Meta Platforms says it will no longer pay U.S. news organizations to have their material appear in Facebook’s News Tab as it reallocates resources in the face of the economic downturn and changing user behavior. The company said Thursday that most people “do not come to Facebook for news, and as a business it doesn’t…
One-third of the Dow components released Q2 results this week. This gives us tremendous insight into the economy and investor perception. The primary term being used by analysts to describe earnings results is “better-than-feared” as market expectations were extremely low. The outlooks have been conservative and suggest we have further weakness to contend with in…
It is a busy week in the markets. One-third of the S&P 500 and Dow Jones indices are posting Q2 results over these five sessions. Did we mention that there is also a Fed decision this week? And we still have earnings from Amazon (AMZN) and Apple (AAPL) after the close. Market participants try and…
By Mimosa Spencer PARIS (Reuters) -Cosmetics group L’Oreal bucked a declining trend for the luxury and fashion industry in China with sales growing in the second quarter despite COVID lockdowns, as the make-up market rebounds. The group said on Thursday overall sales for the three months to June came in at 9.31 billion euros ($9.46…
DALLAS (AP) — Southwest Airlines’ second-quarter profit doubled to $760 million on record revenue, but it warned that rising costs and lower productivity are likely to continue in the second half of the year. Shares fell 7% Thursday in midday trading. Air travel has bounced back this year from pandemic depths, and that is particularly…
By Eva Mathews (Reuters) – Stiff competition from TikTok and Apple Inc’s privacy changes will remain a cause for concern for Facebook-owner Meta Platforms Inc in the near term, Wall Street analysts said. At least 16 brokerages cut their price targets on Meta after the company reported its first-ever quarterly revenue drop on Wednesday, highlighting…
NEW YORK (AP) — For more than a decade, US Bank pressured its employees to open fake accounts in their customers’ names in order to meet unrealistic sales goals, the Consumer Financial Protection Bureau said Thursday, in a case that is deeply similar to the sales practices scandal uncovered at Wells Fargo last decade. The…
By Stephanie Kelly NEW YORK (Reuters) -Oil prices edged higher in choppy trade on Thursday, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices. However, futures pulled back in mid-morning trade after the U.S. Commerce Department reported the economy unexpectedly contracted…
PARIS (AP) — French President Emmanuel Macron is welcoming Saudi Crown Prince Mohammed bin Salman to his presidential palace Thursday and offering him dinner in controversial talks that mark another step in the Saudi leader’s diplomatic rehabilitation — a move that has drawn harsh criticism in France after the gruesome Saudi killing of U.S.-based Saudi…
By Bansari Mayur Kamdar and Johann M Cherian (Reuters) – Canada’s main stock index slipped on Thursday following a mixed bag of results, while gloomy forecasts by U.S. companies and an early reading showing the economy contracted again on the other side of the border exacerbated recession fears. At 10:22 a.m. ET (14:22 GMT), the…
