Reported 25 days ago
Canadian generic drug manufacturer Apotex Inc. is gearing up for a potential initial public offering (IPO) next year, enlisting RBC Capital Markets, Jefferies Financial Group, and TD Securities as advisers. Although specific details regarding timing and size are yet to be finalized, this move follows Apotex's recent acquisition by private equity firm SK Capital Partners and its strategic purchase of Searchlight Pharma Inc.
Source: YAHOO
Reported 25 days ago
US manufacturing activity continued to decline in October for the seventh consecutive month, hitting its lowest level since July 2023, as indicated by the Institute for Supply Management. The factory index fell to 46.5, with significant drops in production and inventory levels. Economic uncertainty surrounding the upcoming presidential election is causing businesses to hesitate in making investments, and forecasts suggest the contraction may persist until early next year.
Source: YAHOO
Reported 25 days ago
A US judge has allowed Citadel Securities' lawsuit against Portofino Technologies to proceed over allegations of trade-secrets theft, while dismissing claims against one of Portofino's investors. The lawsuit accuses former Citadel employees of using stolen trade secrets to launch the crypto startup in Switzerland. The judge ruled there was sufficient US jurisdiction due to Portofino's recruitment practices impacting Citadel, despite claims of jurisdiction being fundamentally European. Citadel has expressed satisfaction with the ruling, while Portofino disputes the allegations, calling them a reaction to its success.
Source: YAHOO
Reported 25 days ago
In a turbulent October, the US labor market added only 12,000 jobs, far below expectations of 100,000, leading to intensified scrutiny during the final days of the 2024 election campaign. Kamala Harris's allies attributed the disappointing numbers to the effects of weather disruptions and worker strikes, while Trump and his campaign seized the moment to claim the figures were manipulated. Despite this setback, administration officials emphasized that job growth has continued monthly under Biden's presidency, with hopes for a rebound in November.
Source: YAHOO
Reported 25 days ago
As the U.S. presidential election approaches on November 5, investors are closely monitoring the potential impact of a tight race between Vice President Kamala Harris and former President Donald Trump on stock markets. Polls indicate Harris leads Trump by just one percentage point, with analysts predicting varying market responses depending on the election outcome. A Trump victory could favor sectors like banking, energy, and cryptocurrency, while a Harris win could bolster homebuilders and renewable energy stocks. Additionally, healthcare policies under Harris may affect pharmaceutical companies, suggesting that the election results hold significant implications for various industries.
Source: YAHOO
Reported 25 days ago
Wayfair reported third quarter earnings that surpassed analyst expectations, yet the company's stock is struggling with a decrease of nearly 30% year-to-date in 2024, as investors react to subdued guidance during the earnings call.
Source: YAHOO
Reported 25 days ago
Vanguard, the world's second-largest asset manager, announced on Friday that it has purchased UK government bonds after a significant price drop triggered by the new Labour government's budget. Moving from an 'underweight' to a 'neutral' position on gilts, Vanguard believes the sell-off's extent is limited. The budget's tax increases and increased spending led to a spike in bond yields, which Vanguard is capitalizing on as they reassess their portfolio.
Source: YAHOO
Reported 25 days ago
After a 20% spike following a positive business update, QuantumScape's stock tumbled nearly 14% this week as investors realized that the company's solid-state battery technology still has a long path to commercial viability. Despite progress in shipping prototypes and a partnership with Volkswagen's PowerCo for mass production, investors must remain patient as significant developments in production and commercialization are still years away.
Source: YAHOO
Reported 25 days ago
Climate United plans to spend $250 million to purchase 500 Class 8 electric trucks, aiming to transform freight hauling into a zero-emission process while complying with California's strict regulations on port access. This investment is part of a broader initiative funded by the Inflation Reduction Act, intended to reduce pollution from older diesel trucks. Furthermore, it seeks to establish a market for used electric trucks, thereby making financing more accessible for smaller fleets and reinforcing American jobs by sourcing locally produced vehicles.
Source: YAHOO
Reported 25 days ago
An economist from Annex Wealth Management stated that the expectations for a 50 basis point interest rate cut by the Federal Reserve are unreasonable, given that only 12,000 jobs were added in October, far below the expected 100,000. He believes that while the labor figures were impacted by external factors like hurricanes and strikes, the Fed should be cautious about making swift cuts to avoid destabilizing inflation expectations.
Source: YAHOO
Reported 25 days ago
Argentina's central bank has lowered its benchmark interest rate from 40% to 35%, the first reduction in nearly six months, as inflation shows signs of slowing under President Javier Milei's administration. This decision reflects improvements in liquidity and consumer price expectations, with monthly inflation decreasing significantly from 25.5% in December to 3.5% in September. Despite the cut, challenges remain in establishing new deals with the IMF and removing currency controls.
Source: YAHOO
Reported 25 days ago
LyondellBasell Industries NV is set to permanently close its Houston refinery, the company's only oil processing facility, starting January 2025. This decision follows unsuccessful attempts to sell the refinery and comes amid declining profit margins due to increased competition from other oil processors. Originally built in 1918, the refinery has faced challenges in recent years, including fires and rising operational costs, prompting the company to reassess its European operations as well.
