Reported 2 months ago
Paris is adorned with nearly 30 stunning street art pieces in celebration of the upcoming 2024 Olympics, showcased at metro stations, airports, and key locations throughout the city. Renowned artists from around the world, including local talents, have contributed vibrant works that reflect the energy and culture of the city. This initiative, backed by Visa, aims to bring art into public spaces, enhancing the city's appeal for visitors and celebrating the spirit of both sports and creativity.
Source: YAHOO
Reported 2 months ago
US stocks surged on Thursday following a significant drop in weekly initial jobless claims, easing fears of a recession. The S&P 500 rose nearly 1%, Nasdaq jumped over 1.4%, and Dow Jones gained about 0.4%. This positive jobless claim report showed 233,000 claims, lower than expectations, contributing to a rebound after recent market declines.
Source: YAHOO
Reported 2 months ago
Under Armour reported an unexpected profit in the first quarter, driven by improved margins from selling sports apparel at full price and a reduced inventory level. The company's shares rose by 18% as it raised its annual profit forecast. Despite challenges in its North American market, the retailer is focusing on higher-margin items and cutting promotions, which has led to a positive shift in profitability, according to analysts.
Source: YAHOO
Reported 2 months ago
Citi analysts are urging investors to capitalize on the current dip in semiconductor stocks, specifically highlighting Micron Technology as their top pick. Despite a recent decline in semiconductor stock performance due to macroeconomic challenges and disappointing earnings, Citi remains optimistic, projecting a significant recovery in DRAM prices and overall sales growth in 2024, driven by healthy demand in key markets.
Source: YAHOO
Reported 2 months ago
The UK's Competition and Markets Authority has launched an investigation into Amazon's partnership with AI startup Anthropic to assess potential competition concerns. This comes shortly after a similar probe into Alphabet's collaboration with the same company. Amazon has stated that it does not hold decision-making power at Anthropic, which is free to partner with other organizations.
Source: YAHOO
Reported 2 months ago
Martin Marietta has revised its full-year 2024 revenue and net earnings projections downwards following a charge related to its acquisition of Blue Water Industries' assets. The expected revenue is now between $6.5 billion and $6.94 billion, compared to the previous range of $6.9 billion to $7.3 billion. Similarly, net earnings forecast has been adjusted to between $2.03 billion and $2.17 billion, down from earlier estimates of $2.21 billion to $2.30 billion, influenced by adverse weather conditions and ongoing monetary policy restrictions impacting operations.
Source: YAHOO
Reported 2 months ago
Following a strong earnings season for the 'Magnificent 7,' investor confidence shifted when Warren Buffett sold $90 billion in Apple stock. In an interview with Brian Sozzi, Bill Blain of Wind Shift Capital revealed he now favors Facebook (META) for its dominant position in online advertising, suggesting it's a top pick among tech stocks.
Source: YAHOO
Reported 2 months ago
In light of recent market volatility, BlackRock's Steve Laipply emphasizes the critical role of high-quality fixed income assets for investors. He advises evaluating cash positions and potentially increasing allocations to fixed income to enhance portfolio resilience during turbulent times, as many are currently underweight in this area.
Source: YAHOO
Reported 2 months ago
While Nvidia currently dominates the AI investment landscape, experts believe that its reign may be challenged by three companies in the coming five years. Taiwan Semiconductor Manufacturing, Alphabet, and Amazon are highlighted as potential contenders that could exceed Nvidia's market value as they leverage innovations in AI-specific hardware and cloud computing services. With shifting demands in AI training methodologies, these companies may pave the way for a new leadership structure in the AI sector.
Source: YAHOO
Reported 2 months ago
Fund managers predict that the recent global market selloff, triggered by unwinding yen-funded trades after a Bank of Japan rate hike, is far from over and may impact credit markets and the U.S. dollar. Despite a decrease in market volatility, uncertainty remains regarding the extent of the remaining leveraged trades. Analysts estimate that investors may need to find over $1 trillion to settle yen carry-trade borrowings, with concerns about potential pressures on banks and the credit market continuing. The situation highlights the delicate balance in risk markets as analysts monitor related bond dynamics.
Source: YAHOO
Reported 2 months ago
Bumble Inc. faced a substantial drop in its shares, nearing a record decline, after the dating app slashed its annual revenue projections, indicating challenges in regaining growth post-brand overhaul. The company revised its 2024 revenue growth estimate from a previous forecast of up to 11% down to just 1%-2%, sparking investor concerns about its long-term strategy and effectiveness in attracting younger users with recent app changes. Bumble's latest earnings reports also fell short of analyst expectations, adding to the company's struggles in a competitive online dating market.
Source: YAHOO
Reported 2 months ago
Balyasny Asset Management is embarking on a significant hiring spree, committing over $200 million to attract senior money managers from rival hedge funds like Citadel and Millennium. This strategy, driven by Chief Investment Officer Dmitry Balyasny, aims to enhance the company's equities trading performance following a dip in competitiveness. Prominent recruits, including Peter Goodwin and Alberto Mann, are being offered substantial compensation packages exceeding $50 million, underscoring the competitive landscape for top trading talent amidst growing demand in the multistrategy hedge fund space.
Source: YAHOO
Reported 2 months ago
Warner Bros. Discovery shares plummet following a disclosure of almost $10 billion in losses, primarily due to a substantial write-down of $9.1 billion on its TV networks. This downturn occurs as investors seek security amidst ongoing market turbulence, prompted by recent disappointing job reports that have raised concerns about the Federal Reserve's interest rate decisions.
