Reported 4 days ago
Blackstone has reached an agreement to acquire the sandwich chain Jersey Mike's Subs for approximately $8 billion, including debt. This deal follows rising interest from private equity firms in franchise operators and is expected to close in early 2025. Jersey Mike's, known for its submarine sandwiches and founded in 1956, has over 3,000 locations. The deal will involve an earn-out agreement linked to the opening of the chain's 4,000th store. Jersey Mike's CEO, Peter Cancro, will retain an equity stake and continue to lead the business with Blackstone's backing.
Source: YAHOO
Reported 4 days ago
Nvidia's stock, which has surged 196% in 2024, faces scrutiny ahead of its fiscal Q3 2025 earnings report on November 20, where expectations remain high due to its dominance in the AI chip market. Despite mixed reactions to past quarterly results, analysts are optimistic about Nvidia's continued growth driven by its Blackwell AI processors, which could generate significant revenue. The projected revenue growth of 80% year-over-year, while lower than previous quarters, still marks a noteworthy achievement given its already high revenue base.
Source: YAHOO
Reported 4 days ago
Analysts are revising the price targets for CrowdStrike (CRWD) ahead of its third-quarter earnings release on November 26, following a major IT outage in July that impacted numerous industries, including airlines. Despite facing short-term challenges due to the outage, investment firms like Wedbush and Truist are optimistic about CrowdStrike's long-term growth, boosting their price targets significantly. With a rise in stock value over the past year and a strong portfolio in cybersecurity, analysts maintain a positive outlook on the company's recovery.
Source: YAHOO
Reported 4 days ago
Bitcoin has reached near all-time highs, fueled by growing support for the cryptocurrency sector in the US led by president-elect Donald Trump. Developments including Trump's Media & Technology Group's potential acquisition of Bakkt, Nasdaq's plans to list Bitcoin options, and Goldman Sachs's digital asset strategy indicate deeper integration of crypto into the financial system. Bitcoin saw a jump to $92,606, reflecting a 36% rise since Trump's election victory, as optimism in the crypto market grows despite concerns over past volatility and fraud.
Source: YAHOO
Reported 4 days ago
Warren Buffett has made significant investments in Domino's Pizza and Pool Corp, acquiring 1.28 million shares of the pizza chain valued at $550 million and over 400,000 shares of the pool equipment distributor. Following these purchases, shares of both companies have seen an uptick, with Domino's reporting mixed quarterly results and Pool Corp surpassing earnings expectations. Buffett's strategy emphasizes strong brands and economic moats, underscoring his belief in long-term business value.
Source: YAHOO
Reported 4 days ago
SpaceX is reportedly preparing a tender offer in December with a valuation exceeding $250 billion, as discussed by ProcureAM CEO Andrew Chanin. He highlights the company's critical role in government space initiatives like the Artemis program and assesses its competition with European firms. Chanin emphasizes SpaceX's ability to adapt and fulfill various missions regardless of political shifts, underscoring its importance in the evolving global space economy.
Source: YAHOO
Reported 4 days ago
Asian stocks saw significant gains, buoyed by lower US Treasury yields which bolstered investor confidence in equities. The MSCI index for Asian shares climbed 1.2%, with notable rises in Taiwan, India, and Indonesia. Meanwhile, the US stock market showed positive signs, with the S&P 500 and Nasdaq both closing higher. The strengthening yen and stable Australian dollar also reflected a favorable trading environment influenced by the anticipated financial leadership under President-elect Trump’s administration.
Source: YAHOO
Reported 4 days ago
President-elect Donald Trump has nominated Fox News host Sean Duffy to lead the U.S. Department of Transportation. Duffy, a former congressman from Wisconsin, aims to prioritize infrastructure improvement and national security while addressing industry concerns such as truck parking and freight fraud. Trump's transition team also plans to cut the consumer tax credit for electric vehicles, while Duffy's previous congressional efforts have focused on expanding presidential tariff powers.
Source: YAHOO
Reported 4 days ago
Super Micro Computer has appointed a new auditor, BDO USA, after Ernst & Young resigned, which puts the company at risk of being delisted from Nasdaq due to late financial filings. The tech firm has submitted a compliance plan to meet listing rules and aims to bring its financial statements up to date. Previous financial reports indicated a growth in gross profit margins, but the company faces inventory challenges in a highly competitive market.
Source: YAHOO
Reported 4 days ago
As earnings season comes to a close, over 90% of S&P 500 companies have reported, revealing a 6.8% year-over-year profit increase. Key reports from retailers like Walmart and Lowe's are expected soon, but the highlight will be Nvidia's results on Wednesday, which analysts believe could significantly influence the market's direction.
Source: YAHOO
Reported 4 days ago
Thanksgiving travel will be more affordable this year as retail gas prices reach their lowest since 2001, with projections suggesting prices may drop below $3 a gallon. For example, a trip from Buffalo to Albany will cost around $37.74 for gas, a 7.2% decrease from last year. Contributing factors include a recovering global economy, decreased oil demand, and increased crude production, all leading to a more favorable situation for travelers.
Source: YAHOO
Reported 4 days ago
The Australia National Reconstruction Fund is set to invest A$40 million ($26 million) in Queensland's Russell Mineral Equipment, marking its initial step into the mining sector since its establishment by the Labor government in 2023. This partnership, part of a A$100 million co-investment initiative with Resource Capital Funds, aims to enhance mining equipment manufacturing and strengthen domestic supply chains.
