JC Flowers-Backed Jefferson Capital's IPO Raises $150 Million
The company, which buys charged-off consumer debt, and the investors sold 10 million shares for $15 apiece, according to a statement Wednesday. The shares were marketed in a range of $15 to $17 each, an earlier US Securities and Exchange Commission filing showed.
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C3.ai Stock Plummets 25% After ‘Completely Unacceptable' Preliminary Results
Key Takeaways Shares of lost a quarter of their value after the AI software provider posted preliminary sales figures that were significantly weaker than expected. CEO Tom Siebel called the sales results 'completely unacceptable' and blamed a reorganization of leadership and his health as contributing factors. With Monday's losses, the former AI darling's stock has lost more than half its value this of (AI) plunged after the AI software provider posted preliminary financial results that fell well short of the company's own expectations and that the CEO called "unacceptable." The former AI darling's stock fell over 25% Monday to just above $16. It has lost more than half its value since the year began. said it expects to report an adjusted loss of $57.7 million to $57.9 million, on revenue of $70.2 million to $70.4 million for its fiscal first quarter, down from $87.2 million in revenue the same period a year earlier. In May, the company had guided for revenue of $100 to $109 million. The company is set to release its full results on Sept. 3. CEO Calls The Numbers 'Completely Unacceptable' CEO Tom Siebel called the sales figures 'completely unacceptable,' and pointed to disruptions from a reorganization of the company's leadership and his health as contributing factors to the company's poor performance. The company announced in late July that it is actively searching for a successor to Siebel, who said he was diagnosed with an autoimmune disease and has experienced 'multiple hospitalizations and vision impairment.' D.A. Davidson analysts called the results 'catastrophic' in a note to clients Sunday, and downgraded stock to 'underperform' following the results, writing they view "business trends as likely to get worse before they get better." Analysts at Wedbush maintained an "outperform" rating for stock after the results, but lowered their target to $23 from a Street high of $35 on Monday, calling the sales miss "brutal." "It will take lots of time to regain Street confidence and build further momentum in the stock given the weakness in its operational performance," the Wedbush analysts wrote. Read the original article on Investopedia
Yahoo
15 minutes ago
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Trading Day: Tariffs, CPI nerves soften sentiment
By Jamie McGeever ORLANDO, Florida (Reuters) -TRADING DAY Making sense of the forces driving global markets By Jamie McGeever, Markets Columnist World markets got the week off to a subdued start on Monday, although the Nasdaq nudged a new high, as a light earnings and data calendar allowed investors to digest the latest tariff-related news and look ahead to Tuesday's U.S. inflation figures. More on that below. In my column today I look at the blizzard of U.S. labor market data - often conflicting, sometimes distorted - and ask which number best shines a light through the fog. Could it now be continuing jobless claims? If you have more time to read, here are a few articles I recommend to help you make sense of what happened in markets today. 1. Fed structure may be in flux, not just rates: Mike Dolan 2. Trump's Fed pick wanted to upend its protection frompolitics 3. Trump opens door to sales of version of Nvidia'snext-gen AI chips in China 4. Debt market jitters signal caution for high-flyingstocks 5. China's July factory-gate prices miss forecast,deflation concerns persist Today's Key Market Moves * FX: Dollar index rises 0.4%. Bitcoin hits one-month highabove $122k to close in on record peak, but ends day lower. * STOCKS: Nasdaq and Australian stocks hit new highs. ButWall Street's big three indices fall 0.3-0.5%. * SHARES/SECTORS: Nvidia hits new record but ends lower,Intel gains 3.6% and TKO spikes 10%. The S&P 500 energy indexslides 0.8%. * BONDS: Treasury yields barely move more than 1 bp acrossthe curve. One of the quietest sessions in a while. * COMMODITIES: Gold slips 1.4%, soybean futures rise 2.5%- both related to tariff-related comments from Trump. Tariffs, CPI nerves soften sentiment Wall Street closed lower on Monday, even as the Nasdaq touched fresh highs, with the latest news related to U.S. President Donald Trump's tariff war generally sapping risk appetite rather than strengthening it. Trump signed an executive order on Monday extending the China tariff deadline for another 90 days, with only hours to go before U.S. tariffs on Chinese goods were due to snap back to triple-digit rates. This came after a U.S. official told Reuters over the weekend that chip companies Nvidia and Advanced Micro Devices have agreed to give the U.S. government 15% of revenue from sales of advanced chips to China. The news was surprising