Reported 26 days ago
Boar's Head announced the closure of its Virginia processing plant associated with a listeria outbreak that has resulted in at least nine deaths and numerous hospitalizations across 18 states. The company also plans to cease production of liverwurst, the product linked to the outbreak. An internal investigation revealed that the contamination arose from a specific production process unique to the Jarratt plant, which had previously faced numerous compliance issues. The closure will impact hundreds of employees, and the company is taking measures to enhance food safety protocols.
Source: YAHOO
Reported 26 days ago
Garmin's stock has been downgraded by Barclays from Equal-Weight to Underweight, with a new price target set at $133 per share. The analysts raise concerns regarding the brand's valuation as it heads into 2025.
Source: YAHOO
Reported 26 days ago
The Japanese yen has surged to its strongest level of the year against the US dollar, driven by expectations of both a potential interest rate cut from the Federal Reserve next week and additional rate hikes by the Bank of Japan later this year. As of Friday, the yen gained as much as 1.1%, reaching 140.29 per dollar. Analysts predict the Fed may reduce rates by half a point while also hinting at possible tightening from Japan's monetary authorities.
Source: YAHOO
Reported 26 days ago
Shares of Trump Media & Technology Group (DJT) have surged following former President Donald Trump's announcement that he will retain his stake in the company. Market analysts discuss the stock's recent performance and the implications of Trump's decision.
Source: YAHOO
Reported 26 days ago
A trio of biotech companies saw their shares rise significantly during their debut trading sessions after exceeding their initial public offering (IPO) targets. Bicara Therapeutics, MBX Biosciences, and Zenas BioPharma all sold more shares than planned, leading to notable price increases and marking a busy week for biotech IPOs—the most active since July 2021. The sector has generated $2.7 billion from IPOs this year, reflecting a nearly 60% increase from last year's figures, despite previous sluggish performances in the market.
Source: YAHOO
Reported 26 days ago
In an appeal, Sam Bankman-Fried's lawyer argued that the jury only saw 'half the picture' due to a judge's restriction on critical evidence during his trial for alleged theft of billions from FTX customers. The lawyer contended that this limited view led to a misleading narrative about the company’s financial status, urging the appeals court to overturn Bankman-Fried’s conviction and 25-year sentence.
Source: YAHOO
Reported 26 days ago
Aliya Capital Partners is supporting John Textor's bid to acquire Everton FC, a historic English football club facing financial challenges. With significant debt, Everton's current owner struggles to find a buyer. Aliya plans to invest approximately $25 million, securing a co-chairman position and a board seat. Textor, who holds stakes in multiple football clubs, aims to ensure Everton's successful transformation under his leadership.
Source: YAHOO
Reported 26 days ago
Hedge funds have registered their first net bearish position on Brent crude oil, with short positions exceeding long bets for the week ending September 10. This shift is driven by concerns about an oversupply as non-OPEC countries ramp up production and demands from major consumers, such as China and the US, show signs of weakening. In contrast, while fund managers remain net bullish on WTI, their positions are at a nine-month low. Additionally, bearish sentiments are impacting refined-products markets, marking the lowest confidence in diesel and gasoline positions in nearly a decade.
Source: YAHOO
Reported 26 days ago
Wall Street wrapped up its strongest week so far this year, driven by growing optimism regarding a significant interest rate cut from the Federal Reserve, which has sparked investor interest and buoyed market performance.
Source: YAHOO
Reported 26 days ago
Adobe's stock price plunged over 8% following a disappointing Q4 guidance release, despite exceeding earnings expectations with $5.41 billion in revenue and adjusted earnings of $4.65 per share. Analysts are closely monitoring Adobe's efforts to navigate challenges in AI monetization.
Source: YAHOO
Reported 26 days ago
Matthew Luzzetti, chief US economist at Deutsche Bank, discussed the latest jobs report on Stocks In Translation, highlighting a positive trend in the labor market. He noted that current income levels are solid, suggesting constructive prospects for the US economy.
Source: YAHOO
Reported 26 days ago
Goldman Sachs has reiterated its expectation for a 25 basis point rate cut at the upcoming Federal Open Market Committee meeting, despite discussions suggesting a potential for a more aggressive 50 basis point reduction. This comes amidst mixed signals from other market analysts and news reports regarding the size of the cut.
Source: YAHOO
Reported 26 days ago
RBC Capital Markets analyst Brad Erickson has upgraded Lyft from Neutral to Buy, citing its recent improvement in market share and performance alongside Uber. Erickson notes that Lyft has matched Uber in pricing and pickup times, suggesting a positive trajectory for the company despite past inconsistencies. He believes that with low expectations, Lyft only needs to execute slightly better to justify this upgrade.
