Author: Bruno T
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Amazon Shareholder Sues Board, Bezos Over Blue Origin Launch Contracts
An Amazon (NASDAQ:AMZN) shareholder has filed a lawsuit against founder Jeff Bezos and Amazon’s board, alleging that the directors failed to adequately evaluate the decision to award launch contracts for the company’s Project Kuiper satellite to Blue Origin, Bezos’ space company. The lawsuit, filed earlier this week by Cleveland Bakers and Teamsters Pension Fund, claims…
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Tesla Introduces New Version Of Model 3 And lowers Prices To Boost Sales
Tesla Inc. (NASDAQ:TSLA) has unveiled the first update to its popular Model 3 sedan, featuring a sleeker look and longer range, while simultaneously lowering the prices of its premium cars in the US and China. This move is part of CEO Elon Musk’s comprehensive effort to ramp up sales. The revamped four-door sedan boasts a…
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Dell’s Profit Drops 10% in 2nd Fiscal Quarter of 2024
Dell (NYSE:DELL) reported a net profit of $455 million in the second fiscal quarter of 2024, a 10% decline compared to the $506 million reported in the same period the previous year. Shares of the company jumped 9.6% in premarket activity Friday. The result fell short of analysts’ expectations polled by FactSet, which were at…
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Samsung Joins Nvidia’s AI Vendor Roster, Shares Rise 6.13%
Shares of Samsung Electronics Co. (KOSPI:530036) surged over 6% on rumors that the company has secured the right to supply advanced memory chips to AI leader Nvidia Corp. (NASDAQ:NVDA). South Korea’s largest electronics company will begin supplying the HBM3 chip – a newer generation of memory optimized for working with AI accelerators – starting in…
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PCE Rises 0.2% In July And Rises To 3.3% Year-On-Year; PCE Core Reaches 4.2%
The Personal Consumption Expenditure Price Index (PCE) in the United States increased by 0.2% in July in the monthly comparison, according to information released by the US Department of Commerce this Thursday (31). In June, the change was 0.2%. With this, the annual variation of the PCE was 3.3% in July, from 3.0% registered in…
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Initial claims for unemployment insurance fall to 228,000 in the US
The US Department of Labor announced on Thursday (31) that new jobless claims fell to 228,000 for the week ended August 26. The number was below market expectations, which expected 235,000 new orders. In the previous week, claims totaled 230,000, according to revised data.
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Gold Stabilizes Near One-Month Highs as U.S. Interest Rate Hike Expectations
Gold (AMEX:GLD) maintained its position near one-month highs on Thursday, cushioning the losses incurred over the course of this month. This shift came as the likelihood of another U.S. interest rate hike was diminished by recent data indicating a slowdown in the labor market. Traders are closely monitoring the imminent inflation report. Around 1003 GMT,…
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Dollar General Lowers Annual Sales Forecast as Inflation Pressures Weigh on Customers
On Thursday, Dollar General (NYSE:DG) reduced its annual forecast for same-store sales as it anticipates customers will continue feeling the strain from persistently high inflation and pull back on discretionary spending. The company, headquartered in Goodlettsville, Tennessee, has seen its shares fall about 36% this year, dropping by 14% in pre-market trading. According to Refinitiv…
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Microsoft To Unbundle Teams From Office In Bid To Allay EU Antitrust Concerns
Microsoft (NASDAQ:MSFT) has announced its intention to decouple its chat and video application, Teams, from its Office suite, making it more compatible with competing software products. This move, revealed on Thursday, is a strategic response to potentially avert an antitrust penalty from the European Union. This decision comes a month after the European Commission initiated…
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UBS Will Absorb Credit Suisse; UBS Profit Soars In 2Q23
UBS Group (NYSE:UBS) said on Thursday it will fully absorb Credit Suisse’s domestic bank – a decision that comes despite a likely backlash in Switzerland, where it could result in the loss of thousands of jobs. Shares in UBS Group AG were up about 6 percent in Swiss morning trade, as well as 5 percent…