Reported 2 months ago
Amazon's stock fell over 8% following a disappointing quarterly forecast that missed expectations for both sales and operating income. Despite generating revenue of $148 billion and earnings per share of $1.26, both figures were below analysts' projections. The company's cloud division, Amazon Web Services, performed better than anticipated, generating $26.3 billion in revenue. Despite this, concerns over consumer spending and increased competition have left investors cautious.
Source: YAHOO
Reported 2 months ago
A recent jobs report for July suggested a cooling labor market, leading to market selloffs and concerns about a potential recession. However, Jason Draho of UBS Global Wealth Management believes that recession risks are low, stating that consumers are still in good shape, and job growth moderation hasn't led to significant increases in initial claims. He observes positive trends for the S&P 500 and tech sector, despite short-term volatility due to investor apprehensions about sluggish growth and the Federal Reserve's policies.
Source: YAHOO
Reported 2 months ago
On Wealth, host Brad Smith discusses July's employment report, revealing only 114,000 jobs added versus the expected 175,000, which led to significant market drops, including an 800-point fall in the Dow Jones. The data suggests a potential for earlier interest rate cuts by the Federal Reserve. Additionally, two-time Olympian Aly Raisman shares insights on financial management for athletes.
Source: YAHOO
Reported 2 months ago
On CNBC's 'Mad Money', Jim Cramer expressed a favorable view of Lowe's Companies, advising investors to buy the stock ahead of the Federal Reserve's anticipated rate cut cycle. He noted the company's dividend declaration and mentioned other stocks like Blackstone and Schlumberger, while suggesting alternatives to DexCom and Edwards Lifesciences. Cramer emphasized Lowe's as a strong option for investors.
Source: YAHOO
Reported 2 months ago
MercadoLibre (MELI) stock experienced an uptick after the company reported second quarter earnings that exceeded expectations, with revenue of $5.07 billion surpassing the estimated $4.67 billion, and adjusted earnings per share of $10.48 beating the forecast of $8.31. The results indicate robust market performance.
Source: YAHOO
Reported 2 months ago
Shares of Shopify (SHOP) and Palantir Technologies (PLTR) are down following a drop in the Nasdaq, spurred by disappointing job growth data for July. Both companies are expected to announce their quarterly earnings next week.
Source: YAHOO
Reported 2 months ago
As the job market shows signs of weakness and inflation retreats to the Federal Reserve's target, a rate cut at the upcoming September meeting seems likely. The unemployment rate has risen to 4.3%, raising recession concerns among economists who forecast potential cuts at all remaining meetings this year. The likelihood of a half-point cut is increasing, although uncertainty remains about the motive being economic recovery or recession risks.
Source: YAHOO
Reported 2 months ago
Melius Research has downgraded Intel to Hold, suggesting that the company's ongoing issues may be beneficial for competitor AMD. Despite hopes for a recovery in Intel's second quarter, results fell short of expectations, leading to speculation about the impact on both tech giants.
Source: YAHOO
Reported 2 months ago
Dun & Bradstreet, a data provider based in Florida with a market value exceeding $9 billion, is exploring sale options with investment bankers from Bank of America amid rising interest from potential buyers, including private equity firms. This comes as its stock surged significantly following the announcement, although the company's substantial debt—a total of approximately $3.7 billion—has limited its investment capabilities and affected profitability.
Source: YAHOO
Reported 2 months ago
JPMorgan and Citigroup have forecast significant interest rate cuts from the Federal Reserve due to recent labor market data indicating a cooling economy. Following an uptick in the unemployment rate in July to its highest in nearly three years, economists expect a series of rate reductions, suggesting cuts of half a point in September and November, with further cuts following into 2025. This shift in outlook comes as Fed Chair Jerome Powell signaled readiness to respond to economic weaknesses, prompting increased market speculation on imminent rate adjustments.
Source: YAHOO
Reported 2 months ago
Shares of Nvidia (NASDAQ: NVDA) continue to decline, dropping 4% as weak economic data raises recession fears. The unemployment rate climbed to 4.3% in July, prompting concerns about valuations in AI stocks, including Nvidia, despite its pivotal role in the AI boom. While the company's growth remains strong, investors suspect a potential downturn may impact tech stocks significantly.
Source: YAHOO
Reported 2 months ago
Source: INVESTORS
Reported 2 months ago
In the ongoing U.S. court auction for Citgo Petroleum, activist investor Carl Icahn's backed oil refiner is competing against a group of creditors seeking $21.3 billion in potentials claims from Venezuela. While the Icahn-controlled CVR Energy has made an $8 billion all-cash bid, another group, including Gold Reserve and Koch Industries, has offered around $9 billion in cash and claims. Despite these bids surpassing an earlier $7.3 billion offer, they still fall short of Citgo's estimated market value of $11-13 billion. The court proceedings are complex, with some creditors possibly facing losses regardless of the outcome.
