Reported 18 days ago
Nike's newly appointed CEO, Elliott Hill, is expected to focus on rebuilding relationships with retailers to revive sales, a strategy neglected under former CEO John Donahoe. With shares up 7% in premarket trading, Hill's approach reflects a shift back to product innovation after the company's direct-to-consumer strategy faced challenges and lost market ground amid increasing competition. Experts believe that repairing ties with wholesale partners will be crucial to overcoming recent setbacks.
Source: YAHOO
Reported 18 days ago
This morning, major stock indices like the Dow and S&P 500 are looking for direction after closing at record highs, driven by a recent Federal Reserve rate cut. Nike shares are rising as CEO Phil Donahue announces his retirement, to be succeeded by Elliot Hill, amid a challenging year for the company, which has seen over a 20% decline in stock value.
Source: YAHOO
Reported 18 days ago
US stocks are retreating from record highs following a surge fueled by optimism from the Federal Reserve's recent interest rate cuts. S&P 500 and Dow futures show slight declines, while tech-heavy Nasdaq 100 drops notably after FedEx reported disappointing earnings, highlighting ongoing risks to economic growth. Investors are questioning the sustainability of the rally, with concerns about potential market bubbles and deeper rate cuts being priced in beyond the Fed's projections.
Source: YAHOO
Reported 18 days ago
Bitcoin advocates remain optimistic that the cryptocurrency will increase in value, regardless of the outcome of the upcoming U.S. presidential election. Prominent figures in the crypto world, including Tom Lee and Michael Novogratz, believe that both potential candidates offer pathways for Bitcoin's growth. Donald Trump's pro-crypto stance is seen as directly beneficial, while even a win for Joe Biden could lead to Bitcoin reaching significant heights by the end of 2024.
Source: YAHOO
Reported 18 days ago
With Elliott Hill set to take over as Nike's new CEO on October 14, Bernstein analyst Aneesha Sherman believes he has the necessary skills to lead the company. She stresses that Hill's first task will be to provide a clear direction for Nike's future to investors, as well as to reclaim the brand's momentum. While transforming a large corporation is a gradual process, Sherman reassures that investors will likely allow some time for Hill to implement his strategies, as long as they are reasonable.
Source: YAHOO
Reported 18 days ago
Bank of America strategist Michael Hartnett warns that the surge in equity markets, following the Federal Reserve's interest rate cut, is creating bubble risks. He advises investors to buy bonds and gold as hedges against potential economic downturns and inflation, believing that while stocks are seeing positive momentum, the risks of a bubble are increasing.
Source: YAHOO
Reported 18 days ago
FedEx Corp experienced a significant drop in its stock price after revising its annual revenue forecast downward amid a notable decline in profits, attributed to weak demand for higher-margin express delivery services. Shares fell nearly 13% in premarket trading as the company reported that customers were cutting costs by reducing priority shipments. FedEx also announced a change in service preferences and indicated challenges in the industrial economy, leading to a revision of expected revenue growth for fiscal 2025.
Source: YAHOO
Reported 18 days ago
The US Energy Department announced a plan to allocate $3 billion to 25 battery manufacturing projects across 14 states, aiming to enhance domestic production and reduce reliance on China. The funding will support the production of key battery materials and components, with expectations of generating $16 billion in investments and creating around 12,000 jobs. Notable recipients include Albemarle and Honeywell, focusing on advanced lithium-ion battery technologies and recycling initiatives.
Source: YAHOO
Reported 18 days ago
Mercedes-Benz has lowered its full-year profit margin target for the second time in under two months, primarily due to a weak car market in China. Shares of the luxury automaker fell to their lowest in nearly two years following the announcement. The company's adjusted return on sales for 2024 is now expected to be between 7.5% and 8.5%, down from an earlier projection of 10% to 11%. This comes as economic challenges in China, coupled with a local real estate crisis, continue to impact demand for luxury automobiles.
Source: YAHOO
Reported 18 days ago
Federal Reserve Chairman Jay Powell is facing significant challenges as he initiates a cycle of interest rate cuts amidst a cooling job market and economic concerns. While he asserts that the Fed is not 'behind' in its approach, critics argue that their actions are reactionary rather than proactive. As unemployment rates rise and expectations for additional cuts vary among Wall Street analysts, Powell must navigate internal divisions within the Fed and maintain a delicate balance between stimulating growth and managing inflation.
Source: YAHOO
Reported 18 days ago
China's central bank surprised markets by keeping its benchmark lending rates unchanged despite expectations for a cut following the U.S. Federal Reserve's recent decision to lower interest rates. Analysts believe further economic stimulus will be necessary, with expectations that future rate cuts may be part of a comprehensive policy package aimed at supporting the struggling economy, especially given recent underperforming economic indicators.
Source: YAHOO
Reported 18 days ago
Oil prices are poised to close higher for the second consecutive week, despite a slight dip on Friday. This follows a substantial cut in U.S. interest rates and a drop in global stockpiles, with Brent futures and U.S. WTI crude both up over 4% for the week. Analysts suggest that the rate cuts have bolstered market sentiment, though concerns linger about the overall economic impact and demand growth.
Source: YAHOO
Reported 19 days ago
The Bank of Japan has decided to keep its current interest rate unchanged, following a prior increase in July that caused market turmoil. This decision allows the central bank to assess market reactions and global economic conditions. Governor Kazuo Ueda indicated that further rate hikes are possible in the coming months, contingent on suitable economic signals, amidst divided expectations among economists regarding the timing of future increases.