Source: YAHOO
Reported 4 days ago
A recent survey indicates that major global companies have ramped up hiring for professional roles as they approach the year's final quarter, particularly in retail, technology, and healthcare sectors. Job vacancies for these roles surged nearly 9% in October compared to a decline in September, with notable increases in Canada and Mexico. However, demand in financial services remains weak, highlighting varying trends across different industries and regions.
Source: YAHOO
Reported 4 days ago
Donald Trump's social media company, Trump Media and Technology Group, is reportedly in advanced talks to acquire the cryptocurrency trading platform Bakkt in an all-stock deal, leading to significant volatility in Bakkt's shares which surged over 160%. Despite recent financial struggles, Trump's company maintains a strong market cap and a large cash reserve, prompting hopes that the acquisition could enhance their revenue generation capabilities. Experts have noted that Trump's name may draw crypto supporters, raising expectations for this potential deal.
Source: YAHOO
Reported 4 days ago
A report by Atomico indicates that while funding for European tech startups is expected to slightly decline in 2024 compared to last year, there is a renewed optimism for initial public offerings (IPOs). Despite the decrease in venture capital funding to $45 billion this year, signs of growth are anticipated moving into 2025. Currently, there are emerging opportunities for over 100 companies looking to go public, signaling a possible recovery for the European IPO market.
Source: YAHOO
Reported 4 days ago
President-elect Donald Trump is considering attending a SpaceX rocket launch in Texas, reflecting his close relationship with CEO Elon Musk. The Federal Aviation Administration has issued temporary flight restrictions in the area, suggesting a VIP visit. Trump and Musk have developed a friendship, with Musk often advising Trump and participating in events together. The launch is part of SpaceX's efforts with the Starship project aimed at future Mars missions.
Source: YAHOO
Reported 4 days ago
Investors are bracing for Nvidia Corp.'s upcoming earnings report, with analysts predicting it could generate greater volatility in the S&P 500 than major economic data releases. Nvidia has become a critical bellwether in the AI tech market, contributing significantly to overall market performance. Options market indicators suggest a potential movement of 1.05% in the S&P 500 due to Nvidia's results, with the stock itself expected to experience a staggering 12.5% shift. The implications of Nvidia's earnings on the market are poised to extend well beyond its individual performance.
Source: YAHOO
Reported 4 days ago
Source: INVESTORS
Reported 4 days ago
Hewlett Packard Enterprise Co. and Juniper Networks Inc. have met with top antitrust officials from the Justice Department in a crucial attempt to convince them not to block their $14 billion merger deal. This meeting, referred to as a 'last-rites' discussion, comes as the DOJ prepares to decide whether to challenge the merger due to competition concerns, with potential outcomes that could include allowing the deal to proceed with some modifications. Juniper's shares have dropped due to uncertainties surrounding the deal, while both companies express confidence that the merger will promote competition and innovation.
Source: YAHOO
Reported 4 days ago
A Gulfport, Mississippi restaurant, Mary Mahoney’s Old French House, and its co-owner Anthony Charles Cvitanovich were sentenced for mislabeling cheap imported seafood as local premium fish, resulting in five years of probation for the restaurant and three years for Cvitanovich. The restaurant must pay nearly $1.5 million in fines and forfeitures, acknowledging their fraudulent sales of approximately 58,750 pounds of misbranded seafood from 2013 to 2019. This case highlights the impact of misbranding on the Gulf Coast's seafood industry and customer trust.
Source: YAHOO
Reported 4 days ago
A Hong Kong court is set to sentence 45 former democracy activists, including notable figures Joshua Wong and Benny Tai, under a controversial national security law. This case has drawn international criticism, with the US labeling it politically motivated, alleging motivations to suppress dissent following major protests in 2020. The sentences, which may range from years to life in prison, come amidst concerns about the rule of law in Hong Kong, prompting fears of further geopolitical tensions.
Source: YAHOO
Reported 4 days ago
The US Commerce Department has raised tariffs on Nippon Steel Corp. to 29% for selling hot-rolled steel below normal value during a review period, coinciding with the company's pledge to US Steel workers that it won't ship steel slabs from overseas in its proposed $14.1 billion acquisition of US Steel. The move is part of an ongoing dumping case dating back to 2016, and the tariff increase reflects a significant rise from the previous level of 1.39%. This development occurs as both companies await a decision from the Committee on Foreign Investment in the US regarding the acquisition.
Source: YAHOO
Reported 4 days ago
The Department of Justice plans to request a judge to mandate that Google sell its Chrome browser as part of a significant antitrust initiative to address the company's monopoly in the search market. This move follows a ruling that declared Google's search practices illegal, and aims to foster competition by separating Chrome from other Google products. If enacted, these measures could notably change the landscape of online search and AI development, while drawing criticism from Google regarding their potential consumer harm.
Source: YAHOO
Reported 4 days ago
Boeing has announced the layoff of more than 2,500 workers across several U.S. states, including Washington, Oregon, South Carolina, and Missouri, as part of a plan to eliminate 17,000 jobs, representing 10% of its global workforce. The layoffs, primarily affecting commercial airline manufacturing workers, are in response to the company's significant debt and are expected to comply with federal notification requirements. Some affected employees will remain on payroll until mid-January, and further layoffs are anticipated in December.
Source: YAHOO
Reported 4 days ago
China is seeking to lower electricity prices in its industrial heartland, particularly in Guangdong, to assist struggling exporters amid economic challenges and potential US tariffs. The province aims to cut power rates in negotiations for the upcoming year, which could see costs drop significantly below current rates, benefiting manufacturers while shifting some economic burden onto power plants. This move comes as manufacturing profits decline and the region's economy faces pressures from international trade tensions.
Source: YAHOO