Reported about 1 month ago
Frontier Communications has encouraged its shareholders to approve Verizon's $20 billion takeover proposal, emphasizing that after evaluating potential buyers, Verizon's bid presents the best value. The deal, offered at $38.50 per share, faces some skepticism from investors who believe it's insufficient. Despite this, Verizon's CEO asserts the offer is final and beneficial for all parties involved. If the merger collapses, both companies face significant termination fees.
Source: YAHOO
Reported about 1 month ago
New York Community Bancorp (NYCB) has reported a disappointing third quarter with higher loan loss provisions and a $280 million loss, delaying its profitability goal to 2026. The bank, heavily invested in office buildings and rent-regulated apartments in New York, has been cutting costs and laying off employees as it navigates ongoing commercial real estate issues, similar to challenges faced by other banks like Wells Fargo. With significant exposure to affected properties, NYCB's forecast reflects heightened expenses ahead, prompting a name change to Flagstar Financial Inc. and a continued focus on restructuring.
Source: YAHOO
Reported about 1 month ago
Global financial leaders meeting in Washington are primarily focused on economic issues like debt and inflation but find themselves preoccupied with the upcoming US presidential election, particularly the potential return of Donald Trump. Discussions at the International Monetary Fund and World Bank meetings reveal high uncertainty surrounding trade policies and economic direction depending on the election outcome, with sentiments ranging from cautious optimism to apprehension about Trump's potential tariffs and global trade disruptions.
Source: YAHOO
Reported about 1 month ago
China Evergrande New Energy Vehicle has announced the termination of discussions regarding a potential stake sale, as its sellers have opted to cease negotiations. Despite earlier talks of divesting a 29% share, liquidators indicated that there is no guarantee a sale will occur. The company's financial struggles are evident, as it reported a net loss of 20.3 billion yuan in the first half of the year, and it is seeking to resume trading on the stock exchange soon.
Source: YAHOO
Reported about 1 month ago
The Heritage Foundation has introduced 'Project 2025,' a policy framework that may guide the next president's housing initiatives. This article examines the potential outcomes of this plan and its implications for housing policy.
Source: YAHOO
Reported about 1 month ago
BHP Group and Vale SA have finalized a historic 170 billion-real ($29.8 billion) settlement with Brazil concerning the 2015 Mariana dam disaster, which led to 19 fatalities and extensive environmental damage. The agreement, which was signed in Brasilia and includes compensation to various Brazilian authorities and communities, aims to resolve ongoing legal disputes and represents a significant win for President Lula's administration. Although the companies have reached this settlement, BHP still faces a class-action lawsuit in the UK related to the same tragedy, involving up to 620,000 claimants.
Source: YAHOO
Reported about 1 month ago
In light of a moderating sell-off in the bond market, Wells Fargo's global market strategist Gary Schlossberg suggests investors should focus on cyclically sensitive sectors, such as financial and energy services, while steering clear of defensive sectors. He highlights opportunities in small-cap stocks as the market may shift towards recovery, supported by strong third-quarter earnings.
Source: YAHOO
Reported about 1 month ago
In the latest market update, shares of Colgate-Palmolive are down despite surpassing earnings expectations due to concerns over North American sales. In contrast, Centene's stock is gaining after reporting better-than-expected third-quarter profits, benefiting from increased Medicaid rates and higher membership in health plans. Meanwhile, Microsoft's stock is also up as CEO Satya Nadella received a substantial pay rise, underscoring his commitment to addressing the company's cybersecurity challenges.
Source: YAHOO
Reported about 1 month ago
Blackstone Inc. is reportedly pivoting from private credit funds to banks for financing its proposed buyout of AirTrunk, seeking a comprehensive A$5.5 billion package from major banks like Citigroup, DBS, and Deutsche Bank. The shift emphasizes banks' competitive edge offering lower interest rates compared to private credit funds. This comes as Blackstone plans to roll over A$7 billion in existing loans for AirTrunk, further indicating the banks' dominance in the region's financing landscape.
Source: YAHOO
Reported about 1 month ago
Waymo, Alphabet Inc.'s self-driving unit, achieved a milestone by raising $5.6 billion in its largest funding round to date, led by Alphabet with participation from notable firms like Andreessen Horowitz and Fidelity Investments. This investment will accelerate Waymo's development of autonomous driving technology as it expands its robotaxi services across major cities, including upcoming partnerships with Uber. The funding positions Waymo favorably among competitors in the rapidly growing autonomous vehicle market.
Source: YAHOO
Reported about 1 month ago
In October, US consumer sentiment reached a six-month high as households expressed optimism about purchasing conditions, aided by lower financing costs. The sentiment index rose from 70.1 to 70.5, with expectations for annual price increases remaining steady at 2.7%. More than half of consumers anticipate interest-rate relief in the coming year, contributing to positive views on spending and the labor market. While lower-income consumers expect less growth in income, overall sentiment is buoyed by political dynamics ahead of the presidential election.
Source: YAHOO
Reported about 1 month ago
As the competition in AI technology intensifies, hyperscale companies like Alphabet, Microsoft, Amazon, and Meta are facing a surge in energy demands for their data centers. A chart from Apollo Global Management's chief economist reveals the significant energy requirements needed for these tech giants to operate effectively.
