Business

As earnings season kicks into high gear, investors are keeping an especially close eye on the Magnificent Seven 's quarterly results. The group of mega-cap tech names — Apple , Microsoft , Alphabet , Nvidia , Tesla , Meta Platforms and Amazon — has been the powerhouse of the two-year bull market rally. The Roundhill Magnificent Seven ETF , for example, which tries to replicate their performance, is up about 42% this year versus 22% for the S & P 500. But the stocks have lately come under pressure as Wall Street questions if they have more room to run. The CNBC Magnificent 7 Index — which peaked more than three months ago, in early July — fell sharply during the early August selloff and is down 1.3% in October while the broader market has inched higher by more than 1%. Here's what analy...

A sign sits in front of a Walgreens store on November 10, 2023 in Wheeling, Illinois. Scott Olson | Getty ImagesWalgreens on Tuesday reported fiscal fourth-quarter sales and adjusted profit that beat Wall Street's expectations, as the company slashes costs in an attempt to steer itself out of a rough spot.The retail drugstore chain also said it plans to close roughly 1,200 stores over the next three years, which includes 500 in fiscal 2025 alone. The company said those closures will be "immediately accretive" to its adjusted earnings and free cash flow.Walgreens has around 8,700 locations in the U.S., a quarter of which it says are unprofitable. Those closures will give Walgreens a "healthier store base" and "will enable us to respond to shifts in consumer behavior and buying preferences,"...

Boeing said Tuesday that it could raise as much as $25 billion in shares or debt over three years, a move to increase liquidity as the troubled manufacturer faces a more than monthlong machinist strike and problems throughout its aircraft programs."This universal shelf registration provides flexibility for the company to seek a variety of capital options as needed to support the company's balance sheet over a three year period," Boeing said in a statement.Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement."The credit facility provides additional short term access to liquidity as we navigate through a challenging environment," the company said in a statement. "The company has not drawn on this facility or its ex...

As Amazon looks to add more automation into its supermarkets, the retailing giant is partnering with a Khosla Ventures-backed startup that just came out of stealth last year, CNBC has learned.Last week, Amazon announced it is piloting a new concept at one of its Whole Foods locations in a Philadelphia suburb, where a micro-fulfillment center will be bolted onto the store and allow shoppers to purchase staples not typically stocked by the organic grocer.The facility relies on warehouse automation technology from Fulfil, a San Francisco-based startup that develops robotic systems for grocers and other retailers, according to a person familiar with the matter and other corroborating information. The person asked not to be named because the plan is confidential.At a recent press event held nea...

David Hester inspects damages of his house after Hurricane Helene made landfall in Horseshoe Beach, Florida, on September 28, 2024. Chandan Khanna | Afp | Getty ImagesAfter a natural disaster, some victims may be eligible for tax relief — but qualifying can be tricky, tax experts say.In late September, Hurricane Helene ravaged parts of Florida, Georgia, North Carolina, South Carolina, Virginia and Tennessee. Two weeks later, Hurricane Milton brought high winds, tornados and flooding through the middle of Florida.Impacting both insured and uninsured homes, the losses from both storms could amount to tens of billions of dollars.Certain victims can amend 2023 returns to claim a tax break for recent losses, known as the "casualty loss tax deduction," according to the IRS. But the calculation i...

UBS sees the U.S. stock market scaling to new heights in the new year. Strategist Jonathan Golub raised his 2025 S & P 500 target to 6,400 from 6,000 in a note to clients released Tuesday. The new forecast implies upside of 9.2% from Monday's close. Golub pointed to a "supportive" economic backdrop as a catalyst for the change. "UBS economists forecast 3.7% nominal GDP in 2025 (1.6% real), roughly in line with long-term averages," he said. Additionally, "rate cuts should lower interest expense and default risk, adding to both EPS and valuations." Golub's call comes one day after the S & P 500 hit a fresh record, bringing its year-to-date gains to nearly 23%. Stocks have recently been on a tear as investors see further rate reductions from the Federal Reserve on the horizon. "Valuat...

Apple iPad Mini 2024AppleApple announced a new iPad mini on Tuesday, offering the first update to its smallest tablet since 2021.The new iPad mini comes with a faster A17 Pro processor, the same chip that was in last year's iPhone 15 Pro. That means it supports Apple Intelligence, the company's new suite of artificial intelligence features that will slowly begin rolling out to users this month.During the company's fiscal third quarter, Apple showed the strongest growth in its iPad segment, which grew about 24% year-over-year after it introduced several new iPads for the first time since 2022.Apple's smallest iPad has attracted a fanbase of users who appreciate its more portable 8.3-inch screen for reading books or taking notes. The iPad Mini supports the latest Apple Pencil Pro, which was ...

Here are Tuesday's biggest calls on Wall Street: Stephens initiates Valvoline as overweight Stephens said the automotive retailer is well positioned. "We are initiating coverage on Valvoline Inc . With an Overweight rating and a $49 price target." Evercore ISI adds a tactical outperform on Alphabet Evercore said it's bullish heading into earnings later this month. "With GOOGL, we see a stock that has underperformed intra-quarter, with relatively modest Street expectations for Q3 Search (1% Q/Q), YouTube (3%), and Cloud revenue, as well as overall Operating Margins." Wells Fargo reiterates Tesla as underweight and Rivian as equal weight Wells said it's cautious on both EV stocks. " TSLA & RIVN both reported disappointing Q3 deliveries. TSLA will likely keep using aggressive finance prom...

The Citibank building in Canada Square at the heart of Canary Wharf financial district in London on May 7, 2024.Mike Kemp | In Pictures | Getty ImagesCitigroup is set to report its third-quarter earnings before the opening bell on Tuesday, as investors will get the latest updates about the progress of CEO Jane Fraser's turnaround plan.Here are the results expected by Wall Street analysts, according to LSEG.Earnings per share: $1.31Revenue: $19.84 billionFraser took over in March 2021 and has focused on slimming down the bank during her tenure. That includes reducing Citigroup's global presence and laying off workers.Investment banking and equities trading were two bright spots for the bank in its second-quarter earnings report, released in July.Shares of Citigroup were up more than 28% yea...

Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023. Evelyn Hockstein | ReutersBank of America is scheduled to report third-quarter earnings before the opening bell Tuesday.Here's what Wall Street expects:Earnings:  77 cents a share, according to LSEGRevenue: $25.3 billion, according to LSEGNet Interest Income: $14.06 billion, FTE basis, according to StreetAccountTrading Revenue: Fixed income of $2.74 billion, Equities of $1.81 billion, according to StreetAccountHow quickly will Bank of America benefit from falling interest rates?That's a key question after the lender signaled in July that a rebound in net interest incom...