Stock market today: Dow, S&P 500, Nasdaq slip after PPI inflation comes in much hotter than expected
The Dow Jones Industrial Average (^DJI) slipped 0.2%, while the benchmark S&P 500 (^GSPC) fell nearly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) lost more than 0.1%.
July's Producer Price Index (PPI) came in much hotter than expected, with month-over-month prices rising 0.9% compared to expectations of 0.2%. On an annual basis, prices rose 3.3%, the most since February. "Core" producer prices, which strip out the cost of food and energy, saw the largest increase in three years.
The inflation shock looked set to sap the enthusiasm of a roaring market this week. Stocks extended their rally Wednesday, pushing the S&P 500 and Nasdaq to consecutive record highs. Bitcoin got a boost from mounting rate-cut bets, too, reaching a new record high Wednesday evening before scaling back on those gains.
Euphoria over a possible September rate cut had swept Wall Street over the past two sessions after July's Consumer Price Index report showed inflation rose as expected, but not dramatically. Traders had fully priced in a rate cut at the Fed's next meeting, even as some Fed policymakers continue to urge patience. On Thursday morning, investors had once again shifted some bets to a rate hold next month.
Friday's retail sales reading will serve as this week's final economic data point.
In corporate news, cryptocurrency exchange operator Bullish (BLSH) rose over 7% on Thursday, hovering around $75, more than double its IPO price of $37.
C3.ai stock continues freefall after 'brutal' preliminary financial results
C3.ai stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions.
The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3.
Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex said in a note to clients Monday.
C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO Tom Siebel for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes. In 2023, short selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis.
Since C3 released its preliminary results last Friday, four investment firms including Oppenheimer and DA Davidson have downgraded C3 stock to Market Perform and Sell ratings.
Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35.
"This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," wrote Dan Ives in a note to clients Monday.
America's favorite office lunch spots are having a challenging summer
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks fall at the open after latest inflation data shows rising producer prices
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
Wholesale inflation rises more than expected in July
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
September rate hold? Investors say it's (sort of) back on the table
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Trending tickers in premarket trading: Bullish, JD.com, Deere, Cisco
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Stocks may be at all-time highs, but speculative froth isn't
Yahoo Finance's Hamza Shaban reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Amazon grocery push stocks still in focus
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
I don't hate this Cisco quarter
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Bullish stock rises to $75 after IPO debut
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Nvidia partner Foxconn profit jumps after AI spending rises
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
C3.ai stock continues freefall after 'brutal' preliminary financial results
C3.ai stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions.
The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3.
Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex said in a note to clients Monday.
C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO Tom Siebel for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes. In 2023, short selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis.
Since C3 released its preliminary results last Friday, four investment firms including Oppenheimer and DA Davidson have downgraded C3 stock to Market Perform and Sell ratings.
Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35.
"This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," wrote Dan Ives in a note to clients Monday.
C3.ai stock sank 3.5% Thursday, putting shares down more than 20% over the past five trading sessions.
The AI software company's shares have suffered since releasing preliminary results for the first quarter of its fiscal year 2026, which ended July 31. The company estimated last Friday that it will see a quarterly loss of $57.7 million to $57.9 million on revenue in the range of $70.2 million to $70.4 million. C3 will report its full results on Sept. 3.
Its preliminary results were "well below" consensus estimates on Wall Street and the company's previous guidance for a loss of $23.5 million to $33.5 million on revenue of $100 million to $109 million, JPMorgan analyst Brian Essex said in a note to clients Monday.
C3 has been mired in controversy over the last several years. In 2022, investors sued the company and its founder and former CEO Tom Siebel for misrepresenting the size of a sales team related to its largest partnership with energy company Baker Hughes. In 2023, short selling firm Spruce Point Management alleged the company showed "signs of problematic financial reporting and accounting." Then last month, Siebel stepped down from the role of CEO due to an autoimmune disease diagnosis.
Since C3 released its preliminary results last Friday, four investment firms including Oppenheimer and DA Davidson have downgraded C3 stock to Market Perform and Sell ratings.
Wedbush maintained its Outperform rating on the stock but lowered its price target to $23 from $35.
"This was a brutal quarter and if C3 cannot turn this around darker days could be ahead," wrote Dan Ives in a note to clients Monday.
America's favorite office lunch spots are having a challenging summer
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Yahoo Finance's Brooke DiPalma reports:
Read more here.
Stocks fall at the open after latest inflation data shows rising producer prices
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
Wholesale inflation rises more than expected in July
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
September rate hold? Investors say it's (sort of) back on the table
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Trending tickers in premarket trading: Bullish, JD.com, Deere, Cisco
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Stocks may be at all-time highs, but speculative froth isn't
Yahoo Finance's Hamza Shaban reports:
Read more here.
