Summary: Yields on U.S. government debt remain slightly higher with the benchmark 10-year rate close to 2024's highest levels as traders focus on the next major inflation update. Yields crept higher on Wednesday with concerns that inflation may continue to be sticky, impacting the likelihood of an interest-rate cut by the central bank. Recent strength in U.S. inflation and growth data has led to a decrease in market expectation for rate cuts this year.
Full articleSummary: Caitlin Clark, a professional women’s basketball player, is expected to sign a $28 million endorsement deal with Nike over the next eight years. This deal follows her collaboration with Nike in 2022 under NCAA's Name, Image, and Likeness opportunities. Clark is set to receive a signature shoe as part of the deal.
Full articleSummary: Major U.S. banks like Bank of America and Goldman Sachs held their AGMs where shareholder proposals on climate-related issues were discussed and voted upon, with varying levels of support. Shareholder pressure on banks to increase transparency and align business strategies with global climate goals is growing. Some banks have agreed to disclose their energy financing ratios in response to shareholder resolutions.
Full articleSummary: Major U.S. banks, such as Bank of America and Goldman Sachs, faced shareholder pressure for transparency on energy financing and climate-related issues during their Annual General Meetings (AGMs). Investors demanded disclosure of clean energy financing ratio, environmental justice assessment, climate lobbying alignment, and lobbying expenditures disclosure.
Full articleSummary: Philip Morris International reported stellar first-quarter earnings, surpassing forecasts with significant growth in revenue and earnings, underpinned by success in smoke-free products strategy.
Full articleSummary: Lockheed Martin (LMT) reported strong financial results for Q1 2024, with 14% YoY sales increase to $17.2 billion and a robust $159 billion backlog. Strategic collaborations with companies like Intel to enhance defense systems. Financial outlook remains unchanged with free cash flow expectations between $6B and $6.3B for 2024. The company is confident in its hypersonic capabilities and the NGI program.
Full articleSummary: Nasdaq and S&P 500 futures signaled a higher open on Wednesday based on positive guidance from Tesla and Texas Instruments. Market rallied after weak private-sector activity data as traders saw it as a catalyst for the Fed to remain dovish. Major indices opened higher, IT and communication services stocks led the gains, while only the material space came under selling pressure. Multiple companies reported earnings with notable moves in Tesla, Texas Instruments, and other major firms.
Full articleSummary: CVS Health is contributing $19.2 million towards building 85 affordable housing units in Arvada, Colo through collaborations with Family Tree and BlueLine Development. The project, known as Marshall Street Landing, aims to support people experiencing homelessness and is part of CVS' health equity work.
Full articleSummary: Ford reports Q1 earnings and revenue, with EPS expected to fall but revenue to grow. Company reaffirms annual core profit guidance and shifts investments from EVs to hybrids. Ford stock edged up ahead of earnings, rising 6.7% for the week.
Full articleSummary: Goldman Sachs and Bank of America shareholders voted against proposals to divide the CEO and chairman roles at both banks, despite pressure from proxy advisers and investors. Proxy advisers ISS and Glass Lewis had urged shareholders to support the moves, but the proposals were ultimately rejected during the annual shareholder meetings.
Full articleSummary: General Dynamics (GD) reported quarterly earnings of $2.88 per share, slightly missing the consensus estimate. The company surpassed revenue expectations and has a Zacks Rank #3 (Hold), indicating expected performance in line with the market. Investors are advised to track earnings estimate revisions and consider the industry outlook.
Full articleSummary: A Ford Motor Company worker, Tywaun Long, tragically passed away on the assembly line after waiting almost half an hour for an ambulance. The incident sparked outrage among co-workers and supporters of the rank-and-file committee due to poor working conditions and lack of timely medical assistance. The plant has witnessed deteriorating conditions and multiple incidents following the worker's death, highlighting systemic issues in the auto industry.
Full articleSummary: Microsoft and Coca-Cola announced a five-year strategic partnership to align Coca-Cola's core technology strategy systemwide and enable the adoption of leading-edge technology. Coca-Cola has made a $1.1 billion commitment to the Microsoft Cloud and its generative AI capabilities.
