Moody’s has issued a warning that the ongoing regulatory investigations into wealth managers’ cash sweep programs could potentially lead to credit rating downgrades, which in turn could increase costs for these firms. This comes at a time when concerns about the economy are rising, with worries of a looming downturn due to tight monetary policies.
Revenue
The U.S. stock market ended higher on Friday, with the S&P 500 and the Nasdaq notching their seventh straight session of gains. This marked the biggest weekly percentage gains of the year as worries of an economic downturn eased and investors shifted their focus to the upcoming Jackson Hole Economic Symposium. The recent sell-off triggered
Mega events like the Olympic Games and major concerts have been known to cause a surge in prices in host cities around the world. These events lead to a rise in demand for hotel rooms, airline tickets, and other goods and services needed by the influx of visitors. While some experts believe that consumers may
Berkshire Hathaway, the conglomerate led by CEO Warren Buffett, is expected to announce a cash pile exceeding $200 billion in its second-quarter earnings report. Buffett’s recent sale of some of his favorite stocks, including Apple and Bank of America, has raised eyebrows among investors. Some speculate that Buffett is looking to de-risk the portfolio amidst
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Apple saw its shares rise slightly after beating analysts’ estimates on both the top and bottom lines. The company reported earnings of $1.40 per share for the fiscal third quarter, surpassing the $1.35 per share expectation. However, Intel faced a significant setback as its stock sank 17% in extended trading. The chipmaker announced the suspension
As the week comes to an end, Wall Street appears to be heading for a positive close despite facing several challenges. The release of the Federal Reserve’s preferred inflation gauge is expected to have a significant impact on market sentiment. The personal consumption expenditures (PCE) price index for June is anticipated to reflect a 0.1%
The semiconductor industry has been closely monitored in recent years, especially with the rise of China as a key player in the global market. According to a recent report by Bank of America analysts, four of the world’s largest semiconductor equipment manufacturers, including ASML, have experienced a significant increase in their China revenue. Since late
Alphabet, the tech giant, reported a beat on both top and bottom lines in the second quarter, earning $1.89 per share on $84.74 billion in revenue. However, the stock slipped 1% as revenue at its YouTube advertising segment missed forecasts. Tesla Shares of Tesla declined by 4.7% after second-quarter earnings missed consensus estimates. The company
Netflix, Inc. reported a substantial increase in its second-quarter earnings, showcasing its dominant position in the streaming industry. The company exceeded expectations by reaching 277.65 million global paid memberships, marking a significant 16.5% year-over-year growth. Additionally, revenue surged by 17% to $9.56 billion, driven by a combination of membership expansion and a remarkable 34% increase
Citizens Financial exceeded expectations for its second-quarter profit, reporting strong results due to the boost in capital markets fees. The surge in fees, up by 63%, was primarily driven by bond underwriting and loan syndication activities. This positive trend mirrors the quarterly reports of larger competitors such as Bank of America and JPMorgan Chase, indicating
BlackRock, a major player in the asset management industry, reported a 10% increase in profits in the second quarter. This growth was primarily driven by the strong performance of its Exchange-Traded Funds (ETFs), which saw record inflows in the first half of the year. The company achieved a milestone by reaching $10.6 trillion in assets
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