Author: News Room

Adobe reported third-quarter results on Thursday that beat Wall Street expectations for sales and earnings, but the stock slid 10% in extended trading on fourth-quarter guidance that came up short.Here is how Adobe did for the quarter ending in August versus LSEG consensus estimates:Revenue: $5.41 billion vs. $5.37 billion expectedEarnings per share: $4.65 adjusted vs. $4.53 estimatedAdobe said it expected earnings per share between $4.63 and $4.68 on revenue of between $5.5 billion and $5.55 billion in the fourth quarter. Analysts polled by LSEG were expecting a forecast of $4.67 in earnings per share on $5.61 billion of sales.Adobe said…

Check out the companies making headlines in extended trading:Adobe — Shares plunged more than 10% after the software company issued soft guidance. Adobe issued a fiscal fourth-quarter revenue forecast in a range between $5.50 billion and $5.55 billion. Analysts polled by LSEG had estimated $5.61 billion in revenue. Guidance for adjusted earnings per share came in at $4.63 to $4.68 per share, while analysts had expected $4.67 in earnings per share. Meanwhile, third-quarter adjusted earnings and revenue beat estimates. Oracle — The cloud software company advanced nearly 6% after raising its revenue guidance. The company announced during its analyst day on…

Mortgage rates fell this week to the lowest levels in over a year and a half, but elevated rates and high home prices are still keeping would-be buyers and sellers out of the housing market. Freddie Mac’s latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage dropped to 6.20%, down from the 6.35% reading of the past two weeks. The average rate on a 30-year loan was 7.18% a year ago. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since…

The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) increased by 0.2% on a seasonally adjusted basis in August after rising the same level in July—over the last 12 months, the all items index increased 2.5% before seasonal adjustment. You won’t just feel the impact of those boosts in your wallet; you’ll also see them on your tax forms. Those higher numbers (although slight) push out deduction limitations and will result in upward adjustments to tax brackets and increases to other key thresholds. According to Bloomberg Tax & Accounting, inflation-adjusted amounts in the tax code will…

1568 Nome Street sits empty these days, with windows and doors boarded up and signs warning of danger posted outside. No one lives here anymore – the city of Aurora, Colorado, evicted several hundred tenants and shuttered the apartment complex last month, citing numerous code violations. But presidential candidate Donald Trump keeps bringing it up. “Look at Aurora, in Colorado. They are taking over the towns. They’re taking over buildings. They’re going in violently,” the former president said in a debate on Tuesday night, pointing to the city as a harbinger of what unchecked migration could bring to towns across…

The Nasdaq Composite notched its best one-day rise in a month after heavyweight tech stocks climbed, recovering from a morning sell-off.The tech-heavy index rose 2.2 per cent on Wednesday, with gains accelerating in the late afternoon. Nvidia jumped 8 per cent, leading an advance for the rest of its Magnificent Seven peers.The Nasdaq rose for its third consecutive session, along with the benchmark S&P 500, which added 1.1 per cent. The small cap-focused Russell 2000 rose 0.3 per cent.Ten-year Treasuries sold off, ending a six-session rally in the benchmark note’s price. Its yield, which moves inversely to price, rose 0.02…

Affirm Holdings, Inc. (NASDAQ:AFRM) Goldman Sachs Communacopia + Technology Conference 2024 September 11, 2024 4:45 PM ET Company Participants Max Levchin – Founder and CEO Conference Call Participants William Nance – Goldman Sachs William Nance All right. So we’re going to kick it off today. Very excited to have Max Levchin here, Founder and CEO of Affirm, who just put up a series of really strong quarters. Closed out the year, now guiding to around 30% GMV growth in fiscal ’25. Expect to exit the fiscal year profitable on a GAAP basis. How would you frame the top strategic priorities…

Fast casual chain BurgerFi filed for Chapter 11 bankruptcy Wednesday after months of reporting financial distress. BurgerFi is another casualty of the rough business conditions hitting fast casual chains this year, which included Rubio’s, Buca di Beppo and Red Lobster also declaring bankruptcy. Even if not filing for bankruptcy, McDonald’s, Starbucks, Burger King and Wendy’s have all reported less foot traffic and lower overall sales, turning to value meal propositions to attract customers. BurgerFi, filing for bankruptcy protection in the U.S. District Court for the District of Delaware, said all of its corporate locations will operate normally. Franchise-owned locations are exempt from the bankruptcy…

Check out the companies making headlines in midday trading. Trump Media & Technology — The stock fell more than 10% following Tuesday’s debate between majority shareholder former President Donald Trump and Democratic Vice President Kamala Harris. On Wednesday, Trump Media hit its lowest intraday level since going public on the Nasdaq in late March. Rentokil Initial — Shares plunged 21% after the pest control company announced it’s expecting second-half organic sales growth for North America to slow to around 1%. GameStop — The meme stock tanked 12% after the video game retailer reported a steep decline in second quarter sales compared to the…

Norfolk Southern’s board is investigating whether CEO Alan Shaw had an inappropriate relationship with the company’s top-ranking lawyer, according to several people with direct knowledge of the board’s thinking, which could create a leadership vacuum at one of the country’s largest railroads.The probe comes less than two years after a toxic derailment in East Palestine, Ohio, and the same year activist investor Ancora mounted a proxy fight at the $58 billion railroad.CNBC previously revealed that Shaw was under investigation for a relationship, but the board’s focus on that other executive, chief legal officer Nabanita Nag, had not been detailed. Nag…