Reported 2 months ago
Workers at BHP's Escondida mine in Chile have overwhelmingly rejected a new contract offer, with 99.75% voting in favor of a potential strike. The union argues that the offer makes no meaningful progress towards their goals, insisting on a demand for a share of dividends among workers while claiming the company's proposal includes detrimental changes to work conditions. BHP plans to seek government mediation in hopes of reaching an agreement.
Source: YAHOO
Reported 2 months ago
Asian markets are bracing for repercussions after disappointing U.S. manufacturing data led to a drop in Treasury yields, raising recession concerns. Investors are shifting from equities to the safety of bonds, with expectations growing for a potential 50 basis point interest rate cut by the Federal Reserve. The decline in factory activity is compounded by sluggish economic signs in Europe and ongoing issues in China's economy, challenging global growth outlooks.
Source: YAHOO
Reported 2 months ago
Wall Street's major indexes declined following unexpectedly high jobless claims and disappointing manufacturing data. Yahoo Finance's Josh Schafer discusses how these economic indicators affected market sentiment and expectations regarding potential rate cuts, as well as the contrasting performance in tech earnings.
Source: YAHOO
Reported 2 months ago
Snap Inc. projects weaker-than-expected revenue for the current quarter as it faces heightened competition from major players like Meta and TikTok, leading to an 18% decline in its stock after market hours. The company's advertising revenue has been impacted by a decrease in brand-oriented spending, particularly from sectors like retail and technology, while Snap's investment in augmented reality platforms aims to attract advertisers. Despite a modest growth in daily active users, the forecast for the upcoming quarter fell short of Wall Street estimates, raising investor concerns amid a challenging economic backdrop.
Source: YAHOO
Reported 2 months ago
Wells Fargo is facing a government investigation concerning its anti-money laundering and sanctions programs, according to a filing made by the bank. The specifics of the inquiry and the government involved have not been disclosed. Additionally, Wells Fargo is currently discussing with the U.S. Securities and Exchange Commission regarding an investigation into its cash sweep options offered to investment advisory clients.
Source: YAHOO
Reported 2 months ago
Apple's recent quarterly report revealed a decline in iPhone sales year-over-year, but the release of new AI features may spark a new upgrade cycle. Analyst Tom Forte believes there's potential for increased iPhone demand, especially if new hardware is introduced alongside software updates. However, challenges arise in key markets like Europe and China, casting doubt on the immediate impact of these developments on sales.
Source: YAHOO
Reported 2 months ago
Investors are taking a bearish position on Medical Properties Trust (NYSE:MPW), as indicated by a recent analysis of options trading data. Major investors have engaged in a significant volume of put options, suggesting concerns about future price movements, with bearish sentiment observed at 62% compared to just 25% bullish. The anticipated price range for the stock over the next three months is between $4.5 to $10.0, reflecting the mixed outlook among traders.
Source: YAHOO
Reported 2 months ago
Motorola Solutions has raised its annual revenue and profit forecasts, driven by strong demand for its security services. The company reported a quarterly revenue of $2.63 billion, surpassing expectations and reflecting an anticipated 8% growth for the year. Adjusted earnings per share also exceeded estimates, demonstrating robust performance especially among key customers like the U.S. government.
Source: YAHOO
Reported 2 months ago
On the final trading day of Thursday, stock indices are on edge as they await significant tech earnings set to be announced after market closure. Yahoo Finance's Julie Hyman and Josh Lipton explore market trends with interviews featuring industry executives, including Etsy CEO Josh Silverman, who shares insights on navigating the challenging consumer landscape.
Source: YAHOO
Reported 2 months ago
A U.S. appeals court has temporarily blocked the Federal Communications Commission's (FCC) reinstatement of net neutrality rules, stating that broadband providers are likely to succeed in their legal challenge against these regulations. The FCC had voted to restore these rules originally adopted in 2015 and eliminated under former President Trump. The court indicated that the imposition of such regulations requires clear congressional authorization, complicating President Biden's push to ensure net neutrality, which mandates equal treatment of internet data and users.
Source: YAHOO
Reported 2 months ago
Coinbase Global achieved its third consecutive quarterly profit with a net income of $36 million, despite a drop in cryptocurrency prices during Q2. Total revenue exceeded $1.4 billion, a significant increase from the previous year. The company benefited from increased transaction fees and subscription services, while also facing challenges, including an impairment on digital assets and ongoing regulatory issues. Despite falling stock prices, Coinbase remains optimistic about future revenue growth.
Source: YAHOO
Reported 2 months ago
In a recent interview, U.S. Secretary of Transportation Pete Buttigieg spoke about the Biden administration's new consumer protection rules aimed at eliminating airline 'junk fees,' emphasizing the troubling nature of charges for parents seating next to their children. Additionally, he commented on Boeing appointing Robert Kelly Ortberg as CEO amidst ongoing safety concerns. Buttigieg also highlighted the administration's economic policies that support both consumers and businesses, asserting that consumer protections and business success can coexist.
Source: YAHOO
Reported 2 months ago
General Motors is revamping its performance ratings system for its salaried employees in the U.S. to better reward high performers while encouraging low performers to improve or exit the company. The new five-point scale allows for more precise evaluations, promoting a culture of high performance as the automaker adapts to the competitive electric vehicle sector. Top employees will be awarded 150% bonuses, and those underperforming may face significant consequences, including potential dismissal.
