Lennar’s home delivery forecast falls short of estimates, shares dip
Lennar Corp forecast its third-quarter home deliveries below analysts’ estimates on Monday, a sign that demand for new homes is expected to remain sluggish as mortgage rates hover at a two-decade high. Shares of the U.S. homebuilder fell as much as 1.9% after the bell. With the current 30-year fixed mortgage rate nearly at 7%, […]
S&P 500, Nasdaq hit record closing highs ahead of data, Fed comments
The S&P 500 and Nasdaq scored record closing highs on Monday as technology shares rallied on enthusiasm over artificial intelligence ahead of this week’s economic data and Federal Reserve officials’ speeches that could shed light on monetary policy. Megacaps Apple and Microsoft (NASDAQ:MSFT) rebounded from early losses to end 1.97% and 1.31% higher respectively. Apple […]
Philip Morris suspends nationwide sales on Zyn.com after D.C. subpoena
Tobacco giant Philip Morris International (NYSE:PM) said on Monday that it would suspend online sales on Swedish Match North America’s ZYN.com nationwide as the Zyn nicotine pouch maker responds to a subpoena from the District of Columbia (D.C.). Philip Morris bought Swedish Match in a $16 billion deal in 2022 as the company looked to […]
This IT Stock Poised for Growth: Q4 Momentum and AI Leadership Fuel Optimism
In a recent series of investor meetings in the US, Infosys’ CFO and Financial Controller shared optimistic updates on the company’s progress and future outlook. According to BofA, Infosys (NS:INFY) is tracking well for the first quarter of FY24, thanks to the ramp-up of several major deals initiated in March. Despite recent underwhelming performances from other software […]
The euro zone’s fragmented banking industry
Supporters for more consolidation in the euro zone’s banking sector have been watching Spanish lender BBVA (BME:BBVA)’s hostile bid for Sabadell, alongside comments from some supervisors and lawmakers supporting the idea of more tie-ups. Regulators are keen for more consolidation – both within and across countries – because they believe fewer, stronger lenders will boost […]
European stocks rise; politics, central bank meetings in focus
European stock markets rose Tuesday, boosted by ebbing worries over regional political turmoil in a week that includes several central bank policy meetings, including from the Bank of England. At 03:05 ET (07:05 GMT), the DAX index in Germany traded 0.6% higher, the CAC 40 in France rose 0.6% and the FTSE 100 in the U.K. climbed 0.5%. French stocks make […]
Chegg announces deep job cuts in restructuring plan, sending shares surging 19%
Shares in Chegg (NYSE:CHGG) surged by more than 19% in U.S. premarket dealmaking after the education technology group announced plans to slash 23% of its global workforce as part of a broader restructuring push. By 2025, the company said it expects to realize adjusted savings of $40 million to $50 million from the employee departures, […]
Hitachi plans to sell 40% stake in Johnson Aircon JV
Japan’s Hitachi (OTC:HTHIY) is considering selling its 40% stake in an air-conditioning joint venture with Johnson Controls (NYSE:JCI) International Plc, Bloomberg News reported on Tuesday, citing people familiar with the matter. The deal could value the joint venture, Johnson Controls-Hitachi Air Conditioning, at almost 500 billion yen ($3.16 billion), Bloomberg reported citing the sources. A Hitachi spokesperson […]
GameStop shares tumble after CEO says store network will shrink
Shares of GameStop (NYSE:GME) tumbled on Monday after CEO Ryan Cohen told investors that the videogame retailer plans to operate a smaller network of stores, but did not provide details on what it intends to do with its cash pile. GameStop shares were down 11.6% at $25.38 on Monday afternoon after the annual general shareholder […]
Recordati shares rise as investors reportedly circle CVC stake
Shares in Italian drugmaker Recordati rose almost 3% on Tuesday, boosted by a report that investment funds KKR and TPG had expressed preliminary interest in buying a stake in the company. Speculation about the future of Recordati has increased after majority shareholder CVC Capital Partners hired investment banks JP Morgan and Goldman Sachs to explore […]