Market News
Why Saudi Aramco’s ‘aspirational’ $2 trillion listing is leaving investors cold
The Saudi Arabian Oil Company — better known as Saudi Aramco — is forging ahead with plans for an initial public offering that may value the company at $2 trillion , or perhaps less, as investors weigh the risk rewards associated with what could be the world’s biggest ever floatation.
Aramco, Riyadh’s crown jewel that pumps an estimated 10% of global crude supply, has successfully recovered from a drone attack in September that briefly incapacitated half of Saudi Arabia’s oil production and temp...
Wendy's gets ready to make one of its biggest changes since 1969
The beef will still be fresh. The spicy chicken still spicy. It’s just how you order from the 50-year-old Wendy’s is about to look a little different, if you want it to be.
At long last, Wendy’s ( WEN ) is getting serious about delivery, to cater to the growing on-demand consumer ordering environment. Wendy’s is looking at bringing in Uber Eats and GrubHub as delivery partners before yearend, CEO Todd Penegor tells Yahoo Finance. Spokespeople for GrubHub and Uber Eats didn’t immediately return r...
Why the NBA-China controversy won't affect Nike
The backlash from the Chinese government over a tweet sent by sent by Houston Rockets GM Daryl Morey in support of democracy protesters in Hong Kong was swift . Chinese state-run television and conglomerate Tencent ( TCEHY ) refused to air the L.A. Lakers vs. Brooklyn Nets preseason game emanating from Shanghai. And many Chinese businesses have cut ties or distanced themselves with the offending Rockets , including sportswear company Li-Ning.
Could the controversy affect major associated brands ...
Google debuts new Pixelbook Go, Pixel Buds, and Nest Mini
The Pixelbook Go is Google's latest Chromebook meant for users who want a lightweight machine for working on the go. (Image: Google) More Google ( GOOG , GOOGL ) has a new Chromebook. The Pixelbook Go, which was revealed during the company's Made by Google event in New York on Tuesday, is a 13.3-inch Chromebook powered by Google's Chrome OS.
Starting at $649, the Pixelbook Go is designed to be an always-connected replacement for traditional Windows-powered laptops. For users looking for somethin...
'A victim of their own success': How vaccines became a casualty of misinformation in the US
Measles, a highly contagious disease, was declared eliminated from the United States in 2000. However, over the last decade, there have been over 3,000 measles cases across the country, which has brought the disease back into focus. Much of it is because of low immunization rates as a result of vaccine misinformation, according to many medical experts.
“I think vaccines are honestly a victim of their own success,” Dr. Paul Offit, professor of pediatrics at the Hospital of Philadelphia, told Yaho...
Walmart starts delivering groceries, to your garage or fridge, in 3 US cities
Walmart ( WMT ) on Tuesday launched its grocery delivery service — in which an associate acts as a personal shopper by carrying orders directly to private residences — in Kansas City, Pittsburgh, and Vero Beach.
The retail giant’s InHome Delivery, initially announced at Walmart’s Shareholders Week in June , will initially cover nearly 1 million customers. The service will be offered as a monthly membership of $19.95 for unlimited deliveries on orders of at least $30. The first month is being off...
Stock market news: October 15, 2019
Stocks rose Tuesday as some of the first major corporate names began delivering third-quarter results. Meanwhile, investors continued to monitor signs that President Donald Trump’s “phase one” trade deal with China would materialize.
Better-than-expected earnings results from Dow components UnitedHealth ( UNH ), Johnson & Johnson ( JNJ ) and JPMorgan ( JPM ) helped lift the 30-stock index more than 100 points shortly after market open. Gains accelerated as the session progressed.
Here’s where th...
Fund managers don’t think Trump’s trade war will ever be resolved: survey
Reblog Bank of America Merrill Lynch’s monthly fund manager survey revealed some shocking insights about how the investor community views President Trump’s trade war with China. Some 43% of respondents don’t think the trade war will be resolved and view the situation as the “new normal.” Only 36% of respondents expect a solution prior to the 2020 presidential election. More broadly, some 40% of respondents view trade as the biggest “tail risk” for the markets. An ‘end’ to the trade war? Trade te...
JPMorgan Q3 earnings beat expectations
JPMorgan Chase’s ( JPM ) stock rallied to all-time highs on Tuesday, after the largest U.S. bank by assets reported third-quarter earnings that blew away Wall Street’s expectations.
Here were the key figures from the report, compared to consensus expectations compiled by Bloomberg:
Revenue: $29.3 billion vs. $28.46 billion expected
Adj. earnings: $2.68 per share, vs. $2.46 per share expected
Revenue for the quarter set a record, and was even higher on an adjusted basis at $30.06 billion, bolster...
Stocks are a 'no brainer' even without a trade deal: Morning Brief
Tuesday, October 15, 2019
...at least relative to bonds The " phase one " trade deal announced Friday looks like the illusion many suspected it was. But it doesn't mean all is lost for a stock market that many believe needs a trade deal in order to continue climbing higher.
In a note to clients on Monday, Savita Subramanian and the equity strategy team at Bank of America Merrill Lynch said that stocks remain a "no brainer" relative to bonds.
