Company News for Jun 3, 2025
Science Applications International Corporation's (SAIC) shares plummeted 13.3% after the company reported first-quarter 2025 earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.65 per share.
Shares of Moderna, Inc. (MRNA) gained 1.8% after the Food and Drug Administration approved its next-generation COVID vaccine for adults above 65 years.
General Motors Company's (GM) shares declined 3.9% after Trump announced that he would double tariffs on steel by 50%.
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Yahoo
19 minutes ago
- Yahoo
Why a Fed rate cut could lead to bad news for Big Tech stocks
Investors are looking for an interest rate cut — but the market may not respond as expected when it comes. "I think that the market's going to have to come to grips with the Fed is going to cut rates, and is it going to be the right move for the Fed to make now?" Jim Bianco of Bianco Research said on Opening Bid. July's Consumer Price Index (CPI) report showed core inflation rose 0.3%, the largest increase in six months. "Last year they cut rates, and the market decided it wasn't the right move," Bianco added. "And it shot yields on the 10 [year Treasury] and the 30-year up over 100 basis points." Bianco said the real inflationary pressure is building due to Trump's tariffs, and the impact could be significant. While some of the costs may be eaten by exporters or corporations, others will be passed on via price hikes. "There's about an extra $250 to $300 billion of tariffs that are going to be collected over the next year ... tariffs were running around $8 billion a month. Now they're running nearly $30 billion a month," he noted. Bianco expects Fed Chair Jerome Powell to provide some clarity at the Fed's annual Jackson Hole Economic Symposium later this month. And if Powell signals a September cut isn't coming, the backlash could be intense — including renewed political pressure from President Trump, who has previously floated the idea of firing the Fed chair. "If he says he's not going to cut rates, I would then put Trump firing him back into the play," Bianco said. The Fed's decision could also have an outsized impact on megacap tech stocks. The largest 10% of US companies now account for 76% of total market capitalization, the highest concentration on record, according to market data platform Barchart. The concentration makes the entire market vulnerable to shifts in interest rates. As yields go higher, money could move out of stocks and into bonds. Bianco warned that if 10-year Treasury yields hit 5%, it could trigger profit-taking in Big Tech stocks. Bianco advised investors to stay cautious when chasing the market's most popular names. "If you want to play some of these Mag 7s, you have to be prepared for big gains and big losses," he said. "Some think it's all a one-way street ... until it isn't." Francisco Velasquez is a Reporter at Yahoo Finance. He can be reached on LinkedIn and X, or via email at Click here for in-depth analysis of the latest stock market news and events moving stock prices


New York Post
20 minutes ago
- New York Post
Zohran Mamdani mentions Andrew Cuomo in same breath as Jeffrey Epstein in new video
Mayoral front-runner Zohran Mamdani is going nuclear on rival Andrew Cuomo — attempting to link the ex-governor to Jeffrey Epstein in a new scorched-earth campaign video. In the 90-second TikTok-style spot, Mamdani, looking into the camera, demands that Cuomo release his list of consulting clients, noting the ex-gov once worked on a luxury marina project with a pal, Andrew Farkas, whose former business partner was Epstein. 'In June, the New York Times found out that Cuomo worked with his longtime friend Andrew Farkas on a luxury marina project in Puerto Rico. Farkas' previous partner on Caribbean luxury marinas was none other than Jeffrey Epstein,' Mamdani says. 8 Democratic mayoral candidate Zohran Mamdani released a scathing new attack ad against his rival former Gov. Andrew Cuomo. YouTube/@ZohranforNYC 8 The video lists of a number of alleged scandals involving the ex-governor — even linking him to Jeffrey Epstein. 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Los Angeles Times
20 minutes ago
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Tariff ‘Mission Accomplished' hype is just that
