MORNING NEWS

The building materials group Holcim generated less revenue and profit in the first quarter. The harsh winter in some European countries and currency effects weighed on earnings. However, the sale of several country operations also had a negative impact on the results. Revenue dropped 4.8 percent to 3.52 billion Swiss francs in the first quarter, as the Swiss-based group announced on Thursday.

Tesla reported better revenue and earnings in the first quarter - and surprised Wall Street with positive free cash - when compared with last year’s period. The company reported $22.4 billion in revenue for the first quarter, up 16% from the first quarter of last year. Revenue from its automotive business increased 16% from the year prior, and the company said the recent run-up in gasoline prices has helped sales slightly. Energy business revenue, which comes from selling industrial and residential battery storage, was previously a bright spot for the company, but it fell 12% in the first quarter. Even so, Tesla’s net income grew 17%.

ABB significantly increased its revenue in the first quarter of 2026. Order intake also rose noticeably. The full-year outlook has now been revised upwards. Revenue increased by 18 percent to $8.73 billion between January and March, the company announced on Wednesday. On a comparable basis, the increase was 11 percent. Order intake, which forms the basis for future revenue, also saw a significant jump. On a comparable basis, it climbed 24 percent to $11.30 billion. Profitability also improved: The operating margin (EBITA) increased by 3.2 basis points to 23.5 percent. The bottom line was a net profit of $1.32 billion, up by a good fifth.

Tim Cook, the longtime leader of Apple, is stepping down after transforming the iPhone maker into a titan of the technology industry, handing the reins to a veteran engineer. Apple said John Ternus, the affable head of its hardware division, will take over as chief executive. Ternus, 50 years old, takes the lead of the iPhone maker as it works to rekindle its creative fire and chart a hardware-heavy future in the AI era. He follows Steve Jobs, who led the invention of the most popular consumer product in history, and Cook, who squeezed so much profit from the device that Apple became the world’s most valuable company. His appointment will take effect Sept. 1, when Cook will become executive chairman, succeeding longtime chair Art Levinson.

The latest wave of IPO filings on Friday extends beyond Cerebras Systems and includes at least two companies that had previously postponed their IPO plans. Cerebras Systems is an AI company valued at around $23 billion earlier this year. According to Barron’s, Blackstone-backed Liftoff Mobile, focused on app marketing and monetization, postponed its offering in February due to market conditions but renewed its plans later that same month with a confidential filing.

Netflix Chairman and co-founder Reed Hastings will step down from the company’s board after his term expires in June, the streaming giant said Thursday, ending a nearly three-decade run at the direct-to-consumer pioneer.

Shares of Bank of America rallied Wednesday, after the banking giant reported first-quarter profit and revenue that rose more than expected, boosted by strength in its sales and trading business. Boosted by recent volatility as a result of the Iran conflict, BofA’s BAC equities business saw revenue soar 30% to record levels. An easier regulatory environment, which has boosted merger and acquisition activity, helped drive a 21% increase in investment-banking fees. “[W]e saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy,” said CEO Brian Moynihan.

Amazon.com is buying satellite operator Globalstar in a deal the companies estimated at about $10.8 billion, seeking to build a business connecting consumer smartphones with satellite internet connections. The deal would give Amazon’s Leo satellite venture a boost as it vies with SpaceX’s dominant Starlink network. The Elon Musk -controlled satellite business has been launching satellites designed to connect consumer devices and signing agreements with mobile carriers.

Goldman Sachs said its profit jumped 19% in the first quarter, powered by a resurgence in deal activity and volatile markets. But the bank’s stock fell around 3% as investors worried the war in Iran would slow Wall Street’s performance for the rest of the year. Chief Executive David Solomon said he expected companies would still push ahead on plans for dealmaking despite the war-related volatility. Solomon said that the executives he has spoken with “believe they have an opportunity to drive scale and consolidation” that wasn’t possible under the Biden administration.

Porsche car deliveries fell 15% in the first quarter as the end of production of its petrol-powered 718 range and the discontinuation of tax incentives for electric and hybrid vehicles in the U.S. dented sales. Strong deliveries of the fully electric Macan model following its market launch in the first quarter last year also skewed this year’s figures, it said. The German luxury sports-car maker said Friday that it delivered 60,991 cars in the first three months of the year, down from 71,470 in the same period last year.