Reported 27 days ago
Super Micro Computer announced the resignation of its auditor Ernst & Young, stating that the findings are not expected to impact its previous fiscal year's financial results. The company has scheduled a business update for November 5, aligning with US Election Day.
Source: YAHOO
Reported 27 days ago
Qorvo's shares fell sharply following a weak earnings forecast that disheartened investors. The company, known for providing hardware to major players like Apple and Android, is facing challenges that suggest a downturn in the smartphone market.
Source: YAHOO
Reported 27 days ago
Over 500 Amazon employees expressed their discontent with AWS CEO Matt Garman's comments regarding the company's new mandatory return-to-office policy in a letter urging for its reversal. They criticized his claims of broad support and highlighted their personal challenges with the policy, which they argue disproportionately affects marginalized workers. The employees pointed out that their experiences and extensive data support the effectiveness of remote work and emphasized that the five-day in-office requirement contradicts Amazon's commitment to being an exemplary employer.
Source: YAHOO
Reported 27 days ago
Recent data shows American workers are experiencing lower pay increases when switching jobs, with the median year-over-year pay hike for job changers dropping to 6.2% in October, far below the 16.4% observed during the pandemic recovery. The gap between pay gains for job switchers and those who stay in their positions has narrowed significantly, leading economists to suggest that job switching is becoming less profitable for workers, contributing to decreased turnover in the labor market.
Source: YAHOO
Reported 27 days ago
U.S. stock markets closed lower as strong earnings from Alphabet fueled optimism for Big Tech, yet the tech-heavy indices failed to gain traction. The S&P 500 experienced a roughly 0.3% drop while the Nasdaq fell nearly 0.6%. Economic indicators showed a slight slowdown in GDP growth at an annualized 2.8% and a surprising surge of 233,000 private payroll jobs in October, complicating the Federal Reserve's upcoming interest rate decisions.
Source: YAHOO
Reported 27 days ago
U.S. airlines are experiencing a resurgence in profits following a significant reduction in capacity, leading to an increase in airfares and stock performance. American Airlines has raised its profit forecast for the year, while Southwest Airlines reported unexpected profits and Delta is poised for a record fourth quarter. The NYSE Arca Airline index has outperformed the S&P 500, driven by a deliberate slowing of capacity growth and enhanced pricing power, which analysts believe will result in a multi-year profit growth trajectory for the industry.
Source: YAHOO
Reported 27 days ago
The founder of cryptocurrency firm MyTrade, Liu Zhou, pleaded guilty to market manipulation and wire fraud in a federal court after a unique FBI operation led to his arrest. Dubbed 'Operation Token Mirrors', this investigation involved the creation of a mock cryptocurrency, NexFundAI, intended to uncover fraud in the crypto industry. Zhou, who allegedly facilitated sham trading to inflate token values, faces a potential prison sentence of up to 1.5 years. His company is required to end practices that enabled fraudulent trading activities.
Source: YAHOO
Reported 27 days ago
Recent reports have emerged of humpback whales found dead or injured in the nets used in Antarctica's expanding krill fishery, raising alarms among conservationists. The whale deaths coincided with discussions among international officials that failed to establish stricter fishing limits in the Southern Ocean. As krill catch has surged amid rising demand, concerns grow over the impact on marine life, particularly whales, as fishing practices evolve without adequate regulation. The krill fishery, essential to the ecosystem, faces increasing pressures from climate change and geopolitical disputes over conservation measures.
Source: YAHOO
Reported 27 days ago
Volkswagen has proposed a 10% pay cut for its employees to enhance competitiveness and protect jobs, following IG Metall's request for a 7% salary increase and the reinstatement of collective agreements, which the company claims it cannot fulfill.
Source: YAHOO
Reported 27 days ago
Ubisoft anticipates a 39% decrease in its third-quarter net bookings, down to approximately 380 million euros, primarily due to the absence of new releases. The company's financial struggles are compounded by delays and disappointing performance of key titles, including Star Wars Outlaws. As a response, Ubisoft is undergoing a strategic review to enhance its performance and explore options for future development.
Source: YAHOO
Reported 27 days ago
Career coach Mandy Tang emphasizes the importance of motivation and resilience in the job search process. She explains how longer job searches can lead to burnout, and offers strategies to manage energy levels and expectations. Tang also discusses the best months to apply for jobs, highlighting that understanding one's own values can help navigate feelings of exhaustion and improve the job-seeking experience.
Source: YAHOO
Reported 27 days ago
The European Commission is reportedly initiating an investigation into the Chinese online retail platform Temu to determine if it has violated regulations aimed at preventing the sale of illegal products online. This follows a request for information from Temu regarding its compliance with the Digital Services Act, which requires very large online platforms to actively combat illegal content and counterfeit products.
Source: YAHOO
Reported 27 days ago
This week's edition of Yahoo Finance's 'Week in Tech' highlights major earnings reports from tech giants like Alphabet, AMD, Microsoft, and Amazon, with Alphabet outperforming expectations while AMD's stock dips despite solid revenue projections. Additionally, Apple made significant announcements, unveiling updates to its Mac product line, including new chips and the rollout of its Apple Intelligence platform, marking a notable shift towards generative AI.
