Exxon Mobil Corporation (NYSE:XOM) expects its third-quarter operating profit to be lifted by increases in oil, gas and fuel prices, according to a securities filing posted after the bell Wednesday.
The largest oil producer in the US is projecting a range of $8.3 billion to $11.4 billion in operating profit, higher than the $7.9 billion it delivered in the second quarter but below its record-setting $19.7 billion a year earlier.
Meanwhile, Blackberry (TSX:BB) announced Wednesday that it plans to spin off its Internet of Things (IoT) and cybersecurity business units. The plan would then be to move forward with a subsidiary initial public offering (IPO) for the IoT business during the next fiscal year.
The company reported its second-quarter results last week, posting IoT revenue of $49 million and cybersecurity revenue of $79 million out of a total $132 million.
Elsewhere, General Motors Company (NYSE:GM) has secured a $6 billion line of credit 20 days into the United Auto Workers (UAW) union strike, according to a filing with the Securities and Exchange Commission (SEC). The automaker entered a 364-day revolving credit agreement with JPMorgan Chase to secure the line.
The move comes as GM also said Wednesday that the strike cost it $200 million during the third quarter due to lost production. It also is a means of signaling that the company is bracing for a long-term strike.