Reported 26 days ago
Apple reported Q4 revenue of $94.9 billion, exceeding expectations, though earnings were affected by a one-time EU tax charge. The company recorded an EPS of $0.97, which would have been $1.64 without the tax impact. iPhone sales reached $46.2 billion, outpacing estimates, while services revenue was slightly below forecasts. Apple's new software platform, Apple Intelligence, may influence future sales trends as it aims for a new cycle of iPhone sales.
Source: YAHOO
Reported 26 days ago
In a recent discussion on Yahoo Finance, chief investment strategist Michael Arone shared his concern over the ongoing decline in Big Tech stocks. He noted that despite strong earnings from companies like Meta and Microsoft, their forecasts are falling short, leading to a pullback. Arone believes this trend will continue due to existing risks in the market.
Source: YAHOO
Reported 26 days ago
Nvidia's stock fell nearly 5% due to investor worries about a potential slowdown in artificial intelligence spending and delivery delays of its AI chips. Other semiconductor companies also faced declines, influenced by Microsoft's recent earnings report that cited delayed GPU shipments affecting its AI cloud business. Concerns over capital expenditure growth among Big Tech have further unsettled investors, although spending on AI remains substantial, with Nvidia set to report its third quarter earnings on November 20.
Source: YAHOO
Reported 26 days ago
Jefferies senior US economist Thomas Simons discussed the current economic outlook with Yahoo Finance, suggesting that the economy is in a state between soft and no landing. He highlighted the robust position of consumers, indicating that recent credit data shows consumers are not as financially strained as previously thought. This strength is expected to support spending and economic growth into Q4 and into 2025.
Source: YAHOO
Reported 26 days ago
OpenAI has unveiled its new ChatGPT search service, marking a significant challenge to Google's search dominance. Available on the ChatGPT website and mobile apps, this service aims to provide information in a conversational manner, potentially reducing the need for multiple searches. While currently offered to select users, OpenAI's search utilizes its GPT-4o model and third-party data partnerships, presenting a formidable competitor to Google's advertising-driven revenue model.
Source: YAHOO
Reported 26 days ago
In a recent interview, Lemonade CEO Daniel Schreiber highlighted the insurance industry's response to increasing threats from natural disasters such as Hurricanes Helene and Milton, which resulted in insured losses estimated between $35-55 billion. He emphasized how these events have prompted Lemonade to enhance customer claim processing while strategically managing its exposure to catastrophic risks, achieving a gross loss ratio of 73%. Schreiber also noted the company's success in growing its customer base and improving conversion rates amid these challenges.
Source: YAHOO
Reported 26 days ago
At the TechCrunch Disrupt conference, Vinod Khosla, founder of Khosla Ventures, expressed his optimistic vision for AI, forecasting an era of 'great abundance.' He discussed the potential benefits of AI for humanity, emphasized the need for regulation to mitigate risks, and shared insights on capitalism, democracy, and valuable advice for aspiring entrepreneurs.
Source: YAHOO
Reported 26 days ago
VF Corporation's CEO Bracken Darrell shares insights on the company's turnaround efforts for Vans during a conversation with Yahoo Finance, highlighting significant cost reductions and a shifted operating model. He emphasizes that while skateboarding is a part of Vans' identity, the brand appeals to a broader audience who connect with its unique ethos. Darrell discusses future growth strategies and the adaptation of the brand for the upcoming holiday shopping season.
Source: YAHOO
Reported 26 days ago
OpenAI has integrated a new search function into ChatGPT, allowing the AI chatbot to provide timely answers sourced from the web based on user queries. This move places OpenAI in competition with established players like Google and Microsoft's Bing. The updated feature, built on a refined version of GPT-4o, will be available to ChatGPT Plus and Team users, with plans to extend access to enterprise and educational customers soon, followed by free users in the months ahead. OpenAI has partnered with various publishers to enhance the search capabilities.
Source: YAHOO
Reported 26 days ago
Federal Reserve Governor Adriana Kugler is divesting stocks purchased by her spouse, who bought shares in Apple and Cava Group without her knowledge, violating the Fed's trading rules. Following the discovery, Kugler promptly notified ethics officials and is taking steps to divest these assets as required. The incident underscores ongoing scrutiny of ethics compliance within the Federal Reserve, especially after previous controversies surrounding personal investments by other policymakers.
Source: YAHOO
Reported 26 days ago
The October jobs report shows the US economy added only 12,000 jobs, falling short of the expected 100,000, due to the impact of recent hurricanes and a Boeing workers' strike. The unemployment rate remained unchanged at 4.1%, while manufacturing jobs fell by 46,000. Wage growth did see a slight increase to 4.1% year-over-year, indicating ongoing inflation pressures. Overall, the labor market continues to cool, suggesting potential interest rate cuts by the Federal Reserve in the near future.
Source: YAHOO
Reported 26 days ago
As 2024 comes to a close, D.A. Davidson's James Ragan advises investors to maintain a diversified portfolio, emphasizing that stock valuations are currently high. While he acknowledges the potential of Big Tech, he encourages cautious investment and suggests reallocating funds to sectors offering better relative value, especially with earnings growth expected in a moderately growing economy.
