Kellanova's Profit Falls as Challenges Continue
The maker of Eggo waffles and Cheez-It crackers on Thursday posted a profit of $299 million, or 85 cents a share, down from $344 million, or $1 a share, in the same quarter a year earlier.
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Workday's forecast for quarterly subscription revenue disappoints
(Reuters) -Workday raised its annual subscription revenue forecast on Thursday, but an in-line outlook for the current quarter sent the human resources software provider's shares down nearly 4% in extended trading. Workday's customers rely on the company's single cloud-based platform, which provide applications to manage services including recruitment, payroll, accounting and audit. In an uncertain economy, customers are tightening their spending on platforms like Workday as they reassess budgets and timing. Workday's AI-driven tools help organizations automate tasks such as screening job applications, scheduling interviews, and streamlining workforce planning. The company on Thursday also announced it will buy Paradox, giving Workday an AI-powered talent acquisition suite to help customers more efficiently find, hire, and onboard employees. It did not provide financial details of the deal. Workday competes with Oracle, SAP and payroll providers such as Automatic Data Processing and Dayforce. Its customers include United Airlines, Visa and FedEx. For the third quarter, Workday expects subscription revenue of $2.24 billion, in line with analysts' average estimate, according to data compiled by LSEG. It raised its fiscal 2026 subscription revenue forecast to $8.82 billion, compared to its prior forecast of $8.80 billion. Workday's total revenue for the second quarter ended July 31 stood at $2.35 billion, compared with an estimate of $2.34 billion. Subscription revenue rose 14% to $2.17 billion.
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Powell would have to move goal posts for a Sept. Fed rate cut
Investors are watching for any signs that the Federal Reserve will cut rates during Fed Chair Jerome Powell's Friday speech at the Kansas City Federal Reserve's annual Economic Symposium. BNP Paribas head of Americas' macro strategy and US economics, Calvin Tse, joins Market Domination with Josh Lipton and Barron's senior market analysis writer Paul La Monica to discuss his expectations for Powell's comments and for the Fed. To watch more expert insights and analysis on the latest market action, check out more Market Domination. Well, pressure coming down on the Fed for policy changes. Expectations point towards a Fed rate cut in September, while President Trump continues to call for a big cut to rates. However, while markets look for a glimpse of a dovish tone from Fed Chair Powell, our next guest believes the Fed should remain on hold for the remainder of the year. Calvin C, BNP Paribas head of America's macro strategy and US economics, joins us now to discuss. Calvin, it's good to see you. Let's start, Calvin, with what we expect tomorrow. We're very wound up, Calvin, about tomorrow. I don't know if you've noticed, all eyes on J. Powell, Jackson Hole. What kind of J. Powell are we going to see? Wait, is it is it neutral J? Is it dovish J? Do we get a hawkish J? What do you think? Well, that's a million dollar question. We have been amongst the most hawkish banks on the street, calling for the Fed to remain on hold ever since December of 2024. That's been a challenging call to hold, especially as we've just mentioned, the markets have been really sticky on pricing in September at an extraordinarily high probability for a cut. Go ahead, come on. J. Powell has told us, however, that he has a very clear reaction function, and the two things that he looks at is the year-over-year rate of PC inflation and the unemployment rate. Based on that reaction function, the Fed should not be cutting rates in September. Therefore, what I think is the most important thing to be watching out for tomorrow morning is whether or not J. Powell shifts that reaction function. If he stands pat, which is our base case, continuing to highlight that the labor market still remains tight, given the unemployment rate, we think that a lot of that cut pricing can come out of the curve and push interest rates higher. If he stands pat, Calvin, your base case, how does the market respond? We think it will respond in a couple of ways. The first is we're probably going to see that September probabilities come down from those about 75% chance right now to maybe somewhere closer to 50/50. And what we think was also going to happen is that the yield curve is probably going to flatten quite significantly as well, as the front end rises relative to the back end. All right, Calvin. Uh, Paul, Calvin says stand pat, base case. What do you think? Yeah, I mean, it's obviously going to be data dependent to use that sort of trite saying, and we have, you know, some jobs numbers, some more inflation data that will be coming. The thing that I'm really struck by is that we talk a lot about hawks and doves. To use another bird analogy, Jerome Powell, as we all know, is a lame duck. He's not going to be the Fed chair for a third time. President Trump is going to nominate someone else, potentially sooner rather than later. So I think the big question is, if Powell is trying to cement his legacy, how cognizant is he going to remain of last year's arguable mistake in cutting rates aggressively because they were worried about some of the data? And then it turned out that inflation, kind of like, you know, the the, uh, guy in Monty Python who's saying, "I'm not dead, I'm not dead." Uh, it still is something that they have to worry about. So I do think that there's a chance Powell sounds a little bit more hawkish, and we can't cement that September rate cut just yet. It's going to be about the data, I think, more importantly, than anything Powell has to say tomorrow. Related Videos Rotation trade, US manufacturing, Fed speech: Market takeaways Walmart earnings: Markets 'missed the big picture,' analyst says Wall Street is bullish on Nvidia pre-earnings: Analyst explains Strategy & bitcoin volatility, HPE upgrade, Instacart downgrade Sign in to access your portfolio
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Blackstone Bets Big: $1B+ Power Play into the AI Data Center Gold Rush
This article first appeared on GuruFocus. Blackstone (NYSE:BX) is going all in on the AI data center boom. The firm just increased its senior secured debt facility for Aligned Data Centers to more than $1 billiondoubling down on its original $600 million commitment from March last year. That earlier round funded an 80MW buildout near Salt Lake City. This time, the capital is aimed at something far bigger: Aligned's plan to roll out five gigawatts of new data center capacity across the Americas. Warning! GuruFocus has detected 5 Warning Signs with BX. Is BX fairly valued? Test your thesis with our free DCF calculator. The Dallas-based operator is quickly becoming one of the most heavily backed names in the space. Since January, it's raised over $7 billion in debt and more than $5 billion in fresh equity from investors including Macquarie Asset Management. Behind the scenes, the story is simple: hyperscalers need compute, AI needs power, and the infrastructure buildout is too capital-intensive for tech companies to do it alone. That's where private credit steps in. And it's not just Blackstonefirms are racing to underwrite everything from real estate loans to private-grade bonds to meet the demand. The scale of financing is exploding. Meta recently selected Pimco and Blue Owl to lead a $29 billion package to fund its own data center expansion. The takeaway? Private lenders are becoming a key pillar in the AI arms racenot just writing checks, but shaping the architecture of tomorrow's internet. Blackstone's latest move suggests they want to be at the heart of it.
