Breaking News
Dec 23, 2024
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New orders for manufactured durable goods in November, down three of the last four months, declined from the previous month, led by the weakness in transportation orders.
New orders decreased $3.0 billion, or 1.1%, from the previous month or fell 1.3% from a year ago to $285.1 billion, the U.S. Census Bureau announced today.
This followed a 0.8% October increase.
Excluding transportation, new orders eased 0.1%; excluding defense, new orders fell 0.3%.
Transportation equipment orders, also down three of the last four months, drove the decline with a fall of $2.9 billion, or 2.9%, to $95.5 billion.
However, closely watched proxy for business spending, non-defense capital goods excluding aircraft advanced 0.7%, the fastest increase since August 2023, and reversing the fall of 0.1% in October.
Dec 20, 2024
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Nike Inc. declined 4.8% to $72.83 after the athletic shoemaker reported fiscal second quarter sales declined and the company forecasted weaker sales in the fiscal third quarter.
Revenue in the fiscal second quarter ending in November decreased 8% to $12.4 billion from $13.4 billion, net income fell 26% to $1.2 billion from $1.6 billion, and diluted earnings per share eased to 78 cents from $1.03 a year earlier.
Nike's sales have been affected by the lack of new products and higher levels of discounting, which are also affecting gross margin.
The company estimated gross margin to decline between 3.0% and 3.5% in the holiday quarter. -
FedEx Corp. increased 6.8% to $294.30 after the parcel delivery company reported its quarterly results and announced spinning off its freight business.
Revenue in the fiscal second quarter was flat at $21.96 billion from $22.16 billion; net income edged down to $741 million from $900 million, and diluted earnings per share eased to $3.03 from $3.55 a year ago.
The company repurchased 3.7 million of its own shares for $1 billion in the quarter, and about $3.1 billion remained available under the current stock repurchase program.
FedEx said it plans to separate its freight business as a publicly listed company and complete the transaction over the next 18 months.
The parcel delivery company estimated fiscal 2025 revenue to be flat compared to the previous estimate of an increase in single-digit percentage.
The company estimated diluted earnings per share before the retirement plan-related adjustments. between $16.45 and $17.45, compared to the previous estimate between $19.0 and $20.0.
Dec 19, 2024
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Existing home sales advanced 6.1% from the previous year to an annual rate of 4.15 million, according to the latest data released by the National Association of Realtors.
Home sales rose at the fastest pace since June 2021, and more buyers returned to the market as the economy continued to create new jobs.
Single-family home sales advanced 5% from the previous month to a seasonally adjusted annual rate of 3.76 million in November, and advanced 7.4% from the previous year.
The median existing single-family home price was $410,900 in November, an increase of 4.8% from a year ago.
Home prices advanced in all four regions, and the median price for all housing types rose to $406,100, an increase of 4.7% from $387,800 a year ago.
The share of first-time home buyers increased to 30% in November from 27%, and cash sales accounted for 25% compared to 27% in the previous month, respectively.
Individual investors or second-home buyers, who make up many cash sales, purchased 13% of homes in November, down from 17% in October and 18% in November 2023.
Dec 18, 2024
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The Federal Reserve cut its overnight lending rate range by 25 basis points to between 4.25% and 4.50% and also signaled a possible rate cut of 50 basis points in 2025.
The possible rate-cut outlook was revised to 50 basis points from the previous estimate of 100 basis points, denting market enthusiasm and halting the roaring bull market.
The Federal Reserve raised its economic growth and inflation estimate but lowered its unemployment rate outlook, prompting many investors on Wall Street to forecast the Fed to pause rates at the end of its next meeting in January.
The Fed revised its GDP growth estimate in 2024 to 2.5% from the previous estimate of 2.0% in September, the unemployment rate to 4.2% from 4.4%, and PCE price inflation to 2.4% from 2.3%, respectively. -
Housing starts in November unexpectedly declined and dropped to the lowest level in four months, according to the U.S. Census Bureau.
Privately owned housing starts were at a seasonally adjusted annual rate of 1.289 million, 1.8% below the revised level of 1.312 million, and 14.6% below the rate of 1.51 million in the month a year ago.
Building permits, authorized housing but not started yet, were at a seasonally adjusted rate of 1.505 million in November, an increase of 6.1% from the previous month but 0.2% below the rate in the month a year ago.
However, housing completions were at a seasonally adjusted rate of 1.6 million in November, a decline of 1.9% from the previous month and an increase of 9.2% from a year ago.
Dec 17, 2024
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Broadcom Inc. declined 0.6% to $248.87 and eased from a jump of more than 30% in the previous week's trading after the company announced a sharp rise in sales in its artificial intelligence-linked chips and products.
Dec 16, 2024
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Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group.
Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris.
Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024.
The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years.