Later: shares surge. Despite Dow falling 300 points on report of likely third California bank failure. [Add a fourth regional bank: Phoenix-based. #13 on Forbe’s list of America’s Best Banks.]
[Read the political and financial history of California, 2000 - 2010. Link here: https://themilliondollarway.blogspot.com/2023/05/pondering-may-3-2023.html.]
First things first, link here.
Belgian firm Anheuser-Busch InBev reported core profit of $4.76 billion, up by 13.6% from the first quarter of 2022, in its first-quarter earnings today (May 4). The company attributed the massive surge–Wall Street was expecting a jump of around 5.6%—to “pricing actions” and “product premiumizations.” In other words, price hikes were absorbed by customers, and many of them opted for higher-tier products this quarter.
The marketing debacle began April 12 - 13, 2023. We won't know the effects of that debacle until 2Q23 earnings come out.
Much more later, perhaps.
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