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Robinhood Stock Shows Why Shareholders Could Expect Higher Prices 2024-08-08 14:13:00+00:00 - Most market participants tend to overcomplicate the art of investing. Sometimes, it is as simple as finding a business with a somewhat strong moat (whether brand or product), strong and growing financials, and selling at a discount. Recently, the S&P 500 and other stock indexes across the globe have delivered rising volatility to rock most investors’ portfolios. Now, there is no reason to panic; rather, stick to the fundamentals. Robinhood Markets Today HOOD Robinhood Markets $17.73 +0.61 (+3.56%) 52-Week Range $7.91 ▼ $24.88 P/E Ratio 118.20 Price Target $21.23 Add to Watchlist Robinhood Markets Inc. NASDAQ: HOOD isn’t seasoned enough to showcase sufficient historical performance through business cycles, so it is a hard example to look at how that company fares through the volatile environments encountered today. On the other hand, investors can take some of the main factors away from this list of highly profitable businesses that are market outperformers in past crashes. Get Charles Schwab alerts: Sign Up This is not to say that Robinhood is there when it comes to numbers, but investors can—somewhat safely—assume that the company is well on its way to earning a spot on one of these lists. Being part of the financial sector today is difficult, especially as Warren Buffett decided to cut ties with his Bank of America Co. NYSE: BAC stake, as reported this past weekend. However, here’s how Robinhood has stood out from the pack lately. All Drivers Running: Robinhood Stock Poised for a Surge There are many financial gurus in the content arena today who deliver strategy and insights to their viewers. A decent number of them use the Robinhood platform for trading and investing. This broad adoption and market penetration, combined with the easy-to-use and friendly user experience, makes Robinhood a worthy adversary. In fact, when Monday’s sell-off came around, Robinhood’s platform kept up with the volume of traders looking to get their pound of flesh out of the volatility. Other peers, like Charles Schwab Co. NYSE: SCHW, were reportedly facing difficulties due to the sheer volume, and that’s just another point for quality in favor of Robinhood. Those investors looking to quantify these benefits can look to the company’s recent second quarter 2024 earnings report and see that all business drivers have been firing on all cylinders lately. Starting with revenue, which reached $682 million, or a 40% annual bump, this revenue, based on Robinhood’s business model, comes through the number and quality of users, so here’s what that looks like. Funded customers grew to 24.2 million in the quarter, a one million increase from the previous year. These customers drove net deposits to $13.2 billion, up by 37% in the past 12 months, which is not insignificant considering these sums aren’t small. Gold subscriptions, which offer users various benefits like a gold card and higher interest yield on deposits, leverage, and others, also increased. Net subscribers reached 1.98 million in the quarter, up 750,000 on the year and carrying an adoption (conversion) rate of 8.2% for an all-time high. However, the figure that really brings it all together is Robinhood’s assets under custody (AUC), which reached a record $140 billion, up 57% over the past year. Few brokerages can say the same about their AUC numbers, and that is where Robinhood’s popularity comes to life. Wall Street’s Take: Robinhood Stock Has Double-Digit Upside Potential Currently, Wall Street analysts see up to 10.5% earnings per share (EPS) growth in Robinhood stock for the next 12 months. However, some investors would argue this projection lies on the conservative end of the spectrum. During the past quarter, Robinhood delivered record EPS of $0.21, a sevenfold increase from last year’s $0.03 EPS. Robinhood Markets MarketRank™ Stock Analysis Overall MarketRank™ 3.61 out of 5 Analyst Rating Hold Upside/Downside 22.3% Upside Short Interest Healthy Dividend Strength N/A Sustainability N/A News Sentiment 0.52 Insider Trading Selling Shares Projected Earnings Growth 10.53% See Full Details Leaning on this momentum, investors could now expect a higher growth revision from analysts, but those at JMP Securities may have gotten ahead of the curve in anticipation of the recent quarterly performance. Placing a valuation of $30 a share for Robinhood stock not only calls for 75.4% from where it trades today but also means a new 52-week high for the company. In the face of all this bullish evidence, some short sellers decided to bail out of the company, as Robinhood stock’s short interest declined by 11.5% over the past month alone. All told, it should come as no surprise for investors to learn that the Vanguard Group (Robinhood’s largest shareholder) boosted their stakes in the company by 1.8% over the past quarter, bringing the asset manager’s net investment up to $1.1 billion today. Before you consider Charles Schwab, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Charles Schwab wasn't on the list. While Charles Schwab currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Big 3 Music Giant Warner: Streaming Boom Sends Shares Higher 2024-08-08 13:51:00+00:00 - Warner Music Group Today WMG Warner Music Group $28.40 -0.25 (-0.87%) 52-Week Range $27.06 ▼ $38.05 Dividend Yield 2.39% P/E Ratio 28.40 Price Target $37.59 Add to Watchlist Warner Music Group NASDAQ: WMG is in the communication services sector and is one of the “Big 3” companies in the music recording and publishing industry, including Sony Music Group and Universal Music Group OTCMKTS: UMGNF. The company’s returns have moved in the opposite direction of its sector in 2024 so far, down 17%. The Communication Services Select Sector SPDR Fund NYSEARCA: XLC is up 16%. Get Universal Music Group alerts: Sign Up The company released its fiscal Q3 2024 financial results on Aug. 7, 2024. Let's dive into the company’s operations by reviewing its annual report, examining the results, and detailing key points to watch for. Warner Music: Recorded Music and Streaming Dominate Warner Music Group breaks down its business into two main segments: Recorded Music and Music Publishing. The distinction between these two is that they control separate copyrights. Pieces of music contain two components: the composition and the recording. The composition is the underlying lyrics and musical components of a song, like the melody and harmony. This represents a distinct piece of intellectual property. An artist can then capture their unique interpretation of a composition in a sound recording. This interpretation is another piece of intellectual property. The Recorded Music segment produces and distributes music recordings. The Music Publishing segment licenses musical compositions for artists to interpret. The composers who write a song often differ from those who perform it, creating a need for these separate rights. The Recorded Music Segment made up 82% of revenue in 2023, versus 18% for Music Publishing. This shows Warner’s active role in the actual production of song recordings rather than just buying and selling compositions. Warner is an international firm, receiving 54% of its revenue from outside the United States. The company gets 66% of its revenue from digital sources, most of which are partnerships with streaming services rather than download services. Warner Grows EPS More than Expected, Compares Favorably to Universal Warner beat adjusted earnings per share (EPS) estimates, coming in at $0.27. This represented an earnings surprise of 8% and an increase of 17% from the same quarter last year. Revenue came in $20 million below expectations at $1.55 billion, a decrease of 1% from last year. Warner Music Group Corp. (WMG) Price Chart for Thursday, August, 8, 2024 Streaming is continuing to light Warner's growth path. Adjusted Recorded Music streaming revenue grew by 10% in constant currency, and the figure increased by 12% for the Music Publishing segment. The company also did well in increasing its operating margin by 120 basis points to 13.3% and growing free cash flow by 42%. Shares rose after the earnings release. In addition to beating EPS estimates, another good sign for Warner was its comparative strength in streaming growth versus Universal. Universal released earnings on July 24 and saw overall streaming revenue growth of just 4%. Warner is the smallest player among the Big Three music companies, while Universal is the largest. Seeing the company significantly outperform this competitor in a key growth vector is a very positive sign. Watch to Watch For: AI Lawsuit, Effect of Spotify Price Increase Warner needs to successfully navigate one important area: the use of AI to make music. Music from popular artists can be used to train AI models. These models can then create whole new songs that sound eerily similar to the actual artist. Warner must protect its intellectual property from unauthorized use in these models or monetize it if a suitable opportunity arises. Warner Music Group Stock Forecast Today 12-Month Stock Price Forecast: $37.59 31.66% Upside Moderate Buy Based on 17 Analyst Ratings High Forecast $52.00 Average Forecast $37.59 Low Forecast $23.00 Warner Music Group Stock Forecast Details Warner knows of this risk. It issued a letter to AI companies, warning them to get license agreements before using its IP to train their models. It is also suing two AI startups on the grounds of copyright infringement. It is doing so with Sony and Universal. Winning this lawsuit is crucial for the firms to maintain their competitive advantage in the space; investors should closely monitor the situation. The three firms share a strong stake in dismantling similar companies and should unite on these issues. Winning this lawsuit would send a signal to future startups not to compete with the Big 3 through this avenue. Investors should also watch whether the Big Three can expand their margins over the next few quarters in conjunction with Spotify's price hikes. This will show whether the music companies benefit from the increases or if Spotify is keeping all the gains for itself. Before you consider Universal Music Group, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Universal Music Group wasn't on the list. While Universal Music Group currently has a "hold" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
