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☆ CVS posts big earnings miss, cuts profit outlook on higher medical costs
▼ + stars: | 2024-05-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

CVS Health on Wednesday reported first-quarter revenue and adjusted earnings that missed expectations and slashed its full-year profit outlook, citing higher medical costs that are dogging the U.S. insurance industry. The drugstore chain expects 2024 adjusted earnings of at least $7 per share, down from a previous guidance of at least $8.30 per share. The company said its new outlook assumes that higher medical costs in its insurance business during the first quarter will persist throughout the year. Medicare Advantage, a privately run health insurance plan contracted by Medicare, has long been a key source of growth and profits for the insurance industry. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $1.31 for the quarter.

Persons: LSEG, Karen Lynch, Caremark, Tyson Foods, CVS's Caremark, Cuban's Organizations: CVS Health, CVS, Aetna, UnitedHealth, Medicare, LSEG, Blue, Amazon Pharmacy, Oak Street Health Locations: California

☆ Procter & Gamble sales disappoint as price hikes slow down
▼ + stars: | 2024-04-19 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

In October, executives said that they anticipated returning to volume growth in fiscal 2024. However, three of P&G's divisions reported volume growth for the quarter. The company's grooming business, home to its Gillette and Venus razors, reported volume growth of 2%. And fabric and home care, which includes Febreze and Swiffer, saw 1% volume growth. That's a reversal from the last two fiscal years, when commodity costs weighed on the company, leading to price hikes.

Persons: Pantene, Gamble, Andre Schulten, Schulten Organizations: Procter, LSEG, Gillette, pricey SK Locations: San Anselmo , California, China, Gaza, U.S

☆ Why car insurance costs are skyrocketing and leading to higher inflation
▼ + stars: | 2024-04-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +6 min

RobertCrum | Getty ImagesDETROIT – Skyrocketing auto insurance costs helped contribute to inflation accelerating at a faster-than-expected pace in March and are adding to the ever more expensive costs for U.S. vehicle owners. Auto insurance costs have been on the rise for some time, growing every month as part of the index since December 2021. However, auto insurance remains a small portion of the CPI, with a 2.85% weighting. watch nowThe insurance cost increases on inflation come more than two years after the Biden administration largely blamed used car prices for pushing inflation higher in January 2022. The cost of vehicle insurance — which is mandatory in almost every state — varies by provider, driver, coverage and location.

Persons: Sean Tucker, Kelley, David Sampson, Sampson, Biden, Mitchell, Power, —, it's, Price, Mark Garrett, — CNBC's Robert Ferris, Jeff Cox Organizations: Getty, DETROIT, U.S, Auto, U.S . Bureau of Labor Statistics, American, Casualty Insurance Association, CNBC, Progressive, Power's U.S . Auto Insurance, State Farm, Liberty Mutual Locations: U.S, Power's U.S, Geico, .

☆ Kellogg's faces a backlash after encouraging cash-strapped shoppers to eat cereal for dinner: 'What the hell kind of dystopian hellscape is this?'
▼ + stars: | 2024-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Kellogg's is advertising cereal for dinner as an alternative for people struggling with food prices. WK Kellogg CEO Gary Pilnick told CNN last week that the messaging was "landing really well" with customers. Cereal prices shot up 13% in 2022Grocery prices soared during the pandemic as supply-chain chaos pushed up costs for producers. Advertisement"The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure," Pilnick told CNN. Pilnick told CNN last week that more than a quarter of cereal consumption is outside breakfast.

Persons: aren't, WK Kellogg, Gary Pilnick's, Pilnick's, —, Gary Pilnick, Marie Antoinette, Marianne Williamson, Pilnick, Sadie Garcia, Kellogg Organizations: Service, CNN, YouTube, American Academy of Pediatrics, American Heart Association, Bureau of Labor Statistics, Graham

☆ Weekend Box Office: ‘Madame Web’ struggles to get off the ground, ‘One Love’ soars
▼ + stars: | 2024-02-19 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —“Madame Web” swung to No. In November, “The Marvels” saw a lackluster $47 million in domestic sales its opening weekend, and DC’s “Aquaman and the Lost Kingdom” opened in December to a feeble $27.6 million. It’s still too soon to estimate gross domestic sales for “Madame Web,” but, by the time it exited theaters, “Morbius” had made just $73 million. But “Madame Web,” which released February 14, struggled to gain upward momentum even along its six-day opening, which straddled two holidays: Valentine’s Day and Presidents’ Day. Recent months have seen musical box office hits like “Wonka,” “Mean Girls,” and successful concert films from both Beyonce and Taylor Swift.

