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…
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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…
A sign is posted in front of a Dollar Tree and Family Dollar store on March 13, 2024 in Rio Vista, California. Justin Sullivan | Getty ImagesShares of Dollar Tree fell about 12% in premarket trading Wednesday after the discounter cut its full-year outlook, citing increasing pressures on middle-income and higher-income customers.The retailer said it now expects its full-year consolidated net sales outlook to range between $30.6 billion and $30.9 billion. It expects adjusted earnings per share to range from $5.20 to $5.60. That compares to previous guidance of $31 billion to $32 billion in net sales and $6.50 to…
A view of the logo of Qualcomm at the Mobile World Congress 2024.Ramon Costa | SOPA Images | Lightrocket | Getty ImagesQualcomm launched a new PC processor on Wednesday as it looks to capitalize on electronics makers’ desire to put artificial intelligence on their devices.The move ramps up Qualcomm’s efforts to challenge the dominance of Intel in the PC processor market at a time when the latter is facing mounting challenges.Qualcomm took the wraps off the Snapdragon X Plus 8-core at the IFA conference in Berlin, Germany. The processor, designed for PCs running Microsoft’s Windows operating system, promises to power…
File photoPatrick T. Fallon | Bloomberg | Getty ImagesMortgage demand is now heavily skewed toward refinancing, as interest rates declined for the fifth straight week.Total mortgage application volume rose just 1.6% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.43% from 6.44%, with points increasing to 0.56 from 0.54 (including the origination fee) for loans with a 20% down payment. The rate was 78 basis points higher than the same week one year ago.Applications to…
With the start of a new trading month, JPMorgan is out with its latest group of stocks that it thinks are poised to outperform from here. The bank released its September “focus list” on Tuesday during a volatile time for the market. During a global rout in early August, the S & P 500 lost as much as 7.3% before eventually closing out the month 2.3% higher. Similarly, the Dow Jones Industrial Average was down as much as 5.4% in August before ending the month ahead almost 1.8%, while the Nasdaq Composite slumped as much as 10.7% but ended August…
TULSA, Okla. — Parts and labor shortages. Delayed deliveries of new airplanes from Boeing and Airbus. An engine recall. Premature repairs. It’s all piling up, and aircraft engine shops around the world are overflowing. As travelers boarded planes in record numbers this summer, airline executives waited anxiously for repairs and overhauls of their engines.The repair and overhaul of engines has swelled from a $31 billion business before the pandemic to $58 billion this year, according to Alton Aviation Consultancy. It’s a cash cow for engine makers like GE Aerospace and the hundreds of smaller specialists that service GE engines, and others…
The Alibaba Group logo displayed on a mobile phone. Cfoto | Future Publishing | Getty ImagesChinese tech giant Alibaba on Wednesday said that its core Taobao and Tmall e-commerce platforms will now allow payment through Tencent’s WeChat app for the first time.Previously, Alibaba’s Chinese e-commerce sites only accepted limited payment options and pushed WeChat Pay rival Alipay as one of the main ways to pay. Alipay is run by Ant Group, an affiliate of Alibaba that was also founded by Jack Ma.”We have always been open to collaborations, and have actively explored interoperability and partnerships with our peers,” an Alibaba spokesperson…
The United States Steel Corp. Edgar Thomson Works steel mill in Braddock, Pennsylvania, US, on Tuesday, Dec. 19, 2023. Justin Merriman | Bloomberg | Getty Images | Bloomberg | Getty ImagesA Japanese steelmaker seeking to acquire U.S. Steel said Wednesday that U.S. citizens would make up the majority of the board of directors, as the $15 billion proposal faces mounting political opposition ahead of the U.S. election in November.In a statement detailing governance plans, Nippon Steel said three of the board’s independent directors would be U.S. citizens, as would “core senior management members.”In the face of resistance from the United Steelworkers union, President Joe…
(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An artificial intelligence play and an aluminum products maker were among the stocks being talked about Wednesday. Barclays downgraded Super Micro Computer to equal weight from overweight. Meanwhile, Morgan Stanley upgraded Ball Corp., calling for more than 20% upside. Check out the latest calls and chatter below. All times ET. 6:09 a.m.: Morgan Stanley upgrades Boyd Gaming to overweight Morgan Stanley thinks shares of Boyd Gaming are attractive at current levels. The bank upgraded shares of…