‘Massive disinformation campaign’ is slowing global transition to green energy 2024-08-08 13:30:00+00:00 - Fossil fuel companies are running “a massive mis- and disinformation campaign” so that countries will slow down the adoption of renewable energy and the speed with which they “transition away” from a carbon-intensive economy, the UN has said. Selwin Hart, the assistant secretary general of the UN, said that talk of a global “backlash” against climate action was being stoked by the fossil fuel industry, in an effort to persuade world leaders to delay emissions-cutting policies. The perception among many political observers of a rejection of climate policies was a result of this campaign, rather than reflecting the reality of what people think, he added. “There is this prevailing narrative – and a lot of it is being pushed by the fossil fuel industry and their enablers – that climate action is too difficult, it’s too expensive,” he said. “It is absolutely critical that leaders, and all of us, push back and explain to people the value of climate action, but also the consequences of climate inaction.” He contrasted the perception of a backlash with the findings of the biggest poll ever conducted on the climate, which found clear majorities of people around the world supporting measures to reduce greenhouse gas emissions. The survey found 72% of people wanted a “quick transition” away from fossil fuels, including majorities in the countries that produce the most coal, oil and gas. Green parties and plans may have suffered reverses in some parts of the world, he said, but in others they have gained seats, and seen policies that would once have been considered radical enter the mainstream. Governments must take note, said Hart, who acts as special adviser on climate to the UN secretary general, António Guterres. “This should alert political leaders – those that are ambitious are not only on the right side of history, they’re on the side of their people as well. “Climate appears to be dropping down the list of priorities of leaders,” he said. “But we really need leaders now to deliver maximum ambition. And we need maximum cooperation. Unfortunately, we are not seeing that at the moment.” View image in fullscreen The Paris agreement, reached at Cop21 in 2015, needs to be enhanced by a requirement for new national plans on emissions reduction, the UN says. Photograph: Ian Langsdon/EPA He warned that the consequences of inaction were being felt in rich countries as well as poor. In the US, many thousands of people are finding it increasingly impossible to insure their homes, as extreme weather worsens. “This is directly due to the climate crisis, and directly due to the use of fossil fuels,” he said. “Ordinary people are having to pay the price of a climate crisis while the fossil fuel industry continues to reap excess profits and still receives massive government subsidies.” Yet the world has never been better equipped to tackle climate breakdown, Hart added. “Renewables are the cheapest they’ve ever been, the pace of the energy transition is accelerating,” he said. Governments should also take care to ensure that their climate policies did not place unfair burdens on those on low incomes, as poorly designed measures could hurt the poor, according to Hart. “Each country will really need to ensure its transition is well planned to minimise the impact on people and vulnerable populations, because a lot of the so-called pushback comes when there’s a perception that the costs on poor and vulnerable persons are being disproportionately felt,” he said. For that reason, the UN is calling for new national plans on the emissions reductions required under the 2015 Paris agreement, in which governments must set out clearly not just their targets but how they will be achieved through policy, and what the probable impacts are. The new national plans, called nationally determined contributions (NDCs), should be “as consultative as possible so that whole segments of society – young people, women, children, workers – will be able to provide their perspective on how the transition should be planned and well-managed, and how it will be financed”, he said. “Despite everything we see [in the form of extreme weather], we’re still not seeing the level of ambition or action that the world desperately needs.”
BA to axe direct flights from London Heathrow to Beijing 2024-08-08 13:19:00+00:00 - British Airways is to axe its direct flights between London Heathrow and Beijing. The UK national carrier announced that the service to the Chinese capital would end on 26 October. Although BA did not give reasons for its suspension of the route, flights to Asia from Europe have become increasingly costly and time-consuming since the war in Ukraine meant western airlines had to avoid Russian airspace. The move comes little more than a year after BA had restored the route, in June 2023, after a three-year hiatus due to travel restrictions during the Covid pandemic. Last year, it described the Beijing service as “one of our most important routes”. BA will suspend flights until at least November 2025, although it will keep the schedule under review. A British Airways spokesperson said: “We will be pausing our route to Beijing from 26 October, and we’re contacting any affected customers with rebooking options or to offer them a full refund. “We continue to operate daily flights to Shanghai and Hong Kong.” Flight times to China for western airlines avoiding Russian airspace are now considerably longer, meaning added fuel and complications for deploying crew, adding to costs. Chinese carriers flying to London can fly direct across Russia, giving them a significant competitive advantage. Virgin Atlantic recently also decided it could no longer operate to Shanghai, on similar grounds, closing its only Chinese route from the autumn after restarting last year. The number of foreign tourists visiting China is also yet to return to pre-pandemic levels. Business travel website Head for Points, which first reported BA’s decision to suspend the route, said: “Why bother when you can send the same plane to the US instead, where demand for premium cabins remains sky-high?” BA has struggled in the past to make Chinese business routes work; a much-heralded route to Chengdu from Heathrow was quietly scrapped in 2016.
Gov. Tim Walz made tampons free in Minnesota schools. Here's why it's drawing Trump's ire. 2024-08-08 12:55:00+00:00 - As governor of Minnesota, one of Tim Walz's accomplishments was signing a 2023 education law that included a mandate for schools to provide free menstrual supplies to students in grades 4 through 12. That mandate is drawing fresh attention as the Trump campaign seeks to criticize Walz for the law, claiming it requires school districts to supply tampons and pads to both female and male bathrooms due to transgender boys who may menstruate. On social media, the hashtag #TamponTim began trending on August 6, the day Walz was named as Vice President Kamala Harris' running mate for the Democratic presidential ticket. "As a woman there is no greater threat to a woman's health than leaders ... who support putting tampons in men's bathrooms in public schools," Trump campaign spokeswoman Karoline Leavitt told Fox News on Tuesday. In a statement emailed to CBS MoneyWatch, Leavitt claimed that Walz "has spent his governorship trying to reshape Minnesota in the image of the Golden State." She added, "Tampon Tim put tampons in boys' bathrooms, wants men to play in women's sports, and supports gender transitions for minors." The Minnesota law, however, doesn't specify in which bathrooms the menstrual supplies must be located; instead, it requires school districts to develop plans to ensure all students who menstruate can access free tampons and pads, Lacey Gero, director of government relations at the advocacy group Alliance for Period Supplies, told CBS MoneyWatch. Her group advocates for free tampons and pads in schools, prisons and other institutions and eliminating the so-called tampon tax. Struggling with "period poverty" While it's unclear how many transgender children could benefit from free menstrual supplies, the impact is mostly felt by the millions of girls who experience so-called "period poverty," or the inability to afford pads and tampons. About one in four teenagers who menstruate struggle to pay for period products, according to a 2023 study from the advocacy group Period. "We're hearing from somebody who was a teacher, that [Walz] recognized that students need school-supplied period products, and this issue is something we hear about from students across the country today," Gero said. "My hope is that this being in the public eye brings attention to an issue that many people might not know about or may have never thought about." When Walz, who worked as a high school social studies teacher for two decades, signed the education bill last year, he said, "[W]e're saying today 'We're leaving no one behind'," according to the Minnesota Reformer. The bill, which boosted education funding in the state by $2.3 billion, included many other measures, such as new funding for early childhood education and adding civics and personal finance courses in high schools. The Harris-Walz campaign didn't immediately respond to a request for comment. The cost of menstrual supplies Criticizing Walz for providing free period supplies underscores the stigma still attached to menstruation, Gero said. Girls and women who struggle to afford menstrual products often feel greater levels of stress and shame, which can impact their performance at school or at work. One 2019 study of low-income women in St. Louis, Missouri, found that two-thirds weren't able to afford pads or tampons in the prior year, with many resorting instead to rags, tissues or paper towels. About half said they couldn't afford to buy both food and menstrual products. People who can't afford pads or tampons "have reported missing school or work because they don't have these supplies," Gero said. "It leads to missed opportunities, and it is linked to feelings of embarrassment and depression." Minnesota is one of 28 states that currently require schools to provide period products, although not all of them supply funding for schools to purchase pads or tampons. A similar measure recently failed in Florida, when Governor Ron DeSantis in June vetoed funding that would have provided free menstrual supplies to students. Meanwhile, the cost of pads and tampons is rising faster than the rate of inflation, adding to the financial burdens facing women and girls who require these supplies. Since 2019, the typical price for a box of tampons has increased 36%, reaching $8.29, while a pack of pads has soared 41% in the same period, the Wall Street Journal reported last month. By comparison, the consumer price index, a broad measure of inflation, has increased 21% over the same period. "Cost is definitely an issue," Gero noted. "And because there are still states that are taxing period products, it puts an unfair burden on people who menstruate." Meanwhile, the criticism from Trump's campaign over Minnesota schools' free menstrual products is receiving pushback from a number of critics on social media, with some noting that providing free pads and tampons to students could help many perform better in school. "Tim Walz passed a law requiring free sanitary products to be available in all schools for kids. What a monster! How dare we make sure our kids are taken care of!" wrote cardiologist Dr. Siyab Panhwar on X.
