Reported about 1 month ago
The US Bureau of Economic Analysis has revised the second quarter GDP growth for 2024 from 2.8% to 3%. This upward adjustment may bolster the Federal Reserve, although concerns linger about potential economic headwinds, especially regarding the labor market. Citi's Robert Sockin notes that while consumer spending remains strong, the risks appear skewed to the downside, indicating a possible 'soft landing' scenario for the economy.
Source: YAHOO
Reported about 1 month ago
Dollar General's stock fell more than 25% in pre-market trading after reporting a miss on profit and revenue estimates for the second quarter. The retailer also lowered its full-year expectations, with CEO Todd Vasos attributing declining sales to financially constrained consumers.
Source: YAHOO
Reported about 1 month ago
The Teamsters union has announced an expansion of its strikes against unfair labor practices, with Amazon workers from multiple U.S. states participating. This follows a strike by 100 Amazon drivers in Illinois, as the movement to unionize within the company gains momentum. The Teamsters aim to organize Amazon's workforce to enhance their bargaining power and improve labor relations in the e-commerce industry.
Source: YAHOO
Reported about 1 month ago
Following Nvidia's second-quarter earnings report, which fell short of investor expectations, the Dow Jones Industrial Average and other U.S. stock indexes opened higher on Thursday. Analysts are examining market volatility and performance trends among major tech stocks as they assess potential implications for the market.
Source: YAHOO
Reported about 1 month ago
Dollar General's shares dropped 29% to a six-year low after the company revised its sales and profit forecasts downward, citing intensified competition from rivals like Walmart and Target. The discount retailer's performance indicated struggles to attract budget-conscious customers as economic pressures mount, particularly for low-income households that form its core customer base. The updated forecast prediction for same-store sales and earnings per share reflects these challenges, prompting the need for price cuts and promotions to regain customer traffic.
Source: YAHOO
Reported about 1 month ago
The U.S. economy experienced a robust 3% annual growth rate in the last quarter, boosted by increased consumer spending and business investments, according to a revised report from the Commerce Department. This marks an increase from an earlier estimate of 2.8%. Consumer spending rose at a 2.9% annual rate, while business investment expanded at 7.5%. Despite ongoing high interest rates, this growth indicates a resilient economy as the job market weakens slightly, with an unemployment rate of 4.3%.
Source: YAHOO
Reported about 1 month ago
German inflation has fallen to 2%, aligning with the European Central Bank's target and paving the way for a potential interest rate cut next month. This decrease marks the lowest inflation rate since 2021, down from 2.6% in July, and comes amidst easing price pressures in other Eurozone countries. Economists expect the ECB to consider this data in their upcoming decision, potentially leading to more gradual rate reductions as economic momentum shows signs of faltering.
Source: YAHOO
Reported about 1 month ago
Azul SA shares hit a record low as the airline examines various strategies to tackle looming debt, including a potential equity offering or a Chapter 11 filing. Amidst actively pursuing a merger with Gol Linhas Aereas, Azul faces significant financial pressures, including $68.6 million in local debt due this year, and $550 million in U.S. dollar notes due over the next four years. Despite a recent financial aid proposal from Brazilian lawmakers, Azul's situation remains precarious following substantial losses and increasing leverage.
Source: YAHOO
Reported about 1 month ago
Nvidia reported strong Q2 earnings, surpassing analyst expectations; however, the results failed to impress investors, causing a drop in share prices during after-hours trading. Key reasons discussed by Yahoo Finance tech editor Dan Howley highlight why, despite achieving its sixth consecutive earnings beat, investor enthusiasm remained low.
Source: YAHOO
Reported about 1 month ago
Brown-Forman, the maker of Jack Daniel's, reported disappointing quarterly results, missing both profit and sales estimates due to higher input costs and soft demand for its premium whiskey and spirits. Sales in its whiskey division fell 5% as inflationary pressures led consumers to prioritize cheaper alternatives. Despite raising prices, the company struggled with increasing raw material expenses and a declining gross margin.
Source: YAHOO
Reported about 1 month ago
The U.S. economy's growth rate for the second quarter was revised upward to 3.0%, driven by strong consumer spending, which increased at a 2.9% rate. This figure reflects an increase from the previously reported 2.8%. While corporate profits also rebounded after a decline earlier in the year, growth momentum is slowing as the labor market cools.
Source: YAHOO
Reported about 1 month ago
Samsung Electronics is reportedly interested in acquiring some of Nokia's mobile networks assets as Nokia explores options to enhance its struggling telecom equipment sector, which faces competition from bigger players like Huawei. Discussions are still in preliminary stages, with possible scenarios including a full sale or spin-off, but no decisions have been made yet. Nokia's mobile networks division accounts for a significant portion of its revenue, highlighting its strategic importance to the company's future.
Source: YAHOO
Reported about 1 month ago
In recent market updates, Nvidia's shares dropped despite reporting better-than-expected second quarter earnings, leaving investors disappointed. In contrast, Salesforce saw its stock rise after announcing positive earnings and discussing its AI prospects. Additionally, the US GDP growth rate for the second quarter was revised up from 2.8% to 3%, indicating stronger economic performance.
