- Intel is investing $20 billion in Ohio to build microchip factories
- Schlumberger beats Q4 2021 revenue and earnings results as Huntington misses estimates
- Peloton disputes rumors that it will halt production of the Peloton bike
Intel to invest $20 billion in a pair of microchip production plants
Intel Corp (NASDAQ: INTC) has announced plans to make a $20 billion initial investment in constructing two high-quality microchip production plants in Ohio. This will be the most significant investment Ohio has seen from one private investor, and it will create up to 3,000 construction jobs.
The investment will assist the company in increasing production in order to meet the ever-increasing demand for improved semiconductors. In addition, Intel has contributed an additional $100 million for the construction by partnering with educational groups.
Schlumberge reports solid Q4 2021 results
Schlumberger Limited (NYSE: SLB) shares have gained 20% year, and on Friday, the company announced solid Q4 2021 results. The company reported revenue of $6.22 billion, reflecting a 12.5% YoY growth and beating estimates by $130 million.
Non-GAAP earnings per share topped estimates by $0.02 at $0.41 per share. The company's Q4 earnings per share minus credits and charges were up $0.05, with EBITDA margin remaining strong at 22.2%. In addition, the company reduced its debt by $2.8 billion relative to the end of the previous year.
Huntington misses on Q4 2021 earnings and revenue estimates
Huntington Bancshares Inc. (NASDAQ: HBAN) dropped 10% on Friday after the firm's Q4 earnings and estimates missed Street predictions. Huntington made a net profit of $401 million, or $0.26 per share. In the same quarter last year, it made $316 million, or $0.27 per share.
According to the financial institution, revenue increased by 33% on an annualized basis. Analysts had predicted that the company would post earnings of $0.3 per share on revenue of $1.69 billion. The company reported 59% YoY growth in net income for the whole year.
Peloton is not halting the production of its bikes ad treadmills
Peloton Interactive Inc. (NASDAQ: PTON) shares closed 25% down on Thursday following reports that it was halting the manufacture of its treadmills and exercise bikes because of a decline in consumer demand. On Friday, CEO John Foley disputed the rumors terming them as speculative.
Foley reassured employees in a letter that the company would not fall into production dormancy and that Connected Fitness would continue to exist. However, he confirmed that the company was looking to cut costs, including layoffs.
