Howard Hughes Holdings: Q1 Earnings Snapshot
The The Woodlands, Texas-based company said it had net income of 21 cents per share.
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Why the latest inflation data gives investors a reason to smile
This post originally appeared in the Business Insider Today newsletter. You can sign up for Business Insider's daily newsletter here. Good morning. Ever considered investing in real estate? You might already have a big piece of what you need. "House hacking" is a new strategy homeowners are using to kick-start their rental portfolios. In today's big story, the latest inflation data gave investors a reason to feel upbeat about what's coming next. What's on deck: Markets: Why day traders' summer dominance could be hit with a September chill. Tech: Microsoft is dangling multimillion-dollar offers to poach Meta's AI talent. Business: Taylor Swift used to separate business from her love life. Not anymore. But first, the rally big story A best-case scenario Not too hot, not too cold — this was just right. The latest inflation report struck a good balance, delivering a best-case scenario for the stock market. The S&P 500 closed at a record high on Tuesday, while the Nasdaq rose over 1% and the Dow spiked nearly 500 points. US stock futures are continuing the climb this morning. The consumer price index rose 2.7% year-over-year in July, below economists' expectations of 2.8%. The figures may seem marginal, but for markets, this was the sweet spot. That's largely because it was likely low enough to allow the Federal Reserve to cut rates at its September meeting, BI's William Edwards writes. At the same time, the inflation reading was high enough to ease recession fears that had flared after the disappointing July jobs report, which included significant downward revisions to previous data. (The report rattled more than just economists — Trump promptly fired Bureau of Labor Statistics director Erika McEntarfer after the data was released.) Meanwhile, the latest inflation report opens up more positive possibilities. The CME FedWatch Tool now shows markets seeing 92% odds the Fed cuts rates by 25 basis points next month, up from about 80% on Monday. Higher odds are also now being priced in for cuts in October and December. For Trump, rate cuts can't come soon enough. "Jerome 'Too Late' Powell must NOW lower the rate. Steve 'Manouychin' really gave me a 'beauty' when he pushed this loser. The damage he has done by always being Too Late is incalculable." Writing in a Truth Social post early Tuesday, Trump said that he is also "considering allowing a major lawsuit against Powell to proceed" over the "grossly incompetent" job he's done renovating the Federal Reserve. This is the latest twist in Trump's feud with the Fed Chair, which seems to remain in an uncomfortable phase. The markets, at least, may be entering a brighter one. 3 things in markets 1. America's biggest bank is about to open its new headquarters. JPMorgan Chase's new 60-story skyscraper at 270 Park Avenue is full of high-end perks and amenities. The building includes a "state-of-the-art" gym — which the bank said employees will have to pay a membership fee to access — an Irish pub, AI tech systems, and more. Take a look. 2. A September showdown may be looming. Day traders outperformed professional money managers this summer, but their dominance might not last long. A historically seasonal pullback in retail trading and other headwinds threaten to upend the summer-long rally. 3. Trump's pick for Bureau of Labor Statistics chief suggested pausing US jobs reports. E.J. Antoni, Trump's nominee and chief economist at the Heritage Foundation, floated the idea on Fox News Digital earlier this month, citing accuracy concerns. Economists and market strategists told BI that such a move would be damaging for investors and economic planners. 3 things in tech 1. Microsoft has Meta AI talent in its sights. The software giant has a list of its most-wanted researchers and engineers from Meta and has already begun offering multimillion-dollar pay packages, documents viewed by BI's Ashley Stewart reveal. It's a step to compete with the eye-popping comp Microsoft's rivals are offering in the AI talent wars. 2. AI coding startups have an inference whale problem. Anthropic and Cursor are facing surging costs from a handful of heavy users, which is eating into their business models. As a result, they're introducing tiers or rate limits to what was formerly a basic fixed-price monthly subscription plan. 3. Baconator with a side of AI? Michael Chorey, the executive responsible for building out the AI automation for Wendy's drive-thru, which he says can take orders faster than a human in a headset, is leaving after five years. Chorey exclusively told BI that he is joining Presto, a tech company developing AI-first drive-thrus, which he believes is the next era of fast-food hospitality. 3 things in business 1. To solve the housing crisis, think outside the bounds. Outside the city bounds, that is. Ned Resnikoff argues that connecting cities, towns, and suburbs into large regional governances would make it easier and cheaper to buy a home in the US. Taxes from exclusive enclaves, like Greenwich, Connecticut, or Sausalito, California, would help support nearby cities. 2. Taylor Swift is in her boyfriend era. The pop star hard-launched the title of her newest album, "The Life of a Showgirl," in a teaser clip of her boyfriend Travis Kelce's podcast. It signals a shift in her marketing strategy, where she's putting her S.O. and her relationship front and center. 3. You've heard of quiet quitting, now get ready for quiet cracking. The latest threat to worker engagement is quiet cracking, in which people show up to work and do their jobs but still feel dissatisfied. Some of the warning signs can look like less extreme symptoms of burnout, EY's chief well-being officer told BI. In other news The DIY cage armor in Ukraine keeps getting weirder, wilder — and more 'Mad Max.' Spirit Airlines warns it may not survive another year after huge losses. A former Miss USA and Miss Teen USA thought the Miss Universe CEO's 'blond hair and blue eyes' comment was 'very destructive.' Elon Musk said Apple made it 'impossible' for non-ChatGPT AI apps to top the App Store. DeepSeek would like a word. Senate Democrats say a new crypto bill raises the risk of 'financial meltdown.' What's happening today Harvey Weinstein is sentenced in Manhattan after a jury convicted him on one count of sexual assault in a retrial. Hallam Bullock, senior editor, in London. Grace Lett, editor, in New York. Meghan Morris, bureau chief, in Singapore. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Read the original article on Business Insider Sign in to access your portfolio
