Federal Reserve officials on Friday defended their decision to continue their monetary tightening campaign this week despite ongoing strains in the U.S. banking sector, citing lingering concerns about high inflation. The central bank on Wednesday raised rates by a quarter point for the second straight time, taking the fed funds rate to a new target … Read more
Deadline EXCLUSIVE: With Disney’s April 3 shareholders’ meeting — a virtual affair this year — less than two weeks away, some clarity is emerging about the company’s plans to cut staff and cut costs. Insiders tell Deadline that multiple rounds of cuts are in the works. The first is targeted for next week, we learn. … Read more
Bank of the First Republic FRC 29.47% bolsters its advisory ranks as the troubled lender seeks to stay afloat and plan for a post-crisis future amid a transatlantic crisis of confidence in the banking system. The California bank this week typed Lazard ltd. LAZ 3.23% to assist in the review of strategic options which could … Read more
Dow Jones futures fell slightly after hours, along with S&P 500 and Nasdaq futures, with Nike (OF) and GameStop (GME) post-closing reports. Investors are already eyeing the Federal Reserve’s rate hike decision on Wednesday. X The stock market rally posted strong gains on Tuesday as Treasury Secretary Janet Yellen signaled increased support for banks. Bank … Read more
GameStop (GME) swept away fourth-quarter earnings expectations on Tuesday, reporting its second positive spell in the past 12 quarters. Expectations were low but, as one of the earliest in the retail phenomenon known as meme stocks, the retailer’s earnings reports often attract unusual attention. GME shares jumped late in the session. X With physical video … Read more
Nike (NKE) released its fiscal third quarter results on Tuesday evening, with revenue easily beating expectations and earnings not pulling back as far as expected. NKE stock rose in late trades, after posting a slight lead in Tuesday’s session. Meanwhile, a smaller peer On hold (ONON) broke out on strong earnings and guidance. X Nike, … Read more
People wearing protective face masks walk past the closed Nike store on 5th Avenue during the coronavirus disease (COVID-19) outbreak in New York City on May 11, 2020. fresh mike | Reuters Nike easily beat Wall Street expectations for its holiday quarter earnings and revenue, although its bloated inventory continued to weigh on its margins. … Read more
Terran Orbital reported fourth-quarter results on Tuesday, posting annual revenue that more than doubled as the company continued to build its order backlog. The Irvine, Calif.-based company said its fourth-quarter revenue reached $31.9 million, up from $27.8 million in the third quarter. Terran Orbital delivered 19 satellites during the fourth quarter, including 10 under a … Read more
March 21 (Reuters) – SVB Financial Group (SIVB.O) said on Tuesday that the U.S. Federal Deposit Insurance Corporation had taken “inappropriate steps” to cut it off from cash held by its former subsidiary Silicon Valley Bank, which has been seized by regulators to stem a run on national banks. SVB Financial took the charges to … Read more
Gov. Ron DeSantis, R-Fla., is urging Florida lawmakers to pass a bill that would ban a federal digital currency in his state, calling it an attempt to push “woke ideology,” the Orlando reported Sentinel. At a Monday press conference, Desantis said he was against a Biden administration plan that would consider whether the U.S. government … Read more