Persons: ”, Bob Marley, Web, “, BoxOffice, Shawn Robbins, Madame Web’s, ” theatergoers, DC’s, Paul Dergarabedian, ‘ Deadpool, Venom ”, It’s, Madame, Morbius ”, Robbins, “ Wonka, Beyonce, Taylor Swift, Bob Marley’s, ” Dergarabedian, Compton ” Organizations: New, New York CNN, Sony Pictures, Disney’s Marvel Studios, Marvel, Sony, BoxOffice Pro, Avengers, Warner Bros, CNN, Comscore, ’ Locations: New York, Comscore

☆ Women in Iceland want you to know it's not a gender equality utopia, despite what the statistics say
▼ + stars: | 2024-02-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +22 min

AdvertisementBoth Icelandic and foreign-born women told BI that though they largely feel safe in Iceland, it's no feminist paradise. "That was like a wake up call for many women," Thorgerdur J. Einarsdóttir, professor of gender studies at the University of Iceland, told BI. Some groups of women are more vulnerable to violence and low wages, including foreign-born women, women with disabilities, and trans women, the interviewees said. Older generations fight so younger ones can flourishBut despite these concerns, the women BI spoke to said that they largely felt safe living in Iceland. Women BI spoke to largely said they felt optimistic about the changes that future generations would bring.

Persons: —, Arni Torfason, Saadia Zahidi, Valenttina Griffin, Grace Dean, Adolphsdóttir, Einarsdóttir, Vigdís Finnbogadóttir, Sigurðardóttir, Iceland's, Halldor Kolbeins, Sonja Ýr Þorbergsdóttir, Þorbergsdóttir, Inclusivity, Alice Olivia Clarke, Mads Claus Rasmussen, Ritzau Scanpix, they'd, Steinars, she'd, she's, Ása Steinars, Alondra Silva Muñoz, Griffin, Silva Muñoz, Sigrún, Rósa, that's, Shruthi Basappa, I've, it's, Jewells Chambers, Silva Muñoz –, millennials –, … Organizations: Service, Viking Women, Stockings, Women's Rights, Nordic, Red Stockings, United Nations, Farmers ' Union, University of Iceland, Getty, Iceland, UN, Statistics, Sweden –, Icelandic Teachers ' Union, SEI Locations: Iceland, Reykjavik, Icelandic, Denmark, AFP, Canada, Norway, Sweden, Statistics Iceland, Colombia, Lithuania, Spain, Poland, India, Chile, WomenTechIceland, it's, Brooklyn, New York City, Thorhildur

☆ Diners are getting annoyed at how expensive fast food has become — and the likes of McDonald's, Taco Bell, and Shake Shack seem to be listening
▼ + stars: | 2024-02-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

AdvertisementChains like McDonald's, Shake Shack, and Taco Bell say they're only planning small price increases in 2024 as inflation cools. But in the year to January 2024, prices at limited-service restaurants rose just 5.8%, per BLS data. Martin Jennings, a 51-year-old truck driver from Florida, told Business Insider that his family was being deterred by higher prices at fast-food chains. Customers are looking for app deals and choosing value menusCustomers are looking for ways to get cheaper meals at fast-food chains. Chipotle said it's eyeing a price increase in the mid-single digits, depending on consumer sentiment and actions taken by other fast-food chains.

Persons: —, Taco Bell, Martin Jennings, Ben Heyworth, Burger King, McDonald's, Ian Borden, Jennings, David Gibbs, Kempczinski, Gunther Plosch, Chipotle, it's, Katie Fogertey Organizations: Service, Bureau of Labor Statistics, Shack, Taco, Brands Locations: Florida, Orlando, Burger, Taco Bell, California, America

☆ Biogen revenue and profit shrink on Aduhelm costs, slumping sales of multiple sclerosis therapies
▼ + stars: | 2024-02-13 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

Biogen on Tuesday reported fourth-quarter revenue and profit that shrank from a year ago, as it recorded charges related to dropping its controversial Alzheimer's drug Aduhelm and as sales slumped in its multiple sclerosis therapies, the company's biggest drug category. Biogen booked sales of $2.39 billion for the quarter, down 6% from the same period a year ago. Revenue from multiple sclerosis products fell 8% to $1.17 billion as the therapies face competition from cheaper generics. Adjusting for one-time items, the company reported $2.95 per share. But the company expects its pharmaceutical revenue, which includes product revenue and its 50% share of Leqembi sales, to be flat this year compared to 2023.

