Reported 2 months ago
Cisco Systems Inc. is set to cut thousands of jobs in its second round of layoffs this year, following an earlier cut of approximately 4,000 jobs in February. This shift comes as the networking equipment maker seeks to pivot towards faster-growing sectors like cybersecurity and artificial intelligence amidst declining traditional tech spending. The company aims to transform into a provider of networking services and software as it adapts to changing market demands. Recent concerns regarding the economy and slower than expected benefits from AI investments have further prompted these layoffs.
Source: YAHOO
Reported 2 months ago
In light of the recent market decline, retail investors seized the opportunity to purchase stocks, primarily turning to technology giants Apple (AAPL) and Microsoft (MSFT), along with Coca-Cola (KO). IG Group North America CEO JJ Kinahan notes that these have consistently been popular choices among retail traders during market downturns.
Source: YAHOO
Reported 2 months ago
Bank of America strategist Michael Hartnett has indicated that a drop in the S&P 500 below its 200-day moving average could signal a hard landing for the economy, potentially leading to a 10% correction. Key sectors like semiconductors and Big Tech must maintain their support levels to prevent further declines. Hartnett emphasizes the importance of technical levels for a soft landing and warns that several indicators indicate a tougher economic outlook.
Source: YAHOO
Reported 2 months ago
Nikola Corp (NASDAQ:NKLA) saw a significant share price increase following its Q2 2024 results, reporting $31.3 million in sales, up from $15.4 million the previous year. The company doubled its truck deliveries to 73 units, surpassing analyst expectations and maintaining a strong market share in California's HVIP voucher program. Despite a net cash loss and high operating costs, the stock surged 14.70%, reflecting investor optimism.
Source: YAHOO
Reported 2 months ago
Shares of e.l.f. beauty and Canopy Growth are declining due to disappointing revenue forecasts and larger-than-expected losses, respectively, while Nikola Motor's stock rises after exceeding revenue expectations for the second quarter, marking a record high in company history.
Source: YAHOO
Reported 2 months ago
Bonuses are set to rise again for Wall Street bankers as a resurgence in dealmaking in 2024 leads to increased profits for major financial institutions. Debt underwriters can expect incentives to jump by 25% to 35%, while those involved in equity underwriting may see bonuses increase by 20% to 30%. After two years of declining bonuses, investment banking is experiencing a recovery with major banks reporting higher revenues. However, sectors like mergers and acquisitions may not enjoy the same boosts due to regulatory challenges and economic uncertainties.
Source: YAHOO
Reported 2 months ago
After a turbulent week, US equity markets are recovering, but bond strategist Ed Al-Hussainy warns that the potential for a recession is increasing if the Federal Reserve does not take preventive measures. He cautions that the labor market is showing signs of distress that may not yet be reflected in current market pricing. Al-Hussainy suggests that the Fed may need to act more decisively to alleviate pressures on the economy.
Source: YAHOO
Reported 2 months ago
Democratic Senators Elizabeth Warren and Chris Van Hollen have criticized JPMorgan Chase's plan to potentially increase checking account fees on 80 million customers to offset lost overdraft revenue. In a letter to CEO Jamie Dimon, they argue that the bank, which reported record profits and collected $1.1 billion in overdraft fees in 2023, should instead cut executive pay and stock buybacks. They are demanding transparency on any new fees and emphasizing the need to protect low- and middle-income consumers.
Source: YAHOO
Reported 2 months ago
Source: INVESTORS
Reported 2 months ago
Warren Buffett's significant sale of Apple shares is poised to fully reveal the company's influence in major stock indexes. Previously, Apple's true market value was underrepresented due to Buffett's long-term holding strategy with Berkshire Hathaway. This sale may result in passive funds needing to purchase up to $40 billion in Apple stock during their next rebalancing, significantly impacting the tech giant's presence in various benchmarks.
Source: YAHOO
Reported 2 months ago
In a recent Yahoo Finance interview, Ed Yardeni, President of Yardeni Research, indicated that the stock market is likely to experience continued volatility until the November elections. He expects the market to hover below its recent highs through September and October, with a potential rally towards the end of the year.
Source: YAHOO
Reported 2 months ago
Paramount Global reported mixed second-quarter earnings, with adjusted earnings surpassing expectations, but revenue falling short. Notably, the company's direct-to-consumer segment posted its first profit, although it plans to cut 15% of its U.S. workforce. Citi's Jason Bazinet emphasized the importance of understanding consumer spending on streaming apps as a vital indicator for the company's future in a landscape marked by cable television downturns.
Source: YAHOO
Reported 2 months ago
Expedia Group shares jumped following a strong second quarter report with earnings per share of $3.51, surpassing expectations of $3.12. However, CEO Ariane Gorin cautioned about a tougher macro environment and decreased travel demand observed in July, prompting the company to adjust its forecasts for the remainder of the year.
