The Nasdaq jumped more than 1% on Friday, powered by strong earnings from some of the largest U.S. companies, but the Dow and S&P finished with smaller gains as uncertainty about the government's next round of coronavirus aid kept economic worries on the radar. Fred Katayama reports.
Spartan Capital Securities' Peter Cardillo expects the Fed to say it'll do "whatever it takes" to keep adding liquidity to the markets when policymakers meet this week. But he also tells Reuters' Fred Katayama that he thinks there's a good chance the markets will pull back, regardless of the Fed, because "the economy is faltering."
Hasbro reported a sharp drop in revenue Monday, as production shutdowns due to the COVID-19 pandemic crimped the toymaker's efforts to cash in on strong demand for its board games. Fred Katayama reports.
Invesco's Brian Levitt says the equities market will likely face a correction or volatility in the near term. But he also tells Reuters' Fred Katayama a new market cycle has emerged where stocks will benefit from improved economic activity and low rates over the longer term.
US stocks rose on Tuesday as investors weighed second-quarter earnings results for US banks against spiking coronavirus cases. JPMorgan gained after earnings beat Wall Street expectations. Wells Fargo slumped after reporting a loss and cutting its dividend. Coronavirus cases continue to climb in the US, forcing states to rollback reopening plans and threatening the economic recovery from the pandemic recession.
JPMorgan Chase, Citigroup and Wells Fargo collectively set aside nearly $26 billion for potential loan losses. As Fred Katayama reports, quarterly profit at JPMorgan and Citi tumbled while Wells Fargo swung to a loss.
CBC reported that McDonald’s ended its Canadian trial of Beyond Meat in April with no plans to continue. According to Business Insider, the plant-based burger dropped as much as 10% because of the news. While Beyond Meat said in an email they were “pleased with the test,” a JPMorgan analyst said usually if a test goes well, it doesn’t end. Beyond Meat CEO Ethan Brown said the plan with McDonald’s hasn’t changed. Despite the recent drop, Beyond Meat is up more than 90% year-to-date.
Netflix is on the verge of reporting a blockbuster second quarter earnings report, according to Goldman Sachs. Business Insider reports that Goldman Sachs is basing their judgement on strong app download trends On Friday, Goldman raised its Netflix price target to $670, representing upside potential of 32% from Thursday's close. The firm said COVID-19 continues to accelerate the trend towards video streaming services. Goldman Sachs said Netflix is a prime beneficiary of that trend.
Reuters / Shannon Stapleton David Solomon, CEO of Goldman Sachs, says the US economy still has jobs to shed. The comments come after May unemployment figures showed a slight uptick in employment after mass layoffs due to the coronavirus. "All businesses are learning and seeing ways where there are efficiencies," he said, speaking of companies broadly and not just banks.
The S&P 500 ended lower Friday after a choppy session as investors weighed spiking cases of COVID-19 and Apple's announcement of fresh store closures against anticipated stimulus and continued economic recovery. Fred Katayama reports.
Uber has joined up with Thames Clippers for the launch of its new service UberBoat. The service, which commences in London on Monday, will allow users topurchase tickets for Thames Clippers boats in advance through the Uber app andthen use QR technology to board. The payment will be processed using Uberaccount details. Passengers will be able to use the service across a fleet of20 boats on the River Thames, with departures from 23 piers across London.
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California’s Air Resources Board wants to cap emissions from vehicles being used for companies like Uber and Lyft. These rideshare app businesses have an infamously tumultuous history with labor regulators in their home state. However, Gizmodo Earther reports they seem far more receptive to going green than they are to sufficiently compensating their workforce. The proposal would mandate that 60% percent of miles traveled by Uber and Lyft vehicles be in electric vehicles by 2030.
Business Insider reports that Uber is using its resources to help track and trace the corona virus. Uber unveiled an initiative to share user data on drivers or riders who may have come into contact with coronavirus-infected individuals. The data will be shared with global public health officials to aid contact tracing efforts. Public health officials will be able to view the data and give Uber advice on the step it can take to minimize exposure to their customers and employees.
Uber was defending its business model on Tuesday at Britain's Supreme Court in a battle over rights in the workplace that could have ramifications for millions of Britons earning a living in the gig economy. Lauren Anthony reports.
California's Public Utilities Commission made an order Tuesday regarding Uber and Lyft drivers. All drivers are "presumed to be employees" under AB-5, the state's new gig work law. The agency said they must now comply with existing regulations related to employees. The ruling is a significant defeat for Uber and Lyft, which had argued publicly and in lawsuits. Their argument was that their drivers were properly classified as independent contractors.