Analysts lauded Marvell Technology Inc. (MRVL) post Q1 beat. Rosenblattanalyst Hans Mosesmann reiterated Buy on Marvell with a price target of $125 (112 percent upside). Another beat and raise for Marvell on broad-based infrastructure demand with data center being the key driver. Once again, and surprisingly, delinquencies continue to grow in the reported quarter despite increased supply execution. Critically,…
Costco Margins Hit by Rising Freight and Labor Costs
Costco Wholesale Corp. reported a fall in gross margins on Thursday, hit by soaring freight and labor costs across the United States, sending shares of the membership-only retailer down 2 percent and overshadowing an otherwise upbeat quarterly report. U.S. companies across the board have been struggling with higher costs due to supply chain disruptions, exacerbated…
Elon Musk Wishes Jack Dorsey Stayed on Twitter Board, but That Horse Has Already Bolted
When Tesla Inc. CEO Elon Musk, who is attempting to take over Twitter Inc., noted that the company’s founder Jack Dorsey had quit the social media firm’s board of directors, the latter reacted with an emoji. What Happened Dorsey posted an emoji of a galloping horse in response to Musk’s tweet. Jack off the board!…
Fed May Pause Policy Tightening in September, BofA Says
NEW YORK—The Federal Reserve could pause its monetary policy tightening in September if there is an economic deterioration and inflation subsides, Bank of America (BofA) strategists said on Thursday, a day after the U.S. central bank released the minutes from its May policy meeting. All of the Fed’s policymakers agreed to hike interest rates by…
Big Tech Ad Revenue Growth to Taper as Pandemic Bubble Pops: Analyst
After unprecedented revenue growth last year, digital platforms including Alphabet Inc., Meta Platforms Inc., Snap Inc., and Twitter Inc. now face a sobering reality as pandemic-driven advertising trends dissipate, according to an analyst report on Thursday. Research firm MoffettNathanson cut its 2025 revenue estimates for each of the four companies by double-digit percentages. U.S. digital…
Recession Cometh
Commentary The housing market in the United States is practically in a state of collapse. In April, the sales of new homes fell by 16 percent. At the same time, prices soared to a new staggering record of $570,000, way above the pre-pandemic level of around $390,000. That’s an increase of over 46 percent in…
Biden Raising Gas Prices on Purpose, Top Republican Says
May 28, 2022
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A top Republican said on Friday that President Joe Biden is raising gas prices on purpose. Sen. Lindsey Graham (R-S.C.) made the remarks when he was asked on Fox Business’s “Wall Street with Maria Bartiromo” to respond to Biden’s recent comments where he said raising gas prices is part of “an incredible transition.” “I think…
Major Japanese Steel Producer Signals Price Hikes, May Push Up Car Prices
Nippon Steel Corp., one of the largest steel producers in the world, has announced that it could soon raise the price of steel, a move that can add to the inflationary pressure on the car industry. There has been a sharp cost increase for input materials like coking coal and iron ore, Takahiro Mori, executive…
Daily Beast Corrects Articles, Apologizes to Hunter Biden Laptop Repairman After Being Sued
The Daily Beast has corrected at least two articles that claimed that the laptop owned by President Joe Biden’s son Hunter Biden was stolen by a computer repairman. The website published a story on Dec. 9, 2020, about the laptop that said the computer was “stolen.” That word was removed on May 25. An editor’s…
US Agency Asks Tesla for Information on Canadian Fire Incident
WASHINGTON—The National Highway Traffic Safety Administration (NHTSA) said on Thursday it has asked Tesla Inc. for information about a recent 2021 Tesla Model Y fire in Vancouver, British Columbia, in which a driver reported struggling to exit. The NHTSA told Reuters the agency “is aware of the incident and has reached out to the manufacturer…
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