On May 1, 2003, George W. Bush announced, 'Major combat operations in Iraq have ended.' He was standing below a giant banner that read, 'Mission Accomplished.' At the risk of inviting charges of understatement, subsequent events didn't cooperate. But it took a while for that to be widely accepted. We're in a similar place when it comes to President Trump's experiment with a new global trading order. 'Tariffs are making our country Strong and Rich!!!' proclaims Trump, making him not only the first Republican president in living memory to brag about raising taxes on Americans, but also the first to insist that raising taxes on Americans makes us richer. MAGA's mission-accomplished groupthink relies primarily on three arguments. The first is that Trump has successfully concluded a slew of beneficial trade deals. The truth is that some of those deals are simply 'frameworks' that will take a long time to be ironed out. But Trump got the headlines he wanted. The second argument is a kind of populism-infused sleight of hand. The 'experts' — their scare quotes, not mine — are wrong once again. The White House social media account crows, 'In April, 'experts' called tariffs 'the biggest policy mistake in 95 years.' By July, they generated OVER $100 BILLION in revenue. Facts expose the haters: tariffs WORK. Trust in Trump.' But the high-fivers are leaving things out. The most-dire predictions of economic catastrophe were based on the scheme Trump announced on April 2, a.k.a. 'Liberation Day.' Trump quickly backed off that plan ('chickened out' in Wall Street parlance) in response to a bond and stock market implosion. Saying the experts were wrong under those circumstances is like saying experts opposed to defenestration were wrong when they successfully convinced a man not to jump out a window. The third argument, made by the White House and many others — that tariffs are working because they're raising money — is a response to a claim no one made. To my knowledge, no expert claimed tariffs wouldn't raise money. The estimates of these revenues from Trump world are stratospheric. Commerce Secretary Howard Lutnick expects somewhere between $700 billion and $1 trillion per year. Last month, the government collected $29 billion. It's likely this number will significantly increase as more tariffs come online and businesses run down the inventory they stockpiled earlier this year in anticipation of more tariffs to come. Normally, Republicans don't exult over massive revenues from tax hikes. But Trump's defenders get around this problem by insisting that money is 'pouring' and 'flowing' into America from someplace else. It's true that tariff revenue is pouring into the Treasury, but that money is coming out of American bank accounts, because American importers pay the tariff. Even Treasury Secretary Scott Bessent cannot deny this when pressed. So yes, tariffs are 'working' the way they're supposed to; the problem is Trump thinks tariffs work differently than they do. It's possible some foreign exporters might lower prices to maintain market share, and some American businesses might absorb the costs — for now — to avoid sticker shock for inflation-beleaguered consumers, but what revenue is generated still comes from Americans. Ultimately it means higher prices paid here, reduced profits for businesses here or reduced U.S. trade overall. Sometimes, when pressed, defenders of the administration will concede the true source of the revenues, but then they say the pain is necessary to force manufacturers and other businesses to build and produce in the United States. It's backdoor industrial policy masquerading as trade policy. That, too, might 'work.' But all of this will take time, no matter what. And, if it works, that will have costs, too. Manufacturing in America is more expensive — that's why we manufacture so much stuff abroad in the first place. If this 'reshoring' happens, our goods will be more expensive, and less money will 'pour in' from tariffs. It's difficult to exaggerate how well-understood all of this was on the American right until very recently. But the need to grab any argument available to declare Trump's experiment a success has a lot of people not only abandoning their previous dogma but leaping to the conclusion that the dogma was wrong all along. Maybe it was, though I don't think so. The evidence so far suggests that problems are looming. The dollar is weakening. Prices continue to rise. The job market is reeling. The stock market (an unreliable metric, according to MAGA, when it plummeted after Liberation Day) is holding on, thanks to tech stocks. The truth is we won't have real evidence for a while. It's worth remembering that Americans don't live by headlines and press releases and they don't live in the macro economy either. Declaring 'Mission Accomplished' for the macro economy won't convince people they're better off in their own micro-economies when they're not. @JonahDispatch