Reported about 2 months ago
JD.com shares plummeted in pre-market trading after Walmart announced it would sell all its shares in the Chinese e-commerce giant, ending an eight-year collaboration. Analysts speculate that Walmart may reallocate this capital to enhance its own operations.
Source: YAHOO
Reported about 2 months ago
In Chicago, the influx of over 46,000 migrants since 2022 has sparked tensions within Black communities over budget strain, highlighting vulnerabilities for Democrats, particularly as Vice President Kamala Harris aims to secure support ahead of her presidential campaign. GOP critics underscore how migration impacts local resources, especially as Chicago grapples with high poverty and unemployment rates among its Black residents, raising concerns that the government prioritizes migrant needs over those of long-standing residents.
Source: YAHOO
Reported about 2 months ago
Target's shares rose significantly in pre-market trading after the retailer exceeded earnings expectations for Q2, coinciding with a price cut on over 5,000 items. In contrast, Macy's stock dipped following a downward revision of its annual sales forecast. Additionally, Walmart announced the discontinuation of its eight-year collaboration with JD.com, selling off its stake. The Democratic National Convention also featured noteworthy speeches from former President Barack Obama and Michelle Obama.
Source: YAHOO
Reported about 2 months ago
Morgan Stanley has downgraded its stance on Mexican stocks to 'underweight' due to concerns over proposed judicial and electoral reforms under outgoing President Andres Manuel Lopez Obrador. Analysts warn that these changes could threaten judicial independence and create uncertainty for capital investments. The firm also adjusted its targets for China's equity markets, citing concerns over economic growth and external geopolitical factors.
Source: YAHOO
Reported about 2 months ago
BlackRock, the largest asset manager globally, has significantly decreased its support for environmental and social shareholder proposals during the latest annual general meeting season, backing only 4% of the 493 proposals, compared to 6.7% the previous year. The firm cited a lack of economic merit and redundancy in many proposals as reasons for their stance, while their overall support for shareholder resolutions rose slightly to 11%. Notably, BlackRock did not support any of the 88 proposals aimed at reversing sustainability measures.
Source: YAHOO
Reported about 2 months ago
Sephora, the beauty retailer owned by LVMH, is reducing its workforce in China as consumer spending on cosmetics declines. The company, previously employing about 4,000 people in the growing market, will cut less than 120 positions, or around 3% of its staff, to adapt to the challenging economic environment. With high unemployment and a downturn in the property sector affecting consumer confidence, Sephora aims to streamline its operations to ensure long-term growth in the region.
Source: YAHOO
Reported about 2 months ago
BlackRock has decreased its backing for environmental and social shareholder proposals for the third consecutive year, claiming that many lack merit and do not enhance long-term financial interests. In the past year, the firm supported only 4% of 493 such proposals, down from 7% the previous year. Despite this decline, BlackRock increased its support for corporate governance proposals, reflecting a shift in its investment focus. The firm noted that many proposals were overly prescriptive and unnecessary, indicating a broader trend of reduced support for ESG-related initiatives across the investment industry.
Source: YAHOO
Reported about 2 months ago
In a surprising turn, crypto stablecoin issuers like Tether are emerging as players in the US Treasury market, seeking safe assets to back their tokens. While this development is touted by crypto advocates as a means to enhance financial stability, many bond market experts remain skeptical, noting that stablecoins account for only about 1% of Treasury bill purchases. Despite ambitions of growing their influence, analysts underscore that Tether's activities are unlikely to significantly impact overall market dynamics, especially given the vast scale of US government debt.
Source: YAHOO
Reported about 2 months ago
Bain & Co. advises asset managers to invest in private markets to adapt to declining profit margins in public investments, predicting that private market assets could reach $65 trillion by 2032. Many firms transitioning to private asset classes face intense competition and need to revamp strategies, improve risk management, and target affluent clients to capitalize on this growing opportunity.
Source: YAHOO
Reported about 2 months ago
Oil prices rebounded by over 1% to exceed $74 a barrel, following a significant reduction in US crude stockpiles, which fell by 4.65 million barrels last week, marking the lowest levels since January. This rise comes despite concerns over demand in the US and China and ongoing geopolitical tensions in the Middle East, with traders closely monitoring economic indicators that may influence Federal Reserve policies.
Source: YAHOO
Reported about 2 months ago
U.S. bond yields dropped following major downward revisions in payroll data, strengthening expectations for Federal Reserve rate cuts in September. The labor market's cooling signals prompt traders to anticipate a quarter-point interest rate cut next month. Equities showed volatility, but fundamentals remain strong, supporting a favorable environment for stocks despite potential rate adjustments. Key upcoming events include insights from the Fed's recent meeting and speeches at Jackson Hole.
Source: YAHOO
Reported about 2 months ago
Ford Motor Company is restructuring its electric vehicle plans, delaying the launch of its next-generation pickup truck and scrapping its three-row SUV due to slower EV demand. The company anticipates a non-cash charge of around $400 million and potential additional costs up to $1.5 billion from these changes. Despite the setbacks, Ford plans to introduce a mid-size electric pickup by 2027 and an electric commercial van starting in 2026, while shifting focus towards hybrid vehicles for the three-row SUV segment.
Source: YAHOO
Reported about 2 months ago
TJX Cos, the parent company of TJ Maxx, has raised its annual profit forecast after reporting better-than-expected quarterly results. The company saw a 5% increase in shares as strong demand for affordable merchandise contributed to a quarterly profit of 96 cents per share, surpassing analysts' estimates. Boosted by easing freight costs and appealing new product assortments, TJX expects its annual earnings per share to be between $4.09 and $4.13, up from a previous forecast.
