Reported about 1 month ago
President Joe Biden is expected to block the proposed $14.1 billion acquisition of United States Steel Corp. by Nippon Steel Corp. soon after receiving the recommendation from the Committee on Foreign Investment in the United States (CFIUS). This decision comes amid significant political pressure in Pennsylvania, where both US Steel and the United Steelworkers union oppose the deal. The potential blockage of the acquisition has raised concerns about job security at US Steel and could lead to litigation, particularly as Nippon Steel has recently increased its commitment to the deal.
Source: YAHOO
Reported about 1 month ago
A Delaware bankruptcy court has ordered Teamsters union General President Sean O'Brien to appear for a deposition regarding the events leading up to Yellow Corp.'s shutdown. Yellow Corp. seeks testimony to contest WARN Act claims alleging that it failed to notify employees of mass layoffs. The company argues that unforeseen circumstances led to its failure and subsequent lack of notification. The court also restricted the inquiry to a limited session to avoid opening disputes unrelated to the case.
Source: YAHOO
Reported about 1 month ago
Hormel Foods experienced a significant drop in its stock price after the company downgraded its full-year sales forecast, citing disappointing commodity market conditions and production challenges at a facility in Virginia.
Source: YAHOO
Reported about 1 month ago
A recent study highlights that corporations have been the largest sellers of shares to index funds, significantly outpacing other market players. This trend contradicts the narrative that firms are mainly buying back shares, showing that many companies instead capitalize on demand from passive investors by issuing new shares. The findings demonstrate how index fund investments affect corporate financing strategies, allowing companies to adjust their capital structures and take advantage of market opportunities.
Source: YAHOO
Reported about 1 month ago
The Federal Reserve's Beige Book report shows that employment conditions remained steady in August, while ongoing discussions about potential interest rate cuts are taking place as the Philadelphia Fed searches for a replacement for retiring President Patrick Harker. Experts, including Harker himself, suggest that a possible rate cut could occur at the September meeting unless there are significant labor market downtrends.
Source: YAHOO
Reported about 1 month ago
Charter Communications has renewed its agreement with AMC Networks, allowing Spectrum TV Select customers to access AMC's streaming service, AMC+, at no extra cost. This new deal, which mirrors a recent agreement between Charter and Disney, includes several years of access to AMC's cable networks and will also offer AMC+ for purchase to internet-only customers. The financial details of the agreement were not disclosed.
Source: YAHOO
Reported about 1 month ago
A former director of Brazil's central bank, Fernanda Guardado, advises that the institution needs to increase interest rates by nearly two percentage points by March 2025 to address inflation and an overheating economy. She highlights the necessity for initial hikes to start this month, followed by incremental increases, emphasizing that failing to act will require an explanation for anticipated economic cooling. With pressures on inflation and a tight labor market, Guardado underscores the critical role of monetary policy in moderating economic growth.
Source: YAHOO
Reported about 1 month ago
After a challenging period marked by disappointing IPO performances, the biotech industry is poised for a potential turnaround with four companies planning to debut soon. Industry experts believe that the initial success of these upcoming offerings could revitalize investor interest in biotech stocks, which have seen a significant decline since a boom in 2020 and 2021. As the Nasdaq Biotech Index shows signs of recovery, the market is watching closely to see if these new entrants can instill confidence and reignite activity in the sector.
Source: YAHOO
Reported about 1 month ago
President Joe Biden is reportedly poised to block Nippon Steel's attempt to acquire US Steel, leading to a significant drop in US Steel's shares by over 18% following the news. The implications for both companies are being analyzed by market experts.
Source: YAHOO
Reported about 1 month ago
HPS Investment Partners, a private credit manager spun off from JPMorgan Chase in 2016, is in talks about an initial public offering, potentially valuing the firm at $10 billion or more. As of June, HPS managed approximately $117 billion in assets and has filed confidential paperwork with the US Securities and Exchange Commission. The firm, founded in 2007, has seen significant growth in the private credit market.
Source: YAHOO
Reported about 1 month ago
Dollar Tree's stock fell nearly 25% after the discount retailer reduced its full-year 2024 guidance and reported disappointing second quarter earnings, posting revenues of $7.37 billion against an expectation of $7.49 billion, and adjusted earnings of $0.67 per share, which was below the anticipated $1.05 per share.
Source: YAHOO
Reported about 1 month ago
Verizon is reportedly in advanced discussions to acquire Frontier Communications, according to the Wall Street Journal, which has led to a drop in Verizon's stock while Frontier's shares surged on Wednesday. Analysts speculate on the implications this deal could have for both telecommunications companies.
Source: YAHOO
Reported about 1 month ago
Intel's CFO announced that the company's contract chip manufacturing business is projected to start earning 'meaningful' revenue in 2027. The firm is currently negotiating with 12 potential customers and will generate some revenue in 2026. Additionally, Intel is shifting focus from its 20A to its advanced 18A manufacturing process amid a larger turnaround strategy that includes significant layoffs. Plans regarding restructuring are to be presented to the board soon.