Alphabet Stock: Why Now's The Time To Be Greedy 2024-08-08 12:25:00+00:00 - After a stellar first half to the year, equities have been having a tough time of it since July. This is particularly true for tech companies, a handful of whom were largely responsible for the S&P 500's 20% run since the first week of January. A combination of rising recession fears and concerns that the Fed has been too slow to cut rates has spooked investors. The benchmark index dropping 10% in just 3 weeks might be a bit worrying, especially because tech titan NVIDIA Corporation NASDAQ: NVDA dropped nearly 40% and Intel Corporation NASDAQ: INTC dropped almost 50%. Though it can feel scary in the moment, these periods of market-wide volatility can create some rare and golden entry opportunities, especially for top-performing companies. Alphabet Inc NASDAQ: GOOGL is one such name, and though it has fallen some 20% since July, there are several reasons to think this could be the mother of all entry opportunities. Get Alphabet alerts: Sign Up Strong Fundamentals Alphabet Today GOOGL Alphabet $162.03 +3.09 (+1.94%) 52-Week Range $120.21 ▼ $191.75 Dividend Yield 0.49% P/E Ratio 24.85 Price Target $203.74 Add to Watchlist First off, let's consider its fundamental performance. Not only did Alphabet's smash analyst expectations in their recent earnings report, but they also delivered record revenue and profitability. Both Google Search and YouTube maintained their year-on-year double digit growth figures, at 14% and 13% respectively, while Google Cloud was in a league of its own with 28% year-on-year growth. These are solid numbers for a $2 trillion business to be delivering, and it's no wonder that Alphabet shares were closing all time highs all throughout the summer. The current drop however has put the stock back to where it was before May's earnings report, which was also stellar, so you can't help but get the feeling there's a bargain to be had here. A price-to-earnings ratio of just 23 also feels like a bargain, especially as expectations grow for a rate cut to be accelerated. Bullish Outlook Many analysts share this feeling of Alphabet being cheap right now, and the past two weeks alone have seen many of them reiterate their Buy ratings on the stock. Royal Bank of Canada, for example, did just that in the last week of July while boosting their price target on Alphabet shares up to $204. Citigroup did the same, only with a $212 price target. This week alone has seen Needham & Company reiterate their Buy rating on Alphabet shares with a $210 price target, while BMO Capital Markets update on Tuesday gave a price target of $222. Considering Alphabet below $160 during yesterday's session, that's pointing to a targeted upside of nearly 40%. In that context, this feels like the time investors should be willing to be greedy when others are fearful. To be sure, though, Alphabet doesn't come without its risks. The company lost an antitrust lawsuit last week, with the Justice Department winning the argument that Alphabet had illegally established and maintained "its monopoly in two product markets in the United States—general search services and general text advertising—through its exclusive distribution agreements." Alphabet Today GOOGL Alphabet $162.03 +3.09 (+1.94%) 52-Week Range $120.21 ▼ $191.75 Dividend Yield 0.49% P/E Ratio 24.85 Price Target $203.74 Add to Watchlist Considering an Entry It remains to be seen what the penalty will be and whether this landmark win against a tech company the size of Alphabet will only serve to stiffen prosecutors' backs for more of them. However, as the Wedbush team summed up in the aftermath of the ruling, they don't "expect any disruption to Google's near-term operations as a result." Investors thinking about taking advantage of the ongoing dip should look for Alphabet shares to hold $155, as this is where the bears ran out of steam last week. If they can do that into the weekend and then begin to consolidate through the middle of August, there's every reason to think they'll soon be back knocking on the door of $200. Before you consider Alphabet, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list. While Alphabet currently has a "Buy" rating among analysts, top-rated analysts believe these five stocks are better buys. View The Five Stocks Here
Stock market news today: Stocks fade into the close, Nasdaq leads losses as market rebound loses steam 2024-08-08 05:51:00+00:00 - US stocks slid on Wednesday, failing to extend Tuesday's rebound that snapped a three-day losing streak for the major averages. Losses accelerated into the close as the benchmark S&P 500 (^GSPC) fell more than 0.8% and the tech-heavy Nasdaq Composite (^IXIC) slid 1.1%. The Dow Jones Industrial Average (^DJI) was off about 0.6%, or nearly 250 points. All three of the major averages had been up more than 1% at some point during the session. Chip stocks led the losses on Wednesday, with AI leader Nvidia (NVDA) falling more than 5%. Investors also kept a close eye on the VIX (^VIX) — known as Wall Street's "fear gauge" — which spiked into the low 60s on Monday, levels last seen during the throes of the pandemic. The VIX was little changed Wednesday, closing just below 28. Ahead of last week's sell-off, the VIX had been trading in the teens. On the earnings side, numbers out of Disney (DIS) reported early Wednesday showed the entertainment giant turned a profit in its streaming unit for the first time last quarter while the company also raised its full-year earnings forecast. Shares of Disney were down fell more than 4%, however, as investors digested concerns over Disney's park business. Late Tuesday, both Airbnb (ABNB) and Super Micro Computer (SMCI) reported results that disappointed, sending shares sharply lower. Airbnb stock fell almost 14% after the company offered a current quarter forecast below expectations. Super Micro stock fell over 20% as margins disappointed and the tech company, which has ridden a wave of AI enthusiasm, also announced a 10-for-1 stock split, which will take effect Oct. 1. Click here for in-depth analysis of the latest stock market news and events moving stock prices Read the latest financial and business news from Yahoo Finance
Robinhood results beat estimates on meme-stock, crypto trading boom 2024-08-08 05:17:00+00:00 - By Manya Saini (Reuters) -Robinhood sailed past Wall Street expectations for second-quarter revenue and profit on Wednesday as more retail investors were drawn to meme stocks and cryptocurrencies. The app, typically associated with mom-and-pop investors, saw a surge in trading volumes as meme-stock influencer Keith Gill returned to social media and reignited interest in the highly shorted shares of videogame retailer GameStop. The crypto markets also logged a stellar first half of the year led by gains in bitcoin after the U.S. Securities and Exchange Commission approved exchange-traded funds to track spot prices of bitcoin and ether. Those factors helped drive a 69% jump in Robinhood's transaction-based revenue to $327 million in the quarter. "Regardless of kind of how the market backdrop plays out through the rest of the year, we are pretty optimistic that we are well-positioned to perform well," Chief Financial Officer Jason Warnick said on a call with reporters. He also shrugged off worries that a potential economic slowdown or recession would weigh on growth. After being at the heart of a meme-stock trading frenzy of 2021, Robinhood has struggled with uneven trading activity over the past two years and is seeking to counter the effects by building a suite of products for clients. Robinhood's quarterly net interest revenue, the bulk of which comes from margin investing, jumped 22% to $285 million. It reported record revenue of $682 million in the second quarter ended June 30, beating estimates of $643.34 million, according to LSEG data. Profit of 21 cents per share also topped expectations of 15 cents. Robinhood shares were last up 0.4% in extended trading. (Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva)
Occidental Petroleum beats second-quarter profit estimates on higher production 2024-08-08 04:22:00+00:00 - By Sabrina Valle and Seher Dareen (Reuters) -Occidental Petroleum on Wednesday beat Wall Street estimates for second-quarter profit, in the first results since it closed the $12 billion acquisition of CrownRock last week. The Houston-based oil and gas firm benefited from higher oil production and a rise in crude prices. Its worldwide realized crude oil prices stood at $79.89 per barrel, compared with $73.59 per barrel a year earlier. Shares of the company were up 1.1% in trading after the bell. Occidental's quarterly production stood at 1.26 million barrels of oil equivalent per day (boepd), higher than the 1.22 million boepd in the year-ago period and analysts' estimate of 1.24 million boepd. The company posted adjusted profit of $1.03 per share for the quarter ended June 30, compared with analysts' average estimate of 77 cents per share, according to LSEG data. Occidental updated its production target this year to about 1,315 million barrels of oil and gas per day, from about 1.250 million barrels of oil equivalent per day (boepd), to incorporate CrownRock's assets. Third quarter production is expected to increase about 140,000 boepd to 1.390 million boepd, it said. The CrownRock acquisition increased Occidental’s long-term debt to about $28 billion. The oil producer kept unaltered its plans to use cash generated through the acquisition and up to $6 billion in asset sales through 2026 to pay down debt. It estimates $970 million in asset sales this year. Occidental reaffirmed its plan to repay $4.5 billion in near-term debt by August 2025. (Reporting by Sabrina Valle and Seher Dareen; Editing by Shilpi Majumdar and Jonathan Oatis)
