Reported 12 days ago
A federal judge has approved a $600 million class-action settlement for residents within 20 miles of the 2023 train derailment in East Palestine, Ohio. Approximately 55,000 claims were filed, with objections raised around the sufficiency and timing of the settlement. Payments will range up to $70,000 for property damage and $25,000 for health issues for those affected, with the first checks expected before year's end.
Source: YAHOO
Reported 12 days ago
Micron Technology's stock jumped 14% after the company projected Q1 revenues between $8.5 billion and $8.9 billion, exceeding analyst expectations of $8.3 billion. The positive outlook was attributed to a favorable pricing environment and increased demand for memory chips used in AI data centers. CEO Sanjay Mehrotra expressed optimism about the company’s competitive position entering fiscal year 2025, indicating a resurgence in the memory chip market driven by investments from major tech firms.
Source: YAHOO
Reported 12 days ago
Vice President Kamala Harris presented her manufacturing policies in Pittsburgh, emphasizing strategies to boost the steel industry and manufacturing sector. Yahoo Finance's Ben Werschkul shares four critical points from her speech, contrasting her agenda with other presidential candidates as the 2024 election approaches.
Source: YAHOO
Reported 12 days ago
Micron Technology exceeded earnings expectations for the fourth quarter, largely driven by high bandwidth memory (HBM) demand from AI chips. Analyst Dan Morgan from Synovus Trust emphasized that while traditional markets like smartphones and PCs are recovering slowly, AI-related applications have significantly supported the company's growth. He anticipates that Micron will benefit further from Nvidia's new Blackwell AI chip, hinting at a potentially positive outlook for the upcoming year.
Source: YAHOO
Reported 12 days ago
This Thursday, investors should pay attention to several key events, including commentary from Federal Reserve officials like Chair Jerome Powell. The pending home sales data for August will be released, with a 5% increase expected after a drop in July. Additionally, major companies such as Costco, Accenture, CarMax, and BlackBerry will report their earnings.
Source: YAHOO
Reported 12 days ago
Palantir Technologies (NYSE: PLTR) has seen a remarkable 115% increase in its stock value in 2024, driven by its leadership in the AI software platforms market. The company reported a 27% rise in revenue and an 80% increase in earnings per share in its latest quarterly results, fueled by a growing customer base and rising contract values. Investors are optimistic about Palantir’s future earnings growth, projecting a phenomenal annual growth rate of 85% over the next five years, which could potentially lead to a 48% rise in stock price from current levels.
Source: YAHOO
Reported 12 days ago
Disney is officially cracking down on password sharing for its streaming service, Disney+, as part of a broader industry trend among streaming companies, including Netflix. This initiative aims to clarify its implications for users and the changing landscape of media consumption.
Source: YAHOO
Reported 12 days ago
Michael Lasser, a UBS retail analyst, discusses key metrics to watch in the upcoming earnings reports of Costco and AutoZone. He emphasizes the importance of membership fee income for Costco, which constitutes a significant portion of its profits, and how the company's margins are trending. Lasser notes that Costco is gaining market share from various competitors due to its value proposition, while AutoZone's stock is reflecting investor confidence in its sustainable growth despite a recent earnings miss.
Source: YAHOO
Reported 12 days ago
Jefferies Financial Group reported a significant rebound in investment banking fees, indicating a recovery in dealmaking on Wall Street. Their third quarter results showed a 47% year-over-year increase in investment banking fees, despite slightly missing analyst expectations. This resurgence reflects a broader trend among major banks, with rising revenues from mergers and advisory services, although challenges remain due to uncertainties in the economic landscape.
Source: YAHOO
Reported 12 days ago
Pfizer announced the withdrawal of its sickle cell disease treatment Oxbryta from all markets due to concerns over severe complications and possible deaths associated with its use. The decision follows reports of an imbalance in vaso-occlusive crises and fatalities in clinical trials. Pfizer will also cease all related studies and advised patients to consult their physicians about alternative treatment options.
Source: YAHOO
Reported 12 days ago
In the wake of recent interest rate cuts by the Federal Reserve, Citi's Drew Pettit foresees an upswing for various market sectors, particularly cyclicals and consumer goods that have been overlooked in recent years. He suggests that while tech stocks may face pressure due to strong growth rates, opportunities exist in other areas as investors adjust their outlook towards potential recovery despite some economic softness.
Source: YAHOO
Reported 12 days ago
Tyson Foods' stock price has declined after Piper Sandler downgraded it from neutral to underweight, citing concerns regarding near-term supply risks. Market analysts Josh Lipton and Julie Hyman discuss the implications of this downgrade.
Source: YAHOO
Reported 12 days ago
OpenAI is reportedly considering a significant restructuring of its business, aiming to transition to a for-profit benefit corporation that won't be controlled by its current nonprofit board. This shift could involve both the nonprofit organization and OpenAI founder Sam Altman having stakes in the new for-profit entity. The news follows the announcement of Chief Technology Officer Mira Murati's departure from the company.
