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 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
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
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
Reported 27 days ago
Roku Inc. announced it will stop reporting quarterly household user numbers starting next year, leading to a significant drop in its stock price by as much as 13% in extended trading. This decision aligns with Netflix's previous move to withhold similar data. Roku will shift its focus to reporting streaming hours, platform revenue, adjusted earnings, and free cash flow instead.
Source: YAHOO
Reported 27 days ago
Reddit's stock skyrocketed over 40% to a record $117 after the company posted its first profit since going public, with Q3 sales reaching $348 million, surpassing analyst expectations. Despite slightly missing EPS estimates, Reddit reported a $30 million profit, while daily active users surged nearly 50% to over 97 million. The strong earnings also boosted fellow social media stocks, including Snap, which saw a 16% increase in its stock price.
Source: YAHOO
Reported 27 days ago
Siemens AG has announced its acquisition of Altair Engineering Inc. for $10 billion, marking its largest acquisition to date as it shifts towards higher-margin, software-driven products. The deal, which involves a premium of 19% over Altair's recent share price, is expected to close in the second half of next year. Siemens aims to enhance its capabilities in engineering simulation, complementing its existing software offerings, while Altair reported a 13% revenue increase in its latest quarter.
Source: YAHOO
Reported 27 days ago
MetLife Inc. announced a decrease in third-quarter adjusted profits, primarily attributed to underperformance in its group benefits business, resulting in a 5.5% drop in shares. Adjusted earnings from this sector, which includes various insurance options, fell by 27% compared to the previous year. The downturn was linked to annual actuarial reviews and softer non-medical health underwriting. Despite this, the company's adjusted net investment income increased by 8% due to higher interest rates, with adjusted earnings available to common shareholders also declining.
Source: YAHOO
Reported 27 days ago
Roku's stock plummeted over 17% after the company announced disappointing Q4 guidance, despite reporting a $1 billion revenue in the last quarter. The company projected lower-than-expected gross profit and adjusted EBITDA, and revealed it will stop reporting streaming households, focusing instead on streaming hours, platform revenue, and free cash flow starting in 2025. Roku faces increasing competition in the streaming ad market, with analysts noting the evolving landscape poses risks to its growth.
Source: YAHOO
Reported 27 days ago
US health officials have reported an increase in E. coli cases associated with McDonald's, prompting an inspection of an onion grower in Washington.
Source: YAHOO
Reported 27 days ago
In a recent trading session, US stocks saw a decline across all major indexes, influenced by fresh economic data and earnings reports from big tech companies. Yahoo Finance experts discussed the implications of these developments on market trends and investor sentiment.
Source: YAHOO
Reported 27 days ago
Microsoft's latest earnings report exceeded expectations, showcasing strong performance in its Azure cloud business, which has benefited from advancements in AI technology. Analyst Rishi Jaluria emphasized that Microsoft is well-positioned among competitors, particularly due to its effective transparency and partnership with OpenAI, enhancing its market dominance in the AI space.
Source: YAHOO
Reported 27 days ago
Coinbase Global reported a profit in the third quarter with a revenue of $1.2 billion, although it fell short of revenue estimates and missed adjusted earnings per share. The trading volumes saw a decline, highlighting ongoing adjustments within the cryptocurrency exchange as it adapts to spending cuts made earlier in 2023, coinciding with a market rally as the 2024 presidential elections approach.
Source: YAHOO
Reported 27 days ago
In after-hours trading on Wednesday, eBay's shares fell despite outperforming revenue and earnings expectations for Q3, as disappointing guidance for Q4 revenue led to investor sell-off. Meanwhile, Carvana's stock surged after reporting a significant 32% year-over-year revenue increase, surpassing analyst estimates. Twilio shares also rose following a strong Q3 performance and an optimistic full-year revenue forecast.
Source: YAHOO
Reported 27 days ago
Amazon and Apple are set to report their earnings on October 31, as part of a lineup that includes firms like Mastercard, Uber, Shell, and Intel. Additionally, the Personal Consumption Expenditure (PCE) index, a key inflation measure for the Federal Reserve, will be released, alongside the weekly mortgage rates which have been climbing for the last four weeks.
Source: YAHOO
Reported 27 days ago
Etsy's stock rose in after-hours trading following the release of its mixed Q3 results, where revenue surpassed expectations but profits fell short. The e-commerce platform also announced a significant $1 billion share buyback program.
Source: YAHOO
Reported 27 days ago
In an interview, Trane Technologies CEO David Regnery reported a robust third quarter, with revenues of $5.44 billion and adjusted earnings per share of $3.37, both exceeding forecasts. Despite positive growth metrics, Regnery acknowledged difficulties in the Chinese market, which currently constitutes 4% of the company's revenue. He remains optimistic about future growth, particularly in the HVAC sector, emphasizing the potential to improve energy efficiency in buildings.
Source: YAHOO
Reported 27 days ago
Despite posting impressive third-quarter earnings that surpassed Wall Street expectations, Meta Platforms' stock fell after the announcement. Analyst Aaron Kessler attributes this decline to high market expectations prior to the earnings report and the stock's prior strong performance. He highlights the company's ongoing AI initiatives but suggests that their generative AI projects are still in early development stages.
Source: YAHOO