Reported 18 days ago
Tapestry, the parent company of Coach, has paused its integration plans with Capri due to a blocked $8.5 billion deal for Michael Kors amid antitrust concerns. Despite this setback, Tapestry reported robust quarterly results, driven by high demand for its Tabby handbags. The company raised its annual earnings forecast, expecting earnings per share of $4.50 to $4.55 as it continues to focus on growth in its other brands and navigating challenges in the market.
Source: YAHOO
Reported 18 days ago
Kenvue's third-quarter sales were slightly below Wall Street expectations, primarily due to decreased sales in its skincare segment, including brands like Neutrogena. The company now predicts annual sales growth to be at the lower end of its forecast range of 1% to 3%. Despite struggling in skin health and beauty, Kenvue's self-care products have seen growth. However, the skincare segment's sales dropped 4.2%, culminating in a total revenue of $3.90 billion, which also fell short of estimates. Kenvue aims to enhance revenue through increased marketing efforts.
Source: YAHOO
Reported 18 days ago
Barrick Gold reported lower-than-expected third-quarter profits, attributed to increased costs and reduced output from Nevada mines. Total gold production in Nevada dropped to 385,000 ounces, while all-in sustaining costs surged to $1,507 per ounce. Despite these challenges, the company anticipates better performance in the fourth quarter and expects full-year targets to be met. The firm's stock saw a 1.5% dip amid market reactions, although gold prices climbed significantly during the quarter.
Source: YAHOO
Reported 18 days ago
Italy has initiated an administrative procedure against China's Sinochem, the largest shareholder of Pirelli, over potential violations of governance rules meant to safeguard national strategic assets. This action is based on 'golden power' regulations, which impose restrictions on information access and decision-making thresholds. Sinochem, owning a 37% stake in Pirelli, denies any wrongdoing, while the Italian government has 120 days to reach a conclusion.
Source: YAHOO
Reported 18 days ago
During a lackluster earnings season for major tech companies, Nvidia stands out as a clear winner. Major clients like Microsoft, Alphabet, Amazon, and Meta have committed significant capital spending, which has boosted Nvidia's stock nearly threefold this year, keeping investor confidence high. Analysts are optimistic about Nvidia's future, raising profit estimates, particularly as big tech is expected to increase AI spending significantly. Overall, Nvidia's prospects remain bright ahead of its upcoming earnings report.
Source: YAHOO
Reported 18 days ago
Carlyle Group reported third-quarter profits of $367 million, beating Wall Street's expectations of 90 cents per share, thanks to a record 36% increase in fee-related earnings. Despite rising compensation costs, the firm's assets under management grew 17% to $447 billion. Company shares rose nearly 10% as market confidence returned following Donald Trump's re-election, indicating potential future growth for IPOs and mergers.
Source: YAHOO
Reported 18 days ago
Bombardier reported a 12% increase in third-quarter revenue, driven by strong demand in its services sector, which grew by 28% to $528 million. Despite reporting a cash burn of $127 million, the company's overall revenue reached $2.07 billion, exceeding analyst expectations. Bombardier's CEO noted a resilient market, though challenges with supply chains persist. The company aims to enhance its aftermarket services and forecasts a target of $2 billion in services revenue by 2025, while maintaining its annual jet delivery goals.
Source: YAHOO
Reported 18 days ago
Elliott Investment Management has acquired a significant stake in the German utility RWE AG and is advocating for a share buyback. Despite Elliott's refusal to confirm the exact stake size, the activist investor has engaged with RWE's management about this demand. RWE's shares rose 3.9% in response, as the company faces criticism from investors due to its heavy investment in US expansion and declining share price amidst a challenging economic environment in Germany.
Source: YAHOO
Reported 18 days ago
U.S. stocks continued to climb in early trading following the likely electoral win of former President Donald Trump, which has led investors to adjust their expectations regarding growth, inflation, and potential Federal Reserve rate cuts. The S&P 500, Nasdaq, and Dow all showed gains, with the bond market experiencing a selloff. Market focus is now on the Fed's upcoming rate decision, expected to see another quarter-point cut amid uncertainties surrounding new fiscal policies.
