Business

Trump Signals Support for Powell to Continue as Fed Chairman if Elected in November
Business

Trump Signals Support for Powell to Continue as Fed Chairman if Elected in November

In an interview with Bloomberg Businessweek, Republican presidential candidate and former U.S. President Donald Trump said he would allow Federal Reserve Chairman Jerome Powell to complete his term if he won the upcoming November election. “I would let him do it, especially if I thought he was doing the right thing,” Trump said. President Joe Biden reappointed Powell to a second four-year term as head of the Federal Reserve in May 2022. Powell, who is also Fed chairman, will remain in that role until January 31, 2028. The statement represents a significant shift for Trump, who previously clashed with Powell during his presidency. Powell, who began his term as Fed chairman in February 2018, has often been criticized by Trump for his approach to interest rate policy. In 2019, Trump openly c...
Mid-Day Market Action: CrowdStrike, Plug Power, Comerica and More
Business

Mid-Day Market Action: CrowdStrike, Plug Power, Comerica and More

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...
Turkey’s wealth increases 157% during economic storm
Business

Turkey’s wealth increases 157% during economic storm

Turkey has defied global economic trends, posting a stunning 157% increase in wealth per adult over the past year, according to the UBS Global Wealth Report 2024. This extraordinary growth stands in stark contrast to the country’s rampant inflation, which has sapped the purchasing power of millions. As nations around the world grappled with economic challenges, Turkey emerged as an exception. Russia and Qatar followed with substantial increases in wealth, but none came close to matching Turkey's spectacular rise. The report attributes this anomalous growth mainly to the rapid appreciation of asset values, especially real estate, which have skyrocketed in tandem with inflation. However, this concentration of wealth primarily benefits asset owners, leaving many Turks struggling with the ris...
United Airlines Posts Strong Q2, But Gloomy Outlook Clouds Horizon
Business

United Airlines Posts Strong Q2, But Gloomy Outlook Clouds Horizon

Chicago – United Airlines reported a solid second quarter, driven by rising demand for international travel. However, the carrier’s less-than-stellar third-quarter outlook cast a shadow over its otherwise strong performance. The airline's Q2 earnings beat analysts' expectations, fueled by a 23% increase in profits from a year earlier. The growth was attributed primarily to a resurgence in international travel, a trend that has been a boon to the industry since the pandemic. Despite solid quarterly results, United’s third-quarter forecast fell short of Wall Street projections. The disappointment was largely attributed to overcapacity issues across the industry, which put downward pressure on fares. To counter these challenges, United has focused on expanding its premium offerings and optim...
Royal Caribbean Focuses on Shorter Cruises and Immersive Experiences
Business

Royal Caribbean Focuses on Shorter Cruises and Immersive Experiences

Royal Caribbean Cruises is charting a new course to capture the evolving preferences of vacationers. As competition for leisure dollars intensifies, the cruise line is focusing on shorter itineraries packed with diverse activities and unique experiences. The company’s CEO, Jason Liberty, believes shorter cruises better align with the vacation plans of younger travelers, who make up more than half of the cruise line’s clientele. To cater to this demographic, Royal Caribbean has introduced Utopia of the Seas, a massive ship boasting a wide array of amenities, including multiple pools, dining and entertainment options. Despite concerns about a potential economic downturn, Royal Caribbean remains optimistic about the cruise industry’s outlook. The company reported strong passenger spending an...
Stocks That Moved Biggest After Hours: Five Below, Interactive Brokers, JB Hunt, and More
Business

Stocks That Moved Biggest After Hours: Five Below, Interactive Brokers, JB Hunt, and More

