Business
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Kroger investors vote for report on racial and gender pay gaps
A majority of Kroger Co. investors on Thursday approved a shareholder resolution calling for the supermarket giant to produce a report on racial and gender pay equity for its hundreds of thousands of employees. In the proposal, the filers noted that women and people of color were underrepresented in leadership roles at Kroger KR, +0.15%.…
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Virgin Galactic stock tumbles, while CarMax and Conformis climb and other stocks on the move
Here are some of the biggest movers of the day ahead of Friday’s market open: Stock gainers: CarMax Inc. stock KMX, +10.07% is rallying 9.1% toward a nine-month high after the used car seller reported adjusted first-quarter profit of $1.16 a share, well above the FactSet consensus of 79 cents. Total sales dropped 17.4% to $7.69…
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U.S. economy running close to 2% growth rate in second quarter, S&P says
This version corrects the manufacturing PMI data which fell to a six-month low of 46.3 in June from 48.4 in the prior month. The numbers: The S&P Global “flash” U.S. service sector activity index fell to a 54.1 in June from 54.9 in the prior month, a two-month low. Economists surveyed by the Wall Street…
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Starbucks workers at more than 150 stores plan to strike as tensions build over Pride decorations
Starbucks workers at more than 150 stores plan to go on strike, their union said Friday, as tensions escalated in response to accusations that the company banned Pride-themed decorations at some U.S. stores. More than 3,000 workers intend to participate in Strike with Pride, a “week-long unfair labor practice strike” asking for Starbucks SBUX, -2.49%…
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U.S. stocks fall to cap off worst week since March
U.S. stocks fell Friday with the S&P 500 index on track for its worst week since the collapse of Silicon Valley Bank in March, suggesting the three month rally may be coming to an end. Meanwhile, investors sought safety in bonds and the U.S. dollar as a wave of interest-rate hikes and hawkish commentary from…
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Investors are still evaluating ‘one-of-a-kind’ Virgin Galactic, says space consulting firm Caelus Partners
Virgin Galactic Holdings Inc.’s stock pulled back 5.6% Wednesday, with the shares looking set to snap their recent rally. The space company’s stock ended Tuesday’s session up 27.1%, fueled by plans announced last week for Virgin Galactic’s SPCE, -6.83% first commercial flight. Micah Walter-Range, president of space consulting firm Caelus Partners and a contributor to the S-Network…
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A Microsoft in the making? Oracle’s cloud momentum is giving one analyst flashbacks.
With its $330 billion-plus valuation, Oracle Corp. is hardly small. But might it be a “mini Microsoft?” Bernstein analyst Mark Moerdler is kicking that idea around, writing in a note to clients Wednesday that Oracle’s ORCL, -1.24% transition to the cloud harks back to when Microsoft Corp. MSFT, +1.84% went through a similar journey nearly…
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Tesla, Anheuser-Busch, Logitech shares rise, while AMC, iRobot, Virgin Galactic shares fall, and other stocks on the move
Here are some of the bigger stock movers Thursday: Stock gainers: Tesla Inc. TSLA shares climbed 1.5%, reversing an earlier intraday loss of as much as 4.3%. The initial selloff followed a downgrade to equal weight from overweight at Morgan Stanley, which cited concerns over valuation and the expectation that the electric-vehicle giant will keep…
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‘Take-under’ deal for Silicon Valley Bank fuels $9.5 billion profit for First Citizens Bancshares
The $9.5 billion profit posted by First Citizens Bancshares Inc. from a one-time gain on its acquisition of Silicon Valley Bank stands out as the second-largest profit among all banks in the second quarter and is much higher than in any previous quarter for the company. In an eventful period for the sector that saw…
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Why Intel was the Dow’s worst performer for a second day in a row
Intel Corp.’s stock fell for a second consecutive session Wednesday, and was again the worst performer in the Dow Jones Industrial Average, after the chip maker laid out plans to compete against third-party fab giant Taiwan Semiconductor Manufacturing Co. Intel’s INTC, -0.58% shares, which had been down about 2% before a late-morning event with Wall…