Reported about 1 month ago
Argentina's inflation rate reached 3.9% in August, with analysts predicting an annualized rate of nearly 123% by year's end, a decrease from the previous forecast. Price increases are expected to moderate to 3.5% in September as the new president implements spending cuts and currency devaluation to combat soaring inflation. Additionally, a 3.8% decline in real GDP is projected for 2024, with a potential recovery anticipated in 2025.
Source: YAHOO
Reported about 1 month ago
Oil prices have experienced their largest weekly drop in 11 months, with West Texas Intermediate falling to $67.67 a barrel as weak US jobs data raised concerns about sluggish demand in the world's largest oil consumer. Despite OPEC+ postponing a planned output increase, fears of demand deterioration from both the US and China continue to pressure prices downward, leading analysts to predict potential further declines into the $60 range by 2025.
Source: YAHOO
Reported about 1 month ago
CBOE Global Markets is teaming up with London-based tech firm Globacap to establish a new trading platform for shares of private companies, targeting the illiquid market that has seen growing investor interest. Registered with FINRA, CBOE Private Markets aims to facilitate access to closely held companies during a period of limited initial public offerings. The platform is currently in the pilot stage and has secured funding from investors, including a $21 million investment from CBOE.
Source: YAHOO
Reported about 1 month ago
New York Governor Kathy Hochul has signed the Retail Worker Safety Act, mandating that major retailers install panic buttons in stores to enhance employee safety. This law, driven by unions and stemming from rising concerns over retail crime and violent incidents, represents the first specific requirement of its kind among U.S. states. Retailers with ten or more employees must also implement violence prevention plans and maintain records of violent incidents for three years, with the panic button mandate effective by January 2027.
Source: YAHOO
Reported about 1 month ago
Veteran trader Stephen Guilfoyle updated his price target for SoFi Technologies to $10.25, citing strong Q2 inflows and improved spending as reported by CEO Anthony Noto. SoFi's financial services and tech platform revenues saw significant growth, benefiting from trends in student loan refinancing following a Supreme Court ruling. Noto expressed confidence in the company's outlook, highlighting a 50% increase in inflows and robust credit performance.
Source: YAHOO
Reported about 1 month ago
A recent report claims that Britain needs an additional $1.3 trillion in investments over the next ten years to foster economic growth, particularly in energy, housing, and venture capital. As Prime Minister Keir Starmer aims for an annual growth rate of 2.5%, the report emphasizes the necessity of reallocating existing capital, especially from pensions and insurance sectors, and suggests tax incentives to encourage investment. The UK has been underinvested compared to other G7 countries, creating a significant funding gap.
Source: YAHOO
Reported about 1 month ago
Former IndyCar driver Michael Andretti has launched a new blank-check company, Andretti Acquisition Corp. II, raising $200 million as part of a resurgence in the SPAC market. This latest SPAC aims to attract seasoned investors, following a brief downturn in the sector. In contrast, Andretti's previous SPAC, which went public earlier this year with AI startup Zapata Computing, has seen its shares drop by over 95%.
Source: YAHOO
Reported about 1 month ago
A prominent investment bank has urged Intel to abandon its foundry operations, citing a lack of success and significant financial losses. Analysts are now recommending investors sell their Intel stock as the company struggles to secure federal funding and faces challenges in its semiconductor manufacturing efforts. Intel has experienced a dramatic decline in share value, compounded by a recent report of a $1.61 billion loss and job cuts.
Source: YAHOO
Reported about 1 month ago
In 2024, Mark Zuckerberg has become the biggest wealth gainer, enriching his fortune by $54 billion, bringing his net worth to $182 billion. This significant increase of over 40% in just eight months comes as Nvidia's Jensen Huang, who previously led in wealth growth, faced a $11.5 billion drop in his fortune amid a stock price decline. Meta's resurgence, driven by its investments in AI and virtual reality, has helped rejuvenate investor interest and significantly boosted Meta's stock price, now exceeding $500.
Source: YAHOO
Reported about 1 month ago
Pavel Durov, founder of Telegram, stated that French authorities should have raised their concerns directly with his company rather than detaining him as part of an investigation into the app. He emphasized that while Telegram is not flawless, claims labeling it as an 'anarchic paradise' are false, and he pointed out that the proper procedure would have been to pursue legal action against the service itself, rather than indicting a CEO for user actions.
Source: YAHOO
Reported about 1 month ago
Broadcom Inc., a key supplier for major tech firms like Apple, saw its stock drop after revealing a disappointing sales outlook, attributing the decline to slower growth in its non-AI sectors. The company expects approximately $14 billion in sales for the upcoming fiscal quarter, slightly below analyst expectations. While artificial intelligence-related revenues are projected to exceed forecasts, Broadcom's other divisions struggle to keep pace, prompting concerns over future performance despite CEO Hock Tan's optimism for recovery in these areas.
Source: YAHOO
Reported about 1 month ago
Veteran fund manager Doug Kass expresses alarm over Warren Buffett's recent decision to sell significant portions of his long-held stocks, such as Apple and Bank of America. Kass suggests that these actions may indicate a bearish outlook on the economy, diverging from Buffett's historically positive stance on U.S. equities. Despite Berkshire Hathaway's strong long-term performance, the sales have raised questions about Buffett's current market sentiment as the firm contemplates its substantial cash reserves.