Full articleSummary: FedEx is shutting down four facilities in southwestern Florida, resulting in the layoff of 220 couriers and eight managers. The closures are part of a cost-saving plan to cut $4 billion in expenses by 2025 and $2 billion more by 2027.
Full articleSummary: North Korean hacker group Lazarus is using LinkedIn to target vulnerable users and steal assets via malware attacks. Lazarus has a history of utilizing innovative tactics to steal funds, such as posing as fake recruiters on LinkedIn or using crypto mixing services to launder stolen funds. The group has been involved in high-value heists, with the 2022 Ronin Bridge hack being the largest, involving $625 million stolen.
Full articleSummary: BMO Capital Markets adjusted the price target on United Parcel Service (UPS) to $169 from $165, maintaining a Market Perform rating. UPS's first-quarter results surpassed expectations, driven by its U.S. Domestic segment performance and improved volume trends. BMO's analyst highlighted UPS's positive outlook for 2024, supported by the company's reaffirmed guidance.
Full articleSummary: Lowe's (LOW) received an upgrade to its Relative Strength (RS) Rating from 67 to 71. The company posted negative growth for both sales and earnings last quarter, with its next quarterly numbers expected around May 21.
Full articleSummary: The US Supreme Court is hearing arguments in Starbucks' appeal of a lower court's approval for reinstating 7 employees in Tennessee who were fired for organizing a union. The case revolves around the legal standard for issuing a preliminary injunction under the National Labor Relations Act. Both Starbucks and union representatives have faced accusations of unlawful conduct.
Full articleSummary: Philip Morris International reported strong Q1 results exceeding expectations, driven by growth in smoke-free products like IQOS and ZYN. The company raised its full-year operating income growth forecast and anticipates strong growth for the remainder of the year, emphasizing pricing actions and cost efficiency measures to mitigate currency headwinds.
Full articleSummary: Pope Francis met with Cisco Systems CEO Chuck Robbins after he signed on to the 'Rome Call for AI Ethics,' a project focusing on the ethical development of artificial intelligence. Cisco has also partnered with NVIDIA to provide advanced AI infrastructure solutions.
Full articleSummary: Pope Francis met with Chuck Robbins, CEO of Cisco Systems, who signed the 'Rome Call for AI Ethics' project coordinated by the Pontifical Academy for Life, focusing on the ethics of Artificial Intelligence development.
Full articleSummary: Enterprises using Cisco and Fortinet boundary devices faced increased security risks, according to a report by Coalition. The report highlighted vulnerabilities in devices like Cisco Adaptive Security Appliance and Fortinet SSL VPN that made them attractive targets to threat actors. RDP exposure also emerged as a significant risk factor for cyber claims.
Full articleSummary: Tech sector expert predicts a major decline in the Invesco QQQ Trust Series QQQ due to concerns over AI stock valuation, hedge fund behavior, and historical market patterns.
Full articleSummary: Trident Energy has acquired interests in several oil and gas fields in the Republic of Congo through agreements with Chevron and TotalEnergies, significantly increasing its presence and operation capabilities in Africa.
Full articleSummary: General Dynamics Corporation reported earnings of $2.88 per diluted share on revenue of $10.7 billion for Q1 2024. The company experienced a very strong quarter but fell below its own expectations due to delays in G700 deliveries impacting Aerospace revenue. Total backlog stood at $93.7 billion.
Full articleSummary: TD Cowen raised Danaher Corporation's price target to $290 from $280 and reiterated a Buy rating based on strong first-quarter results particularly in Bioproduction, Diagnostics, and Life Sciences divisions, with maintained outlook for 2024, showing potential for higher earnings.
Full articleSummary: Nelly Korda continues dominant streak by securing her fifth consecutive victory on the LPGA Tour, making her one of the most successful players in recent history. Other notable performances include Lauren Coughlin's breakthrough and Brooke Henderson's strong round at the Chevron Championship.
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