Chewy Stock Sinks as Q2 Profit Plunges <\/p>\n
41 minutes ago<\/p>\n
Shares of Chewy dropped 18% in recent trading after the online pet products retailer reported second-quarter profit that fell sharply from a year earlier.\n<\/p>\n
Chewy shares were down 18% an hour before the closing bell.<\/p>\n
Cheng Xin \/ Getty Images<\/p>\n
Chewy reported GAAP earnings per share of $0.14 per share, down from $0.68 per share last year, although it was in line with estimates of analysts polled by Visible Alpha. Adjusted EPS of $0.33 increased from $0.24 a year ago and also was in line with expectations.\n<\/p>\n
Sales rose nearly 9% to $3.1 billion, slightly above projections.<\/p>\n
How Larry Ellison Snagged the Title of World’s Richest Person From Elon Musk<\/p>\n
1 hr 44 min ago<\/p>\n
Oracle’s transformation into an AI infrastructure powerhouse has catapulted Larry Ellison ahead of Musk to take the title of the world’s richest person.\n<\/p>\n
The 81-year-old database pioneer’s net worth surged by more than $100 billion following the company’s\u00a0earnings report Tuesday<\/a>, according to calculations published Wednesday by\u00a0Bloomberg, which called the move\u00a0“the biggest one-day increase ever recorded” by its Billionaire’s Index.\n<\/p>\n Oracle CEO Larry Ellison.<\/p>\n Phillip Faraone \/ Getty Images<\/p>\n Ellison owns about 1.16 billion shares, or about 41% of the company. As of Tuesday’s close, those shares were worth around $280 billion. If Oracle’s stock price holds near current levels, Ellison’s stake in Oracle would propel his net worth to $393 billion, surpassing Tesla (TSLA<\/a>) CEO Elon Musk, whose net worth is $385 billion.\n<\/p>\n The staggering wealth increase came after Oracle announced what CEO Safra Catz called an “excellent” quarter, signing four multi-billion-dollar contracts and booking $455 billion in future cloud infrastructure revenue. Oracle’s market capitalization spiked to about $950 billion in intraday trading on Wednesday, up more than $270 billion in a single day.\n<\/p>\n –Peter Gratton<\/a>\n<\/p>\n Robinhood’s New Service Is the Latest Bid to Power Up Social-Minded Retail Traders<\/p>\n 2 hr 24 min ago<\/p>\n Retail investors think they can beat the market if they work together. Companies increasingly want to help them do it.\n<\/p>\n Chronically online digital natives are living their financial lives out in the open\u2014and they believe doing so can boost their portfolios. Traders accustomed to public Venmo ledgers are flexing paper gains on TikTok and swapping stock picks on Reddit and X, investing tactics\u00a0far more socialized\u00a0<\/a>than those of the moneyed folks of the past.\n<\/p>\n Fintech apps and trading platforms<\/a>\u00a0are increasingly catering to that group, integrating the social experience into customer experiences with tools that seek to quantify how people feel about stocks or track where attention is flowing. The latest rollout: Robinhood (HOOD<\/a>) Social, announced at an event last night, which the company said will let traders discuss strategy and follow each others’ transactions in real time.\n<\/p>\n “Oftentimes a finely-tuned machine can make all the difference,” Robinhood CEO Vlad Tenev said at the event. “And that’s the role that we feel Robinhood plays for our active traders.”\n<\/p>\n Read the full article here<\/a>.\n<\/p>\n –Crystal Kim<\/a>\n<\/p>\n Is AI to Blame for The Lousy Job Market?<\/p>\n 2 hr 49 min ago<\/p>\n Jobs are disappearing just as companies incorporate more artificial intelligence into their businesses, raising the question: Is work going to chatbots instead of people?<\/p>\n There’s no doubt the job market is slowing down.\u00a0The last three months of job growth<\/a>\u00a0have been one of the worst stretches for the labor market since the pandemic hit, leading some experts, including Moody’s Chief Economist Mark Zandi, to declare the U.S. has entered a “jobs recession.”\n<\/p>\n AI’s long-term impact on U.S. jobs won’t be clear for some time.<\/p>\n PixeloneStocker \/ Getty Images<\/p>\n Many analysts have blamed President Donald Trump’s economic policies,\u00a0especially his controversial tariffs<\/a>, for the slowdown in the job market. However, recent analyses have found some evidence that AI is also contributing to the slowdown.\n<\/p>\n At least two federal reserve bank surveys indicate businesses are hiring fewer people because the work is being done by AI.