In August, the dividend yield on the S&P 500 topped th...
Bernie Sanders would raise corporate tax rate to 35%, ban buybacks
Vermont senator and presidential candidate Bernie Sanders campaigns at the University of New Hampshire in Durham. Preston Ehrler | SOPA Images | LightRocket | Getty Images Democratic presidential hopeful Bernie Sanders introduced a plan on Monday that would reverse President Donald Trump's tax cuts for businesses and return the corporate tax rate to 35% from its current 21%.
The Corporate Accountability and Democracy Plan would also eliminate many of the tax breaks and loopholes in the tax code ...
Trump could 'walk across my pond' and I won't vote for him again: Ohio farmer
Christopher Gribbs, a soybean farmer from Ohio Source: CNBC An Ohio farmer and former Republican Party official told CNBC on Monday that President Donald Trump can't win his vote back, even if the president went above and beyond what's humanly possible.
Chris Gibbs, a soybean and corn farmer whose family owns and operates 560 acres of farmland, said on "Power Lunch" he's "dubious" about the $40 billion to $50 billion worth of agricultural buys from China that the Trump administration last week a...
California governor signs offbeat bills into law
Government And Institutions Published 8 hours ago California governor signs offbeat bills into law Facebook Twitter Comments Print Email By Brittany De Lea FOXBusiness close video Varney: California's liberal policies aren't working FOX Business' Stuart Varney gives his take on rising gas prices in California.
College athletes and endorsements As of 2023, the state will not be able to prevent college athletes from signing endorsement deals.
School start times On Sunday, Newsom signed a bill that...
There’s a 50% chance recession will hit in 2020, economist says Business
U.S. Economy Published 19 hours ago There’s a 50% chance recession will hit in 2020, economist says Facebook Twitter Comments Print Email By Angelica Stabile Fox Business close video Housing market is going up but starting to fade: Robert Shiller "Narrative Economics" author and economist Robert Shiller discusses his outlook for the housing market and the possibility of recession.
The threat of a recession has been a prominent discussion in the media over the past few months.
Continue Reading Be...
Earnings season could be a head-fake for the markets: analyst
As earnings season kicks off, one prominent stock analyst warns that the likely cascade of positive earnings results doesn’t mean all is right with the economy.
“Of course, we’ll beat expectations for third quarter earnings, we always do,” Matt Maley, chief market strategist at Miller Tabak + Co, told Yahoo Finance’s The First Trade . “They lower them enough that the actual numbers are beaten. The key thing is that guidance has been coming down all year long.”
Wall Street is expecting a 3% earni...
How the Wendy's Baconator will help unlock $1 billion in new sales
The always popular Wendy’s Baconator will surely do its part to help the mostly U.S.-based fast-food chain finally plant a larger flag overseas.
Wendy’s ( WEN ) CEO Todd Penegor tells Yahoo Finance that with the U.S. business back on track , he is setting his sights on a more aggressive international restaurant rollout. The company plans to debut in the U.K. within the next 12-18 months, followed by 20 or so company-operated restaurants in the country quickly thereafter.
From there, Penegor inte...
The luxury watch industry is having a moment
The luxury watch industry is having a moment.
While other high-discretionary, alternative asset markets like art and collector cars are seeing sales decline, luxury watches are seeing sales climb , and, in some cases, scarcity grow. Just look at how Rolex buyers can’t even find any of its popular sports watches in stock. Or the recent successful online auctions at Sotheby’s and Christie’s, and this summer’s auction at Monterey Car Week put on by RM Sotheby’s and Bob’s Watches , where all lots we...
Bank of America upgrades Nike to Neutral
Nike got a boost (not to be confused with an ultra boost) from Bank of America Merrill Lynch. BofAML upgraded its rating for Nike ( NKE ) from Underperform to Neutral and raised its price objective to $98 per share.
BofAML also makes the case that the company could be categorized and valued not as a sportswear company but as a consumer staple due to its growth and reach. "NKE's broadening customer base arguably supports a global consumer staples valuation (instead of a branded apparel & footwear...
Steven Mnuchin would like some credit for the Facebook Libra exodus
Seven of the Libra Association’s 28 “founding member” companies have now exited the Facebook-led cryptocurrency consortium amid months of regulatory scrutiny on Facebook and its launch plans. PayPal was the first to drop out, earlier in October; Visa, Mastercard, Stripe, eBay, and Mercado Pago all followed on Friday; and on Monday, Booking Holdings dropped.
And Treasury Secretary Steven Mnuchin wants some credit for the exodus.
MasterCard, Visa, and Stripe, three of the biggest names that have d...
Netflix investors are fleeing the stock amid onslaught of streaming competition
Netflix ( NFLX ) is set to report third-quarter earnings on Wednesday, in what will be its final report just before rivals Apple ( AAPL ) and Disney ( DIS ) launch their streaming platforms.
And judging by the performance of its stock, investors seem to be voting with their feet. Netflix’s slumping stock indicates that Wall Street expects the competitive pressures on the streaming giant to intensify.
For Netflix’s third quarter, Bloomberg estimates earnings per share of $1.25 on revenue of $2.25...