Finance
Stocks making the biggest moves after hours: Paramount, Expedia, E.l.f. Beauty and more
Check out the companies making headlines in after-hours trading. Paramount Global — The media company jumped 5.7% after posting a massive earnings beat for the second quarter, reporting earnings of 54 cents per share while analysts polled by LSEG called for 12 cents per share. Paramount’s revenue of $6.81 billion for the period fell short […]
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Stocks making the biggest moves midday: Eli Lilly, Under Armour, Warner Bros. Discovery and more
Eli Lilly — The drug maker’s stock surged 8% after the firm reported second-quarter earnings and revenue that blew past expectations. Eli Lilly also hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss injection Zepbound spike. Under Armour — Shares popped 19% after the athletic […]
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JPMorgan raises 2024 recession odds to 35%
JPMorgan upped the likelihood it sees for the U.S. economy entering a recession this year, the latest sign of concern around the country’s financial health following the market turbulence this week. The bank raised its probability for a U.S. or global recession to 35% by year end, chief global economist Bruce Kasman told clients in […]
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Stocks making the biggest moves premarket: Eli Lilly, Under Armour, Warner Bros. Discovery and more
Check out the companies making headlines in premarket trading. Eli Lilly — The drug maker’s stock surged 8% in premarket trading after the firm reported second-quarter earnings and revenue that blew past expectations. Eli Lilly also hiked its full-year revenue outlook by $3 billion as sales of its blockbuster diabetes drug Mounjaro and weight loss […]
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Italy looks like fertile ground for a mega merger deal in banking
Key Points “If you assess individual banks in Italy, it’s difficult not to believe that something will happen, I would say, over the next 12 months or so,” Antonio Reale, co-head of European banks at Bank of America, told CNBC. Speaking in March, Italy’s Economy Minister Giancarlo Giorgetti said “there is a specific commitment” with […]
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Jamie Dimon says he still sees a recession on the horizon
Key Points JPMorgan Chase CEO Jamie Dimon said Wednesday he still believes that the odds of a “soft landing” for the economy are around 35% to 40%, making recession the most likely scenario in his mind. When asked by CNBC’s Leslie Picker if he had changed his view from earlier this year that markets were […]
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Warren Buffett now owns more T-bills than the Federal Reserve
Berkshire Hathaway now owns more in Treasury bills than the U.S. Federal Reserve as Warren Buffett builds up his cash fortress to a record level. The Omaha-based conglomerate held $234.6 billion in short-term investments in Treasury bills by the end of the second quarter, while it owned more than $42 billion of cash and cash equivalents […]
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A ‘soft landing’ is still on the table, economists say
Key Points A weaker-than-expected jobs report on Friday fueled fears of a U.S. recession. An increase in the national unemployment rate triggered the “Sahm rule” in July, suggesting the U.S. is in a downturn. While there are causes for concern, data suggest the overall economy remains resilient, economists said. Source
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Stocks making the biggest moves premarket: Disney, Airbnb, Rivian, Amgen and more
Check out the companies making headlines before the bell. Disney — Shares were down about 1% after the media giant reported quarterly results that beat analyst expectations, thanks in part to strong performance at its streaming unit. The company earned $1.39 per share, excluding items, on revenue of $23.16 billion. Analysts expected a profit of […]
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Sahm rule creator doesn’t think that the Fed needs an emergency rate cut
Key Points Sahm was the economist who introduced the so-called Sahm rule in 2019. It states that the initial phase of a recession has started when the three-month moving average of the U.S. unemployment rate is at least half a percentage point higher than the 12-month low. Source
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