<\/p>\n Among service firms that use the technology, 12% said they had hired fewer workers in the past six months due to its use, and almost 25% of those that plan to use AI expect to hire fewer workers because of it, according to a New York Fed survey released last week.\n<\/p>\n Separately, a survey by the Dallas Fed found 10% of businesses said AI decreased their need for workers.\n<\/p>\n There was some good news for workers: Some firms in the survey said they were retraining staff to use AI, and others even said they were increasing hiring.<\/p>\n Read the rest of the article here<\/a>.\n<\/p>\n –Diccon Hyatt<\/a>\n<\/p>\n GameStop Stock Rises as Earnings Top Estimates, Company Buys Bitcoin<\/p>\n 3 hr 9 min ago<\/p>\n GameStop (GME<\/a>) shares rose after the video game retailer posted better-than-expected results and announced it now held more than half a billion dollars worth of bitcoin.\n<\/p>\n The company late Tuesday reported second-quarter adjusted earnings per share of $0.25, which was $0.06 more than analysts surveyed by Visible Alpha were looking for. Revenue jumped 22% to $972 million, also above estimates.\n<\/p>\n GameStop said sales of hardware and accessories increased 31% to $592 million, while collectibles sales soared 63% to $228 million. However, sales of software dropped 27% to $152.5 million.\n<\/p>\n GameStop also noted that it had purchased 4,710 bitcoin in the quarter, with a value of $528.6 million as of Aug. 2, when the quarter ended.\n<\/p>\n In addition, the company announced a special dividend distributed to investors in the form of\u00a0warrants<\/a>. Shareholders of record on Oct. 3 will receive 1 warrant for every 10 shares they own. GameStop expects to hand out about 59 million warrants on or around Oct. 7.\n<\/p>\n GameStop shares were up 6% in midday trading. Despite today\u2019s rise, the stock, perhaps best-known as one of the original\u00a0meme stocks<\/a>, has lost a fifth of its value so far this year.\n<\/p>\n –Bill McColl<\/a>\n<\/p>\n Gemini’s Raised IPO Range Indicates Strong Demand for New Crypto Stocks<\/p>\n 3 hr 22 min ago<\/p>\n The crypto exchange founded by twin brothers Cameron and Tyler Winklevoss looks poised to be the\u00a0next hot crypto IPO<\/a>.\n<\/p>\n Gemini Space Station on Wednesday raised the range at which it expects its initial public offering to $24 to $26; it still plans to offer some 16.7 million shares, indicating a market capitalization over $3 billion at the high end. The boosted price suggests strong demand from investors for the shares and follows a string of\u00a0successful public debuts<\/a>\u00a0that includes industry peers like stablecoin operator Circle (CRCL<\/a>) and institution-focused digital assets platform Bullish (BLSH<\/a>).\n<\/p>\n The original range was estimated at $17 to $19 per share. Gemini Space Station is expected to list on the Nasdaq exchange under the ticker symbol “GEMI.”\n<\/p>\n Earlier this week, Gemini secured a $50 million private investment from another exchange operator, Nasdaq (NDAQ<\/a>), a regulatory filling shows.\n<\/p>\n Nasdaq agreed to pay a per share price equal to the IPO for Class A stock, less underwriting costs and commissions.<\/p>\n Twin brothers Cameron Winklevoss, right, and Tyler Winklevoss lead crypto exchange Gemini.<\/p>\n Astrid Stawiarz \/ Getty Images<\/p>\n The Winklevoss twins, famous for their role in the social media network once called Facebook, now known as Meta (META<\/a>), are also earmarking a set of shares for\u00a0retail investors<\/a>. The company expects as much as 30% of Class A shares will be offered to individual investors via brokerages including Robinhood (HOOD<\/a>) and SoFi (SOFI<\/a>).\n<\/p>\n Gemini operates one of the better-known crypto exchanges in the U.S. and also has a credit card business. While its trading volume is a fraction of the much larger Coinbase Global (COIN<\/a>), the company said\u00a0tokenization<\/a>\u00a0and card payments represent “immense untapped potential” for its future growth.\n<\/p>\n –Crystal Kim<\/a>\n<\/p>\n Chip Design Software Provider Synopsys’ Stock Drops 35%<\/p>\n 3 hr 59 min ago<\/p>\n Synopsys (SNPS<\/a>) shares plunged Wednesday, after the semiconductor design software maker posted quarterly earnings that missed analysts’ expectations and lowered its full-year outlook as demand for its design intellectual property slumped.\n<\/p>\n The stock was down about 35% in recent trading, dragging it into negative territory for the year.