Source: YAHOO
Reported about 1 month ago
Auto dealer groups in the U.S. plan to challenge Scout Motors' decision to sell directly to consumers, bypassing traditional independent dealers. The National Automobile Dealers Association expressed disappointment in this move by Volkswagen, stating they will contest direct sales in court. Scout aims to align itself with other electric vehicle manufacturers, offering transparency and a speedy transaction process, while also planning to produce up to 200,000 EVs annually starting in 2027.
Source: YAHOO
Reported about 1 month ago
Apple has made a significant comeback in the Chinese smartphone market, climbing to the number two position, according to recent data from IDC Research. This resurgence comes amid a downgrade of Apple’s stock by KeyBanc due to concerns over unrealistic growth expectations.
Source: YAHOO
Reported about 1 month ago
U.S. stocks are experiencing a volatile rally ahead of significant market events, including earnings reports from major tech companies and the upcoming jobs data, as well as the presidential election. While the S&P 500 has risen about 22% this year, its elevated valuations raise concerns over potential downturns if expectations are not met. Investors are particularly focused on the performance of the 'Magnificent Seven' tech giants and their investments in artificial intelligence, as well as the implications of the jobs report on Federal Reserve interest rate policies. The market is expected to remain jittery leading up to the election on November 5 and the Fed's decision on monetary policy shortly thereafter.
Source: YAHOO
Reported about 1 month ago
Energy executives claim that the rising electricity demand from data centers, driven by artificial intelligence, could ultimately benefit the climate by prompting significant investments in clean energy technologies and restructuring the energy grid. While some environmentalists are skeptical and warn of setbacks to decarbonization, proponents believe that demand growth will catalyze a transition away from fossil fuels by facilitating new clean energy initiatives and infrastructure upgrades.
Source: YAHOO
Reported about 1 month ago
Bundesbank President Joachim Nagel indicated that the European Central Bank (ECB) may reach its 2% inflation target earlier than expected, potentially in the first or second quarter of 2025, rather than the previously forecasted final quarter. This optimism follows three interest rate cuts since June, although Nagel cautioned against hasty predictions for future monetary policies as upcoming inflation data and economic forecasts will play a crucial role in shaping decisions.
Source: YAHOO
Reported about 1 month ago
Shares of Capri Holdings, the parent company of Michael Kors and Jimmy Choo, have dropped significantly following a US judge's decision to block its $8.5 billion merger with Tapestry, the owner of Coach. This ruling stems from a Federal Trade Commission antitrust case, highlighting ongoing competition within the luxury retail sector.
Source: YAHOO
Reported about 1 month ago
KeyBanc Capital Markets has downgraded Apple Inc. to a sell rating, citing unrealistic market expectations for significant growth across all its business sectors. Analyst Brandon Nispel expressed skepticism about the likelihood of a broad recovery, noting that Apple has historically only achieved growth across all categories a few times in the last two decades. With a new price target of $200 implying further downside, Nispel predicts the tech giant's stock may continue to underperform unless it significantly exceeds expectations.
Source: YAHOO
Reported about 1 month ago
Canada's retail sales saw a modest increase of 0.4% in August, primarily driven by a rise in vehicle sales; however, most sectors experienced declines, reflecting strains in consumer spending. Analysts had expected a growth of 0.5%, but sales excluding automobiles dropped by 0.7%. This data indicates ongoing challenges for consumer spending, prompting discussions about potential interest rate reductions as the economic outlook remains uncertain.
Source: YAHOO
Reported about 1 month ago
The Nasdaq Composite surged 0.76% at Friday's market open, leading US stocks into positive territory. Seana Smith and Jared Blikre discuss the market movements and consumer discretionary sector gains as investors await earnings reports from major tech companies.
Source: YAHOO
Reported about 1 month ago
A report about Intel's $28 billion investment to build two chip factories in Ohio has been withdrawn due to outdated information, with no replacement provided.
Source: YAHOO
Reported about 1 month ago
Elvira Nabiullina, the Governor of Russia's Central Bank, announced a significant rate hike to 21%, the highest since February 2003, emphasizing that the decision stems from ongoing inflation pressures and economic imbalances. She indicated the possibility of further increases depending on economic data, while also addressing business criticisms regarding high rates and the risks of excessive credit leading to volatility. Nabiullina noted that while inflation is high, there are no immediate recession risks, and the central bank aims to stabilize the economy.
Source: YAHOO
Reported about 1 month ago
Spirit Airlines is set to implement significant cost-cutting measures by laying off employees and selling 23 Airbus planes valued at over $500 million. This decision comes as the airline struggles following the termination of its merger with JetBlue earlier this year.
Source: YAHOO
Reported about 1 month ago
U.S. core capital goods orders rose more than expected in September, indicating a slight increase in business equipment spending, although momentum appears to be slowing down. Despite a potential marginal decline in capital expenditure during the third quarter, with the Federal Reserve expected to lower interest rates further, businesses may benefit from a less uncertain economic environment following the presidential election. Meanwhile, non-defense capital goods orders excluding aircraft rose by 0.5%, suggesting some resilience in investment, while shipment figures have shown mixed results.
Source: YAHOO