Reported 17 days ago
Lucid Motors has reported better-than-expected third quarter results, with revenue reaching $200 million, surpassing forecasts, and a narrower adjusted loss per share of $0.28. The company produced 1,805 vehicles and delivered 2,781, positioning itself to meet its annual target of 9,000 vehicles. As it prepares for the highly anticipated Gravity electric SUV, set to begin production late this year, Lucid's CEO expressed optimism about future sales, citing the SUV's potential market. The company ended the quarter with $5.16 billion in cash, bolstered by a recent $1.75 billion capital raise.
Source: YAHOO
Reported 17 days ago
AppLovin's shares soared more than 44% after the company exceeded Q3 earnings estimates and raised its Q4 guidance, reporting a 39% year-over-year sales increase. Analysts provided positive commentary on the application software company's performance.
Source: YAHOO
Reported 17 days ago
During a press conference, Federal Reserve Chair Jerome Powell confirmed that he will not resign if President-Elect Donald Trump requests it, stating that such actions are 'not permitted under the law.' He emphasized that the upcoming election results will not influence policy decisions, while also expressing concerns about the national deficit and unsustainable US debt levels.
Source: YAHOO
Reported 17 days ago
The article explores how the NFL protects its players' multimillion-dollar salaries through insurance policies, which are crucial for teams when players suffer injuries, such as Aaron Rodgers' Achilles tendon tear. While insurance can help recoup losses, the high costs of premiums make them a financial gamble for teams. Most players have insurance for career-ending injuries, but temporary disability coverage is often deemed too expensive. The NFL has also implemented rules aiming to reduce injuries, as they are an inherent risk in the sport.
Source: YAHOO
Reported 17 days ago
Fed Chair Jerome Powell has stated that Donald Trump cannot fire him under current laws, despite Trump's previous claims of having that authority. Powell emphasized that a president can only remove Fed officials for cause, a notion that has legal ambiguity. While Trump has hinted at possibly allowing Powell to serve out his term, he also has the power to choose a replacement when Powell's term ends in 2026.
Source: YAHOO
Reported 17 days ago
Australian lender ANZ Group announced annual profits below expectations, citing a challenging environment due to fierce competition in deposits and loans, along with high operating costs. For the year ending September 30, ANZ reported a cash profit of A$6.73 billion, which fell short of analysts' estimates and last year's earnings. The bank noted that competitive pressures in the home lending and deposit sectors were significant, and rising interest rates have increased customer demand for hardship support.
Source: YAHOO
Reported 17 days ago
The stock market experienced historic gains as the Federal Reserve cut interest rates by 25 basis points, leading the S&P 500 and Nasdaq Composite to hit record highs. The surge was driven primarily by significant contributions from major tech companies like Nvidia and Amazon, which saw their shares reach new peaks following Donald Trump's presidential victory. Investors are optimistic about potential corporate tax cuts and deregulation under Trump's administration, fueling a broader rally across the market.
Source: YAHOO
Reported 17 days ago
Goldman Sachs has promoted 95 bankers to its partnership ranks, including 26 women, reflecting a commitment to diversity within its elite group. This marks an increase from 80 partners in 2022, with the new cohort contributing significantly to the firm's culture and business growth. The appointments include members from various backgrounds, with 69% based in the Americas and 18% being Asian. These promotions will officially take effect on January 1.
Source: YAHOO
Reported 17 days ago
Most Gulf Cooperation Council central banks lowered key interest rates following the Federal Reserve's recent 25 basis point cut. This move is expected to stimulate growth in credit-sensitive sectors, like real estate, while the region's economies aim to diversify revenue and maintain low inflation. Saudi Arabia and the UAE led the changes, with Qatar opting for a deeper cut of 30 basis points.
Source: YAHOO
Reported 17 days ago
Federal Reserve Chair Jerome Powell confirmed he would not resign if re-elected Donald Trump requested it, following the Fed's decision to cut interest rates by a quarter percentage point. Powell emphasized that the presidential election would not influence the Fed's policy decisions and stated that the economy remains strong despite risks. Recent data showed growth in consumer spending but also a slight cooling in the labor market. The Fed aims for a careful approach to future rate adjustments while monitoring inflation trends.
Source: YAHOO
Reported 17 days ago
Amazon workers in Alabama will have a third chance to vote on unionization after a federal judge found the company improperly influenced the previous vote, where the workers rejected the union. The judge identified multiple violations by Amazon, including surveillance of union activities and threats to employees. The National Labor Relations Board found similar interference in earlier votes, leading to this latest court ruling. Both Amazon and the union plan to appeal the decision.
Source: YAHOO
Reported 17 days ago
The Federal Reserve has reduced interest rates by 25 basis points in response to disinflationary trends, although experts warn that inflation risks persist. Analysts, including EY's Gregory Daco and John Hancock's Emily Roland, highlight the fragility in the economy and labor market while pointing out that consumer price sensitivity and rising productivity are contributing to ongoing disinflation. The Fed remains cautious as it navigates the aftermath of the 2024 elections and fluctuating bond yields.
Source: YAHOO
Reported 17 days ago
The Federal Reserve has cut interest rates by 25 basis points, reducing the benchmark rate to a range of 4.5%-4.75% to support its dual mandate of stable prices and maximum employment. Despite mixed economic indicators, including persistent inflation and a weakening job market, the decision came as a widely anticipated move in light of economic conditions. Fed Chair Jerome Powell addressed the potential implications of Donald Trump's presidency on future monetary policy, stating that the Fed's focus remains on data-driven decisions.
