Qualcomm CEO Cristiano Amon responds to a question during a keynote conversation at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, on Jan. 10, 2024. Steve Marcus | Reuters Qualcomm reported second-quarter earnings on Wednesday that surpassed Wall Street expectations, and provided a strong guide for the current quarter. Shares rose about 4% in extended trading. Here’s how it did versus LSEG consensus estimates for the quarter ended March 24: Earnings per share: $2.44 adjusted vs. $2.32 expected Revenue: $9.39 billion adjusted vs. $9.34 billion expected Net income during the quarter was $2.33 billion, or $2.06…
Author: insighter
WASHINGTON – The Federal Reserve on Wednesday held its ground on interest rates, again deciding not to cut as it continues a battle with inflation that has grown more difficult lately. In a widely expected move, the U.S. central bank kept its benchmark short-term borrowing rate in a targeted range between 5.25%-5.50%. The federal funds rate has been at that level since July 2023, when the Fed last hiked and took the range to its highest level in more than two decades. The rate-setting Federal Open Market Committee did vote to ease the pace at which it is reducing bond holdings on…
May mortgage rate forecast Mortgage rates will probably remain above 7% in May as inflation resists the Federal Reserve’s efforts to bring it under control. It left rates unchanged at the conclusion of its April 30-May 1 meeting, and seemed as frustrated by inflation and high interest rates as home buyers are. The Fed is trying to wrestle the inflation rate down to 2%. The central bank made progress toward that goal in the last half of 2023, and investors rang in the new year with hopes of a Fed rate cut by spring. But the inflation rate sprang a…
The U.S. Food and Drug Administration said on Wednesday that preliminary results of additional testing of more dairy products has shown that pasteurization inactivates the bird flu virus. The FDA released results from tests of products including sour cream and cottage cheese, after reporting last week that preliminary results from testing showed pasteurization kills the virus in milk and baby formula. The U.S. Department of Agriculture (USDA) has confirmed bird flu in 36 dairy herds in nine states since late March. One Texas dairy worker tested positive for the virus. The FDA said it has looked at 297 total retail…
The Federal Reserve on Wednesday emphasized that inflation has remained stubbornly high in recent months and said it doesn’t plan to cut interest rates until it has “greater confidence” that price increases are slowing sustainably to its 2% target. The Fed issued its decision in a statement after its latest meeting, at which it kept its key rate at a two-decade high of 5.3%. Several hotter-than-expected reports on prices and economic growth have recently undercut the Fed’s belief that inflation was steadily easing. The combination of high interest rates and persistent inflation has also emerged as a potential threat to…
Hundreds of small and regional banks across the U.S. are feeling stressed. “You could see some banks either fail or at least, you know, dip below their minimum capital requirements,” Christopher Wolfe, managing director and head of North American banks at Fitch Ratings, told CNBC. Consulting firm Klaros Group analyzed about 4,000 U.S. banks and found 282 banks face the dual threat of commercial real estate loans and potential losses tied to higher interest rates. The majority of those banks are smaller lenders with less than $10 billion in assets. “Most of these banks aren’t insolvent or even close to…
The Biden-Harris Administration announced over $6.1 billion in automatic debt relief to nearly 317,000 former students of The Art Institutes. This decision comes after findings that the school and its parent company, Education Management Corporation (EDMC), had engaged in deceptive practices about employment prospects and earnings following graduation. From January 2004 to October 2017, The Art Institutes reportedly inflated employment rates and salary figures, misleading students about the actual value of their educational investment. This misinformation led students to incur substantial debt under false pretenses, burdening them financially and professionally. These student loans were forgiven under a program called Borrower…
In a Wednesday hearing in front of the U.S. Senate Committee on Finance, UnitedHealth Group CEO Andrew Witty confirmed for the first time that the company paid a $22 million ransom to hackers who breached the systems of its subsidiary Change Healthcare. Change Healthcare provides payment, revenue management and other solutions like e-prescription software. The cyberattack has caused widespread fallout across the health-care sector. The company disconnected affected systems when the threat was detected, leaving many doctors temporarily unable to fill prescriptions or get paid for their services. UnitedHealth told CNBC in April that it paid a ransom to try…
Efforts to curb fraud in the H-1B lottery program are paying off, says U.S. Citizenship and Immigration Services, which worked to halt abuse of the process.
Even with unemployment declining and wages rising, millions of people in America still need extra money to feel financially secure—whether because of increasing prices, unexpected expenses, or just the complexities of everyday life. In the gig economy, more than 7 million Americans are taking advantage of opportunities to supplement their income at the push of an app’s button. While innovation has opened new doors for workers, it also requires policymakers and the private sector to rethink how we support workers, especially when it comes to essential benefits. Policymakers in the Beltway and state capitals across the country are struggling to find a…
The logo of the cryptocurrency Bitcoin (BTC) can be seen on a coin standing in front of a Bitcoin chart. Silas Stein | Picture Alliance | Getty Images Bitcoin slid to its lowest level since in more than two months to kick off May, as investors kept an eye on the Federal Reserve’s upcoming interest rate decision. The cryptocurrency dropped as much as 7% to $56,526.00, its lowest level since Feb. 27, according to CoinMetrics. It was last lower by about 4% at $57,413.94. Bitcoin has been trading in a tight range with key catalysts for the cryptocurrency — U.S.…
For a brief period this month, the Disneyland Resort in Anaheim, California, is bringing together a trifecta of entertainment across both of its theme parks. Disneyland regularly hosts special festivals at the park for Halloween and other holidays, but this is one of the rare times of the year when visitors can experience two festivals at once. This year’s Pixar Fest and Seasons of the Force feature two beloved franchises — Pixar and Star Wars — through over-the-top food and meet-and-greets with characters never seen before in the parks. Unique entertainment options include a fireworks show that depending on where…