\n<\/p>\n Synopsys reported adjusted earnings per share of $3.39 for the fiscal third quarter, well below the average estimate of analysts surveyed by Visible Alpha. Revenue rose 14% year-over-year to $1.74 billion, but also missed projections.\n<\/p>\n Sales of its design intellectual property dropped 8% to $427.6 million, and fell from 30.4% of overall revenue to 24.6%. Design automation sales gained 23% to $1.31 billion.\u00a0\n<\/p>\n Synopsys<\/p>\n CEO Sassine Ghazi called it a \u201ctransformational quarter,\u201d as the company faced \u201ca challenging geo-political backdrop.\u201d CFO Shelagh Glaser added that Synopsys was “taking a more conservative view of Q4.\u201d\n<\/p>\n The company said it anticipates current-quarter adjusted earnings of $2.76 to $2.80, below the analyst consensus. It now sees full-year adjusted earnings in the range of $12.76 to $12.80, down from its previous outlook of $15.11 to $15.19.\n<\/p>\n –Bill McColl<\/a>\n<\/p>\n Novo Nordisk Cuts Around 9,000 Jobs<\/p>\n 4 hr 15 min ago<\/p>\n Novo Nordisk (NVO<\/a>) is making big job cuts as the weight-loss drugmaker faces growing competition.\n<\/p>\n The pharmaceutical firm said it is slashing about 9,000 positions or 11.5% of its workforce. 5,000 of the cuts will be made in its home country of Denmark.\u00a0\n<\/p>\n The company said the layoffs are part of a \u201ctransformation\u201d designed to simplify Novo Nordisk\u2019s organization, speed up decision-making, and shift resources to help grow its diabetes and obesity business medicines.\u00a0\n<\/p>\n MADS CLAUS RASMUSSEN \/ Ritzau Scanpix \/ AFP \/ Getty Images<\/p>\n CEO Mike Doustdar said, \u201cour markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven.\u201d He added the company \u201cmust evolve as well,\u201d which means instilling \u201can increased performance-based culture, deploying our resources ever more effectively, and prioritizing investment where it will have the most impact\u2014behind our leading therapy areas.\u201d\n<\/p>\n Novo Nordisk said it expects the headcount drop will result in annualized savings of about 8 billion Danish Krone ($1.25 billion) by the end of 2026. However, it also anticipates the cuts will result in a restructuring cost of 8 billion Danish Krone this year, and is now projecting\u00a0operating profit<\/a>\u00a0will grow 4% to 10%, down from a forecast of 10% to 16% previously.\n<\/p>\n U.S.-listed shares of Novo Nordisk were up about 2% in recent trading. They’ve lost about a third of their value this year, as rivals such as Eli Lilly (LLY<\/a>) have expanded their market share in diabetes and weight-loss treatments.\n<\/p>\n –Bill McColl<\/a>\n<\/p>\n Mortgage Demand Soars to the Highest Application Levels Since 2022<\/p>\n 4 hr 38 min ago<\/p>\n Mortgage rates hit their lowest levels since last October and people took notice\u2014applications for home loans surged last week.\n<\/p>\n According to Mortgage Bankers Association data, the 30-year fixed mortgage rate declined for a second week, falling to 6.49% in the week ending Sept. 5.\u00a0The decline sent signals to borrowers, who applied for 9% more mortgages than the previous week.\n<\/p>\n \u201cThe downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher,\u201d said Joel Kan, MBA deputy chief economist.\n<\/p>\n SDI Productions \/ Getty Images<\/p>\n The housing market may be beginning to thaw after elevated\u00a0mortgage rates<\/a>\u00a0and high-priced housing\u00a0have helped to freeze sales<\/a>. Mortgage application volumes have been at historically low levels as interest rates have hovered above 6.5% for most of the year.\u00a0\n<\/p>\n The recent\u00a0decline in rates has motivated some borrowers<\/a>, as\u00a0buyers and homeowners chase cheaper borrowing costs.\n<\/p>\n Read the full article here<\/a>.\n<\/p>\n –Terry Lane<\/a>\n<\/p>\n Lisa Cook Retains Fed Role as Judge Temporarily Halts Trump’s Move to Fire Her<\/p>\n 4 hr 58 min ago<\/p>\n A federal judge has temporarily blocked President Donald Trump\u00a0from removing<\/a>\u00a0Lisa Cook from the Federal Reserve Board of Governors, allowing her to continue serving at the central bank while her lawsuit contesting her firing proceeds.\n<\/p>\n The move means that Cook, who Trump had fired for allegedly falsifying her mortgage documents, will remain on the seven-member board of the central bank, which is\u00a0part of the 12-member committee<\/a>\u00a0that is responsible for setting interest rates in the U.S. The committee is scheduled to meet next Tuesday and Wednesday, and is\u00a0widely expected to cut the Fed’s benchmark rate<\/a>.