FILE PHOTO: The Bristol Myers Squibb research and development center at Cambridge Crossing in Cambridge, Massachusetts, on Dec. 27, 2023.Adam Glanzman | Bloomberg | Getty ImagesBristol Myers Squibb on Thursday beat first-quarter estimates and hiked its revenue and profit guidance for the year, as the drugmaker cuts costs.The company now expects 2025 revenue to come in between $45.8 billion and $46.8 billion, up from a previous outlook of around $45.5 billion. Bristol Myers also expects full-year adjusted earnings of $6.70 to $7 per share, which compares to its prior forecast of $6.55 to $6.85 per share. Notably, the company said its…
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Strong fundamentals and an attractive valuation have JPMorgan growing more optimistic on Cadence Design Systems . JPMorgan upgraded the software and chip design stock to overweight from neutral and upped its price target to $325 per share from $300. The new forecast implies roughly 22% upside from Wednesday’s close. Analyst Harlan Sur noted investors should scoop up the stock after a nearly 12% year-to-date pullback. CDNS YTD mountain Cadence Design Systems stock in 2025. “The forward CY valuation is appealing and undemanding at 34x, at the low end of its trailing five-year range of 28x to 53x,” Sur said. “Investors…
Bottles of Pepsi soda are displayed in a store on March 17, 2025 in New York City. Spencer Platt | Getty ImagesPepsiCo on Thursday reported mixed quarterly results as its international sales offset weaker demand in North America.The food and beverage giant also cut its forecast for core constant currency earnings per share, citing new tariffs, economic volatility and a more cautious consumer.”As we look ahead, we expect more volatility and uncertainty, particularly related to global trade developments, which we expect will increase our supply chain costs,” CEO Ramon Laguarta said in a statement. “At the same time, consumer conditions in…
Farmers in Africa that produce some of the world’s most prized coffee are in a scramble to comply with new European Union environmental rules that require them to document the origin of every shipment of beans.The new measure, coming into force at the end of this year, is designed to prevent deforestation driven by agricultural expansion. To comply, farmers must provide geolocation data to show that their coffee was not grown on land where forests have recently been cut down.After Dec. 31, any producers that cannot will lose access to the vast European market.Europe consumes more coffee than any country…
The Semanggi overpass in Jakarta, Indonesia.Fadil Aziz | The Image Bank | Getty ImagesU.S. President Donald Trump’s tariffs have pushed countries to look for ways to improve their trade balance with the U.S. and negotiate the extent of duties levied on their imports.Indonesia’s plan now is to “narrow,” or even eliminate its trade surplus with the U.S., the country’s finance minister Sri Mulyani Indrawati told CNBC on the sidelines of the IMF-World Bank Spring Meetings.This comes after the country was hit with a 32% levy on exports to the U.S. by President Donald Trump on April 2. He has since…
Adobe’s new artificial intelligence image models, Firefly Image Model 4 and Firefly Image Model 4 Ultra, can generate hyper-realistic pictures in response to user prompts.AdobeLONDON — Adobe plans to launch a mobile version of its artificial intelligence image generation tool Firefly, stepping up a challenge to OpenAI as the Microsoft-backed startup advances its efforts on visual applications for the technology.The design software giant said Thursday at its MAX creativity conference in London that it will release Firefly on both iOS and Android “soon,” without giving a specific date.”Creative people think on the go,” Alexandru Costin, vice president of Adobe Firefly,…
One kilogram gold bars at the ABC Refinery smelter, operated by Pallion, in Sydney, Australia, on Thursday, April 17, 2025. Brendon Thorne | Bloomberg | Getty ImagesGold prices have been on a tear with the recent trade turmoil driving investors to the safe haven, while competing assets such as the U.S. Treasurys and the dollar have tumbled. This is tied to the seismic shift in U.S. trade policy under President Donald Trump, and bullion has “stepped into the void” as the market’s safe haven asset of choice, Commonwealth Bank of Australia’s director of mining and energy commodities research, Vivek Dhar, said. “What…
The facade of Norway’s central bank, also known as Norges Bank, in Oslo, Norway.Bloomberg | Bloomberg | Getty ImagesNorges Bank Investment Management — the largest sovereign wealth fund in the world — on Thursday reported a first-quarter loss of 415 billion kroner ($40 billion), citing weakness in the tech sector.”The quarter has been impacted by significant market fluctuations. Our equity investments had a negative return, largely driven by the tech sector,” CEO Nicolai Tangen said in a statement. The fund’s value hit 18.53 trillion kroner at the end of March, with 70% of its investment placed in equities — an asset…
Fewer Americans are planning to travel this summer, according to a survey by the consumer finance company Bankrate.Some 46% of respondents said they are planning a summer vacation this year — down from 53% in 2024. Of those who don’t intend to travel, nearly two-thirds (65%) said money was the main reason.However, it’s not just travel costs that are keeping people from planning trips — more respondents said the cost of everyday life (68%) was a bigger issue than vacation expenses (64%).Additionally, the number of those who said they were “not sure” about their summer vacation plans increased — from…
Russian forces launched a major missile and drone attack on Kyiv early Thursday, killing at least nine people in the city, and injuring more than 60, the Ukrainian authorities said, in the deadliest strike on the Ukrainian capital since last summer.Explosions could be heard throughout the night; clouds of brown smoke rose over the city as the sun came up. One missile hit a two-story building with eight apartments where emergency workers hunted for survivors Thursday morning. A five-story building next door lost all of its windows. People stood outside, staring at the damage and talking on their phones, telling…