Warner Bros. Discovery sinks after taking massive $9.1 billion impairment charge on its cable business 2024-08-08 04:20:00+00:00 - Warner Bros. Discovery (WBD) reported second quarter earnings after the bell on Wednesday that missed expectations on both the top and bottom lines while the company took a massive $9.1 billion impairment charge related to its TV networks unit. Including an additional $2.1 billion in costs related to its merger, the company took an $11.2 billion hit in write-down and charges last quarter. "It's fair to say that even two years ago, market valuations and prevailing conditions for legacy media companies were quite different than they are today," Warner Bros. Discovery CEO David Zaslav said on the earnings call. "This impairment acknowledges this and better aligns our carrying values with our future outlook." WBD CFO Gunnar Wiedenfels added that the second quarter saw a "number of triggering events, including the difference between our current market cap and the book value of the company, the continued softness in the US ad market and uncertainty related to affiliate and sports rights renewals, including the NBA, required us to adjust our planning assumptions." "While I am certainly not dismissive of the magnitude of this impairment, I believe it's equally important to recognize that the flip side of this reflects the value shift across business models and our conviction and confidence in the growth and value opportunity across studios and our global direct to consumer business," he said. The stock fell about 9% in after-hours trading as investors digested the results. In addition to the impairment charge, the company also reversed earlier profit trends in its streaming business despite adding nearly 4 million subscribers in the quarter, while its linear TV unit continued to deteriorate. This marked the first earnings report for the company since Warner Bros. lost a key media rights deal with the NBA. The company filed a lawsuit against the league over what it said was the NBA's "unjustified rejection" of the company's matching rights proposal. Revenue came in at $9.7 billion for the quarter, missing Bloomberg consensus expectations of $10.12 billion and a 6% drop compared to the $10.36 billion seen last year. The company reported an adjusted loss per share of $4.07 versus a loss $0.51 in the year-earlier period and below consensus estimates of $0.21 as a result of the impairment charge. Free cash flow, which served as a bright spot in the first quarter, bucked that trend this time around. The metric dropped 43% year over year to $976 million and also missed Bloomberg consensus expectations of $1.2 billion. Story continues The company's direct-to-consumer (DTC) streaming business served as a bright spot in the quarter. It added 3.6 million Max subscribers amid the debut of "House of the Dragon" Season 2. This was ahead of Bloomberg consensus expectations of 1.89 million and also ahead of the 1.80 million subs added in Q2 2023. Streaming advertising revenue jumped to $240 million, beating Bloomberg estimates of $191 million and up 98% from the $121 million the company reported in the year-ago period. The DTC division, however, posted a loss of $107 million after reporting a profit in the first quarter. Future unclear amid linear struggles In its latest media rights negotiations, the NBA passed on WBD in favor of two newcomers: tech giant Amazon (AMZN) and Comcast's NBCUniversal (CMCSA). The league was able to strike a new rights agreement with its other current media partner, Disney (DIS). WBD's current rights will expire at the end of next season. Analysts have warned the loss of these rights will impact the future success of its streaming service Max and will likely quicken the demise of its linear networks, which are already in free fall. Network advertising revenue tumbled by 10% in Q2 from the year-earlier period. The company reported network ad revenue of $2.21 billion, missing Bloomberg expectations of $2.26 billion. That pressured second quarter EBITDA, with full-year adjusted EBITDA now at risk of falling below $10 billion, according to the latest Bloomberg estimates. That's $4 billion below what analysts had expected at the time of the merger. Rumors have swirled about the company's next move, with Bank of America analysts laying out possible strategic options in a recent report that could include a split of the company's digital streaming and studio businesses from its legacy linear TV unit. Warner Bros. Discovery has struggled in recent quarters, with profits hit by a weak linear advertising environment and pressure on affiliate fees REUTERS/Eric Gaillard/File Photo (NurPhoto via Getty Images) Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com. Click here for the latest stock market news and in-depth analysis, including events that move stocks Read the latest financial and business news from Yahoo Finance
Nvidia stock falls 5%, chip stocks sink as Wall Street calls out 'tremendous opportunity' after sell-off 2024-08-08 04:13:00+00:00 - Nvidia (NVDA) stock fell more than 5% on Wednesday, erasing gains from early in the session as chip stocks led the way lower during a trading session that saw all three major indexes close in red figures. The sell-off in Nvidia and other chip names came despite a bullish note from Piper Sandler analysts published Wednesday, which pointed investors to a "tremendous opportunity" to buy some chip names following sector's recent sell-off. "Fundamentally, NVDA remains the strongest player in the AI accelerator space," wrote Piper Sandler's Harsh Kumar, highlighting the company's next-generation chip. "We also believe that strong tailwinds from the Blackwell architecture coming in October will continue to drive revenues well into 2025 as demand exceeds supply." "As such," the firm added, "we see tremendous opportunity in NVDA stock with the price off meaningfully from highs of $140." Piper has an Overweight rating and $140 price target on the stock. During Monday's market meltdown, The Information reported Nvidia's upcoming next-generation AI chips would be delayed by three months, potentially impacting its biggest customers like Microsoft, Alphabet, and Meta. Subsequently, Nvidia issued a statement stating its next-generation Blackwell chip "production is on track to ramp" in the second half of the year. Along with Nvidia, Kumar said Advanced Micro Devices (AMD) remains a "Top Pick" for the firm as it gains share in the traditional server market amid struggles with incumbents like Intel. Intel (INTC) stock last Friday fell more than 28% following a poor quarterly report. Piper Sandler's team also sees an opportunity for AMD should Nvidia's chips turn out to be delayed. "We believe there is not a lot of truth to the NVDA chip delay, but if it is true, near-term this would bode well for AMD if NVDA is struggling with supply and/or timing of chips," wrote Kumar. AMD stock fell 1% on Wednesday. Last week, Nvidia jumped more than 12% following peer AMD's quarterly results showing Big Tech continues to spend on data center infrastructure, a promising sign for chip suppliers. Chip stocks have been volatile over the past few weeks as Big Tech names have led the market downturn. Since the start of July, the Philly Semiconductor Index is down almost 15%, a move that Piper said prompted it to revisit its coverage and look for "ideas that we believe remain well-positioned fundamentally." Along with Nvidia and AMD, the firm sees ON Semiconductor (ON) as well positioned in this environment. Story continues Early Wednesday, chip stocks attempted a rebound that was punctuated by the recent market meltdown that sent the Nasdaq Composite (^IXIC) into correction territory. Nvidia stock fell more than 6% on Monday as the "Magnificent Seven" stocks saw market cap losses of more than $650 billion during Monday's market plunge. Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre. StockStory aims to help individual investors beat the market.
What's Next for Super Micro Computer After Stock's 20% Post-Earnings Plunge? 2024-08-08 03:19:00+00:00 - David Paul Morris / Bloomberg / Getty Images Super Micro Computer CEO Charles Liang Key Takeaways Super Micro Computer shares plunged on Wednesday after the company posted a quarterly earnings miss as low margins take a toll on its business despite increased demand. Analysts said investors are watching for Super Micro margin improvement to demonstrate its ability to navigate the competitive tech hardware market in the artificial intelligence era. Super Micro also announced a 10-for-1 stock split that analysts say could moderate the stock's volatility. Super Micro Computer (SMCI) shares fell 20% on Wednesday after the company late Tuesday reported quarterly earnings that fell short of analysts' expectations and announced a 10-for-1 stock split. Analysts say low margins are weighing on the company's financial performance despite increased demand for Super Micro's tech amid the artificial intelligence (AI) boom. Company is Now a 'Show-Me Story' on Margins Super Micro "will be a show-me story on margin improvement following challenging margins" seen in the fiscal fourth quarter, J.P. Morgan analysts wrote. Bank of America analysts downgraded their Super Micro stock rating to "neutral" from "buy," saying they expect "the next several quarters" to be "margin-challenged, despite higher revenues," as the company "navigates a competitive pricing environment, delayed shipment of Blackwell GPU systems that require liquid cooled racks (higher margin), and on-going issues with component availability." Super Micro said the "overall impact should be minimal" from the reported delays in Nvidia's (NVDA) new Blackwell AI chips. Rosenblatt Securities analysts were less concerned with margins, holding a bullish view on Super Micro after the latest earnings report, saying the company is the "Switzerland of AI" given its position to provide liquid cooling amid the AI boom. They highlighted the company's ties to Nvidia's AI chips, including the highly anticipated Blackwell platform. Stock Split Could Ease Volatility The 10-for-1 stock split that Super Micro unveiled Tuesday is set to take effect at the start of trading on Oct. 1. J.P. Morgan analysts said the split is "likely to help in reducing volatility" as it is expected to diversify the shareholder base. Super Micro shares closed 20.1% lower at $492.70. The stock is still up 75% since the start of the year, but it's down nearly 60% from it's March record high. TradingView Read the original article on Investopedia.
These are the best U.S. employers for high school graduates 2024-08-07 23:49:00+00:00 - More high school graduates are turning to trades instead of college More high school graduates are turning to trades instead of college 00:43 Chipotle Mexican Grill, Lowe's and Walgreens are three completely different companies with one thing in common: They're each one of the top places to work as a high school graduate. That's according to a new study from Harvard Business School, the Schultz Family Foundation and research firm the Burning Glass Institute which examined the hiring trends of 400 large U.S. companies, with a focus on how often those employers hire entry-level workers and promote internally. In a statement to CBS MoneyWatch, Walgreens said it's proud to be recognized for its "competitive wages and benefits, plus opportunities for learning and growth." "Being named the best place for high school graduates to start a career further validates our commitment to our team members' development and career growth, which includes a 90% internal promotion rate goal, along with competitive compensation and world-class benefits," Ilene Eskenazi, chief human resources officer at Chipotle, told CBS MoneyWatch. One of the company's proudest accomplishments is that former cooks and cashiers at their restaurants now hold leadership roles, she added. Lowe's didn't immediately respond to a request for comment Wednesday. Along with Chipotle, Lowe's and Walgreens, researchers listed Best Buy, Chewy, Foot Locker, Gap, Goodyear, PNC Financial and Starbucks among the top 10 best employers for high school graduates. Growing frustration over cost of college A larger pool of job candidates without college degrees may be entering the labor market as Americans have grown increasingly frustrated with the rising cost of higher education. A July poll from Gallup and the Lumina Foundation found that Americans believe the U.S. higher education system is headed in the "wrong direction." At the same time, opportunities for high school graduates are increasing as one in three U.S. companies have eliminated bachelor's degree requirements from some job postings this year, according to college prep company Intelligent. Careers in retail have become a strong pathway to upward mobility, the Burning Glass researchers said, noting that Home Depot, Dollar Tree and Macy's are also among the best employers. Taking a job at a bank or insurance company can also lift high school graduates into upper levels of employment, the study found, naming State Farm, Nationwide and KeyCorp as promising options.