Source: YAHOO
Reported 2 months ago
Restaurant Brands International beat Wall Street revenue estimates for Q2, driven by strong demand at Tim Hortons, which recorded a 4.6% rise in same-store sales. The overall revenue increased by 17% to $2.08 billion. However, sales at Burger King dipped slightly, reflecting ongoing challenges as the company implements its turnaround strategy for the brand.
Source: YAHOO
Reported 2 months ago
Palantir Technologies announced its collaboration with Microsoft to deploy AI products, including its Artificial Intelligence Platform (AIP) and 'Gotham' software, on Microsoft Azure's cloud services targeted at U.S. government agencies, particularly the Department of Defense. This partnership allows Palantir to be the first to implement Microsoft's Azure OpenAI Service in classified settings, enhancing data analytics and AI capabilities within the defense sector. The availability of these services will require authorization from government entities.
Source: YAHOO
Reported 2 months ago
SKY Brasil's parent, Grupo Werthein, has announced the launch of a fintech named skx, aimed at supporting small businesses associated with the telecom firm. The company will invest 1 billion reais (approximately $178 million) over the next two years, initially offering payment services such as credit and debit cards, with plans to expand into credit and microcredit offerings. The fintech intends to tap into the existing 1,500 small businesses and later expand services to residential clients, leveraging customer data from SKY's extensive client base.
Source: YAHOO
Reported 2 months ago
In the wake of a significant market downturn, Reddit users are advocating for the purchase of seven stocks they believe are trading at discounted prices. Notable mentions include Amazon, Nvidia, Qualcomm, Alphabet, Broadcom, Taiwan Semiconductor, and AMD, each showing potential for recovery and growth despite recent losses. Analysts acknowledge that while market timing is challenging, investing in quality stocks during dips can yield positive long-term returns.
Source: YAHOO
Reported 2 months ago
In response to the rising costs of training large AI models, startups like Arcee.AI are pioneering smaller language models that tackle specific tasks with lesser data requirements. This shift reflects a growing recognition among investors and tech companies that smaller, focused AI solutions offer more efficient and affordable options for businesses, with notable successes seen in applications such as tax assistance and career coaching.
Source: YAHOO
Reported 2 months ago
In a recent Market Domination Overtime segment, Eric Freedman, chief investment officer at US Bank Asset Management Group, presented three main reasons why the S&P indices are expected to remain steady despite recent volatility. First, he believes consumer spending will persist even with a slowdown, especially with differing patterns between lower and higher-income consumers. Second, corporate capital expenditures, particularly in sectors like AI and data analytics, are likely to stay strong. Lastly, the market is currently in a holding pattern as it anticipates clarity from upcoming elections and economic reports.
Source: YAHOO
Reported 2 months ago
Flexport has appointed Trine Nielsen as the global head of ocean freight, succeeding in her previous role overseeing operations in Europe, the Middle East, and Africa. With nearly 20 years of experience in logistics, Nielsen aims to enhance partnerships with ocean carriers and foster technological innovations that support small and medium-sized companies in the shipping industry. Her customer-first mentality is expected to play a crucial role in Flexport’s growth and disruption in the global ocean freight market.
Source: YAHOO
Reported 2 months ago
EPAM Systems has surpassed quarterly profit and revenue expectations, driven by robust demand for its IT services as businesses increasingly adopt digital solutions and AI applications. The company reported second-quarter revenues of $1.15 billion, higher than the forecast of $1.14 billion, and an adjusted profit of $2.45 per share, beating analysts' estimates. Despite a slight reduction in its annual revenue outlook, EPAM's positive results reflect a recovering demand for IT services and growing global IT spending, projected to rise by 8% in 2024.
Source: YAHOO
Reported 2 months ago
Jamie Dimon, CEO of JPMorgan Chase, expresses skepticism about the importance of Federal Reserve rate changes to average Americans. Instead of obsessing over Fed updates, he advises focusing on broader economic issues such as geopolitical tensions and government deficits. This sentiment is echoed by recent studies showing that most consumers are not heavily influenced by monetary policy. Dimon believes that understanding these larger issues is key to navigating future economic challenges.
Source: YAHOO
Reported 2 months ago
Austrian authorities arrested a 19-year-old man who allegedly planned to attack concertgoers at a Taylor Swift show in Vienna using homemade explosives and knives. He was reportedly in contact with two minors, including one working at the venue. Following the discovery of chemical substances and extremist materials in his home, all three concerts scheduled in Vienna were canceled due to safety concerns.
Source: YAHOO
Reported 2 months ago
In July, electric vehicles (EVs) and plug-in hybrids accounted for over half of all car sales in China, reflecting a significant advancement in the country's adoption of new energy vehicles (NEVs). Data shows NEVs made up 50.7% of car sales, a notable increase from just 7% three years ago. This growth contrasts sharply with the U.S. market, where electric and hybrid vehicles represented only 18% of sales in early 2024. Despite the strong performance of NEVs, overall vehicle sales in China fell 3.1%, prompting state support measures to stimulate consumer confidence amid economic challenges.
Source: YAHOO
Reported 2 months ago
Treasury yields increased following positive data on initial jobless claims, which suggests a more stable labor market and reduced expectations for aggressive interest rate cuts. Despite some disappointing auction results for 10-year and 30-year bonds, traders adjusted their outlook, pricing in a smaller reduction in rates for September. As a result, the 10-year yield climbed to 4.02% and the 30-year yield reached 4.31%. Market sentiment remains cautious, amid ongoing concerns about potential recession.
Source: YAHOO