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South32 Eyes Higher Operating Margin After Alcoa Deal Slims Portfolio

South32 (ASX:S32) said late Tuesday that it expects higher returns from a simplified business following its agreement to sell aluminum value chain assets to Alcoa in a $5.6 billion deal.The company expects its group operating margin to rise to at least 48% after the transaction from 31% in fiscal 2026, with potential for further margin expansion from overhead reduction and the commissioning of its US-based Taylor project for zinc, lead, and silver mining.South32, which holds assets across Australia, Africa, and the Americas, will produce five commodities following the deal, down from seven as of fiscal 2026, while its count of operated sites will fall to four from seven.According to a July 1 filing, Alcoa's payment will comprise $3.1 billion in cash, about $1 billion in Alcoa shares, $750 million of assumed net debt, and up to $750 million in contingent value rights linked to realized London Metal Exchange aluminium and alumina prices through 2030.In a July 2 note commenting on the initial deal disclosure, Jefferies believes that a more coherent portfolio makes the potential for a material medium-term valuation re-rating for the company, which the investment firm said has historically traded at a discount compared to its peers.The investment broker believes that the deal removes South32's largest structural valuation overhang, shifting focus to base and precious metals.In a Sept. 10 filing, Alcoa priced a $2.6 billion senior notes offering to help finance the deal, which includes $1.5 billion of 6.625% notes due 2034 and $1.1 billion of 6.875% notes due 2036.

ASX:AAIASX:S32

US Markets6d ago

Trip.com Swings to Quarterly Loss as China Antitrust Penalty Offsets Revenue Jump

Trip.com Group (HKG:9961) incurred a loss in the second quarter of 2026 after Chinese regulators imposed a multibillion yuan antitrust penalty on the online travel operator, offsetting its revenue gains.The Shanghai-based company, which also operates executive and international headquarters in Singapore, posted an attributable net loss of 2.5 billion yuan in the second quarter, versus a net income of 4.8 billion yuan a year earlier.Loss per ordinary share and per ADS was 3.89 yuan, compared with earnings per share of 6.97 yuan a year prior.The swing was driven largely by a 5.2 billion yuan anti-monopoly penalty imposed by China's State Administration for Market Regulation on the company in July over "monopolistic conduct."The SAMR penalty pushed Trip.com's general and administrative expenses up 477% year over year to 6.3 billion yuan.Stripping out that fine, attributable net income would have been 2.7 billion yuan, the company said.Meanwhile, total net revenue rose 6% year over year to 15.7 billion yuan, which the company attributed to "resilient travel demand." On a quarter-over-quarter basis, however, revenue fell 3% due to elevated energy prices and geopolitical volatility.Accommodation reservation revenue, the company's largest segment, edged up 6% year over year to 6.6 billion yuan, while transportation ticketing revenue fell 1% to 5.4 billion yuan.Revenue from the company's international business grew more than 50% from a year earlier, while inbound-travel revenue rose at a high-double-digit rate.Trip.com Executive Chairman James Liang hinted at the company's plans to advance its AI capabilities "across every stage of the travel journey" as part of its new strategy called Globalization and Great Quality, or G2."We are expanding our offerings to include new travel and lifestyle experiences, while leveraging technology and international marketing to help partners differentiate and drive sustainable growth," added Trip.com CEO Jane Sun.

HKG:9961

US Markets6d ago

Update: Equities Log Back-to-Back Declines Before Fed Decision as Yields, Oil Jump

(Updates with market moves at the end of the day, and other changes, if any.)US stocks dropped for a second consecutive session on Tuesday as traders fretted over surging bond yields and oil prices while bracing for an interest rate hike from the Federal Reserve.The Nasdaq Composite shed 0.8% to close at 25,981.57, while the Dow Jones Industrial Average fell 0.6% to 52,093.11. The S&P 500 dipped 0.5% to 7,585.73. Except energy and materials, all sectors ended in the red, led by consumer discretionary.The Federal Open Market Committee began its two-day policy meeting on Tuesday.Markets are now pricing in a 95% probability that the FOMC will hike its benchmark lending rate by 25 basis points, according to the CME FedWatch tool.Goldman Sachs said the Fed will likely avoid disappointing markets.Treasury yields were higher, with the 10-year yield up 4.3 basis points at 5.004%. It hit 5.041% earlier in the day, the highest since July 2007, CNBC reported. The two-year yield advanced 3.7 basis points to about 4.7%.West Texas Intermediate crude oil jumped 4.4% to $105.81 a barrel in Tuesday late-afternoon trade, while Brent climbed 2.8% to $108.63.Crude loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been halted, Reuters reported Tuesday, citing shipping industry sources. Saudi Arabia -- which is the world's biggest oil exporting nation -- has notified European customers of its decision to cancel some crude cargoes scheduled for late-September delivery, according to the news agency.Separately, Libya halted operations at three oil fields, though the issue was not related to the US-Iran conflict, Reuters reported.These developments come as Saudi's key East-West crude oil pipeline remained shut following recent attacks by Yemen's Iran-aligned Houthis."The East-West pipeline is expected to remain out of service for several weeks, and without a pickup in flows through the Strait of Hormuz, its closure will further exacerbate an already tight global supply situation," Saxo Bank said Tuesday in a report.In company news, Axon Enterprise (AXON) shares tumbled 9.8%, the second-worst performer on the S&P 500. The company said it intends to offer $1 billion of 0% convertible senior notes due 2031 in a public offering.Salesforce (CRM) is expanding its partnerships with Nvidia (NVDA), Alphabet's (GOOG, GOOGL) Google Cloud, and Amazon.com's (AMZN) Amazon Web Services to strengthen its agentic enterprise capabilities and expand its artificial intelligence footprint across third-party infrastructure.Shares of Salesforce fell 1.5%. Alphabet and Amazon also dropped, while Nvidia edged higher.Spot gold edged down 0.1% to $4,296.37 per troy ounce, while silver rose 0.1% to $64.20 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$AXON$CRM$GOOG$GOOGL$NVDA

