Shell denies deal talks with BP, Micron reports Q3 beat: Morning Buzz
The major averages were higher near noon, with the S&P 500 continuing its path towards all-time highs reached earlier this year. Meanwhile, the U.S. dollar is under pressure amid the worst first-half performance in 50 years, falling to its lowest since early 2022 amid speculation that President Trump may replace Fed Chair Powell before his term ends and markets pricing in over 60 basis points of rate cuts by year-end.
Confident Investing Starts Here:
Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Looking to commodities, the price of gold was fractionally lower, continuing a volatile month for the typically 'safe-haven' asset. Oil prices are more than 2% higher as the commodity claws back from recent declines amid hostilities in the Middle East.
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.
1. STOCK NEWS:
2. WALL STREET CALLS:
BMO Capital here's why
Citizens JMP upgraded Penn Entertainment (PENN) to Outperform while downgrading MGM Resorts (MGM) to Market Perform
RBC Capital upgraded General Mills (GIS) to Outperform from Sector Perform
BofA reinstated coverage of Unity (U) with an Underperform rating
3. AROUND THE WEB:
Unionized refinery workers at Nexa 's (NEXA) Cajamarquilla Zinc Refinery in Lurigancho, Peru have announced a strike after unsuccessful wage adjustment negotiations, Gestion reports
Meta (META) CEO Mark Zuckerberg has hired three AI researchers from Microsoft-backed (MSFT) OpenAI to help with his superintelligence efforts, WSJ says
BlackRock (BLK) is accelerating its push into private investments, now including them in funds for 401 (k) retirement plans, WSJ reports
Charlie Ergen has asked creditors to EchoStar (SATS) and Dish Network for a reprieve on the company's debt, just days before a 30-day grace period on unpaid interest payments is set to expire, Bloomberg reports
JetBlue's (JBLU) second-biggest stakeholder, Vladimir Galkin, is threatening to sell his nearly 10% interest in the carrier if its cost-cutting plan and broader efforts fail to turn around its performance, Reuters says
Rezolve AI (RZLV) increases in New York after announcing the creation of Rezolve Ai Professional Services
Serve Robotics (SERV) gains after announcing the launch of its autonomous robot delivery service to the Atlanta metro area
Bit Digital (BTBT) declines after announcing a 75M share offering
Centrus Energy (LEU) lower after JPMorgan initiated coverage of the stock with a Neutral rating
Kratos Defense (KTOS) falls after announcing a 12.987M share offering
5. EARNINGS/GUIDANCE:
McCormick (MKC) reported Q2 results and provided guidance for FY25
Jefferies (JEF) reported results for Q2, with EPS missing consensus
MillerKnoll (MLKN) reported Q4 results and provided guidance for Q1
Acuity Brands (AYI) reported Q3 results, with CEO Neil Ashe commenting, 'We delivered strong performance in the third quarter of fiscal 2025'
Steelcase (SCS) reported Q1 results, with EPS and revenue beating consensus
INDEXES:
Near midday, the Dow was up 0.72%, or 308.97, to 43,291.40, the Nasdaq was up 0.73%, or 145.41, to 20,118.96, and the S&P 500 was up 0.67%, or 40.55, to 6,132.71.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
7 minutes ago
- Forbes
Nearshoring Is A Strategic Advantage U.S. Companies Shouldn't Ignore
Luis Peralta is CEO of ParallelStaff, helping U.S. companies scale with elite nearshore tech talent across Latin America. When the Trump administration launched a wide-reaching tariff campaign in 2025, the intention was to protect American manufacturing and rebalance trade relationships. But beyond the immediate impact on goods, the ripple effects of those policies prompted U.S. businesses to reassess how they source services and talent globally—particularly in technology, where speed, adaptability and innovation are essential. In response, some companies began moving away from traditional offshoring hubs, exploring alternatives like nearshoring—especially in Latin America. While not a universal solution, nearshoring has emerged as a viable option for organizations looking to address long-standing challenges in offshore engagements, such as time zone misalignment, communication lags and geopolitical uncertainty. The Tariff Wars Reshaped More Than Just Goods During its peak, the U.S.-China trade conflict imposed over $360 billion in tariffs, increasing costs on everything from electronics to machinery. While much of the spotlight remained on physical supply chains, the downstream effects also impacted digital services. IT leaders began to scrutinize: • How reliant are we on teams in countries vulnerable to policy swings? • Are we sacrificing speed and collaboration in exchange for marginal cost savings? • How quickly can we pivot if geopolitical or logistical variables change? The answers were rarely comforting. Companies that once defaulted to offshore staff augmentation in distant regions like Southeast Asia or Eastern Europe began facing performance issues, not just due to distance and time zones, but also regulatory uncertainty and communication lags. The search for a more resilient, time-sensitive solution pointed south. Nearshoring: A Growing Option, Not A Cure-All Enter nearshore software development: a model built not only on cost-efficiency, but on strategic alignment. By tapping into the talent pool of countries like Mexico, Colombia, Brazil and Argentina, U.S. companies have discovered a workforce that is technically skilled, culturally aligned, and geographically proximate. Nearshoring is no longer about saving money but gaining speed, clarity and control. Here's why it's flourishing: Time Zones That Actually Work: Unlike far-shore outsourcing, nearshore partners operate in U.S.