Blog

Michael Shvartsman walks following a hearing at the Manhattan Federal Court, in New York City, U.S. July 20, 2023. Amr Alfiky | ReutersProsecutors are asking a New York federal court judge to sentence two brothers to years in prison for their admitted insider trading in a blank-check company's securities before it announced a planned merger with Trump Media.Prosecutors want Florida venture capitalist Michael Shvartsman, who made more than $18 million in illicit trading profits, to be sentenced next Thursday to between 46 months and 57 months in prison, a court filing shows.And they want his brother, Gerald Shvartsman, to be sentenced to at least two years in prison for his illegal trading, which earned him $4.6 million.The Florida furniture company founder is due to be sentenced Wednesday ...

The upcoming earnings season could decide what's next for stocks. The S & P 500 and Dow Jones Industrial Average are at all-time highs after a strong jobs report last week and some cooler inflation data this week raised investor confidence in equities. Tech stocks outperformed this week, with the sector up 2%, as investors rotated back into risk-on assets. Nvidia advanced more than 7%. And, with earnings season set to ramp up, that could mean further gains. On a median basis, the S & P 500 advances 2% in the first four weeks of a given reporting period, according to a note this week from Oppenheimer. Already, on Friday, JPMorgan Chase and Wells Fargo were rallying in midday trading after reporting their latest results this week, an auspicious start to the earnings season. Still, in...

In this photo illustration, a Core Weave logo is displayed on a smartphone with stock market percentages on the background.Omar Marques | SOPA Images | Lightrocket | Getty ImagesCoreWeave, an Nvidia-backed artificial intelligence startup that rents out chips to other companies, announced Friday that it has a new $650 million credit line to expand its business and data center portfolio.The cloud infrastructure company said it's raised $12.7 billion from equity and debt investors in the past 18 months, including a $1.1 billion round in May at a $19 billion valuation.By the end of 2024, CoreWeave plans to have 28 data centers across the U.S. and abroad — including locations in Austin, Texas, Chicago, Las Vegas and London — and it plans to build another 10 data centers in 2025. In the past, Co...

Mobile homes surrounded by flood water after Hurricane Milton made landfall, in St. Petersburg, Florida, U.S. October 10, 2024.Octavio Jones | ReutersIf your home is temporarily uninhabitable after a natural disaster, a provision in your homeowners or renters insurance policy may help you with new lodging and other living expenses.Insured wind and flood damage from Hurricane Helene is estimated to be up to $17.5 billion, according to CoreLogic, a real estate data site. Insured losses from Hurricane Milton could range from $30 billion to $60 billion, per Morningstar DBRS.Homeowners and renters affected by a natural disaster can ask about so-called "loss of use" or "additional living expenses" coverage from their insurance providers, experts say.The provision is meant to help cover reasonabl...

A measure of wholesale prices showed no change in September, pointing to a continued easing in inflation, the Labor Department reported Friday.The producer price index, which measures what producers get for their goods and services, was flat for the month and up 1.8% from a year ago. Economists surveyed by Dow Jones had been looking for a monthly gain of 0.1% after August's increase of 0.2%.Excluding food and energy, the PPI rose 0.2%, meeting expectations, and was up 2.8% from a year ago.The report comes a day after the Labor Department reported that the consumer price index, a more widely followed inflation measure that shows what consumers actually pay for goods and services, had an increase of 0.2% for the month and 2.4% from a year ago.Markets showed little immediate reaction to the d...