Reported about 2 months ago
In a recent discussion, Matt Higgins, CEO of RSE Ventures and a familiar face from 'Shark Tank', shared key investment strategies to prepare for a recession. He emphasized the importance of time as a valuable asset, urging young investors to start early, and highlighted sectors that may thrive despite economic challenges, such as obesity drugs, AI-driven energy needs, and copper.
Source: YAHOO
Reported about 2 months ago
U.S. railroads, including Norfolk Southern and BNSF Railway, have lifted all embargoes tied to the recent Canadian work stoppage, allowing rail traffic to resume after a significant disruption. The Canadian National and Canadian Pacific Kansas City had previously enacted embargoes ahead of a potential shutdown, which had affected over 9,000 union workers. Following an order from the Canada Industrial Relations Board for binding arbitration, operations are expected to gradually return to normal, although full recovery may take several weeks.
Source: YAHOO
Reported about 2 months ago
The U.S. Army Corps of Engineers will reassess the environmental permit for Hyundai's $7.6 billion electric vehicle plant in Georgia following concerns from a conservation group about the project's possible impact on local water supplies. The reassessment comes after it was revealed that Hyundai may withdraw up to 6.6 million gallons of water per day from a crucial aquifer. While construction is ongoing, the situation has sparked worries among local residents and agricultural stakeholders about the depletion of water resources.
Source: YAHOO
Reported about 2 months ago
JPMorgan Chase has been sued in a Manhattan federal court for allegedly sweeping customer cash into accounts with unreasonably low interest rates, as part of a proposed class action lawsuit. The plaintiff, Dan Bodea, claims the bank has been negligent in its fiduciary duties, benefiting disproportionately while offering customers inadequate returns on their idle cash. The lawsuit follows similar actions against other financial institutions and seeks unspecified damages for these alleged breaches.
Source: YAHOO
Reported about 2 months ago
Gunvor Group, a leading independent oil-trading company, has appointed Gary Pedersen as the new head of US trading, succeeding David Garza, who is set to retire later this year. Pedersen previously managed refined-products trading at Millennium Management and has experience with Northville and Koch Supply & Trading. Under Garza's leadership since 2017, Gunvor USA expanded significantly, though the firm now faces cooling market volatility following a period of high profits.
Source: YAHOO
Reported about 2 months ago
As the U.S. approaches the 2024 presidential election, historical patterns suggest that Bitcoin typically experiences a notable price dip 2-3 months before the election, similar to trends seen in previous election years (2012, 2016, 2020). After these pre-election dips, Bitcoin historically rebounds significantly, leading to substantial price increases in the post-election period. Current predictions indicate a potential rise to $100,000 or more following the 2024 election, maintaining a pattern observed in past election cycles.
Source: YAHOO
Reported about 2 months ago
TJX Companies has positioned itself as a leader in a struggling retail sector, with analyst Aneesha Sherman noting the company's successful transformation from a traditional off-pricer to one that offers higher-end products aimed at attracting affluent consumers. This strategy has helped TJX gain market share and consumer traffic, making it one of the few strong performers in the current market.
Source: YAHOO
Reported about 2 months ago
Seattle-Tacoma International Airport has been facing significant internet outages for three consecutive days due to an apparent cyberattack. Authorities are collaborating with federal agencies to address the issue, although TSA operations remain unaffected. Passengers are advised to prepare for longer waits and to use mobile apps for ticketing, as security lines and baggage claims have been notably impacted.
Source: YAHOO
Reported about 2 months ago
Paramount Global is exploring the sale of 12 local TV stations, viewed as non-core assets, in a move to raise funds amid ongoing restructuring efforts. The stations, located in major markets including New York and Dallas, could attract interest from private equity and broadcasting firms, with potential sale prices ranging from $500 million to $1 billion. The process is still in its early stages, and any significant deal is anticipated to unfold several months down the line, particularly after the upcoming US presidential election.
Source: YAHOO
Reported about 2 months ago
Kroger and Albertsons are in federal court challenging the FTC's efforts to block their $24.6 billion merger, with concerns that it will lead to higher grocery prices and reduced competition. The FTC argues the deal will concentrate market power, while Kroger and Albertsons claim it is necessary to compete with larger chains like Amazon and Walmart. The court case highlights tensions around food inflation and the proposed divestitures aimed at alleviating antitrust concerns.
Source: YAHOO
Reported about 2 months ago
Source: BARRONS
Reported about 2 months ago
Mexico's President-elect Claudia Sheinbaum has appointed energy economist Victor Rodriguez Padilla as the new CEO of Pemex, the state-owned oil company, in an effort to tackle its significant debt, which is nearly $100 billion, while reviving its lagging production. Rodriguez, who has over 40 years of experience in the energy sector, aims to transition Pemex towards renewable energy and maintain its crude oil production levels. His appointment is seen as crucial for revitalizing the company's finances and driving collaboration with the energy and finance ministries.
Source: YAHOO
Reported about 2 months ago
A recent report by US Bank shows 87% of small business owners are optimistic about their future, despite challenges like labor shortages and supply chain issues from the COVID-19 pandemic. US Bank's Shruti Patel emphasizes that the adoption of AI for cash flow management and workflow automation is key to enhancing productivity and profitability, even as businesses navigate existing economic pressures.