US Markets6d ago

Oil Jumps as Crude Loadings at Saudi Arabia's Yanbu Port Reportedly Suspended

Crude prices surged Tuesday following a report that oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been halted, stoking fresh concerns about supply amid intensifying tensions in the Middle East.West Texas Intermediate crude was last seen up 4.3% at $105.75 a barrel, after reaching an intraday high of $106.72. Brent was 2.7% higher at $108.58 a barrel, after hitting as high as $109.43 earlier in the session. So far this month, WTI is up 23%, while Brent has jumped nearly 20%. Both benchmarks scored gains in August and July.Crude loadings in Yanbu had been suspended, Reuters reported Tuesday, citing shipping industry sources. Saudi Arabia -- which is the world's biggest oil exporting nation -- has notified European customers of its decision to cancel some crude cargoes scheduled for late-September delivery, according to the news agency.Separately, Libya halted operations at three oil fields, though the issue was not related to the US-Iran conflict, Reuters reported.Last week, Saudi Arabia shut down its key East-West crude oil pipeline in the Riyadh and Madinah regions as a precautionary measure. Yemen's Iran-aligned Houthis reportedly launched strikes on Saudi energy infrastructure in recent days."The East-West pipeline is expected to remain out of service for several weeks, and without a pickup in flows through the Strait of Hormuz, its closure will further exacerbate an already tight global supply situation," Saxo Bank said in a report Tuesday. "Refined products remain particularly exposed, with some trading at or near record levels amid Middle East refinery shut-ins and Russian export curbs."The critical crude oil pipeline in Saudi Arabia will resume operations "very soon," CNBC reported Tuesday, citing US Energy Secretary Chris Wright. The kingdom has resumed some exports through the Strait of Hormuz, with support from American forces, Wright reportedly said. The strait is the world's most important chokepoint for crude flows.In the US, the average diesel price rose to a fresh record of $6.2694 per gallon Tuesday from $6.2301 Monday and $3.6858 a year earlier, according to data from AAA, a travel organization that tracks fuel prices nationwide. Regular gas prices in the US averaged $4.3289 per gallon Tuesday, compared with $3.1777 a year ago, AAA data showed."Oil prices remain firmly supported, with that floor unlikely to give way until markets get clearer visibility on Saudi supply after the East-West pipeline shutdown," ING Bank said in a report.

US Markets6d ago

AutoZone Fourth-Quarter Comps May Miss Street Views Amid Soft Aftermarket Demand, UBS Says

AutoZone's (AZO) fiscal fourth-quarter comparable sales are likely to miss Wall Street's projections amid soft aftermarket demand, though the print is expected to offer "line of sight" to earnings growth in 2027, UBS Securities said Tuesday.The brokerage expects the auto parts retailer to post fourth-quarter domestic comparable sales growth of 2.5% when it reports results Sept. 22. The Street is looking for an increase of 3.6%, UBS said in a note to clients."At this point, we think it is well understood by the market that the aftermarket (industry) experienced softer demand during the period corresponding to (AutoZone's fourth quarter)," UBS analysts Michael Lasser and Mark Carden wrote. "Most likely, the company's sales growth bottomed in June and experienced a modest acceleration in July and August."AutoZone's hub and megahub expansion are a key driver of market share gains, while store openings are set to provide a further boost to annual comp, according to the note. "Having 100 to 150 additional locations that are in the early stages of their life cycle could add 20 (basis points) or so to the company's annual comp," Lasser and Carden said.The upcoming results are likely to mark a point at which the market will be able to have" line of sight" to bottom-line growth next year, according to UBS. "In fact, we think (AutoZone) can see mid-teens EPS growth in fiscal 2027 as the pieces of its model come together."The company could present a case that it can generate "stable" comparable sales in the coming quarters, according to the analysts. "Together, these dynamics will help to calibrate models to expectations that are realistic."Aftermarket industry conditions have remained generally durable, but trends decelerated across major peers over recent months due to factors such as pressure on core do-it-yourself, or DIY, consumers from higher gasoline prices, the brokerage said.Last month, auto parts retailer Advance Auto Parts (AAP) lifted its full year-year earnings outlook even after its fiscal second-quarter comparable sales unexpectedly declined amid weakness in the DIY channel. Earlier in the year, O'Reilly Automotive (ORLY) lifted its full-year outlook as it reported better-than-expected second-quarter comparable store sales growth.Price: $2887.17, Change: $-78.36, Percent Change: -2.64%

$AAP$AZO$ORLY

US Markets6d ago

Elf Beauty's Rhode Expansion in Sephora Europe Likely to Offer Sale Tailwinds, BofA Says