Big Lots is closing up to 315 stores. Here's where. 2024-08-07 22:28:00+00:00 - Big Lots plans to close as many as 315 stores nationwide, the embattled discount retailer disclosed in a regulatory filing. In addition to the closures, Big Lots detailed updated loan terms that reduce the Columbus, Ohio-based retailer's credit limit and hike the line's interest rate, according to the document submitted to the Securities and Exchange Commission. An earlier agreement allowed for as many as 150 store closings. The expanded retreat comes a month after Big Lots announced plans to open three stores and close 35 to 40 this year, adding that it expected further operating losses and citing "substantial doubt" about its ability to continue. Big Lots declined to comment on specific store closures, but said in an email that the chain reviews its store footprint on an ongoing basis. "While the majority of our stores are profitable, we have made the difficult decision to close certain underperforming stores," a company spokesperson said. The retailer planned to support its "hard-working associates impacted by a closure, including by accepting requests to transfer to another Big Lots location, if they choose," the spokesperson said. Workers unable to move to another store will be given severance, the spokesperson added. Big Lots in June reported a net loss of $205 million in the quarter ending May 4, 2024, with its president and CEO Bruce Thorn stating at the time that the company's sales had taken a hit "due largely to a continued pullback in consumer spending by our core customers, particularly in high ticket discretionary items." The retailer's sales fell 10% to $1 billion in its first quarter, according to Big Lots, which operates more than 1,389 stores in 48 states, according to its website. The state of California is set to lose 75 of Big Lots' 109 stores, according to the company's website, while none of the 116 locations in Texas are shown as closing. Here's a state-by-state rundown of stores slated to close: Alabama 1327 S. Brundidge St., Troy Arizona 1416 E Route 66, Flagstaff 17510 N 75th Ave., Glendale 3630 W. Baseline Rd., Laveen 2840 E Main St., Ste 109, Mesa 6839 E Main St., Mesa 24760 N Lake Pleasant Pkwy., Peoria 2020 N 75th Ave., Ste 40, Phoenix 230 E. Bell Rd., Phoenix 4727 East Bell Rd., Phoenix 2330 W Bethany Home Rd., Phoenix 4835 E Ray Rd., Phoenix 1260 Gail Gardner Way, Prescott 10220 N 90th St., Scottsdale 940 E Baseline Rd., Tempe 7025 E Tanque Verde Rd., Tucson 4525 N Oracle Rd., Tucson 3900 W Ina Rd., Tucson 2520 S Harrison Rd., Tucson Arkansas 2999 N College Ave., Fayetteville California 1670 W Katella Ave., Anaheim 6336 E Santa Ana Canyon Rd., Anaheim 2240 El Camino Real, Atascadero 1085 Bellevue Rd., Atwater 1211 Olive Dr., Bakersfield 2621 Fashion Pl., Bakersfield 1482 E 2nd St., Beaumont 353 Carmen Dr., Camarillo 19331 Soledad Canyon Rd., Canyon Country 1611 E Hatch Rd., Ste A Ceres 1927 E 20th St., Chico 12550 Central Ave., Chino 2060 Monument Blvd., Concord 740 N Main St., Corona 5587 Sepulveda Blvd., Culver City 912 County Line Rd., Delano 1085 E Main St., El Cajon 8539 Elk Grove Blvd., Elk Grove 1500 Oliver Rd., Fairfield 9500 Greenback Ln., Ste 22, Folsom 17575 Foothill Blvd., Fontana 1986 Freedom Blvd., Freedom 3520 W. Shaw Ave., Fresno 4895 E Kings Canyon Rd., Fresno 7370 N Blackstone Ave., Fresno 2900 W Rosecrans Ave., Gardena 360 E 10th St., Gilroy 1551 Sycamore Ave., Hercules 42225 Jackson St., Ste B, Indio 3003 W Manchester Blvd., Inglewood 1020 W Imperial Hwy, La Habra 6145 Lake Murray Blvd., La Mesa 4484 Las Positas Rd., Livermore 380 S Cherokee Ln., Lodi 1009 N H St., Ste M, Lompoc 2238 N Bellflower Blvd., Long Beach 951 W Pacheco Blvd., Los Banos 1321 West Yosemite Ave., Manteca 665 Fairfield Dr., Merced 111 Ranch Dr., Milpitas 27142 La Paz Rd., Mission Viejo 3900 Sisk Road, Modesto 3615 Elkhorn Blvd., North Highlands 1702 Oceanside Blvd., Oceanside 4430 Ontario Mills Pkwy, Ontario 1875 Oro Dam Blvd E., Oroville 6646 Clark Rd., Paradise 47 Fair Ln., Placerville 30501 Avenida De Las Flores, Rancho Santa Margarita 810 Tri City Ctr., Redlands 2620 Canyon Springs Pkwy., Riverside 565 Rohnert Park Expressway, Rohnert Park 6630 Valley Hi Dr., Sacramento 8700 La Riviera Dr., Sacramento 370 Northridge Mall, Salinas 499 W Orange Show Rd., San Bernardino 3735 El Camino Real, Santa Clara 1417 S Broadway, Santa Maria 568 W Main St., Ste B, Santa Paula 2055 Mendocino Ave., Santa Rosa 1189 Simi Town Center Way, Simi Valley 633 Sweetwater Rd., Spring Valley 2720 Country Club Blvd., Stockton 27411 Ynez Rd., Temecula 955 Sepulveda Blvd., Torrance 2681 N Tracy Blvd., Tracy 1840 Countryside Dr., Turlock 225 Orchard Plz., Ukiah 818 Alamo Dr., Vacaville 14790 La Paz Dr., Victorville 2525 S Mooney Blvd., Visalia 13241 Whittier Blvd., Whittier 52 W Court St., Woodland 1320 Franklin Rd., Yuba City 56865 29 Palms Hwy., Yucca Valley Colorado 6626 South Parker Rd., Aurora 1990 S Academy Blvd., Colorado Springs 2975 New Center Point, Colorado Springs 5085 N Academy Blvd., Colorado Springs 2401 N Ave, Ste 19b, Grand Junction 2628 11th Ave., Greeley 8100 W Crestline Ave., Unit B5, Littleton 2151 Main St., Longmont Connecticut 1470 Pleasant Valley Rd., Manchester 56 Turnpike Sq., Milford 3105 Berlin Tpke., Newington 42 Town St., Ste 1200, Norwich 1931 E Main St., Torrington 650 Wolcott St., Waterbury 40 Boston Post Rd., Waterford 560 Windsor Ave., Windsor Florida 21697 State Rd., 7, Boca Raton 25191 Chamber Of Commerce Dr., Bonita Springs 901 N Congress Ave., Boynton Beach 7381 52nd Pl. E, Bradenton 328 E Sugarland Hwy., Clewiston 4847 Coconut Creek Pkwy., Coconut Creek 2400 W International Speedway, Daytona Beach 34940 Emerald Coast Pkwy., Destin 15271 Mcgregor Blvd., Fort Myers 1761 E Hallandale Beach Blvd., Hallandale 3921 Oakwood Blvd., Hollywood 8265 W Flagler St., Miami 5580 Nw 167th St., Miami Lakes 2882 Tamiami Trail E, Naples 700 Blanding Blvd., Ste 1, Orange Park 11230 S Orange Blossom Trail, Orlando 11672 E Colonial Dr., Orlando 1801 S Semoran Blvd., Orlando 7067 W Broward Blvd., Ste B, Plantation 1440 NE 23rd St., Pompano Beach 11854 US Highway 19, Port Richey 511 N State Rd. 7, Royal Palm Beach 3750 Bee Ridge Rd., Sarasota 2236 Se Federal Hwy., Stuart 12601 Citrus Plaza Dr., Tampa 41306 US Hwy 19 N, Tarpon Springs Illinois 8148 S Cicero Ave., Burbank 1699 River Oaks Dr., Calumet City 1139 W Broadway, Centralia 1608 N Larkin Ave., Crest Hill 204 S. Randall Rd., Elgin 10850 Lincoln Trl., Fairview Heights 340 Summit Dr., Lockport 7233 W Dempster St., Niles 17w714 W 22nd St., Oakbrook Terrace Indiana 138 W Hively Ave., Elkhart 3958 Illinois Rd., Fort Wayne 8401 Michigan Rd., Indianapolis 2136 E Markland Ave., Kokomo 2806 Frontage Rd., Warsaw Kansas 7533 State Ave., Kansas City 2450 South 9th St., Salina Kentucky 1321 2nd St., Henderson 1980 Pavilion Way, Lexington 4025 Poplar Level Rd., Unit 102, Louisville Louisiana 3161 E Texas St., Bossier City 2354 S Range Ave., Denham Springs 3557 Ambassador Caffery Pkwy., Lafayette 339 South Dr., Ste D, Natchitoches Maine 1100 Brighton Ave., Portland Maryland 4420 Mitchelville Rd., Bowie 6623 Governor Ritchie Hwy., Glen Burnie 3331 Corridor Marketplace, Laurel 21800 N Shangri La Dr., Unit 20, Lexington Park 11989 Reisterstown Rd. #a, Ste A, Reisterstown Massachusetts 41 Pond St., Ashland 400 Main St., Dennis Port 