Source: YAHOO
Reported 25 days ago
Coinbase Global (COIN) shares have increased by over 6% following the release of their Q3 earnings, which fell short of market expectations. Despite this disappointment, Coinbase managed to turn a profit for the quarter. Analysts are discussing the implications of this stock performance within the context of a broader rally in the cryptocurrency market as the US presidential election approaches.
Source: YAHOO
Reported 25 days ago
As the U.S. approaches the presidential election and the November Federal Reserve meeting, market volatility is expected to rise. Rob Haworth, a senior investment strategist at U.S. Bank Wealth Management, highlights uncertainty surrounding election results and anticipates the Fed might implement a modest rate cut. With significant economic data on the horizon, he suggests investors should prepare for both increased volatility and potential opportunities.
Source: YAHOO
Reported 25 days ago
The October employment report for truck transportation indicated a slight decrease of 100 jobs from September, totaling 1,546,200 jobs, which is 2,000 fewer compared to the same month last year. Despite some volatility and revisions in previous months, the data reflects a stagnation in the industry amidst challenges such as bankruptcies and adverse weather conditions impacting employment levels across sectors. Moreover, warehousing jobs declined significantly, indicating continued struggles within the labor market.
Source: YAHOO
Reported 25 days ago
PepsiCo successfully had New York's lawsuit against it dismissed, which accused the company of contributing to environmental pollution through single-use plastic packaging. A state Supreme Court judge criticized the attorney general for the lawsuit, stating there was insufficient evidence to prove that PepsiCo created a public nuisance. While the attorney general expressed disappointment and plans to review options, PepsiCo maintained its commitment to addressing plastics pollution and promoting effective recycling.
Source: YAHOO
Reported 25 days ago
Source: BARRONS
Reported 25 days ago
A year after promoting its AI chips, Intel has struggled to meet sales expectations, particularly with its Gaudi accelerator chips. Although the company's overall revenue forecast showed a positive outlook, its failure to achieve anticipated sales has resulted in significant stock depreciation. CEO Pat Gelsinger acknowledged challenges related to software and the chip's generational transition, with analysts questioning Intel's competitive position in the AI market as they face increasing pressure from rivals like Nvidia.
Source: YAHOO
Reported 25 days ago
Charter Communications saw its shares soar after reporting a smaller-than-expected loss of broadband subscribers despite the expiration of a federal subsidy program. In the third quarter, the company lost 113,000 broadband customers, significantly less than analysts' estimates of 248,000. The firm's success in mobile services and a new pricing strategy contributed to a 1.6% revenue increase to $13.8 billion, along with a rise in earnings per share to $8.82. Looking ahead, Charter plans to promote several streaming services to attract new subscribers and strengthen its bundle offerings.
Source: YAHOO
Reported 25 days ago
Amazon exceeded earnings estimates in Q3 but faces crucial decisions on capital expenditures, particularly for AI. Analysts stress the significance of ongoing investment in artificial intelligence to retain competitive advantage, projecting a long-term commitment with expected spending reaching $75 billion in 2024. This strategy is seen as essential for maintaining Amazon's strong market position in the evolving technology landscape.
Source: YAHOO
Reported 25 days ago
US manufacturing activity fell to a 15-month low in October, driven by escalating input prices and labor strikes at Boeing, according to the Institute for Supply Management (ISM). The manufacturing PMI dropped to 46.5, indicating contraction, as factory output struggled amidst worker disputes that have disrupted production of key aircraft. Despite challenges, goods spending showed some resilience, and there were slight improvements in factory employment.
Source: YAHOO
Reported 25 days ago
Oil prices are rising following reports indicating that Iran is planning to strike Israel. Yahoo Finance experts discuss the impact of this news on oil futures.
Source: YAHOO
Reported 25 days ago
The Federal Reserve is anticipated to reduce short-term borrowing rates by 25 basis points at its upcoming meeting after recent data revealed only 12,000 new nonfarm jobs were added in October, the lowest since December 2020. This disappointing figure was attributed to factors like the Boeing strike and significant hurricanes affecting the Southeast. Despite the labor market's apparent cooling, the unemployment rate remains low at 4.1%, but the longer duration of unemployment and a decline in the labor force raise concerns. Market expectations suggest further cuts are likely as the Fed assesses ongoing economic conditions.
Source: YAHOO
Reported 25 days ago
Chevron and Exxon Mobil have both surpassed their earnings estimates for the third quarter of 2024, buoyed by increased oil production from the Permian Basin despite declining crude oil prices. Exxon's shares have fluctuated following the earnings report, while the company has raised its dividend for the 42nd consecutive year.
Source: YAHOO
Reported 25 days ago
Super Micro Computer, a major player in the AI server market, has faced significant setbacks recently, including a 32% stock drop following the resignation of its auditor, EY, which cited concerns over internal financial controls. This comes amid a troubling short report alleging accounting issues and a probe by the Justice Department. While Supermicro has shown remarkable growth in the AI sector, these developments raise red flags about its management and financial practices, prompting cautious sentiment from investors.
Source: YAHOO