Elf Beauty's (ELF) upcoming expansion of its Rhode makeup and skincare brand at Sephora locations in Europe is expected to see Sephora overtake Amazon.com (AMZN) in terms of retail sales for Elf on a total company level, BofA Securities said Tuesday.Late last month, Rhode said it will be available at Sephora in 19 new European countries Sept. 30. This would follow the brand's 2025 rollout with Sephora in the US, the UK, and Canada."The Sephora Europe expansion will bring Rhode's footprint to approximately 40% of Sephora stores globally," BofA analyst Anna Lizzul said in a note to clients Tuesday. "We expect Sephora to overtake Amazon in terms of retail sales for Elf on a total company level after the Sephora Europe launch, which would make Sephora Elf's third largest retail partner."The investment firm expects Rhode sales per Sephora location to match Target (TGT) store levels because of the brand's higher price point despite a smaller footprint. The brokerage sees an opportunity for Sephora Europe to contribute $150 million to $200 million in annual Rhode sales over time."The pipeline build for Rhode's expansion into Sephora will be captured in (fiscal second quarter)," the analyst wrote. A year earlier, Elf didn't capture the entire pipeline build from the Sephora sell-in for launch in 2025 given the close of the brand's acquisition in August of that year, according to the note.The company generates just over 20% of its sales internationally, well below beauty peers that derive more than 70% of sales from outside the US, BofA said. Beyond Rhode's Sephora Europe launch, the company is expanding its Elf and Naturium brands internationally, with Naturium continuing its Sephora rollout in Canada and Mexico this fall after launching in Australia and New Zealand in October, the brokerage added.BofA raised its price objective on the Elf stock to $118 from $100 while reiterating its buy rating.The brokerage now projects the company's fiscal 2027 earnings and revenue at $3.83 a share and $2.02 billion, respectively, up from its prior outlook of EPS of $3.64 on sales of $1.97 billion. Analysts polled by FactSet expect $3.62 and $1.97 billion, respectively.Elf shares were up 0.3% in Tuesday afternoon trade, bringing its year-to-date gains to nearly 28%.In August, the company raised its fiscal 2027 guidance after its first-quarter results topped Wall Street's estimates. Personal care and home fragrance retailer Bath & Body Works (BBWI) lifted its full-year earnings outlook following a fiscal second-quarter beat amid tariff refund tailwinds, while cosmetics maker Estee Lauder (EL) bumped up its full-year operating margin outlook.Price: $97.14, Change: $+0.38, Percent Change: +0.39%

$AMZN$BBWI$EL$ELF$TGT

US Markets6d ago

Update: Equities Fall Intraday as Yields, Oil Surge Ahead of Fed Decision

(Updates with latest market prices and developments.)US benchmark equity indexes fell intraday as bond yields and oil prices jumped ahead of the Federal Reserve's interest rate decision due on Wednesday.The Dow Jones Industrial Average was down 0.9% at 51,956.4 after midday Tuesday, while the Nasdaq Composite shed 0.8% to 25,972.8. The S&P 500 dipped 0.5% to 7,579.3. Except energy and materials, all sectors were in the red, led by consumer discretionary.The Federal Open Market Committee began its two-day policy meeting on Tuesday.Markets are currently pricing in a 93% probability that the FOMC will hike its benchmark lending rate by 25 basis points, according to the CME FedWatch tool.Goldman Sachs said the Fed will likely avoid disappointing markets that almost fully price in an interest rate increase.Treasury yields were higher, with the 10-year yield up 5.1 basis points at 5.012%. It hit 5.041% earlier in the day, the highest since July 2007, CNBC reported. The two-year yield advanced 3.5 basis points to about 4.7%.West Texas Intermediate crude oil jumped 5% to $106.41 a barrel, while Brent climbed 3.3% to $109.15.Oil loadings at Saudi Arabia's Red Sea export terminal in Yanbu had been halted, Reuters reported Tuesday, citing shipping industry sources. The news agency also reported the suspension of operations at three oil fields in Libya, but the issue was not related to the US-Iran conflict.Last week, Saudi Arabia shut down its key East-West crude oil pipeline in the Riyadh and Madinah regions as a precautionary measure. Yemen's Iran-aligned Houthis reportedly launched strikes on Saudi energy infrastructure in recent days."The East-West pipeline is expected to remain out of service for several weeks, and without a pickup in flows through the Strait of Hormuz, its closure will further exacerbate an already tight global supply situation," Saxo Bank said Tuesday in a report.In company news, Axon Enterprise (AXON) shares tumbled nearly 11% intraday, the worst performer on the S&P 500. The company said it intends to offer $1 billion of 0% convertible senior notes due 2031 in a public offering.Salesforce (CRM) is expanding its partnerships with Nvidia (NVDA), Alphabet's (GOOG, GOOGL) Google Cloud, and Amazon.com's (AMZN) Amazon Web Services to strengthen its agentic enterprise capabilities and expand its artificial intelligence footprint across third-party infrastructure.Shares of Salesforce were up 0.5% intraday. Nvidia was also edging higher, while Alphabet and Amazon were trading lower.Spot gold edged down 0.1% to $4,296.53 per troy ounce, while silver dipped 0.4% to $63.89 per ounce.

