NOVARA, Italy (AP) — Jasper Philipsen won a sprint finish on the opening stage in Italy of the Spanish Vuelta on Saturday, as title favorite Jonas Vingegaard finished safely in the pack.
Belgian sprinter Philipsen powered to the line after being launched by his Alpecin-Deceuninck teammates. He finished the 186-kilometer (115-mile) stage from Turin to Novara in the Piedmont region in 4 hours, 9 minutes, 12 seconds.
It was the 27-year-old’s fourth career win at a Vuelta — to go with 10 stage wins at the Tour de France.
Philipsen was followed by Ethan Vernon in second and Orluis Aular in third.
Philipsen also won the opening stage of the Tour de France in July. He crashed out of the race two days later.
“After my crash in the Tour I was really disappointed to be out. It was a setback and you have to find new goals,” he said. “And this was a nice goal because I knew that we only had one chance since there were not many opportunities for sprinters like me at this Vuelta.”
The first stage was just one of four flat stages during the three-week race that will feature several summit finishes on Spain's mountains.
Philipsen will wear the Vuelta’s red leader’s jersey on Sunday for a 160-kilometer (100-mile) flat stage with an uphill finish at Limone Piemonte.
The race stays in Italy until crossing into France on Stage 4. It then shifts to Spain, where it will completely be held in the country’s northern half. Spain is just recovering from a brutal heat wave that fueled massive wildfires,
Vingegaard, a two-time Tour winner, is favored to win his first Vuelta after top rival Tadej Pogačar and four-time Vuelta winner Primoz Roglic both opted to skip the race.
AP sports: https://apnews.com/hub/apf-sports
Denmark's Jonas Vingegaard pedals during the first stage of the La Vuelta, tour of Spain cycling race, from Venaria to Novara, Italy, Saturday, Aug. 23, 2025. (Marco Alpozzi/LaPresse via AP)
Riders pedal during the first stage of the La Vuelta, tour of Spain cycling race, from Venaria to Novara, Italy, Saturday, Aug. 23, 2025. (Marco Alpozzi/LaPresse via AP)
NEW YORK (AP) — A surging stock market and a flurry of deal making padded the profits of Wall Street's two big investment banks, which both saw a double-digit jump in profits in the fourth quarter.
Goldman Sachs's net earnings rose 12% from a year earlier, posting a profit of $4.62 billion, or $14.01 a share. Meanwhile Morgan Stanley said it earned $4.4 billion, or $2.68 per share, compared to a profit of $3.71 billion, or $2.22 per share, compared to a year earlier.
Wall Street has been bolstered by the Trump administration's deregulatory policies, which has led corporations to seek out mergers and acquisitions, as well as the surge of investor interest in artificial intelligence companies and those who stand to benefit from the mass adoption of technologies like ChatGPT.
Fourth-quarter investment fee revenues over at Goldman were up 25% year-over-year and Morgan Stanley saw a 47% jump in revenue in its investment banking division. Both banks said their investment fee backlog, which is a signal of how much deal making is still pending that banks are working on, increased significantly in the fourth quarter.
Goldman and Morgan's results reflect the strong earnings out of the other big banks that reported their results this week. JPMorgan Chase, Bank of America and Citigroup all saw jumps in fourth-quarter profits, but their results were dampened by the ongoing tensions that Wall Street is having with the White House over the issue of the independence of the Federal Reserve and President Donald Trump's interest in capping credit card interest rates at 10%.
Along with a strong investment banking performance, Goldman Sachs also agreed to sell off its Apple Card credit card portfolio to JPMorgan Chase last week, effectively exiting its brief experiment in consumer banking. The bank sold the credit card portfolio at a discount to JPMorgan, a sign of how desperately Goldman wanted to exit the business and put the Apple Card behind it.
This story has been corrected to show that Morgan Stanley's investment banking revenues rose 47%, not 22%.
FILE - Electronic signage is shown at Morgan Stanley headquarters, Thursday, March 4, 2021 in New York. (AP Photo/Mark Lennihan, File)
FILE - In this Dec. 13, 2016, file photo, the logo for Goldman Sachs appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)
