Reported 25 days ago
In the lead-up to a tight presidential election, gas prices have plummeted by at least 20% in key swing states like Michigan, Wisconsin, Nevada, and Arizona since the last midterms. Nationwide, the average price has dropped 17%, with notable reductions also observed in Georgia and Pennsylvania. As consumers assess inflation, these decreases in fuel costs could influence voter sentiment, particularly since many consider pump prices as a critical economic indicator.
Source: YAHOO
Reported 25 days ago
Exxon Mobil Corp. and Chevron Corp. surpassed analysts' profit and output expectations, largely due to a boost in oil production from the Permian Basin, despite declining crude prices. Exxon reported adjusted earnings five cents above expectations, while Chevron exceeded estimates by 11 cents. Both companies announced continuing investor rewards through buybacks and dividends, with Exxon increasing its dividend for the 42nd consecutive year. Although Chevron's reliance on borrowing for payouts raised concerns, its production also saw a significant increase, especially in the Permian region.
Source: YAHOO
Reported 25 days ago
Billionaire Bill Gates has invested 69% of the Bill & Melinda Gates Foundation's $49 billion portfolio in three major stocks: Microsoft (31%), Berkshire Hathaway (23%), and Waste Management (15%). Gates has been a prominent figure in philanthropy, contributing much of his wealth to the foundation, which focuses on healthcare and poverty reduction globally. Microsoft leads the portfolio, benefiting from the rise of artificial intelligence, while Berkshire Hathaway and Waste Management offer stability and growth potential.
Source: YAHOO
Reported 25 days ago
Cboe Global Markets exceeded third-quarter profit expectations, achieving a net income of $232.9 million, up from $218.9 million a year prior, due to strong options trading as investors sought to hedge against geopolitical and economic uncertainties. The company saw a 10% increase in options trading revenue and a 17% rise in futures revenue, with average daily volumes rising to nearly 15 million contracts. Looking forward, Cboe anticipates 2024 net revenue growth of 7 to 9%.
Source: YAHOO
Reported 25 days ago
Boeing shares surged by 3.5% as the company presented a new contract proposal aimed at ending a seven-week strike by 33,000 machinists. The offer includes a 38% wage increase over four years and a $12,000 ratification bonus, but it falls short of the workers' request for a pension restoration. As workers prepare to vote, opinions are divided, with some eager to return to work while others seek a higher wage increase. The ongoing strike has significantly impacted Boeing's finances, notably halting production of key aircraft models.
Source: YAHOO
Reported 25 days ago
Enbridge reported that its third-quarter profit more than doubled compared to last year, driven by contributions from U.S. gas acquisitions and strong oil demand. The Canadian energy giant’s profit reached C$1.29 billion, supported by its extensive growth projects totaling C$27 billion. CEO Greg Ebel noted strong demand for their Mainline system, which moved 2.96 million barrels per day, and projected further growth in pipeline discussions for 2026.
Source: YAHOO
Reported 25 days ago
The tumultuous selloff in UK bonds, which peaked at their highest borrowing costs in a year, began to ease as a disappointing US jobs report increased demand for global debt. After enduring a third day of losses reflecting concerns over proposed Labour spending, the bond market found some stability, with 10-year gilt yields settling at 4.45%. Despite this stabilization, concerns linger about Labour's fiscal plans and their potential impacts on the UK economy. Ratings agencies have painted a grim fiscal outlook, suggesting that increased borrowing may pressure financial markets more than monetary policy, with upcoming decisions from the Bank of England being closely watched.
Source: YAHOO
Reported 25 days ago
Abbott Laboratories' shares increased nearly 5% following a jury's ruling that the company, alongside Reckitt's Mead Johnson, is not liable for a child's severe intestinal disease linked to its premature infant formulas. This ruling is the company's first win in a series of lawsuits alleging that their specialized formulas used in NICUs can cause necrotizing enterocolitis (NEC), a serious condition affecting premature infants. Analysts suggest that this outcome could significantly reduce Abbott's potential financial liabilities.
