Reported 2 months ago
A federal judge has determined that Google (Alphabet) illegally upheld its monopoly over internet searches by making payments to browsers to secure its status as the default search engine. Judge Amit Mehta emphasized that while Google may have initially earned its monopoly legitimately, it engaged in anti-competitive practices to maintain it. Google intends to appeal the ruling.
Source: YAHOO
Reported 2 months ago
As major indexes struggle amidst a global sell-off, Mark Newton from Fundstrat Global Advisors discusses the challenges investors face in this unprecedented era of volatility affecting technology stocks, interest rates, and cryptocurrencies. He anticipates a potential bottoming out of the market soon and views the current sell-off as a possible buying opportunity, despite the prevailing investor fear.
Source: YAHOO
Reported 2 months ago
Nvidia shares plummeted over 6% as the so-called 'Magnificent Seven' stocks collectively lost more than $650 billion in market capitalization. This marks a significant valuation decline, totaling nearly $1.3 trillion over the past three trading sessions. The drop was attributed to various pressures, including a recent antitrust ruling against Google and diminished expectations for Nvidia's upcoming AI chips, which could affect their key clients. The broader market sell-off continues to impact chip stocks significantly.
Source: YAHOO
Reported 2 months ago
Palantir Technologies has increased its annual revenue and profit forecasts for the second time this year, attributing the boost to the growing demand for generative AI services. Following these announcements, the company's shares rose over 12% during extended trading, showcasing a strong year-to-date performance. The firm anticipates annual revenue between $2.74 billion and $2.75 billion, surpassing previous estimates, while third-quarter sales are also projected to exceed expectations.
Source: YAHOO
Reported 2 months ago
The family of Henrietta Lacks has filed a federal lawsuit against Novartis and Viatris, accusing them of profiting from the unauthorized use of her HeLa cells for drug development, including treatments for herpes and cancer. The lawsuit claims that these companies exploited Lacks' cells, taken without consent in the 1950s, and seeks to block further use of the cells without family permission.
Source: YAHOO
Reported 2 months ago
Source: WSJ
Reported 2 months ago
The stock market faced a significant sell-off, with the Dow Jones dropping over 1,100 points, the Nasdaq sinking more than 3.4%, and the S&P 500 experiencing its worst start to a month since 2002. Concerns over the U.S. economy intensified following a disappointing jobs report, and expectations grew for the Federal Reserve to cut interest rates. Major companies like Apple and Nvidia saw drastic declines, and the global market also reacted sharply, with regions like Asia experiencing similar losses.
Source: YAHOO
Reported 2 months ago
Recent drops in US bond yields hint at potentially decreasing mortgage rates, providing an opportunity for homebuyers and those looking to refinance. Following a drop to around 6.70% for a 30-year fixed mortgage, interest in refinancing has surged, but analysts warn many may still need lower rates to make refinancing worthwhile. This comes as the Federal Reserve is expected to cut interest rates soon, which could further influence the housing market.
Source: YAHOO
Reported 2 months ago
Morgan Stanley has disclosed that it is cooperating with the U.S. Securities and Exchange Commission regarding requests focused on advisory account cash balances that were moved to affiliate bank deposit programs. The firm has been in discussions with the SEC since April about compliance with the Investment Advisers Act of 1940. Additionally, Morgan Stanley reported a conditional settlement concerning a lawsuit related to the 2014 IPO of OW Bunker, which filed for bankruptcy shortly after. The resolution is pending approval from a Danish court.
Source: YAHOO
Reported 2 months ago
Wall Street is experiencing a significant sell-off, with the Dow Jones dropping over 1,200 points in a single day, primarily due to a correction in tech stocks and concerns over a slowdown in hiring. While the economy is currently showing positive growth, analysts fear that continued market declines could undermine consumer confidence and spending. The Federal Reserve has been hesitant to cut interest rates despite these market movements, complicating the outlook for both investors and the broader economy.
Source: YAHOO
Reported 2 months ago
Palantir Technologies saw a significant 27% increase in year-over-year revenue for Q2, achieving $678.1 million against an expectation of $652.8 million. Following this earnings success, the company's stock jumped in after-hours trading, alongside an increase in their 2024 revenue forecast.
Source: YAHOO
Reported 2 months ago
Lucid Motors (LCID) shares rose significantly in after-hours trading after the company posted better-than-expected revenue for the second quarter and announced a $1.5 billion investment from Saudi Arabia's Public Investment Fund.
Source: YAHOO
Reported 2 months ago
Global markets are experiencing significant volatility as concerns about a potential US economic recession emerge, leading to a substantial decline in stock prices, particularly for the S&P 500 and the tech-heavy Nasdaq 100. Despite some experts asserting that a crisis is not imminent, the rapid decline in stock values is causing fear among investors, resulting in increased risk aversion and triggering caution regarding future market movements.
Source: YAHOO
Reported 2 months ago
The Federal Reserve released new guidance aimed at larger U.S. banks, primarily those with assets exceeding $250 billion, on how to create 'living wills' that outline safe dissolution processes. This guidance aligns with previously approved frameworks by the Federal Deposit Insurance Corporation.