Source: YAHOO
Reported 18 days ago
Following Donald Trump's election win, India is reportedly willing to ease market access for U.S. firms in exchange for better trade terms. Trump has criticized India's high tariffs and previously engaged in trade disputes during his first term. Indian officials express optimism about negotiating a free trade agreement under Trump's second presidency, building on past cooperation and mutual respect developed between the two nations.
Source: YAHOO
Reported 18 days ago
Wall Street is optimistic about Donald Trump's reelection, anticipating favorable business regulations and an increase in mergers and acquisitions, though some executives express concerns about his unpredictability and the potential for chaotic policy shifts. Analysts expect looser antitrust regulations and support for corporate tax breaks, which could enhance profitability. However, there are worries about rising national debt and strict immigration policies that could impact non-U.S. employees.
Source: YAHOO
Reported 18 days ago
Qualcomm's stock rose 4% following a strong quarterly revenue forecast, indicating optimism about a recovery in the smartphone market, particularly in China. With major Chinese brands like Xiaomi and Oppo launching new devices, Qualcomm anticipates increased sales driven by consumer upgrades for AI applications. As it prepares for a shift in revenue sources beyond Apple, Qualcomm is also focusing on automotive and IoT markets to mitigate potential losses.
Source: YAHOO
Reported 18 days ago
Despite strong backing for Trump from U.S. farmers, the agricultural sector faces challenges due to ongoing tariff threats from China. Farmers are seeking increased access to the Chinese market but fear that Trump's trade policies may lead to further retaliation from Beijing, impacting exports. As corn and soybean prices hit lows, some industry leaders call for revitalizing trade deals, although concerns about an impending trade war persist. The current agricultural trade deficit is projected to reach a record $42.5 billion by 2025.
Source: YAHOO
Reported 18 days ago
The Federal Reserve has cut interest rates by a quarter percentage point, signaling a cautious and patient approach under the incoming Trump administration. Fed Chair Jerome Powell indicates that while immediate effects of the election on monetary policy are minimal, the Fed will evaluate how Trump’s proposed immigration and tax reforms could impact economic stability and employment. As inflation trends downward, the Fed seeks to recalibrate its stance to support ongoing economic growth while awaiting further clarity on the new administration's fiscal policies.
Source: YAHOO
Reported 18 days ago
The Federal Reserve lowered interest rates by 25 basis points to a range of 4.5%-4.75% shortly after Donald Trump's presidential election victory. This marks the second cut in seven weeks and aims to maintain stable prices and maximize employment. Fed Chair Jerome Powell indicated that recent changes in language regarding inflation do not suggest a pause in the rate-cutting cycle. Amid mixed economic signals, Powell affirmed his commitment to addressing inflation despite challenges posed by Trump's potential policies.
Source: YAHOO
Reported 18 days ago
Nissan Motor Co. has revealed plans to cut 9,000 jobs and reduce its manufacturing capacity by 20% due to a severe decline in net income by 94% in the first half of the fiscal year. CEO Makoto Uchida acknowledged both external competition and internal challenges, adjusting the company's operating income forecast down by 70% to ¥150 billion. The automaker is also scaling back its sales expectations and will offload part of its stake in Mitsubishi Motors while implementing a turnaround strategy focused on electric vehicles and new partnerships.
Source: YAHOO
Reported 18 days ago
Chinese stocks saw a strong recovery, bouncing back from previous losses due to strong export figures and growing hopes for government stimulus, which countered fears of tariff implications following the US elections. The CSI 300 Index increased by 3%, reaching its highest level in nearly a month, while China's onshore yuan also gained against the dollar. Market sentiment improved as calls for stronger economic support from Chinese leadership intensified ahead of pivotal policy discussions, with projections hinting at greater stimulus measures to be announced.