and confusing. "It's wild," said Geoff Gertz, a senior fellow at Center for New American Security, an independent think tank in Washington, D.C. "Either selling H20 chips to China is a national security risk, in which case we shouldn't be doing it to begin with, or it's not a national security risk, in which case, why are we putting this extra penalty on the sale?" A rise for Nvidia shares this week would mark a record-breaking 12 consecutive weekly gains. The stock now accounts for 8% of the entire S&P 500 market cap, the biggest weight of any individual stock in the wider index since the data began in 1981, according to Apollo's Torsten Slok. The so-called "Magnificent Seven" megacap stocks, of which Nvidia is one, now account for a record 35.3% of the S&P 500's total market cap. The top 10 stocks make up a record 40% of the index's market cap. This concentration risk is nothing new, of course, but the steady advance deeper into uncharted territory is bound to unnerve some investors. Meanwhile, U.S.-Brazil relations show no sign of improving. Brazil's Finance Minister Fernando Haddad said on Monday that his virtual meeting with U.S. Treasury Secretary Scott Bessent scheduled for later this week has been canceled, a blow to Brasilia as it attempts to get the 50% tariff on many Brazilian exports to the U.S. reduced. Speculation continues to swirl around who Trump will nominate to replace Fed chair Jerome Powell, whose term officially ends next May. As of Monday, no fewer than eight names appear to be under consideration, according to media reports. The main economic indicators on Monday were from China, which showed producer prices fell more than expected in July and no change in consumer prices. Deflation still stalks China, in contrast to the U.S. where tariffs are putting upward pressure on prices. Attention on Tuesday turns to Australia, where the central bank is expected to reduce its cash rate by a quarter point to 3.60%, and then to CPI inflation figures for July from the U.S. Which data point may shine light through U.S. jobs fog? Amid a blizzard of contradictory signals, it's becoming increasingly difficult to get any visibility on the U.S. labor market. But of all the numbers that feed into the all-important unemployment rate, the one worth paying most attention to may be continuing weekly jobless claims. Federal Reserve Chair Jerome Powell has said that while he and his colleagues look at the "totality" of the data, the best gauge of the health of the labor market is the unemployment rate. That's currently 4.2%, low by historical standards, and consistent with an economy operating at full employment. But it is a lagging indicator, meaning that once it starts to rise sharply, the economy will probably already be in a very precarious position. And it is also being depressed by labor demand and supply factors unique to the U.S.'s current high tariff, low immigration era. LOW FIRE, LOW HIRE Economic growth is slowing. Broadly speaking, it is running at an annual rate of just over 1%, half the pace seen in the last few years. Unsurprisingly, firms' hiring is slowing too. The latest Job Openings and Labor Turnover Survey, or JOLTS, showed hiring in June was the weakest in a year, while July's nonfarm payrolls report and previous months' revisions were so disappointing that President Donald Trump fired the head of the agency responsible for collecting the data. But the unemployment rate isn't rising, largely because firms aren't firing workers. Why? Perhaps because they are banking on tariff and inflation uncertainty lifting in the second half of the year. It's also possible that firms are still scared from the post-pandemic labor shortages. Whatever the reason, the pace of layoffs simply has not picked up, the monthly JOLTS surveys show. Layoffs in June totaled 1.6 million, below the averages of the last one, two and three years. Meanwhile, lower immigration, increased deportations, and fewer people re-entering the labor force are offsetting weak hiring, thus keeping a lid on the unemployment rate. The labor force participation rate in July was 62.2%, the lowest since November 2022. And what about weekly jobless claims, another key variable in the labor market picture? In previous slowdowns, rising layoffs would be reflected in a spike in the number of people claiming unemployment benefits for the first time. That's not happening either. Last week's 226,000 initial claims were right at the average for the past year, and only a few thousand higher than the averages over the past two and three years. "It's a low fire, low hire economy," notes Oscar Munoz, U.S. rates strategist at TD Securities. REGULAR CHECK-UP One high-frequency number that has gone under the radar, but which merits more attention is continuing jobless claims, which measures the number of workers continuing to file for unemployment benefits after losing their jobs. Rising continued claims suggest people actively looking for a job are struggling to get one, a sign that the labor market could be softening. That figure spiked last week to 1.97 million, the highest