Reported 3 months ago
Elon Musk announced that his AI startup, xAI, is not exploring a purchase of Character.AI, despite earlier reports suggesting potential acquisition talks as a strategy to enhance its Grok AI models.
Source: YAHOO
Reported 3 months ago
Massachusetts has enacted a law requiring businesses with 25 or more employees to disclose salary ranges for new job postings, aiming to improve pay transparency and address wage gaps, particularly for women and people of color. This legislation positions Massachusetts among 11 states with similar laws and also mandates larger companies to share workforce data to help analyze wage disparities by gender and race.
Source: YAHOO
Reported 3 months ago
Meta's Reality Labs reported a staggering loss of $4.5 billion in the second quarter, raising concerns among former employees regarding the division's future. Despite ambitious investments in augmented and virtual reality technologies, numerous insiders indicate a lack of clear vision and expertise has contributed to ongoing financial struggles. As competition increases and market demand wanes, internal doubts grow over the viability of Reality Labs’ innovative projects.
Source: YAHOO
Reported 3 months ago
23andMe CEO Anne Wojcicki has proposed to acquire all outstanding shares not already owned by her or her affiliates at $0.40 per share, aiming to take the genetic testing firm private. This non-binding offer was communicated to the board's special committee, and Wojcicki is currently in talks with potential financial partners to facilitate the transaction.
Source: YAHOO
Reported 3 months ago
Cencora, a U.S. drug distributor, announced on Wednesday that additional patient data was stolen during a cyberattack in February. An investigation revealed the breach included personally identifiable information and protected health information from patients. The company has notified affected individuals and relevant regulatory agencies and is working to enhance cybersecurity, though it reports no public disclosure of the data has occurred.
Source: YAHOO
Reported 3 months ago
Nvidia Corp. experienced unprecedented fluctuations this week, recording a massive $329 billion increase in value, surpassing its previous single-day record. This dramatic 13% surge followed a 7% decline that wiped out over $193 billion from its market cap, highlighting a turbulent trading environment influenced by shifts in investor sentiment towards technology stocks and predictions of Federal Reserve interest rate cuts. As the company navigates these volatile conditions, concerns remain about the long-term returns on heavy investments in AI technology.
Source: YAHOO
Reported 3 months ago
Anthony Noto, CEO of SoFi Technologies, reported the company's second-quarter earnings, showcasing a 22% year-over-year revenue increase and a significant shift from risky lending to diversified financial services. This milestone quarter saw over 643,000 new members added, with total membership nearing 8.8 million. Wall Street analysts expressed confidence in SoFi's growth, emphasizing the company's innovative approach and steady profitability despite market challenges.
Source: YAHOO
Reported 3 months ago
Kinross Gold (KGC) exceeded analysts' expectations with Q2 earnings of $0.14 per share, surpassing the Zacks Consensus Estimate of $0.13, alongside revenues of $1.22 billion, which beat estimates by 19.79%. Over the past year, the company's earnings and revenue performance has shown consistent growth, leading to a favorable Zacks Rank #2 (Buy) outlook for future performance.
Source: YAHOO
Reported 3 months ago
MrBeast, the popular YouTube star, acknowledged past inappropriate language in light of recent controversies involving him and a former collaborator. Known for his philanthropic efforts, MrBeast, whose real name is Jimmy Donaldson, recognized that his early online behavior included inappropriate comments and jokes. Amid these revelations, accusations of racist remarks and misconduct by a collaborator have surfaced, prompting an independent investigation. While praised for his charitable initiatives, MrBeast faces scrutiny as past actions and current controversies challenge his reputation.
Source: YAHOO
Reported 3 months ago
Ansys has exceeded Wall Street's expectations for its second-quarter performance, with revenue of $594.1 million and an adjusted profit per share of $2.50, both surpassing analysts' estimates due to an increased demand for its AI-powered tools and engineering software solutions. The company benefits from the need for simulation and analysis solutions across various industries, including aerospace and automotive, and is expected to be acquired by Synopsys in a $35 billion deal expected to close in 2025.
Source: YAHOO
Reported 3 months ago
YouTube sensation MrBeast has publicly recognized that he used 'inappropriate language' during the earlier stages of his online career, reflecting on his past behavior as a growing individual in the social media landscape.
Source: YAHOO
Reported 3 months ago
Lam Research announced that it expects its quarterly revenue to surpass analysts' estimates due to a surge in chip orders driven by the increasing demand for AI technology. The company forecasts its revenue for the quarter ending September 29 to be between $4.05 billion and $4.35 billion, slightly higher than the average estimate of $4.02 billion. This growth is supported by the rising necessity for wafer fabrication tools, critical in chip manufacturing, amidst the booming AI market.
Source: YAHOO
Reported 3 months ago
Paycom Software has announced a forecast for third-quarter revenue that is below market expectations, attributing this to clients' reduced spending on payroll and human capital management solutions amidst economic uncertainty. The company adjusted its revenue projections for the current quarter to a range of $444 million to $449 million, slightly under analyst estimates, and updated its 2024 revenue forecast to between $1.86 billion and $1.87 billion.