Source: YAHOO
Reported 25 days ago
In October, the U.S. added only 12,000 jobs, a significant shortfall from the anticipated 100,000, leaving the unemployment rate steady at 4.1%. Meanwhile, tech giants Amazon and Intel experienced substantial stock gains after reporting better-than-expected earnings, with Amazon's growth driven by its cloud services and Intel's by impressive Q3 results. The economic data will influence the Federal Reserve's upcoming decision.
Source: YAHOO
Reported 25 days ago
A 65-year-old woman is considering whether to convert her $850,000 traditional IRA to a Roth IRA to avoid Required Minimum Distributions (RMDs) that could increase her taxable income, tax bill, and Medicare premiums. While a Roth conversion eliminates RMDs, it incurs significant upfront taxes, necessitating careful planning to manage future tax implications. Gradual conversions over several years might mitigate the tax hit, but the decision also hinges on projected income, tax rates, and personal financial circumstances, making consultation with a financial advisor advisable.
Source: YAHOO
Reported 25 days ago
Territorial tensions in the South China Sea, where China faces off against several Southeast Asian nations, could escalate into conflict and impact vital trade routes, according to experts. Chinese assertiveness has increased in recent years, leading to incidents at sea with vessels from the Philippines and other countries. With about 24% of global maritime trade flowing through these waters and significant undiscovered resources at stake, the potential for military confrontation involving the U.S. remains a serious concern, as both nations navigate complex territorial claims and historical disputes.
Source: YAHOO
Reported 25 days ago
JetSMART Airlines is increasing its fleet in Argentina, aligning with President Javier Milei's push to deregulate the aviation sector and challenge the dominance of state-owned Aerolineas Argentinas. With an investment of at least $160 million this year and two additional planes, JetSMART now operates 10 out of its 41 planes in Argentina. The airline's CEO, Estuardo Ortiz, supports Milei's efforts to modernize the industry but disclaims interest in acquiring Aerolineas. The move comes amidst labor challenges and a competitive landscape as the country navigates recovery from economic downturns and pandemic impacts.
Source: YAHOO
Reported 25 days ago
Exxon Mobil reported a third-quarter profit of $8.6 billion, surpassing analysts' forecasts and aided by its recent acquisition of Pioneer Natural Resources. The earnings per share reached $1.92, slightly above the expected $1.91, although revenue of $90.02 billion fell short of $93.51 billion. Meanwhile, the company is adapting to a fluctuating oil market as it anticipates lower prices due to an oversupply. Additionally, Exxon announced a 4% increase in its quarterly dividend.
Source: YAHOO
Reported 25 days ago
Exxon Mobil reported a significant increase in profits for the third quarter, driven by robust production levels, leading the board to approve a 4% increase in dividends.
Source: YAHOO
Reported 25 days ago
Air Canada has raised its annual core profit forecast and announced share buybacks, driven by robust international travel demand. The airline is expanding flights to China and other Asia-Pacific destinations while expecting a rebound in transatlantic travel by 2025. Despite prior soft bookings due to labor negotiations, the airline reported better-than-expected quarterly earnings and is monitoring a strike affecting deliveries of its remaining aircraft. This marks the first share repurchase authorization since the pandemic, aimed at countering dilution from past financing needs.
Source: YAHOO
Reported 25 days ago
Exxon Mobil reported a profit of $8.61 billion for the third quarter, surpassing Wall Street estimates, thanks to strong oil production, particularly from its recent acquisition of Pioneer Natural Resources. While profits decreased by 5% year-over-year due to falling oil prices, their production reached 4.6 million barrels of oil equivalent per day, aided by robust cash flow from the Pioneer acquisition. The company's dividend was raised by 4%, despite challenges in refining margins which saw a significant year-over-year drop.
