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Month: October 2024
The Dow falls 400 points and the Nasdaq sinks 450 as Microsoft and Meta lead a tech stock selloff
But new data shows inflation fell closer to the Fed’s annual 2% target as the economy shows resilience before Election Day The Dow Jones Industrial Average fell more than 400 points Thursday mid-morning, alongside sharp Nasdaq and S&P 500 declines, following weaker-than-expected earnings reports from Microsoft (MSFT-5.55%) and Meta (META-4.07%). Super Micro Computer (SMCI-13.27%) stock […]
Merck earnings top estimates amid solid demand for Keytruda cancer drug
At the Meta Connect developer conference, Mark Zuckerberg, head of the Facebook group Meta, shows the prototype of computer glasses that can display digital objects in transparent lenses.
Peloton raises its full-year profit guidance, but expects the holiday quarter to be softer than expected
Peloton is back to generating free cash flow and is edging within reach of profitability as the connected fitness company reins in costs and looks to improve the unit economics behind its hardware, it said Thursday. Despite the progress, Peloton is expecting to lose more members and sell fewer bikes and treadmills than Wall Street analysts had expected […]
7 ways that Starbucks CEO Brian Niccol plans to change the coffee chain
Starbucks CEO Brian Niccol shared more details about the company’s turnaround strategy during the company’s quarterly conference call on Wednesday. For three straight quarters, Starbucks has reported declining sales. But the coffee chain is hoping that some easy tweaks to its U.S. business will pay off and help reverse the trend as it plots a more ambitious and comprehensive game […]
Peloton appoints Apple Fitness Plus cofounder as new CEO
Peloton’s got a new head honcho. The company announced that Ford executive Peter Stern will take over as CEO and President starting January 1st. Stern previously worked at Apple and Time Warner Cable. “As a cofounder and driving force behind Apple Fitness Plus, Peter led his growth to millions of members, and is responsible for successfully scaling […]
Donald Trump’s net worth plunges by more than $1 billion in one day as his meme stock tanks
Donald Trump’s meme stock suffered its worst day ever, blowing a sizable hole in the Republican nominee’s personal fortune. Shares in Trump Media and Technology Group, the parent company of Truth Social, shed nearly a quarter of its market cap in Wednesday trading—its most for a single session on record. The plunge, which follows concerns Puerto […]
Comcast Exploring Spinoff of NBCU Cable Networks Into New Company
Comcast, amid the upheaval in the TV biz caused by cord-cutting, is considering spinning off NBCUniversal‘s portfolio of cable networks into a new publicly traded company. Comcast president Mike Cavanagh announced the exploratory plans on the conglomerate’s Q3 2024 earnings call. NBCU’s cable networks include Oxygen True Crime, Bravo, MSNBC, CNBC, USA Network, E!, Syfy, Universal Kids […]
Microsoft Stock Slips To Worst Day In Years Despite Record Earnings
Microsoft’s third calendar quarter earnings were the most robust in the company’s five-decade history, though the Washington-based computing colossus indicated it may get less of a bump from the next generation of technological innovation in generative artificial intelligence moving forward. Key Facts In its earnings report released Wednesday afternoon, Microsoft reported record $3.30 earnings per […]
The Fed’s favorite inflation index just cooled again
Inflation has slowed further and is just a hair’s breadth from the Federal Reserve’s 2% target. The Personal Consumption Expenditures price index, which is the Fed’s preferred inflation gauge, showed prices rose 2.1% for the year ended in September, a slowdown from 2.3% in August, according to Commerce Department data released Thursday. The annual increase, which […]