Source: YAHOO
Reported 3 months ago
Anheuser-Busch InBev is set to report its Q2 earnings, with Bud Light sales down 18.6% compared to last year due to ongoing backlash from consumer boycotts. While revenue is expected to increase slightly, a volume decline of 0.49% is anticipated. Analysts are watching closely to gauge the long-term effects of these declines, especially as competitors like Modelo Especial gain market share.
Source: YAHOO
Reported 3 months ago
Brazil's central bank held the Selic interest rate at 10.50% during its recent policy meeting, citing the need for increased vigilance due to worsening inflation expectations and market volatility. Despite pressure from President Lula for lower rates, the bank emphasized caution in monetary policy to address persistent inflationary pressures, raising future inflation projections for this year to 4.2%.
Source: YAHOO
Reported 3 months ago
MetLife reported a remarkable second-quarter profit exceeding expectations, largely attributed to its robust group benefits unit, which saw a 43% increase in adjusted earnings. The company's net investment income also improved, totaling $5.21 billion. Despite flat premium revenues, MetLife posted adjusted net income of $1.63 billion, outpacing analysts' predictions.
Source: YAHOO
Reported 3 months ago
During a recent press conference following the Federal Reserve's decision to maintain current interest rates, Chair Jerome Powell indicated that a rate cut in September may be a possibility. He emphasized the Fed's ongoing focus on achieving a 2% inflation target, while discussing economic conditions and future policy implications.
Source: YAHOO
Reported 3 months ago
Analysts believe that the People's Bank of China (PBOC) is likely to refrain from intervening in the bond market in the short term to support economic growth, allowing for a record-breaking bond rally. Despite warnings of potential bond sales to stabilize yields, the bank's current focus appears to be on sustaining growth amid signs of economic slowdown. The bond market has seen a resurgence, influenced by recent interest rate cuts and speculations of further economic stimulus, while the yield curve's shape is being closely monitored for possible intervention triggers.
Source: YAHOO
Reported 3 months ago
Judy Shelton, a former nominee for the Federal Reserve board, suggests that the Federal Reserve has become increasingly politicized and may influence upcoming elections. In an interview with Yahoo Finance, she discusses her past experiences with the nomination process and the criticisms she faced for her support of the gold standard. Shelton argues for reforms to make the Fed 'less powerful' and 'less political,' alongside promoting her new book, 'Good as Gold: How to Unleash the Power of Sound Money.'
Source: YAHOO
Reported 3 months ago
U.S. equities climbed, led by the tech-heavy Nasdaq, following the Federal Reserve's decision to maintain interest rates. Major tech companies like Microsoft and Meta are heavily investing in AI, while layoffs at Disney and Bungie raise concerns about employment stability. Analysts discuss the implications for investors and the labor market.
Source: YAHOO
Reported 3 months ago
The August 2024 'State of the Industry Report,' sponsored by Ryder, provides a comprehensive analysis of the trucking, maritime, and intermodal markets, revealing signs of fragility in the truckload sector contrasted with stable LTL pricing and healthy ocean volumes. The report also discusses expectations regarding interest rate cuts and overall economic conditions as we enter Q1.
Source: YAHOO
Reported 3 months ago
U.S. Federal Reserve Chair Jerome Powell reiterated that political considerations do not influence monetary policy decisions, emphasizing that interest rate changes are solely based on economic data. During a press conference, he made it clear that the Fed remains impartial and will not adjust forecasts for potential political shifts, especially ahead of the upcoming presidential election. Powell highlighted that the central bank's focus is purely on data rather than political factors.
Source: YAHOO
Reported 3 months ago
Aflac, the life and health insurer, reported second-quarter profits that exceeded analysts' expectations, largely driven by a 2.1% increase in net U.S. premiums, which reached $1.5 billion. The company’s net earnings rose to $1.76 billion from $1.63 billion a year earlier, translating to an adjusted profit of $1.83 per share, surpassing the $1.60 estimate. Aflac's sales also benefited from new product launches, although its Japanese unit saw a decline in premiums.
Source: YAHOO
Reported 3 months ago
Instagram users received unexpected notifications reporting that certain photos from their Stories Archives have been permanently deleted due to a technical issue. Meta, Instagram's parent company, confirmed that although they resolved the bug causing the deletion, the affected Stories cannot be restored. This incident highlights the risks of relying solely on app-based backups for important memories, prompting users to consider external storage solutions.
Source: YAHOO
Reported 3 months ago
The Federal Reserve decided to maintain interest rates in June while market anticipation for potential cuts in September surged, leading to a rise in stock prices. Economists and financial analysts provided insights on the implications of the Fed's decisions, particularly regarding Boeing's CEO transition and several trending stocks on Yahoo Finance.
Source: YAHOO