Source: YAHOO
Reported about 1 month ago
Verizon is reportedly in advanced negotiations to purchase Frontier Communications, aiming to enhance its fiber network to better compete with AT&T and other rivals. A deal announcement may occur this week if no last-minute issues arise, with Frontier valued at approximately $7 billion. Following the news, Frontier's stock surged by 34%, while Verizon's shares dropped over 3%.
Source: YAHOO
Reported about 1 month ago
Atlanta Fed President Raphael Bostic stated that the central bank should not delay cutting interest rates until inflation reaches 2%, as this could disrupt the labor market. He highlighted that while the job market has weakened, it is not fundamentally weak, and current economic conditions warrant reconsideration of restrictive policies. As payroll growth and job openings have declined, economists anticipate a rebound in jobs for August, but the outlook remains cautious with a 50-50 chance of rate cuts in the coming meetings.
Source: YAHOO
Reported about 1 month ago
US stocks faced declines as worries about economic growth and a sell-off in Nvidia shares weighed heavily on the market. The S&P 500 dropped over 0.2%, while the Nasdaq Composite fell more than 0.3%. Investors are adjusting their expectations for interest rate cuts following a decrease in job openings, with markets now pricing in a near 50% chance of a 50 basis point cut. Despite volatility, a significant number of S&P 500 companies have been outperforming the index, indicating a potential market rotation towards economically sensitive sectors.
Source: YAHOO
Reported about 1 month ago
Despite significant declines in sales and a challenging market, Beyond Meat's CEO Ethan Brown remains optimistic about the company's future. Brown emphasized the ongoing innovation in their product lineup, including new healthier ingredients and a marketing push to highlight health benefits. The company is navigating liquidity issues and restructuring efforts while seeking to regain market share. Despite a challenging landscape, they remain committed to making plant-based options more accessible than traditional meat.
Source: YAHOO
Reported about 1 month ago
Apple's upcoming iPhone 16 launch on September 9 is not just about the new hardware; it's also a crucial test for its generative AI platform, Apple Intelligence. With features designed to enhance user experience on devices like the iPhone 15 Pro, Apple aims to attract consumer interest and drive sales amid growing competition in the AI space. Investors are hopeful that successful integration of AI will reinvigorate demand for the iPhone, but the company must ensure its offerings are both accurate and appealing to users.
Source: YAHOO
Reported about 1 month ago
U.S. President Joe Biden is reportedly preparing to block the $14.9 billion acquisition of U.S. Steel by Nippon Steel, raising concerns about the impact on American jobs. U.S. Steel has warned that the deal's failure could jeopardize thousands of union jobs in the U.S.
Source: YAHOO
Reported about 1 month ago
GitLab CFO Brian Robins shares insights on how AI technology will enhance the company's software offerings and pricing strategy, emphasizing the advantages of their seat-based model. As companies adapt to a more cautious spending approach, Robins highlights GitLab's readiness to navigate the complexities of software development with a focus on security, compliance, and privacy.
Source: YAHOO
Reported about 1 month ago
Elon Musk's social media platform X has won an appeal that partially blocks a California law requiring social media companies to disclose their content moderation policies. The 9th U.S. Circuit Court of Appeals overturned a lower court's ruling, stating the law's requirements were overly extensive and not justified under First Amendment protections. The court will further assess whether certain parts of the law can be separated from others.
Source: YAHOO
Reported about 1 month ago
Major stock indexes have faced volatility following their poorest performance since early August, while the tech sector, particularly chip makers like Nvidia, aims for recovery despite ongoing challenges, including a Department of Justice investigation. Retailers such as Dick's Sporting Goods and Dollar Tree report difficulties in the consumer market, contributing to their declining stock prices. Notable mentions this week include AST SpaceMobile, Tesla, and Coupang.
Source: YAHOO
Reported about 1 month ago
Beyond Meat's CEO, Ethan Brown, discusses the company's mission to become a leading global protein supplier and its strategic focus on quality products and market share. The company aims to continue its growth by capitalizing on the shift away from animal meat and improving health benefits, while also emphasizing sustainable pricing for consumers. Brown believes that Beyond Meat’s best days are ahead as it leads the plant-based market in the U.S. and Europe.
Source: YAHOO
Reported about 1 month ago
Following a significant drop in Nvidia's market cap, losing over $278 billion due to concerns related to the US Department of Justice, experts suggest considering stocks like AMD and Broadcom as potential alternatives. The analysis emphasizes Nvidia's growth potential but also highlights macro-economic challenges ahead.
Source: YAHOO
Reported about 1 month ago
Scott Rubner from Goldman Sachs indicated that a weak payroll report could trigger a correction in the stock market, especially as clients are already positioning for a decline. Historically, late September tends to be the S&P 500's worst trading period, compounded by reduced demand due to companies entering buyback blackout periods. With corporate stock purchases expected to drop by 35%, combined with hedging strategies potentially increasing selling, the risk-off sentiment may lead to significant market adjustments ahead of the U.S. presidential election.
Source: YAHOO