Results for: Business

Visa Inc. (V) is expected to report $2.44 in earnings per share (EPS) on $8.62 billion in revenue for its second quarter, exceeding analysts’ expectations. However, the stock has declined over 7% since March 21 due to factors such as Capital One Financial’s acquisition of Discover Financial Services and the settlement of a class action lawsuit, affecting Visa’s swipe fees. Technically, the stock’s bearish trend is supported by indicators such as the MACD and RSI. The consensus analyst rating remains Outperform, but recent ratings suggest a potential upside of 12.02% from its current trading price.

Tencent’s shares soared after announcing the earlier-than-expected release of the highly anticipated mobile game, ‘Dungeon and Fighter: Origin.’ The game, expected to generate substantial revenue, is part of Tencent’s efforts to offset regulatory headwinds in the gaming industry.

The People’s Fund of Maui, founded by Oprah Winfrey and Dwayne Johnson, provided direct cash transfers to over 8,000 adults displaced by wildfires, helping them pay for housing, food, and other essentials. Despite initial criticism, research shows cash transfers are an effective form of assistance, providing dignity and choice to recipients. Local efforts and mutual aid also played a crucial role in the disaster response, but ongoing mental health issues and a shortage of affordable housing remain challenges.

The UK’s Financial Conduct Authority (FCA) is investigating how big tech firms’ access to vast amounts of data could benefit consumers and finance companies. If the FCA’s analysis finds that tech firms’ data could be beneficial in the financial services sector, it would aim to encourage more data sharing between tech and financial companies. The FCA is also concerned about the potential risks or harms from non-sharing of data and would collaborate with the Competition and Markets Authority (CMA) to develop proposals to enhance data sharing where feasible.

Tesla has implemented significant price reductions for its vehicles in the United States, China, and Germany. The company’s Model Y, Model X, and Model S vehicles have seen a $2,000 decrease in the US, while the price of Full Self-Driving software has been lowered from $12,000 to $8,000. Tesla has also reduced prices in China and Germany, with the Model 3 seeing a price cut of 14,000 yuan ($1,930) in China. This recent round of price cuts comes amid a decline in Tesla’s stock value, which has fallen to its lowest point in 15 months. Tesla’s stock may continue to face selling pressure due to an upcoming earnings report that is expected to show a decline in demand and a potential negative free cash flow quarter.

To mark Earth Day, President Biden announced $7 billion in grants to help over 900,000 low-income households install residential solar power. The funding comes from the Environmental Protection Agency’s Solar for All grant competition, part of the Inflation Reduction Act’s Greenhouse Gas Reduction Fund. The program aims to save households over $350 million in electricity costs annually and reduce carbon pollution by 30 million metric tons over 25 years.

Metals are leading gains in the commodities sector this quarter, with gold, silver, and copper prices surging. This performance defies the typical sensitivity of these metals to a strong US dollar and rising interest rates. Citi strategists predict a further 5-10% rally in the short term and a potential 15-20% increase in the medium term. They anticipate a minor pullback before a surge in the second half of 2024, with gold reaching $2,500/oz and silver $30-32/oz. The rally is supported by strong market cap share, index weights, and investor interest.

Brent crude oil prices have plunged to a four-week low of 86.50 USD on Monday due to a combination of factors including reduced geopolitical tensions, rising US crude oil inventories, and global economic uncertainties. The easing of tensions between Iran and Israel has contributed to the decline, as Iran is a major OPEC oil producer whose exports play a crucial role in global oil markets. The unexpected surge in US crude oil inventories has further pressured prices, while concerns about prolonged elevated interest rates by the Federal Reserve have also dampened the outlook for oil demand. However, the stability of the US dollar has prevented steeper declines in oil prices.

A centuries-old newspaper, found in a Goodwill store in New Jersey, has been appraised at $18,000. The artifact, a copy of the December 28, 1774, Pennsylvania Journal and Weekly Advertiser, features the ‘Unite or Die’ snake logo and signatures from John Hancock. It was acquired by The American Philosophical Society in Philadelphia. The donation highlights the value of thrift store finds, as another shopper once bought light fixtures for $7 and sold them for $2,600 on eBay.

The National Press Club will host a briefing on the status of imprisoned U.S. journalists, including Austin Tice and Evan Gershkovich. The event will feature speakers from the Washington Post, Wall Street Journal, National Press Club, and others. It will be livestreamed on the NPC YouTube channel.