Source: YAHOO
Reported 2 months ago
Despite challenges in the market, Meta (META) is currently highlighted as the standout performer among the 'Magnificent Seven' stocks, according to Wind Shift Capital founder Bill Blain. With impressive second-quarter earnings that exceeded expectations, Meta's advertising dominance, particularly in internet ads, positions it favorably compared to other major stocks like Apple, Tesla, and Alphabet, which face various pressures. While Meta's shares have shown resilience with a 7.5% increase since its earnings report, the rest of the Magnificent Seven have experienced declines.
Source: YAHOO
Reported 2 months ago
Taiwan Semiconductor Manufacturing Company (TSMC) reported a 45% increase in sales year-over-year for July, attributed to the rising demand for AI chips. This surge in sales is significant as TSMC is a key supplier for Nvidia, which is also experiencing positive movements in its stock. The report highlights the ongoing growth within the chip sector fueled by advancements in artificial intelligence.
Source: YAHOO
Reported 2 months ago
During the May 2024 Berkshire Hathaway annual meeting, Warren Buffett shared his insights on the insurance industry, describing it as enticing due to its upfront cash flow from premiums. He humorously noted the industry's seeming simplicity, advising that accurate risk assessment is the real challenge. Buffett also discussed how advancements like autonomous vehicles could potentially lower insurance premiums by reducing accidents, but cautioned that repair costs might offset these savings.
Source: YAHOO
Reported 2 months ago
On a recent episode of CNBC's 'Mad Money', Jim Cramer praised Oneok (NYSE: OKE) as a solid investment after its strong quarterly earnings report, while recommending investors stay away from Dexcom (NASDAQ: DXCM) due to disappointing results and unclear explanations for its performance. He also expressed confidence in KeyCorp and CRISPR Therapeutics as promising investment options.
Source: YAHOO
Reported 2 months ago
Former President Donald Trump expressed at a press conference that presidents should have a say in the Federal Reserve's interest rate decisions, sparking discussions on the implications of such influence in monetary policy.
Source: YAHOO
Reported 2 months ago
Amid recent turbulence in the US equities market, Wells Fargo Investment Institute President Darrell Cronk highlights the current volatility as a potential buying opportunity. With small caps becoming more attractive and high yield spreads widening, he emphasizes the importance of adjusting investment strategies to take advantage of fair risk-reward trades.
Source: YAHOO
Reported 2 months ago
On August 9, 2024, stocks opened lower after a tumultuous week on Wall Street. The major indexes saw significant drops earlier in the week but managed to recover some losses. The VIX, known as Wall Street's 'fear gauge', fell below 25, indicating a decrease in market volatility.
Source: YAHOO
Reported 2 months ago
Warren Buffett has recently purchased an additional $345 million in shares of Berkshire Hathaway, bringing his total stock buyback investment to nearly $78 billion over the past six years. This aggressive buyback strategy was made possible by a policy change in 2018 that allowed for buybacks without restrictions, significantly benefiting long-term shareholders by increasing their ownership stakes and potentially enhancing earnings per share.
Source: YAHOO
Reported 2 months ago
Palantir Technologies, currently valued at $60 billion, is swiftly making a name for itself as a leading player in the AI sector, a market fueled by generative AI's rapid adoption. With over 1,025 organizations completing its AI training boot camps since mid-2023, Palantir has secured more than $1 billion in new contracts recently. The company's revenue growth—27% year-over-year in the latest quarter—positions it to potentially reach a $1 trillion market cap as generative AI continues to expand, with projections hinting at possible earnings growth that could accelerate its journey into this elite financial tier.
Source: YAHOO
Reported 2 months ago
Bitcoin has seen a volatile week, initially dropping amidst market sell-offs, but has bounced back to trade above $60,000 as of Friday morning. Yahoo Finance's Jared Blikre provides insights into the cryptocurrency's market movements.
Source: YAHOO
Reported 2 months ago
U.S. stocks fluctuated on Friday as Wall Street aimed to wrap up a turbulent week. The S&P 500 fell 0.1%, the Nasdaq dropped 0.2%, and the Dow Jones edged down by 0.2%. Despite a sharp decline earlier in the week, a rebound in the labor market encouraged buying, leading to a modest rally. The major indices are closing the week close to their starting points amidst mixed market sentiment.
Source: YAHOO
Reported 2 months ago
On August 9, Wall Street is witnessing significant activity as tech stocks face pressure amid a wider market sell-off. Bitcoin has rebounded to over $60,000 after a turbulent week. Meanwhile, Federal Reserve Chair Jerome Powell is under fire, with critics, including former President Donald Trump, suggesting that the Fed missed an opportunity to cut rates amidst concerns of an economic slowdown.
Source: YAHOO