Reported 22 days ago
Bank of America has announced the hiring of Johnbull Okpara, the former Chief Accounting Officer at Citigroup, as their new accounting chief. Okpara will replace Rudolf Bless and begins in December, overlapping with Bless during a transition period into 2025. With over 30 years of experience in the industry, Okpara has held significant positions in major firms including Morgan Stanley and American Express.
Source: YAHOO
Reported 22 days ago
The United Auto Workers (UAW) escalates its conflict with Stellantis by filing federal labor charges, claiming the company is unlawfully withholding information regarding plans to reopen a factory in Illinois. The union accuses Stellantis of intending to relocate SUV production abroad, despite commitments made in a recent contract. Union President Shawn Fain stated they have the right to strike for contractual compliance, with concerns about the future of over 2,700 jobs and the company's promises regarding investments in U.S. plants.
Source: YAHOO
Reported 22 days ago
The head of the FAA, Mike Whitaker, will testify before Congress on September 24 regarding Boeing's quality improvement plan, following concerns over systemic quality control issues. This comes after a recent mid-air emergency involving a Boeing 737 MAX 9 and amid increasing scrutiny of Boeing’s safety culture. Whitaker indicated that the agency will enhance oversight of Boeing, which has been criticized for a culture discouraging the reporting of safety concerns.
Source: YAHOO
Reported 22 days ago
Intel and Amazon Web Services (AWS) have announced a multi-year strategic partnership to invest in the design and production of custom AI chips, marking an important move for Intel as it seeks to enhance its foundry business and compete more effectively in the global chip market.
Source: YAHOO
Reported 22 days ago
PKT Network is aiming to transform the streaming landscape by creating a decentralized ecosystem that promotes easier access to content and supports creators, as discussed by co-founders Jesse and Josh Berger and anchor Rob Nelson. They emphasize the need for user-friendly technology to encourage consumer adoption, rather than directly competing with established platforms like Netflix and Spotify. Instead, PKT seeks to establish the infrastructure for new content platforms, allowing a broader range of audiences to connect with innovative creators worldwide.
Source: YAHOO
Reported 22 days ago
In a recent court hearing, TikTok defended itself against a US bill that could lead to its ban if ByteDance does not divest the app to a non-Chinese owner. Axios Business Editor Dan Primack noted skepticism from the judge towards TikTok's arguments, suggesting that the potential for a forced sale or ban is real. However, it's important to mention that the President could choose not to impose a ban without a divestiture, and former President Donald Trump has indicated he would not ban TikTok.
Source: YAHOO
Reported 22 days ago
The Star Atlas team is set to host the Star Atlas Impact Summit in Singapore, coinciding with Solana's Breakpoint Conference. This one-day event will feature panels, discussions, and exclusive presentations, with 600 RSVPs already. Attendees will experience new gameplay mechanics in a tournament and gain insights into Star Atlas' recent developments and future plans.
Source: YAHOO
Reported 22 days ago
Michael Kantrowitz, chief investment strategist at Piper Sandler, predicts that the markets will experience sideways movement for the remainder of 2024, with larger companies maintaining resilient earnings while mid- and small-cap stocks face potential disappointments. As unemployment rises and inflation falls, expectations for earnings are set to decline. Major tech and industrial stocks may outperform, but Kantrowitz advises cautious portfolio positioning ahead of the approaching election.
Source: YAHOO
Reported 22 days ago
Intel's foundry business has signed a significant contract with Amazon's AWS unit to manufacture custom AI chips, resulting in a 7% surge in Intel's shares. This deal marks a crucial step for Intel as it aims to recover its earnings and enhance competitiveness. CEO Pat Gelsinger outlined plans for cost-cutting and restructuring, while also securing approximately $3 billion in funding from the U.S. CHIPS and Science Act.
Source: YAHOO
Reported 22 days ago
Elon Musk has removed a post on his social media platform X, where he claimed that 'no one is even trying to assassinate' President Biden and Vice President Harris following an assassination attempt on former President Trump. His comments drew widespread condemnation, prompting phrases like 'DeportElonMusk' to trend on the platform. Musk, known for his provocative statements and conservative leanings, acknowledged the backlash, suggesting that not all of his comments translate well to social media.
Source: YAHOO
Reported 22 days ago
An analyst suggests that Apple's iPhone 16 upgrade cycle may be slow due to lower-than-expected first-weekend preorders, around 13% below iPhone 15 levels, attributed to a delay in the release of AI-related features. The gap between hardware launches and software availability could hinder sales, especially in Europe and China. The analyst predicts the AI upgrade cycle will take time and may not drive significant consumer upgrades compared to past generations.
Source: YAHOO
Reported 22 days ago
E.l.f. Beauty's stock (ELF) experienced a decline after Piper Sandler lowered its price target from $260 to $162 per share, although the firm maintained its Overweight rating. Market analysts Alexandra Canal and Josh Lipton discussed the implications and the company's outlook for 2025.
Source: YAHOO
Reported 22 days ago
TikTok and the US government faced off in the US Court of Appeals regarding the constitutionality of a law that could force the app's Chinese parent company, ByteDance, to divest its US operations or face a ban. TikTok argues that the law infringes on the First Amendment by targeting US users and restricting their choice of platform. The government contends the law is a valid national security measure aimed at protecting American data from foreign manipulation. The judges expressed skepticism over whether TikTok's operations are entitled to constitutional protections.