Source: YAHOO
Reported 2 months ago
Intel disclosed plans to lay off 15,000 employees, over 15% of its workforce, as part of efforts to cut $10 billion in spending by 2025 following disappointing earnings. CEO Pat Gelsinger emphasized the need for significant actions to address high costs and low margins, especially in the face of a challenging financial outlook for the latter half of 2024. The company is also pausing shareholder dividends and offering voluntary departure options to employees amidst declining revenues and struggles to compete in the AI market.
Source: YAHOO
Reported 2 months ago
Boeing's stock fell over 5% amid broader market declines due to disappointing jobs data that raised concerns about a slowing U.S. economy, which negatively affects demand for its aircraft. Despite recent positive second-quarter earnings driven by improved 737 MAX deliveries, the company faces challenges including ongoing cash outflows, growing debt, and a complex defense business, making investors cautious.
Source: YAHOO
Reported 2 months ago
U.S. stock markets plunged following a disappointing July jobs report that showed only 114,000 new jobs were added, significantly lower than the anticipated 175,000, with the unemployment rate rising to 4.3%. Big Tech companies, including Amazon and Intel, faced a decline post-earnings reports, contributing to the market downturn.
Source: YAHOO
Reported 2 months ago
A decline in U.S. stocks has prompted volatility-sensitive funds to sell off approximately $83.6 billion in equity futures in just two weeks, exacerbating a market downturn that has pushed the Nasdaq Composite into correction territory. These funds typically buy stocks in stable markets but are now reacting to economic concerns and disappointing tech earnings. As fears of a recession grow, the likelihood of further selling looms, depending on the market's volatility in the upcoming weeks.
Source: YAHOO
Reported 2 months ago
Claudia Sahm, chief economist at New Century Advisors, expressed her concerns about a potential recession in three to six months, following the disappointing July jobs report which saw only 114,000 jobs added, well below expectations. While she doesn't believe the economy is in a recession currently, she highlighted increasing unemployment rates and a softening labor market as worrying indicators.
Source: YAHOO
Reported 2 months ago
Bed Bath & Beyond Inc. has filed a lawsuit against Ryan Cohen, CEO of GameStop, claiming he profited $47 million from insider trading while serving as a statutory director. The complaint alleges that between January and August 2022, Cohen and his company, RC Ventures, used confidential information to make profitable trades of Bed Bath & Beyond's stock, violating the Securities Exchange Act. The lawsuit is part of efforts to recover assets for creditors amidst the company's bankruptcy proceedings.
Source: YAHOO
Reported 2 months ago
Coca-Cola Co. plans to appeal a US court ruling that affirmed a $6 billion tax claim from the IRS, stemming from a $3.3 billion tax bill for the years 2007 to 2009. The company argues the IRS misinterpreted regulations and believes it will successfully defend its position in the appeal. Despite a challenging legal landscape, Coca-Cola reported a 3% increase in net revenues for the first half of the year.
Source: YAHOO
Reported 2 months ago
Nvidia has experienced recent fluctuations in stock prices, prompting Wealth Enhancement Group's Ayako Yoshioka to suggest that investors should be prepared for volatility. As earnings season unfolds, expectations have adjusted, and Yoshioka emphasizes the importance of patience, indicating that investors need not rush in but instead be ready for momentum swings in either direction.
Source: YAHOO
Reported 2 months ago
The July job report showed only 114,000 jobs created, significantly below the expected 175,000, raising concerns about potential Federal Reserve rate cuts. Economists suggest that the uptick in unemployment and low job growth could lead to multiple rate cuts in 2024, with predictions for at least one cut confirmed in September.
Source: YAHOO
Reported 2 months ago
Nvidia's shares are declining after reports of an investigation by the U.S. Department of Justice regarding potential antitrust violations related to its acquisition of AI startup Run:AI. The DOJ is scrutinizing whether this deal could lead to a monopoly in the artificial intelligence market.
Source: YAHOO
Reported 2 months ago
Bank of America (BAC) shares declined on Friday after Berkshire Hathaway, led by Warren Buffett, further reduced its holdings in the bank. This latest move adds to a series of sales that have totaled $3.8 billion since mid-July, following a previous share offload by Berkshire earlier in the week. Catalysts co-hosts Seana Smith and Madison Mills discuss the implications of these transactions.
Source: YAHOO
Reported 2 months ago
Acting Labor Secretary Julie Su reassures that despite a weaker-than-expected July jobs report, the economy remains strong due to consistent monthly growth, high GDP, and low layoffs. Su indicates that traditional recession indicators may be less applicable post-pandemic and expresses confidence in the Biden administration's ability to continue creating jobs even in a slowing market.
Source: YAHOO