Source: YAHOO
Reported 19 days ago
Nvidia has partnered with UAE's G42 to establish a climate technology lab aimed at enhancing AI-driven weather forecasting. This initiative will leverage Nvidia's Earth-2 platform to develop tailored climate solutions utilizing extensive geophysical data. Located in Abu Dhabi, the lab reflects both companies' commitment to environmental sustainability and aims to position the UAE as a leading AI hub in the Middle East.
Source: YAHOO
Reported 19 days ago
Donald Trump condemned the Federal Reserve's recent decision to cut the benchmark interest rate by half a percentage point, labeling it a 'political move' intended to influence the current administration. Trump suggested that a smaller rate cut would have been more appropriate and criticized Fed Chairman Jerome Powell for mishandling inflation measures. His comments followed President Biden's assertion that the rate cut signaled positive progress in the economy.
Source: YAHOO
Reported 19 days ago
Asian equities saw an upward trend as positive jobs data reinforced the notion of a soft landing for the US economy. The Bank of Japan chose to maintain its interest rate policy, causing the yen to fluctuate. Despite a slight dip in mainland Chinese shares, broader global stock markets reached new heights, while ongoing discussions around further Federal Reserve rate cuts remain pivotal. Investors are keenly observing monetary developments as they weigh risk factors against corporate earnings forecasts.
Source: YAHOO
Reported 19 days ago
Apple has released the iPhone 16 lineup in nearly 60 countries, but the eagerly awaited Apple Intelligence AI features are not pre-installed, leading some consumers to hesitate on purchases. The new iPhones, featuring modest upgrades and improvements like a touch-sensitive Camera Control button, will require users to download the AI features as they become available in the coming weeks and months. Despite this setback, analysts predict revenue growth for the holiday season, with new models priced from $799 to $1,199.
Source: YAHOO
Reported 19 days ago
The Japanese yen regained some ground as the Bank of Japan (BOJ) expressed cautious optimism about growth while holding its overnight rate steady. Meanwhile, the U.S. dollar faced downward pressure from expectations of accelerated rate cuts by the Federal Reserve. Speculators had recently profited on long yen positions, with the euro rising significantly against both the yen and the dollar. Inflation data indicated moderate price increases, impacting monetary policy outlooks for both Japan and the U.S.
Source: YAHOO
Reported 19 days ago
YouTube has confirmed the rollout of 'Pause ads', which display advertisements on the side of the screen even when the video is paused. This controversial update aims to enhance brand visibility, but many users have expressed frustration on social media, criticizing the new feature as intrusive. YouTube Premium subscription, priced at $13.99 monthly, remains an option for those wishing to avoid ads altogether.
Source: YAHOO
Reported 19 days ago
JetBlue is set to open its first airport lounges at New York's JFK and Boston's Logan International airports as part of its strategy to attract premium customers and enhance profitability. Access will primarily be for holders of a new premium credit card and certain loyalty program members, offering perks like free food and Wi-Fi. CEO Joanna Geraghty aims to shift focus towards luxury offerings after years of financial challenges, aiming for a turnaround in a competitive industry.
Source: YAHOO
Reported 19 days ago
Intelligent Alpha has launched an AI-powered exchange-traded fund (ETF) called Intelligent Livermore (LIVR), leveraging three large language AI models—GPT, Claude, and Gemini—to analyze data and emulate successful investors. The ETF targets major investing trends, including AI and global markets, while also incorporating sectors like healthcare. Although AI determines the portfolio composition, a human analyst reviews it to ensure accuracy.
Source: YAHOO
Reported 19 days ago
Frank McCourt, the founder of Project Liberty and former owner of the LA Dodgers, aims to acquire TikTok as it faces legal scrutiny over a U.S. ban due to its Chinese parent company ByteDance. McCourt argues that the current control of the app by the Chinese Communist Party poses a national security threat to American users, urging ByteDance to divest from the platform. He proposes to transition TikTok's users to a new platform that empowers them to control their own data and identity, emphasizing that his bid aligns with national security and antitrust regulations.
Source: YAHOO
Reported 19 days ago
Nike has announced the appointment of Elliott Hill as its new CEO, effective October 14, following the retirement of John Donahoe. Analyst Aneesha Sherman from Bernstein views this as a positive change for Nike's stock, highlighting Hill's extensive experience within the company and strong rapport with employees. His leadership is expected to set a clear vision for the brand ahead of the upcoming investor day on November 19.
Source: YAHOO
Reported 19 days ago
MGM Resorts President Bill Hornbuckle highlighted the strong performance and event activity in Las Vegas, claiming it has never been stronger. Following a successful 2023, with major events like the Super Bowl and Formula 1, MGM's convention business remains robust, contributing significantly to visitation. Despite economic pressures, especially from inflation, the company continues to attract higher-end consumers and maintains a strong market share in the competitive landscape.
Source: YAHOO
Reported 19 days ago
In an interview with Yahoo Finance, Schneider Electric CEO Peter Herweck highlighted the increasing energy demands from AI and the anticipated growth of data centers, which currently account for 1.3 to 2% of global energy consumption, projected to double by 2030. He emphasized the importance of sustainable energy solutions, particularly renewable and non-electric sources, as companies seek efficient locations for their data centers in regions with abundant power and land, including Australia, Japan, Singapore, and parts of Europe.
Source: YAHOO