178 N King St., Northampton 179 Highland Ave., Seekonk 1150a Union Street Ext., West Springfield Michigan 750 Perry Ave., Big Rapids 373 N Willowbrook Rd., Coldwater 2353 N Park Dr., Holland 3669 E. Grand River Ave., Howell 4254 28th St. SE, Kentwood 5625 W Saginaw Hwy., Unit 1, Lansing 32399 John R Rd., Madison Heights 2020 Grand River Ave., Okemos 1401 Spring St., Petoskey 6207 S Westnedge Ave., Portage 2850 Washtenaw Ave., Ypsilanti Minnesota 2614 Bridge Ave., Albert Lea Missouri 4201 S Noland Rd., Independence 3225 Missouri Blvd., Jefferson City 13637 Washington St., Kansas City 1417 N Belt Hwy., Saint Joseph 4433 Lemay Ferry Rd., Saint Louis 4930 Christy Blvd., Ste 2, Saint Louis Montana 1200 10th Ave. S, Great Falls 2930 Prospect Ave., Helena New Hampshire 216 Washington St., Claremont Nevada 1601 W Craig Rd., N Las Vegas New Jersey 471 Green St., Woodbridge New York 2276 Delaware Ave., Buffalo 698 S Ogden St., Buffalo 4406 State Route 5 & 20, Ste 129, Canandaigua 260 Voice Rd., Carle Place 231 Centereach Mall, Centereach 2309 N Triphammer Rd., Ithaca 4645 Commercial Dr., New Hartford 316 Cornelia St., Plattsburgh 43 Burnett Blvd., Poughkeepsie 751 Upper Glen St., Ste 2, Queensbury North Carolina 8215 University City Blvd., Ste E, Charlotte 9535 S Blvd., Ste C, Charlotte 2000 Avondale Dr., Ste E, Durham 3420 Southwest Durham Dr., Durham 822 E Main St., Jefferson 1515 Garner Station Blvd., Raleigh 6540 Glenwood Ave., Raleigh Ohio 11372 Princeton Pike, Cincinnati 9690 Colerain Ave., Cincinnati 359 Miamisburg Centerville Rd., Dayton 1520 N Clinton St., Defiance 1170 Indiana Ave., Saint Marys 410 E Perkins Ave., Sandusky 4925 Jackman Rd., Ste 15, Toledo 7779 Tylersville Rd., West Chester Oregon 2000 14th Ave. SE, Albany 18565 SW Tualatin Valley Hwy., Beaverton 1960 Echo Hollow Rd., Eugene 304 NE Agness Ave., Grants Pass 2083 NE Burnside Rd., Gresham 2121 Newmark St., North Bend 16074 SE Mcloughlin Blvd., Ste 8, Portland 2025 Lancaster Dr. NE, Salem Pennsylvania 713 E Baltimore Ave., Clifton Heights 2820 Gracy Center Way, Coraopolis 201 West Lincoln Hwy, Exton 345 Scarlet Rd., Ste 22, Kennett Square 199 Franklin Mills Blvd., Philadelphia 2980 Whiteford Rd., York South Carolina 1016 Pine Log Rd., Aiken 1841 J A Cochran Byp., Ste A, Chester 1937 Wilson Rd., Newberry South Dakota 1617 Eglin St., Rapid City Tennessee 209 S Royal Oaks Blvd., Ste 206, Franklin 2301 Gallatin Pike N, Madison 1410 S 1st St., Union City Utah 702 E State Rd., American Fork 1030 North Main St., Layton 1617 North Main St., Logan 5516 South 900 E, Murray Vermont 1400 Us Route 302, Berlin 303 Us Route 4 E., Rutland Virginia 590 Branchlands Blvd., Charlottesville 736 Warrenton Rd., Unit 102, Fredericksburg 2110 Wards Rd., Lynchburg 7743 Sudley Rd., Manassas, 5900 E. Virginia Beach Blvd, Norfolk 8533 Midlothian Tpke., North Chesterfield 1650 General Booth Blvd., Ste 200, Virginia Beach 14603 Telegraph Rd., Woodbridge Washington 1650 Birchwood Ave., Bellingham 14907 4th Ave. SW, Burien 17307 SE 272nd St., Covington 6727 Evergreen Way, Everett 1301 W Meeker St., Kent 1515 Marvin Rd. NE, Lacey 5401 100th St. SW, Ste. 102, Lakewood 5710 196th St. SW, Lynnwood 2815 Capital Mall Dr. SW, Olympia 1940 E 1st St., Port Angeles 3399 Bethel Rd. SE, Port Orchard 120 31st Ave. SE, Puyallup 14215 SE Petrovitsky Rd., Renton 1743 George Washington Way, Richland 9612 N Newport Highway, Spokane 1414 72nd St., Tacoma 2100b SE 164th Ave., Ste E, Vancouver 151 Easy Way, Wenatchee Wisconsin 616 W Johnson St., Fond Du Lac 3960 Mormon Coulee Rd., La Crosse N78w14511 Appleton Ave., Menomonee Falls 5415 Washington Ave., Mount Pleasant 699 S Green Bay Rd., Neenah 3426 Kohler Memorial Dr., Sheboygan 1690 S Main St., West Bend Wyoming 3501 E Lincolnway, Cheyenne
Stocks making the biggest moves after hours: Warner Bros. Discovery, Zillow, Duolingo and more 2024-08-07 22:18:00+00:00 - Here are some of the stocks making notable moves after the market close on Wednesday, Aug. 7. Warner Bros. Discovery — The entertainment stock dropped 8.5% after the announcement of a $9.1 billion write down related to TV networks. Warner Bros. Discovery's revenue for the second quarter also came in at $9.7 billion, well below analyst expectations of $10.07 billion, according to LSEG. Zillow — The real estate platform's shares soared more than 13% in extended trading following a stellar quarterly report. Zillow posted adjusted earnings of 39 cents per share in the second quarter, 12 cents higher than the estimate based on an LSEG poll of analysts. Revenue of $572 million also came in higher than the expectation of $538 million. Klaviyo – Shares of the marketing platform provider jumped 17%. Klaviyo posted second-quarter results that topped Wall Street's estimates. Adjusted earnings came in at 15 cents a share, while revenue was $222 million. Analysts polled by LSEG called for 10 cents per share in earnings and $212 million in revenue. Bumble — Shares of the dating app company tumbled more than 28% after second-quarter revenue came in weaker than expected. Bumble reported $269 million in revenue for the quarter, below the $273 million expected by analysts, according to LSEG. Dutch Bros – The drive-thru coffee company's stock tumbled 15%. Dutch Bros raised its full-year revenue guidance to a range of $1.215 billion to $1.23 billion, roughly on par with the Street's estimate for $1.228 billion, per LSEG. Second-quarter results surpassed analysts' expectations on the top and bottom lines, however. JFrog — The tech stock plunged 24% after guidance for the third quarter came in lighter than expected. The company said it expected earnings per share between 9 cents and 11 cents on revenue of $105 million to $106 million. Analysts surveyed by LSEG had estimated 14 cents per share on $108 million of revenue. Duolingo — Shares of the language learning app rose 5% after second-quarter earnings topped estimates. Duolingo said it generated 51 cents of earnings per share, above the 32 cents expected by analysts, according to LSEG. Revenue of $178 million was $1 million above expectations. SolarEdge Technologies – The maker of solar power products dropped nearly 7%. SolarEdge's second-quarter adjusted loss of $1.79 per share was wider than the loss of $1.58 per share analysts anticipated, per LSEG. Revenue was higher than the Street estimated, however, coming in at $265 million versus the $262 million expected. Applovin — The tech stock fell 2% despite the company beating profit estimates for the second quarter. Applovin reported 89 cents in earnings per share, while analysts surveyed by LSEG were looking for 75 cents. However, revenue of $1.08 billion simply matched expectations, and the company said its monthly active payers metric declined year over year. Fastly — The software stock fell 16% after the cloud computing services company issued soft full-year guidance. Fastly said it expected to lose between 16 cents and 11 cents per share on $530 million to $540 million of revenue. Analysts surveyed by LSEG had predicted a loss of 11 cents per share and $558 million of revenue. McKesson — The medical supply stock fell more than 7% after revenue for the company's fiscal first quarter missed expectations. McKesson reported $79.28 billion of revenue, while analysts were expecting $82.53 billion, according to FactSet. — CNBC's Yun Li and Darla Mercado contributed.