Source: YAHOO
Reported about 2 months ago
As Nvidia approaches its earnings report, analysts emphasize the importance of their significant investments in research and development. Stifel's Ruben Roy highlights that the company is accelerating the release of new technologies, including the H series GPUs and the upcoming Blackwell series, indicating that Nvidia is committed to innovative advancements at a rapid pace.
Source: YAHOO
Reported about 2 months ago
Icahn Enterprises (NYSE:IEP) shares plummeted 7.5% following the announcement of an Open Market Sale Agreement with Jefferies, allowing up to $400 million in depositary units to be sold. This move is expected to dilute existing shareholders' ownership and has led to an 18.8% decline in stock value since the start of the year, now trading 34.8% below its 52-week high. While the market is reacting sharply, investors are left to consider if this dip presents a buying opportunity.
Source: YAHOO
Reported about 2 months ago
Shares of Icahn Enterprises, led by billionaire investor Carl Icahn, fell to their lowest level in nearly 21 years, dropping 14.3% to $13.62, after announcing plans to sell up to $400 million in depository units. This downturn follows recent regulatory issues, including charges for failing to disclose significant margin loans, which resulted in a $2 million penalty. The proceeds from the sale are intended for acquisitions and corporate purposes, while the company continues to face scrutiny from short-seller Hindenburg Research over its financial practices.
Source: YAHOO
Reported about 2 months ago
Icahn Enterprises, the firm of billionaire investor Carl Icahn, saw its shares drop to a 20-year low after announcing a plan to sell up to $400 million in depository units. The stock fell as much as 14.3%, closing down 11.5% at $14.07. The offering aims to fund potential acquisitions. This decline follows a settlement with U.S. regulators regarding undisclosed margin loans and comes amid ongoing scrutiny from short-sellers alleging financial mismanagement.
Source: YAHOO
Reported about 2 months ago
Apple is set to host its fall event on September 9 at its Cupertino headquarters, where it is expected to announce new iPhones along with updates to other devices and applications. This event is critical for Apple as it aims to address a global sales slowdown, particularly in China, and advance its artificial intelligence initiatives. Although details remain scarce, the invitation hints at significant announcements ahead.
Source: YAHOO
Reported about 2 months ago
Source: INVESTORS
Reported about 2 months ago
Applied Materials Inc. has received a subpoena from the U.S. Department of Justice regarding its applications for federal grants, which adds to ongoing investigations of the company's operations. The request focuses on certain federal award applications and comes amid scrutiny of the company's dealings with China. Applied Materials had previously sought government support for a research center but was denied funding, highlighting the challenges it faces in the current geopolitical climate.
Source: YAHOO
Reported about 2 months ago
Red Lobster is set to shut down 23 additional restaurants as part of its ongoing bankruptcy proceedings, following the closure of over 100 locations earlier this summer. This closure will reduce the number of outlets to around 500 from 650 just a year ago. The seafood chain, now under Fortress Credit Corp.’s management, is responding to financial struggles attributed to mismanagement and market pressures.
Source: YAHOO
Reported about 2 months ago
Nvidia is set to disclose its second-quarter earnings on Wednesday, a highly anticipated milestone that could have significant impacts on the tech market. The company is expected to report EPS of $0.65 and revenue of $28.7 billion, reflecting substantial year-over-year growth. As the leader in AI chip design, Nvidia's data center revenue is projected to reach $24 billion, yet this marks a slowdown compared to previous quarters. Analysts maintain an optimistic outlook despite potential delays in its next-generation chip rollout. Meanwhile, AMD's acquisition of ZT Systems indicates growing competition, although Nvidia is still seen as best positioned to capitalize on increasing infrastructure spending.
Source: YAHOO
Reported about 2 months ago
MercadoLibre has filed a complaint with Argentine regulators against MODO, a digital wallet backed by local banks, accusing it of monopolistic practices that harm competition in the fintech sector. Tensions have escalated as Mercado Pago, MercadoLibre's fintech arm, has established a strong presence in mobile payments, leading to claims from both sides of abusive practices. The complaint seeks to ensure fair competition and better financial tools in Argentina.
Source: YAHOO
Reported about 2 months ago
Investors are hopeful that recent comments from Federal Reserve Chair Jerome Powell indicating potential interest rate cuts will provide much-needed relief to struggling regional banks. Following Powell's statement, an index tracking mid-size regional banks surged 5%, marking its largest gain of the year. These cuts could improve banks' net interest margins by lowering the rates they pay depositors and reducing unrealized losses on their bond portfolios. However, analysts warn that deeper or quicker cuts could lead to negative impacts if they trigger an economic slowdown.
Source: YAHOO
Reported about 2 months ago
On August 26, 2024, the stock market saw flat trading at midday, with the S&P 500 down 0.2% and the Nasdaq Composite losing 0.8%. Notably, PDD Holdings, the parent company of Temu, fell nearly 30% after reporting second-quarter revenue that missed forecasts, while Planet Fitness saw a gain after receiving a favorable analyst upgrade. MIRA Pharmaceuticals surged by 15% due to promising results in neuropathic pain treatment, contrasting with declines in the semiconductor sector where major players like Nvidia experienced losses.
Source: YAHOO