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Shares of Palantir Technologies Inc. PLTR powered up 6.6% in premarket trading Tuesday, putting them on track to reach a 17-month high. The software company announced earlier the launch of Palantir Foundry for Manufacturing on Amazon Web Services (AWS), which Palantir said helps manufacturers address challenges of fragmented data systems with high barriers to access data, by allowing users to merge industrial data, decisions and operations. "In an era of increasing demands on the manufacturing sector and historic staffing shortages, it's more important than ever to help manufacturing clients unlock the power of their sensor data and AI to optimize operations," said Gabby Rojas, head of manufacturing at Palantir. The company has been caught up in the recent artificial-intelligence (AI) craze, with its stock soaring 89.8% in May. On Monday, the stock jumped 5.0% after the company said it was awarded a multiyear contract of up to $463 million from the U.S. Special Operations Command, or USSOCOM. The stock has rocketed 126.2% year to date through Monday, while the SPDR S&P Software & Services exchange-traded fund XSW has climbed 18.2% and the S&P 500 SPX has advanced 11.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The powerful financial regulator accused Binance and its billionaire chief Changpeng Zhao of misusing investor funds and of weaving an "expansive web of deception."
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Apple Inc. AAPL was downgraded to neutral from by analysts at D.A. Davidson, who reduced their price target to $185 from $193 per share following the tech giant's launch of its Vision Pro headset. "We are downgrading shares on our belief that any good news from the AR/VR [augmented reality/virtual reality] product launch is already reflected in the share price," said Tom Forte, senior research analyst, in a note to clients dated Monday. "In addition, we believe there are important structural challenges for Apple when it comes to consumer adoption of AR/VR hardware, which could limit the near-term impact on its sales and profitability." Forte said Apple's "meaningful entry" into AR/VR hardware "should serve as a catalyst of adoption," but hurdles remain. The initial price tag of $3,499 will do nothing to change a lack of consumer adoption to AR/VR gadgets, he said. The headset is too similar to a combination of top-of-the-line TV, surround-sound systems, a high-end computer with high definition monitors and a high-end camera. It's a "stretch" to believe consumers would pay more for that headset than a combination of those products, said Forte. Secondly, he said it remains to be seen what new content will be available with Vision Pro, something that's needed to make it more mainstream.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The suit comes one day after regulators levied 13 charges against fellow exchange Binance.
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Shares of J.M. Smucker Co. SJM rose 0.7% in premarket trading Tuesday, after the company with food brands including Folgers, Dunkin', Smuckers and Meow Mix beat fiscal fourth-quarter earnings expectations. For the quarter to April 30, the company swung to a net loss of $600.7 million, or $5.69 a share, from net income of $202.1 million, or $1.87 a share, in the year-ago period. Excluding nonrecurring items, such as the divestiture of certain pet food brands, adjusted earnings per share increased to $2.64 from $2.23 and beat the FactSet consensus of $2.14. Sales grew 9.9% to $2.23 billion, above the FactSet consensus of $2.17 billion, boosted by an 11% rise in net price increases. U.S. Retail Coffee sales increased 7% to $692.5 million, U.S. Retail Consumer Foods grew 14% to $453.4 million and U.S. Retail Pet Foods sales rose 9% to $785.3 million. Free cash flow increased 35% from a year ago to $298.7 million. For fiscal 2024, the company expects adjusted earnings per share of $9.20 to $9.60 to surround the FactSet consensus of $9.56, but the free cash flow outlook of $650 million was well below expectations of $911.0 million. The stock has lost 6.0% year to date through Monday, while the Consumer Staples Select Sector SPDR exchange-traded fund XLP has eased 1.3% and the S&P 500 SPX has climbed 11.3%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The art world has only recently started to place value on graffiti, but for James Riley, the craft's contribution to his life has been indelible. He reflects on his youth in Los Angeles, his art, and his research.
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Nasdaq edges lower as weeks-long tech rally loses steam
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S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators The New York TimesSEC sues Binance and CEO Changpeng Zhao for U.S. securities violations CNBCWith Binance Case, SEC Takes Gensler Doctrine To Court The Wall Street JournalThe Binance lawsuit is a 'legislative failure', says fmr. SEC Senior Trial Counsel Howard Fisher CNBC TelevisionSEC sues Binance, says it evaded US law with "extensive web of deception" Ars Technica
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White House press secretary Karine Jean-Pierre on Monday called for all sides to reach a resolution, when she was asked if the Biden administration might intervene in contract talks between union dockworkers at West Coast ports and their employers. "What we see as the best way to move forward is for both sides or for all sides to continue to work to come to the table and come to a solution here, and so that's what we are going to continue to encourage," she told reporters.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The S.E.C. said the world's largest cryptocurrency exchange mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance's founder, Changpeng Zhao.
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