Dow JonesNasdaq CompositeS&P 500$AMZN$AXON$CRM$GOOG$GOOGL$NVDA

US Markets6d ago

Fed Seen Delivering Rate Hike to Avoid Disappointing Markets, Goldman Says

The Federal Reserve will likely raise its policy rate on Wednesday to avoid disappointing markets that almost fully price in a hike, Goldman Sachs said.As the Federal Open Market Committee kicked off its two-day policy meeting on Tuesday, Goldman insisted that it doesn't see a strong economic case for a tighter policy at this point.Official data released last week showed consumer inflation and producer prices hit three-month highs in August as energy costs rose."We added a 25 (basis-point) rate hike to our forecast after the August CPI, which had little impact on our inflation view but pushed market pricing of a hike to 90%, high enough that the FOMC will likely want to avoid the market reaction from staying on hold," Goldman said in a note sent Monday night.Markets are currently pricing in a 93% probability that the FOMC will lift its benchmark lending rate by 25 basis points on Wednesday, according to the CME FedWatch tool.In a note e-mailed Monday, UBS Securities projected a quarter-percentage-point rate increase this week, while predicting the Fed's latest "dot plot" to signal another hike later in 2026.Goldman, however, said that the FOMC may avoid signaling further hikes in both the policy statement and the Summary of Economic Projections document that includes anonymous expectations on interest rates, dubbed the dot plot.Goldman expects the dot plot to show a slim FOMC majority of 10 members leaning toward a single hike this year. However, there's a risk that a majority could back two increases "if more participants than we expect see a hike this week as a normal response to higher oil prices," according to the Wall Street giant.Brent crude prices have jumped 19% so far this month after notching gains in both August and July, amid an intensifying conflict in the Middle East that have fueled fears of prolonged supply disruptions.Goldman said the impact of one-time factors that keep inflation well above the 2% target is fading, citing an improvement in core personal consumption expenditure inflation to a 2.5% pace over the last three months."Inflation expectations are not at immediate risk of unanchoring (and) ... the economy is not overheated," the brokerage said.Fed Chair Kevin Warsh is unlikely to provide a clear path forward for policy when he speaks at the post-meeting press conference, according to Goldman."Warsh could say that before deciding on further steps, the FOMC will 'carefully assess' incoming data or will want to see upcoming inflation reports or how the underlying inflation trend evolves, which all hint at waiting a bit longer to collect more information," the brokerage said.

US Markets6d ago

Etsy Could Meet High End of GMS Guidance Amid AI Search, Product Improvements, Oppenheimer Says in Upgrade

Etsy (ETSY) could achieve the high end of its gross merchandise sales target as better artificial intelligence search tools and updates are improving user engagement and conversion rates, Oppenheimer said in a note e-mailed Tuesday.The brokerage upgraded its rating on the online marketplace's stock to outperform from perform, with a $90 price target, citing AI search benefits, product improvements and app engagement and conversion.Regression of Similarweb (SMWB) website visits implies third-quarter non-app buyers were flat year over year, compared with a 3% drop in the second quarter. This suggests that the high end of Etsy's gross merchandise sales, or GMS, outlook is "achievable," Oppenheimer analysts, including Jason Helfstein, said in the note to clients.Similarweb is an AI-powered digital data company providing real-time market intelligence.Last month, Etsy raised its full-year GMS growth outlook to the mid-single-digit range. GMS measures the total dollar amount of items sold on the platform.A survey of 2,500 consumers in the US indicated that 88% of buyers went directly to Etsy's website or app instead of Alphabet's (GOOG, GOOGL) Google Search, demonstrating a robust competitive moat and less dependence on search engines, Oppenheimer said in the note.About 25% of buyers indicated either an improvement in search, product selection or item descriptions. Of the 54% of lapsed buyers, or consumers that never purchased from Etsy, about 33% and 22% listed discounts and selection as their most likely reason for a future purchase, respectively, according to the brokerage."Broad product improvements clear, but reactivating and adding new buyers remains difficult," the analysts said.Oppenheimer still estimates Etsy's non-app GMS growth in the second half of the year to be similar to the second quarter, while "conservatively" assuming a lack of improvement in app GMS on a two-year basis despite "clear product improvements."Last month, e-commerce company eBay (EBAY) beat quarterly estimates.Price: $74.41, Change: $-0.05, Percent Change: -0.07%

$EBAY$ETSY$GOOG$GOOGL$SMWB

US Markets6d ago

Darden's Earnings Trajectory Seen Improving as Olive Garden Trends Accelerate, Oppenheimer Says

Darden Restaurants (DRI) is expected to see an improving earnings trajectory as trends at its Olive Garden brand accelerate from a first-quarter low point, Oppenheimer said in a Tuesday note.The brokerage raised its earnings-per-share estimates for the restaurant operator to $11.27 and $12.45 for fiscal 2027 and 2028, respectively, from $11.24 and $12.38."We expect a simple reiteration of full-year guidance, but our work suggests post-(first-quarter) earnings dynamics creates a more attractive path for (2027) EPS (versus) consensus for rest of year," Oppenheimer analysts Brian Bittner and Michael Tamas said in the note.Darden in June guided fiscal 2027 EPS at $11.10 to $11.35. Currently, markets are looking for non-GAAP EPS of $11.29 for the ongoing year, according to a FactSet survey.Ahead of Darden's first-quarter results due on Sept. 24, Oppenheimer expects the company to report EPS of $2.03, compared with the Street's $2.05 estimate. It projects consolidated same-store sales growth of 2.8%, below the consensus view that calls for a 3.1% increase.The brokerage projects Olive Garden's first-quarter same-store sales rising 0.9%. That would fall short of the Street's 1.8% estimate, but Oppenheimer sees the period as a low point for the brand.Olive Garden's underlying trends should accelerate from here on out due to factors including easier comparisons and healthy industry dynamics, the analysts said."Buy-side expects a slight (first-quarter Olive Garden same-store sales) miss partially offset by solid comps across Longhorn and other segments," Bittner and Tamas wrote. "We think (first-quarter) earnings could remove an overhang with potential for better (Olive Garden) trends, healthier margins, and stronger EPS growth for rest of (fiscal 2027)."Shares of Darden were down 3.6% in Tuesday trading, but the stock has risen nearly 15% so far this year.Oppenheimer raised its price target on Darden to $245 from $235 and maintained an outperform rating.On Monday, Morgan Stanley said Darden's first-quarter same-store sales and EPS will likely beat market estimates, though Olive Garden may miss consensus. Last week, UBS Securities said Darden will likely reiterate its full-year outlook after reporting strong fiscal first-quarter results, despite softening trends at Olive Garden.In August, Brinker International (EAT) issued an upbeat fiscal 2027 financial guidance at the midpoint, confident that its Chili's brand will sustain the growth momentum that drove strong fourth-quarter results. Restaurant Brands International (QSR) reported better-than-expected second-quarter earnings amid strong comparable sales growth at Burger King across domestic and international markets.Price: $210.66, Change: $-7.91, Percent Change: -3.62%

