Author: starbpo

On Thursday, Challenger, Gray & Christmas released a labor-market update that added to the grim sentiment on Wall Street. Due to a near-blackout of official economic data brought on by the continuing government shutdown in the United States, investors are looking for private offerings that could offer some insight into the state of the job market. Investors discovered something to cling onto on Thursday, and it seems that many of them weren’t pleased with what they saw. U.S.-based companies reported 153,074 job cutbacks in October, up 175% from the same month last year and up 183% from those disclosed in…

In a historic attempt to increase access to the pricey blockbuster therapies, President Donald Trump struck agreements with Eli Lilly and Novo Nordisk on Thursday to lower the costs of certain of their obesity medications, including forthcoming pharmaceuticals. In 2026, the agreements would lower the cost of so-called GLP-1 medications for Medicare and Medicaid recipients. Additionally, the therapies will be made available to customers at a reduced price on TrumpRx.gov, a website the Trump administration is opening in January. This is a long-awaited step that might expand the market for the medications and encourage more private insurers to cover them.…

Trump Media & Technology shares went through the roof on Wednesday morning after former President Donald Trump beat his Democratic opponent, Vice President Kamala Harris, in the U.S. election. Trump’s wealth grew by about $1.5 billion as the stock market went up. The Associated Press said Trump had won at 5:34 a.m. Eastern time. Following his loss to Vice President Joe Biden in 2020, this is a huge return for Trump. Trump is only the second U.S. President to hold two different terms, the first being Grover Cleveland, who held office from 1885 to 1889 and again from 1893 to…

The amounts: A study found that service-based businesses like stores and restaurants grew at the fastest rate in more than two years in October. This is more proof that the U.S. economy is still going strong. The Institute for Supply Management said that a measure of service businesses went up from 54.9% in September to 56% last month. Not since July 2022 has the number been this high. People think that numbers over 50% are good for the business. Most Americans work for service companies like stores, banks, and hospitals, which run the economy. Someone from an energy company told…

The U.S. Federal Reserve will almost certainly keep cutting the base federal funds rate. They will likely do so not only this week, but also at their meeting in December. This is because short-term U.S. interest rates will likely be lower on Inauguration Day in 2025 than they were on Election Day. This guess is not based on any predictions about prices or changes in the job market. The reason for this is that short-term interest rates tend to stay in the same direction for at least a few months after the U.S. election. Since short-term rates are much lower…

Six Flags Entertainment Corp.’s stock went up 2.9% early Wednesday after the company said that strong consumer demand continued through October and that its third-quarter sales beat expectations. Five Flags Cedar Fair, based in Charlotte, N.C., merged with Six Flags on July 1. The combined company made $215 million, or $4.21 a share, in the same quarter last year. This quarter, Six Flags FUN 2.26% only made $111 million, or $1.10 a share. From $842 million a year ago, sales went up to $1.35 billion. It was expected by FactSet that EPS would be $2.96 and sales would be $1.34…

Last week, Super Micro announced in a filing that Ernst & Young had resigned. EY said it could “no longer” rely on management’s and the Audit Committee’s representations and didn’t want to be associated with the financial statements prepared by management. At the time, Super Micro said it disagreed with EY’s decision and is working to find a new auditor. On Tuesday, Super Micro said its independent “Special Committee” formed by the board of directors and led by independent counsel found “no evidence of fraud or misconduct on the part of management or the Board of Directors.” Needham analysts led…

December travelers in Chicago’s O’Hare airport. According to an aviation analytics firm, if shutdown-related systemwide cuts are put into place on Friday, over 1,800 flights will be canceled. Following the announcement that the United States will reduce aircraft capacity at 40 of the country’s airports by 10% on Friday if the shutdown persists, an aviation analytics firm has done some calculations. At a press meeting late Wednesday, Transportation Secretary Sean Duffy announced the news, stating that the administration was taking action to ensure the safety of air travel and that the identities of the affected airports would be made public…

Qualcomm exceeded analyst forecasts for its fiscal fourth-quarter sales. A significant tax-related charge that Qualcomm Inc. incurred could help the company’s tax positioning in the future, but it also hurt earnings in the most recent quarter. According to the semiconductor company, it will be able to “establish a valuation allowance against our U.S. federal deferred tax assets” in the future thanks to a $5.7 billion noncash charge for its fiscal fourth quarter. During the company’s earnings call on Wednesday, Qualcomm Chief Financial Officer Akash Palkhiwala stated that the business anticipates “lower cash tax payments relative to prior expectations.” This charge,…

More financial trading items have been added to Robinhood’s portfolio. With the S&P 500 reaching new all-time highs and reporting multiple months of gains, the stock market enjoyed a great third quarter. Additionally, meme-stocks were once again popular, and businesses such as Opendoor Technologies Inc. saw significant profits. All of this was sufficient to cause individual investors to go into a trading frenzy, which was advantageous for retail brokerage Robinhood Markets Inc. (HOOD). Late Wednesday saw the release of Robinhood’s third-quarter earnings, which showed a 259% increase in profit per share (61 cents) and sales that quadrupled year over year…