Reported 27 days ago
Oil prices continued to rise as reports emerged that Iran may be planning a significant retaliatory strike on Israel through allied militias in Iraq, raising concerns about potential supply disruptions in the Middle East. West Texas Intermediate climbed above $70 a barrel and Brent surpassed $74, amid renewed geopolitical tensions following an Israeli airstrike on Hezbollah targets. While US crude output reached a record high, recent declines in US inventories added to the market's volatility. Traders remain cautious with key events like US elections and OPEC+ decisions approaching.
Source: YAHOO
Reported 27 days ago
Gold prices reached a record high of $2,790.10 before retreating by 2% to $2,731.65 as investors sold off to secure profits. This volatility follows strong U.S. economic data suggesting a cautious approach to interest rate cuts, which typically supports gold prices. With inflation at 2.1% and ongoing geopolitical tensions, gold remains a safe haven amid uncertainties in the approaching presidential election.
Source: YAHOO
Reported 27 days ago
Oil prices increased by over $2 a barrel on reports of Iran preparing an attack on Israel from Iraq, spurred by heightened tensions and U.S. presidential elections approaching. WTI and Brent crude futures saw significant gains as markets reacted to both geopolitical unrest and indications of a possible delay in OPEC+ oil output increases. Analysts warn that the situation could lead to volatility in the oil market in early November.
Source: YAHOO
Reported 27 days ago
Asian investment-grade dollar bond spreads have reached a record low of 74.6 basis points following extensive monetary and fiscal stimulus measures in China, enhancing the appeal of the region’s debt. While spreads on Chinese bonds tightened considerably, the overall trend reflects a global decline in risk premiums as central banks, notably in the US and China, adopt supportive policies to bolster growth. Despite potential volatility from upcoming US elections, analysts expect tight spreads to persist, benefiting from lower supply and stronger investor demand.
Source: YAHOO
Reported 27 days ago
On Thursday, the dollar declined against the yen after less dovish comments from the Bank of Japan and U.S. data indicating easing price pressures, suggesting a potential interest rate cut from the Federal Reserve next week. U.S. consumer spending showed slight growth, while inflation remains close to the Fed's target. Speculation surrounds Friday's nonfarm payrolls report, which could influence market conditions heading into the year's end, as investors are cautious due to recent hurricane impacts on job numbers. Meanwhile, the euro strengthened following higher-than-expected inflation data from the eurozone.
Source: YAHOO
Reported 27 days ago
Korea Zinc's shares declined sharply for the second consecutive day, dropping by 23.2% after the company announced plans to issue new shares worth approximately $1.8 billion. This announcement followed a previous stock buyback amid rising tensions between co-founding families over control of the company. Analysts have criticized the move, suggesting it may undermine shareholder value, while the Financial Supervisory Service prepares to address financial market issues related to the ongoing takeover battle.
Source: YAHOO
Reported 27 days ago
Private equity firm Blackstone Inc is reportedly in talks to invest C$7 billion (approximately $5.03 billion) for a minority stake in Rogers Communications' cellphone infrastructure business, aimed at reducing the company's debt. The deal involves selling a minority equity interest in Rogers' wireless backhaul transport infrastructure. Rogers recently missed its third-quarter revenue estimates due to lower wireless subscriber additions despite higher sports-related income.
Source: YAHOO
Reported 27 days ago
Hub Group Inc. reported a 3.7% decline in third-quarter revenue year-over-year, totaling $987 million, as ongoing weakness in the freight market affected performance. Despite this, the company experienced a 12% increase in intermodal volumes and positive growth in Mexico. Hub Group's adjusted earnings per share rose to 52 cents, surpassing analyst expectations, while the company revised its full-year revenue outlook. CEO Phil Yeager noted signs of recovery in the broader transportation market, with hopes for improvement in demand and operational capacity.