Source: YAHOO
Reported 27 days ago
Finance expert Dave Ramsey recently advised against a church's request for senior members to cosign a $2.3 million expansion loan, citing the potential risks and ethical concerns involved. Ramsey emphasized that churches should not place financial burdens on their congregants and advocated for fiscal responsibility within religious institutions. His comments came after a caller expressed discomfort with the church's financial demands, raising questions about its financial stability and the wisdom of seeking personal guarantees from members.
Source: YAHOO
Reported 27 days ago
The focus is on Meta Platforms and Microsoft as they prepare to release their Q3 earnings, amid investor anticipation for returns on significant investments in artificial intelligence. Several other major tech companies, including Starbucks and Coinbase, will also publish their earnings today, with a host of expert guests joining the discussions.
Source: YAHOO
Reported 27 days ago
Massachusetts ratepayers will pay an additional $512 million due to construction delays of a power transmission line in Maine, which is intended to connect Canadian hydropower to the New England grid and supply clean energy to about 1 million homes. Despite the rising costs, state officials argue that the project will ultimately lower electricity rates and help meet clean energy goals, offering savings of approximately $3.4 billion over 20 years.
Source: YAHOO
Reported 27 days ago
Worldline, the French digital payments company, reported third-quarter revenues of 1.16 billion euros, aligning closely with analyst expectations due to strong performance in its merchant services sector, despite an overall organic revenue decline of 1.1%. The merchant services division, which constitutes about 75% of the group's core profit, experienced slight growth, supported by steady market gains in Central and Southern Europe. The company aims for mid-single-digit revenue growth by 2025, while it also navigates recent leadership changes and potential merger talks in the payments industry.
Source: YAHOO
Reported 27 days ago
The U.S. economy demonstrated continued strength in the third quarter of 2024, with a GDP growth rate of 2.8%, driven by robust consumer and government spending. Despite a slight slowdown from the previous quarter's 3%, the economy has maintained a two-year trend of strong growth, aided by a strong labor market and business investment. Consumer spending rose to a 3.7% growth rate, while inflation eased to a 1.5% annualized rate. The positive economic outlook is crucial ahead of the presidential elections, as candidates focus on these metrics to sway voter sentiment.
Source: YAHOO
Reported 27 days ago
Volkswagen has suggested a 10% wage reduction due to low demand and rising costs, as announced by personnel chief Arne Meiswinkel following discussions with unions. Further negotiations are set for November 21.
Source: YAHOO
Reported 27 days ago
Retail traders are currently navigating a significant influx of earnings reports from major technology companies, including Tesla and Alphabet, while simultaneously assessing risks associated with the upcoming 2024 presidential election. Charles Schwab’s James Kostulias highlights investor rotation from high-tech valuations to fixed income as traders react to the Fed's interest rate projections, indicating a divide in expectations ranging from no rate hikes to 100 basis points by year-end.
Source: YAHOO
Reported 27 days ago
Eli Lilly is set to advertise its weight-loss drug, Zepbound, for the first time next month, aiming to increase brand awareness amid lower-than-expected sales. Despite generating $1.3 billion in sales this past quarter, below the anticipated $1.7 billion, Lilly is eager to enhance consumer recognition following the FDA's approval in November 2023. The company has identified that only 5% of its market potential has been reached, prompting the need for advertising as it competes against rivals like Novo Nordisk.
Source: YAHOO
Reported 27 days ago
As major tech companies report earnings tied to their AI investments, Kevin Mahn from Hennion & Walsh highlights utilities as a strategic option for investors. The demand for AI infrastructure is increasing energy needs, which could benefit utility companies. Mahn cites DTE Energy, Duke Energy, and Southern Company as promising utility names that provide dividends, defensive stability, and growth connected to the AI sector.
Source: YAHOO
Reported 27 days ago
Volkswagen reported a significant 42% drop in operating profit for Q3 to €2.86 billion, amid falling global demand and increased competition from Chinese automakers. Alongside an 8.3% decrease in vehicle deliveries, the company is struggling with high production costs and a tough Chinese market, where sales fell 12%. To counteract these challenges, VW is implementing a $10 billion cost-cutting plan and adjusting its 2024 financial forecasts.
Source: YAHOO
Reported 27 days ago
China is considering an addition of $1.4 trillion in debt to enhance its economy, potentially coinciding with a fiscal package expansion if Donald Trump reclaims the presidency. Amidst rising trades in the CSI 300 Index due to the government's economic stimulus, portfolio manager Ben Harburg suggests it's an advantageous moment for investors to enter the Chinese market, especially with key events like the National Party Congress and U.S. elections approaching.
Source: YAHOO
Reported 27 days ago
Alphabet's Google Cloud has revealed that Spotify and Paramount are utilizing its new Axion chip, designed with technology from Arm, to enhance their streaming services. This CPU is claimed to be 60% more energy efficient than conventional models, positioning Google alongside other tech giants like Amazon and Microsoft in the Arm-based chip market, as they seek to optimize power consumption while delivering high performance.
Source: YAHOO