Summary: Intuit's price target was raised by Morgan Stanley to $740.00 with an overweight rating on the stock. Additionally, several other research analysts have given positive ratings for the stock. Intuit announced a quarterly dividend of $0.90.
Full articleSummary: Meta (formerly Facebook) is introducing a 'Travel Mode' option for its VR headsets Quest 2 and 3, allowing users to enjoy VR experiences on the go, starting with optimized support for in-flight entertainment.
Full articleSummary: MetLife, Inc. will hold an investor conference in New York City with senior management team as presenters. Further details will be released closer to the conference date.
Full articleSummary: PayPal Holdings, Inc. has shown strong Q1 performance and growth expectations for 2024, but faces investor angst due to execution risks in turnaround initiatives. Concerns include potential disruption from emerging competitors like FedNow and Zelle, lack of significant Venmo monetization, and slow growth improvements in higher-margin branded checkout volumes.
Full articleSummary: Chevron's $53 billion deal to acquire Hess Corp. faced opposition from a leading shareholder adviser, ISS, citing concerns about valuation and uncertainty around arbitration with Exxon Mobil. HBK Capital Management, a major investor, also abstained. Chevron's stock declined 1.5% following the news.
Full articleSummary: The US central bank is advised to keep interest rates at current 'restrictive' levels until real progress is made in reducing inflation, according to Fed vice chair Philip Jefferson. The Fed is looking to bring inflation down to its long-term target of two percent after facing challenges in the first quarter of 2024.
Full articleSummary: Mixed results for major US stock indices with the Dow and S&P closing lower, while the NASDAQ and Russell 2000 closed higher. US yields ended marginally lower.
Full articleSummary: Nike faced a class-action lawsuit in California for violating labor codes by not accommodating postpartum and nursing employees, including not providing adequate break time and dedicated lactation facilities.
Full articleSummary: ValveTech, a previous partner of Boeing, is cautioning NASA against proceeding with the launch of Boeing's Starliner spacecraft due to safety concerns regarding a faulty valve on ULA's Atlas V rocket. ValveTech raised issues related to previous legal disputes with Aerojet Rocketdyne, a supplier of Boeing, but NASA and ULA maintain that the safety concerns do not apply to the current situation. Despite the warnings, NASA and Boeing are still planning to attempt the Starliner CFT launch, aiming for as early as Friday.
Full articleSummary: Stocks traded lackluster after a strong upward move last week, with major averages ending narrowly mixed. Renewed optimism about potential interest rate cuts by the Federal Reserve triggered recent strength. Key inflation data releases this week could impact rate outlook. Stock sector performances varied.
Full articleSummary: Stocks turned in a relatively lackluster performance with major averages ending narrowly mixed. Buying interest waned due to upcoming key inflation data and remarks by Fed Chair Powell.
Full articleSummary: Nvidia stock has been performing exceptionally, with shares up 81.5% so far in 2024 driven by strong demand for AI-enabling GPUs. The company is reportedly forming a new business unit to design custom chips for cloud computing companies and others, entering the custom chip market. This move comes amidst large tech companies like Alphabet, Amazon, and Microsoft developing their own custom AI chips, posing potential competition for Nvidia.
Full articleSummary: Honeywell and Weatherford have announced a partnership to provide a comprehensive emissions management solution for the energy industry by combining their technologies.
Full articleSummary: Terran Orbital announced a new contract for 18 satellite buses with Lockheed Martin, reassuring investors after a failed acquisition offer. The partnership with Lockheed Martin remains strong, with a total of 106 satellite buses now under contract.
Full articleSummary: Noteworthy options trading volume seen today in Redfin Corp (RDFN), RTX Corp (RTX), and PetMed Express Inc (PETS). Particularly high volume for $8 strike call option in RDFN, $110 strike call option in RTX, and $7.50 strike call option in PETS.
Full articleSummary: Oncology companies like Pfizer and Astellas Pharma are preparing to present data at the ASCO conference in Chicago from May 31 to June 4.
Full articleSummary: Meta is working on introducing flight support in the upcoming v65 software update for Quest 3, in response to Apple Vision Pro's capabilities for in-flight entertainment. This move is seen as making Quest 3 a more competitive and affordable alternative to Vision Pro.
Full articleSummary: Ginkgo Bioworks Holdings, Inc. received a notice from the NYSE for non-compliance with minimum price criteria, but its Class A common stock will continue to be listed and trade on the NYSE. The Company is working to regain compliance within the 6-month cure period.
Full articleSummary: PayPal Holdings Inc is determined to reignite growth with a lifted full-year profit guidance and focus on cost discipline, aiming to win back investor support. The company showed solid first-quarter performance with total payment volumes growing 14% to $403.9 billion and net revenue climbing 10% to $7.7 billion.
Full articleSummary: Tesla has reportedly re-hired some of the laid-off Supercharger team employees, including the director of charging for North America. Elon Musk fired 500 employees from the Supercharging team last month as part of a global workforce reduction, but now plans to invest over $500 million in expanding the Supercharger network this year.
Full articleSummary: US stocks closed mixed with a meme stock rally reignited. Investors await inflation report that could trigger interest rate cuts. The markets were dominated by a meme rally as GameStop (GME) shares jumped 74% and AMC (AMC) shares gained nearly 80%.
Full articleSummary: MYR Group Inc. will attend the 2024 Wells Fargo Industrials Conference where their CEO and CFO will meet with institutional investors.
Full articleSummary: The Portland Art Museum has been named as a recipient of the 2024 Bank of America Art Conservation Project for the restoration of Claude Monet’s Waterlilies, aiming to return the masterpiece to its original appearance by removing a synthetic varnish. The project will last for seven to eight months and the newly conserved painting will be back on display in late 2025.
Full articleSummary: Philip Morris International beat analysts' expectations for quarterly profit, raised earnings forecast, and highlighted growing demand for Zyn and IQOS products. The company also expects supply-chain pressures to ease for the second half of the year.
Full articleSummary: L+M Fund Management secures $90.6 million in financing to acquire Knickerbocker Village, an affordable housing complex in Lower Manhattan from Stellar Management. The acquisition loan was provided by Wells Fargo and subsequently transferred to Fannie Mae. Tenants' lawsuit against higher rents and displacement dismissed; rents frozen until 2025 with limited annual increases. L+M Development promises over $55 million in tenant improvements and keeping the development affordable.
Full articleSummary: Kraft Heinz is exploring a sale of its Oscar Mayer meats business that could fetch between $3 billion to $5 billion, with Bank of America and Centerview Partners involved in the process.
Full articleSummary: Tesla settles a sexual harassment lawsuit with a former factory employee, while facing a series of sex and race discrimination lawsuits at its Fremont plant.
Full article