Good MorningThe S&P 500 pulled back on Wednesday due to an increasingly tepid outlook put forth by the retail sector. The latest report to weigh on the market comes from Target which missed estimates on the top and bottom lines, the bottom line by a very wide margin. The report highlights a growing problem in the retail sector in the form of bloating inventories that spells bad news for earnings and good news for consumers. With inventories at unusually high levels, retailers may be forced to follow in Target's footsteps and enter a new age of deep discounting to move merchandise.
The decline in stocks was curbed, however, by the FOMC minutes. The minutes indicate the Fed is ready to hike rates until inflation comes down substantially from its current high levels but gave no indication of the pace or timing of hikes. The market is pricing in a 50 basis point hike at the next meeting but there are still several inflation reports due out before then. Featured: Potential 500% Return From A Unique $1 Asset? (Investing Daily) 
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Markets | | | Now comes the downside of the meme-stock craze for investors in Bed Bath & Beyond.
The stock fell 16% in after-hours trading Wednesday following reports that a big-name investor with a cult-like following may sell his stake in the struggling retailer. It's a sudden turnaround for ... Read the Full Story |
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Goldman Sachs says gold could run to $2,500 by the end of the year-especially with fears of a potential recession. And, according to Jeff Currie, Goldman Sachs global head of commodities research, as quoted by Bloomberg, "It's a perfect storm for gold right now."
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Stocks | | | ON Semiconductor (NASDAQ: ON) has taken a leadership role within its industry lately, as the stock notched gains of 26.11% in the past month and 28.21% in the past three months.
Other large-cap chip companies, such as Nvidia (NASDAQ: NVDA) and Advanced Micro Devices (NASDAQ: AMD) have shown f... Read the Full Story |
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Stocks | | | Metal miner Rio Tinto (NYSE: RIO) is up 7.8% since reporting first-half earnings in late July. Earnings declined 29%, to $2.73 per share, while revenue dropped 10% to $14.9 billion.
Although that was actually an earnings beat, the company also slashed its dividend in response to lower iron or... Read the Full Story |
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Markets | | | The CEO of Bank of America said the recent debate over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vulnerable.
“Recession is a word. Whether we are in a... Read the Full Story |
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Markets | | | Bank of America says the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks.
The nation’s largest banks are moving away from the practice of charging exorbitant fees on what are... Read the Full Story |
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Politics | | | A federal judge in Cleveland has awarded $650 million in damages to two Ohio counties that sued CVS, Walgreens and Walmart over the way the national pharmacy chains distributed opioids to their communities Read the Full Story |
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Politics | | | The rush to build wind farms to combat climate change is colliding with preservation of one of the U.S. West’s most spectacular predators — the golden eagle — as the species teeters on the edge of decline.
Ground zero in the conflict is Wyoming, a stronghold for golden eagles that soa... Read the Full Story |
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Target’s (NYSE: TGT) Q2 results reinforce a problem facing the retail sector that was only hinted at by Walmart (NYSE: WMT) and Home Depot (NYSE: HD) earlier in the week. The company’s efforts to combat supply chain and inventory hurdles are catching up with it at the same time that de... Read the Full Story |
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Agilent Technologies (NYSE: A) is a highly-valued stock for the low 0.6% dividend that it pays but the Q2 results once again prove the company’s worth. The results include a top and bottom line beat as well as improved guidance that has the shares moving higher in their wake. With competitor... Read the Full Story |
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Lowe’s (NYSE: LOW) Q2 results may look weaker than Home Depot’s (NYSE: HD) at first glance but there is a meaningful difference in the guidance. Where Home Depot’s outlook was improved it is only in line with the consensus and projects a weakening in the 2nd half, Lowe’s wa... Read the Full Story |
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Thursday's Early Bird Stock Of The Day Atara Biotherapeutics, Inc. engages in the development of transformative therapies for patients with solid tumors, hematologic cancers, and autoimmune diseases in the United States and the United Kingdom. Its lead product includes Tab-cel (tabelecleucel), a T-cell immunotherapy program that is in Phase 3 clinical trials for the treatment of epstein-barr virus (EBV) driven post-transplant lymphoproliferative disease, as well as nasopharyngeal carcinoma. Its CAR T immunotherapy pipeline products include ATA3219, currently in Phase 1 trials, as well as ATA3431, under preclinical trials for the treatment of B-cell malignancies and autoimmune diseases; and ATA188 that is in Phase 2 clinical trials to treat multiple sclerosis. The company has research collaboration agreements with Memorial Sloan Kettering Cancer Center, and Council of the Queensland Institute of Medical Research. Atara Biotherapeutics, Inc. was incorporated in 2012 and is headquartered in Thousand Oaks, California. | | View Today's Stock Pick |
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