Citi economists now expect the Federal Reserve to make a more aggressive 50-basis-point hike in the fed funds target rate in March. The bank made its forecast after January’s consumer price index soared 7.5% on an annual basis, up from a 7% gain in December. Wall Street economists have been expecting a quarter-point hike for […]
Category: Top News
PayPal establishes advisory council for crypto and blockchain
Major U.S.-based payment processor PayPal has assembled a team of industry experts to act as advisors on crypto, blockchain and digital currencies. In a Tuesday announcement, PayPal said the addition of six members to its Blockchain, Crypto and Digital Currencies advisory council would help to support its current and future products as well as its […]
Fed’s Bostic says more than 3 hikes possible this year, but needs to see how economy responds
Atlanta Federal Reserve President Raphael Bostic said Wednesday he anticipates hiking interest rates three or four times this year, but he stressed that the central bank isn’t locked into a specific plan. Speaking on CNBC’s “Squawk Box,” the policymaker signaled a view that is less aggressive than the market’s on rates. “In terms of hikes […]
DoorDash Starts Financing Arm to Offer Restaurants Cash Advances
Food delivery service DoorDash Inc. will offer financing on its app to restaurants that need business loans through the new DoorDash Capital program, according to a Bloomberg report Wednesday (Feb. 9). DoorDash Capital merchants can apply for financing to pay for business operations, including buying equipment, paying rent, hiring employees and meeting payroll, the report […]
Disney parks business roars back as company beats earnings expectations, stock soars
Disney reported earnings for its fiscal first quarter Wednesday that beat analyst estimates on earnings per share and revenue. The stock popped about 8% in extended trading on the news. Here are the results. Earnings per share: $1.06 adj. vs 63 cents expected, according to a Refinitiv survey of analysts Revenue: $21.82 billion vs $20.91 billion expected, according to […]
Apple’s acquisition history shows why a Peloton buy is out of the question
Peloton might be for sale. (Or, maybe not quite yet, if you think the new CEO will have enough time to right the ship.) On Friday, news broke in The Wall Street Journal that Amazon was taking a look at Peloton. Later, it came out that Nike was too. And then we got a repeat […]
Biden finally acknowledges Tesla’s EV leadership after a year of silence
President Joe Biden publicly acknowledged Tesla for the first time in his presidency on Tuesday, noting the company’s status as the nation’s largest producer of electric vehicles. Biden’s mention of Tesla came during a speech to promote American companies expanding the nation’s EV infrastructure. It was sandwiched between shout-outs to legacy automakers General Motors and […]
Lyft posts revenue beat but falls short on riders
Lyft reported fourth-quarter results after the bell on Tuesday. It beat estimates on adjusted earnings per share and revenue but said it had fewer active riders than in the prior quarter. Shares were down more than 6% in after hours trading after executives said the omicron coronavirus variant would weigh on first quarter numbers. Lyft […]
Oil giant BP reports highest profit in 8 years on soaring commodity prices
Oil and gas giant BP on Tuesday reported a massive upswing in full-year net profit, its highest in eight years, supported by soaring commodity prices. The British energy major posted underlying replacement cost profit, used as a proxy for net profit, of $12.8 billion for 2021. That compared with a net loss of $5.7 billion […]
61% of Businesses Exploring Blockchain and Crypto Want to Improve Operational Efficiency
Executives with a deeper understanding of how blockchain technology works tend to use or exhibit openness to using it at a higher rate than those with little or no knowledge of it, according to Cryptocurrency, Blockchain and Cross-Border Payments, a PYMNTS and Circle collaboration that surveyed 250 financial institutions. Among the business decision makers who […]
Chinese stocks lead losses in mixed Asia-Pacific trading day
SINGAPORE — Shares in Asia-Pacific were mixed in Tuesday trade, as the Chinese markets led losses regionally. The Shenzhen component in mainland China plunged 2.771% by the afternoon, while the Shanghai composite shed 0.9%. Hong Kong’s Hang Seng index also fell 1.54%, as Chinese tech stocks in the city dropped: Alibaba plunged 3.48% and Tencent […]
Stock futures inch higher after S&P, Nasdaq fall to start the week
U.S. stock index futures crept higher during overnight trading Monday, after the major averages moved between gains and losses during regular trading as the market awaits key inflation data later this week. Futures contracts tied to the Dow Jones Industrial Average added 0.1%. S&P 500 futures gained 0.16%, while Nasdaq 100 futures were up 0.19%. […]