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
Reported 25 days ago
US stock markets ended the week on a positive note, with the Nasdaq rising 0.8% and the S&P 500 up 0.4%, driven by Amazon's impressive earnings report and optimism surrounding a potential Federal Reserve rate cut. Despite the rebound, all major indices recorded weekly losses, primarily due to a disappointing jobs report that revealed only 12,000 new positions in October. The Fed's anticipated interest rate reduction at its upcoming meeting may have influenced investor sentiment, while Amazon's growth in its cloud AI business helped alleviate concerns over Big Tech's spending.
Source: YAHOO
Reported 25 days ago
The Bureau of Labor Statistics reported that the US economy added only 12,000 jobs in October, significantly lower than the 100,000 jobs economists expected. This disappointing number is influenced by disruptions from hurricanes and strikes, with particular emphasis on hiring trends in the construction and hospitality sectors, as discussed by Yahoo Finance reporters.
Source: YAHOO
Reported 25 days ago
Apple's stock is facing downward pressure after the company reported quarterly earnings that exceeded revenue expectations but fell short on profit due to tax costs from the European Union. The weaker-than-expected sales outlook has left investors disappointed.
Source: YAHOO
Reported 25 days ago
Super Micro Computer, Inc. (SMCI) is set to report its first-quarter fiscal 2025 results on November 5. The company expects revenue between $6 billion and $7 billion, with consensus estimates indicating significant year-over-year growth. While SMCI's strong history of meeting earnings expectations is noted, its current earnings outlook suggests caution, as the Earnings ESP is slightly negative. However, the company is well-positioned in the burgeoning AI market, particularly in AI server solutions, and has recently expanded its manufacturing capabilities. Given strong fundamentals and a low valuation, analysts recommend buying SMCI stock now.
Source: YAHOO
Reported 25 days ago
Mizuho Securities' chief economist Steven Ricchiuto suggests that the Federal Reserve should hold interest rates steady in November following the addition of only 12,000 jobs in October, significantly below expectations. He emphasizes the importance of viewing the employment numbers amidst recent disruptions, arguing that the economy remains fundamentally healthy and a rushed response could lead to unfavorable outcomes. Ricchiuto encourages a cautious, methodical approach to rate adjustments, advising against convincing the market of a need for immediate changes.
Source: YAHOO
Reported 25 days ago
The major stock indexes, including the Nasdaq, opened higher following the October jobs report, which indicated a modest increase of just 12,000 jobs in the US. This sluggish growth is believed to have been influenced by recent hurricanes and ongoing labor strikes. Morning Brief host Seana Smith discusses the day's market movements and provides insights on treasury yields and the energy sector.
Source: YAHOO
Reported 25 days ago
Amazon.com Inc. has reported impressive third-quarter results, highlighting a resurgence in its cloud services and e-commerce sectors, alongside effective cost-cutting measures. Revenue grew 11% to $158.9 billion, with a notable 19% increase in its cloud division's revenue. Operating profit significantly exceeded expectations at $17.4 billion. The company's CEO emphasized a major focus on artificial intelligence investments, forecasting substantial capital expenditures for the upcoming year, which excited investors and led to a notable rise in Amazon's share price.
Source: YAHOO
Reported 25 days ago
Aircraft manufacturer Boeing has reached a tentative agreement with the International Association of Machinists and Aerospace Workers (IAM) after factory workers have been on strike for nearly seven weeks. Union members are set to vote on this contract on November 4.
Source: YAHOO
Reported 25 days ago
U.S. job growth significantly slowed in October, increasing by just 12,000 jobs, following disruptions caused by hurricanes and aerospace factory strikes, while the unemployment rate remained steady at 4.1%. Economists had anticipated a larger increase, and despite the disappointing figures, early market reactions suggest continued confidence in a potential rate cut by the Federal Reserve in November.
Source: YAHOO
Reported 25 days ago
In October, US payroll growth slowed to just 12,000, the weakest increase since 2020, mainly due to the impact of severe hurricanes and a significant strike at Boeing. While the unemployment rate remained stable at 4.1%, the report highlighted notable declines in manufacturing jobs and an overall softening in the labor market. Economists suggest that the ongoing trends indicate a struggle for job market recovery, with expectations of rate cuts by the Federal Reserve in the wake of this report.
Source: YAHOO
Reported 25 days ago
Crispin Odey is facing action from the UK's Financial Conduct Authority (FCA) due to his lack of integrity in responding to sexual misconduct allegations. Following a written warning for his conduct, the FCA accused him of undermining a disciplinary process at Odey Asset Management (OAM) to protect his interests. His behavior included self-appointing as the sole member of an executive committee, delaying hearings, and causing OAM to breach regulatory requirements. Though Odey rejoined OAM earlier this year, the firm is no longer authorized to manage customer funds.
Source: YAHOO
Reported 25 days ago
The October jobs report indicates that 12,000 jobs were added to the US economy, falling short of the expected 100,000 due to weather disruptions. Major tech companies like Amazon, Apple, and Intel announced their earnings, and Boeing has reached a tentative deal with striking workers, which will be voted on soon. US stock futures are responding positively to the jobs data.
