Business

This morning, several stocks are showing considerable movement in pre-market trading. These early changes can set the tone for the rest of the trading day, offering insights into investor sentiment and potential market trends. Crowd Strike (CRWD) CrowdStrike shares rose in pre-market trading after the release of its latest quarterly earnings report. The cybersecurity company beat Wall Street expectations for both earnings and revenue, citing strong demand for its cloud-native endpoint protection platform. Analysts are bullish on CrowdStrike’s future growth, especially as cybersecurity threats continue to grow globally. American Express (AXP) American Express also saw significant premarket activity, with shares rising after the company reported better-than-expected earnings. The f...

Elliott Management recently acquired a significant stake in Starbucks and is working with the company’s management to improve its stock, according to a report published Friday by the Wall Street Journal, citing people familiar with the matter. Elliott representatives declined to comment. As of its last statement on March 31, the hedge fund did not hold any Starbucks shares. A Starbucks spokesperson said the company does not respond to rumors or speculation. Despite that, Starbucks shares rose more than 6% on Friday. Elliott Management, known for its influential role in activist investing, is one of the world’s largest hedge funds. The firm has made several substantial investments in recent months, including positions in Southwest Airlines, SoftBank, Johnson Controls and Musical Instrument...

Travelers wait in line at a Delta Airlines counter at Ronald Reagan National Airport in Arlington, Virginia, on July 19, 2024. Airlines around the world have been severely disrupted by a major global computer outage, which has caused chaos at airports. Delta Airlines CEO Ed Bastian has issued an apology and offered frequent flyer miles to affected travelers after thousands of flights were canceled due to a global computer outage Friday. The disruptions have drawn criticism from Transportation Secretary Pete Buttigieg. According to aviation data firm OAG, Delta canceled more than 4,600 flights from Friday through Sunday, more than any other airline. By Monday morning, Delta had canceled another 700 flights, representing 19% of its core flights and more than half of all cancellations in the...

The International Monetary Fund (IMF) has tempered expectations for rapid interest rate cuts, warning of increased inflation risks that could extend the Federal Reserve's tightening cycle. While recent data have shown a cooling of headline inflation, the IMF points out that underlying pressures, particularly in services and wages, remain persistent. This suggests that the path to lower inflation may be more arduous than expected. The IMF's cautious stance contrasts with market sentiment, which has been leaning toward multiple rate cuts this year. However, the fund's chief economist, Pierre-Olivier Gourinchas, has indicated that a more gradual approach to monetary easing may be needed. The U.S. economy is forecast to grow at a slower pace of 2.6% in 2024, as cooling consumer spending and a...

Several stocks have seen significant mid-day changes in the market today. Among them are CrowdStrike, Plug Power, and Comerica. Here's a closer look at the major players making headlines. Crowd Strike (CRWD) CrowdStrike has seen a substantial increase in its stock price, driven by an upbeat earnings report that beat Wall Street expectations. The cybersecurity company reported stronger-than-expected revenue growth and issued positive guidance for the coming quarters. Investors responded favorably to the company’s solid performance and upbeat outlook, sending its shares up more than 10% at midday. Plug power supply (PLUG) Plug Power shares fell sharply after reporting their quarterly earnings. The hydrogen fuel cell company reported a wider-than-expected loss, disappointing i...

Thursday's highly anticipated June CPI release will likely shape market sentiment regarding potential Federal Reserve rate cuts. Recent economic data, including rising unemployment, suggests both inflation and economic growth are cooling. Federal Reserve Chairman Jerome Powell acknowledged a more balanced risk outlook for inflation and recession in his testimony to Congress this week. He hinted at the possibility of rate cuts without waiting for inflation to hit the 2% target. Economists forecast a 0.1% monthly increase and a 3.1% annual increase in the consumer price index. The core consumer price index, excluding volatile food and energy prices, is forecast to rise 0.2% from May and 3.4% year-on-year. Market observers like Matt Brenner of MissionSquare Retirement believe that inflation ...

China's consumer inflation continued its downward trend in June, rising just 0.2% year-on-year, according to data released Wednesday. That was lower than analysts' expectations and adds to concerns about potential deflation in the world's second-largest economy. A Reuters poll had forecast a 0.4% rise in consumer prices in June. Meanwhile, the producer price index, which tracks factory-gate inflation, fell 0.8% from a year earlier, in line with forecasts. This subdued inflation is in stark contrast to the situation in many other countries struggling with rising prices. Weak domestic demand in China appears to be the main culprit. “The risk of deflation has not disappeared,” noted Zhiwei Zhang, chief economist at Pinpoint Asset Management, who pointed to sluggish domestic consumption as a ...

This week, media and tech giants will gather in Sun Valley to discuss the future of streaming and explore potential strategic alliances. Allen & Co.’s annual conference, known as “billionaires’ summer camp,” kicks off Tuesday at a ski lodge in Idaho. Since 1983, the event has been the birthplace of major media deals and a space for industry leaders to discuss the future of their businesses and the broader economy. The guest list for Sun Valley includes media leaders like Warner Bros. Discovery’s David Zaslav; Disney’s Bob Iger and his potential successors Dana Walden, Alan Bergman, Josh D’Amaro and Hugh Johnston; as well as Netflix co-CEOs Ted Sarandos and Greg Peters; along with tech titans like Amazon’s Andy Jassy and Jeff Bezos; and Apple CEO Tim Cook. While these moguls are regular gu...

HBC, the parent company of Saks Fifth Avenue, has announced its acquisition of Neiman Marcus Group for $2.65 billion. The merger will unite two iconic luxury retailers under one roof. The new entity, Saks Global, will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman. Richard Baker, CEO of HBC, expressed his excitement about the merger, highlighting the benefits it envisions for customers, partners and employees. He emphasized the potential for technological advances to transform the luxury retail experience. Major leadership changes include Marc Metrick, currently CEO of Saks.com, who will become CEO of Saks Global. Ian Putnam, president and CEO of HBC Properties and Investments, will oversee Saks Global’s real estate and investment businesses, both of which wil...

At the Aspen Ideas Festival on Friday, Ford CEO Jim Farley announced that the company plans to launch a $30,000 all-electric vehicle that will be profitable in about two and a half years. Farley provided limited additional details about the vehicle, which is being developed by a specialized team within Ford. He said its main competitors will be Chinese automakers such as BYD and a planned entry-level electric car from Tesla, the leading U.S. electric vehicle maker. Farley said Ford is focusing on smaller electric vehicles rather than larger, all-electric trucks and SUVs, which have historically been the company's main profit drivers. He said larger vehicles "will never be profitable." "To get a profitable electric vehicle, automakers have to make a significant shift. The first thing we ha...