-friendly time zones. Daily standups, sprint reviews and real-time collaboration can occur during shared business hours. The result? Faster development cycles and fewer miscommunications. Cultural And Business Alignment: Latin American professionals are known for their strong English skills and familiarity with U.S. work culture. That cultural overlap leads to smoother onboarding, better teamwork and fewer project delays. High-Caliber Engineering Talent: The Latin American tech ecosystem has exploded. Governments and private sectors alike have invested heavily in STEM education and digital infrastructure. Today's LATAM developers are fluent in English and Java, Python, .NET and DevOps. Agility in a Volatile Economy: The global economic landscape is turbulent—rising interest rates, inflationary pressures and labor shortages have made long-term hiring risky. This is where IT staff augmentation through nearshoring becomes a game-changer. Staff Augmentation: A Scalable Safety Net The traditional hiring model—full-time, on-site, with a six-month ramp-up—simply doesn't work in today's tech economy. Projects shift. Roadmaps pivot. Budgets get slashed. Companies need a way to scale teams without locking into fixed costs. That's precisely what nearshore staff augmentation offers: access to vetted software engineers who can plug into your internal teams quickly, work in your time zone and align with your culture, without the overhead of full-time hiring or the lag of offshoring. It's not just about filling seats; it's about enhancing velocity. The Risks Behind The Rewards: A Balanced Look At Nearshore Outsourcing Nearshoring isn't a magic bullet—it's a strategy. And like any strategy, it comes with trade-offs. Here are the common pitfalls leaders should be aware of: Oversight Still Matters: Nearshore teams may be easier to integrate, but they still require structured onboarding, daily engagement and strong documentation practices. Skimping on these can lead to misalignment or missed deadlines. Talent Turnover Can Hurt: Latin America's tech talent is in high demand—meaning your star developers could be poached by competitors if not engaged long term. Continuity isn't guaranteed unless you invest in team loyalty and relationship-building. Communication Gaps Aren't Gone—Just Smaller: While cultural alignment is stronger than with offshore teams, subtle communication issues can still arise. Assumptions around feedback, conflict resolution or even deadlines can vary slightly across borders. Quality Isn't Universal: The LATAM region is home to world-class engineers—but not every firm or freelancer is created equal. Without a rigorous vetting process, companies risk hiring underqualified talent or teams that overpromise and underdeliver. In short, nearshoring offers a smarter, faster alternative to traditional outsourcing—but it still demands strategic execution. Success depends on choosing the right partner, setting clear expectations and treating remote contributors like core team members—not contractors. Looking Ahead As businesses navigate an increasingly complex global landscape—shaped by economic pressures, shifting regulations and evolving workforce expectations—talent strategies need to be both resilient and adaptive. Nearshoring won't replace all forms of global outsourcing, nor will it be the right fit for every company. But for organizations seeking closer collaboration, faster execution and more predictable operations, it offers a pragmatic alternative worth considering—provided it's approached with clear goals and realistic expectations. Rather than ask whether nearshoring is better than offshoring, the better question might be: What mix of talent models will make us most responsive, most competitive and most resilient in the years ahead? Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Newsweek
12 minutes ago
- Newsweek
Texas High-Speed Rail Project Future Uncertain After Latest Setback
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The proposed Texas Central high-speed rail project suffered a fresh blow this week when Spanish rail operator Renfe decided to liquidate its U.S. subsidiary—Renfe of America—and write off its entire investment, as reported by Trenvista and El Economista. The announcement followed recent setbacks, including the Trump administration's withdrawal of a $63.9 million federal grant and the quiet exit of Japanese investors from the $40 billion venture linking Dallas and Houston. Renfe's withdrawal not only removed a leading international operator from the project but also highlighted the financial instability facing what is one of the nation's most ambitious transportation undertakings. Newsweek reached out to Renfe and Texas Central for comment on Friday via email outside of regular office hours. Why It Matters The Texas Central high-speed rail line, envisioned as a transformative connection between Houston and Dallas, had promised to revolutionize mobility in the region and establish the United States as a player in high-speed rail. Its struggles bear implications for federal infrastructure policy, private-public investment risks, and the credibility of large-scale rail projects nationwide. A range of high-speed rail projects has been proposed across the U.S. In May, former Obama-era Transportation Secretary Ray LaHood told Newsweek that he believed one successful high-speed line could unlock other projects across the country. What To Know Map of the proposed Dallas to Houston high-speed rail line produced by Texas Central. Map of the proposed Dallas to Houston high-speed rail line produced by Texas Central. Texas Central Renfe Liquidates Its U.S. Subsidiary After Heavy Losses Renfe, Spain's state railway operator, dissolved Renfe of America after recognizing accumulated losses of €4.5 million (approximately $5 million) and writing down all investment in the Texas Central project, as documented in its 2024 accounts. This move followed more than five years of unsuccessful efforts to establish U.S. high-speed rail operations as a strategic partner for Texas Central. Renfe originally anticipated up to €5.3 billion in revenues through 2042, having won a contract to operate the proposed 386-kilometer Dallas–Houston