Business
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Icahn Enterprises rallies 10% as company to pay out $2 a unit, says it does not have a liquidity problem
Shares of Icahn Enterprises LP jumped about 10% in extended trading Thursday after activist investor Carl Icahn said the company does not face liquidity problems and will declare a distribution of $2 per unit for the quarter ended March 31. In a statement to shareholders, Icahn said that Icahn Enterprises IEP would “normally” wait for…
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Lyft stock sinks as forecast falls short of estimates, while new CEO takes aim at Uber
Lyft Inc. on Thursday reported first-quarter results that beat expectations, but a forecast that fell just shy of analysts’ estimates weighed on the company’s stock. Lyft shares LYFT fell 15% after hours. They had dropped 1.8% in the regular session to close at $10.69 after a six-day positive streak. Lyft forecast second-quarter revenue of… Source
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Stocks are trying to break out of a trading range but resistance is too strong
The stock market, as measured by the S&P 500 Index SPX, -0.72%, has failed to overcome resistance at 4200. That is bearish, and SPX has backed off sharply since the most recent attempt to challenge 4200 occurred late last week. That attempt was spurred by positive earnings from Meta Platforms META, -1.48% and others. Now…
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Apple earnings show surprise jump in iPhone sales and a 4% dividend hike
Apple Inc. on Thursday revealed surprise growth in its iPhone business during the first three months of the year, overcoming a shortfall in Mac revenue as the company promised investors billions more in dividends and stock repurchases. Apple shares AAPL, -0.99% were up nearly 2% in extended trading after the earnings call. The company reported…
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Silver hit a 1-year high. Here’s why it can keep climbing.
[]Gold isn’t the only precious metal benefitting from economic uncertainty and the crisis in the banking sector. Silver prices last month climbed to their highest in a year, with room to move higher as the global market for the metal this year looks to post its second largest supply deficit in 20 years. []“Demand for…
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What we know about Carl Icahn’s margin loan
On Tuesday, Wall Street was riveted by a report from short seller Nate Anderson’s Hindenburg Research that targeted legendary billionaire investor Carl Icahn. Anderson highlighted issues that had been relatively well known for years, like that Icahn’s investment fund had suffered a decadelong losing streak and that his public company had been paying out rich…
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Qualcomm stock sinks as weak smartphone demand pushes inventory drawdown out to ‘at least the next couple quarters’
Qualcomm Inc. shares fell in the extended session Wednesday after the chip maker said inventory issues will remain past June because of a downturn in handset demand and the company’s outlook disappointed. After declining 2.8% to close the regular session $112.83, Qualcomm QCOM, -2.82% shares started sliding after the release of the company’s results at…
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‘Deposits are going to keep drifting out,’ says DoubleLine’s Gundlach, warning of echoes of S&L crisis at banks
“I’m really turning more bearish,” Jeffrey Gundlach, CEO of DoubleLine, told CNBC on Wednesday, after the Federal Reserve raised rates by another 25 basis points to the highest level since 2007. “It just seems to me that deposits are going to keep drifting out,” Gundlach told the business network. “I don’t think this is the…
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‘Generous but expensive’: The costs of helping banks alleviate deposit stress don’t come cheap
The costs of powerful backstops for banks are in the spotlight after First Republic Bank’s failure and sale to JPMorgan Chase pushed the tally of recent assets seized by regulators from three banks above the 2008 crisis peak. The Federal Reserve created a new Bank Term Funding Program in early March, with the aim of…
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Bed Bath and Beyond takes aim at ocean carriers, seeks millions in freight dispute
Bed Bath and Beyond Inc., which filed for chapter 11 bankruptcy last month, has filed complaints against two ocean carriers, claiming that they abandoned their service commitments to the troubled home goods retailer. The Wall Street Journal first reported Tuesday that Bed Bath and Beyond filed a complaint with the Federal Maritime Commission alleging that…