23 minutes ago
Boeing rises after management changes announced
Boeing advanced more than 2 percent in premarket trading after the planemaker announced that Chief Executive Officer Dave Calhoun will step down.
Calhoun will step down at the end of 2024, part of a sweeping leadership shakeup at the beleaguered airline. Larry Kellner, chairman of the board, is resigning and will leave the board at the company’s annual meeting in May. Stan Diehl, president and CEO of Boeing Commercial Airplanes, has left effective immediately.
The moves come amid a period of scrutiny and a reputational crisis after a panel exploded on a Boeing jet in flight. Boeing shares tumble more than 27% in 2024
— Alex Haring
46 minutes ago
Market expansion is a myth, says Raymond James
Investors have been clamoring for an expansion in the market this year, but all the evidence so far points to that being a myth, according to Raymond James.
“As we show in the chart(s) of the week, this ‘expansion’ drumbeat is simply not matched by data. The S&P 500 continues to outperform the equal-weighted Russell 1000 (almost every week this year), which we’d argue is a textbook example of a ‘tight’ market,” the bank wrote.
Meanwhile, strategist Tavis McCourt noted that Nvidia is still doing better than 10 “AI Derivative” games every week in 2024.
“Again, no dramatic expansion,” he wrote.
– Lisa Kailai Hahn
Before 2 hours
EU launches investigation against Meta, Apple and Alphabet
The European Union announced on Monday that it has launched an investigation into Apple, Alphabet and Meta platforms under its new Digital Markets Act.
“Today, the Commission opened investigations into non-compliance under the Digital Markets Act (DMA) into Alphabet’s Google Play governance rules and Google Search self-preference, Apple’s App Store governance rules and the Safari selection screen, and the ‘Payment or consent’ of Meta’, the Commission said in a statement.
Shares of all three companies fell slightly in premarket trading.
— Fred Imbert
8 hours ago
Malaysia inflation accelerates for first time since August 2022
Malaysia’s headline inflation rate rose for the first time since August 2022, reaching 1.8%, compared to 1.5% in January.
Economists polled by Reuters had forecast inflation to fall to 1.4%.
On a monthly basis, inflation in Malaysia rose 0.5% from 0.2% in January.
— Lim Hui Jie
9 hours ago
Meituan shares soared to a near four-month high as earnings rose
A food delivery courier for Meituan in Beijing, China, Tuesday, Aug. 22, 2023. A jump in sales expected for Meituan could be a catalyst for its shares to outperform rivals as service costs are proving to be a rare bright spot amid deepening investor pessimism. Source: Bloomberg
Bloomberg | Bloomberg | Getty Images
Hong Kong-listed shares of Chinese food delivery firm Meituan jumped as much as 9.6 percent to HK$96.80, their highest level since late November.
The company reported revenue of 73.7 billion yuan ($10.31 billion) in the fourth quarter, a 22.6 percent jump from a year earlier.
The company’s annual revenue was 276.7 billion yuan ($38.44 billion), up 26 percent from the previous year.
The company said it “continues to increase investment in the Chinese consumer market and technology research and development.”
— Shreyashi Sanyal
12 hours ago
Japan’s top exchange rate official says yen weakness ‘doesn’t reflect fundamentals’
The Japanese yen’s current weakness does not reflect its fundamentals, according to Japan’s top currency diplomat Masato Kanda, Reuters reported.
The yen has weakened steadily over the past two weeks, even as the Bank of Japan moved to raise interest rates and remove its yield curve control policy. The yen broke through the psychological level of 150 against the greenback, currently trading at 151.28.
Kanda told reporters that yen weakness based on speculative moves was having a negative effect on the economy, according to the Reuters report.
However, Kanda said he had no specific level of exchange in mind.
14 hours ago
Stock futures open little changed
Stock futures opened slightly mixed on Sunday evening.
Futures tied to the Dow Jones Industrial Average were down 33 points, or about 0.1%. S&P futures lost less than 0.1 percent, while Nasdaq 100 futures held slightly above the level.
All three major indices hit new all-time closing highs last week.
— Pia Singh