U.S. retail sales unexpectedly fell in August as Hurricane Harvey likely depressed motor vehicle purchases, suggesting a moderation in consumer spending in the third quarter. The Commerce Department said on Friday retail sales dropped 0.2 percent last month. Data for July was revised to show sales increasing 0.3 percent instead of the previously reported 0.6 […]
Read moreOne Wall Street firm is getting even more excited about Nvidia, even after the stock’s stunning triple-digit performance the past year. Evercore ISI raised its price target for the chipmaker to the highest among analyst firms, saying the company’s products will dominate the artificial intelligence computing market. “We hosted NVDA mgmt. (CEO, CFO and IR) […]
Read moreThe Cassini spacecraft crashed into Saturn on Friday in a fiery demise that was planned to avoid harming possible life on the mysterious planet’s moons. The two-decade-long space trip yielded an unprecedented amount of knowledge that will be studied for years. Cassini continued collecting and transmitting data until the very end. NASA’s Jet Propulsion Laboratory […]
Read moreOnline lender Social Finance, which is currently investigating claims of sexual harassment by employees, said on Friday its chief executive, Mike Cagney resigned, effectively immediately. The company had said on Monday that Cagney would stay on as CEO until a successor was found. Executive chairman Tom Hutton will become interim chief executive officer, the company […]
Read moreCheck out which companies are making headlines before the bell: Oracle — The business software giant reported adjusted quarterly profit of 62 cents per share, two cents a share above estimates. Revenue also came in above forecasts. Oracle’s results were helped by a successful ramping up of its cloud-based business, however the stock is being […]
Read moreCurrency, United States Finance
German industry leader calls for ‘strict and very serious’ Brexit talks, detail from UK
British negotiators need to better articulate their position on Britain’s departure from the European Union, a German industry leader stressed Friday, echoing the frustrations of EU Brexit negotiators. Dieter Kempf, president of the Federation of German Industries (BDI), said that he was still concerned by Brexit, citing the U.K. as Germany’s most important trading partner […]
Read moreMacy’s will increase by 20 percent the number of workers it hires during the holiday shopping season to staff distribution and warehouses that support its online business, but total holiday hiring will fall. The department store operator said on Thursday it would hire 18,000 holiday workers to fulfill online orders, including shipping and packaging, an […]
Read moreCurrency, United States Finance
Sterling breaks above $1.35 but political uncertainty casts doubts over its future
The British pound broke above the $1.35 mark on Friday morning but political uncertainty could undermine its performance. Sterling hit a 14-month high as traders bet the prospect of an interest rate hike had increased. At about 11.30 a.m. London time, sterling was at $1.3606, up by 1.5 percent. The Bank of England (BoE) indicated […]
Read moreU.S. Senator Elizabeth Warren said on Friday she has begun an investigation into Equifax’s massive data breach and, along with 11 other Democratic senators, will introduce a bill to give consumers the ability to freeze their credit for free. Warren, who has built a reputation as a champion of consumers and often challenges the finance […]
Read moreCurrency, United States Finance
Flames raced along train in terror attack at west London station, eye witness says
Flames engulfed one carriage and raced along a train on a west London route to Parsons Green, forcing passengers to trample others as they rushed for an exit, an eyewitness told Reuters. The man said people were trampled on when they fled the train after hearing a whoosh and seeing flames race towards them. He […]
Read more