Source: YAHOO
Reported 27 days ago
Samsung Electronics reported disappointing profits in its semiconductor division, falling short of market expectations as it struggles to catch up with rivals like SK Hynix in the AI memory chip market. While the company claims to have made progress in supplying its advanced memory chips to Nvidia, it faces challenges in obtaining certification for these products and adapting to fast-paced technological demands. As a result, Samsung has missed significant profits linked to the surge in AI-related demand and continues to grapple with weak mobile chip sales.
Source: YAHOO
Reported 27 days ago
Starbucks CEO Brian Niccol is addressing chaos at to-go order pickups by introducing an algorithm to improve drink preparation and customer notifications. With plans to relocate pickup points and streamline the menu, Niccol aims to create a more inviting atmosphere for both dine-in and takeout customers, departing from the current disorderly system.
Source: YAHOO
Reported 27 days ago
Starbucks CEO Brian Niccol is addressing key issues such as high prices, a complex menu, and slow service. Plans include pausing price increases, removing iced energy drinks, and ensuring customers can get their orders in four minutes or less. Niccol emphasized the importance of listening to customers and baristas, and announced the return of condiment bars in 2025. The company aims to simplify its offerings and enhance employee promotion from within to improve overall experiences for both staff and customers.
Source: YAHOO
Reported 27 days ago
A recent Bloomberg survey reveals that investors believe Americans will grow wealthier regardless of whether Kamala Harris or Donald Trump wins the presidency. The survey indicates a positive outlook for the stock market, with expectations of continued or accelerated gains under both candidates. However, asset class predictions differ: a Democratic administration is anticipated to benefit housing, while gold and Bitcoin may perform better under Republican leadership. Despite the election uncertainties, experts advise against mixing investment strategies with political predictions.
Source: YAHOO
Reported 27 days ago
Coinbase Global announced a profit for the third quarter, bolstered by significant trading volumes as cryptocurrency gains traction in mainstream investing following regulatory approvals. Trading volumes surged to $185 billion, greatly enhancing transaction fees, with total revenue hitting $1.21 billion, nearly double from the previous year. The company's revenue from subscription and services increased as well, while net income reached $75.46 million, a remarkable turnaround from a loss a year prior. The shifting sentiment around crypto, influenced by the upcoming 2024 elections, has positioned Coinbase favorably in the market.
Source: YAHOO
Reported 27 days ago
Equinix forecasts fourth-quarter revenue to surpass Wall Street estimates, driven by strong demand for data center services due to the ongoing artificial intelligence boom. The company anticipates revenue between $2.26 billion and $2.30 billion, slightly above analysts' expectations. CEO Adaire Fox-Martin noted the robust demand for AI-enabling infrastructure from diverse customers. Additionally, Equinix reported a 2% revenue increase to $2.20 billion for the third quarter, in line with estimates.
Source: YAHOO
Reported 27 days ago
Despite the challenges posed by the pandemic, the U.S. economy has shown remarkable resilience, growing faster than anticipated. Key factors include robust consumer spending and consistent hiring by employers, leading to a surprising annual growth rate of 2.8% in the third quarter. Economists express optimism about continued growth, as inflation stabilizes and the unemployment rate remains historically low, defying earlier predictions of an economic downturn.
Source: YAHOO
Reported 27 days ago
Australia's Coles supermarket chain reported a decline in comparable sales growth for the first quarter, dropping to 2.4% from 3.6% the previous year due to reduced shelf prices, despite exceeding overall sales expectations. The company is under pressure to lower prices amid ongoing cost-of-living concerns for customers, yet saw a revenue increase of 2.9% to A$10.55 billion. Analysts noted that Coles maintained a positive outlook compared to its rival Woolworths, while also announcing investments in new automated distribution centers.
Source: YAHOO
Reported 27 days ago
Asian equities are expected to drop following a tumultuous session on Wall Street where mixed earnings from major tech companies, including a 2% fall in Apple due to weak sales in China and a 4% rise in Amazon on positive forecasts, left traders uncertain. The S&P 500 saw a 1.9% decline, cutting its October gains, while rising concerns about the impact of upcoming US elections and Federal Reserve decisions added to market volatility. Investors are advised to diversify their tech investments and consider sectors beyond AI-related stocks.
