Reported 21 days ago
As voting commenced in the US presidential election, Asian stocks saw a cautious rise, with key technology shares driving gains. The S&P 500 increased by 1.2% ahead of uncertain election results, which could introduce volatility in the markets. Despite the mixed performance of Treasuries and a drop in the dollar, there are expectations of market resilience driven by strong economic indicators, although investors are wary of committing large positions until the election outcome becomes clearer.
Source: YAHOO
Reported 21 days ago
Elon Musk has lost a court battle to dismiss a severance lawsuit filed by former Twitter CEO Parag Agrawal and other executives, who claim they are owed significant severance benefits following their strategic firing during Musk's acquisition of Twitter. The court's ruling allows the executives' claims to proceed, adding to Musk's legal challenges related to layoffs after the acquisition, amidst reports of additional employee layoffs and a declining valuation of the platform.
Source: YAHOO
Reported 21 days ago
In light of the upcoming U.S. presidential election, South Korea is exploring options to increase its energy imports from the U.S. should Donald Trump be re-elected. With concerns about economic pressure and trade relations under a Trump-led government, South Korean officials are discussing strategies to address trade imbalances and maintain energy security, amidst geopolitical risks. The country heavily relies on imports for its energy needs, and its economic stability could be affected by higher tariffs on exports if Trump wins.
Source: YAHOO
Reported 21 days ago
Billionaire investor Ken Griffin has significantly increased his stake in data center company Equinix, raising his position by 704% to approximately 564,000 shares. This move reflects growing demand for data center services driven by artificial intelligence (AI) advancements, particularly in large language models. As AI technology continues to evolve, Equinix is well-positioned to benefit from the expanding need for digital infrastructure, although its current valuation appears high compared to the broader market.
Source: YAHOO
Reported 21 days ago
For the first time, Americans can legally bet on US election outcomes, with the predictions market platform Kalshi seeing over $200 million wagered on the race between Vice President Kamala Harris and former President Donald Trump. Kalshi CEO Tarek Mansour noted a significant increase in demand, although average bet sizes on Trump are slightly lower than on Kamala. He affirmed that no manipulation is occurring in this closely contested presidential race.
Source: YAHOO
Reported 21 days ago
The former Six Flags theme park in New Orleans, closed since Hurricane Katrina, is now being demolished. The site, once symbolic of the storm's devastation, is in the process of being cleared by Smoot Construction, with plans for future developments including a warehouse, educational facility, water park, hotel, esports arena, and movie studio through a partnership named Bayou Phoenix. Developers aim to finalize agreements with potential tenants by the end of the year.
Source: YAHOO
Reported 21 days ago
A report from the Center for Countering Digital Hate reveals that false claims made by Elon Musk regarding the U.S. election have generated 2 billion views on the social media platform X this year. The platform has been criticized for facilitating the spread of misinformation, particularly regarding key battleground states. Experts highlight Musk's extensive follower base and the lack of content moderation as factors contributing to this misinformation crisis. Despite claims of effective community oversight, the spread of misleading information remains a significant concern.
Source: YAHOO
Reported 21 days ago
South Korea's inflation rate in October 2024 slowed to its lowest level in nearly four years, raising concerns about possibly falling below the Bank of Korea's target of 2%. The consumer price index rose by only 1.3% year-on-year, down from 1.6% in September, prompting speculation about further interest rate cuts. Influences such as declining global oil prices and fresh food costs contributed to this downturn, as the Bank of Korea anticipates core prices will stabilize around the 2% mark by year-end.
Source: YAHOO
Reported 21 days ago
Apple Inc. is initiating an internal study, codenamed Atlas, to explore the development of smart glasses, gathering feedback from employees on existing products in the market. This move comes as Apple potentially seeks to compete in the growing smart glasses category, following Meta's success. The study aims to identify desirable features for future products as the company navigates technical challenges in creating a lightweight AR device that could be an everyday accessory, while also planning improvements to its existing Vision Pro headset.
Source: YAHOO
Reported 21 days ago
Recent data from the National Association of Realtors reveals that older women, particularly those around 61 years old, are becoming a significant presence in the homebuying market, shifting the typical buyer profile.
Source: YAHOO
Reported 21 days ago
In after-hours trading on November 4, 2024, Dollar Tree's stock increased after the announcement of Rick Dreiling's resignation as CEO, with current COO Michael Creedon Jr. taking over temporarily. Conversely, Wynn Resorts faced a dip in shares due to disappointing quarterly results from its Las Vegas operations, while Cleveland-Cliffs experienced a decline after reporting earnings below expectations, partly due to its ties to the auto industry. This follows a 25 basis point interest rate cut by the Federal Reserve.
Source: YAHOO
Reported 21 days ago
GXO Logistics Inc. achieved a remarkable quarterly revenue of $3.16 billion, marking a 28% increase from the previous year. The company surpassed Wall Street forecasts, with adjusted earnings per share rising to 79 cents. Despite a significant drop in net income, the demand for e-commerce fulfillment services has driven growth, accounting for over half of the latest contracts. GXO, with a workforce of over 130,000 and a vast facility footprint, continues to expand its capabilities in the logistics sector.