Source: YAHOO
Reported 25 days ago
BYD Co. reported a record monthly sales of 500,526 passenger cars in October, reflecting a 66% increase, as demand for its plug-in hybrids surged. This impressive performance comes at a time when Western automakers are struggling in the Chinese market, with BYD potentially on the brink of dominating the global auto industry, especially with its new models boasting long ranges. Despite a strong domestic presence, BYD's international sales remained modest at around 31,200 units.
Source: YAHOO
Reported 25 days ago
Craig Wright, an Australian computer scientist who claims to have invented bitcoin, faces a contempt of court accusation after filing a £911 million lawsuit against Block, a payments firm created by Twitter's Jack Dorsey. A UK court previously established that Wright lied about his authorship of bitcoin's foundational text and ordered an injunction preventing him from pursuing such claims. Despite his appeal against the ruling, Wright's recent lawsuit against a company affiliated with Block led to allegations of violating the injunction, with a contempt hearing scheduled for December.
Source: YAHOO
Reported 25 days ago
The U.S. economy added only 12,000 jobs in October, falling short of expectations due to factors like Hurricanes Helene and Milton and Boeing's labor strike. Despite steady unemployment at 4.1% and average wage growth of 4.0%, economists believe the Federal Reserve will move forward with a 25-basis-point rate cut on November 7. RSM chief economist Joe Brusuelas suggests the current jobs data is distorted, but the underlying strength of the U.S. economy may lead the Fed to pause on further rate cuts in December.
Source: YAHOO
Reported 25 days ago
As one of the most closely contested US elections approaches, traders are flocking to gold as a safe investment. Recent surges in gold prices indicate strong demand from central banks and investors seeking refuge from market instability. With uncertain election outcomes expected, many believe gold may continue to soar, regardless of who wins, driven by anticipated fiscal spending plans and inflation concerns.
Source: YAHOO
Reported 25 days ago
In October, the US labor market added only 12,000 jobs, significantly below the expected 100,000, as disruptions from hurricanes and a strike by Boeing workers impacted employment data. The unemployment rate remained at 4.1%, despite a decline in manufacturing jobs. The report signals a cooling labor market, prompting expectations of potential interest rate cuts by the Federal Reserve in the coming months.
Source: YAHOO
Reported 25 days ago
In a recent interview, Eric Bippus of Hexagon Agility discussed the implementation of renewable natural gas (RNG) in heavy-duty truck fleets, highlighting its advantages over diesel and electric vehicles. He emphasized the importance of understanding fueling infrastructure and outlined innovations in RNG that help close the price gap with diesel. Bippus noted that RNG powered fleets can achieve over 1,200 miles of range, making them practical alternatives amid growing regulatory pressures for lower emissions, particularly as upcoming EPA regulations could significantly increase diesel costs.
Source: YAHOO
Reported 25 days ago
Simon Property Group reported third-quarter funds from operations (FFO) of $2.84 per share, missing market expectations of $3.03 and down from $3.20 a year ago. The dip was attributed to weaker leasing demand at its shopping centers, despite a slight revenue increase from lease income to $1.34 billion. Occupancy rates rose to 96.2%, and base minimum rent grew by 2.3%. SPG's shares fell 1% in premarket trading but have increased 20% this year.
Source: YAHOO
Reported 25 days ago
ArcBest announced its Q3 earnings with adjusted EPS of $1.64, falling short of estimates and reflecting a year-over-year decline. Consolidated revenue dropped 5.8% to $1.06 billion, driven by a significant decrease in tonnage amid higher operational costs. The asset-light unit showed a $3.9 million adjusted operating loss, marking the fifth consecutive loss, and the company anticipates further operating losses in Q4.
Source: YAHOO
Reported 25 days ago
In October, the US economy added only 12,000 jobs, a significant drop from the previous month's 223,000, largely due to the impact of hurricanes and the Boeing strike. Despite this slowdown, the unemployment rate remained steady at 4.1%, while average hourly earnings rose by 4% compared to the previous year. Economists had anticipated a gain of 100,000 jobs, reflecting ongoing challenges in the labor market. However, both the economy's growth and potential upcoming adjustments by the Federal Reserve indicate that this dip could be temporary.
Source: YAHOO
Reported 25 days ago
In October, the US added only 12,000 jobs, significantly lower than the anticipated 100,000, while the unemployment rate held steady at 4.1%. Average hourly wages rose by 0.4% from September and 4.0% year-over-year, but the overall job data was notably affected by hurricanes and strike disruptions.
Source: YAHOO
Reported 25 days ago
Costco offers great deals that can save members money, but many may be overpaying by not using the right credit cards. By opting for cards that provide bonus cash back on Costco purchases, shoppers can significantly increase their rewards, especially during the holiday season. This strategy is especially beneficial if a card offers 2% back at Costco, allowing for quicker accumulation of rewards to offset future costs.
Source: YAHOO
Reported 25 days ago
Brooks Running, an established name in the sneaker industry, remains a leading choice for serious runners despite being smaller than giants like Nike and New Balance. The company, known for its innovative products like the $200 Glycerin Max Road Shoe, is facing competition from newcomers such as On and Hoka, along with Nike's resurgence under new leadership. In an interview, Brooks' CEO Dan Sheridan discusses the brand's strategies and its relationship with Berkshire Hathaway as they prepare for major events like the New York City Marathon.
Source: YAHOO