Source: YAHOO
Reported 26 days ago
A former Walt Disney World employee is facing accusations of hacking the company's servers post-termination to alter computer menus by changing prices, inserting profanities, and mislabeling items regarding allergen safety. Arrested after an FBI investigation, he plans to plead not guilty while being held until a bond hearing. Disney reported the hacking prevented potentially serious allergen errors but cost the company over $150,000 and required the menu creation program to be offline for over a week.
Source: YAHOO
Reported 26 days ago
The US stock market saw significant declines, particularly in the tech-heavy Nasdaq, which fell 2.7%, as concerns over rising AI spending plagued major companies like Meta and Microsoft following their earnings reports. Despite exceeding Wall Street expectations, both firms indicated plans to increase their substantial investments in AI infrastructure, leading to a drop in their stock prices. The S&P 500 also fell nearly 1.9%, with other tech giants like Amazon and Apple following the downward trend, casting a shadow over the broader market as it closed October with losses.
Source: YAHOO
Reported 26 days ago
Canada's largest pension fund and Singapore's GIC Pte are in discussions to support PSG Equity's initiative to shift $1.8 billion worth of company stakes into a new continuation fund. This strategy aims to extend the earning duration of assets as private equity firms navigate the challenges posed by rising interest rates and the resulting difficulties in exiting investments. The continuation fund will feature diverse investments including a senior care software firm and a fleet tracking organization, while discussions remain ongoing regarding the final group of investors.
Source: YAHOO
Reported 26 days ago
Tradeweb will extend its trading hours on November 6, the day after the U.S. presidential election, and provide overnight support on Election Day to manage expected high trading volumes and market volatility. The electronic trading platform will offer earlier trading for various products, including U.S. credit default swaps starting after midnight.
Source: YAHOO
Reported 26 days ago
Carlyle Group has sold its majority interest in Mazarine Energy, a Tunisia-focused oil and gas producer, to CEO Edward van Kersbergen. This transaction follows Carlyle's earlier investments in the company after the 2014 oil price crash. Mazarine, which operates in Tunisia and Romania, aims to continue its expansion in Europe and Africa, although specific deal terms have not been disclosed.
Source: YAHOO
Reported 26 days ago
All attention is on Amazon and Apple, two giants from the 'Magnificent Seven', as they are set to release their quarterly earnings today after market close, alongside Intel. Meanwhile, Super Micro Computer's shares plummeted by nearly 14% following Ernst & Young's resignation as their auditor, raising concerns about possible accounting issues.
Source: YAHOO
Reported 26 days ago
Swiss Finance Minister Karin Keller-Sutter emphasized the need for revamped banking regulations to restore trust and maintain Switzerland's financial leadership after Credit Suisse's crisis. She noted that UBS's capital requirements will depend on its emergency preparedness, especially regarding its foreign units. The ongoing inquiry into Credit Suisse’s near-collapse will inform future regulatory reforms aimed at preventing similar crises.
Source: YAHOO
Reported 26 days ago
European gas buyers are close to finalizing a deal with Azerbaijan to ensure continued gas flow to Europe following the expiration of the Russia-Ukraine transit agreement. The contract, which could secure 12-14 billion cubic meters of gas annually, would require a swap agreement with Russia, as Azerbaijan lacks the capacity to fully replace existing supplies. This arrangement aims to stabilize gas prices amid market volatility and maintain transit fees for Ukraine, which have been significant for its economy.
Source: YAHOO
Reported 26 days ago
UniCredit SpA received an upgrade to its credit rating by Fitch from BBB to BBB+, bolstering its position as it contemplates a takeover of Commerzbank AG. This upgrade reflects UniCredit's international presence and improved profitability, making it more resilient against potential risks. While UniCredit is interested in the acquisition, Commerzbank's CEO has expressed concerns that such a deal could negatively impact its credit standing and client retention.
Source: YAHOO
Reported 26 days ago
As the U.S. presidential election approaches, election officials are increasingly concerned about the threat of AI-generated deepfake robocalls that could mislead voters. With examples of previous fake calls circulating, such as one impersonating President Biden, states are turning to old-school tactics like secret codes and community awareness campaigns to combat potential misinformation. Experts warn that distinguishing these fake audio calls will be challenging for voters, highlighting the pressing need for vigilance and preparedness as the election unfolds.
Source: YAHOO
Reported 26 days ago
Around 60,000 Wawa-branded tumblers have been recalled because their metal straws can cause cuts to users. The U.S. Consumer Product Safety Commission has reported four injuries and advises consumers to stop using these tumblers immediately. Customers can contact Halo Branding Solutions for a silicone replacement or return the tumblers for a $15 gift card refund. The affected tumblers were sold at Wawa locations across several states in August 2024.
Source: YAHOO
Reported 26 days ago
Source: BARRONS
Reported 26 days ago
Meta and Microsoft experienced significant stock declines as investors reacted to the companies' increasing AI-related expenditures, despite both firms surpassing earnings expectations. Meta's stock fell by 4%, while Microsoft dropped 6% after announcing expectations for ongoing capital expense growth. Analysts noted a disconnect between AI spending and consumer demand, although both companies expressed optimism about the future potential of their AI investments.
Source: YAHOO