Author: Press 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’s 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 in the fourth quarter of between $5.5 billion and $5.55 billion. Analysts polled by LSEG were expecting a forecast of $4.67 of earnings on $5.61 billion of sales.Adobe said it recorded $1.68…

Here’s a rapid-fire update on all 32 stocks in Jim Cramer’s Charitable Trust, the portfolio we use for the CNBC Investing Club. Jim broke down the portfolio Thursday during the September Monthly Meeting . Apple : This company is the real winner when it comes to the artificial intelligence boom, according to Jim. Apple gets to be the “ultimate free rider,” utilizing OpenAI’s well-regarded large language models for free in its forthcoming software update for newer devices. Jim also told members not to worry about hardware sales after recent mixed Wall Street commentary regarding the new iPhone 16 models. Abbott…

Nearly half of all renter households in the US were cost-burdened in 2023, meaning they paid more than 30% of their income towards housing costs, according to new government data. The data, released Thursday as part of the US Census Bureau’s 2023 American Community Survey, underscores the gravity of America’s home-affordability crisis: Not only has buying a home become prohibitively expensive for many Americans, but so too has renting one. “Housing costs rose between 2022 and 2023 for both homeowners and renters,” Molly Ross, a survey statistician at the Census Bureau, said in a statement. “The median cost of housing…

This article is part of a series that provides an ongoing analysis of the changes made to Ariel Investments’ 13F stock portfolio on a quarterly basis. It is based on Ariel Investments’ regulatory 13F Form filed on 08/14/2024. John Rogers’ 13F portfolio value decreased from $10.17B to $9.24B this quarter. The portfolio is diversified, with recent 13F reports showing around 150 positions. There are 61 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Jones Lang LaSelle, Generac Holdings, Mattel, ADT, and Lazard. They…

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Goldman Sachs is set to earn $92mn from its work advising Pringles and Pop-Tarts maker Kellanova on its $36bn sale to Mars, one of Wall Street’s biggest M&A paydays in recent years.The fee for Goldman, disclosed in a regulatory filing on Wednesday, underscores burgeoning optimism on Wall Street that deal activity is picking up after a lacklustre two years. Lazard, which advised Kellanova’s board of directors on the deal, is set to earn $10mn. The vast majority of both fees is dependent…

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 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…

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…

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…