Reported 3 months ago
On July 31, investors are looking toward the Federal Reserve's 2 p.m. ET announcement on interest rates, expected to remain unchanged, while Fed Chair Jerome Powell's press conference will be closely scrutinized for potential clues about future cuts. Additionally, Microsoft's Q4 earnings surpassed expectations but showed weak cloud revenue, while AMD's positive Q2 results indicated strong AI chip demand. Boeing appointed Robert Ortberg as its new CEO, replacing David Calhoun, amid ongoing production challenges and a notable quarterly loss.
Source: YAHOO
Reported 3 months ago
Mastercard reported a second-quarter profit of $3.3 billion, exceeding estimates as consumer spending remained strong despite rising interest rates. The company's transaction volumes increased significantly, with a 10% rise in switched volume and a 17% spike in cross-border transactions. This uptick indicates a resilient consumer base, even as some peers in the payment industry reported slower growth among lower-income customers. Mastercard's shares reacted positively, gaining nearly 3% before market opening.
Source: YAHOO
Reported 3 months ago
In July, U.S. private payrolls increased by 122,000 jobs, considerably less than the anticipated 150,000, according to the ADP National Employment Report. This follows a revised gain of 155,000 in June. Economists note that initial estimates for private payroll growth have often been underestimated, with predictions for upcoming government data suggesting a total of 175,000 jobs added in July.
Source: YAHOO
Reported 3 months ago
T-Mobile has raised its full-year forecast for subscriber additions after exceeding expectations in the second quarter, driven by strong demand for its discounted unlimited plans that include streaming services. The company now anticipates adding between 5.4 million and 5.7 million new subscribers in 2024, up from its previous estimate of 5.2 million to 5.6 million. T-Mobile's Go5G Next and Go5G Plus plans, which bundle Netflix and Apple TV+ with premium data offerings, have been particularly successful, contributing to a notable increase in postpaid subscribers.
Source: YAHOO
Reported 3 months ago
Judy Shelton, once nominated by former President Trump for a position on the Federal Reserve board, advocates for targeting 0% inflation and discusses her controversial ideas in her new book, 'Good as Gold: How to Unleash the Power of Sound Money.' Despite facing criticism during her nomination process, Shelton remains influential within the Trump camp and might be considered for Fed chair again if Trump wins reelection.
Source: YAHOO
Reported 3 months ago
Vanguard has issued a warning to investors about the possibility of U.S. regulators imposing restrictions on its ownership stakes in certain sectors, which could lead to increased costs and risks for index funds. The firm filed disclosures with the SEC to highlight potential regulatory changes affecting ownership caps for banks and utilities. While the SEC has historically permitted larger stakes under certain conditions, discussions for stricter rules have emerged, raising concerns about the implications for fund performance and investor taxation.
Source: YAHOO
Reported 3 months ago
Boeing has named Kelly Ortberg, former CEO of Rockwell Collins, as its new president and CEO, succeeding Dave Calhoun. The company reported a larger-than-expected second quarter loss and missed revenue estimates, with a significant drop in commercial jet deliveries. Adjusted loss per share was $2.90 against an estimated $1.82, while free cash flow burn reached $4.3 billion. Boeing also faces ongoing legal challenges related to its past practices following two deadly 737 MAX crashes.
Source: YAHOO
Reported 3 months ago
Boeing has appointed Kelly Ortberg as its new CEO to lead the company through a myriad of challenges, including a significant loss of over $1 billion in the last quarter. Ortberg, who brings more than 30 years of aerospace experience, is tasked with restoring trust with regulators and the public while addressing ongoing cash burn issues. The company has faced a reputational crisis following a serious incident involving one of its aircraft and has struggled with production and delivery rates, particularly for its 737 MAX jets. Investors reacted positively to Ortberg's appointment, viewing it as a strategic move to stabilize the beleaguered manufacturer.
Source: YAHOO
Reported 3 months ago
Boeing has announced the appointment of Robert 'Kelly' Ortberg as its new CEO, effective August 8, 2024, succeeding David Calhoun, who will retire at year-end. The announcement comes as the company reported a staggering loss of over $1.4 billion in the second quarter, worsened by declining revenues and ongoing investigations into its safety practices. Ortberg, an industry veteran, aims to stabilize the company amid production challenges and negative scrutiny following the tragic 737 Max incidents.
Source: YAHOO
Reported 3 months ago
Marriott International has reduced its 2024 revenue growth forecast due to a deteriorating operating environment in China and anticipated lower demand in North America. The company's revenue per available room (RevPAR) forecast is now between 3% and 4%, down from a previous estimate of 5%. Despite reporting a quarterly profit that exceeds expectations, Marriott's RevPAR in China fell by 4.6%, while other regions in Asia saw a 12% increase. The slowdown in China could also impact competitors like Hilton Worldwide.
Source: YAHOO
Reported 3 months ago
Humana announced an unexpected rise in medical care demand during the second quarter of the year, leading to an 8.6% drop in its stock price. The increase in inpatient admissions and higher costs in the Medicare Advantage market have raised concerns about the industry's future, despite the company's ability to exceed profit estimates. Analysts view Humana's cautious forecast as a sign of ongoing instability in medical costs.
Source: YAHOO
Reported 3 months ago
Recent political events, including Donald Trump's assassination attempt and Kamala Harris securing the Democratic nomination, have sparked a surge in interest for the upcoming presidential election. News consumption has risen significantly, with Fox News leading viewership ratings, marking its highest numbers since 2020. Meanwhile, other networks like CNN and MSNBC have seen varied impacts, with some boosting their audience after key announcements.
