Business

Explore noteworthy changes in the stock market after the close of trading: Cava Group — The fast-casual restaurant chain saw its stock price rise nearly 6% after hours as its earnings beat projections. Cava’s earnings came in at 17 cents a share, beating LSEG forecasts by 4 cents, with revenue also beating expectations. Uber — Shares of the ride-sharing giant fell about 3% after announcing a long-term partnership with General Motors’ Cruise for autonomous vehicle services. The partnership aims to introduce driverless ride options to Uber’s service offerings by next year. Meanwhile, General Motors enjoyed a slight boost, with its…

Edgar Bronfman Jr. has made a major offer to acquire a major stake in Global Paramount, potentially ensuring that Shari Redstone remains a key figure within the organization. A source familiar with the negotiations said Bronfman's offer includes a clause that Redstone, who currently serves as Paramount's non-executive chairman, will continue his involvement with the company. This condition is contingent on his offer being accepted by Paramount's special committee by National Amusements, the major shareholder. Bronfman reportedly secured $6 billion to outbid Skydance Media for control of National Amusements, a company originally founded by Sumner Redstone. Both Bronfman and Skydance's…

At a Ford dealership in Glendale, California, the Mustang Mach-E takes center stage as part of Ford’s significant strategic shift. From Detroit, the narrative is changing for Ford Motor Company. Traditionally dominated by sales of large trucks and SUVs, the company is now moving toward smaller, more affordable electric vehicles (EVs). Marin Gjaja, Ford’s chief operating officer for Model and EV, describes the shift as a strategic safeguard. The plan aims to increase the presence of hybrid models and introduce affordable EVs, charting a course for a more capital-efficient and profitable future in the EV industry. Gjaja expressed confidence in…

On a crucial Friday, Federal Reserve Chairman Jerome Powell laid out the groundwork for upcoming interest rate cuts, but gave no details on the expected timing or scope of those cuts. In his highly anticipated speech at the Federal Reserve’s annual meeting in Jackson Hole, Wyoming, Powell announced, “It’s time to change our approach.” He explained that while the future course is set, the specifics of the timing and size of rate cuts will depend on new data, future economic projections and risk assessments. Live Update: Chairman Jerome Powell Speaks at Jackson Hole Conference As financial markets anticipate future monetary…

As we head into the afternoon trading session, the stock market is showing some significant moves among noteworthy companies. Among those catching the spotlight today are Cava, Intuit, Ross Stores, and Workday. Each of these stocks has shown notable price movements that warrant closer analysis to understand the underlying factors and potential implications for investors. Cava takes a dive Cava, a fast-casual restaurant chain, has seen a dramatic rally in its stock price today. This move could be attributed to the recent earnings report that beat expectations, driven by a surge in consumer dining and a rise in menu prices.…

BCA Research, a well-known investment analyst firm, warns that a looming U.S. recession is imminent and that the Federal Reserve’s expected rate cuts may not be enough to stem the economic slump. Garry Evans, the chief global asset allocation strategist at BCA Research, told CNBC’s “Squawk Box Asia” that prevailing expectations of a recession are in stark contrast to optimistic market projections. Evans highlighted key indicators of economic decline, particularly a deterioration in the U.S. labor market. Recent data from the U.S. Department of Labor showed the unemployment rate rising to 4.3% in July, the highest since October 2021, along…