Both GameStop and AMC jumped significantly in pre-market trading.
U.S. consumer spending increased by the most in seven months in January as the government doled out more pandemic relief money to low-income households and new COVID-19 infections dropped, positioning the economy for faster growth in the first quarter. Despite the strong rebound in consumer spending reported by the Commerce Department on Friday, price pressures were muted. Inflation is being closely watched amid concerns from some quarters that President Joe Biden's proposed $1.9 trillion COVID-19 recovery package could cause the economy to overheat.
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Hackett Group (HCKT) has been upgraded to a Zacks Rank #2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
India's economy probably returned to growth in its fiscal third quarter after a recession earlier in 2020, economists said, and the recovery is expected to gather pace as consumer demand and investments shake off the effects of the pandemic. The median forecast from a survey of 58 economists this week predicted gross domestic product in Asia's third-largest economy grew 0.5% year-on-year in the December quarter, after shrinking 23.9% and 7.5% in the April-June and July-September periods, respectively. India is set to announce GDP data for the December period on Friday at 1200 GMT.
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Nikola shares are up after hours following the electric-truck startup's fourth quarter results. The electric-truck company reported an adjusted earnings (loss) per share of -17 cents and an adjusted Ebitda loss of $65.5 million vs. Street estimates of - 24 cents/share andan adjusted Ebitda loss estimated loss of $86.73 million. Yahoo FInance's Ines Ferre joined Yahoo Finance Live to break down the details.
(Bloomberg) -- India’s economy returned to growth last quarter, ending a recession in time to battle new challenges posed by a surge in coronavirus infections.Gross domestic product expanded 0.4% in the three months ended December after two consecutive quarters of declines, the Statistics Ministry said Friday. That was slower than the median forecast for a 0.6% expansion in a Bloomberg survey of 36 economists.India became one of the few major economies to post growth in the last quarter of 2020, helped by a boost in government spending and the reopening of the economy, which is primarily driven by domestic consumption. Containing a fresh uptick in Covid-19 infections is key to sustaining the recovery, with policy makers’ options limited by a global rout in debt markets that’s making it costlier to borrow.Underwriters had to step in again to rescue a scheduled sovereign auction earlier Friday, pushing the yield on benchmark 10-year debt up 33 basis points this month, its biggest jump since April 2018. While the government struggles to raise the money it needs to stimulate the economy, the central bank in a report indicated it prefers retaining its inflation target, pushing back on the administration’s attempts to loosen the goal in favor of growth.Stocks plunged too, mirroring a global sell-off in risk assets sparked by surging U.S yields. The rupee tumbled.“This is a positive,” said Anubhuti Sahay, head of South Asia economic research at Standard Chartered Bank Plc. She expects the recovery to continue but “downside risk can emanate if recent rise in Covid cases in select states become more widespread or if the informal segment takes much longer to revive.”The Indian state of Maharashtra, whose capital Mumbai accounts for 6% of the national economy, warned of lockdowns after the number of daily cases rose to almost 7,000 last week. India overall reported more than 16,000 new daily infections as of Friday, and is still home to the world’s second-biggest outbreak.A recovery in growth will lower the pressure on the central bank, which did most of the heavy lifting in the past year through 115 basis points of interest-rate cuts and ensuring liquidity in the financial system. The government has since announced fiscal steps to support the economy, including a near-record borrowing in its latest budget this month.“The infection caseload in some parts of the country is, however, again creeping up,” Reserve Bank of India Governor Shaktikanta Das said Thursday. “We need to stay vigilant and steadfast, and on our toes.”(Updates with market reaction in the third paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Yahoo Finance
The COVID-19 pandemic has forced many restaurants to alter the way they serve their customers. Zane Major, operations director of Paschal’s Restaurant in Atlanta, and Barbara Burrell, founder of Sky’s Gourmet Tacos in Los Angeles, know this well. The two restaurateurs appeared on Yahoo Finance to discuss how the pandemic has affected their approach.
The House passed President Biden's $1.9 trillion stimulus package. While the bill faces hurdles in the Senate, the provisions authorizing another round of stimulus payments seem safe.
- Yahoo Finance
A new survey from Yahoo Finance and The Harris Poll finds 46% of Americans support some level of student loan forgiveness.
- Yahoo Finance
“A happy life is very simple,” the 97-year-old Munger said during the Annual Meeting of Shareholders of the Daily Journal Corporation.
The proposal would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid monthly by the IRS.
Last night on MSNBC, Bloomberg reporter Tim O'Brien speculated that the lead accountant on the Trump Organization's taxes may turn state's evidence. Allen Weisselberg is the chief financial officer of...