Source: YAHOO
Reported 25 days ago
While Bitcoin continues to rally towards record highs, the broader cryptocurrency market faces significant challenges. Companies like Kraken and Consensys are announcing substantial job cuts in light of declining interest in various altcoins and a slowdown in venture capital investment. Despite Bitcoin's impressive growth and positive sentiment surrounding potential regulatory changes, many digital asset firms grapple with structural hurdles in profitability, contributing to an overall bleak outlook for the crypto industry.
Source: YAHOO
Reported 25 days ago
Source: BARRONS
Reported 25 days ago
Yuichiro Tamaki, a prominent figure in Japan’s opposition, has advised the Bank of Japan not to raise interest rates until after March 2025. He emphasized the importance of analyzing wage deals resulting from annual negotiations before implementing policy changes, advocating for continued monetary easing until nominal wage growth exceeds inflation by 2%. His party, which gained seats in the recent election, is crucial for Prime Minister Shigeru Ishiba's coalition government, highlighting the need for policy cooperation on economic issues.
Source: YAHOO
Reported 25 days ago
Goldman Sachs analysts have raised their price targets for Amazon shares following the company's solid Q3 earnings, which surpassed Wall Street expectations with a revenue of $158.9 billion, an 11% year-over-year increase. The growth is attributed to strong retail and advertising sales, alongside significant contributions from its Amazon Web Services (AWS) division. Analysts are increasingly optimistic about Amazon's investment in AI technologies and the company's potential for sustained revenue growth and improved profit margins moving forward.
Source: YAHOO
Reported 25 days ago
Despite optimistic revenue forecasts, Intel's sales of AI accelerator chips have not met expectations, leading the company to retract its predictions for 2024. Following disappointing performance from the Gaudi chips, CEO Pat Gelsinger cited software issues and a generational transition as contributing factors. As Intel grapples with missed opportunities in the AI market, analyst skepticism grows regarding the company's strategic direction and operational control.
Source: YAHOO
Reported 25 days ago
Exxon Mobil Corp. exceeded analysts' forecasts with a third-quarter earnings of $1.92 per share, benefiting from increased oil production in the U.S. Permian Basin despite declining crude prices. The company remains the leading oil major this year, demonstrating robust production growth compared to rivals, and successfully managing costs. Exxon has also raised dividends for the 42nd consecutive year and maintains a strong position with substantial cash reserves, making it well-prepared for future market fluctuations.
Source: YAHOO
Reported 25 days ago
Bank Negara Malaysia has stated that it will take measures to address volatility in the ringgit, emphasizing that its recent weakening is not expected to persist. The central bank asserts that Malaysia’s strong economic foundations and structural reforms will support the currency in the long run, despite a significant drop against the dollar in October. Policymakers are also promoting repatriation of overseas income to bolster the ringgit after a recent low.
Source: YAHOO
Reported 25 days ago
German online auto parts dealer Autodoc SE has enlisted banks including Barclays, Citigroup, Deutsche Bank, and Jefferies to prepare for a potential initial public offering (IPO) in Frankfurt, several years after a previous attempt. The IPO could take place next year, though its valuation may be lower than the €10 billion it sought in 2021. Autodoc, which reported €1.3 billion in revenue in 2023 and operates across Europe, has more than seven million active customers.
Source: YAHOO
Reported 25 days ago
Bank of America’s Michael Hartnett advised investors to sell U.S. stocks if Donald Trump wins the presidency, aligning with Citigroup’s recent recommendation. He warned that a Trump victory could lead to tax cuts and inflation, negatively impacting stock prices. Despite a recent rally in the S&P 500, driven by hopes for a Trump win, Hartnett suggests that a victory for Democratic candidate Kamala Harris would favor technology stocks, framing it as a potential buying opportunity. Meanwhile, attention turns to upcoming economic reports ahead of a Federal Reserve meeting.
Source: YAHOO