Costco to start scanning membership cards at the entrance of all its stores 2024-08-07 22:17:00+00:00 - The 411 on wholesale warehouse shopping The 411 on wholesale warehouse shopping 03:21 Costco Wholesale is installing membership scanners at the entrances of all of its locations to discourage non-members from shopping at the stores. Soon, instead of flashing their cards at employees, Costco members will be required to scan them as they are entering, the retailer said. "Over the coming months, membership scanning devices will be used at the entrance door of your local warehouse. Once deployed, prior to entering, all members must scan their physical or digital membership card," the retailer stated on its customer service page. Guests must also be accompanied by a valid member in order to enter a store, Costco added. The discount retailer began testing the technology earlier this year, with Chief Financial Officer Richard Galanti relaying that more people had been sharing memberships since the pandemic in 2020. The scanners also spare Costco employees from having to ask shoppers for membership cards at registers and self-checkout, speeding up the process of entering and checking out, the Galanti told CNN. Discounted dogs for members only Costco earlier in the year cracked down on who uses its food court to ensure that only members can capitalize on its famous $1.50 wiener-and-soda deal. The retailer recently began asking for shoppers' membership cards, along with a photo ID, at self-checkout registers, a policy the company also applies at regular checkout lanes. "We don't feel it's right that non-members receive the same benefits and pricing as our members," Costco stated at the time. Costco said last month it was hiking its basic membership fee for the first time since 2017, increasing the annual charge to $65 from $60. The roughly 8% cost increase takes effect on September 1, the warehouse club announced. The cost of a premium membership is rising to $130 from $120. Costco also said the maximum annual 2% reward for its executive membership will rise to $1,250 from $1,000. The pricing change affects about 52 million memberships. Costco operates 882 warehouses, including 609 in the United States and Puerto Rico.
Dolce & Gabbana launches $108 dog cologne, raising hackles of some vets and pet owners 2024-08-07 22:08:00+00:00 - Temporary moratorium on dog breeding helps shelter animals find their forever homes Temporary moratorium on dog breeding helps shelter animals find their forever homes 02:47 Fashion house Dolce & Gabbana has launched a new alcohol-free perfume for dogs called "Fefé" in honor of Domenico Dolce's poodle, but not all vets and pet owners agree it's safe or appropriate. The perfume costs 99 euros ($108) for 100 milliliters (3.4 ounces) and has been certified suitable for animal use. It follows a Safe Pet Cosmetics protocol designed to ensure a degree of safety of cosmetic products for animals comparable to that required for humans, Dolce & Gabbana said. "Through a compliance recognition to this protocol granted by Bureau Veritas Italia, participating companies demonstrate their sensitivity in creating products that ensure the safety and respect of the animal, in accordance with established standards," the company said in the statement issued for the launch of the perfume. Bureau Veritas Italia is a publicly held company that provides inspection, laboratory verification and certification services. All of the dog owners consulted by the fashion company agree that the fragrance is "gentle and well accepted by their pets," and veterinarians approve of the product, according to the Dolce & Gabbana web page dedicated to Fefé, which cites performance reviews by veterinarians and customers. Dolce & Gabbana's new dog perfume, "Fefe," has been certified suitable for animal use, according to the Italian fashion house, but some veterinarians advise against using fragrances for dogs. Gregorio Borgia / AP Scents and sensibility But not all veterinarians agree on the use of perfumes for dogs. For one thing, spritzing a dog with cologne may interfere with the animal's heightened sense of smell, which the American Kennel Club describes as their "superpower." According to Phoenix Veterinary Center, dogs have as many as 300 million olfactory receptors, compared with 6 million in humans, enabling them to detect everything from buried explosives to diseases such as cancer, as well as stress, by way of smell. "Dogs recognize themselves by smells, they recognize a person by a smell," said Federico Coccía, a veterinarian in Rome who holds a doctorate from the University of Teramo. "When the dog arrives, he sees you, wags his tail, but first smells you and then recognizes you because you are stored in one of his 'smell drawers.' Therefore, this world of smells should not be changed," Coccia added. There is also concern that the use of dog fragrances could cover up bad odors that could be a symptom of diseases. For Coccia, becoming aware of an ongoing dermatological disease can be problematic if dogs' natural odors are covered up. "In the case of sebaceous dermatitis, for instance, the smell somehow completes my diagnosis," he said. "The smell of breath, the smell of earwax are disguised by the perfume. So, it could be a problem even for us vets," Coccia added. Growing niche To be sure, the booming pet market is well-scented with dog fragrances. Valued at $1.44 billion in 2024, the pet perfume market is expected to reach $2.26 billion by 2034, according to research from Quince Markets Insights in an article on LinkedIn. Among the enthusiastic users of pet fragrances are groomers who take care of the hair and aesthetics of dogs. Aliof Rilova Tano, a dog groomer at Morgana Carpentieri's La Boutique delle Birbe parlor in Rome, said that in general he is in favor of using fragrances for pets. "Our dogs live with us, so a little dog at home on the couch next to us with a perfume is always pleasant," he said. Grooming customers often feel the same way, so much so that customer Mariarita Ricciardi said she is in favor of "anything that has to do with a natural scenting ... and that can also help the quality of the hair." However, there are also pet owners who would never use perfumes on their animals. "Especially brand perfumes, it seems to be a very exaggerated process of humanization," said Francesca Castelli, a dog-owner strolling in Rome's Villa Borghese.
Journey keyboardist asks judge to resolve deadlock with band’s lead guitarist 2024-08-07 21:44:52+00:00 - DOVER, Del. (AP) — The rock band Journey has compiled an impressive list of hits over the past 50 years, but the song that might now be resonating the loudest for some band and crew members is “Separate Ways.” The latest in a series of legal disputes with band founder and lead guitarist Neal Schon, longtime keyboardist Jonathan Cain is asking a Delaware judge to resolve a deadlock involving Freedom 2020, a company formed three years ago to oversee tour-related finances. According to court filings, Schon is president of Freedom 2020, but he and Cain each holds a 50% stake in the company. In a petition filed last week, Cain said he and Schon “fundamentally disagree” on the management and operation of the company. He wants the court to appoint a custodian to act as an independent, deadlock-breaking director. Cain’s attorneys also asked the judge to fast-track the case amid the band’s current 50th Anniversary Freedom Tour, which concludes Nov. 17 in London. During a hearing Wednesday, Cain’s attorney Sidney Liebesman told Vice Chancellor J. Travis Laster that the current situation is “dysfunctional.” “It is in crisis,” Liebesman said. “The damage is taking place during the tour.” Liebesman complained that Schon is wasting company assets and believes that, as president of Freedom 2020, “he can do whatever he wants.” “It is his self-interest that is driving his decision-making,” Liebesman said. In a court filing Monday, Schon’s attorneys said many of Cain’s allegations have no basis. They specifically rejected allegations that the tour’s production company and vendors weren’t being paid on time. “Petitioner’s allegations that the company faces imminent irreparable harm from a purported inability of the company to meet its financial obligations has no basis in fact,” according to Schon’s attorneys, who will file a more complete response to Cain’s petition on Monday. “Our client denies that there’s been any mismanagement,” Schon’s attorney Jack Yoskowitz told Laster, adding that any dysfunction has been caused by Cain acting in his own self-interest, including making allegations to the press that harm the band. Laster scheduled a final hearing in the case to begin on Sept. 3, timed with Labor Day weekend, as sought by Cain’s attorneys. Schon’s attorneys sought a hearing in late September or early October, after the North American leg of the tour ends. Cain’s attorneys say a quick resolution is needed because the deadlock has become “a very much public battle” that also has created a “toxic internal environment” during the tour. “Rather than focusing on the band’s performances during a major international tour, the band’s business manager, lead vocalist and crew members now find themselves caught in the middle of the directors’ disputes, afraid of performing their job responsibilities, and pressured to align with one director or another,” they wrote. Cain’s attorneys say the dispute also threatens the band’s reputation, could negatively affect its fan base, and could further strain relationships with vendors and personnel. “Indeed, the band has lost multiple members of its crew because of such tensions over the past several months,” they wrote, adding that the company’s new business manager, its seventh, was hired two months ago. Cain says Schon’s desire to take a $1.5 million advance from promoter AEG Presents LLC to cover tour expenses, and his opposition to Cain’s proposal for a more modest advance of $500,000, has caused “a major rift.” He also accuses Schon of “exorbitant and wasteful spending” on hotels and airfare for band and crew members. Schon, for example, has ignored the company limit of $1,500 per night for hotel accommodations and has spent up to $10,000 per night for hotel rooms for him and his wife, according to Cain. Cain also alleges that Schon allows crew members to stay in hotel rooms during tour stops in or near their home cities, and to fly in business class. Schon also has used the company credit card for personal expenses and incurred hundreds of thousands of dollars in costs for private jets for himself, his wife and various crew members, according to Cain. The dispute also has even spilled over to creative differences, including Cain’s disagreement with Schon’s selection of a substitute drummer for a Toronto performance last week, and whether Cain should play rhythm guitar during performances of the 1978 song “Wheel in the Sky.” “Even if that decision were within the scope of Freedom 2020’s business, which seems highly doubtful, matters of song arrangement are objectively not a type of disagreement that threatens the company with irreparable harm,” Schon’s attorneys wrote. The two band members have been at odds for several years. In 2022, for example, Schon sent a cease-and-desist letter after Cain performed the 1981 hit “Don’t Stop Believin’” at former President Donald Trump’s Mar-a-Lago estate. Schon said Cain, whose wife was a spiritual adviser to Trump, had no right to use the Journey brand for politics. Cain countered that Schon was the one damaging the band’s brand through his bullying tactics and reckless spending.
