Wholesale prices rose in August about in line with expectations, the final inflation data point as the Federal Reserve gets set to lower interest rates.The producer price index, a measure of final demand goods and services costs that producers receive, increased 0.2% on the month, the Bureau of Labor Statistics said Thursday. That matched the Dow Jones consensus estimate.Excluding food and energy, PPI increased 0.3%, slightly hotter than the 0.2% consensus estimate. The core increase was the same when excluding trade services.On a 12-month basis, headline PPI rose 1.7%. Excluding food, energy and trade, the annual rate was 3.3%.In other…
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Republican vice presidential nominee Ohio Sen. JD Vance on Thursday took a shot at Apple on CNBC’s “Squawk Box,” stating he thinks the company benefits from “slave labor” in China. His comment was part of a broader conversation about taxing companies that rely on manufacturing in China.”Do I think Apple is an evil company? No. Do I think that sometimes they benefit from Chinese slave labor? yeah, and that’s pretty sick,” Vance said. “I think that a company that wants to benefit from American markets should also have to pay American workers a fair wage.” Apple raised the starting wage for retail…
At the end of the 2023 WNBA season, after the Las Vegas Aces had captured their second consecutive title and A’ja Wilson earned Finals MVP, Wilson had a message.“Whoever you are out there that voted me fourth (for MVP), thank you. Thank you so much,” Wilson said during the team’s championship rally. “I wanna say I appreciate you, ’cause that just means that I got a lot more work to do.”Although the 2024 Aces have disappointed relative to expectation, Wilson has not. Just as she vowed last October, Wilson returned an improved player in her seventh WNBA season.Already a two-time…
Ajit Jain at Berkshire Hathaway’s annual meeting in Los Angeles, California. May 1, 2021.Gerard Miller | CNBCAjit Jain, Warren’s Buffett’s insurance chief and top executive, sold more than half of his stake in Berkshire Hathaway, a new regulatory filing showed.The 73-year-old vice chairman of insurance operations dumped 200 shares of Berkshire Class A shares on Monday at an average price of $695,418 per share for roughly $139 million. That left him holding just 61 shares, while family trusts established by himself and his spouse for the benefit of his descendants hold 55 shares and his non-profit corporation Jain Foundation owns 50…
Wednesday’s moves were enough to give any investor whiplash. The Dow Jones Industrial Average traded 743.89 points lower at one point during the session. The S & P 500 and Nasdaq Composite shed as much as 1.6% and 1.4%, respectively. Those declines came after new consumer inflation data poured cold water on any lingering hopes that the Federal Reserve might slash interest rates as much as half a percentage point at next week’s policy meeting. The sell-off didn’t last, however. The Dow ended the day 166.72 points higher. The S & P 500 and Nasdaq, meanwhile, posted gains of 1.2%…
Navient reaches $120 million settlement with CFPB Source link
Sopa Images | Lightrocket | Getty ImagesNavient has reached a $120 million settlement with the Consumer Financial Protection Bureau over its practices with student loan borrowers, the company tells CNBC.The CFPB sued Navient in 2017 for misleading borrowers and providing them with bad information, causing many to pay more than they needed to.As part of the settlement, $100 million will be used to make payments to impacted customers, as determined by the CFPB, Navient said.The remaining $20 million will go to the CFPB’s civil penalty fund.Navient stopped servicing the government’s federal student loans in 2021. The lender has also agreed not to re-enter servicing…
Soon, people with AirPods in their ears might not be drowning you out — they might be wearing them to hear you better.Apple announced on Monday that its AirPods Pro 2 headphones will become an FDA-cleared hearing aid in the coming weeks through a software update. That means that adults with mild or moderate hearing loss — about 30 million Americans, according to the Food and Drug Administration — will be able to use Apple earphones to amplify specific sounds they want to hear better.”After you take a hearing test, your AirPods Pro are transformed into a personalized hearing aid,…
Check out the companies making headlines before the bell: Alaska Air Group — Shares gained 5% after Alaska Air Group raised its third-quarter outlook, citing strong summer demand. The airline guided for per-share earnings in the range of $2.15 and $2.25, greater than prior guidance of $1.40 to $1.60 earnings per share. Moderna — Shares shed more than 6% after the drugmaker announced plans to slash expenses by $1.1 billion by 2027. Moderna also said it anticipates the launch of 10 new products through 2027. Oxford Industries — Shares dropped 10% after the clothing company behind Tommy Bahama posted second-quarter…
Here are Thursday’s biggest calls on Wall Street: Stifel downgrades Simon Property Group to hold from buy Stifel downgraded the real estate investment trust company mainly on valuation. “While SPG will likely experience a drag on growth from bankruptcies and store closures, retailer demand and leasing leverage are stronger at higher-productivity centers.” Wells Fargo initiates Blackstone & Apollo as a top pick Wells initiated several alternative asset managers and said they are the “best kept secret.” “Top picks: TPG, SF, APO , BX .” Wells Fargo initiates Blackrock as overweight Wells Fargo said the asset manager is well positioned. “…
