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Earnings season winds on, and earnings season dictates — at least for now — how the stocks move.
The CE 100 Index gained 1.9%, buoyed by gains in the Move sector, which added 5.2%.
XPO surged 26%, leading the Move sector higher.
The company said that in its latest quarter, revenues were up 6% year on year to $1.9 billion. The year-over-year increase in revenue was due primarily to higher yield,...
America’s three biggest consumer banks saw their overdraft fee revenues fall 25% in 2023.
J.P. Morgan Chase, Bank of America and Wells Fargo collected $2.2 billion in total in those fees last year, a recent CNBC report said, citing data from the Federal Financial Institutions Examination Council (FFIEC). That figure is around $700 million less than in the year before.
This is happening at a time...
President Joe Biden wants snack food companies to end the practice of shrinkflation.
That is the term for when businesses reduce the size of a product without a complementary reduction in prices.
In a pre-Super Bowl video message posted to X Sunday (Feb. 11), Biden called on companies to end the practice, which he called a “rip-off.”
“Some companies are trying to pull a fast one by shrinking the...
Tech firms have cut 34,000 jobs so far this year amid new investments in technology.
A total of 141 companies have cut staff this year as of Sunday (Feb. 11), according to Layoffs.fyi, which monitors unemployment in the tech sector. Among those companies are PayPal, eBay, Microsoft and Snap.
The cuts come as tech companies assess their staffing levels and conclude that “we’ve got a bunch of dead...
Paytm is reportedly set for a small regulatory win while facing bigger government headaches.
The government of the FinTech’s home country of India is on the verge of allowing Paytm to invest in its crucial payments gateway unit, Bloomberg News reported Friday (Feb. 11).
The report, citing sources familiar with the matter, said the government became more inclined to approve the investment after...
This year could mark a recovery for the initial public offering (IPO) market.
That’s according to a report by Goldman Sachs, cited Sunday (Feb. 11) by Seeking Alpha.
“We expect the US economy will continue to grow, the nominal 2-year UST yield will decline modestly, and valuations will remain elevated relative to history,” Goldman Sachs strategists wrote. “If soft data improve to match the hard...
New York state has begun requiring merchants to provide greater transparency about credit card fees.
A state law that went into effect Sunday (Feb. 11) limits credit card surcharges to the amount charged to the business by the card company.
In addition, the law requires businesses to post — prior to checkout — the total price of an item or service including of the card surcharge or a dual-tiered...
OpenAI CEO Sam Altman is reportedly pitching a multitrillion dollar artificial intelligence project to investors.
Altman is in discussions with backers that include the government of the United Arab Emirates to raise funds for an initiative that would increase the planet’s chip-building capabilities and artificial intelligence (AI) powering abilities, a recent Wall Street Journal (WSJ) report...
New York has expanded what had been a $1 billion lawsuit against three cryptocurrency companies.
Now, Attorney General Letitia James is alleging that the fraud scheme carried out by Digital Currency Group (DCG), its Genesis Global Capital offshoot, and Gemini Trust was three times the size once thought, at $3 billion.
In an amended complaint filed Friday (Feb. 9), James says that more investors...
American lenders have loaned so-called “shadow banks” more than $1 trillion, and regulators are worried.
That’s according to a report Saturday (Feb. 10) by the Financial Times (FT), which cites recent figures from the U.S. Federal Reserve showing that U.S. banks’ loans to non-deposit-taking financial companies had gone past $1 trillion at the end of last month.
That amount is up 12% over the last...