford Motor plans to cut several thousand "white-collar" workers to reduce costs and position itself for a long-term transition to electric vehicles.(Wall Street Journal)

Microsoft announces deeper cloud interoperability with Oracle, making it easier for customers to run projects on both platforms(Wall Street Journal).

 

In Europe,

ASML is benefiting from rising demand for microchips, with a record number of orders for manufacturing equipment as the global shortage takes hold (Financial Times)

Abcam, a pioneering Cambridge biotech, is ditching its London listing in favor of New York, despite the British government's efforts to make the country a life sciences superpower (Financial Times)

Schroders, the FTSE 100 asset manager that oversees £731.6 billion on behalf of its clients, said it had invested in Zurich-based blockchain and digital investment firm Forteus. (Financial Times)

One of Marks and Spencer's most important figures, its chief financial officer Eoin Tonge, will leave the retailer later this year to join Associated British Foods. The departure comes just weeks after the previous chief executive retired. (Financial Times)

Frasers, owner of the Sports Direct, House of Fraser and Flannels brands, said it expects annual profit to rise by 45% next year after its 2022 results beat expectations. (Financial Times)

 

In Asia,

China's Comac depends on the "captive domestic market" for sales. The new C919 plane is less fuel efficient than jets from Boeing and Airbus and may struggle to attract international buyers.(Financial Times)

Fujifilm Business Innovation, formerly known as Fuji Xerox, has agreed to sell its Shanghai-based unit to Chinese office equipment maker EVA Precision Industrial (Weihai) for 62 million yuan ($9.19 million).(Asia Nikkei)