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CK Hutchison ports deal in focus as Hong Kong conglomerate reports results
By Clare Jim HONG KONG (Reuters) -Investors will look for comments from CK Hutchison on the status of its ports business sale to a consortium led by U.S. investment firm BlackRock when the Hong Kong conglomerate reports its interim results on Thursday. The ports-to-telecoms group will present its results at 5 p.m. (0900 GMT), offering analysts the first opportunity to quiz the management about the plan to sell the ports business since it was announced in March. Departing from its usual practice, CK Hutchison did not brief analysts or media about its 2024 earnings, released after it made public its plan to sell the business, which includes two ports along the strategic Panama Canal. Since the plan to sell 43 ports in 23 countries to a group led by BlackRock and Italian billionaire Gianluigi Aponte's family-run shipping firm MSC was announced, CK Hutchison has faced a firestorm of criticism from China. In the latest announcement on July 28, the conglomerate said it was in talks with the consortium pursuing its $22.8 billion ports business to add a Chinese "major strategic investor" to the bid, after their exclusive talks ended. It said changes would be necessary to secure regulatory approval in relevant jurisdictions and that it would allow as much time as needed to achieve that. Sources have told Reuters the investor was COSCO - one of the world's dominant, vertically integrated marine transportation firms. They said COSCO was seeking a bigger stake while the other parties in the consortium were keen to keep it a minority. While any stake by COSCO is not yet clear, an inclusion of a Chinese investor would alleviate China's national security concerns and have its blessing, the sources and other experts have said. U.S. President Donald Trump had earlier called for the removal of Chinese ownership in the Panama Canal, which now accounts for more than 40% of U.S. container traffic valued at $270 billion annually. Ahead of the results, UBS forecast a 6% rise in underlying profit for the first six months, as ports and retail business growth and a weakening dollar offset the negative impact of oil prices. However, one-off losses, including from the completion of the 3UK merger, could weigh on the conglomerate's net profit. Morgan Stanley rated CK Hutchison "overweight" last month, citing potential strategic transactions, attractive valuation, and strong balance sheet. 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
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From Laggards to Leaders? Rate Cut Buzz Is Fueling a Small-Cap Stock Comeback
Key Takeaways Small-cap stocks continued to climb on Wednesday, extending the previous session's gains following a better-than-feared consumer price index report. Tuesday's inflation data raised Wall Street's expectations that the Federal Reserve will cut interest rates at its next policy meeting in September, which would be a boon for rate-sensitive small caps. Bank of America analysts expect small caps to benefit long term from modest valuations relative to large caps, light investor positioning, and President Trump's reshoring agenda. Small-cap stocks continued their march higher as investors doubled down on bets that interest rate cuts are imminent. The Russell 2000 (RUT)—the benchmark small-cap equity index—rose 2% on Wednesday, hitting its highest level since December. Small caps built on yesterday's 3% gain, which was fueled by a better-than-feared report on consumer prices. The data showed that Inflation held steady at 2.7% in July, surprising Wall Street, which was braced for tariffs to cause prices to rise faster. Morgan Stanley analysts on Monday predicted that the odds of a rate cut in September—around 90% at the time—would rise if yesterday's report showed few signs that tariffs were materially affecting consumer prices. 'This has the potential to catalyze a more durable rotation to small caps and lower quality stocks,' the firm said. Tuesday's data appears to have convinced investors that the Federal Reserve will look through tariff-driven inflation at its policy meeting next month. As of late Wednesday, traders saw a 96% chance of a quarter percentage point cut in the benchmark interest rate, according to CME Group's FedWatch Tool. 'The prospect of rate cuts bodes well for many of the traditional value sectors and small cap stocks that we have recommended clients should overweight,' said Eric Teal, Chief Investment Officer at Comerica Wealth Management, on Wednesday. 'These areas have lagged the technology and growth sectors and are primed to lead the market higher as breadth expands.' Rate Cuts Could Give Small Caps a Big Boost Small-cap stocks benefit disproportionately from lower interest rates because they are more likely than large companies to rely on credit to fund growth, and are more likely to have floating-rate loans. They also tend to operate more domestic businesses, and thus benefit more than multinationals from the stimulative effects—boosted consumer and business spending—of lower rates. A rate cut next month would come at an opportune time for small-cap investors. Small caps grew earnings for the first time in more than a year last quarter, and are expected to outpace mid and large caps throughout the second half, according to Bank of America. Granted, relative to large caps, small caps underperformed last quarter in sales growth, and executives were notably more downbeat on earnings calls, says BofA. And microcaps—the smallest quintile of small caps—are trading at historically rich valuations after rebounding from early April's "Liberation Day" rout. But analysts see plenty of reason to be bullish on small caps in the long term, including 'extreme relative cheapness,' light investor positioning, and domestic reshoring efforts. Read the original article on Investopedia Sign in to access your portfolio