Warner Bros. Discovery says it overpaid for its TV networks by $9 billion 2024-08-07 21:44:52+00:00 - Traditional TV, as you may have heard, is a business in decline. Here's another data point: WBD says its TV assets are worth $9 billion less than it thought just two years ago. That's not great. But Wall Street isn't that surprised: It reached this conclusion a while ago. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Go to newsletter preferences Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. Advertisement Last month executives at Warner Bros. Discovery floated the idea of breaking the company up — a tacit acknowledgement that the 2021 deal to merge Discovery with the company formerly known as Time Warner has been a bust. Here's a more concrete way of acknowledging that: WBD just took a $9 billion accounting hit because it has concluded that its aging TV assets aren't worth nearly as much as it thought — perhaps because they won't have NBA games to show after the next season. For context, WBD's entire market cap is around $18 billion. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Democratic VP pick Tim Walz, a retired Guard officer and longtime VA advocate, brings 'incredibly important' expertise on defense and veteran issues to Harris campaign 2024-08-07 21:37:02+00:00 - A retired Army National Guard noncommissioned officer who was once the top Democrat on the House Veterans Affairs Committee could become the next vice president. Presumptive Democratic presidential nominee Vice President Kamala Harris announced Tuesday that Minnesota Gov. Tim Walz will be her running mate. That puts someone with an enlisted background on both presidential tickets after Republican nominee former President Donald Trump chose Marine veteran Sen. JD Vance of Ohio as his running mate. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Patrick Murphy, an Army veteran who was Walz's roommate when they were both freshmen in Congress, called Walz a "soldier's soldier." "The two largest federal agencies are DoD and the VA, so someone who has intimate knowledge of both is incredibly important," Murphy, who served as Army undersecretary during the Obama administration, said in a phone interview with Military.com. "He was a field artilleryman who has tinnitus as diagnosed by the VA, so he understands the plight of our brother and sister veterans." Advertisement Then-Rep. Tim Walz of Minnesota speaks during a news conference outside the Capitol. Bill Clark/CQ Roll Call via Getty Images Walz enlisted in the Army National Guard in Nebraska in 1981 and retired honorably in 2005 as the top enlisted soldier for 1st Battalion, 125th Field Artillery Regiment, in the Minnesota National Guard, according to a copy of his records provided by the Minnesota Guard. He reached the rank of command sergeant major and served in that role, but he officially retired as a master sergeant for benefits purposes because he didn't finish a required training course, according to the records and a statement from the Minnesota Guard. His Guard career included responding to natural disasters in the United States, as well as a deployment to Italy to support US operations in Afghanistan, according to a 2018 article by Minnesota Public Radio . Walz earned several awards, including the Army Commendation Medal and two Army Achievement Medals, according to his military records. Working a civilian job as a high school teacher and football coach, the Nebraska native was also named that state's Citizen Soldier of the Year in 1989, according to official biographies. Advertisement Minnesota gubernatorial candidates Scott Jensen and Tim Walz appear at the 2022 gubernatorial debate. Ben Mulholland/Gray Television via AP, Pool During the 2022 Minnesota governor's race, Walz's opponent accused him of leaving the Guard when he did in order to avoid a deployment to Iraq, though Walz maintained he retired in order to focus on running for Congress, according to the Star Tribune newspaper . Related stories Far-right commentators and media resurfaced those allegations and knocked him for never serving in combat — something he has never claimed to do — in contrast with Vance's deployment to Iraq as a combat correspondent. "Looks like it is time to bring back Swift Boat Veterans for Truth. Oof. Walz is a really unforced error. He bailed on the military when they decided to send him to Iraq. JD Vance actually served," conservative talk radio host Erick Erickson posted on social media Tuesday. Walz was first elected to the House of Representatives in 2006, becoming the highest-ranking retired enlisted soldier to serve in Congress. Advertisement His tenure in Congress included sitting on the House Veterans Affairs Committee, rising to be its ranking member in 2017. Then-Rep. Tim Walz questions witnesses from the Department of Veterans Affairs and the Government Accountability Office during a congressional hearing. J. Scott Applewhite/AP "Walz' leadership on behalf of his fellow veterans when he was in the US House of Representatives is notable at a time when our all-volunteer force continues to struggle to recruit," Allison Jaslow, CEO of Iraq and Afghanistan Veterans of America, said in a statement praising the choice of a veteran to be vice presidential nominee. "How we care for our veterans is as important to our national security as how we care for our troops, and Walz has a record to prove that he understands that imperative." As the top Democrat on the committee, Walz was a chief adversary for the Trump administration's Department of Veterans Affairs . He battled with then-acting VA Secretary Peter O'Rourke in 2018 during a standoff over O'Rourke's handling of the inspector general's office and pushed for an investigation into the influence of a trio of informal VA advisers who were members of Trump's Mar-a-Lago club. An investigation by House Democrats completed after Walz left Congress concluded that the so-called Mar-a-Lago trio "violated the law and sought to exert improper influence over government officials to further their own personal interests." Advertisement Walz also opposed the Mission Act, the bill that expanded veterans' access to VA-funded care by non-VA doctors that Trump considers one of his signature achievements. Walz said in statements at the time that, while he agreed the program for veterans to seek outside care needed to be fixed, he believed the Mission Act did not have sustainable funding. VA officials in recent years have said community care costs have ballooned following the Mission Act. Then-Rep. Tim Walz of Minnesota and then-Rep. Phil Roe of Tennessee listened to testimony during a House Veterans Affairs Committee hearing at the Capitol. Chip Somodevilla/Getty Images Walz supported another bill that Trump touts as a top achievement, the Department of Veterans Affairs Accountability and Whistleblower Protection Act, which sought to make it easier for the VA to fire employees accused of misconduct or poor performance. But the implementation of that law was later part of Walz's fight with O'Rourke . The law also faced legal challenges that prompted the Biden administration to stop using the expedited firing authorities granted by the bill. Walz was also an early proponent of doing more for veterans exposed to toxins during their military service, sponsored a major veterans suicide prevention bill, and advocated for the expansion of GI Bill benefits. And he repeatedly pushed the VA to study marijuana usage to treat PTSD and chronic pain, something that could come up in a future administration if the Department of Justice finalizes reclassifying marijuana into a category of drugs considered less dangerous. Walz's time in Congress also included a stint on the House Armed Services Committee, a perch he used to advocate for benefits for members of the National Guard . Advertisement Walz consistently voted in support of the annual defense policy bill, as well as advocated for repealing the "Don't Ask, Don't Tell" policy that effectively banned gay and lesbian service members. "He was my battle buddy in the fight to repeal 'Don't Ask, Don't Tell,' and it wouldn't have happened if we didn't have Command Sgt. Maj. Tim Walz helping lead the fight," Murphy said. Minnesota Gov. Tim Walz looks at a stencil of George Floyd as the artist, Seitu Jones, as he talked about the installation in St. Paul. Glen Stubbe/Star Tribune via AP Since becoming governor of Minnesota in 2019, Walz's role as commander in chief of the Minnesota National Guard has come under the spotlight several times. In response to a request from the Minneapolis mayor, he activated the Guard in May 2020 to assist law enforcement when some protests over the Minneapolis police killing of George Floyd turned destructive. At the time, Minneapolis' mayor accused Walz of being too slow to order the deployment, a charge he denied. Advertisement "It is time to rebuild. Rebuild the city, rebuild our justice system, and rebuild the relationship between law enforcement and those they're charged to protect," Walz said in a statement when he announced the activation. He also activated the Guard to protect the Minnesota state Capitol in January 2021 amid fears that Trump supporters could riot at state houses as they did at the US Capitol that month. And he's used the Guard for missions that are more routine for the service, such as to help after heavy flooding earlier this summer . As news broke Tuesday of Walz's selection, he quickly won praise from other Democratic veterans. "Having a person who wore the uniform and who deployed around the world adds to the ticket someone who can connect with veterans and military families in a way that no one but a veteran can," Jon Soltz, chairman of liberal political action committee VoteVets, said in a statement. Advertisement Steve Beynon contributed to this story.