Author: starbpo

The stock market had another bad day on Wednesday. This time, a weak sale of bonds made people feel bad. Nvidia NVDA 6.13%, which has been a market favorite for the past two years, fell 5%. It’s now more than 20% (23%, to be exact) below its recent high, so it could be called a bear market. Aswath Damodaran, a finance professor at NYU Stern School of Business who is often called the “dean of valuation,” says that Nvidia’s stock price only makes sense if investors think the company will create and win in a whole new market segment. “Let…

Cannabis stocks surged in late afternoon trading on Thursday following a statement from Republican presidential nominee Donald Trump, who indicated a shift toward supporting more relaxed cannabis laws. During a press conference at his Mar-a-Lago resort in Palm Beach, Trump mentioned that as cannabis legalization progresses, he’s becoming more supportive. He also revealed that he’s preparing a statement about an upcoming Florida referendum on adult-use cannabis, which currently has polling support above the 60% threshold needed for approval. While Trump didn’t provide details about his forthcoming statement, he acknowledged the difficulty of having people incarcerated for actions that might soon…

Thursday, former President Donald Trump said that the Federal Reserve has “gotten it wrong a lot” and that the people should have more say in how the bank makes decisions. Trump, the Republican candidate for president, held a news conference from his home in Florida called Mar-a-Lago. He talked about his business experience and said that he has “better instinct than, in many cases, people that would be on the Federal Reserve or the chairman,” Jerome Powell. Trump said, “I think the president should at least have a say in that.” During his time as president, Trump often said bad…

It was a big GAAP loss for SoundHound AI Inc. in the most recent quarter, and they are still much bigger than their revenue. However, their top-line growth was better than predicted. The company that makes software for AI that can have conversations reported a net loss of $37.3 million, or 11 cents per share, for the second quarter on Thursday. The net loss was more than the $23.3 million that SoundHound SOUN 21.16% lost in the same quarter last year, though each share of stock still lost 11 cents. When everything was taken into account, SoundHound lost 4 cents…

Extreme market volatility this week made Wall Street want the Federal Reserve to lower interest rates even more. This made people fear that the market could spread problems and cause a slump. As the dust has settled, a new worry has come to the surface: investors who are waiting for the Federal Reserve to cut interest rates could be setting the markets up for another trap. “I don’t think they want to be known as the “hot gun.” Janet Jaffee, a senior portfolio manager at TCW, told MarketWatch on Thursday, “That’s not what the Fed wants to do.” Early this…

Planet Fitness Inc.’s stock went up 11% in premarket trading on Tuesday after the fitness chain reported an 18% increase in profit, which was higher than what analysts had expected for adjusted profit and revenue. As of June, Colleen Keating became CEO of the company. She said that the “unique strength of our asset-light, highly franchised business model” helped the business. Planet Fitness PLNT -0.54% said that its net income rose from $41.14 million, or 48 cents a share, in the previous quarter to $48.64 million, or 56 cents a share, in the second quarter. The gym owner’s adjusted profit…

Lumen Technologies Inc. LUMN -15.64% shares went through the roof after the phone company said it had signed five billion dollars worth of new deals. The stock also seems to be being driven by a lot of other good news. The company said in a statement on Monday that the growth in its order book of $5 billion was due to a rise in demand for products that use artificial intelligence. CEO Kate Johnson said, “The AI economy is changing how businesses work, and they’re realising they need strong network infrastructure to handle the huge amounts of data coming in…

The ride-hailing company Uber Technologies beat quarterly earnings estimates and gave positive guidance on Tuesday, which caused shares of the company to rise. FactSet says that Uber made 47 cents a share in the second quarter, which was more than the 31 cents that Wall Street expected. Revenue of $10.7 billion was more than the $10.57 billion that most people thought it would be. The company said that mobility and delivery brought in 25% and 8% more money, respectively, while goods brought in the same amount of money.

Investors were not impressed by GlobalFoundries’ mixed outlook for the current quarter, even though the company reported good results for the second quarter. FactSet says the contract chip maker reported adjusted earnings of 38 cents per share for the second quarter, which was higher than the 29 cents a share that was expected. The $1.63 billion in sales was 12% less than the previous year, but it was still more than the $1.61 billion that was expected. However, investors always look ahead, and the forecast didn’t have much to offer. For the third quarter of this year, GlobalFoundries GFS -1.54%…

Shares of Lucid Group Inc. went up 6% in Monday’s extended session after the company got a $1.5 billion commitment from Saudi Arabia’s sovereign wealth fund. This was more important news than the company’s quarterly results. Most of Lucid’s stock is owned by Ayar Third Investment Co., which is a branch of the Public Investment Fund. The company said it had reached an agreement with Ayar to buy $750 million in convertible preferred stock through a private placement and also provide a $750 million delayed-draw term loan facility. The company said that the $1.5 billion promise from Saudi Arabia’s sovereign…