Source: YAHOO
Reported about 2 months ago
Macy's has announced a 3.8% decline in quarterly sales, missing forecasts as it moves forward with its new turnaround strategy, opting to reject a $6.9 billion buyout offer. The company's net sales reached $4.9 billion while its same-store sales fell 4%. Despite adjusted earnings exceeding expectations, the outlook for the remainder of 2024 has been lowered, reflecting ongoing consumer pressure amidst rising costs.
Source: YAHOO
Reported about 2 months ago
Macy's has reported a disappointing 3.8% drop in Q2 net sales to $4.9 billion, missing estimates, while same-store sales fell 4%. The company recently rejected a $6.9 billion buyout offer, choosing instead to focus on its turnaround strategy, 'A Bold New Chapter', which involves closing underperforming stores and enhancing digital sales. Despite a notable increase in adjusted earnings, Macy's lowered its revenue outlook for the rest of the year amidst ongoing economic pressures.
Source: YAHOO
Reported about 2 months ago
JT Group has announced its agreement to purchase Vector Group Ltd., a discount cigarette manufacturer, for approximately $2.4 billion. This acquisition aims to enhance JT's presence in the US tobacco market, increasing its market share from 2.3% to around 8% and allowing it to own two of the top ten cigarette brands in the US. The deal comes as JT seeks new growth opportunities after its plans in Russia were disrupted by geopolitical issues.
Source: YAHOO
Reported about 2 months ago
Ford Motor Co. is shifting its electric vehicle strategy to introduce lower-cost electric pickups and a commercial van, aiming for more profitability amidst competition and high costs. The company will delay its next-generation electric pickup truck's production to 2027, forgo fully electric three-row SUVs due to battery expenses, and reduce capital spending on EVs. With losses amounting to $2.46 billion in the first half of the year, Ford emphasizes the need for a competitive cost structure to adapt to evolving market dynamics.
Source: YAHOO
Reported about 2 months ago
As businesses continue to invest heavily in artificial intelligence, Nvidia stands poised for strong growth, driven by sustained demand for AI infrastructure. Despite economic uncertainties, major tech companies are prioritizing AI spending, ensuring a robust future for Nvidia and its peers. Analysts predict Nvidia's upcoming financial results will reflect this demand, potentially propelling its stock prices back to record levels.
Source: YAHOO
Reported about 2 months ago
Analog Devices has projected fourth-quarter revenue and profit that surpass Wall Street expectations, benefiting from a resurgence in demand for its consumer electronics chips. The company reported a 3% increase in revenue to $316.6 million in the third quarter, exceeding analyst predictions. With a forecast of $2.40 billion in revenue for Q4, plus or minus $100 million, and adjusted earnings per share of $1.63, the positive outlook reflects a recovering market for chip makers. However, ongoing economic and geopolitical uncertainties pose risks to this recovery.
Source: YAHOO
Reported about 2 months ago
Ford has abandoned its plans for a large electric SUV and will incur $1.9 billion in charges as it struggles with disappointing demand for electric vehicles. Initially delayed to 2027, the project has now been scrapped, alongside a delay for a new electric pickup truck to the same year, due to aggressive pricing pressures in the EV market.
Source: YAHOO
Reported about 2 months ago
Ford has revamped its electric vehicle offerings by introducing two new electric pickups and a van, all priced lower and boasting increased driving ranges, aiming to enhance affordability and accessibility in the EV market.
Source: YAHOO
Reported about 2 months ago
Ford Motor Co. is shifting its focus away from electric vehicles, canceling plans for a fully electric SUV and cutting back its EV spending to 30% of annual capital expenditures from 40%. This pivot, which may cost the company about $1.9 billion, includes postponing plans for a next-generation electric pickup and redefining battery sourcing strategies, aiming to better compete against cheaper Chinese rivals. CEO Jim Farley emphasizes the need for profitability, stating that no new EV projects will be approved unless they can turn a profit within a year.
Source: YAHOO
Reported about 2 months ago
According to a Reuters poll, global stocks are expected to recover modestly over the coming months, benefiting from anticipated interest rate cuts by major central banks. Following a significant decline in early August, the MSCI index has nearly regained its losses and remains up 14% for the year, as market fears of a recession have diminished. While single-digit gains are projected for most indices by year-end, analysts do not foresee an outright market correction in the next three months, bolstered by expectations of corporate earnings exceeding forecasts.
Source: YAHOO
Reported about 2 months ago
US mortgage applications for home purchases fell by 5.2% last week, reaching their lowest level since February. Despite a decrease in mortgage rates to 6.5%, high housing prices continue to hinder demand, leading to decreased affordability in the market. This downturn comes even as refinancing applications surged the previous week. The Mortgage Bankers Association warns that with the high home prices, affordability is at its lowest in decades.
Source: YAHOO
Reported about 2 months ago
Target reported a substantial earnings surprise, beating Wall Street forecasts by $0.39 per share, largely credited to aggressive price cuts on 5,000 essential products, leading to increased store traffic. CEO Brian Cornell noted that these reductions helped regain market share from competitors like Walmart. Despite cautious sales guidance for the upcoming holiday season, Target raised its full-year profit forecast, reflecting a positive consumer response.
Source: YAHOO