Persons: Biogen, LSEG, Biogen's, Leqembi Organizations: LSEG, Biogen, Food and Drug, Reata Pharmaceuticals, FDA Locations: U.S

☆ India is the new Asia growth story. Here’s why investors are bullish on the outlook
▼ + stars: | 2024-02-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

As China's property market and deflation woes continue to rattle investors, India's growth outlook appears all the more impressive. Last year's annual report attributed strong revenue growth partially to expansion in the Middle East, India, and Asia, Krishna wrote. "More than revenue, India is an important area for sourcing talent" as well, Krishna wrote. Growth potential For investors looking to gain exposure to the domestic stock market, Indian equities themselves aren't especially cheap though. "You're paying for the growth potential in India, certainly.

Persons: Morgan Stanley, Chetan Ahya, Ahya, Bernstein, —, Narendra Modi, Bill Fitzpatrick, Fitzpatrick, Quincy Krosby, Venu Krishna, Aecom, Krishna, Tim Long, Long, Simon Coles, Krosby, Jeffrey Gundlach, Gundlach, CNBC's, — CNBC's Michael Bloom Organizations: Investment, Logan Capital Management, Modi, Infrastructure Pipeline, Aecom, Barclays, Cisco Systems, Juniper Networks, India —, Semiconductor, Micron Technology, Qualcomm, Logan Capital Locations: India, China, Asia, Philadelphia, South Carolina . U.S, Dallas, East, Asia Pacific, Japan, Coles , U.S, U.S, IShares

☆ CVS beats estimates, but cuts full-year profit outlook on higher medical costs
▼ + stars: | 2024-02-07 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

CVS Health on Wednesday reported fourth-quarter revenue and adjusted earnings that topped expectations, but the company cut its full-year profit outlook, citing higher medical costs that are dogging the broader insurance industry. The company lowered its 2024 adjusted earnings forecast to at least $8.30 per share, down from a previous guidance of at least $8.50 per share. Analysts surveyed by LSEG were expecting full-year adjusted earnings of $8.49 per share. CVS also cut its unadjusted earnings guidance to $7.06 per share, down from at least $7.26 per share. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $2.12 for the quarter.

Persons: LSEG Organizations: CVS Health, CVS, Aetna, LSEG, Oak Street Health

☆ U.S. deficit tops half a trillion dollars in the first quarter of fiscal year
▼ + stars: | 2024-01-11 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. government ran up another half a trillion dollars in red ink in the first quarter of its fiscal year, the Treasury Department reported Thursday. Compared to last year, which saw a final deficit of $1.7 trillion, 2024 is running even hotter. In the first quarter of fiscal 2023, for example, the difference between spending and receipts totaled $421.4 billion. On an unadjusted basis, that's an increase of $89 billion between fiscal 2024 and last year. If the current pace continues, 2024 would end with a deficit of just more than $2 trillion.

Persons: Joe Biden, Janet Yellen Organizations: White, Treasury Department, Social Locations: Washington ,, U.S

Her concert picture, “ Renaissance: A Film by Beyoncé,” opened in first place with $21 million in North American ticket sales, according to estimates from AMC Theatres Sunday. The 39-city, 56-show “Renaissance” tour, which kicked off in Stockholm, Sweden in May and ended in Kansas City, Missouri in the fall, made over $500 million and attracted over 2.7 million concertgoers. Toho's 33rd Godzilla film is set in the aftermath of World War II, stars Ryunosuke Kamiki and was directed by Takashi Yamazaki. “Trolls Band Together” landed in fourth place in its third weekend with $7.6 million, bringing its domestic total to $74.8 million. “Renaissance: A Film by Beyoncé,” $21 million.

Persons: Beyoncé, ”, Elizabeth Frank, “, John Woo, Paul Dergarabedian, “ Taylor Swift, it’s, Swift, Miley Cyrus, Justin Bieber, EntTelligence, ” Dergarabedian, Ryunosuke Kamiki, Takashi Yamazaki, Koji Ueda, Ridley Scott’s “ Napoleon ”, Joaquin Phoenix, “ Wonka, Comscore, “ Napoleon Organizations: North, AMC Theatres, AMC, Films, Comscore, Netflix, Swift's, Rotten, Toho International, Toho Global, Apple Original, Sony Pictures Locations: U.S, Canada, Stockholm, Sweden, Kansas City , Missouri, Japan

