Reported 27 days ago
Source: INVESTORS
Reported 27 days ago
Snap Inc. (SNAP) shares experienced a significant uptick in early trading as the social media company reported better-than-expected Q3 earnings and an increase in active users. Additionally, Snap announced a $500 million share repurchase program, further boosting investor confidence.
Source: YAHOO
Reported 27 days ago
As the market opens, stocks display mixed signals with the Nasdaq Composite slightly up, while the Dow Jones and S&P 500 decline. Alphabet outperformed earnings estimates, contrasting with the anticipation of reports from Microsoft and Meta Platforms later in the day.
Source: YAHOO
Reported 27 days ago
Airbus SE has secured an order for 60 A321neo jets from Riyadh Air, a new airline backed by Saudi Arabia's sovereign wealth fund, as the kingdom aims to enhance its aviation and tourism sectors. This order increases the airline's total acquisitions to 132 aircraft, with services expected to launch in 2025. The deal highlights Airbus's competitive edge over Boeing in the regional market, as Riyadh Air seeks to establish itself against established players like Emirates and Qatar Airways.
Source: YAHOO
Reported 27 days ago
Caterpillar Inc. shares experienced their largest drop in six months after the company lowered its sales outlook due to a global slowdown in construction activity. In its latest earnings report, Caterpillar projected full-year sales and revenue to be slightly below previous estimates and disclosed that third-quarter earnings fell short of analyst expectations. Notably, construction equipment sales dropped by 9%, with significant declines in key regions like North America and Europe, while mining equipment revenue also fell. Despite these challenges, the energy and transportation sector saw a 5% sales increase.
Source: YAHOO
Reported 27 days ago
US stocks experienced a downturn on Wednesday, with the Dow Jones, S&P 500, and Nasdaq showing declines amidst a busy earnings season. Despite Alphabet's strong performance boosting tech stock optimism, key economic indicators such as GDP growth at 2.8% and rising private payrolls added complexity for the Federal Reserve's upcoming rate decisions. Notable earnings reports from Meta and Microsoft both exceeded expectations, although concerns about Meta's spending impacted its shares, while Reddit saw a remarkable gain after posting its first profit as a public company.
Source: YAHOO
Reported 27 days ago
Reddit's shares experienced a significant increase of over 25% in after-hours trading following the announcement of its Q3 earnings, which surpassed expectations. The platform also provided a strong sales projection for Q4, attributing this growth to increased advertising revenue and a rise in daily active users.
Source: YAHOO
Reported 27 days ago
Alphabet's stock surged 6% following the announcement of strong fiscal third quarter earnings, which exceeded analyst expectations due to significant growth in its cloud business. The company reported earnings per share of $2.12 and revenue of $88.27 billion, reflecting year-over-year increases of 37% and 15%, respectively. CEO Sundar Pichai noted the cloud revenue reached $11.4 billion, up 35% from last year, driven by AI advancements attracting new customers and generating larger contracts.
Source: YAHOO
Reported 27 days ago
Following a recent court ruling that demands car salesmen disclose commissions, UK banks and lenders are acting quickly to prevent a collapse in the car sales market, which has already seen major lending pauses and restructured payment practices. The ruling significantly affects financing for car purchases, raising concerns of a potential market freeze that could harm essential workers who rely on vehicles for their jobs. Key lenders including Lloyds Bank and Honda have paused loans and fees, leading to uncertainty for dealerships and customers alike.
Source: YAHOO
Reported 27 days ago
In the latest financial updates, Microsoft and Meta are set to report their earnings today, while Eli Lilly's shares drop following a disappointing third-quarter earnings report and lowered sales guidance for weight-loss drugs. Additionally, the initial reading for the US GDP in Q3 indicates a growth of 2.8%, slightly below the expected 2.9% increase.
Source: YAHOO
Reported 27 days ago
The US economy experienced a growth of 2.8% in the third quarter, which was slightly below economists' expectations of 2.9% and lower than the 3% growth in the previous quarter. Despite this, economists noted the economy's overall performance remains solid, with declining inflation providing optimistic signals for the Federal Reserve's interest rate decisions moving forward. A key jobs report is anticipated next, with expectations of 110,000 new jobs added in October.
Source: YAHOO
Reported 27 days ago
Source: INVESTORS
Reported 27 days ago
Chewy's stock fell nearly 2% in after-hours trading following the news that its third-largest shareholder, the meme stock trader known as Roaring Kitty (Keith Gill), sold his entire stake amounting to 6.6%. This filing with the SEC revealed that Gill, an influential figure in the meme stock phenomenon, had acquired over 9 million shares back in July. Chewy's shares closed at $26.19 after the announcement.
