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Equinor CEO Eldar Sætre. Photo: Vidar Ruud/AFP/Getty Images

Oil-and-gas giant Equinor posted a $4.8 billion third-quarter profit on Thursday morning, roughly double the amount from the same period last year.

Why it matters: The results from the multinational oil giant formerly known as Statoil show how the industry is reaping the benefits from higher oil prices even though their haul was slightly below analysts' forecasts.

The intrigue: The Norwegian company said it's cutting $1 billion from its 2018 capital spending levels, bringing them down to $10 billion thanks to what the company called "capital discipline and efficient project execution."

  • Via the Financial Times, the move is "likely to soothe investor fears that costs will start to head substantially higher following the oil price recovery to above $75 per barrel."

What's next: Companies including ExxonMobil, Shell, BP and Chevron report their earnings next week.

Go deeper

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.

Updated 2 hours ago - Economy & Business

2020 was the economy's worst year since 1946

Source: FRED; Billions of chained 2012 dollars; Chart: Axios Visuals

One of the last major economic report cards of the Trump era lends perspective to the historic damage caused by the pandemic, which continued to weigh on growth in the final quarter of 2020.

By the numbers: The U.S. economy grew at a 4% annualized pace in the fourth quarter, a sharp slowdown in growth compared to the prior quarter. For the full year, the economy shrank by 3.5% — the first annual contraction since the financial crisis and the worst decline since 1946.

Dion Rabouin, author of Markets
3 hours ago - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

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