Source: YAHOO
Reported about 1 month ago
Tom Sosnoff and Scott Sheridan, co-founders of Tastytrade Inc., sold approximately £65 million ($86 million) in shares of IG Group Holdings Plc in a significant transaction, marking the first major selloff since the acquisition of their options-trading business by IG three years ago. The sale, which involved 6.5 million shares, occurred after IG's stock reached a record high, causing a slight dip on the following day.
Source: YAHOO
Reported about 1 month ago
The US dollar is set for its largest monthly decline in 2024 as expectations of interest rate cuts by the Federal Reserve take hold. In August alone, the dollar has dropped nearly 2%, prompting sharp increases in various foreign currencies, notably the New Zealand dollar and Swedish krona. This change reflects higher confidence in riskier investments overseas as U.S. bond yields fall and fears of a recession diminish.
Source: YAHOO
Reported about 1 month ago
The Bank of England is expected to postpone its bank capital reforms until at least January 2026 as it monitors developments in the U.S. and other jurisdictions. This decision follows international delays in implementing Basel III post-crisis reforms, influenced by the ongoing political climate and regulatory challenges, particularly in the U.S. where banks are pushing back on increased capital requirements.
Source: YAHOO
Reported about 1 month ago
Jaguar has alerted owners of approximately 3,000 2019 I-Pace electric SUVs to park their vehicles outdoors due to risks of battery fires, following multiple recalls for the same issue. As a temporary measure, dealers will update the battery control software to limit charging to 80%. Three fires have occurred in the U.S. after prior software updates, prompting the need for a new remedy currently under development. Owners are advised to keep their vehicles away from structures until the final repair is available.
Source: YAHOO
Reported about 1 month ago
Walmart's recent $3.6 billion divestment from JD.com has led to a notable increase in US share sales, reaching the highest volume since May. In August alone, more than $13 billion worth of shares were traded, aided by a strong market environment and significant sales from other major players. Experts suggest continued robust activity in the market as companies look to optimize their capital allocation ahead of the upcoming US elections.
Source: YAHOO
Reported about 1 month ago
US Treasury yields rose following strong economic reports, leading traders to slightly adjust their expectations of Federal Reserve rate easing. With unexpected GDP growth and steady jobless claims, yields climbed about 3 basis points. While traders anticipate a quarter-point cut at the next Fed meeting, there remains speculation of larger cuts later this year, particularly as inflation measures are closely monitored ahead of upcoming economic data.
Source: YAHOO
Reported about 1 month ago
Last week, applications for jobless benefits decreased slightly, indicating a resilient US labor market despite high interest rates.
Source: YAHOO
Reported about 1 month ago
Catalent reported fourth-quarter revenues of $1.3 billion, surpassing analyst estimates of $1.22 billion. The growth was bolstered by its biologics segment, which drew significant interest ahead of a $16.5 billion acquisition by Novo Holdings, set to close by the year's end. This deal, driven by the demand for Novo Nordisk's Wegovy, involves the sale of three key manufacturing sites to Novo Nordisk for $11 billion. Catalent also achieved an adjusted profit of 65 cents per share, exceeding predictions.
Source: YAHOO
Reported about 1 month ago
Best Buy reported better-than-expected earnings in its latest quarter, with revenues of $9.29 billion, surpassing estimates of $9.24 billion. Adjusted earnings per share rose to $1.34, beating the anticipated $1.16, signaling improvements in customer experience and product innovation. Although overall sales decreased by 2.3%, this drop was the smallest since late 2022, driven by a resurgence in computing and mobile phone sales. Looking ahead, the company anticipates a full-year revenue of $41.3 to $41.9 billion, with adjusted earnings per share expected between $6.10 and $6.35.
Source: YAHOO
Reported about 1 month ago
On August 29, 2024, the Dow Jones Industrial Average set a new record, gaining over 200 points, even as the tech-heavy Nasdaq and S&P 500 faced declines. Investors grappled with Nvidia's disappointing earnings report, which, despite record profits, fell short of high expectations, leading to a 6% drop in its shares. Meanwhile, the U.S. economy outperformed expectations with a 3% GDP growth rate for the last quarter, influencing market sentiment as traders anticipated potential interest rate cuts from the Federal Reserve.
Source: YAHOO
Reported about 1 month ago
Nvidia's shares fell despite reporting strong second-quarter earnings, as investors were not impressed. In contrast, Salesforce's stock rose sharply after exceeding analyst expectations in its earnings report. Other trending tickers on Yahoo Finance include Super Micro Computer, Affirm Holdings, and CrowdStrike.
Source: YAHOO
Reported about 1 month ago
In a recent discussion on Stocks In Translation, Tom Bruni, Head of Market Research at StockTwits, highlighted the advantages of including international stocks in investment portfolios. He emphasized that, as the world continues to grow and develop, gaining exposure to global markets can be beneficial for investors.
Source: YAHOO