Reported 28 days ago
Visa's fiscal fourth quarter results exceeded expectations, with adjusted earnings of $2.71 per share and net revenue of $9.62 billion. The processed transactions reached $61.5 billion, aligning with estimates. This news comes as reports suggest the company plans to reduce its workforce by 1,400 employees and contractors to streamline operations.
Source: YAHOO
Reported 28 days ago
Snap Inc. surpassed Wall Street expectations for quarterly revenue and user growth, reporting a 15% year-over-year revenue increase to $1.37 billion and a 9% growth in daily active users to 443 million. The company also introduced a $500 million share repurchase program. Notably, Snap's investments in machine learning and new ad formats have attracted more advertisers, although demand from large companies has been inconsistent. Looking ahead, Snap forecasts fourth-quarter revenue between $1.51 billion and $1.56 billion, coinciding with the holiday shopping season.
Source: YAHOO
Reported 28 days ago
Kamala Harris's campaign is focusing on Elon Musk's connections with Donald Trump to weaken the Republican nominee's appeal among voters. The Future Forward USA Action PAC has launched a series of ads linking Trump to Musk and other wealthy donors, with evidence suggesting Musk's influence may not be as strong among undecided voters. As both campaigns continue to highlight their ties to billionaires, the Harris team aims to capitalize on Musk's mixed popularity to sway swing state voters ahead of the election.
Source: YAHOO
Reported 28 days ago
José Torres, a senior economist at Interactive Brokers, expressed concerns over the Federal Reserve's recent 50-basis-point rate cut, stating it was unnecessary and detrimental, essentially 'adding fuel to the fire' of the economy. He anticipates that upcoming economic data will reinforce his belief that the Fed's aggressive policy adjustment was a mistake, as the interplay between rate cuts and Treasury yields is affecting market dynamics for both lenders and borrowers.
Source: YAHOO
Reported 28 days ago
Advanced Micro Devices (AMD) has reported a revenue of $6.8 billion for Q3, surpassing estimates, but shares dropped in after-hours trading due to less optimistic guidance for Q4, which ranges from $7.2 billion to $7.8 billion, below analysts' expectations of $7.55 billion.
Source: YAHOO
Reported 28 days ago
Alphabet, the parent company of Google, reported third quarter earnings of $2.12 per share, surpassing Wall Street's expectation of $1.84 per share. The company's revenue, excluding traffic acquisition costs, also exceeded estimates at $74.55 billion compared to an expectation of $72.88 billion, with total revenue reaching $88.27 billion. Google Cloud contributed significantly with $11.35 billion in revenue, above the anticipated $10.79 billion.
Source: YAHOO
Reported 28 days ago
The Nasdaq Composite index closed 0.78% higher, achieving a record high as investors await earnings reports from Alphabet and Advanced Micro Devices. Market commentators provide insights on the day's trading activity leading up to these key earnings announcements.
Source: YAHOO
Reported 28 days ago
B. Riley Financial's stock has seen a significant rise after the company raised $236 million by selling off some of its branded assets. Analysts discuss the implications of this move on the company's financial standing and stock performance as it works towards reducing its debt.
Source: YAHOO
Reported 28 days ago
Donald Trump's media company's stock has surged over 300% amidst speculation of his presidential win, leading traders to believe in favorable outcomes for Trump-related investments. However, recent analysis indicates that the betting markets may be overstating Trump's chances, with polls showing a competitive race against Kamala Harris. Factors such as fundraising advantages and the emotional appeal of issues like abortion rights could shift momentum towards Harris, potentially leading to significant losses for Trump investors if he does not secure victory.
Source: YAHOO
Reported 28 days ago
Visa is set to lay off about 1,400 employees and contractors by year-end as it aims to streamline its international operations, with around 1,000 cuts in technology roles. Most of the remaining layoffs will target merchant sales and global digital partnership positions. Although some layoffs have already occurred, Visa intends to retain its global digital partnership teams until the year's end, emphasizing a need to evolve operational models to support growth.
Source: YAHOO
Reported 28 days ago
Pfizer CEO Albert Bourla expressed confidence following strong Q3 earnings and guidance boost, emphasizing that recent efforts to enhance the company's value have rendered activist investor Starboard's intervention 'too late.' Despite pressure from Starboard after they acquired a $1 billion stake, Bourla believes his strategic initiatives, including significant acquisitions and cost-cutting, have set Pfizer on a path of consecutive growth, making any calls for change now less relevant.
Source: YAHOO
Reported 28 days ago
Broadcom's stock is experiencing an uptick following reports from Reuters that the company is collaborating with OpenAI to develop a new AI chip, highlighting the intensifying competition in the AI sector.
Source: YAHOO
Reported 28 days ago
Shares of Crocs, Inc. (CROX) are falling as the company revises its 2024 sales outlook to the lower end of expectations, primarily due to disappointing performance from its Heydude brand. This news has overshadowed Crocs' better-than-expected third quarter earnings, according to reports by Market Domination hosts Julie Hyman and Josh Lipton.
