17 Mins Ago
Fisker files for bankruptcy
EV maker Fisker filed for bankruptcy late Monday after a major cash spend to deliver its “Ocean” SUVs.
“Like other companies in the electric vehicle industry, we have faced various market and macroeconomic headwinds that have impacted our ability to operate efficiently,” founder Henrik Fisker said in a statement early on Tuesday.
— Fred Imbert
3 Hours Ago
European stocks open higher
European markets opened higher Tuesday, following a mixed start to the trading week.
The pan-European Stoxx 600 index was up 0.68% in early deals, with all sectors and major bourses trading in the green.
The U.K.’s FTSE index was up 0.56% at 8,187, Germany’s DAX up 0.67% at 18,188, France’s CAC 40 up 0.65% at 7,620 and Italy’s FTSE MIB up 1.07% at 33,253.
11 Hours Ago
Companies will have harder questions to answer on AI, Niles says
The market could have a pivotal moment in a few weeks as earnings start to roll in, according to Dan Niles of Niles Investment Management.
Niles said market participants feel a fear of missing out on artificial intelligence. But he said there’s going to be harder questions about return on investments in the technology for companies to answer during the next earnings season.
“In a few weeks, we’re going to come to a Jesus moment,” he said on CNBC’s “Fast Money.”
That can help bring broadening to the market rally, he said. This is because traders will look more critically at what businesses will be long-term winners from the tech.
“Not every company is Nvidia,” Niles said.
— Alex Harring
12 Hours Ago
And the winner since the market’s October low is … the Nasdaq Composite
Since its recent low in late October 2023, the Nasdaq Composite has soared 41.77% through Monday’s close.
See Chart…
Nasdaq Composite since Oct. 26, 2023 close.
By contrast, the S&P 500 has climbed 32.93% from its October closing low while the Russell 2000 index of small-cap stocks has risen 23.52%.
The Dow Jones Industrial Average has lagged badly compared with the broad market, advancing 19.62% from its October closing low.
— Scott Schnipper
12 Hours Ago
Chegg soars following layoff announcement
Chegg shares jumped more than 22% in extended trading after the education technology company announced a restructuring that includes job cuts.
The company said it would slash global headcount by 23%. Chegg also reiterated its goal of EBITDA margins of at least 30% in the 2025 fiscal year.
Chegg shares have plummeted 77% in 2024, putting the stock on track for its fourth straight losing year.
— Alex Harring
12 Hours Ago
Lennar, La-Z-Boy move on earnings
Lennar and La-Z-Boy diverged after hours as investors responded to their respective earnings reports.
Homebuilder Lennar fell 2.5% despite a better-than-expected release for the second fiscal quarter. The company earned $3.45 per share on $8.77 billion in revenue, while analysts surveyed by LSEG had forecasted $3.24 a share and $8.52 billion.
On the other hand, La-Z-Boy jumped more than 10% as earnings came in ahead of Wall Street predictions. The furniture maker recorded 95 cents per share, excluding items, and $554 million in revenue for the fourth fiscal quarter. Analysts polled by LSEG had penciled in just 70 cents and $516 million, respectively.
— Alex Harring
12 Hours Ago
Stock futures are little changed
Stock futures were near flat shortly after 6 p.m. ET.
Dow futures rose just 0.1%. S&P 500 and Nasdaq 100 futures were also both little changed.
— Alex Harring
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