Reported 27 days ago
A U.S. federal judge has permitted the use of derivatives for betting on election outcomes, notably striking down a previous ruling by the Commodity Futures Trading Commission that prohibited such contracts. The judge determined that the contracts proposed by KalshiEX LLC are not illegal gambling, asserting that they provide a platform for market predictions regarding political events. The ruling has raised concerns among some financial advocates who caution that it may lead to excessive gambling on U.S. elections and undermine public trust in the electoral process.
Source: YAHOO
Reported 27 days ago
OpenAI has introduced its latest chatbot, the o1 AI model, which incorporates advanced reasoning abilities aimed at aiding researchers in diverse fields such as physics, medicine, and computer coding. Tech editor Dan Howley of Yahoo Finance discusses the capabilities demonstrated by this new large language model.
Source: YAHOO
Reported 27 days ago
Adobe's fiscal third-quarter results exceeded expectations, yet its fourth-quarter guidance was disappointing, causing a drop in stock prices. Analyst Charlie Miner noted a 'narrative shift,' indicating that while there were fears of Adobe losing market share to AI competitors like OpenAI's Sora, there is growing belief that commercializing these AI tools may be challenging, positioning Adobe as a potential leader in the AI space.
Source: YAHOO
Reported 27 days ago
Warner Bros. Discovery shares increased by nearly 10% after securing a distribution agreement with Charter Communications, which will bundle the Max and Discovery+ streaming services in exchange for increased fees paid to Warner Bros. Discovery. Alexandra Canal from Yahoo Finance provides analysis on this development.
Source: YAHOO
Reported 27 days ago
The Chair of the National Transportation Safety Board (NTSB), Jennifer Homendy, has raised concerns about Boeing's safety culture during a conversation with new CEO Kelly Ortberg, emphasizing the need for a partnership with the workforce to regain trust and improve safety. Following a recent in-flight incident involving an Alaska Airlines Boeing 737 MAX, Homendy indicated that Boeing's existing culture creates fear among employees and hampers safety efforts. She plans to meet with Ortberg again and conduct a survey to further investigate safety practices at Boeing.
Source: YAHOO
Reported 27 days ago
DSV, a Danish transport provider, has won the bidding for Schenker, a unit of Deutsche Bahn, with a deal valued at 14 billion euros. This acquisition will position DSV as the leading global forwarder by volume and revenue, surpassing Kuehne & Nagel. The sale reflects Deutsche Bahn's shift in focus towards its core passenger rail services and debt reduction efforts.
Source: YAHOO
Reported 27 days ago
At a recent investor conference, truckload carriers characterized the current freight environment as experiencing 'normal seasonality' despite ongoing low demand from a prolonged recession. Executives from major companies like Werner Enterprises and Schneider National noted improvements from last year but emphasized that it is premature to declare a significant market turnaround, with early indicators suggesting cautious optimism in capacity and pricing for the upcoming bid season.
Source: YAHOO
Reported 27 days ago
A federal judge has cleared the way for Kalshi, a prediction market, to offer betting on the upcoming US elections, rejecting the Commodity Futures Trading Commission's attempt to block it. This ruling allows Americans to wager on party control in Congress for 2025. While Kalshi argues this legal betting can aid in election forecasting, the CFTC warns it risks compromising electoral integrity and may lead to increased gambling on elections.
Source: YAHOO
Reported 27 days ago
Osaka is gearing up to host the 2025 World Expo, decorated with its red-and-blue mascot 'Myaku-Myaku' and infused with nostalgia for the last Expo held in 1970. As preparations unfold amidst construction challenges and skepticism regarding the event's relevance, older residents recall fondly their experiences from 1970, highlighting the value of international interaction. The upcoming Expo, scheduled for April to October 2025, aims to attract 28.2 million visitors and emphasize global cooperation over technological showcases.
Source: YAHOO
Reported 27 days ago
A potential strike by dockworkers along the U.S. East and Gulf coasts poses a significant threat to Kamala Harris' presidential campaign, as leaders in retail and transportation express concerns. The International Longshoremen's Association has indicated plans for a strike if contract demands are unmet, prompting the Biden administration to potentially intervene to prevent economic fallout. A prolonged strike could negatively impact public perception of the economy, complicating the Democrats' standing ahead of the upcoming election.
Source: YAHOO
Reported 27 days ago
Adobe has forecasted fourth-quarter earnings to fall short of analysts' expectations, reflecting intense competition and reduced demand for its AI editing tools, as businesses focus on cost-cutting due to high interest rates and a challenging economic climate. The company's shares dropped 9.2% following the announcement, even as it prepares to launch the Adobe Firefly Video Model, a new generative AI-powered tool aimed at creative professionals.
Source: YAHOO
Reported 27 days ago
A recent Bloomberg survey indicates that just over half of economists expect the Bank of Japan to implement its next rate hike in December, following the current trend of rising inflation. While many analysts believe the BOJ will likely maintain its current policy at the upcoming meeting, there is a consensus that a rate increase to 0.5% could occur by the end of the year. The outlook remains cautious with emphasis on monitoring external economic factors, including US interest rate changes.
