Goldman Sachs COO Says Soft Landing Still Possible Despite ‘Fits and Starts’

A soft landing is still possible despite ‘fits and starts,’ says Goldman Sachs COO

Published 12 minutes ago

Goldman Sachs president and COO, John Waldron, remains optimistic about the possibility of a soft landing for the market. Waldron stated that even though there have been some hiccups along the way, a soft landing is still plausible. He explained that a soft landing doesn’t mean everything will be perfect and land smoothly, but that some fits and starts should be expected. This reflects the current situation in the market. “We’re still subscribers to, generally speaking, a soft landing scenario,” Waldron said in an interview with CNBC.

Epam Systems shares plummet nearly 24%

Published 38 minutes ago

Epam Systems, a software engineering company, suffered a significant decline of 23.8% in its stock value. Despite reporting first-quarter earnings that beat expectations and revenue in line with consensus estimates, the company faced a sharp drop due to weak guidance for the second quarter. Epam Systems also revised its full-year guidance downward, citing a challenging demand environment that is not expected to improve to the extent anticipated in the previous quarter.

Dow opens in the red, ending recent streak

Published 2 hours ago

The Dow began the day with a decline, breaking its recent streak of positive sessions. This setback put the index on track to end its recent positive run. Although the Dow’s movement is not necessarily indicative of broader market trends, it does point to a potential cooling-off period after a period of gains.

Private equity to buy out PlayAGS online casino game maker for $1.1 billion

Published 3 hours ago

Las Vegas-based PlayAGS, a maker of online casino games, has agreed to be acquired by Brightstar Capital Partners for approximately $1.1 billion. The deal, which represents a 40% premium to Wednesday’s closing price, is expected to close in the second half of the year. The acquisition highlights the ongoing trend of private equity firms showing interest in online gaming companies, and experts predict further consolidation in the industry.

Costco Wholesale shares rise after April sales

Published 3 hours ago

Costco Wholesale witnessed a 7.1% rise in April sales, reaching $19.80 billion compared to $18.48 billion in the same period last year. The positive sales trend led to a 0.6% increase in Costco Wholesale’s shares. The company’s sales growth reflects the ongoing strong consumer demand and indicates a positive outlook for the company’s future performance.

Stocks making the biggest premarket moves

Published 3 hours ago

Here are some of the companies making notable moves in premarket trading:

1. Planet Fitness

Planet Fitness’s shares dropped by 2.8% after the gym franchise reported a revenue miss for the first quarter and issued disappointing guidance for the year.

2. Tapestry

Tapestry, the parent company of Coach, lost nearly 3% after reporting a revenue miss for the third quarter. The company also lowered its full-year revenue estimate, falling short of analysts’ expectations.

3. Warner Bros. Discovery

Warner Bros. Discovery’s stock decreased by 3.6% after the company reported a greater than expected loss per share for the first quarter. Revenue also fell below expectations.

Roblox sheds nearly 30% on guidance cut

Published 3 hours ago

Shares of Roblox, the popular video game developer, plummeted by almost 29% after the company slashed its guidance for the full year. Roblox now expects bookings between $4 billion and $4.10 billion, falling short of expectations. The increase in the popularity of competing platforms and a decrease in bookings in the first quarter prompted the adjustment in guidance.

Bank of England holds rate steady, anticipates future cuts

Published 4 hours ago

The Bank of England (BoE) announced that it would maintain its benchmark bank rate in its latest meeting. However, the bank also indicated that interest rate cuts are likely in the future. BoE Governor Andrew Bailey acknowledged that while inflation indicators are moving in the right direction, caution is necessary. The central bank’s decision aligns the benchmark Bank Rate with the U.S. Federal Reserve’s funds rate.

Warner Bros. Discovery falls on Q1 miss

Published 4 hours ago

Warner Bros. Discovery’s shares tumbled more than 7% after the media giant reported weaker-than-expected results for the first quarter. The company recorded a greater than expected loss per share and lower revenue compared to analyst estimates. The disappointing performance occurred despite growth in the company’s streaming services.

Sony and Apollo could break up Paramount

Published 4 hours ago

Sony Pictures Entertainment and Apollo Global Management are in talks to acquire Paramount Global. The potential deal may involve auctioning off different parts of Paramount’s business. The movie studio Paramount Pictures would be combined with Sony’s business, while CBS, cable channels, and the Paramount Plus streaming service could be auctioned separately. This move reflects the ongoing consolidation and competition in the entertainment industry.

Europe stocks open mixed

Published 9 hours ago

European equity markets opened with a mixed performance as investors awaited further guidance from the Bank of England. The Stoxx 600 index, which tracks European stocks, showed a slight decline. The main bourses, including Germany’s DAX, the UK’s FTSE 100, and France’s CAC 40, were trading slightly above or below their previous closing levels.

China stocks extend gains after upbeat April trade data

Published 12 hours ago

China’s stocks continued to rise as the country’s customs agency reported positive trade data for April. The CSI 300 index, which tracks 300 of China’s top-listed A-shares, increased by nearly 1%. April’s imports surpassed expectations, and exports met forecasted figures. This rebound in trade figures indicates a recovery in China’s exports and imports after a decline in March.

Bank of Japan officials discussed higher-than-expected rate hikes

Published 14 hours ago

According to the summary of opinions from the Bank of Japan’s monetary policy meeting in April, the central bank discussed the possibility of higher-than-expected rate hikes. The bank stated that there is still high uncertainty about economic activity and prices. The Bank of Japan raised its inflation forecast for fiscal 2024 and hinted that a future policy rate higher than the market’s forecast is possible if the projected outlook is realized.

Real wages in Japan decline 2.5% in March

Published 15 hours ago

Real wages in Japan declined by 2.5% year on year in March, marking the 24th consecutive month of decline. This decrease was faster than the previous month, with rising costs outpacing nominal wages. Despite nominal wages rising by 0.6% compared to the same period last year, the increase was slower than expected.

Mitsubishi Motors Corp forecasts lower annual profit

Published 15 hours ago

Mitsubishi Motors Corp’s shares fell by 5% after the company forecasted lower earnings for the current fiscal year. The forecasted net profit of 144 billion yen for the fiscal year ending in March 2025 is approximately 7% lower than the 154.71 billion yen net profit realized in the previous year. Lower operating profit forecasts from Toyota Motor Corp also contributed to the negative sentiment.

Disney and Warner Bros. Discovery plan to bundle streaming services

Published 16 hours ago

Disney and Warner Bros. Discovery have announced plans to bundle their streaming services together. This joint effort will offer Disney+, Hulu, and Max in a single package. The bundle will be available on both ad-supported and commercial-free tiers. The collaboration aims to provide customers with a wider range of streaming options, enhancing their streaming experience.

Special event travels giving Airbnb a boost

Published 17 hours ago

Reported quarterly results from Airbnb indicate that the company is experiencing a surge in bookings due to special events. For instance, 500,000 guests booked Airbnb stays during the North American total eclipse, and bookings in Paris during the upcoming Summer Olympics have increased significantly. These observations suggest that people are willing to spend on travel and unique experiences in the current economic climate.

Stock futures are little changed on Wednesday

Published 18 hours ago

Stock futures showed minimal movement as the market opened. After the Dow Jones Industrial Average recorded its sixth consecutive positive session, Dow futures slid by 6 points, S&P 500 futures dropped by 0.06%, and Nasdaq 100 futures decreased by 0.1%.