since November 2021, which in theory should put upward pressure on the unemployment rate. Using the 'stock' versus 'flow' analogy, continuing claims are the 'stock,' and weekly claims are the 'flow'. Everyone will have their own view on what's more important, but right now initial claims are offering no guidance while continuing claims are pointing to softening in the job market. Fed officials are on alert, but what would move them to cut rates? Munoz and his colleagues at TD Securities estimate that continuing claims of around 2.2 million would be consistent with an unemployment rate of 4.5%, a level of joblessness most economists agree would prompt the Fed to trim rates. That's also the year-end unemployment rate in the Fed's last economic projections from June, a set of forecasts which also penciled in 50 bps of easing by December. An unemployment rate of 4.4% would probably tip the balance on the Federal Open Market Committee, while 4.3% would make it a much closer call, perhaps a coin toss. Further muddying the picture, other indicators suggest the labor market is ticking along nicely. July's payrolls report showed that average hourly earnings last month rose at a 3.9% annual rate, consistent with the level seen in the past year. And the average number of hours worked was 34.3 hours, right at the mean for the past two years. These numbers and the JOLTS data are released monthly, and there will be one more of each before the Fed's September 16-17 policy meeting. But if the increased focus on the unemployment rate means investors want a more regular labor market temperature check, they should keep a close eye on weekly continuing claims. What could move markets tomorrow? * Australia interest rate decision * India CPI inflation (July) * UK employment, earnings (July) * Germany ZEW sentiment index (August) * Brazil inflation (July) * U.S. CPI inflation (July) * U.S. federal budget data (July) * U.S. Fed officials on the stump: Richmond Fed PresidentThomas Barkin, Kansas City Fed President Jeffrey Schmid Want to receive Trading Day in your inbox every weekday morning? Sign up for my newsletter here. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. (By Jamie McGeever; Editing by Nia Williams) Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
15 minutes ago
- Yahoo
Former state Rep. Tracy Cramer announces bid for Oregon Senate
Former state Rep. Tracy Cramer is making a new bid for the Oregon Legislature and announced her candidacy Aug. 11 for the Oregon State Senate. Cramer, a Republican who represented House District 22 from 2023 to 2025, is running for Senate District 11, which outgoing Sen. Kim Thatcher, R-Keizer, currently holds. Thatcher's term ends in January 2027. She is disqualified from running for reelection after accruing more than 10 unexcused absences during the 2023 legislative walkout. "Working families in Marion County need bold and proven leadership to effectively tackle the challenges they face,' Cramer said in a prepared statement. "Senate District 11 deserves a champion for these issues. I'm ready to stand up to the partisanship and special interests to make real progress. Enough with the broken promises. Oregon can't afford anything less.' Cramer was the first Republican elected in HD22 in 18 years when she won the seat in 2022. She narrowly lost her reelection race to Rep. Lesly Muñoz, D-Woodburn. Cramer was born and raised in Gervais and worked as a farmhand for her parents. She graduated from Gervais High School and Anthem College and worked as a dental assistant before serving as a state representative. Cramer and her husband now operate a construction consulting company. She said she would focus on "pressing challenges" facing the district, which includes Brooks, Gervais, Keizer, Labish Village, north Salem and Woodburn. The district is younger, less affluent, and more diverse than most areas of Oregon, she said. On her website, she lists tax relief, housing and homelessness, education, drug reform, and protecting rural communities as some of her priorities. 'A full quarter of our families rely on government assistance to put food on the table and far more than average can't afford medical insurance,' Cramer said. She criticized "Portland-owned Democrats" and said district residents are tired of facing more taxes and paying more money while they are trying to make ends meet. Thatcher endorsed Cramer in the campaign announcement, saying she never doubted Cramer's "unwavering commitment" to constituents and core principles after first meeting her. 'Her deep roots in our community, combined with her legislative experience and dedication to public service, make her uniquely qualified to be our next State Senator," Thatcher said. Cramer's political action committee had received $485 in 2025 as of Aug. 11. Her campaign raised more than $1 million during her failed reelection campaign. Dianne Lugo covers the Oregon Legislature and equity issues. Reach her at dlugo@ or on X @DianneLugo This article originally appeared on Salem Statesman Journal: Former state Rep. Tracy Cramer announces bid for Oregon Senate
