Reported 3 months ago
This week, the Federal Reserve will hold a two-day meeting to discuss potential changes to interest rates, with many investors anticipating a possible cut. Yahoo Finance's Fed reporter Jennifer Schonberger outlines what to expect, along with insights into monetary policy decisions from the Bank of Japan and the Bank of England, both of which are also meeting this week.
Source: YAHOO
Reported 3 months ago
As Microsoft prepares to announce its fourth quarter earnings, analyst Ali Mogharabi discusses expectations for the results and the anticipated impact of AI on the company's performance. He notes that AI is still in its early stages but predicts growth in Microsoft's cloud business as demand increases due to AI advancements, mirroring trends seen in other tech companies like Alphabet.
Source: YAHOO
Reported 3 months ago
Corning has forecasted a lower-than-expected profit for the current quarter, attributing the decline to decreasing demand for its clean-air technologies, despite strong sales in its optical fiber division. The company's shares dropped over 8% as investors were disappointed by this outlook against a backdrop of increasing adoption of AI technologies. While the optical communications segment saw a modest sales rise, the Environmental Technologies unit experienced a downturn, leading to an overall mixed performance.
Source: YAHOO
Reported 3 months ago
US stocks edged up on Tuesday as investors prepared for crucial earnings reports from major companies like Microsoft and the start of the Federal Reserve's policy meeting. The S&P 500 rose by 0.2%, while the Nasdaq hovered near unchanged. With significant events on the horizon, including the Fed's rate-setting decisions and upcoming earnings from leading tech firms, market watchers are eager to gauge the impact on the current stock pullback and future interest rate cuts.
Source: YAHOO
Reported 3 months ago
The UK's Competition and Markets Authority is examining Google's partnership with AI startup Anthropic to determine if it adversely affects competition in the AI sector. Following a multibillion-dollar investment by Google, the CMA is seeking public feedback until August 13 before possibly launching a formal investigation. This scrutiny coincides with similar investigations involving other tech giants like Amazon and Microsoft.
Source: YAHOO
Reported 3 months ago
In the second quarter, mergers and acquisitions in the U.S. oil and gas sector exceeded $30 billion, with major deals like ConocoPhillips' $22.5 billion proposal for Marathon Oil driving activity. This increase marks a rise from the previous year's $24.4 billion, although the deal value decreased from the record $51 billion seen in the first quarter. The trend of consolidation in the industry continues as companies aim to enhance their scale amid shifting investment priorities.
Source: YAHOO
Reported 3 months ago
The U.S. Trade Representative announced a delay of at least two weeks on the implementation of new tariffs on various Chinese imports, including electric vehicles and medical products. Originally set to take effect on August 1, the tariffs will now start approximately two weeks following the issuance of a final determination after reviewing public comments. These tariffs, which include increased duties on electric vehicles and semiconductors, aim to protect U.S. jobs amid concerns over China's production capacity impacting American industries.
Source: YAHOO
Reported 3 months ago
Investors are closely watching Microsoft’s upcoming earnings report following a $2.3 trillion drop in the Nasdaq 100, with keen interest in its Azure cloud business. The company is under pressure to demonstrate substantial sales growth linked to its AI investments, particularly after facing a broader selloff in the tech sector. With expectations of 30% year-over-year growth for Azure, Microsoft's performance could influence not just its stock value but also set the tone for upcoming reports from other tech giants like Meta and Apple.
Source: YAHOO
Reported 3 months ago
Nvidia is addressing challenges in data centers by transforming into a full-stack platform that extends beyond GPUs. This strategic shift has created a competitive edge, or 'moat,' for the company. Senior analyst Ali Mogharabi emphasizes the importance of improving chip efficiency amidst electricity supply issues, showcasing how Nvidia's software contributes to this goal.
Source: YAHOO
Reported 3 months ago
JetBlue Airways has announced significant operational changes under its new CEO, Joanna Geraghty, resulting in the largest share increase since 2020. The airline plans to reduce its route network by exiting 15 cities and deferring $3 billion in aircraft purchases until 2030 or later. The company aims to focus on leisure travelers in key markets and expects to generate an additional $800 million to $900 million in pre-tax profit from 2025 to 2027. This restructuring comes as JetBlue reported a surprise profit in Q2, despite challenges including high operational costs and regulatory setbacks.
Source: YAHOO
Reported 3 months ago
Pfizer has increased its earnings forecast for 2024 after initially disappointing Wall Street, citing strong sales growth in non-COVID drugs like Eliquis and a better-than-expected second-quarter performance. Despite facing a 98% drop in net income due to restructuring costs, total sales rose 2%, marking the first year-over-year increase since late 2022. Analysts now anticipate adjusted earnings between $2.45 to $2.65 per share, up from earlier estimates.
Source: YAHOO
Reported 3 months ago
Ethiopia's currency, the birr, fell by 30% within a day following the central bank's introduction of a flexible exchange rate policy backed by the International Monetary Fund, aimed at stabilizing the economy. The reforms permit commercial banks to set foreign exchange rates, a significant shift from decades of government control. While the IMF approved a $3.4 billion credit facility, the immediate consequence was a sharp rise in inflation, raising concerns about the cost of living for many citizens, particularly the urban poor and pensioners. The government is pledging subsidies and salary increases to help mitigate the impact of these changes.
