Reported 26 days ago
The Dow Jones fell over 250 points and the Nasdaq dropped 420 points due to disappointing earnings reports from tech giants Microsoft and Meta, as both companies struggle to meet rising AI demands. Meta's stock fell around 3% while Microsoft's decreased more than 5%. The day saw additional declines in crypto-related stocks and despite positive news on unemployment claims and cooling inflation, investor focus shifts to upcoming earnings reports from Apple and Amazon.
Source: YAHOO
Reported 26 days ago
Uber reported strong third-quarter earnings, surpassing both revenue and earnings expectations with $11.19 billion in revenue and an adjusted EPS of $1.20. Despite these positive results, the stock has seen a decline, which TD Cowen analyst John Blackledge describes as excessive, maintaining a 'Buy' rating on the stock.
Source: YAHOO
Reported 26 days ago
Informatica's CEO Amit Walia explained the company's vital role in the AI landscape, emphasizing that without data, AI cannot function. During a discussion with Yahoo Finance, he acknowledged that while Informatica's recent quarterly results did not meet Wall Street expectations, the operationalization of AI is imminent. Walia remains focused on execution and innovation to cater to customer needs and help them navigate the evolving AI paradigm.
Source: YAHOO
Reported 26 days ago
For the fifth consecutive week, mortgage rates have increased, with the average 30-year fixed mortgage rate reaching 6.72%, according to Freddie Mac. Housing reporter Claire Boston discusses the implications of recent inflation data and its potential impact on the Federal Reserve's interest rate decisions.
Source: YAHOO
Reported 26 days ago
Estée Lauder's stock dropped significantly after the company withdrew its 2025 guidance and cut its quarterly dividend by 47%, coinciding with leadership changes and struggles in the Chinese market. Stéphane de La Faverie is set to become the new president and CEO in 2025 while family members Jane and William Lauder exit operational roles, raising concerns about the brand's future trajectory. Analyst Pauline Brown critiqued the company's governance, suggesting the leadership transition should have happened sooner and questioning if the company can maintain its historical integrity.
Source: YAHOO
Reported 26 days ago
Mortgage rates have risen for the fifth consecutive week, with the average 30-year fixed-rate mortgage reaching 6.72%, up from 6.54% the previous week. The increase is attributed to pre-election volatility affecting the bond market and concerns about the Fed's interest rate decisions. While some analysts expect rates to stabilize soon, current economic data suggests continued uncertainty.
Source: YAHOO
Reported 26 days ago
Super Micro Computer's stock dropped over 14% as the resignation of auditing firm Ernst & Young wiped out all of its year-to-date gains. Following the report that EY had quit during the audit due to concerns about management's representations, several analysts downgraded the stock. The company, under scrutiny for alleged accounting manipulation linked to Hindenburg Research, now faces a Department of Justice investigation.
Source: YAHOO
Reported 26 days ago
A recent report from Creditcard.com reveals that 23% of reward cardholders haven't redeemed any rewards in the past year. Michael Spelfogel, co-founder of Cardless, advises consumers to utilize their credit card points quickly as they can depreciate over time. He suggests a diversified strategy, using multiple cards for different purchases to enhance reward accumulation.
Source: YAHOO
Reported 26 days ago
IMAX CEO Richard Gelfond expresses confidence in 2025 as a significant turning point for the company, emphasizing an expected $1.2 billion in box office revenue following successful releases like 'Oppenheimer' and 'Dune'. Despite a year-over-year revenue decline, Gelfond downplays concerns, highlighting the enduring appeal of IMAX as consumers seek premium movie experiences.
Source: YAHOO
Reported 26 days ago
Source: WSJ
Reported 26 days ago
Source: BARRONS
Reported 26 days ago
The Federal Reserve is anticipated to reduce short-term interest rates in the upcoming meetings amid easing inflation and labor costs. However, uncertainties from upcoming economic reports and the presidential election may complicate future rate adjustments. Current data show a slight dip in inflation and wage growth, leading to a strong likelihood of a rate cut at the November and December meetings, despite concerns over potential inflation resurgence.
Source: YAHOO
Reported 26 days ago
Ford Motor Company announced it will halt production of its F-150 Lightning electric pickups for six weeks, from November 18 to January 6, as part of ongoing production adjustments. Despite a 45% rise in Ford's U.S. EV sales this year, production has been scaled back, with the company shifting focus towards hybrid vehicles. The move follows prior reductions in F-150 Lightning output amid challenges to profitability, and comes as Ford faces significant financial pressures, including a projected $5 billion loss on EVs this year.
