Articles by James Calloway
California Label Law Blocked, but $5B Producer Program Persists
A federal judge halted enforcement of California's SB 343 recycling label law, but the state's $5 billion producer program under SB 54 continues, creating a complex landscape for packaging companies.
Bank of America Marks Record Trading Revenue Amid Lower Risk Profile
Bank of America (BAC) reported record Q2 sales and trading revenue of $7.1 billion, while average value-at-risk fell 42% to $49 million, indicating earnings growth driven by client activity rather than increased market risk.
Europe's New Threat Targets Google's $60B Search Revenue
Germany's media regulator says Google's AI search summaries are Google's own content, threatening a $60.4B quarterly revenue stream. Alphabet's market value jumped $142B, dwarfing EU fines.
Cisco's $9B AI Order Target Faces Q4 Scrutiny as Shares Slide
Cisco shares dropped 4.5% as its $9 billion AI order target requires $3.7 billion in Q4 hyperscaler orders, nearly double the prior quarter's pace, raising investor concerns.
Block's Cash App Borrow Hits $27B, Reshaping Profit Mix
Block's Cash App Borrow originations surpassed $27 billion, with financial solutions driving 72% of gross profit growth. The lending business now accounts for 44% of consumer loan originations.
AT&T's 12% FCF Yield Under Scrutiny as Satellite Threat Looms
AT&T's implied free-cash-flow yield nears 12% as analysts cut targets on satellite risk. Earnings due July 22 will test cash generation.
Apple Gets China Nod for AI as iPhone Shipments Surge 24%
China approves Apple Intelligence after Q2 iPhone shipments in mainland China rise 24.4%, defying a 4.3% market decline. Apple's stock reaches a new high.
BlackRock's Record $15.3 Trillion AUM Masks HPS Deal Earnings Boost
BlackRock hits $15.3 trillion in assets, but Q2 earnings were lifted by the HPS deal; organic growth will be key from Q3 onward. Shares rose 6.8%.
J&J's Q2 Growth Largely Relies on Two Key Drugs
Johnson & Johnson's Q2 sales growth was almost entirely driven by Tremfya and Darzalex, raising concerns about portfolio depth. MedTech missed estimates.
SoFi Faces Margin Hurdle to Meet 2026 Profit Goal
SoFi must achieve a 37.7% adjusted EBITDA margin in the second half of 2026 to meet its full-year profit target. Q2 results on July 29 will be crucial.
Morgan Stanley Q2 Earnings: Trading Surge Masks Wealth Inflow Quality
Morgan Stanley's record Q2 was powered by a massive trading beat, but wealth inflows were heavily IPO-dependent, raising questions about earnings quality.