Reported about 1 month ago
Nvidia (NVDA), a prominent player in the tech and chip industry, experienced a dramatic sell-off on Tuesday, resulting in a staggering loss of $278 billion from its market capitalization. This decline marks the largest single-day drop for a US company ever, continuing into Wednesday as the tech sector remains under pressure.
Source: YAHOO
Reported about 1 month ago
Dollar Tree's stock has seen a decline following the company's disappointing second quarter results, reporting $7.37 billion in revenue and adjusted earnings of $0.67 per share, both below expectations. Additionally, the discount retailer has reduced its full-year guidance, citing significant challenges from the current macroeconomic environment.
Source: YAHOO
Reported about 1 month ago
Nvidia, along with other companies, is under investigation by the Justice Department for possible antitrust violations, leading to an extension of its recent financial losses. Senior Legal Reporter Alexis Keenan discusses the implications of this probe, highlighting the government's focus on Nvidia's potential monopolistic status.
Source: YAHOO
Reported about 1 month ago
US stock futures are declining following a market sell-off influenced by discouraging manufacturing data. Investors are anticipating significant economic indicators, including the Job Openings and Labor Turnover Survey (JOLTS) and August jobs results. Nvidia's market cap plummeted by $279 billion amidst the turmoil, compounded by a subpoena from the US Department of Justice. Dollar Tree adjusted its full-year guidance downward after falling short of second-quarter earnings expectations.
Source: YAHOO
Reported about 1 month ago
The founding family of Nordstrom has offered $23 per share to acquire the remaining stake in the department store chain, aiming to take the company private. This follows their previous interest in a buyout and the formation of a special committee by the board to evaluate their proposal.
Source: YAHOO
Reported about 1 month ago
As investors approach year-end, concerns are growing amidst disappointing earnings from Nvidia and weak economic data, raising questions about a potential economic downturn in 2025. Despite hopes for a Federal Reserve interest rate cut, uncertainties linger, leading to confusion in the markets. Yahoo Finance's Brian Sozzi discusses strategies with Marija Vietname from State Street Global Markets to help investors navigate the current tumultuous landscape.
Source: YAHOO
Reported about 1 month ago
Volvo Cars has revised its goal of exclusively selling fully electric vehicles by 2030, now allowing for the inclusion of plug-in hybrids and some hybrid models. The decision comes as major automakers face slowing demand for electric vehicles due to high prices and limited charging infrastructure. Volvo now aims for 90% to 100% of its sales to be electric or plug-in hybrids, with a maximum of 10% being mild hybrids.
Source: YAHOO
Reported about 1 month ago
Lebanon has charged former central bank governor Riad Salameh with the embezzlement of $42 million amid an ongoing corruption investigation. The 73-year-old, who recently ended a three-decade term, faces accusations of financial misconduct, including manipulating financial statements to cover the country's economic crisis. Salameh, who has consistently denied all allegations, is also under scrutiny from several European nations for alleged money laundering and illicit enrichment.
Source: YAHOO
Reported about 1 month ago
Lyft announced plans to sell certain bike and scooter rental assets and cut approximately 1% of its workforce as part of a restructuring strategy to reduce costs. The company, which operates Citibike in New York City, is expecting to incur charges between $34 million to $46 million primarily due to asset disposal. The restructuring is projected to improve the adjusted operating income by around $20 million annually, as Lyft faces challenges amidst intense competition from Uber.
Source: YAHOO
Reported about 1 month ago
The Bank of Canada is expected to announce a third consecutive interest rate cut this morning, potentially reducing the rate by 25 basis points to 4.25%. This decision comes as the bank seeks to ease economic concerns and lower inflation closer to its 2% target, amidst signs of slower economic growth and a stalled labor market.
Source: YAHOO
Reported about 1 month ago
Shares of cybersecurity company Zscaler fell by 15.2% in premarket trading following a less optimistic annual revenue forecast, which is projected between $2.60 billion and $2.62 billion, below analysts' expectations. The company's valuation could drop by over $4 billion, while several brokerages have cut their price targets amid concerns over growth.
Source: YAHOO
Reported about 1 month ago
Nvidia's shares plummeted 9% following concerns about slowing US economic growth, resulting in a historic $279 billion market cap loss in one day. While this decline raises alarms for investors, the company's growth is still bolstered by high demand for AI chips, despite ongoing antitrust investigations by the Department of Justice.
Source: YAHOO
Reported about 1 month ago
US Steel's CEO warned that the company would shut its mills and likely relocate headquarters out of Pittsburgh if the $14.9 billion buyout by Nippon Steel collapses. The essential investment from Nippon is crucial to maintain competitiveness and jobs, with U.S. politicians expressing growing concern over the deal's implications for American interests.
Source: YAHOO
Reported about 1 month ago
The UK's Competition and Markets Authority (CMA) has approved Microsoft's recruitment of former Inflection AI staff and its partnership with the startup, concluding that the deal does not raise competition concerns. Following a brief investigation initiated in July, the CMA noted that Inflection had a minimal market presence and was unlikely to significantly expand its user base for chatbots. Microsoft, which is set to pay approximately $650 million for this partnership, aims to enhance its AI capabilities.