☆ Thanksgiving weekend dealhunters came broke records but their spending didn’t
▼ + stars: | 2023-11-28 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +3 min

New York CNN —More people than ever flocked to stores and websites over the Thanksgiving and Black Friday holiday weekend this year, but consumers didn’t quite break the spending record set in recent years. The group said consumers spent $321.41 on average (unadjusted for inflation) on these types of items compared to $325.44 over the same time last year. The Thanksgiving holiday weekend typically marks the start of the year-end gift-buying rush. The NRF’s own projection calls for a slowdown in holiday sales growth this year. And for Cyber Monday, the numbers were even stronger — consumers spent $12.4 billion, a 9.6% increase from 2022.

Persons: New York CNN —, trumping, NRF, It’s, ”, Matt Shay Organizations: New, New York CNN, National Retail Federation, Industry, ”, Adobe Analytics Locations: New York

☆ Premarket stocks: How the ‘Black Ceiling’ is holding some professionals and the economy back
▼ + stars: | 2023-11-27 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +12 min

In his new book “The Black Ceiling” Woodson, a former attorney, sheds light on systemic issues within elite professional settings and the broader economic repercussions that come from underutilizing and marginalizing talented Black professionals. Woodson spoke with more than 100 Black professionals about what he calls the Black ceiling — a significant barrier that impedes career progression and creates stigma and anxiety in the workplace. Racial discomfort encapsulates the sense of unease that a lot of Black professionals experience working in elite white work settings. Selective punitiveness is the widespread perception that Black professionals get treated especially harshly when they make mistakes. Firms need to train their personnel, especially their senior white professionals so that they don’t judge junior Black professionals adversely for these challenges.

Persons: Kevin Woodson, ” Woodson, Woodson, Bell, it’s, who’ve, Kim Schmidt, they’re, that’s, doesn’t, It’s, Eva Rothenberg, ” Grant Gustafson, Corie Barry, “, ” Barry, Nathaniel Meyersohn Organizations: CNN Business, Bell, New York CNN — Corporate America, University of Richmond School of Law, Elite, Sensormatic, Black, Adobe, Retailers Locations: New York, underutilizing, DC

☆ Energized shoppers break one-day holiday sales record
▼ + stars: | 2023-11-25 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +3 min

CNN —Whether they jostled through brick-and-mortar stores or toggled between tabs and virtual carts, holiday shoppers were eager to participate in Black Friday this year. Both in-store and online retail sales increased year-over-year unadjusted for inflation, according to Mastercard’s SpendingPulse insights, which noted that apparel, jewelry and restaurant categories saw considerable spikes. Most shoppers did their browsing and buying on their phones, with mobile purchases accounting for $5.3 billion in sales. E-commerce platform Shopify also reported record sales totaling more than $4 billion worldwide, 22% higher than last year. As holiday shopping ramps up ahead of Christmas, analysts predict a busy time for retailers over the next few weeks.

Persons: ” Grant Gustafson, Sensormatic Organizations: CNN, Sensormatic, Black, Adobe

☆ US weekly jobless claims fall; business spending on equipment softening
▼ + stars: | 2023-11-22 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Though the weekly jobless claims report from the Labor Department on Wednesday also showed unemployment rolls declining for the first-time since mid-September, they remained near the highs for this year. The claims data covered the period during which the government surveyed businesses for the nonfarm payrolls component of November's employment report. Continuing claims fell 22,000 to 1.840 million during the week ending Nov. 11, the claims report showed. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, dipped 0.1% last month, the Commerce Department's Census Bureau said. Business spending on equipment spending contracted in the third quarter.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Lucia Mutikani, Paul Simao Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Fed, Bank of America Institute, Commerce Department, Commerce, Data, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, California, Kentucky , Oregon , Kentucky, Illinois, Texas, Commerce Department's

☆ US weekly jobless claims at three-month high; import prices tumble
▼ + stars: | 2023-11-16 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Job growth slowed in October and the unemployment rate climbed to 3.9%, the highest level since January 2022. Import prices dropped 0.8% last month after rising 0.4% in September. Economists had forecast import prices, which exclude tariffs, falling 0.3%. In the 12 months through October, import prices declined 2.0% after decreasing 1.5% in September. Excluding fuels and food, import prices dropped 0.2% after dipping 0.1% in September.