$DRI$EAT$QSR

US Markets6d ago

Grab Agrees to Acquire 60% of Buy-Now, Pay-Later Platform Atome For $1.49 Billion

Grab (GRAB) has agreed to acquire a majority stake in the digital financial services platform of Singapore-based Advance Intelligence as the ride-hailing and delivery company looks to bolster its consumer lending business across Southeast Asia.Grab will purchase a 60% interest in buy-now, pay-later platform Atome Financial for $1.49 billion in cash, of which $260 million is "primary growth capital," it said Tuesday.Atome and Grab operate in Singapore, Malaysia, the Philippines, Indonesia and Thailand, "with minimal product overlap," according to Grab. Atome serves 25 million users, expanding Grab's consumer lending portfolio."Atome Financial's leading use of (artificial intelligence) to underwrite digital lending to millions of users across the region, while managing risk effectively, will help to scale and strengthen Grab's whole ecosystem," Grab Chief Operating Officer Alex Hungate said. "The proposed transaction accelerates the growth and profitability of our financial services segment by deepening our consumer lending capabilities."Grab's US-listed shares fell 1.8% in Tuesday trade, with the stock having lost 41% so far this year.Grab's ecosystem and Atome's AI-powered lending infrastructure will expand financial services access to "millions more across Southeast Asia," according to Jefferson Chen, CEO of Atome and Advance Intelligence.The transaction, which requires approval from regulators, is expected to complete by the third quarter of next year.Grab estimates the acquisition to be accretive to its adjusted earnings before interest, taxes, depreciation and amortization upon completion, according to Chief Financial Officer Peter Oey. The company forecasts its financial services division, including Atome, to deliver $500 million in adjusted EBTIDA by 2028, Oey said.Grab now expects $1.7 billion in group adjusted EBITDA in 2028 and a more than 30% compound annual revenue growth rate from 2025 to 2028, the CFO added.Last month, Grab lifted its full-year revenue outlook after recording better-than-expected second-quarter top-line.The company agreed to acquire the remaining 40% stake in Atome about two years after the 60% stake deal completes, for a price based on the platform's financial performance during the period. The expected terms imply an overall equity value of $2 billion to $4.5 billion for Atome, according to Grab.In July, Grab completed the purchase of a 50.1% stake in US digital investing platform Stash Financial. Earlier in the year, the company agreed to buy Germany-based Delivery Hero's Taiwanese food delivery operations for $600 million.In the broader industry, ride-hailing giant Uber Technologies (UBER) announced in July a deal to acquire Delivery Hero in a deal representing an equity value of $14.8 billion. Last year, food delivery company DoorDash (DASH) bought its UK-based counterpart Deliveroo.Price: $3.01, Change: $-0.01, Percent Change: -0.33%

$DASH$GRAB$UBER

US Markets6d ago

Salesforce Broadens Alliances With Nvidia, Google Cloud, AWS for Enterprise AI Integration

Salesforce (CRM) is expanding its partnerships with Nvidia (NVDA), Alphabet's (GOOG, GOOGL) Google Cloud, and Amazon.com's (AMZN) Amazon Web Services to strengthen its agentic enterprise capabilities and expand its artificial intelligence footprint across third-party infrastructure.The company on Tuesday annouced its AI model Koa, built by post-training Nvidia's Nemotron 3 Super with a proprietary dataset modeled from nearly three decades of deployments. Koa uses Salesforce's proprietary synthetic customer relationship management data set and Nvidia's alignment software stack.The companies said Salesforce will control the fine-tuned model weights and host both post-training and live inference within its own infrastructure boundary, preventing customer data from being transferred to external AI provider endpoints or crossing security zones.Under the partnership, Nvidia will also integrate open models and accelerated compute into the Missionforce suite to enable government and regulated entities to train, tune, and deploy agents on private clouds, classified networks, and air-gapped systems.Separately, Salesforce's Hyperforce platform will run natively on Google Cloud's infrastructure as both companies integrate their AI ecosystems, allowing for Salesforce capabilities within Gemini Enterprise and Gemini models inside Agentforce.Salesforce will begin migration of US customers to Hyperforce Cloud in the fourth quarter, according to Google Cloud.Partnership with Amazon Web Services will enable Salesforce to bring its business context data directly to the AI assistant Amazon Quick, embed AWS frontier agents for DevOps, security, and sales partners into the Slack platform, and give Agentforce customers access to Amazon Bedrock's models.Earlier in September, Truist Securities said that Salesforce rebuilt its AI strategy around four foundational layers -- trust, action, agency, and interface -- to power its vision for the agentic enterprise. "We believe the architecture reinforces Salesforce's broader strategy to own the trusted context and action layer of the enterprise while allowing customers flexibility around the models, agents, and interfaces they use," the investment firm said.Shares of Salesforce, Amazon and Alphabet were down 1% to 2% in Tuesday trading, while Nvidia was 0.4% higher.Price: $256.58, Change: $-2.85, Percent Change: -1.10%

