The Dow’s road to 40,000 in one chart
The Dow Jones Industrial Average reached a milestone Thursday that seemed unfathomable a year ago. The 30-stock benchmark broke above 40,000 for the first time. The move comes as investors cheer the prospects of artificial intelligence boosting corporate profits and the Federal Reserve possibly cutting rates later this year as inflation eases further from its pandemic highs. It’s been a long and […]
Canada Goose jumps 16% after the company reports growth surge in China
Shares of Canada Goose surged 16% on Thursday after the company reported earnings for the fiscal fourth quarter and announced it was expecting year-over-year sales growth for fiscal year 2025. Here’s how the company did: Earnings per share: 5 Canadian cents, which may not compare with estimates of 7 Canadian cents Revenue: CA$358 million (US$263 million), which may not compare with […]
Stocks making biggest moves premarket: Under Armour, Walmart, AMC, GameStop, Canada Goose and more
Check out the companies making headlines in premarket trading. Under Armour — The sportswear maker’s Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 […]
Stocks making the biggest moves after hours: Chubb, Cisco Systems, Palo Alto Networks and more
Chubb — The property and casualty insurer gained nearly 6% after Berkshire Hathaway revealed it has bought nearly 26 million shares of Zurich-based company for a stake worth $6.7 billion. Chubb became Berkshire’s ninth biggest holding at the end of March, according to a new regulatory filing. AST SpaceMobile — Shares rocketed 33%. AST SpaceMobile announced a commercial agreement with AT&T […]
Warren Buffett’s Berkshire Hathaway reveals insurer Chubb as confidential stock it’s been buying
Warren Buffett finally revealed his secret stock pick in a new regulatory filing, and it’s insurer Chubb. His conglomerate Berkshire Hathaway has bought nearly 26 million shares of Zurich-based Chubb for a stake worth $6.7 billion. The property and casualty insurer became Berkshire’s ninth biggest holding at the end of March. Shares of Chubb jumped nearly 7% in extended […]
Citadel Securities and BlackRock back project to start a national stock exchange in Texas
Citadel Securities are among investors backing a group seeking to start a new national stock exchange in Texas. TXSE Chairman and CEO James Lee said the Dallas-headquartered group has raised $120 million with the support of more than two dozen investors. “Texas’s booming economy and the strong economic and population growth among states in the southeast quadrant […]
Tesla’s Chinese rival Nio launches a new brand and car that undercuts the Model Y by $4,000
SHANGHAI — Chinese electric car company Nio revealed Wednesday that the first car for its new, lower-priced brand, Onvo, will be about $4,000 cheaper than Tesla’s comparable Model Y. Deliveries for Onvo’s first car, the L60 SUV, are set to begin in September, the company said. Pre-sales began after Wednesday’s launch event. Nio CEO William Li said he expects […]
Denim stocks can benefit with Western style in vogue, TD Cowen says
A renaissance in Western styles can boost stocks that specialize in denim, according to TD Cowen. Analyst Oliver Chen hailed the jean-fabric category as a strong performer that should be able to keep up momentum through at least the end of 2024. “We see the recent momentum in the denim category as sustainable in the […]
GameStop, AMC tumble as meme stock rally fizzles after just two days
The brick-and-mortar video game retailer declined nearly 19%, while the movie theater chain dropped 20%. Before Wednesday, GameStop and AMC were up 179% and 135% this week, respectively. The sell-off in AMC shares came after the company announced a debt-for-equity swap. AMC will issue 23.3 million shares in a debt-for-equity exchange for $163.9 million of […]
China’s economy reveals pockets of softness. Here’s what to watch ahead of Friday’s data
BEIJING — As China’s economy moves into the second quarter of the year, a few indicators are pointing to sluggish growth ahead if things don’t turn around, raising expectations for monetary policy easing. The National Bureau of Statistics is due to release data on retail sales, industrial production and fixed asset investment for April on […]