Persons: Andrew Kelly, Nancy Vanden Houten, Unadjusted, Goldman Sachs, Lou Crandall, Wrightson, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Labor Department, Oxford Economics, Reuters, Goldman, Treasury, Fed, Reuters Graphics, Labor Department's Bureau of Labor Statistics, Consumer, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Massachusetts, Oregon, Georgia, United States, China

This November, U.S. News updated its 2024 Best Elementary and Middle School rankings, including 45,236 elementary schools and separately 22,053 middle schools. The public school rankings are calculated within each state and sorted by state and school district. Like our annual Best High Schools rankings published in August, linear regressions were used to assess student performances in mathematics and reading in the context of demographics and their states. About 77% of public schools with elementary and middle school grades received a ranking. U.S. News first published elementary and middle school rankings in 2021 using state assessment data from 2018-2019.

Organizations: News, U.S . Department of Education, Education Department's, Center for Education Statistics, EdFacts, U.S . News, of Columbia Locations: U.S, California , Delaware, of Columbia , New Mexico , Oregon, Washington, Vermont

☆ CVS results top expectations, lifted by strong health services revenue
▼ + stars: | 2023-11-01 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +2 min

CVS on Wednesday reported third-quarter adjusted earnings and revenue that topped Wall Street's expectations, lifted in part by strong revenue from the company's health services business. CVS booked sales of $89.76 billion for the quarter, up nearly 11% from the same period a year ago. The company reported net income of $2.27 billion, or $1.75 per share, for the third quarter. Excluding certain items, such as amortization of intangible assets and capital losses, adjusted earnings per share were $2.21 for the quarter. However, it maintained its forecast on an adjusted basis, guiding to full-year adjusted earnings of $8.50 to $8.70 per share.

Organizations: CVS, LSEG, Walgreens, Aid, CNBC, Oak Street Health Locations: Monday's

☆ Donor revolt at Harvard and UPenn over Israel shows big checks often have strings attached
▼ + stars: | 2023-10-24 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

New York CNN —Big money donations are booming at America’s colleges, helping fund higher education for millions of students. The biggest donors often sit on universities’ board of trustees, which governs the university and selects university leadership, priorities and direction. The donor backlash at the University of Pennsylvania and uproar at Harvard University over Israel and Palestine highlight how big donations often come with demands for changes to university policy and politics. The backlash has raised questions about the influence big donors wield and pressure donors may exert over leadership, hiring decisions and academic affairs. Restricted giftsMore donations are coming with strings attached, rather than letting schools spend their donations however they want.

Persons: ’, ”, Cliff Asness, James Finkelstein, David Callahan, George Mason, Nikole Hannah, Jones, Rob Reich, “, Ann Marcus Organizations: New, New York CNN, University of Pennsylvania, Harvard University, Harvard, George Mason University, Faculty Senate Tri, Council, Advancement, “, ”, Aid, Education, Critics, Indiana University, George, Koch Foundation, Yale University, University of North, Chapel, Michigan State, Stanford University, Universities, New York University, NYU’s Steinhardt, of Higher Locations: New York, Israel, Palestine, University of North Carolina, Saudi Arabia, Qatar, Kuwait

☆ US weekly jobless claims hit nine-month low
▼ + stars: | 2023-10-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +6 min

Though the labor market is gradually cooling, conditions remain tight, with claims at the very low end of their range of 194,000 to 265,000 for this year. The Fed's Beige Book report on Wednesday said "labor market tightness continued to ease across the nation" in early October and implied cooling wage pressure. The labor market is driving consumer spending and the overall economy, ultimately keeping inflation elevated. The claims report covered the week during which the government surveyed business establishments for the nonfarm payrolls component of October's employment report. The so-called continuing claims increased 29,000 to a still-low 1.734 million during the week ending Oct. 7, the claims report showed.

Persons: Andrew Kelly, Christopher Rupkey, Unadjusted, Jerome Powell's, Jay Hawkins, Lucia Mutikani, Chizu Nomiyama, Jonathan Oatis Organizations: REUTERS, Labor Department, Federal Reserve, Financial, Treasury, Reuters, United Auto Workers, UAW, Ford, General Motors, Chrysler, U.S, Economic, of New, National Association of Realtors, realtors, BMO Capital Markets, Philadelphia Fed, Thomson Locations: Manhattan , New York City, U.S, WASHINGTON, New York, Texas , New York , New Jersey, Georgia, California, Tennessee, Michigan, of New York, Toronto, Pennsylvania, New Jersey, Delaware

☆ Low weekly jobless claims, shrinking trade deficit boost US economic picture
▼ + stars: | 2023-10-05 | by ( Lucia Mutikani | ) www.reuters.com time to read: +7 min

Trade balanceExports of goods and services increased 1.6% to $256.0 billion. Goods imports dropped 0.9% to $256.0 billion amid declines in imports of consumer and capital goods, potentially flagging softening domestic demand amid higher borrowing costs. Cell phones and other household goods accounted for the drop in consumer goods imports. The decrease in capital goods imports reflected declines in semiconductors and electric apparatus. Services imports increased $0.1 billion to $58.4 billion, supported by travel and other business services.