Source: YAHOO
Reported 26 days ago
At the 2024 Berkshire Hathaway Annual Meeting, Warren Buffett claimed that if 800 companies matched his firm's significant federal tax payments, no American would need to pay federal taxes. In 2023, Berkshire paid over $5 billion in federal taxes, leading Buffett to assert that this revenue is crucial for addressing the national fiscal deficit. He emphasized the responsibility large corporations have in contributing to the economy while acknowledging diverging opinions on the impact of increased corporate taxes.
Source: YAHOO
Reported 26 days ago
Amazon.com, Inc. is set to announce its third-quarter earnings on October 31, 2024, with analysts expecting a rise in earnings per share to $1.14 and revenues of $157.2 billion. Despite missing estimates last quarter, Amazon's stock has generally performed well, beating revenue expectations in eight of the last ten quarters. Notable Wall Street analysts recently adjusted their ratings and price targets for Amazon's stock, with price targets ranging from $210 to $265.
Source: YAHOO
Reported 26 days ago
Intel's Q3 earnings report shows a revenue beat of $13.28 billion but a loss of $0.46 per share, prompting the stock to rise over 8% following positive guidance for Q4. Despite facing challenges such as impairment charges and a downturn in PC chip sales, the company announced new partnerships and a strong performance in its data center and AI segment.
Source: YAHOO
Reported 26 days ago
EBay's stock fell sharply after the company provided disappointing guidance for the holiday shopping season, with shares dropping 8% following analysts' warnings about potential growth issues. Despite reporting better-than-expected profit and sales in the third quarter, concerns linger regarding the fourth-quarter gross merchandise volume, with analysts from Jefferies and Deutsche Bank expressing caution about eBay's growth sustainability.
Source: YAHOO
Reported 26 days ago
As the U.S. presidential election approaches, economists suggest that the outcome could significantly influence consumer spending, primarily due to potential changes in tax policies. Jefferies' senior economist Thomas Simons highlighted that if Democrats perform well, fears of tax increases could dampen spending, especially among wealthier households who currently drive much of the economy. With consumer confidence often divided along party lines, the market may see shifts depending on election results.
Source: YAHOO
Reported 26 days ago
Carvana's shares surged by over 20% after the company announced better-than-expected third quarter earnings, achieving a record profit and raising its full-year earnings forecast.
Source: YAHOO
Reported 26 days ago
Trump Media & Technology Group's stock (DJT) has experienced significant volatility, plunging nearly 12% on Thursday after a 22% drop the previous day. This decline follows a period of gains amid speculation about Trump's electoral chances, with investors expressing concerns that a loss could lead the stock to near zero. Despite the recent downturn, shares remain up approximately 130% since September. The company's fundamentals are under scrutiny, particularly after reporting sizable losses and a decrease in revenue.
Source: YAHOO
Reported 26 days ago
The latest Personal Consumption Expenditures (PCE) reading shows inflation at 2.1% in September, slightly down from August, but core inflation remains stagnant at 2.7%. Despite this mixed data, economists predict a 25 basis point rate cut at the upcoming Federal Reserve meeting on November 7, while acknowledging that the inflation outlook suggests a cautious approach is necessary. Policymakers expect future cuts may need to be gradual amid strong consumer spending and labor market conditions.
Source: YAHOO
Reported 26 days ago
Booking Holdings (BKNG), the company behind popular travel platforms like Booking.com and Kayak, exceeded market expectations in its third quarter, reporting a 7% year-over-year increase in room nights and revenue. This positive performance led to a surge in its stock price, reaching an all-time high.
Source: YAHOO
Reported 26 days ago
A couple in their 40s navigates financial challenges with $200,000 in student debt and $600,000 in retirement savings. They seek advice on building wealth, as one partner handles finances while the other earns a substantial salary. With two children in private school, they aim to manage their money better. Despite their substantial mortgage and school costs, they are advised to focus on debt repayment and smart financial planning to secure their future.
Source: YAHOO
Reported 26 days ago
Super Micro Computer's shares dropped 15% to $28 following the resignation of auditor Ernst & Young, raising concerns of a second Nasdaq delisting in five years. The company is under scrutiny for its internal financial controls and governance practices, particularly after a critical report from Hindenburg Research. Super Micro has until November 16 to propose a compliance plan to Nasdaq, despite reporting a 13% increase in stock value compared to last year.
Source: YAHOO
Reported 26 days ago
Super Micro Computer's shares plummeted 34% after Ernst & Young resigned as its auditing firm, raising serious concerns about the accuracy of its financial statements and corporate governance. The resignation followed allegations of accounting manipulation from Hindenburg Research, and now investors are questioning the integrity of Super Micro's management. The situation has prompted Needham to suspend its buy rating on the stock amidst an ongoing investigation by the U.S. Department of Justice.
Source: YAHOO