Source: YAHOO
Reported 2 months ago
Lucid Group Inc. has secured up to $1.5 billion from Saudi Arabia's Public Investment Fund affiliate, bolstering its finances as it prepares to launch its first electric SUV, the Lucid Gravity. This funding, which includes $750 million in convertible preferred stock and a $750 million unsecured loan, comes after a challenging year for Lucid, as it faced production challenges and workforce cuts. Despite a reported revenue of $200.6 million for the second quarter, the company posted higher-than-expected losses. The new capital is earmarked for general corporate purposes and is expected to sustain operations through next year.
Source: YAHOO
Reported 2 months ago
Analysts reassure that Nvidia's AI chip demand will likely remain stable despite potential delays in the release of the new Blackwell chips due to design flaws. They believe that any revenue impact will be limited, as older Grace Hopper chips can fill the gap. Demand continues to surge from major companies, indicating a strong market for Nvidia, which holds over 80% of the AI chip sector.
Source: YAHOO
Reported 2 months ago
Emerging-market stocks experienced a significant drop, marking their worst performance since February 2022, with an MSCI gauge declining by 4.2%. This downturn was driven by rising fears of a recession in the US, leading to heightened volatility in global markets, particularly affecting Asian technology shares. Despite some recovery in Latin American stocks during the session, the overall sentiment remains cautious and volatile, according to market analysts.
Source: YAHOO
Reported 2 months ago
Despite a drop in oil prices, ExxonMobil reported second quarter earnings that exceeded Wall Street expectations. CFO Kathryn Mikells highlighted the company's enhanced earnings power and long-term resilience, driven by strategic investments and operational efficiencies. With projected energy demand increasing significantly by 2024, the company anticipates growth in its refining sector, underscoring the importance of reliable energy for economic development.
Source: YAHOO
Reported 2 months ago
The S&P 500 Index dropped 3% on Monday, marking its largest one-day decline since September 2022, fueled by rising concerns about the US economy and significant sell-offs in the tech sector. Major tech stocks, including Nvidia and Apple, experienced steep losses, with the broader market reacting to deteriorating economic indicators and Federal Reserve anxieties. The volatility is expected to continue amid fears of a deeper economic downturn.
Source: YAHOO
Reported 2 months ago
On August 5, 2024, major US stock indexes experienced significant losses, continuing a global trend as fears of an economic slowdown intensified. The S&P 500 fell by 3%, while the Dow Jones dropped more than 1,000 points, marking the steepest decline in nearly two years. The Nasdaq composite also saw a 3.4% decrease. This downturn follows disappointing economic reports, including a weaker jobs report, adversely impacting big tech stocks that previously led the market's gains earlier in the year.
Source: YAHOO
Reported 2 months ago
Spirit AeroSystems' quarterly losses have more than doubled to $415 million, primarily due to a significant reduction in 737 fuselage deliveries to Boeing and ongoing issues with the Airbus A220 program. This decline stems from delivery delays and increased costs, leading to a cash burn of $597 million, which surpassed analyst expectations. As Spirit takes steps to improve liquidity, pressure remains on its financial stability and performance in future quarters.
Source: YAHOO
Reported 2 months ago
Palantir Technologies saw its stock price rise after the company raised its annual outlook due to strong demand for its artificial intelligence software. CEO Alex Karp described the earnings report as historic, increasing revenue guidance to $2.74-$2.75 billion and adjusted operating income to $966-$974 million for 2024. The company highlighted its crucial role in military applications and reported a significant rise in both government and commercial sales.
Source: YAHOO
Reported 2 months ago
On Monday, U.S. interest rate swap spreads over Treasuries tightened or turned negative as investors hedged for lower interest rates amid a sharp sell-off in stocks. Analysts noted a correlation between declining equities and the movement of swap spreads, indicating concern about recession risks prompted by disappointing economic data. The spread for 10-year swaps fell to -45.75 basis points, reflecting increasing hedging activity in the swaps market.
Source: YAHOO
Reported 2 months ago
Traders who made aggressive bets on significant interest rate cuts by the Federal Reserve in July are now positioned to reap substantial profits as markets adjust their expectations. Following disappointing economic data, market sentiments have drastically shifted, now forecasting a half-point rate cut for the upcoming September meeting, compared to earlier expectations of a quarter-point reduction. Traders who anticipated this change have seen their investments surge, with one notable bet potentially yielding around $85 million in profit.
Source: YAHOO
Reported 2 months ago
Lumen Technologies has secured $5 billion in contracts from cloud and tech firms for its networking and cybersecurity services, driven by the rapid adoption of AI technologies. Notably, Microsoft has chosen Lumen's network equipment to support its AI workloads. Lumen is also in talks for an additional $7 billion in potential sales as companies seek high-capacity fiber resources. Lumen's CEO highlighted the company's AI-ready infrastructure as pivotal in this expanding market.
Source: YAHOO