Source: YAHOO
Reported 17 days ago
The Federal Reserve has cut interest rates by 25 basis points, marking its second consecutive reduction since September, following Donald Trump's election. The new rate range is now 4.5%-4.75%, intended to support the central bank’s goals of price stability and employment. Despite mixed economic signals, with inflation readings and job growth showing uncertainty, the decision was widely anticipated. Fed Chair Jerome Powell emphasized that the changes in the Fed's language do not indicate a pause in rate cuts, while also sidestepping questions about potential economic impacts from Trump's administration.
Source: YAHOO
Reported 17 days ago
Futures for the federal funds rate indicate that the Federal Reserve is likely to implement a 25-basis-point rate cut in December, following a recent reduction. Projections suggest an additional 67 basis points of cuts for 2025, reflecting ongoing optimism about economic growth and inflation moving towards the Fed's target. There is a 72% probability for another rate cut next month, signaling attempts to boost consumer activity in the credit market.
Source: YAHOO
Reported 17 days ago
The Federal Reserve has lowered interest rates by 25 basis points, bringing the benchmark rate to between 4.50% and 4.75%. Esther George, former President of the Federal Reserve Bank of Kansas City, discusses the Fed's decision and notes that while another rate cut is expected in December, the future is unpredictable due to economic uncertainties. She highlights that the Fed is still striving to meet its goals as inflation remains above target.
Source: YAHOO
Reported 17 days ago
RXO forecasts greater savings from its recent acquisition of Coyote Logistics, raising its cost synergies projection from $25 million to $40 million. Despite a disappointing performance in its latest earnings report, management is optimistic about the integration of Coyote, highlighting improvements in productivity and cross-selling opportunities. CEO Drew Wilkerson emphasized that initial integration is ahead of schedule, setting the stage for further efficiency gains in the coming year.
Source: YAHOO
Reported 17 days ago
The Australian Communications and Media Authority (ACMA) has fined Optus A$12 million ($8 million) for failing to ensure emergency call services during a nationwide outage last November, which left many without phone or internet access. The regulator found that over 2,100 customers couldn't reach emergency services, and Optus neglected to follow up with many of them post-outage. This penalty follows recent legal troubles for the telecom company, which has been struggling since a major cyber attack in 2022.
Source: YAHOO
Reported 17 days ago
Dine Brands announced plans to open the first-ever dual-brand Applebee's-IHOP restaurant near San Antonio, Texas, in early 2025 in response to declining revenues from both chains. This innovative restaurant aims to provide customers with the flexibility of breakfast or dinner at any time, while helping to reduce operational costs and improve profitability. The concept has already seen success abroad, with over a dozen locations operating internationally.
Source: YAHOO
Reported 17 days ago
EFW has partnered with MRO Japan to expand the production of A321 freighter conversions, enabling Japan Airlines to operate modified aircraft for cargo transport. MRO Japan, located in Okinawa, will receive its first A321 for conversion by the end of 2025, enhancing EFW's ability to tap into Japan's growing air cargo market, projected to grow at a rate of 4.2% annually. This collaboration comes as Japan Airlines and Yamato Transport start utilizing A321 freighters for logistics and parcel delivery across the country.
Source: YAHOO
Reported 17 days ago
Paramount Global will announce its third quarter earnings before the market opens on Friday, as it prepares for its merger with Skydance Media, anticipated to finalize in the first half of 2025. The company expects a direct-to-consumer loss of $161.5 million for Q3, down from $238 million a year ago, but a shift from a profit of $26 million in Q2. Despite challenges, including a substantial write-down on its cable business and workforce layoffs, theater and streaming revenue is under review, with analysts projecting subscriber growth due to the NFL and college football's return.
Source: YAHOO
Reported 17 days ago
The Federal Reserve's decision to cut interest rates by 25 basis points has led to a significant uptick in stock markets, with the S&P 500 and Nasdaq Composite reaching new heights. Key players like Qualcomm, Arm Holdings, and Lyft saw notable stock movements, particularly Lyft, which surged over 22% due to a positive outlook on gross bookings. Qualcomm and Arm Holdings also reported better-than-expected earnings, further boosting investor sentiment.
Source: YAHOO
Reported 17 days ago
Judy Love, co-founder of Love’s Travel Stops, has passed away at the age of 87 in Oklahoma City. Alongside her husband Tom, she built the company from a single location in 1964 into a thriving network of over 640 travel stops across 42 states. Beyond her business success, Love was a dedicated philanthropist, actively supporting numerous charitable causes, including education and healthcare. Remembered for her strong leadership and incredible generosity, Judy Love's legacy will live on through her family and the many lives she impacted.
Source: YAHOO
Reported 17 days ago
Donald Trump's reelection has led to significant market gains, particularly in the financial and utilities sectors, sparking what some are calling a 'Trump Everything Rally'. This shift reflects investor optimism about potential deregulation and pro-industry policies, though concerns remain regarding clean energy. Analysts suggest that while certain sectors may thrive, the broader implications could introduce 'new uncertainty' in the markets.
Source: YAHOO
Reported 17 days ago
Federal Reserve Chairman Jerome Powell stated that the recent election results will not affect the Fed's policy decisions in the near term, emphasizing that the central bank does not speculate on future government policies. This statement came after a Fed meeting where a rate cut was announced, despite former President Donald Trump's return to office, which could influence inflation and deficits.
Source: YAHOO