Author: Bruno T
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Salesforce Rises 5% Following Strong Earnings Report
Salesforce (NYSE:CRM) saw a 5% increase on Thursday after its robust earnings report indicated that cost-cutting efforts were effective and demand was holding up better than expected in a tumultuous economy. The business software company behind workplace messaging tool Slack and data analytics platform Tableau is set to add around $10 billion to its market…
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Catalent Announces Cooperation Agreement With Elliot Investment: Analysts’ Price Recommendations
Catalent (NYSE:CTLT) announced a cooperative agreement with activist investor Elliott Investment Management and separately released an upbeat full-year earnings outlook, even as it reported lower fourth-quarter fiscal results year-over-year. Under the terms of the agreement, the drugmaker appointed four new independent directors and formed a strategic committee to review its commercial and operational strategy. John…
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Oil Futures Operate Higher On Arrival Of Hurricane Idalia And Fall In US Inventories
Crude oil futures prices were trading higher on Wednesday as traders eyed the arrival of Hurricane Idalia on the Florida coast, falling US inventories and the release of the ADP job creation report. “According to the International Energy Agency (IEA), the Gulf of Mexico accounts for about 15% of US oil production and about 5%…
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Orsted Loses a Quarter of its Market Value After Warning on US Offshore Wind
Orsted (XE:D2G), the Danish renewable energy company, experienced a 25% decline in its market value on Wednesday due to cautionary remarks about substantial impairments linked to three wind projects off the U.S. east coast. This situation adds further strain to an industry grappling with escalating costs and delays in supply. Amidst robust demand for renewable…
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US Wholesale Inventories Fell Further In July, Down 0.1%
US wholesale inventories fell 0.1% month-on-month in July 2023, after an upwardly revised 0.7% decline in the previous month, preliminary estimates showed. Inventories declined for durable goods (-0.3%, same pace as June), while they recovered slightly for non-durable goods (0.2% vs -1.2%). On an annual basis, wholesale inventories increased by 0.5% in July. July wholesale…
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GDP Grows 2.1% In 2Q23 At Annualized Rate; PCE Growth Revised Slightly Higher
The US economy grew an annualized 2.1% in the second quarter, revised from the preliminary 2.4% figure and down from the 2.0% expansion in the first quarter, the second estimate showed. There were downward revisions to private inventory investment and non-residential fixed investment, which were partially offset by an upward revision to state and local…
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What The HP Result Reveals About Corporate Business Momentum
HP (NYSE:HPQ) lowered its full-year cash flow and earnings forecasts due to a slower-than-expected recovery in the personal computer (PC) market. As a result, the company’s stock plummeted in premarket trading, down close to 9% by 8:10 am in New York. Estimated free cash flow for the fiscal year ending in October will be $3…
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Johnson & Johnson Raises Sales And Earnings Per Share Target After Kenvue Spin-Off
Johnson & Johnson (NYSE:JNJ) released its financial results and updated goals on Wednesday after the completion of the process of splitting Kenvue, its former personal products unit, which owns brands such as Band-Aid and Listerine. The American pharmaceutical company expects a growth in sales this year between 7% and 8%, which could reach US$ 84…
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ADP: US Private Sector Adds 177,000 Jobs In August
The US private sector created 177,000 jobs in August, excluding the rural sector, according to a report published by Automatic Data Processing (ADP) and Macroeconomic Advisers. Analysts expected the creation of 200,000 jobs. The number of vacancies created in July was revised upwards, from 324 thousand to 371 thousand. The data indicate that small companies,…
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OpenAI’s Path to $1 Billion Annual Revenue Fueled by ChatGPT’s Adoption
OpenAI, backed by Microsoft Corp. (NASDAQ:MSFT), is making significant strides toward achieving an annual revenue of $1 billion, largely due to the widespread adoption of the technology underpinning ChatGPT, the groundbreaking generative artificial intelligence (AI) bot that has catalyzed a surge of investment in the AI industry. According to an individual familiar with the matter,…