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CNBC
an hour ago
- CNBC
Asia markets set for muted start as investors assess S&P 500's four-day losing streak
Asia-Pacific markets were poised for a muted start to the day as investors assessed the four-day losing streak for the S&P 500, led by declines in tech stocks. Investors in the region are awaiting India's HSBC Composite flash purchasing managers' index reading for August, which provides an early snapshot of the performance of the private sector economy, expected later in the day. Economists polled by Reuters expect it to come in at 60.5, compared to 61.1 in the month before. Japan's Nikkei 225 was set to open flat, with the futures contract in Chicago at 42,880 while its counterpart in Osaka last traded at 42,820, against the index's Wednesday close of 42,888.55. Australia's S&P/ASX 200 was set to start the day lower, with futures tied to the benchmark at 8,902, compared with the index's last close of 8,918. Hong Kong's Hang Seng index is slated to open flat with futures tied to the index at 25,168, compared with the HSI's last close of 25,165.94. U.S. equity futures were little changed in early Asia hours. Overnight stateside, two of the three key benchmarks ended the session in declines as tech stocks dragged the market lower. The broad market S&P 500 index slipped 0.24% to close at 6,395.78, while the tech-heavy Nasdaq Composite lost 0.67% and settled at 21,172.86. Wednesday marked a fourth day of losses for the S&P 500 and a second negative session for the Nasdaq. Meanwhile, the Dow Jones Industrial Average was the outlier, adding 16.04 points, or 0.04%, and settling at 44,938.31.
Yahoo
an hour ago
- Yahoo
Masimo sues US Customs over approval of Apple Watch imports
By Blake Brittain WASHINGTON (Reuters) -Medical monitoring technology company Masimo sued U.S. Customs and Border Protection on Wednesday over a decision by the agency that allowed Apple to import Apple Watches with blood-oxygen reading technology during a patent dispute between the companies. Masimo said in the lawsuit in Washington, D.C., federal court that Customs improperly determined that Apple can import watches with pulse oximetry technology, reversing its own decision from last year without notifying Masimo. Masimo told the court that it learned of the agency's August 1 decision only after Apple announced it would reintroduce blood-oxygen reading to its watches last week. Spokespeople for Apple and Customs did not immediately respond to requests for comment. A Masimo spokesperson declined to comment. Irvine, California-based Masimo has accused Apple of hiring away its employees and stealing its pulse oximetry technology to use in its Apple Watches. Masimo has separately sued Apple for patent infringement and trade secret theft in ongoing federal court cases. Masimo convinced the U.S. International Trade Commission to block imports of Apple's Series 9 and Ultra 2 smartwatches in 2023 based on a determination that Apple's technology for reading blood oxygen levels infringed Masimo's patents. Apple has continued to sell Customs-approved redesigned watches without pulse oximetry since the ITC's decision. Apple said on Aug. 14 that it would reintroduce its smartwatches' blood-oxygen reading capabilities with approval from Customs. Masimo said the agency's decision to approve the watches without input from Masimo or any "meaningful justification" deprived the company of its rights. "CBP's function is to enforce ITC exclusion orders, not to create loopholes that render them ineffective," Masimo said. Masimo asked the Washington court to halt the agency's ruling and continue to block Apple from selling watches with the blood-oxygen feature.
Yahoo
an hour ago
- Yahoo
Target Appoints New CEO. Here's What Investors Hope He Will Address.
Key Takeaways Michael Fiddelke is slated to become Target's CEO in February, disappointing investors who were looking for an external candidate to refresh the retailer's approach. Fiddelke described his 20 years of experience at the company as a benefit. Investors will look to him to catch up to competitors in the e-commerce space, address tariffs, and stock merchandise that appeals to more of its core customers. Target veteran Michael Fiddelke won't become CEO for months, but the stock market is already disappointed with his appointment. Investors hoped Target (TGT) would replace CEO Brian Cornell with an external hire, with most of 50 investors polled by Mizhuho this summer stating that as their preference, analysts said. "The market was looking for fresh eyes and a change agent," JPMorgan said after Target announced the leadership change Wednesday morning. Besides facing questions about whether he will offer a novel approach, Fiddelke will be expected to address several issues. Target has a less robust digital operation than competitors, more significant tariff risks, and a customer base that thinks merchandise lacks the company's distinct "Tar-zhay" flair, the company and analysts said. Target shares fell 6% on Wednesday, making the stock one of the biggest decliners in the benchmark S&P 500 index. The stock has lost more than a quarter of its value since the start of the year. E-Commerce Turnaround Needed Fiddelke, who is slated to start as CEO in February, will need to turn around sluggish sales, especially in e-commerce. Target has reported comparable sales growth during three of the past 10 quarters, according to data from Visible Alpha. Walmart's (WMT) digital sales appear to be growing at least three times as fast as Target's, Bank of America wrote in a research note Friday. The number of consumers actively using Target's app fell 4.1% year-over-year in July, while the volume of domestic Walmart app users shot up 17.2%, the research said. 'Digital traffic growth is key to scaling digital advertising and [third-party] marketplace fees, which are increasingly needed to mitigate gross margin pressures,' Bank of America said. Tariffs Pressure Profit Margins Target's profit margins may be particularly squeezed since it imports a greater share of merchandise than Walmart, Bank of America said. Target will likely need to raise prices more than some of its peers to offset tariffs, the analysts said. That may be tricky in an environment where even high-earners are focused on finding savings. Recent inventory has disappointed customers looking for the trendy, inexpensive finds that inspired the "Tar-zhay" nickname, company executives have said. Re-establishing Target's 'merchandising authority' is a priority for Fiddelke, along with improving the in-store experience and using technology to become more efficient, he said. Fiddelke argued on a conference call Wednesday that his experience—leading merchandising, finance, human resources, and operations teams—will be beneficial. 'There's real power in drawing on 20 years of knowing what makes Target, Target,' Fiddelke said, according to a transcript made available by AlphaSense, adding that this gives him clarity on 'what our unique path is that's going to lead to growth." Target also handed in second-quarter results Wednesday that beat or met analyst expectations, while affirming its full-year outlook. Read the original article on Investopedia