- USA TODAY
Co-owner Penny Chutima and her mother, storied chef Saipin, saw what was happening in China and prepared early for the pandemic to hit the states.
Congress is moving quickly on a bill to give you a third payment. Could there be another?
(Bloomberg) -- Griddy Energy LLC , a Texas retail electricity provider that came under fire after its customers received exorbitant power bills during the energy crisis last week, was barred from participating in the state’s power market Friday.The Electric Reliability Council of Texas revoked Griddy’s rights to conduct activity in the state’s electricity market due to nonpayment, according to a market notice seen by Bloomberg.The Macquarie Energy-backed company said previously it would challenge the prices set by the grid operator during the crisis and its chief executive officer, Michael Fallquist, declined to testify at Texas legislative hearings Friday.Griddy said in a statement Friday that the decision on pricing was made “to take the price out of the hands of the market,” adding that “we wanted to continue the fight for our members to get relief and that hasn’t changed.” For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Warren Buffett’s Berkshire Hathaway Inc. bought back a record $24.7 billion of its own stock last year and said there’s more to come, as the conglomerate struggled to find other ways to deploy its enormous pile of cash.The company’s purchase of $9 billion of shares in the fourth quarter matched a record set in the previous three-month period, Buffett said Saturday in his annual letter to investors.“Berkshire has repurchased more shares since year-end, and is likely to further reduce its share count in the future,” Buffett, 90, said in the letter. “That action increased your ownership in all of Berkshire’s businesses by 5.2% without requiring you to so much as touch your wallet.”Buffett’s letter, a closely-watched missive from one of the world’s most renowned investors, devoted large portions to the impact of repurchases, one of Berkshire’s biggest capital-deployment moves last year as it “made no sizable acquisitions.” He also shared his thoughts on the strategy of conglomerates, praising businesses such as Berkshire’s insurance operations and railroad.He shied away from some of the most controversial issues of the day, including politics, the pandemic and racial equality. But Buffett stood by his optimism for America, saying that progress on achieving a “more perfect union” was uneven but still moving forward.“Our unwavering conclusion: Never bet against America,” he said.There was a small amount of progress in paring the cash pile, which fell 5% in the fourth quarter to $138.3 billion. Buffett has struggled to keep pace with the flow in recent years as Berkshire threw off cash faster than he could find higher-returning assets to snap up.Apple Inc. is one of Berkshire’s top three most-valuable assets, at $120 billion, Buffett said. The technology company has said it intends to repurchase its own shares as well.“The math of repurchases grinds away slowly, but can be powerful over time,” Buffett said. “The process offers a simple way for investors to own an ever-expanding portion of exceptional businesses.”Separately, Buffett acknowledged that the $11 billion writedown Berkshire took last year was almost entirely due to what he conceded was a “mistake” in 2016, when he paid too much for Precision Castparts. Precision is a fine company, Buffett said, but he admitted he made a big error.“I was wrong, however, in judging the average amount of future earnings and, consequently, wrong in my calculation of the proper price to pay for the business,” Buffett said in the letter.Stock PortfolioSwings in Berkshire’s massive $281.2 billion stock portfolio feed into the company’s net income because of an accounting technicality. That drove the figure up 23% to $35.8 billion in the fourth quarter from a year earlier.Berkshire’s Class A shares gained roughly 2.4% last year, falling short of the 16% increase in the S&P 500.The billionaire only briefly touched on one of the largest questions looming over Berkshire -- how long he might stay at the helm. He once again referenced a favorite CEO, Mrs. Blumkin, who founded Nebraska Furniture Mart. She worked until she was 103 -- “a ridiculously premature retirement age as judged by Charlie and me,” Buffett wrote, referring to Charlie Munger, 97, a Berkshire vice chairman.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
- Motley Fool
The tech sector has experienced huge gains since March of last year, as investors looked to technology companies that could thrive during a pandemic. But lately, some tech stocks have taken a hit, and that's created a buying opportunity for investors.
Americans can’t file their income taxes fast enough — but they should brace for some unwelcome news in their 2020 refunds
The IRS has received approximately 21% more individual returns than the agency received last year by Feb. 7, which was 12 days into the tax season last year.
Sanofi (SNY) & Glaxo (GSK) start phase II study on their COVID-19 vaccine candidate. Merck (MRK) offers to buy Pandion Therapeutics for $1.85 billion
Darrell Wallace, Jr., better as Bubba Wallace, has made his mark on the world of NASCAR over the last few years with high finishes in some of the sport's top races. His success on the racetrack has...