Source: YAHOO
Reported 27 days ago
MGM Resorts International reported third-quarter earnings below market expectations, with Las Vegas casino sales declining 13% to $476 million. Table game winnings also saw a 19% drop year-over-year. The company's total revenue was $4.18 billion, missing analyst estimates of $4.21 billion, and earnings per share of 54 cents fell short of the expected 61 cents, leading to a more than 5% drop in share prices after the announcement.
Source: YAHOO
Reported 27 days ago
Aurora Innovation, the autonomous truck company, has announced a delay in its plans to commence freight hauling without human drivers, now set to begin in April 2025, a shift from prior expectations of a late 2024 start. The delay allows the company to enhance safety measures as it prepares for the deployment of its driverless semis between Dallas and Houston, with plans to expand operations further afterward.
Source: YAHOO
Reported 27 days ago
Bryant Riley, co-CEO of B. Riley Financial, reported inaccuracies in the number of shares he pledged to secure a loan from Axos Bank, initially claiming 4.3 million shares, later revised to over 5.8 million without required company approval. This misreporting has led to questionable proxy statements and raised concerns among investors given the firm’s plummeting stock price, ongoing debt issues, and SEC investigations. The disclosures have further harmed B. Riley’s credibility, complicating Riley's attempt to take the company private amidst significant financial scrutiny.
Source: YAHOO
Reported 27 days ago
The Washington Post reported a loss of at least 250,000 subscribers, approximately 10% of its digital audience, after announcing it would not endorse a presidential candidate. While the newspaper did not officially confirm the figure, it cited internal documents and unnamed sources. This non-endorsement has also triggered subscription cancellations at the Los Angeles Times, though not as significantly. The Post's owner Jeff Bezos expressed concerns about perceptions of bias related to endorsements, and analysts suggest that the loss may be temporary as some subscribers may return after the election.
Source: YAHOO
Reported 27 days ago
Gen Digital is expecting above-average third-quarter revenue, driven by robust demand for its cybersecurity products as customers increasingly adopt data-intensive GenAI technology. The company's revenue projections range from $980 million to $990 million, surpassing Wall Street estimates. With the rise in digital threats and scams, Gen Digital's integrated cybersecurity offerings are in high demand, contributing to a positive outlook for the company's financial performance.
Source: YAHOO
Reported 27 days ago
Starbucks CEO Brian Niccol announced a series of operational changes in response to disappointing Q4 earnings, including reintroducing Sharpie pens for baristas and eliminating extra charges for non-dairy milk. With a focus on faster service and simpler menus, the company aims to improve customer experience and recover from a 7% drop in same-store sales, emphasizing a return to community-oriented coffeehouse dynamics.
Source: YAHOO
Reported 27 days ago
Starbucks CEO Brian Niccol has pledged to revamp the coffee chain following disappointing Q4 earnings, which saw a 3% drop in revenue and a 25% fall in adjusted earnings per share. In response, Starbucks is set to reintroduce Sharpie pens, condiment stations, and eliminate fees for non-dairy milk, while focusing on improving service speed and simplifying the menu. The company aims to reconnect with customers through operational changes and personalized experiences, as it grapples with declining sales and foot traffic amid heightened competition.
Source: YAHOO
Reported 27 days ago
Federal officials reported a rise in E. coli cases linked to McDonald's, with 90 people across 13 states affected. Investigators have identified a Washington onion grower of interest, as raw onions in Quarter Pounders are believed to be the source. McDonald's supplier, Taylor Farms, has recalled onions distributed to restaurants. The FDA is inspecting both Taylor Farms facilities and the onion grower. The illness risk is considered low due to the recall, and McDonald's plans to resume serving Quarter Pounders after confirming beef patties are not implicated.
Source: YAHOO