Persons: Andrew Kelly, Christopher Rupkey, Unadjusted, nonfarm payrolls, Oscar Munoz, Goldman Sachs, Veronica Clark, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: REUTERS, Federal Reserve, Labor Department, Reuters, Employers, Institute for Supply Management, United Auto Workers, UAW, Ford, General Motors, Chrysler, Treasury, Challenger, Labor, Securities, Commerce Department, Goods, Services, Citigroup, Thomson Locations: Manhattan , New York City , New York, U.S, WASHINGTON, New York, Ohio, California

☆ US weekly jobless claims, continuing claims at eight-month low
▼ + stars: | 2023-09-21 | by ( Lucia Mutikani | ) www.reuters.com time to read: +4 min

Hundreds of people line up outside the Kentucky Career Center, over two hours prior to its opening, to find assistance with their unemployment claims, in Frankfort, Kentucky, U.S. June 18, 2020. Though demand for labor is slowing, overall labor market conditions have remained tight despite higher interest rates. "The U.S. labor market continues to outperform expectations," said Eugenio Aleman, chief economist at Raymond James. The so-called continuing claims declined 21,000 to 1.662 million during the week ending Sept. 9, also the lowest level since January, the claims report showed. Continuing claims remain historically low, a reminder that labor market conditions are still tight.

Persons: Bryan Woolston, Eugenio Aleman, Raymond James, Unadjusted, Jerome Powell, Stellantis, Lucia Mutikani, Chizu Nomiyama, Paul Simao Organizations: Kentucky, Center, REUTERS, Bryan Woolston Acquire, United Auto Workers, UAW, Labor Department, Reuters, Reserve, Ford, GM, Chrysler, Workers, Thomson Locations: Frankfort , Kentucky, U.S, WASHINGTON, Indiana, California, South Carolina , New York, Georgia, Kansas, Ohio

☆ Goldman Sachs says this blood cancer treatment stock can gain 70% ahead of planned drug launch
▼ + stars: | 2023-09-12 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Goldman Sachs thinks late-stage biotech company Geron was due for a correction and now has the potential to surge higher. Analyst Corinne Jenkins upgraded Geron to buy from neutral. The analyst highlighted U.S. Food and Drug Administration acceptance of Geron's new drug application for imetelstat, a treatment for individuals with transfusion-dependent anemia in lower-risk myelodysplastic syndromes, or MDS. Shares of Geron have taken a hit this year with a 27% drop this quarter and 3.3% in year-to-date losses. "Despite the AdCom, the physicians we spoke with see a very high likelihood of imetelstat approval based on the publicly available data," the analyst said.

Persons: Goldman Sachs, Corinne Jenkins, Geron, KOLs, Jenkins, Michael Bloom Organizations: Geron, Food, Drug, FDA Locations: U.S

☆ The Fed’s preferred inflation measure stayed high in July — and consumers are continuing to spend
▼ + stars: | 2023-08-31 | by ( Alicia Wallace | ) edition.cnn.com time to read: +6 min

Minneapolis CNN —US inflation may have remained elevated in July, but consumers just wanted to have some fun. It’s the strongest monthly spending gain since January; however, underlying data indicates this type of activity may be on borrowed time. The Personal Consumption Expenditures index showed that prices increased 0.2% on a monthly basis and 3.3% annually. Economists were expecting monthly increases of 0.2% for the headline and core indexes and 3.3% and 4.2%, respectively, for the annual numbers. Even when adjusted for inflation, spending surged in July, rising by 0.6% from the month before.

Persons: ” Eugenio Alemán, Raymond James, “, ” Gregory Daco, EY, Jerome Powell, ” Powell, Wells, Shannon Seery, Wells Fargo, ” Seery, ” Daco, Powell, Jackson, ” Organizations: Minneapolis CNN, New Commerce Department, Federal, Commerce Department, Amazon’s, PCE, CNN, “, of Labor Statistics Locations: Minneapolis, Jackson Hole , Wyoming

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