$AMZN$CRM$GOOG$GOOGL$NVDA

US Markets6d ago

Costco Gross Margin Pressure From Higher Fuel Costs Likely to be Offset by Tariff Refunds, RBC Says

Costco Wholesale (COST) likely faced core gross-margin pressure in its fiscal fourth quarter from higher fuel and transportation costs, though tariff-related refunds are expected to partially offset that impact, RBC Capital Markets said in a Tuesday client note.The brokerage estimates the warehouse chain's fourth-quarter gross margin to be flat at 11.1% on a yearly basis, in line with consensus, reflecting "some softness" at the core mainly due to gas inflation and higher transportation costs. However, RBC expects a modest last-in, first-out, or LIFO, inventory-accounting tailwind and tariff-related refunds to offset the gross-margin pressure.Costco is scheduled to release its latest financial results next week."We aren't expecting sentiment to change much on the print," RBC said.Oil prices have jumped more than 20% so far this month after notching gains in both August and July.In the US, the average diesel price reached $6.2694 per gallon on Tuesday, up from $5.4396 a month earlier, according to AAA motor club data. The regular gasoline price rose to $4.3289 per gallon from $4.0704 the month before.Costco's management has said they aim to pass on the benefits of the refunds to its members, but this will depend on the timing of the reimbursements, among other factors, RBC analyst Steven Shemesh wrote in the note.Earlier this year, the US Supreme Court ruled that the Trump administration lacked authority under the International Emergency Economic Powers Act to impose certain tariffs, paving the way for refunds to companies that had paid the duties.For the fourth quarter, RBC projects Costco to report adjusted earnings of $6.54 per share on revenue growth of 11%, down from its prior estimates of $6.57 and a revenue gain of 12%. The current consensus on FactSet is for the warehouse chain to record non-GAAP EPS of $6.55 and sales growth of 10% for the quarter.RBC has a sector perform rating on Costco's stock with a price target of $1,000.

$COST

US Markets6d ago

Stocks Fall Pre-Bell as Traders Await Fed Rate Decision Amid Rising Treasury Yields, Oil Prices

US equity futures were pointing lower on Tuesday as traders await the Federal Reserve's latest policy decision amid rising Treasury yields and oil prices.The S&P 500 declined 0.3% while the Dow Jones Industrial Average and the Nasdaq were off 0.4% each in premarket activity. The indexes finished the previous trading session in the red.The Fed's monetary policy committee is set to kick off its interest-rate meeting today, with a decision due tomorrow. Markets are currently pricing in a 93% probability that the Federal Open Market Committee will hike its benchmark lending rate by 25 basis points, with the remaining odds favoring another Fed pause, according to the CME FedWatch tool.The Fed is expected to raise interest rates by 25 basis points at the meeting, with its latest "dot plot" likely signaling another hike later this year, UBS Securities said in a note. The Bureau of Labor Statistics' consumer and producer price reports last week failed to improve the inflation outlook, the brokerage said.Treasury yields were trending higher, with the 10-year rate jumping 5.1 basis points to 5.01%, its highest level since 2007, CNBC reported. The two-year rate added 2.3 basis points to 4.66% while the 30-year rate gained 5.2 basis points to 5.38%.West Texas Intermediate crude oil rose 2.1% to $103.49 a barrel, while Brent increased 1.5% to $107.30.Yemen's Iran-aligned Houthis on Monday launched fresh attacks on Saudi Arabia, raising concerns over oil supplies as the country shut down its critical East-West pipeline that bypasses the Strait of Hormuz, a key crude and energy chokepoint, multiple media outlets reported.The Islamic Revolutionary Guard Corps reportedly said Monday it destroyed an advanced US MQ-1 drone over the Strait of Hormuz.In a social media post, President Donald Trump said Iran "wants to make a deal, quickly and badly," but he will decide whether the US will engage or not.Shares of Bank of America (BAC) edged down 0.8% before the opening bell following a 5.1% drop at the close of Monday. The lender's chief executive, Brian Moynihan, reportedly said at a conference that its third-quarter sales and trading revenue will be roughly flat versus last year, Reuters reported.CrowdStrike (CRWD), Zscaler (ZS) and Palo Alto Networks (PANW) were all down early Tuesday after gains in the previous session, as recent warnings from prominent artificial intelligence executives about the technology's safety risks boosted cybersecurity stocks.Tuesday's thin economic calendar has the Empire State manufacturing index for September at 8:30 am ET.Forgent Power Solutions (FPS) is scheduled to release its latest financial results before the bell, while Trip.com (TCOM) is expected to post its earnings after the markets close.Gold decreased 0.9% to $4,315 per troy ounce, while bitcoin fell 2.5% to $77,105.