Source: YAHOO
Reported 2 months ago
Microchip Technology has predicted second-quarter net sales that fall short of Wall Street expectations, citing weak demand from customers struggling to reduce excess inventory accumulated during the pandemic. The company anticipates net sales between $1.12 billion to $1.18 billion, well below the average analyst estimate of $1.31 billion, as the overall macro environment, particularly in industrial and automotive markets, remains weaker than expected.
Source: YAHOO
Reported 2 months ago
Roku has reported a strong second quarter, exceeding Wall Street's revenue forecasts through robust advertising sales and the ongoing shift from cable TV to streaming services. With a net revenue increase of 14% to $968.2 million, the company also had a smaller-than-anticipated loss of 24 cents per share, outpacing an expected loss of 43 cents. The expansion of active accounts to 83.6 million contributes to its growing influence in the streaming market, as it anticipates further revenue growth for the third quarter.
Source: YAHOO
Reported 2 months ago
New Jersey officials are defending proposed building regulations aimed at mitigating flood damage from climate change, which require coastal structures to be elevated higher than current standards. While proponents argue these rules are essential for addressing rising sea levels and protecting communities, critics, including business groups, claim it may force a retreat from the shore, undermining the local economy. The rules are part of a broader initiative to adapt to climate threats, with ongoing discussions about their implications for development along the coast.
Source: YAHOO
Reported 2 months ago
The Cboe Volatility Index, a key measure of investor anxiety, surged to its highest level in over three months as U.S. stocks plunged following economic data suggesting a potential slowdown. The S&P 500 dipped nearly 1.4%, with the Nasdaq Composite falling by 2.3%. This increase in volatility reflects growing investor concerns about corporate earnings and economic growth, leading to a spike in VIX options trading.
Source: YAHOO
Reported 2 months ago
Booking Holdings has forecasted a slowdown in room nights growth for the third quarter, with an anticipated increase of only 3% to 5%, compared to 7.1% in the previous quarter. This news, following a beat on Wall Street expectations for second-quarter revenue and profit, led to an 8% drop in the company's shares. The booking window is expected to continue shrinking, which could impact future occupancy rates and revenues.
Source: YAHOO
Reported 2 months ago
Wingstop has reported impressive second quarter earnings that surpass expectations in revenue and profit, with CEO Michael Skipworth stating that the company stands 'in a category of one.' The buffalo wing chain experienced notable growth in same-store sales and transactions, leading to a record quarter. With plans for significant global expansion, including over 10,000 potential new locations, Skipworth highlighted the brand's strong consumer resonance, increased customer frequency, and robust franchise returns despite broader market challenges.
Source: YAHOO
Reported 2 months ago
A recent train derailment in North Dakota, which lasted for several days and involved flawed DOT-111 tank cars, has reignited discussions on the need for their replacement. The National Transportation Safety Board (NTSB) pointed out that these tank cars are prone to rupturing in crashes and have been problematic since the 1990s. Although a replacement deadline for flammable liquid transport has been set for 2029, the NTSB is investigating damage caused during the incident, which resulted in significant damage to railroad infrastructure but no reported injuries.
Source: YAHOO
Reported 2 months ago
Coinbase Global reported a second-quarter revenue of $1.45 billion, surpassing analyst expectations of $1.39 billion and doubling compared to the same period last year. Despite earnings of $0.14 per share being affected by the decline in cryptocurrency values, the trading volume reached $226 billion, exceeding the forecast of $219.46 billion.
Source: YAHOO
Reported 2 months ago
Etsy CEO Josh Silverman discusses the company's resilience in the face of inflation and changing consumer spending habits, outlining how the platform has managed to maintain its unique position despite significant economic volatility. He highlights the pressure on discretionary spending among consumers and emphasizes Etsy's loyalty program and AI implementation as future strategies.
Source: YAHOO
Reported 2 months ago
GoDaddy has raised its revenue forecast for fiscal 2024, anticipating strong demand for its services as more businesses establish an online presence. The company now expects revenues between $4.53 billion and $4.57 billion, an increase from its previous estimate. GoDaddy's shares surged about 8% following this announcement, reflecting confidence in its position as a key service provider for small to medium businesses, particularly with the launch of its AI-driven tool, GoDaddy Airo.
Source: YAHOO
Reported 2 months ago
US stocks fell sharply on Thursday, led by a 2.3% decline in the Nasdaq Composite and significant losses in technology stocks, particularly in the semiconductor sector. This downturn followed disappointing economic data showing increased jobless claims and a drop in manufacturing activity, leading the 10-year Treasury yield below 4% for the first time since February. The market reaction reflected growing fears about a cooling economy, despite anticipated interest rate cuts from the Federal Reserve.
Source: YAHOO
Reported 2 months ago
MercadoLibre Inc., the leading e-commerce and payments company in Latin America, reported impressive second-quarter results, with net revenue reaching $5.1 billion and net income doubling to $531 million, both surpassing analyst expectations. The company also saw a record number of users on its fintech platform, with a total payment volume of $46 billion, and unique e-commerce users approaching 57 million. Shares surged in after-hours trading as MercadoLibre continues its expansion in online services and financial solutions.
Source: YAHOO