Source: YAHOO
Reported 18 days ago
Citi projects that President-elect Donald Trump's second term may lower oil prices until 2025, with Brent crude expected to average $60 per barrel. Factors include potential trade tariffs, increased oil supply, and Trump's influence on OPEC+. While his policies may benefit the oil industry, the overall immediate effect on physical oil markets is expected to be limited.
Source: YAHOO
Reported 18 days ago
Donald Trump's election win in 2024 signals potential changes for Asian companies like TSMC and Honda, as he has previously criticized their investments in the U.S. and hinted at imposing tariffs on imports, particularly in the automotive and semiconductor sectors. With Asian firms having committed significant investments in the U.S. for semiconductor production and electric vehicle batteries, there is uncertainty about the continuation of supportive policies and subsidies. Furthermore, Trump's stance on China could reignite trade tensions, affecting the broader landscape for Asian businesses.
Source: YAHOO
Reported 18 days ago
Exit polls showed Kamala Harris made gains in voter trust on economic issues; however, she ultimately lost the election to Donald Trump, who won 51% to Harris's 47%. While the economy was a focus for Harris's campaign, it ranked fourth among issues for her supporters, as democracy took precedence. The results suggested a shifting voter mindset, with more attention on democracy and social issues, leading to Trump's decisive victory in crucial battlegrounds and an increase in voter concern over inflation and immigration.
Source: YAHOO
Reported 18 days ago
Investors shorting Trump Media & Technology Group have incurred a staggering $420 million loss since the company's stock began mirroring Donald Trump's election odds, according to S3 Partners. Following Trump's successful return to the presidency, the stock surged 196% in the weeks leading up to the election, marking significant volatility and risks for short sellers, which could lead to a potential 'short squeeze'. With strong backing from Trump supporters, the stock has become a notable meme stock and is closely watched as Trump's inauguration approaches.
Source: YAHOO
Reported 18 days ago
China's exports reached a two-year high in October, rising by 12.7% year-on-year as factories rushed to ship goods ahead of potential tariffs from the U.S. and EU amid escalating trade tensions. This increase significantly outperformed expectations and led to a widened trade surplus of $95.27 billion. Trump's election victory has heightened tariff concerns, prompting U.S. importers to stock up on Chinese goods, particularly electronics. The outlook remains cautious, as weakening global demand and domestic economic challenges could impact future export growth.
Source: YAHOO
Reported 18 days ago
Daimler Truck's third-quarter earnings slightly exceeded expectations, fueled by a 2% increase in adjusted earnings in North America. However, the company's profitability in Europe dropped significantly, with CFO Eva Scherer highlighting ongoing economic instability in Germany and no signs of recovery. Despite challenges, Daimler Truck confirmed its annual guidance and maintained flexibility in production amidst potential tariff threats in the U.S.
Source: YAHOO
Reported 18 days ago
Delivery Hero, owner of Glovo and foodpanda, anticipates its annual gross merchandise value (GMV) growth to reach the upper end of its 7%-9% forecast, fueled by a 9% year-on-year rise in the third quarter. The company reported a total GMV of 12.2 billion euros for the quarter, with significant growth in the MENA region, while also planning enhancements to in-app advertising on Glovo to support restaurant sales. However, it expects adjusted core earnings to be at the lower end of its forecast.
Source: YAHOO
Reported 18 days ago
Austrian semiconductor manufacturer ams OSRAM anticipates a decline in fourth quarter revenue, predicting between 810 million and 910 million euros due to uncertain global automotive demand. With a weak start expected for 2025, the company is facing significant challenges, including a 65.2% drop in shares year-to-date and job cuts affecting over 500 staff. Analysts attribute the disappointing forecasts to the broader weakness in automotive sales, especially for electric vehicles reliant on chip technology, while also expressing concerns over the ramifications of a canceled microLED factory project.
Source: YAHOO