Key points Retail and transportation stocks shine: Shares of Five Below and JB Hunt rose after the close of trading, reflecting positive developments in the retail and transportation sectors, respectively. Interactive Brokers faces headwinds: Interactive Brokers' stock price fell after the stock market closed, likely due to investor concerns following the release of mixed financial results. Spirit Airlines continues its upward trajectory: Shares of Spirit Airlines maintained their bullish momentum in after-hours trading, demonstrating continued investor optimism. Details Five below (FIVE): Shares of the teen-focused retailer gained 2.07% after the close, likely helped by positive investor sentiment following solid retail sales data. JB Hunt Transportation Servic...
Goldman Sachs in the spotlight: Q2 results
Business

Goldman Sachs in the spotlight: Q2 results

Goldman Sachs is set to report its second-quarter results on Monday, sparking excitement on Wall Street. With the financial sector recovering after a slow 2023, analysts are eager to see how the investment giant will fare. Goldman Sachs Market Forecast Earnings: Analysts polled by LSEG expect earnings per share of $8.34. Income: LSEG estimates revenue will reach $12.46 billion. Trading revenue: StreetAccount expects fixed income revenue of $2.96 billion and equity revenue of $3.17 billion. Banking Investment: StreetAccount forecasts investment banking revenue to reach $1.80 billion. Goldman Sachs: A heavy dependence on volatile markets Goldman Sachs relies heavily on investment banking and trading to generate revenue compared to its major U.S. banking peers. This makes the firm particul...
Citigroup Beats Profit, Revenue Estimates, Buoyed by Wall Street Boom
Business

Citigroup Beats Profit, Revenue Estimates, Buoyed by Wall Street Boom

Citigroup defied analysts' expectations on Friday, reporting a strong second quarter, fueled by a surge in Wall Street activity. The strong performance comes as the bank grapples with ongoing regulatory concerns. Profit and revenue forecasts Citigroup beat analysts' estimates for both profit and revenue. Earnings per share reached $1.52, beating expectations of $1.39. Total revenue rose to $20.14 billion, beating expectations of $20.07 billion. Breakdown of figures The bank's net income jumped 10% year over year to $3.22 billion, or $1.52 a share. Equity trading revenues rose a significant 37%, driven by strong derivatives and growing hedge fund balances. The segment brought in $1.5 billion, beating analysts' estimates of about $300 million. Fixed income revenues, however, fell 3% to $3.6...
JPMorgan Beats Q2 Expectations, Driven by Investment Banking Growth
Business

JPMorgan Beats Q2 Expectations, Driven by Investment Banking Growth

JPMorgan Chase beat analysts' estimates for both profit and revenue in the second quarter, fueled by a surge in investment banking business. Here's a breakdown of the key results: Earnings: $4.26 per adjusted share, beating analysts' consensus of $4.19. Income: $50.99 billion, beating the estimate of $49.87 billion. Annual growth: Net income jumped 25% to $18.15 billion, while revenue rose 20% to $50.99 billion. Investment banking boom: Investment banking fees rose 52% year over year to $2.3 billion, beating expectations. Cautious optimism despite geopolitical concerns CEO Jamie Dimon acknowledged potential risks such as inflation and rising interest rates, despite positive valuations for stocks and bonds. He also highlighted the complex geopolitical situation as a potential threat to t...
Premarket Moves: Delta Air Lines, Costco Wholesale, Pfizer and More
Business

Premarket Moves: Delta Air Lines, Costco Wholesale, Pfizer and More

Delta Airlines Shares fell nearly 9% in premarket trading after the company's third-quarter revenue forecast fell short of analysts' expectations. Despite strong summer travel demand, the airline expects lower fares due to increased capacity. Costco Wholesale Shares rose slightly after the retail giant reported better-than-expected second-quarter earnings and raised its full-year profit forecast. Strong membership growth and robust discretionary sales boosted Costco’s performance. Pfizer Shares rose slightly as the drug company announced positive results from its Phase 3 trial for a new respiratory syncytial virus vaccine candidate. The vaccine showed high efficacy in preventing severe respiratory syncytial virus disease in adults 60 and older. Other notable actors: Unite...