Source: YAHOO
Reported 27 days ago
Source: BARRONS
Reported 27 days ago
US private payrolls saw a significant increase in October, adding 233,000 jobs despite concerns over disruptions from hurricanes and strikes. This surge follows a revised increase of 159,000 in September. Economists had initially predicted a lower gain of 114,000 jobs. The upcoming Labor Department employment report is expected to confirm the positive trend, with an overall estimate of 115,000 nonfarm jobs added last month, while the unemployment rate is projected to remain steady at 4.1%.
Source: YAHOO
Reported 27 days ago
Meta reported its Q3 earnings, surpassing analysts' expectations with EPS of $6.03 on revenue of $40.5 billion while forecasting Q4 revenue between $45 billion and $48 billion. Despite this, Meta's stock dropped due to concerns over rising capital expenditures projected at $38-$40 billion for 2024. The company is investing heavily in AI, rolling out its Llama model and developing new augmented reality products, although it faces significant legal challenges and uncertainty in infrastructure spending.
Source: YAHOO
Reported 27 days ago
Analysts foresee substantial growth in the global electric vehicle (EV) market, with Nio standing out due to its innovative premium vehicles and strategic direction towards mass-market offerings. Currently trading at a significant discount compared to peers, Nio’s strong production capabilities, battery-swap technology, and anticipated profitability by 2027 suggest that its stock, despite recent declines, could be an attractive option for long-term investors aiming to capitalize on the EV sector's growth.
Source: YAHOO
Reported 27 days ago
Source: BARRONS
Reported 27 days ago
In a recent interview, David Marriott, chairman of the Marriott family-run hotel chain, shared perspectives on the future of the company amidst fierce competition from newcomers like Airbnb. Established in 1927, Marriott boasts over 36 brands and approximately 9,000 locations globally. With ongoing expansion and digital innovation, Marriott continues to solidify its stronghold in the lodging industry, driven by family involvement at the board level.
Source: YAHOO
Reported 27 days ago
Chinese electric vehicle manufacturer BYD announced an 11.5% increase in net profit for the third quarter, reaching 11.6 billion yuan ($1.63 billion), driven by strong sales bolstered by government incentives. The company achieved a 24% year-on-year revenue increase, marking its first quarterly revenue lead over Tesla since ceasing gasoline vehicle production in 2022. Although BYD's sales of plug-in hybrids surged by 75.6%, pure EV sales growth slowed to 2.7%, indicating increased competition in the EV market. BYD also plans to double its exports amid expanding operations in Europe.
Source: YAHOO
Reported 27 days ago
AbbVie raised its 2024 profit forecast after strong sales of its immunology drugs Skyrizi and Rinvoq, which helped the company surpass Wall Street's third-quarter earnings expectations. This improvement is particularly notable as sales of its former flagship drug, Humira, continue to decline, primarily due to competition from cheaper biosimilars. AbbVie anticipates its adjusted profit will reach between $10.90 and $10.94 per share, up from previous estimates.
Source: YAHOO
Reported 27 days ago
Eli Lilly's stock took a significant hit after the company reported disappointing Q3 earnings, with revenue of $11.44 billion, below analyst expectations. Despite Mounjaro sales doubling to $3.11 billion, the company faced a $2.98 billion loss due to in-process research and development charges, leading to lowered 2024 guidance and a drop in stock value by over 10%.
Source: YAHOO
Reported 27 days ago
ADP has raised its fiscal 2025 revenue growth forecast to between 6% and 7% following its $1.2 billion acquisition of WorkForce Software. The company reported strong first-quarter earnings of $4.83 billion, exceeding expectations, driven by healthy labor market conditions and decreased layoffs. ADP's CFO noted the positive impacts from new business bookings and client revenue retention.
Source: YAHOO
Reported 27 days ago
Garmin raised its full-year profit and revenue forecasts, attributing the positive forecast to strong demand for wearable products ahead of the holiday season. The company reported third-quarter revenue of $1.59 billion, exceeding expectations, driven by resilient growth in its fitness segment. Garmin anticipates full-year revenue around $6.12 billion, up from the previous estimate, as it continues to launch new wearables amidst a challenging economic environment.
Source: YAHOO
Reported 27 days ago
Analysts have increased their price targets for Alphabet stock after the company reported impressive third-quarter earnings, highlighted by significant growth in its cloud revenue and effective AI investments. Alphabet's cloud revenue surged by 35%, bolstered by strong demand for AI tools from enterprise customers, while ad revenue from Search and YouTube also showed robust gains. As a result, several analysts have adjusted their price targets upwards, reflecting increased confidence in Alphabet's ability to capitalize on its AI advancements and maintain profitability despite competitive pressures.
Source: YAHOO