Dow JonesNasdaq CompositeS&P 500$BAC$CRWD$FPS$PANW$TCOM$ZS

US Markets6d ago

GSK to Acquire Experimental Blood Cancer Therapy From Chimagen in $750 Million Deal

GSK (GSK) agreed to acquire global rights to an experimental T-cell engager therapy for multiple myeloma from Chinese biotechnology company Chimagen Biosciences in a deal worth up to $750 million, as the UK drugmaker aims to strengthen its blood cancer treatment portfolio.GSK intends to develop and commercialize the asset for the potential treatment of multiple myeloma, the third most common form of blood cancer, with phase 1 trials expected to begin next year, it said Tuesday.Under the terms, GSK will pay Chimagen an upfront fee to purchase full global rights to its trispecific T cell-engager program, plus success-based development and commercial milestone payments."Today's deal secures a promising T cell engager and advances GSK's leadership goals in blood cancer," Hesham Abdullah, senior vice president and global head of oncology research and development at GSK, said in a statement. "The agreement complements our existing portfolio in multiple myeloma, adding a new potential option to address the different needs of patients facing this complex disease."Chimagen's product is designed to address the difficult tolerability profiles usually associated with T cell-engager therapies, allowing for a wider adoption and early use in the treatment of multiple myeloma, according to GSK. The US T cell-engager market for multiple myeloma is expected to exceed $10 billion by 2032, according to forecasts cited by GSK."Working with GSK combines our precision T-cell engager program with their global development and commercial capabilities to redefine care for multiple myeloma patients," Chimagen Chief Executive Zhenhao Zhou said.In 2024, GSK agreed to purchase Chimagen's CMG1A46 potential drug candidate for $300 million upfront and up to $550 million in potential milestone payments. The candidate is currently being evaluated for the treatment of B-cell malignancies and B-cell dependent autoimmune disorders in phase 1 studies.In a client note emailed on Tuesday, Berenberg said it's becoming "increasingly optimistic" about GSK's growth outlook following a wave of business development and pipeline momentum. The brokerage noted that 10 of GSK's 11 novel phase 3 assets are externally sourced, with six of them having the potential to generate at least 2 billion British pounds ($2.7 billion) in sales each."We support this allocation of capital and much needed pipeline supplementation," Berenberg analysts, including Kerry Holford, wrote in the note. The brokerage upgraded its rating on GSK's stock from hold to buy.In July, GSK completed the acquisition of Nuvalent for $10.6 billion, adding three lung cancer assets to its oncology portfolio. In 2022, the company acquired Sierra Oncology, which focuses on targeted therapies to treat rare forms of cancer.In the broader industry, Merck (MRK) bought Terns Pharmaceuticals in a deal worth $6.7 billion in May, giving it access to the oncology company's lead investigational oral candidate for the potential treatment of patients with Philadelphia chromosome-positive chronic myeloid leukemia. In April, Eli Lilly (LLY) agreed to acquire Kelonia Therapeutics for up to $7 billion to bolster its cancer treatment portfolio.

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US Markets6d ago

UK Unemployment Rate Holds Steady Amid Cooling Labor Market

The UK's jobless rate held steady in the three months to July amid a decline in job vacancies and cooling labor market conditions, data from the Office for National Statistics showed Tuesday.The unemployment rate for people aged 16 years and over stood at 4.9% in the three months to July, unchanged from the prior three-month period. The latest reading, released ahead of the Bank of England's monetary policy meeting on Thursday, came in a touch below the consensus estimate of 5%. Meanwhile, the UK employment rate for people aged 16 to 64 years stood at 75.1%."The labour market remains broadly stable, with employment and unemployment rates largely unchanged in the latest period. However, payrolled employee numbers continue to edge down, with falls over the past year particularly evident in the retail and hospitality sectors," ONS Director of Economic Statistics Liz McKeown said. "Vacancies remain at their lowest level outside the pandemic period for more than a decade, with smaller businesses continuing to report that increased labour costs are affecting hiring decisions."The estimated number of job vacancies in the UK dropped by 8,000 to 702,000 in the June to August 2026 period, marking the lowest level since February to April 2021, according to the ONS. Ten out of 18 industry sectors reported a decrease in vacancies.Meanwhile, employees' average regular earnings growth, excluding bonuses, came in at 3.5% year over year in the three months to July, remaining stable for the fifth consecutive three-month period. On the other hand, growth in total earnings, including bonuses, declined to 3.9% from 4.2%.In the public sector, the annual average growth in regular pay stood at 6.3%, up from 6.2% in the previous three-month period, while regular earnings growth in the private sector was unchanged at 2.9%."The labour market data for July and August confirm that disinflation in domestic price pressures remains intact. This allows the BoE to keep interest rates unchanged on Thursday," Berenberg said in a note."Much looser labour market conditions than during the last major energy price shock in 2022 make a new price-wage spiral highly unlikely. Nonetheless, we expect the BoE to signal that it will hike in November unless energy prices fall back, to guard against the risk of persistent high inflation."