Source: YAHOO
Reported 26 days ago
The Biden administration has indicated a postponement regarding its decision on Nippon Steel's proposed buyout of US Steel. Concerns over national security may lead to the deal being blocked by the Committee on Foreign Investment in the United States (CFIUS).
Source: YAHOO
Reported 26 days ago
According to Bank of America Institute's senior economist David Tinsley, consumer spending is shifting towards experiences, with a notable increase of 0.9% year-over-year in August following a decline in July. This resurgence is particularly evident in tourism, with events like the Olympics and artist tours driving activity domestically and internationally. Although there are emerging concerns about rising auto loan payments due to higher interest rates, higher wages and increased consumer cash buffers suggest a resilient spending outlook for now.
Source: YAHOO
Reported 26 days ago
RH stock experienced a significant 20% increase after the luxury home furnishings retailer reported a 7% rise in customer demand for its fiscal second quarter. In a shareholder letter, RH highlighted a continued acceleration in demand, projecting growth for the remainder of the year despite the tough housing market. Investors responded positively, with the company's adjusted earnings surpassing expectations, leading to optimism about future performance.
Source: YAHOO
Reported 26 days ago
In a recent interview, Jennifer Beeston, a mortgage lending expert, highlighted two key solutions to tackle the housing affordability crisis: enabling buyers to negotiate broker fees and increasing housing supply through construction. With new regulations in place, buyers can now negotiate commission rates with agents, allowing them to save on costs. Beeston also emphasizes the need for more construction, particularly in areas with restrictive building regulations, and advocates for converting empty office spaces into housing to alleviate supply shortages.
Source: YAHOO
Reported 26 days ago
Nvidia's stock is bouncing back after a significant two-week decline where it lost over 20% of its market value. Despite a disappointing quarterly earnings report and waning Wall Street enthusiasm for AI, analysts remain optimistic about Nvidia, with many citing it as the top investment for AI exposure. Notably, demand for Nvidia's chips continues to be strong, backed by large companies like Microsoft and Tesla increasing their AI infrastructure spending. As a result, Nvidia's shares are projected to close one of their best weeks of the year, with analysts largely recommending 'Buy' ratings.
Source: YAHOO
Reported 26 days ago
The Dow Jones Industrial Average and S&P 500 saw gains on Friday afternoon, fueled by investor optimism regarding potential interest rate cuts from the Federal Reserve next week. While expectations vary, there is speculation about whether the Fed will implement a 25 or 50 basis point reduction. Popular stocks trending today include Palantir, RH, and Uber Technologies.
Source: YAHOO
Reported 26 days ago
Paramount Group has decided to suspend its quarterly dividend, a move aimed at enhancing its financial flexibility and fortifying its balance sheet, according to CEO Albert Behler.
Source: YAHOO
Reported 26 days ago
Boeing is at risk of losing its investment-grade credit rating due to an ongoing workers' strike, which threatens to further disrupt its production and cash flow. Moody's Ratings is reviewing Boeing's credit score, currently at Baa3, for a potential downgrade. The company, saddled with significant debt and cash flow issues, must address its financial stability amidst a challenging operational environment. While Boeing aims to maintain its credit quality, the strike, which involves approximately 33,000 workers, complicates its recovery efforts.
Source: YAHOO
Reported 26 days ago
White House officials have indicated a delay in the decision-making process regarding the takeover of U.S. Steel by Japan's Nippon Steel. Despite Nippon Steel's efforts and a recent letter to President Biden expressing intentions for the merger, Biden remains opposed to the deal amidst ongoing national security reviews and significant resistance from various political factions and labor unions.
Source: YAHOO
Reported 26 days ago
With the Federal Reserve expected to cut interest rates, mortgage rates may not follow suit immediately. Expert Jennifer Beeston discusses how a 25-basis-point cut might not affect current mortgage rates, while a surprise 50-basis-point reduction could lead to a decrease. Despite a year-long decline in mortgage rates, homeowners need to evaluate their refinancing options considering personal circumstances and the upcoming election's influence on housing policies.
Source: YAHOO
Reported 26 days ago
As the Federal Reserve prepares to lower interest rates, it may be wise to consider reallocating funds from high-yield savings accounts to long-term bonds to lock in favorable yields. While savings accounts will continue to provide solid returns above inflation for the short term, the anticipated rate cuts may reduce their attractiveness. Financial experts suggest employing tactics like bond laddering to maintain a predictable income stream and encourage rebalancing asset allocations, particularly for those nearing retirement.
Source: YAHOO
Reported 26 days ago
In an informative segment, Yahoo Finance's Julie Hyman emphasizes a critical mistake individuals often make when rolling over their 401(k) investments into an IRA, drawing on recent findings from Vanguard. It's essential for anyone considering this transition to be aware of these pitfalls to avoid potential financial setbacks.
Source: YAHOO