Category: Latest News
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U.S. Stocks Climb Well Off Worst Levels But Still Close Mostly Lower
After moving sharply higher early in the session, stocks regained ground over the course of the trading day on Wednesday. The major averages climbed well off their worst levels of the day, although the Nasdaq and the S&P 500 remained in negative territory. The tech-heavy Nasdaq ended the day down 142.10 points or 0.7 percent…
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Bitcoin retreats below $113K amid Fed and geopolitical uncertainty
Bitcoin (COIN:BTCUSD) dropped to a two-week low on Wednesday as traders pared back positions ahead of the Federal Reserve’s Jackson Hole symposium and weighed potential developments in Russia-Ukraine talks. The world’s largest cryptocurrency last traded 1.1% lower at $112,870. Earlier in the session, it briefly touched $112,668, approaching a six-week low. Bitcoin had surged past…
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JP Morgan updates food sector coverage; favors McCormick, Albertsons, and Hormel
JP Morgan has initiated coverage of U.S. food producers, retailers, and agricultural companies, highlighting McCormick (NYSE:MKC), Albertsons (NYSE:ACI), Hormel (NYSE:HRL), and Smucker (NYSE:SJM) as top picks, while remaining cautious on Beyond Meat (NASDAQ:BYND) and General Mills (NYSE:GIS). The bank said it now prefers food retailers over producers, expecting supermarkets to benefit from persistent inflation and consumer…
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U.S. Crude Stockpiles Fall Sharply, Exceeding Expectations
The U.S. Energy Information Administration (EIA) reported a steep decline in domestic crude oil inventories, signaling stronger demand and potential upward pressure on oil prices. Data showed that commercial crude stocks dropped by 6.014 million barrels, far surpassing analysts’ forecast of a 0.800 million barrel decrease. This marks a sharp reversal from the prior week,…
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Aspen Insurance jumps on rumors of potential Sompo acquisition
Shares of Aspen Insurance Holdings Ltd. (NYSE:AHL) surged 17% after reports emerged that Japan’s Sompo Holdings Inc. is exploring an acquisition of the company, just three months after Aspen went public. Insurance Insider reported that the two firms have entered detailed talks, with a clear trajectory toward a potential deal. This development follows Aspen’s recent…
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Kingsoft Cloud surpasses Q2 forecasts, driven by strong core segments despite weaker gaming revenue
Kingsoft Cloud Holdings Limited (NASDAQ:KC) reported second-quarter results that exceeded analysts’ expectations, highlighting robust performance in its main business areas. Shares dipped 0.95% following the earnings release. For Q2, Kingsoft Cloud posted a loss of RMB0.11 per share, significantly better than the anticipated RMB0.97 loss. Revenue totaled RMB2.35 billion, above the consensus forecast of RMB2.2…
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Bank of America Downgrades Avis Budget Twice, Citing Weak Fundamentals
Bank of America downgraded Avis Budget Group (NASDAQ:CAR) from Buy to Underperform on Wednesday, signaling that the company’s fundamentals and the broader industry environment do not support its current valuation. “We think that CAR fundamentals and the macro environment don’t support the current stock price, which significantly outperformed the market in June,” BofA analysts wrote…
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Dow Jones, S&P, Nasdaq, Wall Street Futures, U.S. Stocks Point Lower Ahead of Fed Minutes, Tech Sector Dragging Markets
Futures for the major U.S. stock indexes suggest a slightly lower open on Wednesday, following yesterday’s technology-driven declines. Pre-market trading shows Target (NYSE:TGT) shares tumbling 10.1% after reporting a drop in second-quarter sales and announcing that COO Michael Fiddelke will replace CEO Brian Cornell. Estée Lauder (NYSE:EL) is also under pressure, down 6.6% in pre-market…
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Small caps and homebuilders most at risk if Fed delivers hawkish surprise at Jackson Hole
Small-cap stocks and homebuilders could face the greatest downside if the Federal Reserve signals a hawkish stance at this week’s Jackson Hole symposium, according to Barclays. Barclays’ economists continue to take a contrarian view, expecting no rate cut in September. “With some segments of the equity market having moved swiftly to reprice rates from ‘higher…
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Rocket Pharmaceuticals surges as FDA lifts clinical hold on Phase 2 trial
Shares of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) jumped 23% after the U.S. Food and Drug Administration lifted the clinical hold on the company’s pivotal Phase 2 trial of RP-A501 for treating Danon disease. The FDA removed the hold in less than three months, confirming that Rocket had adequately addressed the agency’s prior concerns. The study is…