D.A. Davidson believes Microsoft ‘s rivals may have caught up to the cloud computing giant. These fears prompted the investment firm to downgrade the tech titan and “Magnificent Seven” member to a neutral rating from buy. Analyst Gil Luria maintained his price target of $475, which is approximately 9% higher than where Microsoft stock closed Friday. Shares of Microsoft have risen nearly 16% this year. MSFT YTD mountain MSFT YTD chart The justification for Microsoft’s premium valuation may have been lost as competitors have largely caught up in the artificial intelligence space, Luria said. In particular, Amazon Web Services and…
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The Federal Reserve slashed interest rates by a half percentage point, or 50 basis points, on Wednesday, its first rate cut since March 2020.Even before the Fed rate cut, some homeowners had already taken advantage of recent declines in mortgage rates to refinance. Refinance activity increased to 46.7% of total applications during the week ending Sept. 6, up from 46.4% the week before, according to the Mortgage Bankers Association.Others have been waiting for the Fed to take action. To that point, 18% of consumers said they planned to refinance a loan once rates go down, according to a report by NerdWallet. The…
PITTSBURGH — For the second time in six weeks, Justin Herbert is in a walking boot.And as the Los Angeles Chargers return home after more than a week on the road, something must be asked of this organization: Who is going to protect Herbert from himself?Herbert aggravated his right high ankle sprain in the third quarter of Sunday’s 20-10 loss to the Pittsburgh Steelers. The final blow was a sack Herbert took on the second drive of the second half. Herbert dropped back off play action. Linebacker Elandon Roberts surged off Herbert’s right side on a free rush. Roberts wrapped…
Sopa Images | Lightrocket | Getty ImagesShares of Trump Media on Monday sank to their lowest price in over a year, days after majority owner Donald Trump and other company insiders got the green light to start selling their stakes in the Truth Social maker.The stock, which trades as DJT on the Nasdaq, dropped more than 6% at the market open, putting the company on track for its sixth straight day of declines.Trump Media’s share price has fallen by more than 80% since the company surged in its public trading debut in late March. The stock as of Monday morning…
Constellation Energy stock is still rising after the power company’s landmark announcement last week that it plans to restart the Three Mile Island nuclear plant in Pennsylvania. Constellation jumped as much as 6.6% early Monday after soaring 22% on Friday. Morgan Stanley analysts led by David Arcaro see continued upside for Constellation, raising their price target to $313, implying a return of nearly 23% over Friday’s close of $254.98. Morgan Stanley estimates that just the Unit 1 reactor alone at Three Mile Island could add $1.70 per share in incremental earnings and $445 million in net income. The operational risk…
A Southwest Airlines plane takes off from Hollywood Burbank Airport on July 25, 2024 in Burbank, California. Mario Tama | Getty ImagesSouthwest Airlines has warned employees that it will have to make “difficult decisions” ahead to boost profits as the carrier faces pressure from activist Elliott Investment Management, which has sought leadership changes at the company.Southwest over the summer announced a host of major changes to its more than 50-year-old business model to drum up revenue. It plans to ditch open seating for assigned seats, offer seats with more legroom that fetch a higher fare and start red-eye flights. It has…
Seamus Coleman of Everton gives the team instructions during the Premier League match between Everton FC and Burnley FC at Goodison Park on April 06, 2024 in Liverpool, England.Matt Mcnulty | Getty Images Sport | Getty ImagesLONDON — The investment group run by U.S. billionaire Dan Friedkin on Monday agreed to buy Everton F.C., potentially ending years of uncertainty for the struggling English Premier League soccer club.The deal is subject to regulatory approval from the EPL, the Football Association, and Britain’s Financial Conduct Authority.A spokesperson for The Friedkin Group, a privately held consortium of businesses with Chairman and CEO Dan…
An hour after the final whistle has blown on Sunderland 1-0 Middlesbrough, Chris Rigg re-emerges onto the pitch where he has just settled a local derby with a piece of improvised magic, a backheel from nowhere that has made a stadium gasp and a national audience take note.The netting has been taken down and Sunderland’s groundsmen are mowing the grass noisily behind Rigg, but the boy who was 17 in June agrees to be taken back through his brilliant moment with The Athletic.Even he seems slightly surprised when talking us through it, but then a winner of this type is…
China’s central bank supplied 14-day cash to its banking system for the first time in months on Monday and at a lower interest rate, signaling its intent to further ease monetary conditions.Jiang Qiming | China News Service | Getty ImagesChina’s central bank supplied 14-day cash to its banking system for the first time in months on Monday and at a lower interest rate, signaling its intent to further ease monetary conditions.The People’s Bank of China injected 234.6 billion yuan ($33.29 billion) into the banking system through open market operations, saying it wanted to “keep quarter-end liquidity adequate at a reasonable level in the banking system”.The PBOC added 160.1 billion…
Minneapolis Federal Reserve President Neel Kashkari said Monday that he expects policymakers to dial down the pace of interest rate cuts after last week’s half percentage point reduction.”I think after 50 basis points, we’re still in a net tight position,” Kashkari said in a CNBC “Squawk Box” interview. “So I was comfortable taking a larger first step, and then as we go forward, I expect, on balance, we will probably take smaller steps unless the data changes materially.”In a decision that came as at least a mild surprise, the rate-setting Federal Open Market Committee on Wednesday voted to reduce its…