Source: YAHOO
Reported about 1 month ago
Edmunds compares the 2025 Hyundai Santa Fe and Kia Sorento, both closely related SUVs with distinct strengths. The Santa Fe boasts more standard power with a turbocharged engine, while the Sorento offers a plug-in hybrid option for better fuel efficiency. Both vehicles have similar starting prices and warranties, but the Santa Fe excels in power and towing capacity, whereas the Sorento appeals with its hybrid technology and sportier design. Ultimately, the choice depends on individual needs and preferences.
Source: YAHOO
Reported about 1 month ago
Consumer boycotts have had significant effects on various global companies over the years, from anti-apartheid actions in the 1980s to recent protests linked to Israel's conflict with Hamas. Major brands like Anheuser-Busch, Coca-Cola, and Starbucks have seen declines in sales and reputational damage due to boycotts sparked by geopolitical issues, social media activism, and corporate policies. Historical examples include boycotts against Nestlé for its marketing practices and against South African products during apartheid.
Source: YAHOO
Reported about 1 month ago
KKR & Co. is advancing its tender offer for Fuji Soft Inc. to September 5, aiming to secure the acquisition before Bain Capital can formalize its competing bid. KKR's offer of ¥8,800 per share may be challenged by Bain's higher, non-binding proposal, which has led to significant stock price increases for Fuji Soft. Despite Bain's interest, Fuji Soft opted for KKR due to the latter's legally binding offer, heightening the urgency in Japan’s competitive private equity landscape.
Source: YAHOO
Reported about 1 month ago
Dollar Tree has reduced its annual sales and earnings projections after a challenging quarter, struggling to attract price-sensitive customers facing increased competition from rivals. Shares plummeted nearly 12% in premarket trading. CEO Jeff Davis cited expectations of conservative sales for the remainder of the year, as the company restructures and closes hundreds of underperforming Family Dollar stores.
Source: YAHOO
Reported about 1 month ago
US stock futures are indicating a weaker opening on Wall Street as traders await labor market data amidst declining Nvidia shares in pre-market trading. The S&P 500 futures are down 0.3%, reflecting concerns over economic growth following recent unfavorable manufacturing activity reports. Anticipation for possible Federal Reserve interest rate cuts is growing, with a significant focus on upcoming payroll data for further market direction.
Source: YAHOO
Reported about 1 month ago
Following a significant selloff that erased $279 billion from Nvidia’s market value, analysts are closely monitoring the stock's performance around the $100 mark, which coincides with its lowest close from the previous month. With Nvidia's recent earnings disappointing investors and raising concerns about spending on artificial intelligence, there is a sense of caution in the market. Experts suggest a potential stabilization around the key $100 level, despite ongoing scrutiny from an antitrust investigation and a volatile trading environment.
Source: YAHOO
Reported about 1 month ago
Nvidia's stock has taken a significant hit following news that the U.S. Department of Justice has issued a subpoena related to an antitrust investigation, leading to a record intraday loss of $279 billion in market capitalization. This comes as the broader U.S. market struggles after experiencing its worst trading day in over a month.
Source: YAHOO
Reported about 1 month ago
UBS Group AG has downgraded ASML Holding NV from buy to hold, citing the overhyped earnings growth potential linked to artificial intelligence. This decision comes after ASML's shares surged over 60% since UBS's initial buy rating in August 2022. Analysts predict a slowdown in revenue growth post-2025, as semiconductor companies may redirect spending away from ASML's lithography tools, limiting AI-related demand to just 10-15% of revenue. Despite the downgrade, ASML remains a buy for most Wall Street analysts.
Source: YAHOO
Reported about 1 month ago
US stock market futures are trending downward as fears about economic growth continue to rise, particularly after a significant drop in Nvidia shares. S&P 500 futures fell by approximately 0.4%, with major indexes experiencing their worst day since early August. Investors are anxious about the stability of the AI sector and potential cracks in the US economy, particularly following a disappointing factory activity report. Upcoming job openings data is expected to provide further insights into the labor market and impact the Federal Reserve's interest rate decisions.
Source: YAHOO
Reported about 1 month ago
East Timor's President José Ramos-Horta views Pope Francis' upcoming visit as a chance to enhance the nation's global profile rather than a moment to confront historical clerical abuses. In an interview, he expressed optimism for progress on a key energy project with Australia and called on the U.S. and China to act as supportive powers in the region. Despite the nation's extensive clergy abuse history, he believes the pope's visit will validate the faith of the largely Catholic population and boost tourism.
Source: YAHOO
Reported about 1 month ago
Oil prices saw a slight uptick after hitting a nine-month low, as OPEC+ considers delaying its plans to increase production. Brent crude climbed above $74 a barrel following a significant drop, while West Texas Intermediate rose slightly after falling below $70. Economic data from China and the US raised concerns about demand, particularly after political turmoil in Libya disrupted oil supply. OPEC+ discussions are ongoing to potentially postpone the planned output increase for October, as market sentiment remains weak.
Source: YAHOO