Reported about 1 month ago
Austal USA, a shipbuilder for the US Navy, has agreed to pay $24 million and plead guilty to federal charges tied to a longstanding fraud scheme where it inflated profits and misled investors about project costs. The scheme led to significant financial distortions and a $100 million write-down when actual costs were revealed. Despite the guilty plea, the Navy stated it was not 'directly harmed' and Austal USA may still pose as a responsible contractor.
Source: YAHOO
Reported about 1 month ago
The U.S. Department of Agriculture has indicated that HB4 wheat, developed by Argentina's Bioceres Crop Solutions and designed to resist drought, can be safely grown and bred in the U.S. However, further field trials are necessary before commercial production can commence. Although genetically modified wheat faces opposition from some consumer groups due to health concerns, the USDA's assessment represents a significant step towards its potential production, which could benefit farmers dealing with challenging climate conditions.
Source: YAHOO
Reported about 1 month ago
As nearshoring boosts the volume of goods crossing U.S. borders, U.S. Customs and Border Protection is facing challenges with a significant rise in methamphetamine seizures. The Laredo Port of Entry has reported a 40% increase in meth seizures compared to the previous fiscal year, with innovative drug smuggling methods being utilized by cartels. This surge in cargo volume, fueled by nearshoring, necessitates enhanced screening technologies and collaborative efforts through programs like CTPAT to streamline inspections and address security vulnerabilities.
Source: YAHOO
Reported about 1 month ago
Nvidia's upcoming earnings report is highly anticipated on Wall Street, as the AI-chip company led significant gains in the tech sector, impacting the broader market. With Nvidia accounting for a substantial portion of the S&P 500’s value and showcasing remarkable revenue growth, investors are keenly watching its performance amidst expectations of interest rate adjustments from the Federal Reserve. The outcome may prove crucial for market momentum, particularly as economic growth appears to be slowing.
Source: YAHOO
Reported about 1 month ago
President Nicolás Maduro has appointed key allies to the oil and interior ministries in Venezuela following a disputed election. Delcy Rodríguez becomes the new oil minister, while Diosdado Cabello takes charge of the combined interior and justice ministry. This cabinet reshuffle aims to strengthen Maduro's government amid ongoing criticism of the election results, which the opposition contests. The new appointments underscore the government's focus on boosting oil production as a critical factor for Venezuela's economic recovery.
Source: YAHOO
Reported about 1 month ago
Lumen Technologies (LUMN) shares have fallen sharply following Kerrisdale Capital's announcement of a short-selling position against the company. Analysts Josh Lipton and Seana Smith discuss Kerrisdale's report that highlights concerns regarding Lumen's role in the AI sector and its significant debt burden.
Source: YAHOO
Reported about 1 month ago
Corey Hendrickson, the former mayor of Willard, Missouri, was sentenced to three years in federal prison for a scheme that defrauded over 500 truck drivers out of nearly $300,000. Over five years, he accessed drivers' accounts through his position at Prime Inc. and conducted fraudulent transactions using their personal information. In addition to his prison sentence, he must repay the stolen amount.
Source: YAHOO
Reported about 1 month ago
The U.S. Department of Transportation has allocated $102 million for the West Coast Truck Charging and Fueling Corridor Project, which will install electric and hydrogen fueling stations along 2,500 miles of freight routes in California, Oregon, and Washington. This initiative aims to support California's zero-emission objectives and facilitate emissions-free transportation of goods between major ports and regions. Construction is set to begin in 2026 as part of a broader push for electric vehicle infrastructure.
Source: YAHOO
Reported about 1 month ago
Microsoft has reported a significant increase in users of its AI-based Copilot software, with a 60% growth in customers for Microsoft 365. This uptick reflects the company's substantial investments in AI technologies, particularly as enterprises witness tangible benefits in efficiency, such as time savings in email handling and meeting durations. Despite some criticisms regarding the software's performance, Microsoft is optimistic about its expanding footprint in the enterprise software market, competing closely with rivals like Google and Salesforce in the generative AI domain.
Source: YAHOO
Reported about 1 month ago
Cannabis stocks dropped on Tuesday after the U.S. Drug Enforcement Administration (DEA) postponed a hearing on reclassifying cannabis to December 2, following the presidential election. Shares of major companies like Curaleaf and Canopy Growth fell significantly, with market experts expressing concern about the impact on future policy changes, especially depending on potential appointment decisions by the next president.
Source: YAHOO
Reported about 1 month ago
As the 2024 presidential election approaches, financial expert Michele Martin emphasizes the importance of adhering to investment plans rather than letting political changes dictate strategies. She advises investors to assess their stock allocations, particularly those nearing retirement, to minimize risk. Additionally, with the impending expiration of the Tax Cuts and Jobs Act in 2025, she recommends consulting with an estate planning attorney to prepare for upcoming changes in estate tax exemptions.
Source: YAHOO
Reported about 1 month ago
In anticipation of Nvidia's earnings report, RBC Capital Markets' Rishi Jaluri discusses the tech sector's AI landscape, highlighting that while near-term returns on AI investments might be difficult, Microsoft is poised to monetize generative AI significantly in the coming year. He emphasizes the importance of demonstrating AI potential within Azure, the growth of AI modules from other software companies, and the actual adoption of AI across Microsoft's portfolio.
Source: YAHOO
Reported about 1 month ago
Many Americans forfeit funds in their flexible spending accounts (FSA), with an average loss of $441 per person. A new partnership between Bilt Rewards and Walgreens aims to change that by allowing users to auto-pay for eligible items with their FSA and health savings accounts (HSA), effectively saving money while earning rewards. Bilt Rewards founder Ankur Jain emphasizes the potential for this system to automatically apply savings at pharmacies and even grocery stores, helping consumers better utilize their healthcare benefits.