Source: YAHOO
Reported 21 days ago
Meta Platforms will continue its ban on new political advertisements following the U.S. election, due to concerns over misinformation. This ban will last until later this week, allowing previously served ads to remain active but with limited editing. The company aims to prevent the quick spread of unverified claims during the crucial final days of the election cycle.
Source: YAHOO
Reported 21 days ago
Major tech firms like Amazon, Meta, and Alphabet reported strong earnings, but concerns over AI capital expenditures are unsettling some investors. Bernstein analyst Mark Shmulik suggests that Amazon stands out as a solid investment opportunity, praising its performance, while expressing concerns about Alphabet's legal challenges and awaiting clarity on Meta's AI spending.
Source: YAHOO
Reported 21 days ago
OpenAI is in discussions with California regulators as it seeks to change its structure from a nonprofit to a for-profit entity, aiming to attract investors while maintaining its mission of responsible AI development. The company has engaged with the California attorney general's office regarding this transition, which involves determining the valuation of its intellectual property, particularly its ChatGPT technology. Despite the shift, OpenAI's nonprofit arm is expected to persist and retain a stake in the new structure, although the complexity of the restructuring could take several months.
Source: YAHOO
Reported 21 days ago
Prime Minister Justin Trudeau has announced a plan requiring Canada's oil and gas industry to reduce emissions by 35% from 2019 levels by implementing a cap-and-trade system. This initiative, aimed at reaching net-zero emissions by 2050, has sparked backlash from provinces like Alberta, with leaders threatening legal challenges. The plan includes incentives for companies to invest in pollution-reducing projects, but criticisms arise over its potential impact on the economy and energy prices, while the government maintains growth in production levels.
Source: YAHOO
Reported 21 days ago
Trex CEO Bryan Fairbanks discussed the positive implications of potential interest rate cuts for the repair and remodel industry amid a challenging housing market. With first-time homebuyers at a historic low, Fairbanks believes that decreased mortgage rates will encourage more home sales, leading to increased spending on renovations.
Source: YAHOO
Reported 21 days ago
Investors are currently avoiding major investments as they prepare for significant events that could sway the market, such as the US presidential election and the Federal Reserve's policy decision. On Monday, the markets closed down, with the S&P 500 dropping 0.28% and the Dow Jones Industrial Average falling over 250 points. Piper Sandler Chief Investment Strategist Michael Kantrowitz highlighted that volatility is expected, but investors are hesitant to place large bets given the close nature of the electoral race.
Source: YAHOO
Reported 21 days ago
In light of the upcoming elections, various strategies are being suggested to help individuals cope with anxiety during this period. Emphasizing the importance of focusing on what can be controlled, experts recommend implementing practical approaches to mitigate stress as voting day approaches.
Source: YAHOO
Reported 21 days ago
Sensata Technologies (ST) reported Q3 earnings of $0.86 per share, matching analyst expectations but down from $0.91 a year ago. Revenues were $982.83 million, slightly missing estimates and lower than last year's $1 billion. The company has struggled this year, with shares down 8.2%, and currently holds a Zacks Rank of #4 (Sell), indicating potential underperformance in the near term.
Source: YAHOO
Reported 21 days ago
In the past week, diesel futures have experienced significant volatility, yet the benchmark retail price for diesel has decreased, falling by 3.7 cents to $3.536 per gallon, the lowest since late September. The futures market saw a sharp initial decline followed by a rise, while retail prices lagged behind these changes. Key events influencing the market include geopolitical tensions and OPEC's production decisions, as well as varying projections for global oil demand.
Source: YAHOO
Reported 21 days ago
A recent poll by Iowa's renowned pollster J. Ann Selzer indicates Vice President Kamala Harris leading Donald Trump, shaking Wall Street's confidence in a Trump victory. The unexpected results have shifted market predictions, with the U.S. dollar dropping and currencies like the Mexican peso gaining strength. Trump's economic policies, once seen as a potential market overhaul, are now viewed with skepticism, causing declines in U.S. Treasury yields and crypto prices. Trump's stock in his media company rose despite the political turbulence, marking a complex reaction from the markets.
Source: YAHOO
Reported 21 days ago
Rick Dreiling has resigned as CEO of Dollar Tree after nearly two years, with Michael Creedon Jr. stepping in as interim CEO. This change comes amid health issues faced by Dreiling and a significant drop in the company’s stock this year. Despite the leadership change, Dollar Tree reaffirmed its third-quarter forecasts and continues to explore strategic options, including potential sales within its Family Dollar segment.
Source: YAHOO
Reported 21 days ago
As the US presidential election approaches, major stock indexes experienced declines, with Wall Street preparing for the outcome on November 5. Yahoo Finance's Josh Schafer highlights key market movements and trades to observe in the minutes following the election results, focusing on anticipated shifts in stock performance.
Source: YAHOO
Reported 21 days ago
Itau Unibanco has revised its portfolio growth expectations upward after reporting an 18% increase in its third-quarter net recurring profit, amounting to 10.68 billion reais. The largest private lender in Latin America anticipates its credit portfolio to grow between 9.5% and 12.5%, significantly higher than previous estimates. This positive adjustment comes as the bank completes its overhaul of the personal credit segment, which has led to improved performance indicators, including a reduction in delinquency rates and an increase in return on equity.
Source: YAHOO