Author: Press Room
Car buyers who were among the first to make the EV switch are far from wholly converted.Nearly 30% of electric vehicle owners globally are likely to switch back to internal combustion engine vehicles, according to a recent survey of consumers around the world conducted by McKinsey.Many U.S. EV owners, in particular, are having second thoughts. According to the McKinsey survey, 46% of U.S. EV owners claimed they were likely to switch back to ICEs, well above the 29% global average of EV owners who stated they were likely or very likely to switch back to gas-powered cars, which included drivers…
After weeks of hitting new highs, the S&P 500 index on Wednesday suffered its worst trading session since 2022.The market broadly began to recover Thursday amid a sell-off in technology stocks. Experts say those stock moves and shuffling sectors are common during a bull market.But Bank of America is calling today’s conditions something else — a buffalo market — which is still in the bull family. But unlike the bull market, it may get tired after a strong runup.”It might roam, it might wander in the summer months,” said Marci McGregor, head of portfolio strategy at Merrill and Bank of…
OpenAI on Thursday announced its most direct threat yet to its stalwart Big Tech rivals: a search engine that uses artificial intelligence baked in from the beginning. The company is testing SearchGPT, which will combine its AI technology with real-time information from the web to allow people to search for information in the same way they talk to ChatGPT. While the search engine is currently in an early test for a limited number of users, OpenAI said it plans to integrate the tools into ChatGPT in the future. With the new feature, OpenAI will be directly competing with Google, which…
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Republic Services, Inc. (NYSE:RSG) Q2 2024 Earnings Call Transcript July 24, 2024 5:00 PM ET Company Participants Aaron Evans – VP of IRJon Vander Ark – CEOBrian DelGhiaccio – CFO Conference Call Participants Toni Kaplan – Morgan StanleyTyler Brown – Raymond JamesKevin Chiang – CIBCNoah Kaye – OppenheimerBryan Burgmeier – CitiJerry Revich – Goldman SachsSabahat Khan – RBC Capital MarketsDavid Manthey – BairdStephanie Moore – JefferiesBrian Butler – StifelTobey Sommer – Truist Securities Operator Good afternoon, and welcome to the Republic Services Second Quarter 2024 Investor Conference call. Republic Services is traded on the New York Stock Exchange under the…
Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Ford shares fell sharply late on Wednesday after the automaker reported second-quarter earnings far below analyst expectations, citing an unexpected spike in costs for fixing faulty cars under warranty. The carmaker reported adjusted earnings of 46 cents per share in the second quarter, compared to the 68 cents per share anticipated by analysts polled by FactSet. Shares in the US carmaker were down nearly 12 per cent in after-hours trading.Ford has struggled to control its warranty costs for years, with executives citing…
Vice President Kamala Harris is less than two weeks away from naming her own running mate. That’s the timeline the presumptive Democratic nominee has given to a team of lawyers and advisers who are conducting one of the most accelerated vice presidential searches in modern American history, people familiar with the process tell CNN, with a goal of announcing a nominee before August 7. Democrats close to the process say the roster of leading contenders being vetted still includes North Carolina Gov. Roy Cooper, Pennsylvania Gov. Josh Shapiro and Arizona Sen. Mark Kelly. Transportation Secretary Pete Buttigieg, who has developed…
Fe deral Agency Regulations on Ambiguous Laws No Longer Get Deference A recent Supreme Court case will change the dynamic of key aspects of tax planning, including estate tax planning: Loper Bright Enterprises v. Raimondo, 603 U.S. ___ (2024). There was also a companion case, Relentless v. Department of Commerce. As Ed Sullivan would say, this is “a really big show.” While this may all seem a bit nuanced and technical, it could be valuable to understand how the tax ground rules have just changed. Courts no longer must defer to the interpretation of ambiguous laws by governmental agencies. If…
Chipotle Mexican Grill on Wednesday reported quarterly earnings and revenue that topped analysts’ expectations as it saw higher traffic at its restaurants, bucking an industry slowdown.Shares of the company rose more than 7% in extended trading.Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:Earnings per share: 34 cents adjusted vs. 32 cents expectedRevenue: $2.97 billion vs. $2.94 billion expectedThe burrito chain reported second-quarter net income of $455.7 million, or 33 cents per share, up from $341.8 million, or 25 cents per share, a year earlier. Chipotle’s profits rose from…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Markets slide: Wall Street is in sell-off mode Wednesday, with about three decliners for every advancer on the NYSE. The session mirrors what happened last week, with tech stocks and other year-to-date winners pulling back in favor of a broadening out to other areas of the market. The tech-heavy Nasdaq is down more than 3%, on track for its worst day since December 2022. The S & P 500 is sliding…