FTSE 100

US Markets6d ago

Axa Raises Earnings Targets in New Three-year Strategy

Axa (CS.PA) increased its underlying EPS growth and return on equity targets for 2027 through 2029 as the French insurance group unveiled a new strategy for the next three years.Unveiled on Tuesday, the 'Going Forward' strategy estimates underlying earnings of 8.6 billion euros for the French insurance group for full-year 2026, reflecting underlying EPS growth at the top of the guidance range of 6% to 8%.The group is aiming for a compound annual growth rate in underlying EPS of between 7% and 9% for 2026 through 2029. Throughout the implementation period, the dividend target is for per-share distribution to be at least at the same level as the previous year, within a 75% total payout ratio target.Axa is also targeting underlying return on equity of between 15% and 17% from 2027 to 2029, as well as 25 billion euros in cumulative organic cash remittance over the period. The company also set a target of a mid-teens compound annual growth rate in book value per share, inclusive of cumulative dividends."To support this ambition, we will continue to enhance our competitiveness through disciplined underwriting and portfolio management, as well as strong cost control. This ambition leads us to raise all our financial targets while maintaining an attractive total payout ratio of 75%," said Chief Executive Officer Thomas Buberl.Initiatives to be implemented under the new strategy will focus on improving the company's relationship to its customers and growing its addressable market, as well as increasing its technical capabilities and efficiency. The plan also includes efforts to advance artificial intelligence across the group, with annual recurring benefits from AI expected to reach 500 million euros to 700 million euros before taxes by 2029.Shares of the company declined over 1% at midmorning trading.

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US Markets6d ago

Saudi Consumer Inflation Stable at 1.8% in August for Fourth Month Running; Wholesale Price Growth Eases

Saudi Arabia's annual consumer inflation held steady at 1.8% in August for the fourth consecutive month, as expected, while wholesale price hikes slowed, according to economic data published Tuesday.The country's General Authority for Statistics attributed the higher consumer prices to a 3.9% rise in housing, fuel and utility costs, alongside increases of 2% in transportation and 1.4% in food and beverages.Month on month, consumer prices in Saudi Arabia were up 0.1%, matching market expectations and down from the prior month's 0.2% uptick.The latest results were driven by a 0.2% bump in housing and utilities, notably actual rents, a 0.8% rise in personal care, and a 0.6% gain in transport. Declines in food and restaurant prices helped temper the increase.In a separate same-day release, the country's annual wholesale price inflation edged down to 4.6% in August from a 5% jump in the previous month. The rise was primarily fueled by a 2.2% growth in metal products, machinery and equipment and an 8.2% price surge in other transportable goods.Meanwhile, monthly wholesale prices in the kingdom ticked down 0.2%, following zero growth in July. Key downward drivers included a 1% drop in transportable goods, a 2% decrease in ore and mineral prices, and a 1.5% fall in agricultural products.

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US Markets6d ago

GAC Plans to Buy Stake in FAW Group's Joint Venture

Guangzhou Automobile Group (HKG:2238, SHA:601238) agreed to acquire a partial equity interest in an automobile-manufacturing joint venture held by FAW Group, according to the automobile company's Monday disclosure with the Hong Kong bourse.GAC signed a letter of intent with FAW for the potential transaction.The name of the joint venture was not yet disclosed as an overseas-listed company is involved, but the company described it as a limited company based in the mainland, with its business scope including the production of automotive components.However, sources told Chinese media outlet Economic Daily that FAW Toyota is the potential target venture for the planned acquisition, as both FAW and GAC are Toyota's (TYO:7203) partners in the Japanese automobile firm's China operations, Reuters reported Tuesday.GAC may takeover 25% of FAW Toyota through a share placement of up to 20 billion yuan, according to a Tuesday article on another Chinese media outlet, 36Kr.Toyota has not responded to the media outlets' reports.If the transaction pushes through, FAW will become GAC's second-largest shareholder, the latter said in the disclosure.GAC suspended the trading of its Shanghai-listed shares starting Tuesday to give way to the announcement. The suspension may run for 10 trading days. However, its Hong Kong shares on Tuesday's afternoon trade rose 4%.

HKG:2238SHA:601238TYO:7203

US Markets6d ago

Weak Domestic Demand Drags China's August Economic Data; Industrial Output Beats Estimates

Weak domestic demand continues to weigh on China's economy in August, with retail sales registering sluggish growth and fixed-asset investment declining further.Retail sales edged up 0.4% year over year to 3.982 trillion yuan, softer than the 0.6% rise in the previous month and missing the consensus forecast of 0.7% tracked by Investing.com.The latest retail sales data "highlights weak consumption," according to ING Greater China Chief Economist Lynn Song. Despite China being the largest producer and consumer of electric cars, auto sales dragged growth with an 18.5% fall to 327.9 billion yuan during the month.Fixed asset investment contracted for the sixth straight month to 7.2% year over year, slowing from the 6.7% contraction recorded in July and missing the consensus forecast of a 7% contraction. The rise in high-tech fixed-asset investment failed to stop the plunge seen in the infrastructure, manufacturing, and real estate sectors.Property investments fell 19.9% year over year in the January-August period, faster than the 19.2% slide in the seven months through July.Industrial production grew 5.2% year over year in August, outpacing the 4.5% expansion in July and the consensus forecast of 4.8%. ING's Song said "resilient external demand and China's own tech and industrial upgrading continue to drive growth" in industrial activity.Lithium-ion battery production surged 57.2%, while high-tech manufacturing and equipment manufacturing jumped 16.7% and 12.1%, respectively.By sector, manufacturing output grew 6.1%, mining declined 1.4%, and the production and supply of electricity, thermal power, gas, and water climbed 4.9%.China's surveyed urban unemployment rate rose to 5.3% in August from 5.2% the previous month, wrong-footing analysts polled by Investing.com, who had expected the rate to remain unchanged at 5.2%.

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US Markets6d ago

GSK to Acquire Experimental Blood Cancer Therapy From Chimagen in $750 Million Deal

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