Source: YAHOO
Reported 28 days ago
Market selloffs are placing U.S. Treasuries on track for their worst monthly performance since September 2022, driven by strong economic indicators, upcoming presidential elections, and a heavy supply of new debt. Despite a brief uplift from a drop in job openings, rising yields have reflected ongoing volatility as traders brace for future economic data and the Federal Reserve's interest rate decisions.
Source: YAHOO
Reported 28 days ago
Bitcoin has surged back into the $73,000 range, while dogecoin experiences a rally following Elon Musk's endorsement of former President Donald Trump. As major crypto stocks like MicroStrategy and Coinbase also rise, the crypto market shows positive momentum.
Source: YAHOO
Reported 28 days ago
A recent survey highlights that many American couples face significant financial fears regarding retirement, with 61% of working Americans fearing it more than death. The average household retirement savings varies by age, with data showing a disparity between average and median savings. Recommendations from T. Rowe Price suggest that dual-income couples should aim to save multiple times their income as they age, with advice to increase savings rates, maximize retirement accounts, reduce debt, and seek guidance from financial advisors.
Source: YAHOO
Reported 28 days ago
On October 29, 2024, the Nasdaq Composite closed at a record high while investors awaited Alphabet's earnings report. Alphabet exceeded profit expectations, causing its shares to rise over 4% in after-hours trading. Despite a mixed market day, with the S&P 500 and Dow Jones showing slight gains and losses respectively, strong performances from major tech stocks fueled optimism as a key earnings week unfolds.
Source: YAHOO
Reported 28 days ago
Trump Media & Technology Group's stock (DJT) has soared nearly 10% amid volatile trading as anticipation grows for the upcoming presidential election between Donald Trump and Kamala Harris. Following a controversial rally in New York, DJT stock rose significantly, marking its highest level since May, but experts warn that its fate is heavily reliant on the election outcome. As both candidates intensify their campaigns in battleground states, the market reaction reflects a speculative outlook on Trump's chances of victory.
Source: YAHOO
Reported 28 days ago
UBS analysts caution that retail companies heavily reliant on goods from China may face significant earnings declines if Donald Trump's proposed tariffs are implemented. Specifically, Best Buy, Five Below, and Wayfair could see substantial reductions, with forecasts suggesting a 15% drop for Five Below, a 26% decline for Best Buy, and over 40% for Wayfair. Despite this, the analysts acknowledge that these companies might adapt to the economic changes, potentially mitigating the impact of the tariffs.
Source: YAHOO
Reported 28 days ago
Vanguard is closing its mutual fund platform and moving clients to its brokerage accounts. The asset manager has been urging clients to make the switch for years, and now it's mandatory as the transition will be completed by the end of next year.
Source: BARRONS
Reported 28 days ago
ASM International (ASMI) has updated its guidance for the fourth quarter following stronger-than-expected bookings in the third quarter, driven primarily by demand in AI and resilient orders from China. The company, a leading supplier of chip-making equipment, anticipates fourth-quarter sales between 770 million and 810 million euros, marking a significant increase from the first half of the year. This growth is supported by sustained demand for AI-related manufacturing processes despite sluggish recovery in other markets.
Source: YAHOO
Reported 28 days ago
Top executives on Wall Street express greater concern about persistent inflation than the upcoming US election, with many predicting that interest rates will not decrease as swiftly as traders expect. During the Future Investment Initiative in Saudi Arabia, CEOs from major financial firms highlighted an embedded inflation in the economy, regardless of whether Kamala Harris or Donald Trump wins the presidency. They emphasized the potential for rising inflation linked to government spending policies, leading to uncertainty about future rate cuts from the Federal Reserve.
Source: YAHOO
Reported 28 days ago
Intel's CEO Pat Gelsinger aimed to resurrect the emblematic company upon his arrival three years ago, but missteps—such as jeopardizing a beneficial partnership with TSMC—have led to major challenges. The company's revenue has plunged nearly a third, and it faces its first annual net loss since 1986. Despite claims of progress and optimism about regaining manufacturing leadership, delays and technical setbacks in new chip production highlight ongoing difficulties as Intel strives to navigate fierce competition, especially from rivals like Nvidia.
Source: YAHOO
Reported 28 days ago
Gold hit a new high near $2,770 per ounce, while silver surged past $34 as investors leaned towards precious metals amidst U.S. election uncertainty and anticipated lower interest rates. Analysts indicate a long-term shift towards these assets as they remain attractive hedges against inflation. Central bank purchases have significantly boosted gold prices by 28% this year, with projections suggesting a potential increase to $2,900 per troy ounce by early 2025.
Source: YAHOO
Reported 28 days ago
Check Point CEO Gil Shwed emphasizes that while AI facilitates cyberattacks by enabling easier coding and phishing, it also serves as a powerful tool for cybersecurity defense. AI can enhance data analysis and aid security professionals in identifying patterns and developing new defenses. He states that AI can alleviate staff shortages by handling routine tasks, allowing humans to focus on more strategic policy-making and complex problem-solving in cybersecurity.
Source: YAHOO