Source: YAHOO
Reported 27 days ago
In a recent discussion, wealth advisor Amy Kong emphasized the importance of corporate earnings as the market shifts its focus following the first anticipated rate cut by the Federal Reserve. While acknowledging a moderation in consumer spending, Kong believes that upcoming rate cuts will be data-dependent and serve as a normalization of monetary policy. She noted the resilience of tech stocks amid macroeconomic uncertainty and advised that investors should brace for some fluctuations instead of expecting a steady upward trajectory.
Source: YAHOO
Reported 27 days ago
The International Energy Agency (IEA) indicates that a decline in global oil demand, largely driven by weak consumption in China, is maintaining pressure on oil prices, which have recently fallen below $70 a barrel. China's industrial petroleum consumption has decreased significantly, contributing to an overall expected increase in Chinese demand of only 180,000 barrels per day in 2024, a reduction from previous forecasts. Meanwhile, demand growth from other major economies remains stagnant, further impacting the global oil market.
Source: YAHOO
Reported 27 days ago
Ajit Jain, Berkshire Hathaway's insurance chief, recently sold over half of his Class A shares for approximately $139.1 million. The sale comes amid speculation about a potential shift in the company's insurance leadership. Jain retains a significant number of shares and has been credited for substantial shareholder value growth since joining the company in 1986, while discussions about succession continue as Warren Buffett nears retirement.
Source: YAHOO
Reported 27 days ago
Young Sohn, a senior adviser at Samsung Electronics and former board member, is set to rejoin Arm Holdings' board. Highlighting his experience, Sohn emphasizes the vital role of Arm's technology in modern computing. Arm's CEO, Rene Haas, believes Sohn's contributions will be essential as the company seeks to tackle complex computing demands, especially in the evolving landscape of artificial intelligence.
Source: YAHOO
Reported 27 days ago
Kroger's shares are rising following strong second-quarter earnings, prompting analyst Arun Sundaram to maintain a Buy rating on the stock. He highlights increased comparable sales and improving profit margins, crediting the growth to private-label brand sales and reduced shrinkage. Sundaram believes the pending merger with Albertsons will benefit Kroger either way, either enhancing earnings if it succeeds or prompting share buybacks if it fails. He emphasizes Kroger's solid market position despite inflationary challenges.
Source: YAHOO
Reported 27 days ago
Goldman Sachs has announced the hiring of Melissa Goldman as a partner and the global head of technology engineering in its global banking and markets division. With a wealth of experience, including her previous roles at Google and JPMorgan Chase, Goldman is expected to enhance the firm’s engineering strategy across various teams. This marks her return to Goldman Sachs, where she started her career.
Source: YAHOO
Reported 27 days ago
Mortgage rates in the US have dropped to their lowest since February 2023, with 30-year fixed-rate mortgages decreasing to 6.2%. Experts suggest this could entice homebuyers back into the market, especially as many consumers anticipate further reductions in the coming year. Realtor.com chief economist Danielle Hale emphasizes that factors like income growth and proposed tax credits for first-time buyers could also enhance housing affordability, motivating potential buyers to take action.
Source: YAHOO
Reported 27 days ago
Source: WSJ
Reported 27 days ago
Adobe reported strong fiscal Q3 earnings exceeding Wall Street estimates, with adjusted earnings of $4.65 per share and revenue of $5.41 billion. However, shares fell in after-hours trading due to a weaker-than-expected Q4 revenue forecast of $5.50-$5.55 billion, falling short of the anticipated $5.60 billion. Analysts suggest this trend reflects broader market pressures where meeting expectations isn't enough.
Source: YAHOO
Reported 27 days ago
The U.S. Securities and Exchange Commission (SEC) is set to vote on September 18, 2024, on proposed regulations allowing stock pricing in increments smaller than a penny, which could lead to significant changes in equity markets. The SEC aims to enhance price efficiency for both buyers and sellers, amidst concerns from industry groups advocating for a half-penny minimum instead. This proposal is part of a broader overhaul of market structures, the first major changes in nearly two decades.
Source: YAHOO
Reported 27 days ago
Affirm CEO Max Levchin discusses his optimism about artificial intelligence during an interview at the Goldman Sachs Communacopia and Tech Conference. He believes that AI will enhance productivity rather than lead to job losses and shares plans to integrate AI into customer service and engineering roles. While acknowledging the potential risks associated with AI, he emphasizes the importance of governance and oversight without dismissing the technology's benefits.
Source: YAHOO
Reported 27 days ago
Analyst Jeff Lick from Stephens has given Carvana (CVNA) an Overweight rating, predicting its stock could reach $190 per share. He describes the online used car retailer as a potential 'category killer' in the retail space, following a remarkable 160% increase in its stock value in 2024 so far.
Source: YAHOO
Reported 27 days ago
Oracle Corp has forecasted an annual revenue of at least $104 billion by fiscal 2029, signaling strong growth prospects for its cloud infrastructure business. The company's shares hit record highs following this announcement. Furthermore, Oracle has increased its sales outlook for fiscal 2026 to a minimum of $66 billion, highlighting its competitive edge in the cloud sector amidst rivals like Amazon and Microsoft.
Source: YAHOO