Source: YAHOO
Reported 22 days ago
TikTok faced off against the U.S. government in court regarding the constitutionality of a law that could force the app to sell its U.S. operations or face a ban. The judges expressed skepticism over TikTok's claims of First Amendment rights, questioning whether constitutional protections apply to the platform given its Chinese ownership. The case, related to national security concerns and user data privacy, may escalate to the Supreme Court regardless of the outcome in the appellate court.
Source: YAHOO
Reported 22 days ago
The major stock indexes ended mixed, with Apple dragging down the Nasdaq due to poor iPhone 16 pre-order numbers. Yahoo Finance's Jared Blikre discusses significant market movements, highlighting a rise in cyclical sectors like utilities, the anticipated impact of the Federal Reserve's upcoming interest rate decision, and seasonal trends expected in September.
Source: YAHOO
Reported 22 days ago
Intel has secured a deal with Amazon's AWS to develop a custom AI chip, a move that could enhance its manufacturing business and bring momentum to its turnaround plan under CEO Pat Gelsinger. However, the company is postponing construction of new factories in Germany and Poland while focusing on expansions in the US. Despite struggling financially, Intel is gaining significant partnerships and is also eligible for substantial US government funding for military chip production, marking a critical step in its efforts to regain market confidence.
Source: YAHOO
Reported 22 days ago
Gregory Garrabrants, CEO of Axos Financial, finds himself in the midst of numerous legal disputes following aggressive actions to combat perceived ideological threats at a private school, as well as clashes with whistleblowers and short sellers. His bank is facing scrutiny due to risky commercial real estate loans and a report indicating potential underwriting issues, raising questions about its future stability. Despite these challenges, Axos has seen substantial profits under Garrabrants' leadership.
Source: YAHOO
Reported 22 days ago
Carvana's stock price increased after analysts from Evercore ISI raised their price target for the online used car retailer from $142 to $157 per share, citing the company’s strong growth potential in the used car market.
Source: YAHOO
Reported 22 days ago
This week, Federal Reserve officials may implement their first rate cuts in four years during the September FOMC meeting in Washington, D.C. Yahoo Finance markets reporter Josh Schafer discusses Wall Street's sentiments regarding the potential scale of these significant cuts and their implications for traders.
Source: YAHOO
Reported 22 days ago
Interactive Brokers is targeting the gambling market for U.S. elections but faces legal challenges due to ongoing court appeals regarding the Commodity Futures Trading Commission's regulations. Founder Thomas Peterffy discusses the potential for trading forecast contracts before the 2024 elections, emphasizing the long-term vision for the platform to focus on various forecasting contracts related to economic and climate indicators. Additionally, Peterffy notes the competitive advantages of their offerings in the presidential election betting market.
Source: YAHOO
Reported 22 days ago
Institutional interest in Bitcoin is rising, driven by shifting supply and demand dynamics. Recent data shows that inflows to crypto investment products exceeded $430 million, largely due to Bitcoin ETFs. Experts from Off The Chain Capital and BitLab Academy highlighted the increasing engagement from institutional investors and the potential for significant investments in the near future, as major financial players begin recognizing Bitcoin as a reliable asset class.
Source: YAHOO
Reported 22 days ago
Flex Intermodal Inc., a California-based trucking company that operated intermodal transport from the Port of Oakland, has filed for Chapter 7 bankruptcy after ceasing operations over a year ago. The company lists assets of up to $50,000 and liabilities between $500,000 and $1 million, with significant debts owed to the IRS and other creditors. Flex's operating authority was revoked by the FMCSA in August 2023, and their out-of-service rate for trucks was higher than the national average.
Source: YAHOO
Reported 22 days ago
Analysts express concerns about Intel's CEO Patrick Gelsinger, stating he may have underestimated the time needed for a significant restructuring. With Intel's stock down nearly 60% in 2024, questions regarding its AI strategy and manufacturing capacity remain. Stifel's Ruben Roy and KeyBanc's John Vinh highlight growing investor skepticism about Gelsinger's ability to lead the company towards growth in a competitive chip market.
Source: YAHOO
Reported 22 days ago
Citigroup has appointed Tim Ryan, a former senior partner at PwC, to lead its data quality improvement team, responding to regulatory criticisms about its data management processes. Ryan will work alongside COO Anand Selva to advance the bank's data transformation initiatives, which have faced scrutiny from regulators following significant fines for inadequate risk management. This leadership change is part of Citi's ongoing efforts to address data integrity issues and streamline operations.
Source: YAHOO
Reported 22 days ago
Sprouts Farmers Market Inc. has seen its shares more than double this year as the demand for natural and organic food rises among affluent consumers. Analysts predict further growth for the grocery chain, with Evercore ISI upgrading its stock rating, highlighting Sprouts' unique offerings and strong customer loyalty despite challenges in the grocery retail sector. The company is well-positioned to benefit from the ongoing healthy-eating wave, with an optimistic 12-month price target of $120 suggesting potential for more gains.
Source: YAHOO