Source: YAHOO
Reported about 1 month ago
A survey by Mphasis Digital Risk indicates that nearly 42% of prospective homebuyers would re-enter the market if mortgage rates fall to 5%. Currently, rates have decreased from a peak of 8% to 6.55%, yet buyer sentiment remains cautious, with many waiting until after the November election. Despite an optimistic outlook about rates dropping further, significant shifts in the housing market may not immediately follow.
Source: YAHOO
Reported about 1 month ago
Broadcom's shares declined in after-hours trading following the release of its fiscal third-quarter earnings report, which, despite exceeding expectations, presented a Q4 revenue guidance of $14 billion that fell short of analyst predictions. Mizuho Americas analyst Jordan Klein criticized the outlook, highlighting that while revenue beat was driven by software, the semiconductor sector remains disappointing. He noted that broader trends in the semiconductor space, particularly in industrials and autos, are weakening, suggesting a challenging climate for chip stocks moving forward.
Source: YAHOO
Reported about 1 month ago
Facing geopolitical challenges and a slowing Chinese economy, Alibaba is shifting its focus to attract more international business buyers and diversify its supplier base beyond China. The company introduced an AI-driven sourcing agent to simplify global trade and partnered with Mastercard to enhance transaction capabilities. With its international trade sector showing promising growth, Alibaba aims to expand its footprint in a $20 trillion global trade market while navigating potential tariffs on Chinese imports.
Source: YAHOO
Reported about 1 month ago
Zscaler's CEO Jay Chaudhry addressed investor concerns regarding the company's fiscal 2025 guidance, which projected a 19-20% growth year-over-year—lower expectations from the first half of the billing cycle but stronger projections for the second half. Despite exceeding quarterly earnings expectations, the initial guidance disappointed investors, leading to a perceived disconnect. Chaudhry asserted Zscaler's competitive position in the market and emphasized the growth opportunities ahead.
Source: YAHOO
Reported about 1 month ago
In after-hours trading, UiPath's stock is up following a strong Q2 earnings report and the announcement of a $500 million share buyback expansion. Meanwhile, DocuSign also saw its stock rise after exceeding Q2 expectations and upgrading its revenue forecast for the year.
Source: YAHOO
Reported about 1 month ago
Alibaba is leveraging AI to improve its shopping platform, focusing on enhancing the buyer experience while providing new financial services in partnership with Mastercard. The company aims to lower barriers for buyers and suppliers, build trust within its B2B supply chain, and assist users in managing supply chain disruptions. Alibaba's president, Kuo Zhang, emphasized the importance of adapting to global trade changes and diversifying suppliers in response to increasing tariffs.
Source: YAHOO
Reported about 1 month ago
US equities closed mixed as Wall Street prepares for the crucial August jobs report. ADP's payroll data fell short of expectations, leading to market pullbacks, while labor market trends continue to impact stock prices. Analysts are closely monitoring these developments for future market direction.
Source: YAHOO
Reported about 1 month ago
The Sahm Rule, a crucial recession indicator for the Federal Reserve, was activated in July as the three-month average unemployment rate rose. With the upcoming August jobs report, attention turns to potential implications for interest rate cuts by the Fed. Yahoo Finance's Julie Hyman analyzes the Sahm Rule alongside historical unemployment data to evaluate recession probabilities.
Source: YAHOO
Reported about 1 month ago
Redfin CEO Glenn Kelman highlights that the sluggish response of homebuyers to low mortgage rates might lead to an increase in rates if the Federal Reserve only cuts by 25 basis points. Currently, the average 30-year fixed mortgage rate stands at 6.35%, with Kelman noting that rates may decrease more significantly with a larger cut, as buyers wait for further market signals and listings remain limited.
Source: YAHOO
Reported about 1 month ago
Red Lobster has received court approval to restructure and emerge from bankruptcy, now under the ownership of Fortress Investment Group and its lenders. The restructuring will keep all 544 locations open and preserve approximately 30,000 jobs, with over $60 million in new funding pledged to revitalize the brand. The company, which filed for bankruptcy citing $300 million in debt, plans to move forward after failing to attract outside bidders.
Source: YAHOO
Reported about 1 month ago
Qualcomm, in collaboration with Google and Samsung, is working on new mixed-reality glasses, as confirmed by Qualcomm's CEO in a recent interview. This partnership, initially announced last year, aims to focus on smart glasses rather than traditional headsets, which have struggled in the market. To attract consumers, the glasses must be visually appealing and feature advanced display technology that enhances real-world overlays.
Source: YAHOO
Reported about 1 month ago
Wall Street is anticipating the August jobs report from the US Bureau of Labor Statistics, set to be released on Friday, with insights expected from Federal Reserve officials including President John Williams. Julie Hyman and Josh Lipton provide a preview of the significant developments to watch for on September 6.
Source: YAHOO
Reported about 1 month ago
Broadcom has raised its forecast for 2024 AI revenue to $12 billion, reflecting heightened demand for its networking equipment and custom chips, despite reporting a quarterly loss of $1.88 billion. The company's revenue for the third quarter reached $13.07 billion, surpassing estimates, while also noting increased orders for its chips used in data operations, driven by the growing AI sector. However, the company faces tough competition from Nvidia in the market.
Source: YAHOO