line. However, the company declared the value of its U.S. investment at zero and publicly abandoned any hope of recovering debts dating back to 2019. Federal Funding Pulled After Cost Overruns and Delays The U.S. Department of Transportation withdrew a $63.9 million grant in April previously allocated to Amtrak for Texas Central, labeling the project "a risky venture for the taxpayer." Texas Central, which initially had a $10 billion budget estimate, saw its spending expectations balloon to over $40 billion, according to reports from the Reason Foundation and multiple financial outlets. Key Investors and Stakeholders Exit Renfe's departure followed the prior exit of major Japanese investors, who reportedly lost over $272 million in the venture. Fort Worth-based Kleinheinz Capital Partners took over as lead investor, acquiring significant stakes from Japanese shareholders. Texas Central has acquired only about 25 percent of the land needed for the line, with outstanding construction permits and further land acquisition unresolved. The current combination of lost foreign expertise and evaporating funds has increased scrutiny from the Texas legislature, which is now demanding enhanced transparency and annual financial disclosures from project leaders. Possible Silver Lining in Private Equity Approaches Some industry observers suggested that private equity-led models, similar to those seen in Florida and Nevada, might offer a path forward. Robert Pearsall, Partnership Director at the US High Speed Rail Association (USHSR), told Railway-News the withdrawal of Amtrak and federal funds could help clear the path for private capital, pending state-level approvals. Yet, the pace of future development depends on clearing Texas's legislative barriers, securing financing, and restoring confidence among lenders and landowners. What People Are Saying Jennifer Stevens, from campaign group ReRoute the Route, which opposes the proposed Texas Central line, told The Texan: "This is a company that has been nearly broke for at least half a decade. Now because of this government filing we know Texas Central left a Spanish investor holding the bag on their $5 million investment. They are either unwilling or unable to pay for services rendered more than five years ago." Former Transportation Secretary Ray LaHood told Newsweek in May: "If you build it they will come, if you build it, it will be successful and I think that will be the case with Brightline West, Las Vegas to L.A., and I think it will be true San Francisco to L.A. I think they will be wildly popular. I really believe at this point if you build it they will come and the proof of that is Europe and Asia—their trains are wildly popular." What Happens Next Texas Central leaders intend to continue seeking funding and regulatory approvals while preparing to rebid for lost operating contracts. However, the project's future will depend on whether additional private investors step forward and whether state and federal regulators support a new business model for high-speed rail between Dallas and Houston.
CNBC
19 minutes ago
- CNBC
Yields on these income-producing assets can top 6%. Here are UBS' top picks in preferred securities
Long-term investors can find solid income in preferred securities, according to UBS. The assets, which have hybrid features of both stocks and bonds, have seen a muted performance so far this year, said Frank Sileo, senior fixed income strategist. Preferreds trade on exchanges like stocks, but also have par values and pay a stream of income. Similar to bonds, when the price of the preferred goes down, its yield moves higher. While spreads are tight, lack of competitive yield alternatives, banking sector fundamentals and supply-demand dynamics should remain supportive of the securities, Sileo said in a note Wednesday. Banks account for an estimated two thirds to three quarters of total preferred issuance , according to S & P Global. "For long-term investors, preferreds can provide high-quality, diverse, and durable portfolio income," Sileo wrote. Preferreds come in par values of $25 and $1,000, with the former sold to retail investors and the latter aimed at institutions. Many have long maturity dates or are perpetual, but they typically have "call dates," or points in time when they can be redeemed. UBS recommends investing in both preferred par values. The $25 par preferreds have underperformed so far this year, down 0.6% year to date, versus a 3.5% gain for $1,000 par preferreds, as of June 24, Sileo said. The performance of the lower-priced securities are somewhat more influenced by stock market trends, he noted. "This illustrates the importance of 'intra-sector diversification,'" Sileo said. "Adding USD 1,000 par preferreds may improve overall risk-adjusted performance by reducing return correlations with other sectors, including common stocks." Investors can also save on taxes compared to bonds since preferreds typically are taxed at capital gains rates, which are 0%, 15% or 20%, depending on your income. Here are some of Sileo's top picks in preferred securities in different strategies: conservative, moderate and aggressive. He uses yield-to-worst as a measure of income, which is the lowest estimated annualized yield among potential redemption date scenarios. Investors looking for broad market exposure can invest in exchange-traded funds. For example, the iShares Preferred and Income Securities ETF (PFF) has a 30-day SEC yield of 6.57% and 0.46% expense ratio. The Global X U.S. Preferred ETF (PFFD) has a 6.52% 30-day SEC yield and 0.23% expense ratio. However, the majority of the ETFs are indexed funds with limited or no exposure to $1,000 par preferreds, Sileo noted. "Given the diversity of investment choices within the preferred securities sector and the wide range of preferred ETFs, investors may consider a strategy that uses both single-security recommendations and ETF selections for a more tailored, customized investment solution," he said.
