Category: Latest News
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Meta agrees up to $18 billion settlement in youth social media case
Meta Platforms (NASDAQ:META) has agreed to pay up to $18 billion to resolve claims brought by attorneys general from 29 U.S. states alleging that its social media platforms harmed children. Meta shares initially climbed more than 4% in pre-market trading as investors welcomed the removal of a potentially unpredictable legal liability, although the gains later…
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U.S. GDP growth slows to 1.5% as economy loses momentum
The U.S. economy expanded at a slower pace in the latest period, with gross domestic product growth coming in exactly in line with economists’ expectations but weakening noticeably from the previous reading. GDP increased at an annualised rate of 1.5%, matching the 1.5% consensus forecast. The result points to continued economic expansion, although at a…
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U.S. PCE inflation rises slightly more than expected in July
U.S. consumer prices increased slightly more than forecast in July, according to new data from the Commerce Department, keeping inflation firmly in focus as investors assess the outlook for Federal Reserve monetary policy. The personal consumption expenditures (PCE) price index rose 0.2% during the month, reversing a 0.1% decline in June. Economists had expected a…
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Durable goods orders beat forecasts with 1.1% rise
U.S. durable goods orders increased much more strongly than expected in the latest report, offering an encouraging signal for manufacturing activity and potentially providing support for the U.S. dollar. Orders for long-lasting manufactured goods rose 1.1%, comfortably exceeding economists’ forecast for growth of 0.4%. The result also represented a sizeable acceleration from the previous month’s…
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Nvidia earnings keep Wall Street futures subdued ahead of key results: Dow Jones, S&P, Nasdaq
U.S. stock futures pointed to a broadly flat opening on Wednesday as investors held back from making significant moves ahead of second-quarter results from Nvidia (NASDAQ:NVDA), due after the closing bell. The cautious tone followed modest gains in the previous session, with Nvidia’s earnings expected to provide an important test of investor confidence in artificial…
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BofA sees SpaceX wireless ambitions as positive for T-Mobile and tower operators
Bank of America believes SpaceX’s (NASDAQ:SPCX) plans to expand further into wireless connectivity could ultimately benefit T-Mobile (NASDAQ:TMUS), tower operators and the value of mobile spectrum rather than pose an immediate competitive threat. The bank reached its view following discussions with T-Mobile Chief Technology Officer Dr. John Saw and executives at Crown Castle (NYSE:CCI). Its…
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Lilly study associates Zepbound use with lower healthcare costs in adults over 55
Eli Lilly and Company (NYSE:LLY) has released findings from a real-world study indicating that sustained treatment with Zepbound (tirzepatide) among adults aged over 55 with obesity or overweight was associated with lower healthcare costs compared with people who did not receive treatment. The research, published in Diabetes, Obesity and Metabolism, examined claims data covering 15,843…
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J.M. Smucker shares rise after earnings beat and upgraded annual outlook
J.M. Smucker (NYSE:SJM) shares gained more than 3% in premarket trading on Wednesday after the packaged foods company delivered stronger-than-expected first-quarter earnings and revenue and raised its full-year profit guidance. The company reported earnings of $3.24 per share, comfortably ahead of the analyst consensus estimate of $2.21. Revenue increased 5% year-over-year to $2.2 billion, exceeding…
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Abercrombie & Fitch shares soar after earnings beat and upgraded outlook
Abercrombie & Fitch Co. (NYSE:ANF) shares jumped more than 11% in premarket trading after the apparel retailer delivered second-quarter earnings and revenue above Wall Street forecasts and raised its full-year guidance. Adjusted earnings reached $4.17 per share, exceeding the analyst consensus of $1.98 by $2.19. Revenue increased 5% year-over-year to $1.3 billion, ahead of expectations…
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Summit Therapeutics shares rise after partner reports positive Phase III cancer trial results
Summit Therapeutics Inc. (NASDAQ:SMMT) shares climbed 7.75% on Wednesday after partner Akeso Inc. reported positive topline results from a Phase III study evaluating ivonescimab in advanced biliary tract cancer. Akeso said the HARMONi-GI1 trial achieved its primary endpoint, with ivonescimab combined with chemotherapy demonstrating statistically significant superiority in overall survival compared with durvalumab plus chemotherapy…