Yahoo Finance's Hamza Shaban reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Amazon grocery push stocks still in focus
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
I don't hate this Cisco quarter
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Bullish stock rises to $75 after IPO debut
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Nvidia partner Foxconn profit jumps after AI spending rises
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
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Ex-Intel engineer sentenced for sharing secrets with Microsoft — gets two years of probation and $34k fine for stealing 'thousands of files' that may have landed them a new job with the company
When you buy through links on our articles, Future and its syndication partners may earn a commission. An ex-Intel employee has been sentenced to two years' probation and fined $34,472 for pilfering 'thousands of files,' which were reportedly instrumental to him landing a new position at Microsoft. Oregon Live says that Varun Gupta, who had been a product marketing engineer at Intel for a decade, aided Microsoft in significant processor purchasing negotiations with Intel. A custodial sentence was offset by the fine and the judge's belief that Gupta had suffered enough due to a loss of reputation. The timeline As we mentioned in the intro, Gupta was an Intel employee for 10 years, but he departed the iconic PC chipmaker in January 2020, moving directly to Microsoft. From the source report, it seems that Gupta spent a lot of time copying files containing trade secrets shortly before leaving his employment at the Santa Clara headquartered corporation. These trade secrets were reportedly instrumental to Gupta securing his new position at Microsoft. Moreover, they were subsequently used for the benefit of Microsoft in processor purchasing negotiations with Intel. A particular PowerPoint document was referenced in the court records, indicating that the presentation slide(s) charted Intel's pricing strategy, as drafted for another major customer. The court proceedings Oregon Live reports that the prosecutor, Assistant U.S. Attorney William Narus, sought an eight-month prison term for Gupta. Narus spoke about Gupta's purposeful and repeated access to secret documents. Eight months of federal imprisonment was sought as Gupta repetitively abused his cache of secret documents, according to the prosecutor. For the defense, attorney David Angeli described Gupta's actions as a 'serious error in judgment.' Mitigating circumstances, such as Gupta's permanent loss of high-level employment opportunities in the industry, and that he had already paid $40,000 to settle a civil suit brought by Intel, were highlighted. U.S. District Judge Amy Baggio concluded the court hearing by delivering a balance between the above adversarial positions. Baggio decided that Gupta should face a two-year probationary sentence. Meanwhile, that peculiar $34,472 fine is explained as equating to the cost of eight months of federal imprisonment that Gupta avoided by a hair's breadth. Baggio reasoned that the fine helped reinforce the understanding that Gupta's actions were seen as more than a one-off indiscretion. But her position was softened by the very public besmirchment of the ex-Intel exec's character. Gupta's travels Gupta was ordered to pay the fine in full before heading back to France. The ex-tech exec and his family have started afresh in La Belle France, with eyes on a completely new career in the wine industry. According to the report, Gupta is now studying for a qualification in vineyard management, while aiming to work as a technical director in the business. Follow Tom's Hardware on Google News to get our up-to-date news, analysis, and reviews in your feeds. Make sure to click the Follow button. Solve the daily Crossword
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35 minutes ago
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Idaho Gov. Brad Little orders budget cuts amid tax breaks, revenue shortfall
Idaho Gov. Brad Little on Friday signed an executive order requiring all state agencies other than public schools to cut spending, he announced in a news release. It was the first time since 2020 such cuts have been ordered, according to the Governor's Office. The order cited the need to cut spending after Idaho lawmakers reduced income and property taxes by over 20%. The Governor's Office said the state must 'make way' for the tax cuts in President Donald Trump's 'Big Beautiful Bill.' State agencies, including the Idaho State Police, Department of Correction and Department of Health and Welfare — which administers Medicaid — must reduce their general fund spending by 3% for the 2026 fiscal year, which began in July. They can consider consolidating services or agencies, eliminating vacant positions, cutting back on contract costs, and reviewing unused funds that are 'not critical' to operations, according to the order. 'Idaho will right-size government to match the means of Idahoans,' the order read. In the news release about the order, the Governor's Office celebrated Idaho's strong and rapidly growing economy. The Idaho Legislature this year made 'unprecedented' investments in school facilities, teacher pay and literacy, 'demonstrating we can have it all,' Little wrote in the order. 'We can simultaneously cut taxes while meeting the needs of a growing state.' Idaho Democrats pushed back on that framing. Senate Minority Leader Melissa Wintrow, D-Boise, in a Friday news release said 'no amount of spin can hide the truth.' 'If Idaho's fiscal health were truly as strong as Republicans claim, there would be no need to strip funding mid-year,' Wintrow said. 'Ending this wasteful scheme will not close the hundreds of millions of dollars in budget shortfalls created by Republican giveaways.' Idaho Democrats also pointed the finger at the GOP's passage of laws that cost more money, such as allowing public funding for private school tuition. Lauren Necochea, the party's chair, in another news release said the program blew 'a hole in the budget' and called the cuts 'the bill coming due for reckless Republican rule.' 