DuPont raises annual profit forecast on strong AI-tech demand

By Seher Dareen -DuPont de Nemours raised its full-year profit forecast after topping third-quarter estimates on Tuesday, as the industrial materials maker rides a recovery in demand from semiconductor makers looking to tap a boom in AI technology. Shares of the company, which makes chemicals and other components that are widely used to manufacture chip circuits, were up more than 5% in early morning trade. “We are on a larger footprint in China than some … Read more…

Elf Beauty sales to rise as demand for mass market beauty products grow

By Ananya Mariam Rajesh (Reuters) – Elf Beauty is likely to report revenue growth of nearly 33% for the second quarter, bucking weak demand in the industry as its inexpensive cosmetics edged out competition. Expectations of strong sales from Elf are in stark contrast with legacy industry players such as Estee Lauder and L’Oreal that have reported declining sales, as consumers are shying away from buying pricey makeup and cosmetics in major markets including the … Read more…

Factbox-Ten counties to watch in Tuesday’s US presidential election

By Bo Erickson WASHINGTON (Reuters) – Seven battleground states — Arizona, Georgia, Michigan, Nevada, North Carolina, Pennsylvania and Wisconsin — are expected to play a decisive role in Tuesday’s U.S. presidential election between Democrat Kamala Harris or Republican Donald Trump. Here are ten counties to watch in those states. Early results based on partial returns may not be predictive of the final vote tallies in the counties. MARICOPA COUNTY, ARIZONA Home to Phoenix, Maricopa County, … Read more…

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Bond investors minimize bets as US election overshadows Fed meeting

By Gertrude Chavez-Dreyfuss NEW YORK (Reuters) – Bond investors are keeping a defensive but neutral stance in managing portfolios ahead of this week’s Federal Reserve policy meeting, which is being eclipsed by the too-close-to-call U.S. presidential election. Investors widely expect the U.S. central bank’s policy-setting Federal Open Market Committee to cut its benchmark interest rate by 25 basis points to the 4.50%-4.75% range at the end of its two-day meeting on Thursday, which was delayed … Read more…

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Robot AI startup Physical Intelligence raises $400 million from Bezos, OpenAI

(Reuters) – Physical Intelligence, a startup that is developing foundational software for robots, said on Monday it has raised $400 million in early-stage funding from Amazon’s Jeff Bezos, OpenAI, venture capital firms Thrive Capital and Lux Capital. The new funds were raised at a $2 billion valuation, PitchBook data showed. Physical Intelligence is seeking to make a software that would work on any robot, eliminating the need to develop a software for each specific task. … Read more…

US CEOs fired more quickly over low stock prices this year, report says

By Svea Herbst-Bayliss NEW YORK (Reuters) – U.S. companies with lagging stock prices are now quicker to blame management and fire their top executive, but the process of finding a replacement has remained largely unchanged for the last decade, according to a report released on Monday. Over the last seven years, financial performance and most notably a company’s stock price have become a stronger predictor of a chief executive’s ability to hold onto the job, … Read more…

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VW cost cutting necessary after ‘decades of structural problems’, CEO tells paper

BERLIN (Reuters) – Volkswagen’s planned cost-cutting programme was unavoidable in order to remedy “decades of structural problems” at the German carmaker, CEO Oliver Blume said in an interview published on Sunday. “The weak market demand in Europe and significantly lower earnings from China reveal decades of structural problems at VW,” Blume told Sunday paper Bild am Sonntag. The head of Volkswagen’s works council said last Monday that the carmaker plans to shut at least three … Read more…

Berkshire’s cash soars to $325 billion as Buffett sells Apple, BofA; operating profit falls

By Jonathan Stempel (Reuters) -Warren Buffett and Berkshire Hathaway extended their retreat from stocks in the third quarter, further slashing holdings in Apple and boosting cash to a record $325.2 billion. In its quarterly report on Saturday, Berkshire said it sold about 100 million, or 25%, of its Apple shares over the summer, ending with about 300 million. Berkshire has now sold more than 600 million of the iPhone maker’s shares in 2024, though Apple … Read more…

The Growing Economy – by Justin Vaughn

(Justin Vaughn, Editor, Options Trading Report) According to FactSet data, after one third of S&P 500 companies reporting third quarter results, over 75% have bested expectations. (the 5 year average is 77%). This week results from the magnificent seven and heavy-techs, lead off reporting. “Corporate America has held up really, really well given that rates are higher for longer,” said Sylvia Jablobski, CEO and chief investment officer at Defiance ETFs. For the week just ended … Read more…

US manufacturing drops to 15-month low in October

WASHINGTON (Reuters) – U.S. manufacturing activity slumped to a 15-month low in October and factories faced higher prices for inputs. The Institute for Supply Management (ISM) said on Friday its manufacturing PMI fell to 46.5 last month, the lowest level since July 2023, from 47.2 in September. A PMI reading below 50 indicates contraction in the manufacturing sector, which accounts for 10.3% of the economy. The decline in the PMI could be reflecting a strike … Read more…

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