‘Save the planet!’: Chevron invests in Zap Energy to reduce its carbon footprint

Chevron (NYSE: CVX) is investing in Zap Energy, a nuclear fusion startup, as part of its efforts to reduce gas emissions from its activities. Chevron joins the likes of Eni (NYSE: E) and Equinor (NYSE: EQNR) that have also approached these nuclear fusion startups in order to minimize their carbon footprint. The company is yet to disclose the size of the investment. Still, it stated that it is an opportunity to enhance the company’s focus on a  diverse portfolio of low-carbon energy resources.  Click here to read more 

Cisco’s earnings forecast did not make the cut on Wall Street

Cisco (NASDAQ: CSCO) is forecasting its current-quarter revenue to drop to somewhere between $11.71 billion and $11.97 billion, below analysts’ expectation of $12.25 billion. Shares of the company fell about 5% on the news. The company, however, beat estimates for its fiscal fourth quarter as revenue came to $12.15 billion vs $12.08 billion expected. Cisco also laid out a restructuring plan – including a voluntary early retirement program and layoffs – which will begin this quarter. Click here to read more 

Lyft joined the band of ‘Covid-19 losers’ as its Q2 revenue sank 61%

With the Covid-19 lockdowns affecting its core ride-hailing business, Lyft reported a 61% decline in Q2 revenue. Revenue came to $339.3 million, while the number of active riders came to 8.69 million vs 10.5 million expected. The company said that its Q2 results reflected a challenging operating environment, but it was encouraged by apparent recovery trends in the current quarter. Click here to read more

Market Movers

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What else are we reading?

1. Uber and Lyft say they may shut down operations in California if forced to classify drivers as employees. Click here to read more 
2. Trump administration asks the court to dismiss Big Tech’s challenge to social media executive order. Click here to read more 

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