Source: YAHOO
Reported 3 months ago
American Electric Power reported a Q2 operating profit of $1.25 per share, exceeding estimates of $1.23, driven by increased electricity demand from data centers associated with generative AI technologies. The company has also implemented a workforce reduction plan affecting approximately 1,000 employees to mitigate inflationary pressures. AEP anticipates a sustained increase in commercial load due to the expanding energy needs of data centers, projected to consume up to 9% of total U.S. electricity by the decade's end.
Source: YAHOO
Reported 3 months ago
New York City Comptroller Brad Lander has announced his candidacy for mayor in the Democratic primary against incumbent Eric Adams. Lander, who aims to campaign on a progressive platform, expressed his commitment to improving the subway system and addressing issues related to illegal weed shops. With diminishing approval ratings and a federal investigation surrounding Adams, Lander joins a competitive field of candidates seeking to lead New York City.
Source: YAHOO
Reported 3 months ago
JD Sports, a major retailer for Nike, expresses confidence in the brand's long-term prospects despite recent sales warnings and a drop in Nike's stock value. JD's global managing director emphasized that historical trends show Nike's resilience and adaptability in the sports market, while also acknowledging the presence of newer competing brands.
Source: YAHOO
Reported 3 months ago
On July 30, investors should watch for Microsoft's earnings report, marking the beginning of a significant week for major tech companies, including reports from Meta, Apple, and Amazon. Procter & Gamble also released mixed quarterly results today. Additionally, central banks are in focus as the Federal Reserve begins its two-day meeting, with decisions on interest rates expected soon from both the Fed and the Bank of Japan, while the Bank of England will announce its decision later in the week.
Source: YAHOO
Reported 3 months ago
The U.S. Consumer Product Safety Commission (CPSC) has declared Amazon responsible for selling hazardous products from third-party sellers, alleging the company failed to inform consumers about the dangers associated with over 400,000 items, including faulty carbon monoxide detectors and unsafe children's sleepwear. Amazon plans to appeal this order while facing scrutiny for its role as a distributor of these hazardous products, which poses significant risks to consumer safety.
Source: YAHOO
Reported 3 months ago
Sysco, a major food supplier, reported better-than-expected quarterly profits as it benefited from easing cost pressures, despite falling short of sales forecasts. For the fourth quarter ending June 29, the company's earnings were $1.39 per share, surpassing analysts' expectations of $1.38. However, its net sales of $20.56 billion slightly missed estimates. Sysco's shares rose 2.3% in premarket trading as the company navigates a challenging restaurant industry.
Source: YAHOO
Reported 3 months ago
Procter & Gamble (P&G) experienced a surprising drop in fourth-quarter sales, with net sales declining to $20.53 billion, missing expectations, as demand for products like Charmin and Pampers weakened. Despite efforts to control prices and introduce new cost-effective products, consumer pushback has been significant, particularly from price-sensitive buyers. Overall volumes rose by just 1%, even as promotional strategies were employed to attract customers.
Source: YAHOO
Reported 3 months ago
Hedge fund manager Bill Ackman announced that his new investment vehicle, Pershing Square USA, aims to raise approximately $2 billion in an upcoming IPO. Initially expecting to raise $25 billion, Ackman plans to sell up to 40 million shares at $50 each, beginning trading on August 6. Despite investor unease with the closed-end fund structure, Ackman's established track record and social media engagement are expected to attract retail investors.
Source: YAHOO
Reported 3 months ago
S&P Global has raised its full-year profit forecast, benefiting from a 30% increase in second-quarter adjusted earnings driven by strong demand for its data and analytics products. The company anticipates adjusted earnings per share between $14.35 and $14.60, significantly higher than previous predictions, while total revenue grew by 14% to $3.55 billion. The positive outlook comes as investors seek better investment strategies amidst hopes of interest rate cuts and a stable economic environment.
Source: YAHOO
Reported 3 months ago
A recent report from the Science Based Targets initiative has declared that the majority of carbon credits used by companies for emissions claims are largely ineffective in achieving their intended environmental goals. This review highlighted concerns that reliance on carbon credits could hinder actual decarbonization efforts and slow the flow of necessary climate finance. As debates continue, the report aims to provide clarity and promote more effective practices within the carbon credit market.
Source: YAHOO
Reported 3 months ago
Brembo, the Italian brake manufacturer, showcased stable financial performance in the first half of the year, with a slight earnings growth of 2.1% and revenue surpassing 2 billion euros for the first time. Despite challenges in the automotive market, the company maintained a steady EBITDA margin of 17.5%. This prompted a 3.8% rise in its shares, reflecting resilience amid geopolitical and market pressures.
Source: YAHOO
Reported 3 months ago
Procter & Gamble CEO Jon Moeller reports a shift towards more cautious consumer spending in the U.S. while noting stable demand for P&G brands compared to private-label products. Despite achieving a gross margin of 49.8% and an adjusted EPS of $1.40, the company's fourth-quarter organic sales growth of 2% fell short of expectations. Looking ahead, Moeller emphasizes the significant impact of Trump-era tax cuts on P&G's investments and employment, indicating potential effects if these cuts are not extended.
Source: YAHOO
Reported 3 months ago
BMW announced plans to establish five new assembly sites across three continents for its upcoming sixth-generation high-voltage batteries. Currently, plants are being constructed in Germany, Hungary, the United States, Mexico, and China. The company's 'local for local' strategy aims to maintain production stability amidst unforeseen political or economic challenges.
Source: YAHOO