Jamie Dimon (Getty Images)

JPMorgan reports ‘highest quarterly profit in the history of American banking’

Wall Street was disappointed.

7/12/24 10:37AM

JPMorgan Chase fired a very loud, quasi-official starting gun for the earnings season on Friday, posting a massive $18.1 billion Q2 profit, which Bloomberg called the “highest quarterly profit in the history of American banking.”

All cylinders of the American financial behemoth’s earnings engines were purring, with investment banking fees, equities trading revenues and net interest income — the difference between what it pays to borrow money and charges to lend it — rising. The gigantic profit number was boosted by $8 billion worth of one-time gains mostly related to Visa stock that JPM owns.

Naturally, JPMorgan stock fell 2%, which Bloomberg attributed to the fact that the company fell slightly short of estimates analysts had penciled in for net interest income.

Max Knoblauch20h

Used car prices dip in April but remain at 2023 levels as gas prices surge

Used car prices ticked down in April, the first drop in 2026, according to fresh data from Cox Automotive.

Cox’s Manheim Used Vehicle Value Index, which tracks wholesale prices, dipped 1.6% in April from March, but remains around highs not seen since 2023 as shoppers react to surging gas prices.

“Affordability remains front and center, and that’s driving some increased demand for older vehicles... as well as changing the calculus for consumers shopping for EVs,” said Cox’s chief economist, Jeremy Robb.

As reported in March, used car retailers including CarMax have told Sherwood News that gas prices are driving more shoppers to look toward EVs. Cox’s EV index is up 7.2% from April 2025, compared to a 1.1% hike for its non-EV index.

Tom Jones

gear shift

5/6/26

Harley-Davidson hopes getting “Back to the Bricks” will help turn its motorcycle business around

Its ~$1 billion financial services segment has helped keep the company ticking over in the meantime.

Harley-Davidson motorcycles cruising along scenic road during European Bike Week, showcasing vibrant atmosphere and camaraderie among riders

Max Knoblauch5/5/26

Xbox CEO overhauls leadership team with Microsoft AI execs amid sales declines

Microsoft is continuing to shake up Xbox, with gaming chief Asha Sharma (who took over the division suddenly in February) announcing an executive overhaul.

According to an internal memo seen by CNBC, Sharma is bringing four leaders from her former CoreAI group into the Xbox fold, as they have “consumer and technical expertise [Xbox does] not yet have.”

“Right now, it is too hard to ship impact quickly. We spend too much time inward instead of with the community, and we lack the depth we need in some of the fundamentals,” Sharma said in the memo.

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Following Microsoft’s earnings report last week, in which Xbox console sales fell 33% from last year, Sharma said the division had work to do. The company forecast more sales declines for Game Pass and consoles in the current quarter.

Microsoft Xbox CEO overhauls leadership amid sinking sales: 'We need to evolve how we work'

Aside from the CoreAI team, David Schloss, a former Instacart growth exec, will take over the subscription and cloud business.

Max Knoblauch5/4/26

Ford’s April EV sales climb from March but make up less than 2% of its total sales this year

Ford sold 22% more EVs in April than in March, but the category makes up just 1.7% of the automaker’s total 2026 sales through April. At the same point last year, EVs were about 4% of sales.

The company released its April sales figures Monday morning, with EVs climbing sequentially but still down nearly 25% from last year. Its more popular hybrids were down 5% from March and about 33% from last year.

Overall, Ford posted a 14.4% drop in sales in April from last year. SUVs were down more than 16%, trucks fell more than 14%, and cars (the company doesn’t sell many) climbed 18%.

When it reported its Q1 earnings last week, Ford boosted its full-year guidance for adjusted earnings before interest and taxes to between $8.5 billion and $10.5 billion.

Rani Molla5/4/26

Amazon opens up its supply chain to everyone

Today Amazon unveiled Supply Chain Services, a new business that turns the vast warehousing and logistics network behind its e-commerce empire into a product for other companies — an AWS-style move applied to the physical world.

As Amazon put it: “Any business can now move, store, and deliver everything from raw materials to finished products using the same supply chain that supports Amazon and its independent selling partners.”

That could make Amazon a behind-the-scenes operator for an even wider swath of commerce, expanding its reach beyond its marketplace and helping it capture more of the $1.3 trillion third-party logistics market.

Shares of traditional shipping companies UPS and FedEx fell after the announcement.

Amazon listed Procter & Gamble, 3M, and American Eagle among the logistics service’s first customers.

Introducing Amazon Supply Chain Services: Amazon’s logistics network, now open to every business