<\/p>\n Trump has repeatedly scolded Fed Chair Jerome Powell for\u00a0not cutting interest rates this year,<\/a>\u00a0and the move to dismiss Cook raised concerns that the central bank’s independence could be compromised. Trump said after announcing Cook’s firing that he’d soon have a majority on the Fed board, leading some experts to worry that\u00a0future Fed decisions<\/a>\u00a0could be influenced by political considerations.<\/p>\n Judge Jia Cobb in Washington, D.C., granted Cook\u2019s request for a temporary court order so she could keep her seat on the Fed\u2019s board for now. The judge ruled that Trump couldn\u2019t fire Cook, partly because her alleged actions took place before she was Fed governor.\n<\/p>\n Read the full article here<\/a>.\n<\/p>\n –Nisha Gopalan<\/a>\n<\/p>\n Oracle’s Market Cap Approaches $1 Trillion<\/p>\n 5 hr 12 min ago<\/p>\n With today’s stock surge, Oracle’s market capitalization<\/a> is approaching $1 trillion, surpassing the likes of JPMorgan Chase (JPM<\/a>) and Walmart (WMT<\/a>).\n<\/p>\n Oracle shares skyrocketed 40% Wednesday, lifting AI-related stocks.<\/p>\n Jonathan Raa\/NurPhoto via Getty Images<\/p>\n Oracle’s market cap recently stood at about $950 billion, making it the 10th-largest publicly traded American company and 12th-largest firm on the planet, according to CompaniesMarketCap.com.\n<\/p>\n Nvidia tops the list with a market cap of about $4.34 trillion.<\/p>\n Oracle Levels to Watch as Stock Rockets Higher <\/p>\n 5 hr 46 min ago<\/p>\n Oracle (ORCL<\/a>) shares soared 40% Wednesday morning after\u00a0the computing giant raised its outlook<\/a>\u00a0for cloud infrastructure sales and said it added several large new customers amid booming AI demand.\n<\/p>\n The company, which has struck deals with big tech customers including Amazon (AMZN<\/a>), Alphabet (GOOGL<\/a>) and Microsoft (MSFT<\/a>), said it now sees\u00a0cloud<\/a>\u00a0infrastructure sales jumping 77% to $18 billion this fiscal year, above its June forecast of 70% growth.\u00a0CEO Safra Catz told investors that the company expects to sign-up several additional multi-billion-dollar customers in coming months to push its booked cloud orders over half a billion dollars.\n<\/p>\n Leading into the company\u2019s earnings release, Oracle shares had gained 45% so far in 2025, handily outpacing the\u00a0S&P 500<\/a>\u2019s return over the same period, boosted by robust demand for its cloud infrastructure services and AI database integration tools.\n<\/p>\n Source: TradingView.com.<\/p>\n After setting their all-time high in late July, Oracle shares consolidated in a\u00a0flag pattern<\/a>\u00a0ahead of the company\u2019s quarterly results, laying the groundwork for a continuation of the longer-term uptrend. Indeed, the stock looks set to\u00a0gap<\/a>\u00a0to a fresh record high on Wednesday.\n<\/p>\n It\u2019s worth noting that the shares have already registered their highest\u00a0volume<\/a>\u00a0this week since mid July, suggesting that some larger market participants\u00a0rebalanced portfolios<\/a>\u00a0leading into the report.\n<\/p>\n Read the full technical analysis piece here<\/a>.\n<\/p>\n –Timothy Smith<\/a>\n<\/p>\n Big-Name Buy Now, Pay Later Company Klarna Set to Go Public Today<\/p>\n 6 hr 3 min ago<\/p>\n Klarna, a leading\u00a0buy now, pay later<\/a>\u00a0firm, is poised to make its stock-market debut today.\n<\/p>\n The company overnight said it sold 34.3 million shares at $40 apiece, above the range it had earlier indicated they might sell for in the closely watched fintech\u00a0initial public offering<\/a>.\n<\/p>\n Of those, 5 million were sold by the company, suggesting proceeds of $200 million. The total sharecount suggests a market value approaching $14 billion.Trading is expected to begin the New York Stock Exchange later today with the company using the ticker symbol “KLAR.”\n<\/p>\n Klarna helped pioneer buy now, pay later financing, in which a purchase is broken up into interest-free payments that are automatically deducted from a user\u2019s bank account. The payment method has skyrocketed in popularity in the two decades since Klarna launched, evolving from a way to splurge to a tool many now\u00a0use to pay for groceries<\/a>. BNPL transactions are so ubiquitous that Fair Isaac Corp. (FICO<\/a>) recently\u00a0said it will incorporate them in its credit scoring frameworks<\/a>.\u00a0\n<\/p>\n Read the rest of the story here<\/a>.\n<\/p>\n