STOCK NEWS: Peloton sheds more than 700 jobs, Dow, S&P, Nasdaq after winning week
US equity futures rose in the last trading session of the week. Major index futures suggest a 0.6% gain by the opening bell on Wall Street. Oil looks set to end the week with gains. West Texas Intermediate (WTI) crude futures were trading around $93.00 a barrel and were on track for a weekly gain of more than 5%, recouping about half of last week’s loss. Brent crude futures were trading around $99.00 a barrel and headed for a gain of more than 4% for the week, recovering some of last week’s 14% drop. Imported goods prices in July likely…
Read More »Gordon Brown calls for tax on city allowances to ease cost of living crisis
Former prime minister Gordon Brown has called for a tax on bonuses in the city to help combat the cost of living crisis. The top Labor politician said the next prime minister should take “urgent” action on spiraling inflation and fuel costs, including reforming the energy price cap and giving government support to those who do not they will be able to pay their heating bills. when they jump again in October. The aid would have to be paid for with a “watertight” windfall tax on energy companies and a tax on “high levels” of city bonus payments, Brown wrote…
Read More »What you need to know
Stocks enjoy a winning week thanks to lower inflation Last updated 4:25 PM EST Stock indexes ended Friday’s trading session in the green. The Dow Jones Industrial Average, S&P 500 and Nasdaq 100 gained 1.27%, 1.73% and 2.06%, respectively. Also, Treasury yields fell today, with the US 10-year Treasury yield falling to 2.84%, down 4.9 basis points from yesterday. Conversely, the two-year Treasury yield rose to 3.255%. This makes the differential between them -41.5 basis points. Investors enjoyed a winning week as inflation data came in softer than expected. Although this is a pleasant surprise, there is still no guarantee…
Read More »
QuidelOrtho (NASDAQ:QDEL) Updates FY2022 Earnings Guidance
QuidelOrtho (NASDAQ: QDEL – Get a score) on Friday morning issued an update on its fiscal 2022 earnings guidance. The company provided earnings per share (EPS) guidance of $11.80 to $12.75 for the period. The company issued revenue guidance of $3.78 billion to $3.91 billion, compared to the consensus revenue estimate of $2.83 billion. Analysts set new price targets Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. started coverage on QuidelOrtho in a research report on Friday, June 17th. They set a neutral rating on the stock. StockNews.com raised QuidelOrtho from a hold rating…
Read More »
The stock is on its longest winning streak since late 2021
US stocks soared on Friday as a recovery fueled by lighter-than-expected inflation data this week helped equity markets post their longest winning streak since November 2021 . Tech stocks led the gains again, with the Nasdaq up 2.1% to close above 13,000 for the first time since April 25. The S&P 500 rose 1.7% as the benchmark index posted a fourth straight weekly gain and the Dow Jones Industrial Average rose 420. points, or about 1.3%. apple (AAPL) shares gained 2% following a Bloomberg News report this indicated that the tech giant expects to maintain iPhone sales in 2022 despite…
Read More »Opinion: Inflation report brings two pieces of good news for retirees and retirement savers
Retirees and those looking for a secure income received two very good pieces of news this week, although you may have only heard of one. Inflation in July came in below fears (although there is now some debate over what the ‘real’ inflation rate is – more below). Meanwhile, your ability to earn a guaranteed rate of return on risk-free investments, regardless of what happens with inflation, increased. So-called TIPS, inflation-protected Treasuries, have fallen slightly in price this week. And as a result, the interest rates available to new buyers increased. (Bonds work like see-saws: when the price goes down,…
Read More »
Surgent Accounting & Financial Education Introduces New Online CPE Course on Tax Implications of the Just Passed Inflation Reduction Act
Hands-on webinar allows CPAs, accountants and tax professionals to quickly catch up on the changes that will affect individual and business planning in 2023 RADNOR, Pa., August 12, 2022 /PRNewswire/ — Surgent Accounting and Financial Education, a division of KnowFully Learning Group, today announced a new online CPE course covering the changes to the tax code included in the Inflation Reduction Act, which just passed the House and is headed to on President Biden’s desk for his signature. Stream live Tuesday August 16 with subsequent dates throughout August, “Summary and Analysis of the Inflation Reduction Act of 2022 (IR22)” will…
Read More »
The recent market rally could be an “unwanted development” for the Fed
On Wednesday, the Federal Reserve continued efforts to control inflation by raising interest rates for the fourth time in a row and signaling that more hikes are on the way. Stocks rallied later, with the S&P 500 jumping 2.6% on Wednesday and another 1.2% on Thursday. The break higher has extended the roughly six-week reversal in what has been an ugly 2022 for stocks so far; through Thursday’s close, the S&P 500 has recovered about 11% from its mid-June lows. The Fed usually dismisses moves in the stock market, but the turnaround in stocks has also coincided with an alarming…
Read More »