Source: YAHOO
Reported about 1 month ago
Research firm IDC has raised its forecast for global smartphone shipments to a projected 1.23 billion units in 2024, attributing this optimism to significant growth in the first half of the year, bolstered by consumer demand for innovative AI features. This revision comes amid hopes that advanced capabilities in new smartphones will stimulate market activity, particularly in the U.S. and China, which are poised for recovery from previous downturns.
Source: YAHOO
Reported about 1 month ago
GameStop's recent resurgence in meme-driven trading this past May has not captivated retail investors to the same extent as in 2021, with data from the SEC revealing that retail participation has dropped to approximately half of its previous levels. The odd lot trading volume, a measure of retail activity, was notably lower, indicating a reduced engagement compared to the peak in January 2021.
Source: YAHOO
Reported about 1 month ago
Leonard Riggio, who transformed the bookselling landscape by building Barnes & Noble into America’s largest bookstore chain, has died at the age of 83 after battling Alzheimer’s disease. Riggio started with a single store in 1971 and expanded the business into a nationwide empire known for its inviting atmosphere. Despite facing challenges from the rise of Amazon, Riggio remained a key figure in the industry, credited for fostering a culture of creativity and support for readers throughout his tenure. His legacy includes a significant impact on independent bookstores as well, as they began to view Barnes & Noble as an ally against online competition.
Source: YAHOO
Reported about 1 month ago
Major market indexes showed mixed performance on Tuesday afternoon, with the Dow Jones Industrial Average dipping slightly as consumer confidence data suggested a potential recession. Investors are keenly awaiting Nvidia's upcoming earnings report amidst concerns about market volatility due to seasonal weaknesses. Notable trending stocks include Costco, Walgreens, and Trinity Biotech.
Source: YAHOO
Reported about 1 month ago
In a recent discussion on Yahoo Finance's Capitol Gains, analysts explored the potential impact of the 2024 election outcomes on economic policies and inflation. They examined how a Republican sweep might alter Biden administration initiatives like the Inflation Reduction Act, potentially increasing corporate tax rates with a Democratic win. The conversation highlighted that while Democrats are often blamed for inflation, Trump's proposed tariffs and immigration policies could also exacerbate inflationary pressures.
Source: YAHOO
Reported about 1 month ago
As Nvidia prepares to announce its second quarter earnings, market strategist Thomas Hayes warns that the company's performance could heavily influence tech-heavy indexes. With expectations for earnings growth decreasing and Nvidia's valuation reaching a staggering $3.2 trillion, Hayes believes the stock is 'priced for perfection.' He anticipates a potential shift towards smaller-cap stocks as interest rates ease, highlighting that a disappointing earnings report from Nvidia could lead to broader market implications.
Source: YAHOO
Reported about 1 month ago
The stock market showed little movement at midday ahead of Nvidia's earnings report, with the S&P 500 up 0.08%, the Nasdaq Composite up 0.05%, while the Dow Jones fell 0.11%. Apple announced a CFO replacement causing a slight stock rise, while Nvidia saw an uptick ahead of its earnings. Notably, Netflix shares rose 2.4% after positive analyst coverage, while Paramount's stock dropped 6% following a bid withdrawal for acquisition. CAVA shares fell 5.4% amid insider stock sales despite a strong earnings report.
Source: YAHOO
Reported about 1 month ago
Oil prices have decreased as a technical correction followed a significant three-day rally spurred by disruptions in Libyan oil supplies. West Texas Intermediate crude fell 2.4% to around $75 per barrel after peaking over $77. Analysts indicate that the recent rally may have lost momentum, with the 200-day moving average now acting as a resistance level. Despite the Libyan supply issues, increased global oil supplies and concerns over weak demand, particularly from China, have led to revised forecasts.
Source: YAHOO
Reported about 1 month ago
According to Equifax Canada, the average credit card balance for Canadians reached C$4,300 ($3,200) in the second quarter, the highest since 2007. Rising interest rates and unemployment are contributing to increased borrower stress, particularly among those under 35, as consumer debt levels soared to C$2.5 trillion. The report highlighted that credit card borrowing is the main driver of debt, with a noticeable rise in delinquency rates, particularly among younger Canadians, as financial pressures mount.
Source: YAHOO
Reported about 1 month ago
As the Federal Reserve prepares to cut interest rates, Wall Street is evaluating the potential impacts, with experts noting the onset of a historically challenging seasonal period. FS Investments' strategist Troy Gayeski predicts multiple rate cuts by 2024, which could avert a recession, though he warns that aggressive cuts might lead to significant market disruptions. Investors are advised to focus on growth at reasonable valuations amidst high market prices.
Source: YAHOO
Reported about 1 month ago
As Wall Street anticipates an interest rate cut by the Federal Reserve this September, Michele Martin from Prosperity discusses the potential effects on personal finances. With expectations of continued rate cuts into December, short-term savings rates may decline, prompting advice to invest in longer-duration assets.
Source: YAHOO
Reported about 1 month ago
The Mexican peso suffered significant losses following the approval of President Lopez Obrador's plans to overhaul the judiciary by a congressional committee, which investors fear will threaten the rule of law. The proposed changes, aimed at combating corruption, would alter how federal judges are selected, raising concerns about judicial independence. As a result, the peso dropped 1.4% to $19.68, marking its lowest value in three weeks and prompting investment firms to reassess their positions on Mexican assets.
Source: YAHOO