Source: YAHOO
Reported 12 days ago
Rolls-Royce CEO Chris Brownridge expressed cautious optimism for 2024, acknowledging global economic volatility while emphasizing the company's strong client focus and worldwide presence. He highlighted the potential in the Chinese luxury market, despite local competition, and noted successful client engagement after opening a private office in Shanghai.
Source: YAHOO
Reported 12 days ago
In a discussion about electric vehicle investments, Hamilton Capital's Alonso Munoz emphasizes Tesla's strengths, particularly its advancements in autonomous driving and strong financial health, while expressing concerns about Rivian's profitability and challenges in scaling production. He believes Tesla's diversified business and data advantage position it well for future growth, whereas Rivian's reliance on external funding and narrow product range raises doubts about its ability to succeed.
Source: YAHOO
Reported 12 days ago
Google has lodged a complaint with the European Commission, accusing Microsoft of using anti-competitive strategies that force customers to pay high fees to operate Windows on competing cloud platforms, including Google Cloud and Amazon Web Services. This follows a previous settlement in July regarding similar licensing complaints, where companies reportedly pay up to 1 billion euros annually in penalties to Microsoft. Microsoft maintains its dominance in the cloud industry, generating over $105 billion in revenue.
Source: YAHOO
Reported 12 days ago
Kate Moore, from BlackRock, discusses the current state of AI investment, emphasizing that we're still in the early phases of the spending cycle. While companies benefiting from initial AI investments have shown strong price movements, she believes that a broader spending strategy across multiple industries is unfolding. Moore suggests that investors should consider holding long-term positions in AI, especially as the technology evolves and the number of use cases increases.
Source: YAHOO
Reported 12 days ago
OpenAI plans to restructure from a non-profit to a for-profit benefit corporation, relinquishing control from its non-profit board, which aims to attract more investments. COO Sam Altman will also receive equity in the new structure. Despite the changes, OpenAI's non-profit entity will still own a minority stake, and the restructuring process is ongoing amidst leadership shifts within the organization. This evolution raises questions regarding AI safety governance as the company seeks to balance profitability with its mission to advance artificial intelligence responsibly.
Source: YAHOO
Reported 12 days ago
Intel is currently experiencing a challenging phase marked by declining sales and healthy competition within the AI market. Recent developments include a partnership with Amazon to produce custom chips and speculated buyout interest from Qualcomm. Despite facing significant obstacles, including lagging behind Nvidia in the AI sector and slowing PC sales, Intel's CEO, Pat Gelsinger, is spearheading a turnaround strategy while also considering multibillion-dollar investments from firms like Apollo Global Management.
Source: YAHOO
Reported 12 days ago
Kate Moore, BlackRock’s head of thematic strategy, discusses the conditions necessary for the stock market to thrive following the Fed's rate cuts. She highlights the need for strong earnings, stable payrolls, and clarity on macroeconomic policies as essential factors for market growth. With uncertainty around the labor market and upcoming elections, Moore notes that companies may delay capital expenditures, impacting overall market momentum. Investors are looking for clearer signals that the economic fundamentals are sound and that the labor market remains robust.
Source: YAHOO
Reported 12 days ago
Micron Technology (MU) exceeded expectations with its fiscal fourth-quarter results, reporting an adjusted earnings of $1.18 per share and revenue of $7.75 billion. The company's optimistic forecast for first-quarter revenue between $8.5 and $8.9 billion helped drive a surge in stock price during after-hours trading.
Source: YAHOO
Reported 12 days ago
Federal Reserve Chair Jerome Powell has bolstered his leadership by guiding the central bank to implement a significant half-point interest rate cut amid softening economic indicators, particularly in the labor market. This decisive action, taken on September 18, 2024, reflects a consensus among Fed officials to preemptively address economic risks, with Powell emphasizing the move as a necessary insurance against potential downturns. Despite varying opinions among committee members regarding the extent of the cut, the overwhelming support for Powell’s proposal marks a key victory in his approach to navigating economic challenges.
Source: YAHOO
Reported 12 days ago
Amgen's stock is experiencing a downturn following the release of underwhelming data from two drug studies, raising concerns about the company's performance in the immunology and rare disease sectors. Analysts discuss the implications for Amgen's position relative to its competitors in the biotech market.
Source: YAHOO
Reported 12 days ago
Nvidia's shares have increased following a Bain & Company report predicting the AI hardware and software market will reach $990 billion by 2027. Analysts discuss the implications of this bullish projection and its impact on the market.
Source: YAHOO
Reported 12 days ago
Morgan Stanley reports that Apple's iPhone 16 lead times are lower than those seen in the previous three iPhone cycles, indicating weaker-than-usual demand for Apple's latest smartphone model.
Source: YAHOO