'We were honest with Idahoans about where this budget was headed,' she said. 'Back in the spring, Democrats warned that Statehouse Republicans were budgeting dishonestly while the Trump regime was driving up costs and undermining our economy. The GOP ignored these warnings, and now Idaho families are paying the price.' Though it expressed appreciation for Little's exclusion of public schools from the cuts, the Idaho Education Association in a release called them 'very unfortunate and completely predictable.' 'The Idaho Legislature's massive tax cuts easily foretold this outcome, even as lawmakers dismissed the needs of basic governing and Idaho's most vulnerable residents,' President Layne McInelly wrote. 'Idaho Education Association members believe Gov. Little is right to spare Idaho's public school students and classrooms from even more fiscal austerity while lawmakers write checks to the wealthy.' In recent months, state revenues came in below forecasts set by the Legislature. Little in February told reporters he worried that lawmakers' proposals to cut taxes were beyond what the state could afford. The Legislature cut taxes by $400 million and spent another $50 million on a tax credit for private education. Those bills, which Little signed into law, reduced revenue available for the state budget by about $453 million, the Idaho Capital Sun reported. In his January State of the State address, Little called for a reduction of the fund by $100 million — less than a quarter of the Legislature's amount. 'If I would have thought we could do $450 (million), I would have proposed $450 (million),' Little said of the hundreds of millions more that lawmakers aim to return to taxpayers. On Friday, Democrats called for a special legislative session to repeal the tax credit program, often referred to as school vouchers. 'It is an essential first step toward restoring fiscal responsibility,' Wintrow said in the release. Idaho continues its 'historic' tax cuts. Here's what residents can expect What will Trump administration cuts mean for Idaho? Gov. Little predicts 'economic shock' Solve the daily Crossword
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an hour ago
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Lockheed Secures a $720M Contract for JAGM & Hellfire Missiles
Lockheed Martin Corporation (LMT) recently secured a modification contract valued at $720.1 million to produce Joint Air-to-Ground Missiles (JAGM) and Hellfire missiles. The work related to this deal will be carried out in Ocala, FL, and is projected to be completed by Sept. 30, 2028. The award has been provided by the U.S. Army Contracting Command, Redstone Arsenal, AL. What's Favoring LMT Stock? With countries worldwide enhancing their defense capabilities, spending on advanced military arms and ammunition has been rapidly increasing. This also includes growing investments in missiles and missile systems, which are crucial for warfare missions. Lockheed, as a prominent manufacturer of missiles and missile defense systems, has thus been witnessing a steady flow of orders from the Pentagon and other U.S. allies. The latest contract win is an example of that. Notably, LMT Hellfire is a multipurpose missile capable of defeating a broad target set. On the other hand, JAGM is a next-generation missile that combines the capabilities of LMT's Hellfire and LONGBOW missiles into one system, providing multi-domain combat solutions. The aforementioned missiles' viability in the defense industry ushers in solid order flow for Lockheed, like the latest one, further reflecting the solid demand that they boast in the missile market. LMT Stock's Growth Prospects Rising military conflicts, terrorism and border disputes have led nations to increase their focus on national security, particularly on missile defense systems, backed by the rapid development of advanced missile technologies over the last decade. This is likely to have prompted Mordor Intelligence to forecast a compound annual growth rate of 5% for the missiles and missile defense systems market during the 2025-2030 time period. This should benefit Lockheed, with its Missile and Fire Control unit being a recognized developer of high-performance missiles. The unit pursues business in more than 50 countries worldwide. Some of its major programs are the Patriot Advanced Capability-3 and Terminal High Altitude Area Defense air and missile defense programs as well. Its prominent missiles include the Precision Strike Missile and the Long Range AntiShip Missile. Prospects of LMT's Peers Other defense companies that are likely to enjoy the perks of the expanding missiles and missile system market have been discussed below. Northrop Grumman Corporation (NOC): Northrop Grumman provides high-speed, long-range strike weapons like the AARGM-ER, which is a supersonic, air-launched tactical missile system. It also develops and builds advanced missile defense technology, ranging from command systems to directed energy weapons, advanced munitions and powerful sensors. RTX Corporation (RTX): It is known for its missile defense systems like the Patriot and SM-6, which are in high demand globally. RTX also provides advanced sensors and interceptors to identify, track and defeat threats as part of a layered missile defense. The Boeing Company (BA): It manufactures various missile defense systems, including the Ground-based Midcourse Defense, Aegis Ballistic Missile Defense and Avenger. Boeing-built and supported air and missile defense systems have been protecting its customers for nearly 25 years against threats ranging from intercontinental ballistic missiles to hostile aircraft. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Boeing Company (BA) : Free Stock Analysis Report Lockheed Martin Corporation (LMT) : Free Stock Analysis Report Northrop Grumman Corporation (NOC) : Free Stock Analysis Report RTX Corporation (RTX) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
