29 Mins Ago
Stocks open in the green
An Hour Ago
Peloton shares surge nearly 20% on potential buyout
Shares of Peloton Interactive jumped 18% in premarket trading after CNBC reported a number of private equity firms have been considering buying the fitness company.
Peloton has had talks with at least one firm as it considers going private, people familiar with the matter said. Several other firms have also been circling the company. Peloton declined to comment on CNBC’s reporting.
The pandemic darling, which saw interest surge as Americans were stuck at home, recently announced a broad restructuring plan that will reduce its annual run-rate expenses by at least $200 million by the end of fiscal 2025. Its CEO, Barry McCarthy, is also stepping down.
The stock is down nearly 42% year to date and nearly 98% from its January 2021 high.
— Gabrielle Fonrouge, Lillian Rizzo and Michelle Fox
2 Hours Ago
Stanley Druckenmiller cut his Nvidia stake, says AI may be overhyped short term
Billionaire investor Stanley Druckenmiller revealed Tuesday that he has slashed his big bet in chipmaker Nvidia earlier this year, saying the swift artificial intelligence boom could be overdone in the short run.
“We did cut that and a lot of other positions in late March. I just need a break. We’ve had a hell of a run. A lot of what we recognized has become recognized by the marketplace now.” Druckenmiller said on CNBC’s “Squawk Box.”
Shares of Nvidia fell more than 1% in premarket trading.
For more read the full story here.
— Yun Li, Tanaya Macheel
3 Hours Ago
Disney earnings beat, streaming nearly breaks even
Disney posted fiscal second-quarter earnings that beat analyst expectations.
The company earned an adjusted $1.21 per share. Analysts polled by LSEG expected a profit of $1.10 per share. Revenue was in line with expectations, coming in at $22.08 billion. Disney’s streaming business was also close to breaking even for the quarter.
“Our results were driven in large part by our Experiences segment as well as our streaming business,” Disney Chief Executive Officer Bob Iger said in a statement. “Importantly, entertainment streaming was profitable for the quarter, and we remain on track to achieve profitability in our combined streaming businesses in Q4.”
Shares were down slightly in the premarket.
— Fred Imbert
9 Hours Ago
Reserve Bank of Australia holds rates at 4.35% for fourth straight meeting
Australia’s central bank held its benchmark lending rate at 4.35% for the fourth straight meeting, in line with expectations from economists polls by Reuters.
The central bank said in a statement that recent data has shown that while inflation is easing, it has slowed more than previously expected, adding that it “remains high.”
The RBA said that it will take some time for inflation to come to its 2% target, and is not ruling anything in or out with regard to monetary actions.
— Lim Hui Jie
11 Hours Ago
Australia retail sales fall 0.4% in March quarter, declining for fifth time in six quarters
Retail sales volumes in Australia fell 0.4% on a seasonally adjusted basis in the March quarter compared with the previous three months, according to government data.
The reading comes after a 0.4% rise in the December quarter. On a year-on-year basis, retail sales volumes were down 1.3% in the March quarter.
“Retail sales volumes fell for the fifth time in the past six quarters as consumers cut back on buying large household items such as furniture and electronic goods,” said Ben Dorber, head of retail statistics at the Australian Bureau of Statistics.
“The only rise in volumes over the past 18 months was the December quarter last year as extensive discounting from Black Friday sales boosted volumes,” Dorber added.
— Shreyashi Sanyal
12 Hours Ago
Japan’s April business activity rises at fastest pace in eight months
Japan’s service sector activity expanded in April at its fastest pace since August, according to final figures from S&P Global.
The headline au Jibun Bank Japan services business activity index came in at 54.3 in April, compared to 54.1 in March, touching an eight month high.
A figure above 50 signifies expansion.
“Rising business activity has been recorded in each month since September 2022, with the latest expansion reflecting stronger business and consumer spending,” the S&P survey said.
— Shreyashi Sanyal
13 Hours Ago
Japan’s Nippon Steel gets EU approval for $14.9 billion deal to buy U.S. Steel
The European Union approved a $14.9 billion deal for Japan’s Nippon Steel to buy U.S. Steel late on Monday.
Shares of Nippon Steel fell 0.26% in early Tokyo trading, while U.S. Steel shares jumped 4.3% in after-hours U.S. trading on Monday.
“The Commission concluded that the notified transaction would not raise competition concerns, given the companies’ limited market positions resulting from the proposed transaction,” the European Commission said in a statement.
Nippon Steel said it would buy U.S. Steel in December after prevailing in an auction over rivals including Cleveland-Cliffs and ArcelorMittal.
— Shreyashi Sanyal
15 Hours Ago
Don’t ‘sell in May and go away,’ says Carson Group’s Detrick
Carson Group chief market strategist Ryan Detrick believes the stock correction in April is now behind the markets, despite the common “Sell in May and go away” adage.
“Don’t just blindly invest in seasonality, but you tend to get a lot of strength in the summer of an election year,” Detrick told CNBC’s “Closing Bell” on Monday.
Detrick said he is overweight on cyclical stocks and added more exposure to industrials and financials last month. Mid-cap and some small-cap stocks could also see growth this year, the strategist added.
— Hakyung Kim
15 Hours Ago
Stocks making the biggest moves after hours
Check out the companies making headlines in extended trading:
Palantir Technologies — Shares declined more than 8% after the company issued lighter-than-expected guidance for full-year revenue. First-quarter adjusted earnings were in line with expectations at 8 cents per share, per LSEG. Meanwhile, quarterly revenue of $634 million topped forecasts of $625 million.
Lucid Group — The electric vehicle maker tumbled around 10% following its first-quarter results. Despite posting a slight revenue beat, per LSEG, the company posted a loss of 30 cents per share, based on generally accepted accounting principles. Lucid also reaffirmed its 2024 production guidance of about 9,000 vehicles.
Hims & Hers Health — The telehealth consultation platform jumped 11.1% postmarket after revenue guidance for the second quarter surpassed analysts’ estimates. Hims & Hers sees revenue ranging between $292 million and $297 million, compared to analysts’ forecasts for $288 million, per LSEG. First-quarter results also came in ahead of Street estimates.
The full list can be found here.
— Hakyung Kim
15 Hours Ago
Stock futures are marginally lower Monday
U.S. stock futures were little changed Monday evening.
Dow Jones Industrial Average futures slipped 8 points, or just 0.02%. S&P 500 and Nasdaq 100 futures also pulled back by less than 0.1% each.
— Hakyung Kim