Source: YAHOO
Reported 3 months ago
Pinterest's stock fell nearly 10% after the company projected lower-than-expected revenues for the third quarter, highlighting challenges from increased competition in the digital advertising space. While the overall digital ad market is recovering, Pinterest noted weaknesses in demand from food and beverage advertisers, raising concerns about continued growth amidst shifting ad spending trends. Analysts suggest this update could impact not only Pinterest but also other smaller advertising firms.
Source: YAHOO
Reported 3 months ago
Delta Air Lines' CEO Ed Bastian announced that the airline expects a $500 million loss due to the recent CrowdStrike outage, which resulted in over 2,200 flight cancellations on July 19. Analysts predict that the financial impact could be significant, prompting Delta to consider legal action against Microsoft and CrowdStrike for compensation, while the U.S. Transportation Department has launched an investigation into the airline's response to the disruptions.
Source: YAHOO
Reported 3 months ago
In a challenging second quarter, Boeing announced a loss exceeding $1.4 billion and appointed a seasoned industry executive as its new CEO to navigate the struggling company's future.
Source: YAHOO
Reported 3 months ago
Kraft Heinz has reduced its 2024 organic sales forecast, pointing to weakened demand for its snacks and meal kits. Despite the downward revision, the company's shares rose as it upheld profit expectations. The move comes as consumers push back against previous price increases, particularly among lower-income demographics. Although sales are anticipated to recover gradually, Kraft Heinz is investing in promotions and product innovation to meet evolving consumer preferences.
Source: YAHOO
Reported 3 months ago
US stocks experienced a rally on Wednesday as the Federal Reserve announced it would hold interest rates steady, signaling potential cuts in the future as inflation rates decrease. The S&P 500 rose by 1.4%, while the Nasdaq surged more than 2.2%, led by a robust performance from tech stocks, particularly Nvidia and AMD, following favorable earnings reports. Oil prices also rose amid geopolitical tensions in the Middle East.
Source: YAHOO
Reported 3 months ago
CDW Corp announced second-quarter results that fell short of analysts' estimates, reporting net sales of $5.42 billion, compared to expectations of $5.43 billion, and adjusted earnings of $2.50 per share, missing the $2.53 estimate. The decline is attributed to weak demand for IT solutions as customers, including federal agencies, cut budgets in response to economic volatility. Consequently, CDW's shares dropped by 5.3% in early trading.
Source: YAHOO
Reported 3 months ago
Bunge Global's shares fell 8% after the company reported second-quarter profits below Wall Street expectations, primarily due to lower crushing margins amid ample global supplies of soybeans and corn. Despite a decrease in earnings, Bunge raised its full-year profit forecast to $9.25 per share, citing improved market conditions towards the end of the quarter. The company is also progressing towards a $34 billion merger with Viterra, expecting completion soon.
Source: YAHOO
Reported 3 months ago
Altria's recent quarterly earnings fell short of expectations, reporting a dip in revenue and profit as cigarette demand remains sluggish. The tobacco company faced a 13% drop in cigarette shipments, as consumers shift towards cheaper alternatives, and its adjusted earnings per share of $1.31 missed the forecast of $1.35. Despite a rise in its vaping product shipments following FDA authorization for its menthol NJOY vapes, competition and promotions have pressured overall revenue, leading Altria to narrow its annual profit forecast.
Source: YAHOO
Reported 3 months ago
Apple is expected to report a return to revenue growth in its fiscal third quarter, driven by significant discounts on iPhones that helped revive demand in China, alongside increased sales of high-margin iPads. Despite a slight decline in iPhone sales, analysts are optimistic about a strong upgrade cycle for the upcoming iPhone 16 series. The company's services sector continues to grow, although it faces regulatory challenges in the European Union. Overall, Apple's revenue is projected to rise by 3.3% year-over-year as it works to regain market leadership.
Source: YAHOO
Reported 3 months ago
Johnson Controls has initiated a succession plan for CEO George Oliver, who is set to retire, whilst bringing in new independent director Patrick Decker after discussions with activist investor Elliott Investment. The news led to an 8% surge in the company's shares, highlighting efforts for improved shareholder returns and business streamlining, including potential sales of various assets.
Source: YAHOO
Reported 3 months ago
Boeing reported a substantial second-quarter loss of $1.44 billion, a significant increase from $149 million a year earlier, largely due to ongoing difficulties in its Defense, Space and Security division. The company is shifting away from fixed-price contracts, which have resulted in billions in losses, and is struggling with reduced aircraft deliveries, further complicating its financial recovery efforts.
Source: YAHOO
Reported 3 months ago
Air France-KLM is reallocating its Boeing 747-400 freighter aircraft from Latin America to initiate a new service between Amsterdam and Hong Kong, starting September 19. This move is in response to growing demand for air freight driven by e-commerce, particularly from China. The subsidiary Martinair Cargo will operate the route with an initial frequency of three flights per week, increasing to four, and will also suspend several cargo routes to Latin America to facilitate this transition.
Source: YAHOO
Reported 3 months ago
As Wall Street eagerly awaits the Federal Reserve's decision on interest rates, expected at 2:00 p.m. ET, many anticipate rates will remain unchanged, while closely analyzing Chairman Jerome Powell's comments for potential hints of a September rate cut. Meanwhile, Boeing has announced Kelly Ortberg as its new CEO and reported a $1.4 billion loss in Q2 due to ongoing supply chain and quality issues. Advanced Micro Devices (AMD) is also in the spotlight following strong earnings.
Source: YAHOO