The chip shortage took its toll on the auto industry, which has become increasingly reliant on semiconductors.Mikael Sjoberg | Bloomberg | Getty ImagesSwedish automaker Volvo Cars on Wednesday abandoned its near-term goal of only selling electric vehicles, citing a need to be “pragmatic and flexible” amid changing market conditions and cooling demand.Volvo Cars, which is owned by China’s Geely Holding, had been among the first legacy carmakers to promise a complete switch to EVs. The firm said it’s long-term aim remains to become a fully electric carmaker.However, the company announced that by 2030 it now aims for between 90% to…
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Ken Griffin, Founder and CEO, Citadel speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, U.S., May 6, 2024. David Swanson | ReutersBillionaire investor Ken Griffin’s suite of hedge funds at Citadel eked out small gains in what proved a volatile month in August as markets grappled with an emerging growth scare. Citadel’s multistrategy Wellington fund gained about 1% in August, bringing its year-to-date return to 9.9%, according to a person familiar with the returns, who spoke anonymously because the performance numbers are private. All five strategies used in the flagship fund — commodities,…
Chipotle Mexican Grill (CMG) has shown significant resilience in maintaining price increases during the past few years of inflation. However, as the labor market cools, consumers become more selective with their spending and rising food costs are increasing difficulty passing onto customers. We’ll describe a spread bet that pays off if Chipotle shares continue to struggle. CMG has managed to maintain an above-average valuation and is becoming increasingly difficult to justify as margins come under pressure. The risk/reward favors adding some bearish exposure at these levels on CMG. From a technical perspective, CMG has broken below its 200-day moving average…
A view of the pipelines at Zueitina oil terminal, in west of Benghazi, Libya February 3, 2020. Picture taken February 3, 2020. Esam Omran Al-fetori | ReutersU.S. crude oil fell 1% on Wednesday, tumbling below $70 per barrel and raising speculation that OPEC+ could delay production increases scheduled to begin next month.The U.S. benchmark hit a low of $69.19 earlier in the session, the lowest level since Dec. 13, after plunging more than 4% on Tuesday. U.S. crude and global benchmark Brent have erased all gains for 2024.”With demand growth uncertain and significant supply outages looking unlikely, all eyes are again…
Vertigo3d | iStock | Getty ImagesBitcoin slid back toward $55,000 overnight as it caught up with Tuesday’s broader market sell-off.On Wednesday, the price of the flagship cryptocurrency was lower by more than 2% at $56,481.90, according to Coin Metrics. It fell sharply Tuesday night — to as low as $55,673.80 — with the start of Asia-Pacific trading but has stabilized since then.Coinbase and MicroStrategy fell 3% and 2%, respectively. Tech stocks struggled in U.S. trading Tuesday – the sector is coming off worst day since September 2022 – while two readings of manufacturing production showed signs of weakness, rekindling fears about…
Check out the companies making headlines in premarket trading. Nvidia — Shares of the artificial intelligence darling pulled back nearly 2% following a report from Bloomberg that the U.S. Department of Justice subpoenaed the chip company in concert with a broader antitrust investigation. Dick’s Sporting Goods — Stock in the retailer fell about 1% despite its second-quarter results surpassing Wall Street estimates. Dick’s raised the top end of its full-year earnings forecast, predicting earnings in the range $13.55 to $13.90 per share, compared with a prior estimate of $13.35 to $13.75. Analysts polled by FactSet forecast $13.80 per share. Dollar…
As tech goes, so goes the broader stock market. That’s not a good thing right now. The S & P 500 and Nasdaq Composite tumbled 2.1% and 3.3%, respectively, on Tuesday. That marked each benchmark’s’ worst day since the Aug. 5 sell-off. The losses were led by declines in tech. Nvidia dropped more than 9%, its biggest one-day decline since mid-April. ON Semiconductor dropped 8.8% and Advanced Micro Devices lost 7.8%. Apple retreated 2.7%, while Alphabet sank 3.7%. Tech has been the market stalwart all year, with enthusiasm around artificial intelligence driving stocks to record levels. Near term, however, the…
An Airbus SE A350 aircraft operated by Cathay Pacific Airways Ltd. on the tarmac at Hong Kong International Airport in Hong Kong, China, on Tuesday, Sept. 3, 2024. Bloomberg | Bloomberg | Getty ImagesHong Kong flag carrier Cathay Pacific on Wednesday confirmed it expects to return its Airbus A350 planes to service by the weekend, after an in-flight engine issue triggered a fleet-wide inspection of the aircraft and dozens of flight cancelations.The airline previously announced that an engine component failure had forced a Zurich-bound flight to return to Hong Kong on Sept. 2. The aircraft involved, the A350-1000 variant of the…
A Dick’s Sporting Goods store at the Los Cerritos Center shopping mall on February 21, 2024 in Cerritos, California. Kirby Lee | Getty Images News | Getty ImagesDick’s Sporting Goods on Wednesday blew past Wall Street’s earnings estimates in its fiscal second quarter and while the retailer did raise its full-year guidance as a result, the new outlook fell flat up against expectations. The sporting goods store comes behind a string of other retailers that issued muted or cautious guidance for the back half of the fiscal year as companies prepare for the presidential election in November and what some fear could…
Here are Wednesday’s biggest calls on Wall Street: Goldman Sachs reiterates Apple as buy Goldman said it’s sticking with its buy rating heading into Apple’s iPhone event next week, but that the stock’s response may be muted. “We reiterate our Buy rating on AAPL and believe that new product innovation for the iPhone 16 (e.g., continued processor innovation, larger display sizes, improved camera features) coupled with new AI features should drive upgrades and installed base growth.” Morgan Stanley upgrades Astera Labs to overweight from equal weight Morgan Stanley said investors should buy the dip in shares of the intelligent connectivity…
