▸ Goldman Sachs shares sank 3.6% on Tuesday following the company's investor day meeting, when Goldman CEO David Solomon essentially admitted that the bank's plans to expand its Main Street offerings had failed.
The narrative around Goldman has recently "been clouded by the persistent negative headlines tied to the consumer business (losses, personnel departures, product delays/terminations, regulatory scrutiny) which have given the impression that the Goldman leadership has lost control of delivering on its strategic priorities," wrote Bank of America analysts in a note on Tuesday.
The consumer strategy unit, known as Platform Solutions, includes credit card partnerships with Apple and General Motors as well as speciality lender GreenSky, which Goldman bought for $2.2 billion in 2021. A January Securities and Exchange Commission filing showed the bank's consumer unit has lost more than $3 billion since the start of 2020.
Solomon said Tuesday that Goldman Sachs was "considering strategic alternatives," noting that "we have significantly narrowed our ambitions for our consumer strategy."
▸ Chevron also made headlines at its investor day, after announcing that it would increase its rate of stock buybacks yet again, even though crude prices have declined by more than 30% since recent high in June. Chevron will repurchase $17.5 billion a year in stock beginning in the second quarter of 2023. That's 17% higher than the previous target, executives announced.
It's a bold move, coming after a firm rebuke from President Joe Biden about rewarding shareholders instead of investing in production and green energy.
Chevron attempted to offset some of that criticism by committing to 3% production growth annually.
"We expect to grow profitably in our traditional and low carbon businesses without sacrificing gains, efficiencies or free cash flow," Chevron's vice chairman Mark Nelson said at the presentation in New York.
Shares of Chevron fell 1.3% on Tuesday as crude oil prices continued to tumble.
▸ Tesla's first-ever investor day will be live-streamed Wednesday from its Gigafactory in Austin, Texas. Some shareholders and analysts will also attend the event in person.
Tesla shares notched their worst year ever in 2022, with the stock down more than 65%. The EV-automaker has since rebounded to become the best-performing stock in the S&P 500, and is up nearly 70% year to date.
Mexico's president, López Obrador, announced on Tuesday that Tesla has committed to building a major plant in northern Mexico, which will likely increase output. Obrador said the company planned to release more details during its presentation on Wednesday.
CEO Elon Musk is likely to announce that his goal for Tesla is to produce 20 million cars a year by 2030. He's got a long way to go: The automaker only delivered 1.31 million vehicles in 2022. Musk will also likely reveal his "Master Plan 3," which will attempt to reduce dependency on fossil fuels.
Musk and Tesla have recently come under legal scrutiny. Both Musk and the company were sued on Monday by shareholders who accused them of overstating the effectiveness and safety of their electric vehicles' Autopilot and Full Self-Driving technologies.
Shares of Tesla fell 0.9% on Tuesday.
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